Performance Overview - The Third Avenue Small-Cap Value Fund returned 7.18% in Q3 2025, underperforming the MSCI USA Small Cap Value Index at 8.97% and the Russell 2000 Value Index at 12.60% [2] - The Fund's annualized returns for the trailing three-year and five-year periods were 15.11% and 16.09%, respectively [2] Positive Contributors - Supernus Pharmaceuticals (SUPN) was the largest positive contributor, benefiting from a strong financial position, profitability, an expanding neurology drug portfolio, and a successful acquisition [3] - Investors Title Company (ITIC) saw positive performance due to increased real estate refinancing activity [3] - UMB Financial Corporation (UMBF) successfully integrated its acquisition of Heartland Financial, showcasing operational competence [3] Negative Contributors - Atlanta Braves Holdings (BATRA) was a negative contributor, though it is perceived to have an attractive asset base and potential for favorable resource conversion [4] - UniFirst Corporation (UNF) faced pressure to demonstrate its value proposition after rejecting an acquisition offer from Cintas Corporation (CTAS) [4] - FRP Holdings (FRPH) was impacted by a lack of confidence in government spending affecting the D.C. metro area [4] Investment Strategy - The Fund focuses on acquiring companies in transitional states, aiming to capitalize on undervalued businesses with potential for future growth [5] - Investment activity emphasizes companies that are well-financed, trading at discounts to net asset value, and have identifiable levers for value creation [6] - The Fund's turnover rate is approximately 20%, indicating a long-term investment horizon of about five years, contrasting with the average turnover of 91.7% in the small-cap value fund universe [7] Types of Investment Opportunities - The Fund identifies three broad types of investment opportunities: 1. Companies facing industry-wide headwinds that can improve through restructuring [9] 2. Companies with current economic returns that have underappreciated self-help opportunities [9] 3. Event-driven situations that offer unique return profiles through transformational changes [9] Recent Transactions - Ambac Financial (AMBC) completed the sale of its legacy financial guarantee business, leading to a significant cash inflow and a transformation towards insurance distribution [11][12] - The Fund initiated new positions in Boise Cascade (BCC) and Rogers Corporation (ROG) during the quarter, while also adding to existing positions like UniFirst Corporation (UNF) [14] Company Profiles - Boise Cascade is a leading manufacturer and distributor of building materials, facing challenges due to slowing housing activity but retaining a strong financial position [15][16] - Rogers Corporation specializes in electronic and materials technology solutions, facing growth challenges but possessing valuable intellectual property and a strong balance sheet [18][19][20]

Core Viewpoint - FRP Holdings, Inc. will hold an Investor Day on May 22, 2025, in Washington D.C., featuring presentations from its executive management team and a Q&A session [1]. Group 1: Event Details - The Investor Day will commence at 10:00 A.M. EDT at Dock 79 [1]. - A live webcast and presentation materials will be accessible to all interested parties at the company's investor relations website [2]. - A replay of the event will be available shortly after for those unable to attend the live session [2]. Group 2: Company Overview - FRP Holdings, Inc. is a holding company involved in the real estate sector, focusing on leasing and management of commercial properties, mining royalty land, and residential apartment buildings [3]. - The company is also engaged in real property acquisition, entitlement, development, and construction, primarily for apartments, retail, warehouses, and offices [3].

Core Viewpoint - FRP Holdings, Inc. is actively engaging with investors through various initiatives, including an upcoming Investor Day and participation in investor conferences [1][2][3]. Group 1: Investor Engagement Initiatives - The Company will host an Investor Day on May 22nd, 2025, in Washington, D.C., starting at 10:00 A.M. EDT, followed by a Q&A session [2]. - Management will participate in several upcoming investor events, including the Burkenroad Reports Investment Conference on April 25th and the Wells Fargo 28th Annual Real Estate Securities Conference from May 5th to 7th [3][5]. - The Investor Relations website has been updated and is now live, featuring a new corporate overview presentation accessible online [3]. Group 2: Company Overview - FRP Holdings, Inc. operates as a holding company in the real estate sector, focusing on leasing and management of commercial properties, mining royalty land, real property acquisition, and development primarily for residential and commercial use [4].

Financial Highlights - Net income attributable to the company decreased by 42% to $17 million in Q4 2024[7] - Net income attributable to the company increased by 20% to $64 million YTD[7] - Pro rata NOI increased by 26% YTD, reaching $38139 million[7, 9] - Total operating profit decreased by 8% to $29 million in Q4 2024[7] - Pro rata NOI increased by 21% to $91 million in Q4 2024[7] Segment Performance - Multifamily pro rata NOI increased by 21% to $4286 million in Q4 2024[11] - Multifamily pro rata NOI increased by 34% to $18177 million YTD[12] - Industrial and Commercial segment NOI increased by 17% to $4547 million YTD[7, 18] - Mining and Royalties segment revenue increased by 19% to $3459 million in Q4 2024[22] - Mining and Royalties segment NOI increased by 23% to $14396 million YTD[22] Development Plans - The company expects to commence construction on a 200000 sq ft warehouse in Lakeland, FL, and a 182000 sq ft warehouse in Broward County, FL, in Q2 2025[7, 26]