A Modest Trim From Fairholme — Here's why JOE Is Still Worth a Look

Transaction summary

Transaction worth based connected SEC Form 4 weighted mean acquisition terms ($65.75); post-transaction worth based connected May 7, 2026 marketplace adjacent ($65.05).

Key questions

• How does the transaction comparison to Berkowitz's anterior selling activity?
  This merchantability ranks successful the precocious decile by size among the Fairholme Fund's 35 JOE merchantability transactions since June 2023, with lone 1 larger disposition (436,500 shares connected May 7, 2024) and a mean humanities merchantability size of ~145,400 shares.

• Did the transaction meaningfully change Berkowitz’s involvement successful The St. Joe Company?
  The merchantability reduced the fund’s nonstop presumption by 2.35%, humble comparative to his remaining 15.7 cardinal shares, which proceed to correspond a sizable ownership interest.

• Was this enactment related to options, derivatives, oregon indirect holdings?
  No derivative securities oregon indirect entities were involved; each shares sold were held straight by the Fairholme Fund, which retains nary reported derivative interests post-transaction.

• What does the merchantability connote for aboriginal liquidity potential?
  Despite repeated sizable sales, the money holds astir 75.5% of his June 2023 position, indicating ongoing capableness for aboriginal liquidity events should marketplace oregon portfolio conditions warrant.

Company overview

* 1-year show calculated utilizing May 22, 2026 arsenic the notation date.

Company snapshot

• St. Joe Offers residential onshore development, hospitality operations (including hotels, clubs, and marinas), and commercialized spot leasing and sales.

• The institution generates gross done the merchantability of developed homesites and land, hospitality services, and commercialized leasing and onshore sales.

• It serves homebuilders, retail homebuyers, vacationers, and commercialized tenants chiefly successful Northwest Florida.

The St. Joe Company is simply a diversified existent property relation with a absorption connected large-scale onshore development, hospitality, and commercialized plus absorption successful Northwest Florida. The institution leverages its important onshore holdings—approximately 170,000 acres—to thrust recurring gross crossed residential, hospitality, and commercialized segments.