ST JOE Co

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

JOE$75.13+7.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets


· · December 31, · · December 31,
· · 2025 · · 2024
ASSETS · · · ·
Investment in real estate, net	$1,004,858	$1,040,428
Investment in unconsolidated joint ventures	66,052	66,454
Cash and cash equivalents	129,614	88,756
Other assets	73,782	80,318
Property and equipment, net	41,314	59,107
Investments held by special purpose entities	202,806	203,511
Total assets	$1,518,426	$1,538,574
LIABILITIES AND EQUITY
Liabilities:
Debt, net	$391,159	$437,754
Accounts payable and other liabilities	48,297	53,969
Deferred revenue	58,663	59,274
Deferred tax liabilities, net	65,861	72,358
Senior Notes held by special purpose entity	178,821	178,484
Total liabilities	742,801	801,839

Commitments and contingencies (Note 19)

Equity:
Common stock, no par value; 180,000,000 shares authorized; 57,547,307 and 58,326,521 issued and outstanding at December 31, 2025 and December 31, 2024, respectively	229,506	268,668
Retained earnings	536,190	454,193
Accumulated other comprehensive income	594	1,419
Total stockholders’ equity	766,290	724,280
Non-controlling interest	9,335	12,455
Total equity	775,625	736,735
Total liabilities and equity	$1,518,426	$1,538,574

F 3

CONSOLIDATED BALANCE SHEETS

The following presents the portion of the consolidated balances attributable to the Company’s consolidated JVs, which as of December 31, 2025 and 2024, include the Pier Park North JV, Pier Park Crossings JV, Watersound Origins Crossings JV, Watercrest JV, Pier Park Crossings Phase II JV, Mexico Beach Crossings JV, Pier Park Resort Hotel JV, The Lodge 30A JV, Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC. In September 2025, the Watercrest JV sold its senior living community property to a third party and ceased operating activities. As of December 31, 2024, consolidated balances attributable to the Company’s consolidated JVs also include Watersound Closings & Escrow, LLC (the “Watersound Closings JV”). See Note 2.Significant Accounting Policies. Basis of Presentation and Principles of Consolidationand Note 4.* Joint Ventures*for additional information. The following assets may only be used to settle obligations of the consolidated JVs and the following liabilities are only obligations of the consolidated JVs and do not have recourse to the general credit of the Company, except for covenants and guarantees discussed in Note 9.Debt, Net.


· · December 31, · · December 31,
· · 2025 · · 2024
ASSETS · · · ·
Investment in real estate, net	$230,380	$256,275
Cash and cash equivalents	4,788	4,458
Other assets	10,930	14,288
Property and equipment, net	10,219	17,487
Investments held by special purpose entities	202,806	203,511
Total assets	$459,123	$496,019
LIABILITIES
Debt, net	$248,713	$272,102
Accounts payable and other liabilities	6,327	7,401
Deferred revenue	323	279
Senior Notes held by special purpose entity	178,821	178,484
Total liabilities	$434,184	$458,266

F 4

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.