The Fairholme Fund, a concentrated mutual fund managed by Bruce Berkowitz, sold 377,800 shares of The St. Joe Company (NYSE:JOE)in three open market transactions between May 5 and 7, 2026, for total proceeds of approximately $24.84 million, according to a Form 4 filed with the SEC.
Transaction summary
|
Metric |
Worth |
|---|---|
|
Shares sold (direct) |
377,800 |
|
Transaction value |
$24.8 million |
|
Post-transaction actions (direct) |
15,695,824 |
|
Post-transaction value (direct ownership) |
~$1.02 billion |
Transaction value based on SEC Form 4 weighted average purchase price ($65.75); post-transaction value based on market close on May 7, 2026 ($65.05).
Key questions
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How does the transaction compare to Berkowitz’s previous sales activity?
This sale ranks in the top decile by size among the Fairholme Fund’s 35 JOE sale transactions since June 2023, with only one larger disposition (436,500 shares on May 7, 2024) and a median historical sale size of ~145,400 shares. -
Did the transaction significantly alter Berkowitz’s stake in The St. Joe Company?
The sale reduced the fund’s direct position by 2.35%, modest compared to the remaining 15.7 million shares, which still represent a sizeable holding. -
Was this activity related to options, derivatives or indirect holdings?
No derivative securities or indirect entities were involved; all shares sold were held directly by the Fairholme Fund, which retains no reported derivative interests following the transaction. -
What does the sale mean for future liquidity potential?
Despite repeated large sales, the fund maintains approximately 75.5% of its June 2023 position, indicating continued capacity for future liquidity events if market or portfolio conditions warrant.
Company Overview
|
Metric |
Worth |
|---|---|
|
Revenue (TTM) |
$513 million |
|
Net income (TTM) |
$115 million |
|
Dividend yield |
0.86% |
|
1 year total return |
56.9% |
* 1-year profitability calculated using May 22, 2026 as a reference date.
Company Snapshot
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St. Joe Offers residential land development, hospitality operations (including hotels, clubs and marinas), and commercial property leasing and sales.
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The company generates revenue through the sale of land and developed residential land, hospitality services and commercial leasing and land sales.
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Serving home builders, retail home buyers, vacationers and commercial tenants primarily in Northwest Florida.
The St. Joe Company is a diversified real estate operator focused on large-scale land development, hospitality and commercial asset management in Northwest Florida. The company leverages its significant land holdings (approximately 170,000 acres) to generate recurring revenue in the residential, hospitality and commercial segments.