Form 4: ST JOE Co Director Sells $1.29M in Shares

Bruce R. Berkowitz, a 10% owner and director of ST JOE Co, sold 25,300 shares of common stock for $51 per share in a pre-planned transaction.

Summary

• Bruce R. Berkowitz, a Director and 10% owner of ST JOE Co (JOE), executed a sale of common stock.
• On August 28, 2025, 25,300 shares of common stock were sold at a price of $51 per share.
• Following this transaction, Mr. Berkowitz directly owns 606,866 shares.
• Additionally, 16,428,724 shares are beneficially owned through The Fairholme Fund, where Mr. Berkowitz controls the investment manager, Fairholme Capital Management, LLC.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• A Power of Attorney dated April 9, 2020, was granted by Bruce R. Berkowitz to Erica K. Kapahi, authorizing her to sign regulatory filings on his behalf.

Sentiment

Score: 4

Explanation: The sale of shares by a significant insider and director, Bruce R. Berkowitz, while potentially pre-planned under a 10b5-1 plan, can still be interpreted as a neutral to slightly negative signal regarding management's immediate outlook on the company's valuation.

Negatives

• A 10% owner and director, Bruce R. Berkowitz, sold 25,300 shares of ST JOE Co common stock, which can be perceived as a negative signal by investors.

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.

Stakeholder Impact

• Shareholders: May interpret the insider sale as a lack of confidence, potentially leading to downward pressure on the stock price, although the pre-planned nature mitigates this to some extent.

Key Dates

Recommendation

While the sale of shares by a significant insider could be perceived negatively, the transaction was executed under a Rule 10b5-1 plan, suggesting it was pre-scheduled and not necessarily indicative of a change in fundamental outlook. Without additional context or further transactions, a 'hold' recommendation is prudent, advising investors to monitor future insider activity and company performance.

Keywords

ST JOE Co, JOE, Bruce R. Berkowitz, Fairholme Capital Management, Insider Trading, Form 4, Stock Sale, Director, 10% Owner