# EDGAR Filing Document

**Accession Number:** 0000745308
**File Stem:** 0000919574-25-005524
**Filing Date:** 2025-9
**Character Count:** 15314
**Document Hash:** d798c14016f47be53e180178cc1a581a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-25-005524.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0000919574-25-005524

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ST JOE Co
- **CENTRAL INDEX KEY:** 0000745308
- **STANDARD INDUSTRIAL CLASSIFICATION:** LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 590432511
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-35369
- **FILM NUMBER:** 251286499

**BUSINESS ADDRESS:**
- **STREET 1:** 130 RICHARD JACKSON BLVD
- **STREET 2:** SUITE 200
- **CITY:** PANAMA CITY BEACH
- **STATE:** FL
- **ZIP:** 32407
- **BUSINESS PHONE:** 850-231-6400

**MAIL ADDRESS:**
- **STREET 1:** 130 RICHARD JACKSON BLVD
- **STREET 2:** SUITE 200
- **CITY:** PANAMA CITY BEACH
- **STATE:** FL
- **ZIP:** 32407

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ST JOE CO
- **DATE OF NAME CHANGE:** 19980922

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ST JOE CORP
- **DATE OF NAME CHANGE:** 19980430

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ST JOE PAPER CO
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FAIRHOLME CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001056831

**ORGANIZATION NAME:**
- **EIN:** 223526594
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 5966 S DIXIE HWY
- **STREET 2:** SUITE 300
- **CITY:** SOUTH MIAMI
- **STATE:** FL
- **ZIP:** 33143
- **BUSINESS PHONE:** 305-358-3000

**MAIL ADDRESS:**
- **STREET 1:** 5966 S DIXIE HWY
- **STREET 2:** SUITE 300
- **CITY:** SOUTH MIAMI
- **STATE:** FL
- **ZIP:** 33143

## Ex-99

Exhibit A

<u>AGREEMENT</u>

The undersigned agree that this Schedule 13D/A dated September 2, 2025 relating to the Common Stock of The St. Joe Company shall be filed on behalf of the undersigned.

---

| |
|:---|
| &nbsp;&nbsp;September 2, 2025 |
| &nbsp;&nbsp;(Date) |
| &nbsp;&nbsp;Fairholme Capital Management, L.L.C. |
| &nbsp;&nbsp;By: /s/ Erica K. Kapahi |
| &nbsp;&nbsp;Chief Compliance Officer |
| &nbsp;&nbsp;Bruce R. Berkowitz |
| &nbsp;&nbsp;By: /s/ Erica K. Kapahi |
| &nbsp;&nbsp;(Attorney-in-fact) |
| &nbsp;&nbsp; Fairholme Funds, Inc.<br>|
| &nbsp;&nbsp;By: /s/ Erica K. Kapahi |
| &nbsp;&nbsp; Chief Compliance Officer<br> Fairholme Capital Management, L.L.C. |

---

**LIMITED POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints Erica K. Kapahi, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his capacity as the controlling person of the sole member of Fairholme Capital Management, L.L.C., for the sole purpose of signing on his behalf any and all Regulatory Filings under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940 and any amendments and supplements thereto, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to accomplish the above, as fully as to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, and may lawfully do or cause to be done by virtue hereof. This Power of Attorney shall continue effective until revoked by me at any time.

Dated this 9th day of April, 2020.

Fairholme Capital Management, L.L.C.

By: Fairholme Holdings, LLC, Sole Member

---

| |
|:---|
| &nbsp;&nbsp;By: /s/ Bruce R. Berkowitz |
| &nbsp;&nbsp;Bruce R. Berkowitz, Controlling Person |

---

## Ex-99

Exhibit B

**Transactions In Shares By Accounts Advised By Fairholme Capital Management, L.L.C.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Action** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Price** |
| &nbsp;&nbsp;8/12/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;139100 | &nbsp;&nbsp;$50.57 |
| &nbsp;&nbsp;8/13/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;167500 | &nbsp;&nbsp;$51.44 |
| &nbsp;&nbsp;8/14/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;44000 | &nbsp;&nbsp;$50.72 |
| &nbsp;&nbsp;8/15/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;26000 | &nbsp;&nbsp;$50.31 |
| &nbsp;&nbsp;8/19/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;29000 | &nbsp;&nbsp;$50.17 |
| &nbsp;&nbsp;8/22/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;81000 | &nbsp;&nbsp;$50.46 |
| &nbsp;&nbsp;8/28/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;25300 | &nbsp;&nbsp;$51.00 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 35)**

**The St. Joe Company**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**790148100**

*(CUSIP Number)*

**Bruce R. Berkowitz**<br>c/o Fairholme Capital Management, L.L.C.<br>5966 South Dixie Highway, Suite 300<br>South Miami FL 33143<br>(305) 358-3000

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/28/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **790148100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Fairholme Capital Management, L.L.C.** | Name of reporting person<br>**Fairholme Capital Management, L.L.C.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**16428724.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**17782300.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**17782300.00** | Aggregate amount beneficially owned by each reporting person<br>**17782300.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**30.7%** | Percent of class represented by amount in Row (11)<br>**30.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **790148100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bruce R. Berkowitz** | Name of reporting person<br>**Bruce R. Berkowitz** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1909967.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**16428724.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1909967.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**17782300.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**19692267.00** | Aggregate amount beneficially owned by each reporting person<br>**19692267.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**34.0%** | Percent of class represented by amount in Row (11)<br>**34.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **790148100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Fairholme Funds, Inc.** | Name of reporting person<br>**Fairholme Funds, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**MARYLAND** | Citizenship or place of organization<br>**MARYLAND** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**16428724.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**16428724.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**16428724.00** | Aggregate amount beneficially owned by each reporting person<br>**16428724.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**28.4%** | Percent of class represented by amount in Row (11)<br>**28.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IV** | Type of Reporting Person (See Instructions)<br>**IV** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
The St. Joe Company

**(c) Address of Issuer's Principal Executive Offices:**
130 Richard Jackson Boulevard, Suite 200, Panama City Beach, FL, 32407

The name of the issuer is The St. Joe Company (the "Issuer").  The address of the Issuer's offices is 130 Richard Jackson Boulevard, Suite 200, Panama City Beach, Florida 32407.  This Schedule 13D relates to the Issuer's Common Stock (the "Shares").

**Item 4. Purpose of Transaction**

No material changes from the Schedule 13D amendment filed by the Reporting Persons on October 23, 2024.

**Item 5. Interest in Securities of the Issuer**

**(a)**
(a-e)  As of the date hereof, Fairholme may be deemed to be the beneficial owner of 17,782,300 Shares (30.7%) of the Issuer, the Fund may be deemed to be the beneficial owner of 16,428,724 Shares (28.4%) of the Issuer and Mr. Berkowitz may be deemed to be the beneficial owner of 19,692,267 Shares (34.0%) of the Issuer, based upon the 57,908,215 Shares outstanding as of July 21, 2025, according to the Form 10-Q filed by the Issuer on July 23, 2025.

Fairholme has the sole power to vote or direct the vote of 0 Shares, the Fund has the sole power to vote or direct the vote of 0 Shares and Bruce R. Berkowitz has the sole power to vote or direct the vote of 1,909,967 Shares to which this filing relates.  Fairholme has the shared power to vote or direct the vote of 16,428,724 Shares, the Fund has the shared power to vote or direct the vote of 16,428,724 Shares and Mr. Berkowitz has the shared power to vote or direct the vote of 16,428,724 Shares to which this filing relates.

Fairholme has the sole power to dispose or direct the disposition of 0 Shares, the Fund has the sole power to dispose or direct the disposition of 0 Shares and Mr. Berkowitz has the sole power to dispose or direct the disposition of 1,909,967 Shares to which this filing relates.  Fairholme has the shared power to dispose or direct the disposition of 17,782,300 Shares, the Fund has the shared power to dispose or direct the disposition of 16,428,724 Shares and Mr. Berkowitz has the shared power to dispose or direct the disposition of 17,782,300 Shares to which this filing relates.

The transactions effected in the Shares during the past 60 days are set forth in Exhibit B and each transaction was an open-market transaction.

The Reporting Persons specifically disclaim beneficial ownership in the Shares reported herein except to the extent of their pecuniary interest therein.

**(b)**
—

**(c)**
—

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

No material changes from the Schedule 13D filed by the Reporting Persons on April 26, 2017.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Fairholme Capital Management, L.L.C.

**Signature:** /s/ Erica K. Kapahi

**Name/Title:** Erica K. Kapahi, Chief Compliance Officer

**Date:** 09/02/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Bruce R. Berkowitz

**Signature:** /s/ Erica K. Kapahi

**Name/Title:** Erica K. Kapahi, (Attorney-in-fact)

**Date:** 09/02/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Fairholme Funds, Inc.

**Signature:** /s/ Erica K. Kapahi

**Name/Title:** Erica K. Kapahi, Chief Compliance Officer of Fairholme Capital Management, L.L.C.

**Date:** 09/02/2025