MT. LAUREL, NJ – November 06, 2025 – PRESSADVANTAGE –
Survivors of Abuse NJ announced new outreach initiatives focused on legal advocacy for survivors of sexual abuse in youth sports programs across New Jersey. The initiative, led by managing attorney Joseph L. Messa, Esq., highlights the organization’s commitment to raising awareness of civil remedies available to individuals who experienced abuse in athletic environments.
“Youth sports organizations play a formative role in children’s development, and ensuring those spaces remain safe is essential,” said Joseph L. Messa, Esq., managing attorney at Survivors of Abuse NJ. “Our current focus is on providing information that helps survivors understand their legal rights and the mechanisms available for pursuing justice through the civil court system.”
The initiative follows increased attention to accountability within amateur and community sports programs. Cases involving misconduct by coaches, trainers, or volunteers often involve institutions that may bear civil liability for negligent supervision, hiring, or failure to report. Legal proceedings in these cases assess whether organizations followed mandatory reporting laws and internal safeguarding protocols. Survivors of Abuse NJ provides guidance on these issues, emphasizing statutory requirements and the documentation necessary for NJ youth sports abuse claims involving institutional responsibility.
Recent developments in New Jersey law, including amendments to the Child Victims Act, have expanded the ability of survivors to bring claims against individuals and organizations associated with abuse in youth sports. Under current statutes, survivors may file claims until the age of 55 or within seven years of recognizing the connection between the abuse and resulting harm. These changes have opened new legal avenues for individuals whose experiences were previously barred by earlier limitation periods.
The organization’s outreach materials include educational summaries of civil litigation procedures, such as the evidentiary standards applied in abuse cases, common forms of institutional liability, and the importance of trauma-informed representation. By making these materials publicly accessible, Survivors of Abuse NJ seeks to foster greater understanding of the legal process and encourage transparency in youth sports governance.
Cases involving youth sports programs can involve multiple layers of oversight, including private clubs, school-affiliated teams, and regional athletic associations. Civil claims may be brought not only against perpetrators but also against organizations that were aware—or should have been aware—of misconduct and failed to take corrective action. Courts consider internal investigation records, communication histories, and prior complaints as part of evaluating institutional response. Survivors of Abuse NJ has noted that these processes can also lead to policy reforms that strengthen future prevention measures.
In its ongoing work, the organization underscores the need for trauma-informed approaches in legal advocacy. Many survivors face significant emotional barriers to reporting, including fear of disbelief or retaliation within athletic communities. Survivors of Abuse NJ’s model prioritizes informed decision-making and procedural transparency, allowing survivors to proceed at a pace that reflects their individual circumstances. While legal remedies can include compensation for damages such as therapy costs or lost opportunities, the broader goal is to ensure accountability and promote systemic safety improvements.
The attention on youth sports misconduct in recent years reflects a broader national dialogue about safeguarding children in structured programs. Legal professionals, advocacy groups, and policymakers continue to collaborate on expanding preventive training, revising reporting standards, and creating clear lines of institutional accountability. Survivors of Abuse NJ contributes to this conversation by providing civil law perspectives and practical insights into the mechanisms by which survivors can seek redress under New Jersey law.
Founded to support individuals affected by institutional and professional abuse, Survivors of Abuse NJ offers informational resources that outline relevant statutes, claim procedures, and civil justice options for survivors across the state. The organization’s current focus on youth sports settings aims to enhance community awareness and reinforce the importance of oversight and transparency in programs serving minors.
For more information, visit Survivors of Abuse NJ to learn more about its educational resources on civil legal processes related to abuse claims.
###
For more information about Joseph L. Messa, Esq. – The Abuse Lawyer NJ, contact the company here:
Joseph L. Messa, Esq. – The Abuse Lawyer NJ Joseph L. Messa, Esq. (848) 290-7929 joe@survivorsofabusenj.com 2000 Academy Dr., Suite 200 Mt. Laurel, NJ 08054
HOUSTON, TEXAS / ACCESS Newswire / November 6, 2025 / XCF Global, Inc. (“XCF”) (Nasdaq:SAFX), a key player in decarbonizing the aviation industry through Sustainable Aviation Fuel (“SAF”) was featured in a white paper titled, “Unlocking the Full Value of Renewable Fuel Facilities: Powering the Future with Posh Flex Gensets” written by Posh Robotics (“Posh” dba Posh Energy), an advanced clean energy company founded by Stanford alumni and backed by Y-Combinator. As previously announced, XCF and Posh have signed a Letter of Intent (“LOI”) to explore deploying Posh’s Flex Gensets at our New Rise Reno renewable fuels facility.
Posh’s white paper provides its economic and technical roadmap for integrating Posh Energy’s Flex Gensets into SAF and renewable diesel (“RD”) facilities, such as at XCF’s New Rise Reno facility. Posh’s analysis shows how producers using its Flex Gensets process can convert propane-rich byproduct streams, typically ~8% of total output, into renewable electricity, transforming a flared or low-value stream into a source of zero-carbon power.
Further, the white paper demonstrates how integrating Posh Flex Gensets into SAF and RD production may be able to deliver both economic and environmental benefits today, while advancing the industry’s trajectory toward eSAF and fuels with near-zero – or even negative – carbon intensity (“CI”).
From Byproducts to Profits
The white paper highlights how incorporating Posh’s Flex Gensets at facilities such as XCF’s New Rise Reno facility has the potential to turn SAF and renewable fuel facilities into integrated energy hubs, producing not only renewable fuel but also clean power and food-grade CO₂. The result is the opportunity to create diversified revenue streams, stronger credit generation, and measurable margin growth.
By replacing grid power with on-site renewable electricity, producers have the potential to reduce lifecycle carbon intensity (CI), boost Section 45Z and Low Carbon Fuel Standard (LCFS) credits, and strengthen energy resilience for both operations and power grids.
In addition to enhancing the value of its renewable fuels, the white paper illustrates that integrating Posh’s Flex Gensets has the potential to deliver:
Improvement in operating margin, driven by electricity sales and eligibility for the Section 45V Clean Hydrogen Production Tax Credit
Additional revenue streams through the sale of biogenic, food-grade CO₂ with market prices as high as $700 per metric ton, equating to approximately $0.22 per gallon of added value
Up to 80% higher electrical efficiency and near-zero local emissions
Advancing XCF’s Growth Model
The white paper builds on the LOI signed in September 2025, which outlines plans for a 100 kW pilot deployment of Posh’s Flex Gensets at the New Rise Reno facility, followed by a modular scale-up to 10 MW of installed capacity.
The non-binding LOI reflects a shared vision to convert byproducts from the production of renewable fuels into zero-carbon electricity, unlocking the full value of production while advancing both sustainability and profitability goals. Execution remains subject to customary due diligence, technical validation, and final agreements.
Mihir Dange, Chief Executive Officer of XCF Global, commented:
“Our potential partnership with Posh Energy to deploy Flex Gensets at New Rise Reno demonstrates how renewable fuel facilities can evolve into next-generation, integrated energy platforms. By eliminating flaring and converting propane byproducts into zero-carbon electricity, we have the opportunity to both improve margin and create a circular economy where every drop of feedstock delivers value.”
Wesley Zheng, Co-founder and CEO of Posh Energy, commented:
“Our Flex Gensets make the energy transition practical – turning hard-to-process waste streams into clean, reliable powerwith 80% higher efficiency. Working with XCF validates how this technology can simultaneously decarbonize operations and open new, credit-backed revenue opportunities for SAF and renewable fuel producers worldwide.”
A Broader Vision
The white paper also highlights the opportunity for renewable fuel producers to help address one of the decade’s biggest infrastructure challenges – the surging electricity demand from AI and hyperscale data centers, which now account for an estimated 44 percent of U.S. electricity load growth.
Over $1 trillion is expected to be invested in new U.S. data center infrastructure by 2030, and much of that growth will be constrained by limited grid interconnection capacity. By deploying Posh Flex Gensets, SAF and renewable fuel producers can help stabilize regional grids while monetizing byproducts that were previously wasted, positioning themselves as essential players in the decarbonization of both transportation and digital infrastructure.
XCF Global, Inc. is a pioneering sustainable aviation fuel company dedicated to accelerating the aviation industry’s transition to net-zero emissions. XCF is developing and operating state-of-the-art clean fuel SAF production facilities engineered to the highest levels of compliance, reliability, and quality. The company is actively building partnerships across the energy and transportation sectors to accelerate the adoption of SAF on a global scale. XCF is listed on the Nasdaq Capital Market and trades under the ticker, SAFX. Current outstanding shares: ~159.2 million; <20% free float (as of November 6, 2025).
Posh Energy is transforming the way businesses access clean and reliable power. As rising energy demand and tightening emissions regulations challenge growth across industries, Posh delivers fully integrated battery energy storage and power generation solutions designed for commercial and industrial (C&I) customers. By combining engineering, deployment, and intelligent energy management into one seamless package, Posh ensures businesses receive dependable, affordable, and sustainable power – fast. Our solutions serve critical facilities such as data centers, manufacturing plants, and commercial buildings in regions facing grid instability or decarbonization pressures. Backed by Y Combinator and recognized as a World Economic Forum Top Innovator through the Uplink Challenge, Posh Energy is accelerating the transition to a cleaner, more resilient energy future.
This Press Release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. These forward-looking statements, including, without limitation, statements regarding XCF Global’s expectations with respect to future performance and anticipated financial impacts of the recently completed business combination with Focus Impact BH3 Acquisition Company (the “Business Combination”), estimates and forecasts of other financial and performance metrics, and projections of market opportunity and market share, are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by XCF Global and its management, are inherently uncertain and subject to material change. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in domestic and foreign business, market, financial, political, and legal conditions; (2) unexpected increases in XCF Global’s expenses, including manufacturing and operating expenses and interest expenses, as a result of potential inflationary pressures, changes in interest rates and other factors; (3) the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any agreements with regard to XCF Global’s offtake arrangements; (4) the outcome of any legal proceedings that may be instituted against the parties to the Business Combination or others; (5) XCF Global’s ability to regain compliance with Nasdaq’s continued listing standards and thereafter continue to meet Nasdaq’s continued listing standards; (6) XCF Global’s ability to integrate the operations of New Rise and implement its business plan on its anticipated timeline; (7) XCF Global’s ability to raise financing to fund its operations and business plan and the terms of any such financing; (8) the New Rise Reno production facility’s ability to produce the anticipated quantities of SAF without interruption or material changes to the SAF production process; (9) the New Rise Reno production facility’s ability to produce renewable diesel in commercial quantities without interruption during the ongoing SAF ramp-up process; (10) XCF Global’s ability to resolve current disputes between its New Rise subsidiary and its landlord with respect to the ground lease for the New Rise Reno facility; (11) XCF Global’s ability to resolve current disputes between its New Rise subsidiary and its primary lender with respect to loans outstanding that were used in the development of the New Rise Reno facility; (12) payment of fees, expenses and other costs related to the completion of the Business Combination and the New Rise acquisitions; (13) the risk of disruption to the current plans and operations of XCF Global as a result of the consummation of the Business Combination; (14) XCF Global’s ability to recognize the anticipated benefits of the Business Combination and the New Rise acquisitions, which may be affected by, among other things, competition, the ability of XCF Global to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (15) changes in applicable laws or regulations; (16) risks related to extensive regulation, compliance obligations and rigorous enforcement by federal, state, and non-U.S. governmental authorities; (17) the possibility that XCF Global may be adversely affected by other economic, business, and/or competitive factors; (18) the availability of tax credits and other federal, state or local government support; (19) risks relating to XCF Global’s and New Rise’s key intellectual property rights, including the possible infringement of their intellectual property rights by third parties; (20) the risk that XCF Global’s reporting and compliance obligations as a publicly-traded company divert management resources from business operations; (21) the effects of increased costs associated with operating as a public company; (22) performance outcomes described are derived from early-stage modeling of technology not yet deployed in our New Rise Reno facility and may differ materially from actual results; and (23) various factors beyond management’s control, including general economic conditions and other risks, uncertainties and factors set forth in XCF Global’s filings with the Securities and Exchange Commission (“SEC”), including the final proxy statement/prospectus relating to the Business Combination filed with the SEC on February 6, 2025, this Press Release and other filings XCF Global made or will make with the SEC in the future. If any of the risks actually occur, either alone or in combination with other events or circumstances, or XCF Global’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that XCF Global does not presently know or that it currently believes are not material that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect XCF Global’s expectations, plans or forecasts of future events and views as of the date of this Press Release. These forward-looking statements should not be relied upon as representing XCF Global’s assessments as of any date subsequent to the date of this Press Release. Accordingly, undue reliance should not be placed upon the forward-looking statements. While XCF Global may elect to update these forward-looking statements at some point in the future, XCF Global specifically disclaims any obligation to do so.
In addition, while XCF Global intends to pursue the deployment of Posh’s Flex Gensets at the New Rise Reno facility and other initiatives outlined in the LOI, the statements and information included in the Posh white paper, including the projections as to economic effects of implementing Flex Gensets, were prepared by Posh and do not represent the views or conclusions of XCF Global.
POMPANO BEACH, FL – November 06, 2025 – PRESSADVANTAGE –
Pompano Beach Chiropractic Clinic has announced the introduction of enhanced sciatica relief treatments designed to address the growing number of patients affected by lower back and nerve-related pain. The update, implemented at the clinic’s facility located at 4 NE 4th Ave, Pompano Beach, FL 33060, expands its evidence-based chiropractic care options for individuals throughout South Florida.
“Sciatica can have a significant impact on movement and quality of life,” said Dr. Jason Cheshire, Doctor of Chiropractic at Pompano Beach Chiropractic Clinic. “Our goal is to provide comprehensive, non-surgical approaches that focus on the underlying causes of nerve irritation and help patients regain function through safe and measurable methods.”
Sciatica is a condition that affects millions of Americans each year. It occurs when the sciatic nerve, which extends from the lower spine through the buttocks and down each leg, becomes compressed or inflamed. The resulting pain can range from a mild ache to sharp, burning sensations that radiate along the nerve pathway. Many individuals also experience tingling, numbness, or weakness in the affected leg, which can interfere with daily routines and occupational activities.
The enhanced program at Pompano Beach Chiropractic Clinic includes a more comprehensive evaluation process to determine the source of nerve compression and to identify contributing factors such as posture, spinal alignment, or soft tissue inflammation. By focusing on precise diagnostic assessment, the clinic seeks to provide individualized care that aligns with each patient’s condition and recovery goals.
Dr. Cheshire and his team apply a combination of manual chiropractic adjustments, targeted muscle therapy, and guided rehabilitation exercises aimed at improving mobility and reducing recurring flare-ups. These methods are designed to support the body’s natural ability to heal while minimizing dependence on medication or surgical intervention.
The sciatic nerve is recognized as the largest and longest nerve in the human body, with a diameter roughly equal to that of a thumb. Because of its size and complexity, irritation or compression in even a small section can produce widespread discomfort. Common causes include herniated discs, bone spurs, or structural misalignments in the lower spine that place pressure on the nerve root. Proper diagnosis plays an essential role in achieving long-term relief.
Founded to provide evidence-based chiropractic services, Pompano Beach Chiropractic Clinic emphasizes education and prevention as part of its care model. The clinic’s staff routinely engages in continuing education and follows current clinical guidelines for managing spinal and nerve-related conditions. This commitment allows patients to receive treatments that are consistent with established standards of care in the field of chiropractic medicine.
The facility serves residents across Pompano Beach and surrounding South Florida communities. In addition to sciatica management, the clinic offers care for conditions such as herniated discs, neck pain, joint stiffness, and general spinal maintenance. Appointments are scheduled to allow for thorough evaluations and one-on-one time with the provider to ensure that each case is fully understood before treatment begins.
Over the years, chiropractic care has become an integral part of conservative pain management strategies. As more individuals seek alternatives to surgery or long-term medication use, clinics like Pompano Beach Chiropractic Clinic play a central role in offering structured, hands-on treatment plans grounded in anatomy and function.
The enhancement of sciatica relief treatment represents the clinic’s ongoing focus on adapting to current patient needs and integrating advancements in musculoskeletal therapy. Through continual assessment and clinical refinement, the practice maintains its commitment to serving the community with professional and evidence-based care.
For more information about the clinic and its services, visit the official website or contact the office directly.
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For more information about Pompano Beach Chiropractic Clinic – Pompano Beach, FL, contact the company here:
Pompano Beach Chiropractic Clinic – Pompano Beach, FL Jason Cheshire (954) 943-1044 audits@excelerateconsulting.org 4 NE 4th Ave, Pompano Beach, FL 33060
JACKSONVILLE, FL / ACCESS Newswire / November 5, 2025 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial Development, and Mining and Royalty Lands, today reported financial results for the quarter ended September 30, 2025.
Third Quarter Highlights and Recent Developments
51% decrease in Net Income ($0.7 million vs $1.4 million) due largely to expenses related to the Altman Logistics platform acquisition ($1.3 million) partially offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures (excluding the Altman acquisition expenses, adjusted Net Income was up $0.3 million).
16% decrease in pro rata NOI ($9.5 million vs $11.3 million) primarily due to a non-recurring $1.9 million minimum royalty payment in last year’s third quarter. This one-time, catch-up payment applied to the prior twenty-four months when the tenant failed to meet a production requirement contained in the lease. The revenue from this payment was straight-lined over the life of the lease. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $0.1 million this quarter versus last year’s same quarter.
3% decrease in the Multifamily segment’s pro rata NOI primarily due to lower NOI at the Maren from higher uncollectable revenue along with higher operating costs and property taxes.
25% decrease in Industrial and Commercial segment NOI primarily due to vacancies from an eviction of one tenant and lease expirations.
26% decrease in Mining Royalty Lands segment NOI from the aforementioned $1.9 million minimum royalty payment in the third quarter of 2024. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $0.5 million or 16% this quarter versus last year’s same quarter.
Entered into a joint venture agreement with Strategic Real Estate Partners (“SREP”), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future.
Subsequent to the end of the quarter, on October 21, 2025, the Company acquired the business operations and development pipeline of Altman Logistics Property, LLC, including two projects already majority-owned by FRP Holdings as well as minority interests in a portfolio of institutional grade assets under development.
Executive Summary and Analysis
Results for the first nine months were in line with the expectations we outlined earlier this year. Net income is down for this calendar year primarily due to legal expenses associated with our recently announced acquisition of Altman Logistics. On an NOI basis, year-to-date results trailed our 2024 performance primarily due to the one-time $1.9 million catch-up payment received in the third quarter of last year.
Looking forward to next quarter and beyond, we are focused on laying the foundation for long-term earnings and NOI growth. Leasing and occupying the industrial and commercial vacancies accumulated over the past year will be key drivers of both these metrics. Over the next five years, though, our most significant growth will come from executing on projects within our development pipeline. This includes advancing development entitlements in Maryland to ensure these projects are shovel-ready in 2026, continuing to deliver on our active developments in Florida and South Carolina, and filling the newly developed spaces with tenants.
Essential to any discussion of future growth for the Company is our acquisition of Altman Logistics, which closed subsequent to the end of the quarter. Altman was the Company’s partner on our first two industrial joint venture in Florida. This transaction is an important step toward scaling the Company and expanding beyond our traditional in-house development footprint into key growth markets, especially Florida and New Jersey. The additional cashflows generated from the future sale of our minority interests acquired in the Altman transaction will help fuel our newly expanded development platform. This combination will be the driver for the Company’s next decade of growth.
Comparative Results of Operations for the three months ended September 30, 2025 and 2024
Consolidated Results
(dollars in thousands)
Three Months Ended September 30,
2025
2024
Change
%
Revenues:
Lease revenue
$
7,086
7,434
$
(348
)
-4.7
%
Mining royalty and rents
3,689
3,199
490
15.3
%
Total revenues
10,775
10,633
142
1.3
%
Cost of operations:
Depreciation, depletion and amortization
2,825
2,551
274
10.7
%
Operating expenses
3,304
1,860
1,444
77.6
%
Property taxes
955
850
105
12.4
%
General and administrative
2,328
2,289
39
1.7
%
Total cost of operations
9,412
7,550
1,862
24.7
%
Total operating profit
1,363
3,083
(1,720
)
-55.8
%
Net investment income
2,369
2,304
65
2.8
%
Interest expense
(739
)
(742
)
3
-.4
%
Equity in loss of joint ventures
(2,225
)
(2,839
)
614
-21.6
%
Income before income taxes
768
1,806
(1,038
)
-57.5
%
Provision for income taxes
203
427
(224
)
-52.5
%
Net income
565
1,379
(814
)
-59.0
%
Income (loss) attributable to noncontrolling interest
(97
)
18
(115
)
-638.9
%
Net income attributable to the Company
$
662
1,361
$
(699
)
-51.4
%
Net income for the third quarter of 2025 was $662,000 or $.03 per share versus $1,361,000 or $.07 per share in the same period last year. Excluding the Altman acquisition expenses, adjusted Net Income was up $281,000 . Pro rata NOI for the third quarter of 2025 was $9,523,000 versus $11,272,000 in the same period last year. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $104,000 this quarter versus last year’s same quarter. The third quarter of 2025 was impacted by the following items:
Operating profit decreased $1,720,000 primarily due to $1,281,000 of expenses related to the Altman Logistics platform acquisition. The pro rata operating profit of the Multifamily segment increased however the consolidated portion of the Multifamily segment (Dock/Maren) decreased $404,000 due to uncollectable revenue and higher operating expenses and property taxes. The Industrial and Commercial segment operating profit declined $501,000 due to $207,000 higher depreciation from completion of our new Chelsea warehouse along with lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land’s segment operating profit increased $438,000 due to higher royalty tons and revenues less related depletion.
Net investment income increased $65,000 because of higher income from our lending ventures ($465,000) mostly offset by reduced earnings on cash equivalents ($400,000).
Equity in loss of Joint Ventures improved $614,000 due to improved results of our unconsolidated joint ventures. Results improved at Bryant Street ($255,000) and BC Realty ($401,000) both due to higher revenues and lower variable rate interest expense.
Pro rata NOI decreased $1,749,000 primarily due to the same quarter last year including a catch-up, minimum royalty payment of $1.9 million that applied to the prior twenty-four months as the tenant failed to meet a production requirement contained in the lease. This revenue was straight-lined over the life of the lease. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $104,000 this quarter versus last year’s same quarter.
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
Three months ended September 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
8,466
100.0
%
8,226
100.0
%
240
2.9
%
Depreciation and amortization
3,347
39.5
%
3,353
40.8
%
(6
)
-.2
%
Operating expenses
2,842
33.6
%
2,841
34.5
%
1
–
%
Property taxes
1,021
12.1
%
865
10.5
%
156
18.0
%
Cost of operations
7,210
85.2
%
7,059
85.8
%
151
2.1
%
Operating profit before G&A
$
1,256
14.8
%
1,167
14.2
%
89
7.6
%
Depreciation and amortization
3,347
3,353
(6
)
Unrealized rents & other
(33
)
202
(235
)
Net operating income
$
4,570
54.0
%
4,722
57.4
%
(152
)
-3.2
%
The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $4,570,000, down $152,000 or 3% compared to $4,722,000 in the same quarter last year. Most of this decrease was from $177,000 lower NOI at the Maren due to increased uncollectable revenue along with higher operating costs and property taxes.
Apartment Building
Units
Pro rata NOI
Q3 2025
Pro rata NOI
Q3 2024
Avg. Occupancy Q3 2025
Avg. Occupancy Q3 2024
Renewal Success Rate Q3 2025
Renewal % increase Q3 2025
Dock 79 Anacostia DC
305
$
938,000
$
964,000
93.8
%
94.0
%
68.1
%
2.8
%
Maren Anacostia DC
264
$
796,000
$
973,000
94.1
%
94.9
%
56.5
%
2.7
%
Riverside Greenville
200
$
213,000
$
243,000
92.0
%
94.0
%
55.6
%
4.9
%
Bryant Street DC
487
$
1,649,000
$
1,537,000
93.4
%
91.5
%
67.2
%
2.7
%
.408 Jackson Greenville
227
$
358,000
$
362,000
92.5
%
94.5
%
59.1
%
3.1
%
Verge Anacostia DC
344
$
616,000
$
643,000
92.0
%
90.1
%
64.8
%
1.9
%
Multifamily Segment
1,827
$
4,570,000
$
4,722,000
93.0
%
92.8
%
Multifamily Segment (Consolidated – Dock 79 & The Maren)
Three months ended September 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
5,556
100.0
%
5,682
100.0
%
(126
)
-2.2
%
Depreciation and amortization
2,002
36.1
%
1,985
35.0
%
17
.9
%
Operating expenses
1,763
31.7
%
1,573
27.7
%
190
12.1
%
Property taxes
636
11.4
%
565
9.9
%
71
12.6
%
Cost of operations
4,401
79.2
%
4,123
72.6
%
278
6.7
%
Operating profit before G&A
$
1,155
20.8
%
1,559
27.4
%
(404
)
-25.9
%
Total revenues for our two consolidated joint ventures were $5,556,000, a decrease of $126,000 versus $5,682,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $1,155,000, a decrease of $404,000, or 26% versus $1,559,000 in the same period last year primarily due to increased uncollectable revenue along with higher operating costs and property taxes at the Maren.
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
Three months ended September 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
5,440
100.0
%
5,129
100.0
%
311
6.1
%
Depreciation and amortization
2,250
41.4
%
2,265
44.2
%
(15
)
-.7
%
Operating expenses
1,894
34.8
%
1,985
38.7
%
(91
)
-4.6
%
Property taxes
675
12.4
%
557
10.9
%
118
21.2
%
Cost of operations
4,819
88.6
%
4,807
93.7
%
12
.2
%
Operating profit before G&A
$
621
11.4
%
322
6.3
%
299
92.9
%
For our four unconsolidated joint ventures, pro rata revenues were $5,440,000, an increase of $311,000 or 6% compared to $5,129,000 in the same period last year. Pro rata operating profit before G&A was $621,000, an increase of $299,000 or 93% versus $322,000 in the same period last year. The increase was due to improved occupancy at The Verge and Bryant Street and higher revenues at .408 Jackson.
Industrial and Commercial Segment
Three months ended September 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
1,229
100.0
%
1,455
100.0
%
(226
)
(15.5
%)
Depreciation and amortization
567
46.2
%
360
24.7
%
207
57.5
%
Operating expenses
224
18.2
%
185
12.7
%
39
21.1
%
Property taxes
97
7.9
%
68
4.7
%
29
42.6
%
Cost of operations
888
72.3
%
613
42.1
%
275
44.9
%
Operating profit before G&A
$
341
27.7
%
842
57.9
%
(501
)
(59.5
%)
Depreciation and amortization
567
360
207
Unrealized revenues
(4
)
7
(11
)
Net operating income
$
904
73.6
%
$
1,209
83.1
%
$
(305
)
(25.2
%)
Shell construction on our 258,279 square foot spec warehouse project in Aberdeen, MD on Chelsea Road was completed effective April 1, 2025 and is in the lease-up phase. We have ten buildings in service at four different locations totaling 773,356 square feet of industrial and 33,708 square feet of office of which 48.6% was leased and occupied at September 30, 2025. Excluding Chelsea these assets were 72.4% leased and occupied during the quarter compared to 95.6% leased and occupied during the same quarter last year primarily due to an eviction for failure to pay rent by one tenant and lease expirations. Total revenues in this segment were $1,229,000, down $226,000 or 16%, over the same period last year. Operating profit before G&A was $341,000, down $501,000 or 60% over the same quarter last year due to $216,000 of depreciation and $40,000 of operating costs at Chelsea along with the lower occupancy. Net operating income in this segment was $904,000, down $305,000 or 25% compared to the same quarter last year.
Mining Royalty Lands Segment Results
Three months ended September 30
(dollars in thousands)
2025
%
2024
%
Change
%
Mining royalty and rent revenue
$
3,689
100.0
%
3,199
100.0
%
490
15.3
%
Depreciation, depletion and amortization
213
5.8
%
163
5.1
%
50
30.7
%
Operating expenses
17
0.5
%
20
0.6
%
(3
)
-15.0
%
Property taxes
75
2.0
%
70
2.2
%
5
7.1
%
Cost of operations
305
8.3
%
253
7.9
%
52
20.6
%
Operating profit before G&A
$
3,384
91.7
%
2,946
92.1
%
438
14.9
%
Depreciation and amortization
213
163
50
Unrealized revenues
159
1,994
(1,835
)
Net operating income
$
3,756
101.8
%
$
5,103
159.5
%
$
(1,347
)
(26.4
%)
Total revenues in this segment were $3,689,000, an increase of $490,000 or 15% versus $3,199,000 in the same period last year. Royalty tons were up 6.5%. Royalty revenue per ton increased 5% over the same period last year. Total operating profit before G&A in this segment was $3,384,000, an increase of $438,000 versus $2,946,000 in the same period last year. Net operating income was $3,756,000, down $1,347,000 or 26% compared to the same quarter last year as higher revenues were more than offset by a $1,835,000 decrease in unrealized revenues. The unrealized revenue decrease is due to the same quarter last year including a catch-up, minimum royalty payment of $1.9 million that applied to the prior twenty-four months as the tenant failed to meet a production requirement contained in the lease. This revenue was straight-lined over the life of the lease.
Development Segment Results
Three months ended September 30
(dollars in thousands)
2025
2024
Change
Lease revenue
$
301
297
4
Depreciation, depletion and amortization
43
43
–
Operating expenses
1,300
82
1,218
Property taxes
147
147
–
Cost of operations
1,490
272
1,218
Operating profit before G&A
$
(1,189
)
25
(1,214
)
With respect to ongoing Development Segment projects:
We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. We have funded $27.5 million of our $31.1 million total commitment. A national homebuilder is under contract to purchase all 222 townhome lots and 122 single family lots. At quarter-end, 180 lots have been sold and $24.8 million has been returned to the company of which $6.1 million was booked as profit to the Company.
We entered into two new joint venture agreements in early 2024 with Altman Logistics. The first joint venture is a 201,420 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a two building 183,215 square-foot warehouse redevelopment project in Broward County, FL. We closed on both construction loans in March, 2025 and construction commenced in the second quarter of 2025. Substantial completion of both projects is expected in the second quarter of 2026.
On May 30, 2025, we secured construction financing for our multifamily joint venture with Woodfield Development, known as Woven. This is our third multifamily project in Greenville, SC. This is an $87.8M project with 214 units and 13,500 square feet of ground floor retail that is eligible to receive South Carolina Textile Rehabilitation Credits upon substantial completion and received Special Source Credits equal to 50% of the real estate taxes for a period of 20 years. The project broke ground during the 3rd quarter and substantial completion of the project is expected in late 2027.
On July 23,2025, we entered into a joint venture agreement with Strategic Real Estate Partners (“SREP”), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future. Substantial completion of the first warehouse is expected in the fourth quarter of 2026,
On September 12, 2025, we secured construction financing for the first phase (296 multifamily units and 28,745 square feet of retail) of our Estero joint venture with Woodfield Development, located between Naples and Ft. Myers. Substantial completion is expected late 2027.
Nine Month Highlights
37% decrease in Net Income ($3.0 million vs $4.7 million) due to $2 million of expenses related to acquiring the Altman Logistics platform. Excluding the $2 million of Altman acquisition expenses, adjusted Net income was down $0.2 million.
1.6% decrease in pro rata NOI ($28.6 million vs $29.0 million). Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $1.4 million this year.
Multifamily segment’s pro rata NOI was up slightly as improved results at Bryant Street, .408 Jackon and The Verge were mostly offset by uncollectable revenue along with higher operating costs and property taxes at the Maren.
9% decrease in Industrial and Commercial revenue and 14% decrease in that segment’s NOI
1.7% decrease in the Mining Royalty Lands’ Segment’s NOI. Excluding the $1.9 million paynent in last year, adjusted pro rata NOI in this segment was up $1.7 million or 18%.
Comparative Results of Operations for the Nine months ended September 30, 2025 and 2024
Consolidated Results
(dollars in thousands)
Nine Months Ended September 30,
2025
2024
Change
%
Revenues:
Lease revenue
$
21,399
21,850
$
(451
)
-2.1
%
Mining royalty and rents
10,532
9,393
1,139
12.1
%
Total revenues
31,931
31,243
688
2.2
%
Cost of operations:
Depreciation/depletion/amortization
8,158
7,629
529
6.9
%
Operating expenses
7,743
5,429
2,314
42.6
%
Property taxes
2,895
2,517
378
15.0
%
General and administrative
7,790
6,883
907
13.2
%
Total cost of operations
26,586
22,458
4,128
18.4
%
Total operating profit
5,345
8,785
(3,440
)
-39.2
%
Net investment income
7,278
8,795
(1,517
)
-17.2
%
Interest expense
(2,258
)
(2,482
)
224
-9.0
%
Equity in loss of joint ventures
(6,635
)
(8,582
)
1,947
-22.7
%
Income before income taxes
3,730
6,516
(2,786
)
-42.8
%
Provision for income taxes
907
1,743
(836
)
-48.0
%
Net income
2,823
4,773
(1,950
)
-40.9
%
Income (loss) attributable to noncontrolling interest
(127
)
67
(194
)
-289.6
%
Net income attributable to the Company
$
2,950
$
4,706
$
(1,756
)
-37.3
%
Net income for the first nine months of 2025 was $2,950,000 or $.16 per share versus $4,706,000 or $.25 per share in the same period last year. Excluding the $2 million of Altman acquisition expenses, adjusted Net Income was down $231,000. Pro rata NOI for the first nine months of 2025 was $28,575,000 versus $29,036,000 in the same period last year. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $1.4 million this year. The first nine months of 2025 were impacted by the following items:
Operating profit decreased $3,440,000 primarily due to $1,993,000 of expenses related to the Altman Logistics platform acquisition and higher General and administrative expense ($907,000). General and administrative expense increased primarily due to overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $1,057,000 because of a $446,000 increase in depreciation expense from completion of our new Chelsea warehouse, as well as lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land’s segment operating profit increased $1,034,000 due to higher royalty revenues and the prior year’s overpayment deduction of $566,000.
Net investment income decreased $1,517,000 from reduced earnings on cash equivalents ($1,303,000) and reduced income from our lending ventures ($214,000) primarily due to fewer residential lot sales.
Interest expense decreased $224,000 compared to the same period last year as we capitalized $215,000 more interest. More interest was capitalized due to increased in-house and joint venture projects under development this quarter compared to last year.
Equity in loss of Joint Ventures improved $1,947,000 because of improved results at our unconsolidated joint ventures. Results improved at The Verge ($517,000) due to lower rent concessions, improved occupancy and lower interest expense, and also at Bryant Street ($911,000) and BC Realty ($623,000) because of higher revenues and lower variable rate interest expense.
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
For ease of comparison all the figures in the tables below include the results for The Verge from prior periods (when this project was still in our Development segment).
Nine months ended September 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
25,238
100.0
%
24,222
100.0
%
1,016
4.2
%
Depreciation and amortization
10,020
39.7
%
10,042
41.5
%
(22
)
-.2
%
Operating expenses
8,158
32.3
%
7,913
32.7
%
245
3.1
%
Property taxes
2,999
11.9
%
2,666
11.0
%
333
12.5
%
Cost of operations
21,177
83.9
%
20,621
85.1
%
556
2.7
%
Operating profit before G&A
$
4,061
16.1
%
3,601
14.9
%
460
12.8
%
Depreciation and amortization
10,020
10,042
(22
)
Unrealized rents & other
(144
)
248
(392
)
Net operating income
$
13,937
55.2
%
13,891
57.3
%
46
.3
%
The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $13,937,000, up $46,000 compared to $13,891,000 in the same period last year. The NOI increase was primarily due to improved results at Bryant Street, .408 Jackson, and The Verge mostly offset by underperformance at Maren due to increased uncollectable revenue along with higher operating costs and property taxes.
Apartment Building
Units
Pro rata NOI
YTD 2025
Pro rata NOI
YTD 2024
Avg. Occupancy YTD 2025
Avg. Occupancy YTD 2024
Renewal Success Rate YTD 2025
Renewal % increase YTD 2025
Dock 79 Anacostia DC
305
$
2,838,000
$
2,842,000
95.0
%
94.1
%
69.3
%
3.8
%
Maren Anacostia DC
264
$
2,541,000
$
2,820,000
93.8
%
94.5
%
55.1
%
3.9
%
Riverside Greenville
200
$
650,000
$
682,000
92.6
%
93.6
%
56.3
%
4.9
%
Bryant Street DC
487
$
4,730,000
$
4,588,000
93.5
%
91.9
%
58.8
%
2.4
%
.408 Jackson Greenville
227
$
1,076,000
$
1,000,000
94.9
%
94.6
%
59.0
%
4.0
%
Verge Anacostia DC
344
$
2,102,000
$
1,959,000
92.9
%
89.7
%
67.6
%
2.5
%
Multifamily Segment
1,827
$
13,937,000
$
13,891,000
93.7
%
92.7
%
Multifamily Segment (Consolidated – Dock 79 and The Maren)
Nine months ended September 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
16,547
100.0
%
16,592
100.0
%
(45
)
-.3
%
Depreciation and amortization
5,932
35.8
%
5,947
35.9
%
(15
)
-.3
%
Operating expenses
4,875
29.5
%
4,553
27.4
%
322
7.1
%
Property taxes
1,919
11.6
%
1,665
10.0
%
254
15.3
%
Cost of operations
12,726
76.9
%
12,165
73.3
%
561
4.6
%
Operating profit before G&A
$
3,821
23.1
%
4,427
26.7
%
(606
)
-13.7
%
Total revenues for our two consolidated joint ventures were $16,547,000, an increase of $45,000 versus $16,592,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $3,821,000, a decrease of $606,000, or 14% versus $4,427,000 in the same period last year primarily due to higher operating expenses ($322,000) and property taxes ($254,000).
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
Nine months ended September 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
16,225
100.0
%
15,180
100.0
%
1,045
6.9
%
Depreciation and amortization
6,768
41.7
%
6,783
44.7
%
(15
)
-.2
%
Operating expenses
5,560
34.3
%
5,437
35.8
%
123
2.3
%
Property taxes
1,954
12.0
%
1,761
11.6
%
193
11.0
%
Cost of operations
14,282
88.0
%
13,981
92.1
%
301
2.2
%
Operating profit
$
1,943
12.0
%
1,199
7.9
%
744
62.1
%
For our four unconsolidated joint ventures, pro rata revenues were $16,225,000, an increase of $1,045,000 or 7% compared to $15,180,000 in the same period last year. Pro rata operating profit before G&A was $1,943,000, an increase of $744,000, or 62% versus $1,199,000 in the same period last year. The increase was due to lease up at The Verge and higher revenues at Bryant Street and .408 Jackson.
Industrial and Commercial Segment
Nine months ended September 30
(dollars in thousands)
2025
%
2024
%
Change
%
Lease revenue
$
3,950
100.0
%
4,353
100.0
%
(403
)
(9.3
%)
Depreciation and amortization
1,529
38.7
%
1,083
24.8
%
446
41.2
%
Operating expenses
687
17.4
%
591
13.6
%
96
16.2
%
Property taxes
307
7.8
%
195
4.5
%
112
57.4
%
Cost of operations
2,523
63.9
%
1,869
42.9
%
654
35.0
%
Operating profit before G&A
$
1,427
36.1
%
2,484
57.1
%
(1,057
)
(42.6
%)
Depreciation and amortization
1,529
1,083
446
Unrealized revenues
97
(12
)
109
Net operating income
$
3,053
77.3
%
$
3,555
81.7
%
$
(502
)
(14.1
%)
Total revenues in this segment were $3,950,000, down $403,000 or 9%, over the same period last year. Operating profit before G&A was $1,427,000, down $1,057,000 or 43% from $2,484,000 in the same period last year due to $432,000 of depreciation and $70,000 of operating costs at our spec Chelsea warehouse placed in service in April, a write-off of $118,000 unrealized rent receivable and $34,000 deferred leasing commission related to a tenant that defaulted, and the related lower occupancy. Net operating income in this segment was $3,053,000, down $502,000 or 14% compared to the same period last year.
Mining Royalty Lands Segment Results
Nine months ended September 30
(dollars in thousands)
2025
%
2024
%
Change
%
Mining royalty and rent revenue
$
10,532
100.0
%
9,393
100.0
%
1,139
12.1
%
Depreciation, depletion and amortization
568
5.4
%
471
5.0
%
97
20.6
%
Operating expenses
49
0.5
%
53
0.6
%
(4
)
-7.5
Property taxes
226
2.1
%
214
2.3
%
12
5.6
%
Cost of operations
843
8.0
%
738
7.9
%
105
14.2
%
Operating profit before G&A
$
9,689
92.0
%
8,655
92.1
%
1,034
11.9
%
Depreciation and amortization
568
471
97
Unrealized revenues
448
1,765
(1,317
)
Net operating income
$
10,705
101.6
%
$
10,891
115.9
%
$
(186
)
(1.7
%)
Total revenues in this segment were $10,532,000, an increase of $1,139,000 or 12% versus $9,393,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of royalties to resolve an $842,000 overpayment which we referenced previously. Through the nine months of last year, the tenant withheld $619,000 in royalties otherwise due to the Company. Royalty tons were down 5% primarily due to a decrease at one location that had one-time project specific rail shipments in the prior year. The revenue reduction from the decreased volume was more than offset by increased royalties per ton (up 10.6% excluding the prior year payment deduction) along with the overpayment reduction in the prior year. Total operating profit before G&A in this segment was $9,689,000, an increase of $1,034,000 versus $8,655,000 in the same period last year. Net operating income in this segment was $10,705,000, down $186,000 or 2% compared to the same period last year as higher revenues were more than offset by a $1,317,000 decrease in unrealized revenues (see discussion in the Mining segment’s quarterly analysis.
Development Segment Results
Nine months ended September 30
(dollars in thousands)
2025
2024
Change
Lease revenue
$
902
905
(3
)
Depreciation, depletion and amortization
129
128
1
Operating expenses
2,132
232
1,900
Property taxes
443
443
–
Cost of operations
2,704
803
1,901
Operating profit before G&A
$
(1,802
)
102
(1,904
)
FRP HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
Assets:
September 30 2025
December 31 2024
Real estate investments at cost:
Land
$
180,121
168,943
Buildings and improvements
308,807
283,421
Projects under construction
29,548
32,770
Total investments in properties
518,476
485,134
Less accumulated depreciation and depletion
85,746
77,695
Net investments in properties
432,730
407,439
Real estate held for investment, at cost
12,484
11,722
Investments in joint ventures
143,298
153,899
Net real estate investments
588,512
573,060
Cash and cash equivalents
134,853
148,620
Cash held in escrow
966
1,315
Accounts receivable, net
1,560
1,352
Federal and state income taxes receivable
961
–
Unrealized rents
1,262
1,380
Deferred costs
2,509
2,136
Other assets
637
622
Total assets
$
731,260
728,485
Liabilities:
Secured notes payable
$
185,338
178,853
Accounts payable and accrued liabilities
9,365
6,026
Other liabilities
1,487
1,487
Federal and state income taxes payable
–
611
Deferred revenue
2,973
2,437
Deferred income taxes
67,655
67,688
Deferred compensation
1,508
1,465
Tenant security deposits
738
805
Total liabilities
269,064
259,372
Commitments and contingencies
Equity:
Common stock, $.10 par value
25,000,000 shares authorized,
19,109,234 and 19,046,894 shares issued
and outstanding, respectively
1,911
1,905
Capital in excess of par value
70,558
68,876
Retained earnings
355,217
352,267
Accumulated other comprehensive income, net
32
55
Total shareholders’ equity
427,718
423,103
Noncontrolling interests
34,478
46,010
Total equity
462,196
469,113
Total liabilities and equity
$
731,260
728,485
Non-GAAP Financial Measures.
To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro rata net operating income (NOI) because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. In this quarter, we provided an adjusted Net Income to adjust for the impact of one-time expenses of the Altman Logistics acquisition, which is a material business combination unlike our historical real estate acquisitions or joint ventures where expenses are capitalized. We also provided adjusted net operating income to adjust for the impact of the one-time material royalty payment in the third quarter of 2024 to better depict the comparable results in both the quarter and year to date. Management believes these adjustments provide a more accurate comparison of our on-going business operations and results over time due to the non-recurring, material and unusual nature of these two specific items. These measures are not, and should not be viewed as, a substitute for GAAP financial measures. For ease of comparison all the figures in the tables below include the results for The Verge in the Multifamily segment for all periods shown.
Pro rata Net Operating Income Reconciliation
Nine months ending9/30/25 (in thousands)
Industrial and
Commercial
Segment
Development
Segment
Multifamily
Segment
Mining
Royalties
Segment
Unallocated
Corporate
Expenses
FRP
Holdings
Totals
Net income (loss)
$
1,092
948
(3,940
)
7,385
(2,662
)
2,823
Income tax allocation
335
291
(1,221
)
2,269
(767
)
907
Income (loss) before income taxes
1,427
1,239
(5,161
)
9,654
(3,429
)
3,730
Less:
Unrealized rents
–
–
–
–
Interest income
2,782
10
4,486
7,278
Plus:
Unrealized rents
97
–
20
448
–
565
Professional fees
1,975
114
2,089
Equity in loss of joint ventures
–
(259
)
6,859
35
6,635
Interest expense
–
–
2,133
–
125
2,258
Depreciation/amortization
1,529
129
5,932
568
8,158
General and administrative
–
–
–
–
7,790
7,790
Net operating income (loss)
3,053
302
9,887
10,705
–
23,947
NOI of noncontrolling interest
(4,508
)
(4,508
)
Pro rata NOI from unconsolidated joint ventures
578
8,558
9,136
Pro rata net operating income
$
3,053
880
13,937
10,705
–
28,575
Pro rata Net Operating Income Reconciliation
Nine months ended 09/30/24 (in thousands)
Industrial and
Commercial
Segment
Development
Segment
Multifamily
Segment
Mining
Royalties
Segment
Unallocated
Corporate
Expenses
FRP
Holdings
Totals
Net income (loss)
$
1,222
(2,498
)
(3,951
)
5,884
4,116
4,773
Income tax allocation
376
(767
)
(1,224
)
1,808
1,550
1,743
Income (loss) before income taxes
1,598
(3,265
)
(5,175
)
7,692
5,666
6,516
Less:
Unrealized rents
12
–
–
–
–
12
Interest income
2,995
5,800
8,795
Plus:
Unrealized rents
–
–
–
1,765
–
1,765
Professional fees
–
–
15
–
–
15
Equity in loss of joint ventures
–
2,081
6,466
35
–
8,582
Interest expense
–
–
2,348
–
134
2,482
Depreciation/amortization
1,083
128
5,947
471
–
7,629
General and administrative
886
4,281
788
928
–
6,883
Net operating income (loss)
3,555
230
10,389
10,891
–
25,065
NOI of noncontrolling interest
–
–
(4,727
)
–
–
(4,727
)
Pro rata NOI from unconsolidated joint ventures
–
469
8,229
–
–
8,698
Pro rata net operating income
$
3,555
699
13,891
10,891
–
29,036
THREE MONTHS ENDED
NINE MONTHS ENDED
SEPTEMBER 30
SEPTEMBER 30
2025
2024
2025
2024
Reconciliation of net Income to adjusted net income:
Net income attributable to the Company
$
662
$
1,361
$
2,950
$
4,706
Adjustments related to Altman acquisition expenses:
Operating expenses
1,263
–
1,975
–
General and administrative
18
–
18
–
Total adjustments to net income before income taxes
1,281
–
1,993
–
Income tax effect on non-GAAP adjustment
(301
)
–
(468
)
–
Adjusted net income attributable to the Company
$
1,642
$
1,361
$
4,475
$
4,706
Reconciliation of NOI to adjusted NOI:
Pro rata net operating income
$
9,523
$
11,272
$
28,575
$
29,036
Minimum royalty payment applicable to prior 24 months
–
(1,853
)
–
(1,853
)
Adjusted pro rata net operating income
$
9,523
$
9,419
$
28,575
$
27,183
Conference Call
The Company will host a conference call on Thursday, November 6, 2025 at 9:00 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-343-4849 (passcode 83364) within the United States. International callers may dial 1-203-518-9848 (passcode 83364). Audio replay will be available until November 20, 2025 by dialing 1-800-839-2389 within the United States. International callers may dial 1-402-220-7204. No passcode needed. An audio replay will also be available on the Company’s website under investors, financials, quarterly results (https://investors.frpdev.com/quarterly-reports) following the call.
Additional Information
Our investor relations website is https://investors.frpdev.com and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, press releases, quarterly earnings presentations, investor presentations, and corporate governance information, which may contain material information about us, and you may subscribe to Email Alerts to be notified of new information posted to this site.
Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the MidAtlantic and Florida; multifamily demand in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; as the impact of tariffs on our industrial tenants and construction costs; well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.
FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, and (iv) leasing and management of residential apartment buildings.
Herndon, Virginia – November 05, 2025 – PRESSADVANTAGE –
Elegant Kitchen and Bath, a licensed contractor specializing in home renovation services, announces the expansion of its service coverage to meet increasing demand for kitchen and bathroom remodeling projects throughout Virginia. The expansion includes enhanced service availability in Ashburn and seventeen additional communities across the region.
The company provides seven categories of remodeling services: basement remodeling, bathroom remodeling, countertop installation, decking, home addition remodeling, kitchen remodeling, and pergolas and winter gardens. Each project follows a standardized process beginning with consultation and design planning, followed by construction and installation phases.
For Kitchen Renovation Ashburn projects, the company employs a comprehensive project management approach that coordinates all construction phases from initial demolition through final installation. This includes coordination of plumbing, electrical work, and fixture placement. The single-contractor model reduces project timelines by an average of 20 percent compared to multi-contractor arrangements, according to industry data from the National Association of Home Builders.
“The expansion allows us to serve more homeowners who require professional remodeling services,” said Arif Zararsız, Vice President of Elegant Kitchen and Bath. “We have structured our operations to provide consistent service delivery across all communities, ensuring each project receives appropriate resources and attention regardless of location.”
The expansion comes as housing market data shows continued investment in home improvements across Virginia. The Remodeling Market Index indicates that professional remodeling activity in the region has increased 12 percent year-over-year, with kitchen and bathroom projects accounting for the majority of renovation spending.
For Best Kitchen Remodeling Ashburn services, the company utilizes materials from established suppliers, including granite, marble, and quartz for countertops, along with cabinetry and flooring options. All installations follow Virginia building codes and industry standards established by the National Kitchen and Bath Association.
“Each home presents specific structural and design considerations that require customized planning,” added Zararsız. “Our expansion enables us to apply our project management methodology to more communities while maintaining consistent quality standards across all service areas.”
The company’s expanded service area now encompasses Herndon, Chantilly, Centreville, Reston, Sterling, Great Falls, Ashburn, Fairfax, McLean, Manassas, Haymarket, Burke, Vienna, Falls Church, Annandale, Springfield, Alexandria, and Arlington. This geographic expansion responds to growing regional demand for professional remodeling services, as recent industry reports indicate kitchen and bathroom renovations represent 35 percent of all home improvement projects in Virginia.
As the Best Remodeling Company Virginia residents can access for comprehensive renovation projects, Elegant Kitchen and Bath maintains the required licensing and insurance coverage in accordance with state regulations. The company provides detailed project proposals with transparent pricing structures for all renovation work.
Elegant Kitchen and Bath is a Virginia-based remodeling contractor providing renovation services for kitchens, bathrooms, basements, and home additions. The company combines design planning with construction services to deliver complete remodeling projects. Their team manages projects from initial consultation through final completion for residential clients throughout Virginia.
###
For more information about Elegant Kitchen and Bath, contact the company here:
Elegant Kitchen and Bath Elegant Kitchen and Bath LLC (703)-763-4277 info@elegantkitchenbath.com 2465 Centreville Rd. J21, Herndon, VA 20171
The first-ever full-size NBA and WNBA team branded basketball hoops available for home play, expanding the game’s reach beyond the arena.
CLEARFIELD, UTAH / ACCESS Newswire / November 7, 2025 / For the first time ever, basketball fans can bring home officially licensed team NBA and WNBA full-size hoops, thanks to a new multiyear partnership between Lifetime Products – the top-selling basketball system brand in the U.S. – and the National Basketball Association (NBA) and Women’s National Basketball Association (WNBA). This collaboration unites two of the world’s premier basketball organizations with the company that pioneered the portable, height-adjustable basketball system, an innovation that enabled generations of kids, youth, and adults to play basketball in their driveways and around the home.
Lifetime, NBA, and WNBA Basketball Partnership between Lifetime Products and the NBA and WNBA
In the U.S. and Canada, Lifetime has the exclusive rights to bring full-size basketball systems bearing league and team marks to every home court. The initial collection features full-size backboard designs for all NBA teams and WNBA teams, the first time such product has been available. “Since creating the first portable, adjustable hoop, Lifetime Products has been committed to making basketball accessible to families and communities everywhere,” said BJ Haacke, President and CEO of Lifetime Products. “Joining forces with the NBA and WNBA underscores our shared dedication to growing the game at every level and inspiring the next generation of players.”
“The NBA and WNBA’s ability to bring people of all ages and backgrounds together through the sport is unmatched,” added Barry Mower, Founder of Lifetime Products. “This partnership gives us the opportunity to deliver even more meaningful and high-quality basketball experiences to fans, both at home and in their communities.”
“Lifetime Products is an industry leader in delivering high-quality recreational equipment,” said Brian Keegan, NBA Head of Trading Cards, Memorabilia & Hardgoods. “This collaboration gives fans nationwide best-in-class basketball hoops to enjoy at home while proudly supporting their favorite NBA and WNBA teams.” The rollout of team-specific hoops is only the beginning, with additional basketball product innovations planned for the coming years. These hoops will include full-size portable and in-ground options. Fans will see the partnership come to life at tentpole league events including NBA All-Star as well as through community programs. These hoops will be available on Lifetime.com as well as through many major retailers in the U.S. and Canada.
About Lifetime Products Founded in 1986 and headquartered in Clearfield, Utah, Lifetime Products is the top-selling basketball system brand in the U.S. and one of the largest manufacturers of basketball hoops in the world. The company began in a backyard with the goal of building a better basketball system. Nearly four decades later, Lifetime has become the world’s leading manufacturer of residential basketball hoops and blow-molded polyethylene folding tables and chairs. Lifetime also produces outdoor sheds, composters, playground equipment, kayaks, coolers, and more. Today, Lifetime products are sold in more than 125 countries worldwide. Learn more at www.lifetime.com.
SMX (NASDAQ: SMX) and Goldstrom, a global leader in bullion banking, logistics, and trading, are to embed molecular-level traceability directly into gold and silver. The collaboration brings molecular verification to one of the world’s oldest markets, creating a new foundation of transparency, accountability, and measurable proof across the precious metals industry.
NEW YORK, NY / ACCESS Newswire / November 7, 2025 / Gold has always stood for permanence. It has anchored economies, defined wealth, and survived every reset in global finance. But for all its reputation as the world’s most trusted asset, its foundation has always depended on belief. People believe it’s pure, believe it’s responsibly mined, and believe it’s ethically traded. Belief, however, is not verification.
SMX (NASDAQ:SMX), through its majority-owned subsidiary, TruGold, and Goldstrom, is working to change that. Their alliance brings molecular memory to gold and silver, giving the metals an identity that cannot be lost, erased, or replaced. Goldstrom, a globally integrated enterprise with reach across bullion banking, trading, logistics, vaulting, and insurance, is integrating SMX’s molecular marking and digital-registry technology into its ecosystem. Together, they are redesigning how trust operates in one of the oldest industries on earth.
For the first time in history, precious metals can hold their own digital truth. SMX’s markers are permanently embedded at the molecular level, turning gold and silver into self-verifying materials. No stamps, no signatures-just chemistry and data combining to create a new class of authenticated assets.
Building Proof Into Every Gram
This collaboration is not symbolic. It’s structural. SMX’s patented molecular markers can survive every phase of a metal’s life cycle-melting, refining, or recasting-while maintaining a link to a secure blockchain registry. That registry records a continuous digital passport for every unit of material, tracking where it originated, how it was processed, and how it re-entered circulation.
Goldstrom’s network ensures that this system reaches every corner of the value chain. Mining, refining, trading, and insurance clients can integrate traceability directly into their existing workflows without disruption. The outcome is a living ledger of proof that operates within the market itself rather than beside it.
This framework also connects to SMX’s trueGold™ and trueSilver™ subsidiaries, each built to support memory-enabled supply chains. Every bar, coin, or recycled product carries a story that never loses a chapter. A gold bar refined in Dubai and later recycled in London retains its digital identity, with its chain of custody verified from start to finish.
This level of traceability is no longer optional. Regulators and industry bodies are locking it into global standards. The LBMA’s Responsible Gold Guidance, the UAE’s Good Delivery system, and Europe’s Digital Product Passport all point to the same direction: proof must be built in, not added after.
SMX and Goldstrom are responding with precision. Their partnership delivers a compliance solution that becomes a competitive advantage. Each verified metal molecule moves faster through financing and trade because transparency shortens verification time and reduces uncertainty.
In the process, authenticity becomes measurable and immediate. Refiners gain clarity. Banks gain confidence. Investors gain data that cannot be forged.
Turning Compliance Into Value
For companies positioned at the forefront of this shift, transparency is evolving from cost center to profit engine. Every ounce already carries a market price; now it carries an embedded proof of origin and sustainability. That transforms ESG accountability into an asset.
With SMX technology inside Goldstrom’s network, clients can trade and insure with traceable certainty. Regulators and financial institutions gain molecular-level visibility into sourcing and recycling, replacing reports and declarations with verifiable evidence. Each transaction adds a new layer of trust, and that trust becomes measurable capital.
What used to be a slow paper process now operates in seconds. Every verified record strengthens market integrity and helps eliminate fraud, duplication, and gray-market uncertainty.
The Broader Ecosystem of Proof
This partnership extends SMX’s reach far beyond metals. Its molecular technology has already proven its value in plastics, textiles, and natural rubber. Adding gold and silver completes the bridge between sustainable materials and traditional stores of value, connecting sectors that once existed in isolation.
Goldstrom’s global presence aligns perfectly with SMX’s vision of a transparent materials economy built on chemistry and code. Together, they are establishing a foundation where authenticity is not a matter of opinion but of record. What began with recycled packaging now extends to bullion and beyond.
For an industry defined by trust yet constrained by opacity, this marks a turning point. Certificates fade, audits expire, but molecular proof endures. Every atom of metal now carries a signature that links physical value to digital certainty.
SMX and Goldstrom are not merely modernizing verification; they are redefining what gives gold its worth. Proof has become part of the metal itself, a measurable asset in a data-driven world. In that world, authenticity is no longer assumed. It is quantified. And that makes proof the most valuable currency of all.
About SMX
As global businesses face new and complex challenges relating to carbon neutrality and meeting new governmental and regional regulations and standards, SMX is able to offer players along the value chain access to its marking, tracking, measuring and digital platform technology to transition more successfully to a low-carbon economy.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “will,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example: matters relating to the Company’s fight against abusive and possibly illegal trading tactics against the Company’s stock; successful launch and implementation of SMX’s joint projects with manufacturers and other supply chain participants of gold, steel, rubber and other materials; changes in SMX’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; SMX’s ability to develop and launch new products and services, including its planned Plastic Cycle Token; SMX’s ability to successfully and efficiently integrate future expansion plans and opportunities; SMX’s ability to grow its business in a cost-effective manner; SMX’s product development timeline and estimated research and development costs; the implementation, market acceptance and success of SMX’s business model; developments and projections relating to SMX’s competitors and industry; and SMX’s approach and goals with respect to technology. These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: the ability to maintain the listing of the Company’s shares on Nasdaq; changes in applicable laws or regulations; any lingering effects of the COVID-19 pandemic on SMX’s business; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which SMX operates; the risk that SMX and its current and future collaborators are unable to successfully develop and commercialize SMX’s products or services, or experience significant delays in doing so; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that SMX is unable to secure or protect its intellectual property; the possibility that SMX may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described in SMX’s filings from time to time with the Securities and Exchange Commission.
NEW YORK, NY / ACCESS Newswire / November 7, 2025 / Every company reaches a turning point when its technology stops being promise and starts becoming structure. SMX (NASDAQ:SMX) is there now. The company that gave matter a memory is no longer demonstrating what’s possible. It’s deploying what’s required. Proof is no longer a side feature of sustainability. It has become the backbone of global trade, and the scale of what SMX is building now stretches from Asia to Europe to the United States.
For years, SMX quietly refined its system. Molecular markers that live inside materials. Digital passports that travel with them through every transformation. What once sounded like futuristic science has become a necessity as industries scramble to verify what they produce and recycle. Global policies are catching up, and SMX’s network of partnerships shows how verification is evolving into the next major layer of industrial infrastructure.
Singapore Turns Verification Into Policy
Singapore sits at the top of that evolution. In partnership with A*STAR, SMX is helping to create a national plastics passport system that assigns a permanent identity to materials from manufacture to reuse. This isn’t a concept or a pilot. It’s a functioning, government-backed standard that establishes digital continuity for every unit of plastic across its lifecycle.
For Singapore, it’s a statement about national efficiency and compliance. For SMX, it’s a validation of molecular verification at policy level. When a country known for precision engineering and regulatory rigor adopts your system, it elevates the conversation worldwide. What began as a scientific pursuit has turned into legislation in motion, and the rest of Asia is watching.
Turning Machines Into Proof Engines
The industrial shift is already visible. SMX’s collaboration with REDWAVE and Tradepro is redefining how recycling operates. REDWAVE’s high-speed sorting systems are being trained to detect SMX’s molecular tags, verifying materials in real time as they move through production lines.
That kind of instant authentication eliminates the need for manual audits and late-stage paperwork. It transforms uncertainty into measurable data, improving margins and reliability across the supply chain. Tradepro completes the picture by distributing verified rPET into U.S. markets, supplying major brands that now face strict recycled-content mandates.
Together, these partners are proving that waste streams can become data streams and that the value of a material increases when its story can be verified from origin to reuse.
Spain Becomes Europe’s Proof Accelerator
In Spain, SMX has partnered with CARTIF to integrate molecular tracking and analytics into next-generation circular-economy projects. CARTIF’s testing centers act as launchpads for new technologies before they scale across the European Union, allowing SMX to demonstrate its system under real-world industrial conditions.
The alignment is perfectly timed. Europe’s sustainability rules are becoming more exacting, and traceability is now a requirement for market participation. By working inside CARTIF’s ecosystem, SMX gains faster routes to implementation across manufacturing and municipal networks. This partnership converts European climate policy into a measurable business opportunity and positions SMX at the intersection of compliance and commerce.
Precious Metals Learn to Speak
Gold and silver have symbolized trust for centuries, yet their authentication systems remain centuries old. Through trueGold and its collaboration with Goldstrom, SMX is embedding molecular proof directly into bullion. Each bar, coin, or refined lot carries a unique chemical signature that cannot be lost or replicated, creating an incorruptible record of origin and recycling history.
For traders and refiners, this changes the economics of trust. Verified metals can move faster, carry lower insurance costs, and command higher premiums because risk is reduced. In markets that measure value by confidence, molecular proof is becoming the new hallmark.
Textiles Add Accountability
Fashion’s sustainability challenge has always been verification. Through its work with CETI in France, SMX is embedding its technology into textile production lines so fibers and fabrics can carry their own digital passports. CETI’s facilities provide the scale and engineering discipline needed to take SMX’s laboratory precision into everyday manufacturing.
Brands can now prove where materials come from, how much recycled content they contain, and how they perform over time. Regulators gain transparent data. Consumers gain confidence. And investors gain measurable metrics that align with sustainability-linked financing. In this model, transparency is not a marketing slogan. It’s part of the product itself.
A Network That Defines the Category
Each SMX partnership represents a different layer of verification. A*STAR establishes a national template. REDWAVE and Tradepro bring industrial efficiency and distribution. CARTIF gives Europe a platform for proof at scale. Goldstrom integrates it into one of the oldest financial assets in history. CETI proves it can work at the consumer goods level.
Together they form the skeleton of a global proof economy, one that spans regulations, sectors, and geographies. SMX’s ecosystem is not a collection of pilots. It’s a coordinated framework where science, commerce, and compliance align.
Proof has become the language of modern industry, and SMX is the company teaching the world how to speak it. What started as molecular research is now a market infrastructure, and every partner it brings into the fold strengthens the same message: in the future of global trade, truth is the most valuable asset of all.
About SMX
As global businesses face new and complex challenges relating to carbon neutrality and meeting new governmental and regional regulations and standards, SMX is able to offer players along the value chain access to its marking, tracking, measuring and digital platform technology to transition more successfully to a low-carbon economy.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “will,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example: matters relating to the Company’s fight against abusive and possibly illegal trading tactics against the Company’s stock; successful launch and implementation of SMX’s joint projects with manufacturers and other supply chain participants of gold, steel, rubber and other materials; changes in SMX’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; SMX’s ability to develop and launch new products and services, including its planned Plastic Cycle Token; SMX’s ability to successfully and efficiently integrate future expansion plans and opportunities; SMX’s ability to grow its business in a cost-effective manner; SMX’s product development timeline and estimated research and development costs; the implementation, market acceptance and success of SMX’s business model; developments and projections relating to SMX’s competitors and industry; and SMX’s approach and goals with respect to technology. These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: the ability to maintain the listing of the Company’s shares on Nasdaq; changes in applicable laws or regulations; any lingering effects of the COVID-19 pandemic on SMX’s business; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which SMX operates; the risk that SMX and its current and future collaborators are unable to successfully develop and commercialize SMX’s products or services, or experience significant delays in doing so; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that SMX is unable to secure or protect its intellectual property; the possibility that SMX may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described in SMX’s filings from time to time with the Securities and Exchange Commission.
NEW YORK CITY, NEW YORK / ACCESS Newswire / November 8, 2025 / New to The Street announces the broadcast of Show Number 698, airing on Bloomberg Television this Saturday, November 8, 2025, at 6:30 PM EST, as sponsored programming.
This week’s show features exclusive interviews and insights from leading companies and financial professionals:
Lantern Pharma, Inc. (NASDAQ:LTRN) – Panna Sharma, CEO, discusses the company’s progress in AI-driven oncology and precision-medicine drug development using its proprietary RADR® platform.
FLOKI (Crypto:FLOKI) – The Floki leadership team highlights new partnerships, global adoption, and expanding DeFi and education utilities within its ecosystem.
Sullivan & Cromwell LLP – Frank Aquila, Partner, shares perspective on global M&A trends, board governance, and the firm’s continued leadership in capital-markets law.
RKF Luxury Linen (Private) – Showcasing its European-crafted hospitality and resort collections featured in premier hotels and wellness destinations worldwide.
Lisa Johnson with David T. Fagen, Top Talent – Provide timely insights on year-end market momentum, emerging sectors, and the retail-investor outlook heading into 2026.
Vince Caruso, Co-Founder & CEO of New to The Street, stated: “Reaching Show Number 698 is a milestone that underscores our consistency and credibility as one of the most trusted business television platforms in America. Our mission remains to deliver verified financial storytelling, combining national TV exposure with authentic journalism from the heart of the financial markets.”
About New to The Street
New to The Street is one of America’s longest-running business television brands, broadcasting weekly on Bloomberg Television and Fox Business Network as sponsored programming.
For more than 15 years, New to The Street has produced over 600 shows, featuring 800 + public and private companies filmed at the NASDAQ MarketSite, NYSE, and studios throughout Times Square. The program reaches over 225 million homes weekly and operates a YouTube channel exceeding 3.7 million subscribers, ranking among the world’s largest investor-focused media outlets.
Segments are additionally distributed through NewsOut Media Corp, the digital syndication partner of New to The Street, extending reach across LinkedIn, X (Twitter), Instagram, Facebook, and major streaming platforms.
First presentation of U.S. IDE clinical data shows statistically significant improvements in pain and function at 24 months compared with fusion surgery
BEVERLY HILLS, CA / ACCESS Newswire / November 7, 2025 / Todd H. Lanman, MD, FACS, FAANS, founder of Lanman Spinal Neurosurgery and ADR Spine, presented the first public results today from the Synergy Disc® 1-Level Investigational Device Exemption (IDE) Clinical Trial (NCT 04469231) during the DOCS Health 7th Annual Spine Arthroplasty Summit in Beverly Hills, CA. The pivotal study demonstrated that arthroplasty with Synergy Disc® was statistically superior to anterior cervical discectomy and fusion (ACDF) in both pain and function at 24 months.*Dr. Lanman served as the study’s Principal Investigator.
The multicenter, prospective pivotal trial enrolled 175 patients with one-level symptomatic cervical degenerative disc disease and was conducted at 20 leading spine centers across the United States. The study compared the safety and effectiveness of the Synergy Disc® with ACDF and is designed to support a pre-market approval (PMA) submission to the U.S. Food and Drug Administration. Synergy Spine Solutions submitted the PMA earlier this year and anticipates potential FDA approval in the first half of 2026. Together, the Synergy 1-Level and 2-Level IDE programs now involve more than 40 clinical trial sites across the United States.
At the conference, Dr. Lanman reported that the Synergy Disc® achieved statistically significant improvements in neck pain, arm pain, and Neck Disability Index (NDI) scores at 24 months compared with ACDF. These findings represent the first publicly presented clinical data from the U.S. IDE study.
“The Synergy Disc® represents an important evolution in motion restoration,” said Dr. Lanman. “Traditional disc replacements aim to preserve spinal movement. Synergy was engineered to restore motion and alignment, reflecting a more physiological approach to cervical spine function. These early results suggest the potential for meaningful advances in treating degenerative cervical disc disease and reducing the need for fusion.”
The Synergy Disc® features a 6-degree lordotic core specifically engineered for alignment restoration and multi-plane stability, with safety stops in every motion plane to prevent hypermobility. Its semi-constrained, soft-on-hard design employs time-validated titanium and ultra-high-molecular-weight polyethylene (UHMWPE) materials, which are compatible with MRI imaging. Unlike traditional disc replacements, Synergy Disc® was designed to address the alignment and load-bearing challenges encountered in patients with prior cervical fusion-a population that made up nearly 40 percent of participants in the trial.
From a biomechanical standpoint, motion at spinal levels adjacent to a fusion can increase by as much as 35 percent, amplifying shear forces and implant stresses. The disc’s built-in motion stops are designed to limit these forces while maintaining physiologic movement, reducing the potential for hypermobility and adjacent segment strain.
Long-term follow-up through 48 months demonstrated maintained range of motion and lordosis correction with no observed heterotopic ossification, subsidence, or osteolysis, which supports the device’s durability and safety profile.
The Spine Arthroplasty Summit, hosted by DOCS Health, showcased complex case studies and clinical advances in motion-preserving cervical and lumbar arthroplasty. Dr. Lanman’s presentation drew significant interest from surgeons nationwide for its implications in reducing adjacent segment disease and optimizing spinal alignment without fusion.
Investigational Use Disclaimer
* CAUTION – Investigational device. Limited by Federal (or United States) law to investigational use. The Synergy Disc® is not yet approved by the U.S. Food and Drug Administration. Safety and effectiveness have not been established.
About ADR Spine ADR Spine is a leading authority in spinal care, dedicated to providing innovative and comprehensive solutions for patients with spine-related conditions. With a team of highly skilled and experienced physicians, ADR Spine is committed to delivering the highest standard of care, utilizing leading-edge technologies and patient-centric approaches. Learn more at www.adrspine.com.
About Lanman Spinal Neurosurgery
Lanman Spinal Neurosurgery, based in Beverly Hills, California, has been at the forefront of motion restoration and spine health for over 25 years. The practice specializes in artificial disc replacement and complex fusion revision surgery to relieve pain, restore movement, and help patients live their best lives. Learn more at www.spine.md.
About Synergy Spine Solutions
The vision of Synergy Spine Solutions is to identify and commercialize innovative spine technologies that help surgeons improve their patients’ quality of life and advance the standard of care. The company’s flagship product, the Synergy Disc®, is the only device designed to restore both motion and alignment to the spine. For more information, visit www.synergyspinesolutions.com.
