Form 4: Berkowitz Reduces ST JOE Co Stake by 101,600 Shares

Bruce R. Berkowitz and Fairholme Funds Inc. reported sales of ST JOE Co common stock totaling 101,600 shares in mid-January 2026.

Summary

• Bruce R. Berkowitz, a Director and 10% owner of ST JOE Co, along with Fairholme Funds Inc., reported transactions in JOE common stock.
• On January 15, 2026, 87,700 shares of common stock were sold at a price of $65.51 per share.
• On January 16, 2026, an additional 13,900 shares of common stock were sold at a price of $65.50 per share.
• These sales were primarily conducted by The Fairholme Fund, a series of Fairholme Funds, Inc., which is managed by Fairholme Capital Management, LLC, an entity controlled by Mr. Berkowitz.
• Following these transactions, the Fairholme Fund's indirect beneficial ownership stands at 16,151,124 shares.
• Mr. Berkowitz also directly owns 606,866 shares of ST JOE Co common stock.
• The total number of shares disposed of across both transactions is 101,600.

Sentiment

Score: 3

Explanation: The filing reports significant insider selling by a director and 10% owner, which is generally perceived negatively by the market as it may signal a lack of confidence or belief that the stock is overvalued.

Negatives

• A significant shareholder and director, Bruce R. Berkowitz, through Fairholme Funds Inc., reduced their stake in ST JOE Co by 101,600 shares.
• The sales occurred at prices of $65.51 and $65.50 per share, which could be interpreted as a lack of confidence or belief that the stock is fully valued by a key insider.

Future Outlook

NA

Management Comments

• Mr. Berkowitz and Fairholme disclaim beneficial ownership in the securities reported on this Form 4 except to the extent of its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that Mr. Berkowitz and Fairholme are the beneficial owners of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), or for any other purpose.

Industry Context

This insider trading report reflects a transaction by a significant shareholder and director, which can influence market perception of the company's value, but it does not directly relate to broader industry trends.

Related Party Transactions

• Bruce R. Berkowitz, a director and 10% owner, through Fairholme Funds Inc., sold 101,600 shares of ST JOE Co common stock to the open market.

Stakeholder Impact

• Shareholders: May interpret the insider selling as a negative signal, potentially leading to downward pressure on the stock price due to concerns about management's confidence or valuation.

Key Dates

Recommendation

The significant sale of shares by a director and 10% owner, Bruce R. Berkowitz, through Fairholme Funds Inc., suggests a potential lack of confidence in the company's future performance or that the stock is currently overvalued. This insider selling activity typically signals a negative outlook and could prompt other investors to consider reducing their positions.

Keywords

ST JOE Co, JOE, Bruce R. Berkowitz, Fairholme Funds, Insider Trading, Form 4, Stock Sale, Beneficial Ownership, Director, 10% Owner