St. Joe
20 named things its latest annual report says its results depend on, each in the company's own words. 8 of them are also named by other companies we've read.
Customers
Homebuilders
earns from · 18 different homebuildersnamed as a riskWe also rely on a concentrated number of homebuilders for a significant portion of our residential homesite sales.Risk factors (Item 1A)
Also named by HHH
Partners and platforms
Latitude Margaritaville Watersound JV (LMWS, LLC)
concentrated in · over 20% of our pre-tax incomenamed as a riskFor example, in the years ended December 31, 2025, 2024 and 2023, our equity in income from the unconsolidated Latitude Margaritaville Watersound JV accounted for over 20% of our pre-tax income.Risk factors (Item 1A)
Other companies
Fairholme Capital Management, L.L.C.
approximately 33.8% of our common stocknamed as a riskAs of December 31, 2025, based on public filings, clients of Fairholme Capital Management, L.L.C. (“FCM”), an investment advisor registered with the SEC, beneficially owned approximately 33.8% of our common stock.Risk factors (Item 1A)
Fannie Mae and Freddie Mac
depends onnamed as a riskThe availability of mortgage financing is significantly influenced by governmental entities such as the Federal Housing Administration, Veterans Administration and Government National Mortgage Association and government-sponsored enterprises known as Fannie Mae and Freddie Mac.Risk factors (Item 1A)
Citizens Property Insurance Corp.
named as a riskIf there were to be a catastrophic hurricane or series of hurricanes to hit Florida, the exposure of the state government to property insurance claims may place extreme stress on state finances.Risk factors (Item 1A)
Places
Northwest Florida
concentrated in · 165,000 acresnamed as a riskAs of December 31, 2025, we owned 165,000 acres of land in Northwest Florida, compared to 167,000 acres and 168,000 acres as of December 31, 2024 and 2023, respectively.Business (Item 1)
Gulf of America (Gulf of Mexico)
concentrated in · Approximately 90% of our real estate land holdingsApproximately 90% of our real estate land holdings are located within fifteen miles of the Gulf of America, formerly known as the Gulf of Mexico (the “Gulf”).Business (Item 1)
Bay, Gulf and Walton counties, Florida
concentrated in · Approximately 87% of our real estateApproximately 87% of our real estate is located in Florida’s Bay, Gulf, and Walton counties.Business (Item 1)
Southeast United States
earns fromnamed as a riskIn addition, the real estate market is subject to downturns, and our business is especially sensitive to economic conditions in Northwest Florida, where our developments and assets are located, and, more broadly, the Southeast region of the United States (“U.S.”), which in the past has produced a high percentage of customers for our products.Risk factors (Item 1A)
Hazards
Hurricanes
operates innamed as a riskDepending on where any particular hurricane makes landfall, our developments in Northwest Florida may experience catastrophic damage.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Former papermill and transportation sites contamination
named as a riskPast and present real property, particularly properties used in connection with our previous transportation and papermill operations, were involved in the storage, use or disposal of hazardous substances that may have contaminated and may in the future contaminate the environment.Risk factors (Item 1A)
Sea level rise
operates innamed as a riskFurthermore, sea level rise due to climate change may have a material adverse effect on our coastal properties.Risk factors (Item 1A)
Commodities and inputs
SOFR
exposed to its price · $115.9 millionnamed as a riskAs of December 31, 2025, we had variable-rate debt outstanding totaling $115.9 million, of which $39.8 million was swapped to a fixed interest rate.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
U.S. Treasury Bills
exposed to its price · less than $0.1 millionnamed as a riskA hypothetical 100 basis point increase in interest rates would result in a decrease of less than $0.1 million in the market value of these investments as of December 31, 2025.Market risk (Item 7A)
Also named by AB
Timber
earns fromnamed as a riskIn addition, our timber assets are subject to damage by fire, insect infestation, disease, prolonged drought, flooding, hurricane and natural disasters, which may adversely affect our timber inventory and forestry business.Risk factors (Item 1A)
Also named by HD
Florida property insurance market
exposed to its pricenamed as a riskThe high costs of property insurance premiums in Florida may deter potential customers from purchasing a homesite in one of our developments or make Northwest Florida less attractive to new employers that can create high quality jobs needed to increase growth in the region, either of which may have a material adverse effect on our business, results of operations, cash flows and financial condition.Risk factors (Item 1A)
Laws and programs
Bay-Walton Sector Plan
subject to · over 170,000 residential dwelling unitsA portion of our land is within the Bay-Walton Sector Plan (“Sector Plan”) that entitles or gives legal rights for us to originally develop over 170,000 residential dwelling units, over 22 million square feet of retail, commercial and industrial space and over 3,000 hotel rooms on lands within Florida’s Bay and Walton counties.Business (Item 1)
Florida Community Planning Act
subject tonamed as a riskReal estate projects in Florida must generally comply with the provisions of the Community Planning Act and local land development regulations.Risk factors (Item 1A)
J-1 and H-2B visa programs
depends onnamed as a riskWe have historically relied on the J-1 and H-2B visa programs to bring workers to the U.S. to fill seasonal staffing needs and ensure that we have the appropriate workforce in place.Risk factors (Item 1A)
Wetlands mitigation requirements
subject tonamed as a riskDevelopment approval most often requires mitigation for impacts to wetlands that require land to be conserved at a disproportionate ratio versus the actual wetlands impacted and approved for development.Risk factors (Item 1A)