Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 1-10466 Panama City Beach, Florida 32407 (850) 231-6400 (Registrant's telephone number, including area code) Securities ...

Exhibit 99.1 · Quarterly net income attributable to the Company increased by 58% to $29.9 million, or $0.52 per share, from $18.9 million, or $0.32 per share. · Total quarterly revenue increased by 24% to $128.9 million from $104.3 million. · Real estate revenue increased by 47% to $68.2 million from $46.5 million. · Hospitality revenue increased by 10% to a fourth quarter record of $46.5 million from $42.2 million. · In the fourth quarter of 2025, the Company funded $18.5 million in capital expenditures, p ...

Core Insights - Praetorian Capital's Fund achieved a net return of 0.21% in Q4 2025, resulting in a total return of 12.39% for the year, with an annualized net capital compounding rate of 37.12% since inception on January 1, 2019 [1] - The Fund's performance was impacted by a concentrated portfolio and a focus on asymmetric opportunities, leading to volatility [1] - The core portfolio generated modest returns in 2025, while the Event-Driven book detracted from overall performance [1] Company Focus - Praetorian Capital highlighted The St. Joe Company (NYSE:JOE) as a key investment, which is involved in real estate development and asset management [2] - As of February 13, 2026, The St. Joe Company (NYSE:JOE) stock closed at $70.18, with a one-month return of 7.33% and a 12-month increase of 46.79%, giving it a market capitalization of $4.06 billion [2] - The St. Joe Company owns approximately 167,000 acres in the Florida Panhandle and has been historically undervalued, trading at a fraction of its liquidation value without a catalyst for growth [3]

Core Insights - Fairholme Capital Management reported an equity portfolio valued at approximately $1.2–1.3 billion, maintaining a highly concentrated, value-oriented strategy focused on a limited number of deeply researched positions [1][11] - The portfolio is primarily concentrated in real estate development, energy infrastructure, and financials, reflecting a high conviction in these sectors [1][11] Portfolio Overview - Total Portfolio Value: ~$1.24 billion [3] - Top 10 Holdings account for over 99% of the portfolio, indicating extreme concentration [3] - Low turnover with minor trimming activity observed [3] Top Holdings - St. Joe Company (JOE): ~$969 million, ~78.2% of the portfolio [3] - Enterprise Products Partners (EPD): ~$170 million, ~13.8% of the portfolio [3] - Bank OZK (OZK): ~$46.7 million, ~3.8% of the portfolio [3] - Berkshire Hathaway (Class B) (BRK.B): ~$24.4 million, ~2.0% of the portfolio [3] - Other holdings include W.R. Berkley, Occidental Petroleum, and Apple, with very small allocations [3] Recent Activity - Major trims included a reduction of ~626k shares in St. Joe Company (~-3% QoQ), indicating routine position management rather than a change in investment thesis [4] - Minor reductions were also noted in Bank OZK (~-0.1%) and Berkshire Hathaway (BRK.B) (~-0.3%), appearing tactical rather than driven by conviction [5][6] - No significant new additions were disclosed, reinforcing a low-turnover, high-conviction investment posture [7] Portfolio Characteristics - Investment style is characterized as Deep Value with High-Conviction Concentration [9] - The holding period is very long-term, emphasizing intrinsic value realization over diversification [2][12] - Geographic exposure is primarily U.S.-focused, with an emphasis on asset-heavy, cash-generative businesses [15] Sector Themes - Core sector themes include real estate development, energy infrastructure, and financial services, with a notable focus on the dominant position in St. Joe Company [11][15] - The portfolio reflects a strategy aimed at income generation and cyclical recovery themes through its energy and financial holdings [11]

Core Thesis - The St. Joe Company (JOE) is positioned to benefit from internal migration trends to Florida's panhandle, despite broader demographic challenges in the U.S. housing market [2] Company Performance - Average lot prices have increased from $86,000 to $150,000 over the past year, indicating strong demand for developments [3] - Sales have risen by 63%, net income has increased by 55%, and EBITDA has grown by 33%, showcasing disciplined execution and favorable market positioning [3] - The company has engaged in shareholder-friendly actions, including share buybacks and a recent dividend increase, enhancing confidence in long-term cash flow [3] Investment Perspective - JOE is characterized as a high-quality, inflation-resistant investment opportunity, particularly appealing for long-term investors seeking exposure to coastal migration and lifestyle-driven housing demand [4] - The company is viewed as a rare long-duration asset due to its strategic land portfolio in a structurally undersupplied region [4] Market Sentiment - JOE is not among the 30 most popular stocks among hedge funds, with 26 hedge fund portfolios holding JOE at the end of Q2, down from 32 in the previous quarter [6]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a 63% increase in revenue and a 130% increase in net income compared to Q3 2024 [5] - Residential real estate revenue grew by 94% to $36.8 million from $19 million, with the average homesite base price increasing to $150,000 from $86,000 and gross margin rising to 53% from 39% [5] - Recurring revenue from leasing increased by 7% to a record $16.7 million, while hospitality revenue rose by 9% to a record $60.6 million for the third quarter [5][6] Business Line Data and Key Metrics Changes - The company executed 40 new commercial leases and renewed 43 existing leases for a total of 83 during the first nine months of 2025, compared to 53 during the same period in 2024 [6] - At the end of Q3 2025, there were 1,992 residential units under contract, up from 1,381 in the same period in 2024 [6] - The company has over 24,000 entitled units in its residential pipeline across various stages of planning, engineering, permitting, or development [6] Market Data and Key Metrics Changes - The sale of Watercress Senior Living for $41 million resulted in a gross profit of $19.4 million, demonstrating the company's ability to monetize developed properties [7] - The company is leveraging new nonstop flights between Northwest Florida Beaches International Airport and LaGuardia Airport to expand marketing efforts to a larger population base [10][11] Company Strategy and Development Direction - The company plans to continue creating asset value by developing operating properties for recurring revenue or monetizing them for capital allocation [8] - A measured and multifaceted capital allocation strategy was executed, with $20.4 million for capital expenditures, $8.7 million for share repurchase, $8.1 million for cash dividends, and $28.4 million for project debt reduction [9] - The company is focused on strategic timberlands for monetization opportunities while ensuring that assets are not sold at a discount [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's cash generation capabilities and emphasized the importance of maintaining liquidity while executing a capital allocation strategy [13][21] - The company is optimistic about the growth potential in the region, particularly with the establishment of an academic health center and increased direct flights to major metropolitan areas [55][56] Other Important Information - The company announced a 14% increase in the quarterly dividend to $0.16 per share, marking a 129% increase in dividend payments since the program's inception in 2020 [10] - The outstanding share balance is now below 58 million for the first time in nearly 30 years, reflecting significant share repurchase activity [10] Q&A Session Summary Question: Why is the company building cash rather than increasing the pace of buybacks? - Management highlighted the positive cash generation and emphasized that share repurchase remains a priority within their capital allocation strategy [12][13] Question: Why not sell more assets at values that are material relative to the current market cap? - Management stated that they are evaluating assets for monetization but will not sell at a discount, ensuring that shareholders receive fair value [15][17] Question: What are the expected cash levels in 12 to 18 months? - Management indicated that future cash levels will depend on various factors, including macroeconomic conditions and the company's capital allocation strategy [18][21] Question: Any updates on talks with a large-scale builder for Pigeon Creek DSAP? - Management confirmed that discussions are ongoing but did not provide specific updates [22] Question: What is the current value of the company's land inventory? - Management mentioned that a third-party valuation of operating properties was provided at the annual meeting, and similar evaluations for timberlands are in process [42] Question: How does the company view pricing and discounting? - Management clarified that they have not been discounting home site pricing and maintain a consistent pricing strategy across residential communities [51][53]

Financial Performance - Quarterly net income attributable to the company increased by 130.4% to $38.7 million, or $0.67 per share, during the three months ended September 30, 2025, compared to $16.8 million, or $0.29 per share, in the same period in 2024[226] - Quarterly revenue increased by 62.7% to $161.1 million during the three months ended September 30, 2025, from $99.0 million in the same period in 2024[226] - Operating income for Q3 2025 was $52.9 million, compared to $21.2 million in Q3 2024, reflecting a 149.1% increase[272] - Net income for the nine months ended September 30, 2025, was $86.6 million, up 59.6% from $54.3 million in the same period of 2024[272] - Total revenue for the nine months ended September 30, 2025, reached $384.4 million, a 28.8% increase from $298.4 million in the same period of 2024[272] Revenue Breakdown - Real estate revenue increased by 199.3% to $83.8 million during the three months ended September 30, 2025, from $28.0 million in the same period in 2024[226] - Hospitality revenue increased by 9.4% to a third quarter record of $60.6 million during the three months ended September 30, 2025, from $55.4 million in the same period in 2024[233] - Leasing revenue increased by 7.1% to a quarterly record of $16.7 million during the three months ended September 30, 2025, from $15.6 million in the same period in 2024[233] - Residential real estate revenue increased by $17.8 million, or 93.7%, to $36.8 million in Q3 2025 compared to $19.0 million in Q3 2024[274] - Revenue from homesite sales increased by $13.6 million, or 80.5%, during the three months ended September 30, 2025, compared to the same period in 2024[306] Operational Highlights - As of September 30, 2025, the company had 1,992 residential homesites under contract, expected to result in revenue of approximately $146.2 million at closing[240] - The unconsolidated Latitude Margaritaville Watersound JV had completed 2,074 home sale transactions, with 205 homes under contract, expected to result in a sales value of approximately $123.1 million[237] - The total number of hotel rooms in the portfolio is 1,298, with significant additional entitlements for future hotel projects[247] - The total multi-family units completed is 1,110, with an occupancy rate of 91%[255] - The commercial segment consists of approximately 1,173,000 square feet of leasable space, with a leasing percentage of 97%[259] Expenses and Income - Corporate and other operating expenses increased by $0.9 million to $6.9 million for the three months ended September 30, 2025, compared to $6.0 million in the same period in 2024, mainly due to higher property taxes[290] - Interest expense decreased by $0.6 million, or 7.1%, to $7.8 million for the three months ended September 30, 2025, compared to $8.4 million in the same period in 2024, due to repayment of project financing[293] - Income tax expense for the three months ended September 30, 2025, was $13.7 million, up from $6.4 million in the same period of 2024[299] - Net cash provided by operating activities was $146.3 million for the nine months ended September 30, 2025, compared to $78.2 million for the same period in 2024[392] Capital Expenditures and Financing - Total capital expenditures for the nine months ended September 30, 2025, amounted to $89.6 million, with $65.5 million allocated to the residential segment[359] - The company anticipates that future capital commitments will be funded through cash generated from operations and new financing arrangements[359] - Outstanding loans totaled $404.0 million as of September 30, 2025, down from $442.7 million as of December 31, 2024[360] - The company invested $8.6 million in capital expenditures for its hospitality segment during the nine months ended September 30, 2025[359] - The company has variable-rate debt outstanding totaling $122.6 million as of September 30, 2025, with $40.0 million swapped to a fixed interest rate[405] Market and Economic Factors - A hypothetical 100 basis point increase in interest rates would result in a decrease of less than $0.1 million in the market value of short-term U.S. Treasury Bills classified as cash equivalents[402] - The company is exposed to credit risk associated with investments classified as available-for-sale securities, which are subject to price fluctuations due to changes in issuer credit quality and economic factors[403] - Changes in interest rates related to money market instruments would not significantly impact the company's results of operations[404]

Financial Performance - Quarterly net income attributable to the Company increased by 130% to $38.7 million, or $0.67 per share, compared to $16.8 million, or $0.29 per share in Q3 2024[3] - Total consolidated revenue for Q3 2025 increased by 63% to $161.1 million, up from $99.0 million in Q3 2024[5] - For the first nine months of 2025, total consolidated revenue increased by 29% to $384.4 million, compared to $298.4 million for the same period in 2024[7] - In Q3 2025, the Company reported total revenue of $161.1 million, a 62.7% increase from $99.0 million in Q3 2024[28] - EBITDA for Q3 2025 was $68.8 million, compared to $39.9 million in Q3 2024, indicating a 72.6% increase[34] Revenue Breakdown - Real estate revenue surged by 199% to $83.8 million in Q3 2025, compared to $28.0 million in Q3 2024[13] - Hospitality revenue reached a record $60.6 million in Q3 2025, a 9% increase from $55.4 million in Q3 2024[17] - Leasing revenue set a quarterly record of $16.7 million, increasing by 7% from $15.6 million in Q3 2024[18] - Real estate revenue for Q3 2025 was $83.8 million, up from $28.0 million in Q3 2024, representing a 199.3% increase[28] Cash and Capital Management - The Company funded $20.4 million in capital expenditures and repurchased $8.7 million of common stock in Q3 2025[4] - As of September 30, 2025, the Company had $126.0 million in cash and cash equivalents, an increase from $88.8 million as of December 31, 2024[31] - The Company repurchased $8.7 million of its common stock in Q3 2025, and for the first nine months of 2025, it repurchased $24.9 million[21] - The Company funded $20.4 million in capital expenditures in Q3 2025, and $89.6 million for the first nine months of 2025[21] Debt and Assets - The weighted average effective interest rate of outstanding debt as of September 30, 2025, was 4.9%, with 80% of the debt having fixed or swapped interest rates[23] - Total assets as of September 30, 2025, were $1,533.9 million, slightly down from $1,538.6 million as of December 31, 2024[31] Future Outlook - The Company declared a cash dividend of $0.16 per share, representing a 14% increase from the previous dividend of $0.14 per share[12] - As of September 30, 2025, the Company had 1,992 residential homesites under contract, expected to generate approximately $146.2 million in revenue[15] - The Company plans to conduct an earnings call on October 30, 2025, to discuss performance and future outlook[24] Company Overview - The St. Joe Company is a diversified real estate development and asset management company focused on Northwest Florida[39] - The company intends to utilize existing assets for residential, hospitality, and commercial ventures[39] - St. Joe has significant residential and commercial land-use entitlements, actively seeking higher and better uses for its real estate assets[39]

Core Insights - The St. Joe Company reported significant growth in revenue and net income for the third quarter and first nine months of 2025, with total revenue increasing by 63% to $161.1 million and net income rising by 130% to $38.7 million compared to the same period in 2024 [3][10][5]. Financial Performance - Quarterly net income attributable to the Company increased by 130% to $38.7 million, or $0.67 per share, from $16.8 million, or $0.29 per share [10]. - Total consolidated revenue for the first nine months of 2025 increased by 29% to $384.4 million, compared to $298.4 million for the same period in 2024 [7]. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the third quarter increased by 72% to $68.8 million, while EBITDA for the first nine months increased by 33% to $164.6 million [11][30]. Revenue Breakdown - Real estate revenue surged by 199% to $83.8 million in the third quarter, driven by a significant increase in residential real estate sales [14][5]. - Hospitality revenue reached a record of $60.6 million in the third quarter, marking a 9% increase from the previous year [18]. - Leasing revenue also set a record at $16.7 million for the third quarter, up 7% from the same period in 2024 [19]. Capital Allocation and Shareholder Returns - The Company funded $20.4 million in capital expenditures and repurchased $8.7 million of its common stock in the third quarter of 2025 [22]. - A cash dividend of $0.16 per share was declared, representing a 14% increase from the previous quarter [13]. - Since initiating its current dividend program in 2020, the Company has increased quarterly dividend payments by 129% [13]. Joint Ventures and Future Prospects - The Watercrest joint venture sold a senior living community for $41.0 million, resulting in a gross profit of $19.4 million [6]. - The Company has 1,992 residential homesites under contract, expected to generate approximately $146.2 million in revenue over the coming years [16]. - New non-stop flights from Northwest Florida Beaches International Airport to LaGuardia Airport are anticipated to enhance the Company's market reach [4].

Core Insights - Praetorian Capital's third-quarter 2025 investor letter reported a fund appreciation of 5.70%, indicating a focus on concentrated portfolios and asymmetric opportunities that may lead to notable volatility [1] - The St. Joe Company (NYSE:JOE) was highlighted as a key stock, with a one-month return of 2.39% and a 52-week loss of 4.91%, closing at $50.28 per share with a market capitalization of $2.926 billion on October 23, 2025 [2][3] Company Analysis - The St. Joe Company (NYSE:JOE) owns approximately 167,000 acres in the Florida Panhandle and has been trading at a fraction of its liquidation value for years, perceived as "dead money" without a catalyst [3] - The company is not among the 30 Most Popular Stocks Among Hedge Funds, with 26 hedge fund portfolios holding its stock at the end of the second quarter, down from 32 in the previous quarter [3] - While acknowledging the potential of The St. Joe Company (NYSE:JOE), Praetorian Capital suggests that certain AI stocks may offer greater upside potential and less downside risk [3]