Operator
Good day, everybody. Welcome to the FRP Holdings, Inc. First Quarter 2026 Convention Name. [Operator Instructions] It’s now my pleasure to show the ground over to your host, Matt McNulty, CFO of FRP Holdings. The ground is yours.
Matthew McNulty
CFO & Treasurer
Nice. Thanks. Good morning, and thanks for becoming a member of us on this name right this moment. I’m Matt McNulty, Chief Monetary Officer of FRP Holdings, Inc. And with me right this moment are John Baker II, our Chairman; John Baker III, our CEO; David deVilliers III, our President and Chief Working Officer; David deVilliers, Jr., our Vice Chairman; John Milton, our Govt Vice President; Mark Levy, Chief Funding Officer; and John Klopfenstein, our Chief Accounting Officer. First, let me run you thru a quick disclosure relating to forward-looking statements and non-GAAP measures utilized by the corporate. As a reminder, any statements on this name, which relate to the long run are, by their nature, topic to dangers and uncertainties that would trigger precise outcomes and occasions to vary materially from these indicated in such forward-looking statements. These dangers and uncertainties are listed in our SEC filings.
To complement the monetary outcomes introduced in accordance with usually accepted accounting ideas, FRP presents sure non-GAAP monetary measures throughout the which means of Regulation G. The non-GAAP monetary measures referenced on this name are internet working revenue, or NOI, and professional rata NOI. FRP makes use of these non-GAAP monetary measures to investigate its operations and to watch, assess and determine significant traits in our working and monetary efficiency. These measures will not be and shouldn’t be considered as an alternative choice to GAAP