PART I - FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, covering balance sheets, income, equity, and cash flows, with detailed notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20-%20June%2030,%202025%20and%20December%2031,%202024) Total assets and equity increased from December 31, 2024, to June 30, 2025, while total liabilities decreased, with real estate and joint venture investments rising and debt falling | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | Change (in millions) | | :----- | :--------------------------- | :------------------------------- | :-------------------- | | Total assets | $1,548.4 | $1,538.6 | +$9.8 | | Total liabilities | $798.5 | $801.8 | -$3.4 | | Total equity | $750.0 | $736.7 | +$13.2 | | Investment in real estate, net | $1,048.9 | $1,040.4 | +$8.4 | | Investment in unconsolidated joint ventures | $73.9 | $66.5 | +$7.4 | | Debt, net | $427.3 | $437.8 | -$10.5 | - The company's consolidated joint ventures' assets and liabilities are presented separately, indicating that their liabilities generally do not have recourse to the company's general credit, except for specific covenants and guarantees[11](index=11&type=chunk) [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20-%20Three%20and%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) The company reported significant revenue and net income growth for both the three and six months ended June 30, 2025, compared to the same periods in 2024, driven by increases across all revenue segments | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------- | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Total revenue | $129.1 | $111.6 | +15.7% | $223.3 | $199.4 | +12.0% | | Operating income | $37.0 | $32.6 | +13.3% | $53.9 | $48.6 | +10.9% | | Net income attributable to the Company | $29.5 | $24.5 | +20.4% | $47.0 | $38.4 | +22.3% | | Basic EPS | $0.51 | $0.42 | +21.4% | $0.81 | $0.66 | +22.7% | | Diluted EPS | $0.51 | $0.42 | +21.4% | $0.81 | $0.66 | +22.7% | - Real estate revenue increased by **27.0%** and hospitality revenue by **10.4%** for the three months ended June 30, 2025, contributing significantly to overall revenue growth[15](index=15&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20-%20Three%20and%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) Total comprehensive income attributable to the Company increased for both the three and six months ended June 30, 2025, despite other comprehensive losses primarily from interest rate swaps | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Net income | $29.8 | $24.5 | +21.4% | $46.4 | $37.6 | +23.4% | | Total other comprehensive (loss) income, net of tax | $(0.3) | $(0.2) | -65.5% | $(0.8) | $0.1 | -738.9% | | Total comprehensive income attributable to the Company | $29.3 | $24.4 | +20.2% | $46.5 | $38.5 | +20.7% | - Other comprehensive income was negatively impacted by interest rate swaps and reclassification of net realized gains, resulting in a net loss for both periods in 2025[17](index=17&type=chunk) [Condensed Consolidated Statements of Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity%20-%20Three%20and%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) Total equity increased from December 31, 2024, to June 30, 2025, driven by net income, partially offset by dividends paid and common stock repurchases | Metric (in millions) | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :------------ | :---------------- | :----- | | Total stockholders' equity | $738.8 | $724.3 | +$14.5 | | Retained earnings | $484.9 | $454.2 | +$30.7 | | Treasury stock at cost | $(16.3) | $0 | $(16.3) | - The company repurchased **359,014 shares** of common stock for **$16.2 million** during the six months ended June 30, 2025, and paid **$16.3 million** in dividends (**$0.28 per share**)[24](index=24&type=chunk)[159](index=159&type=chunk)[161](index=161&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20-%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) Net cash provided by operating activities increased significantly, while net cash used in investing activities decreased, and net cash used in financing activities increased due to stock repurchases and higher debt principal payments | Metric (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------- | | Net cash provided by operating activities | $60.1 | $50.4 | +19.1% | | Net cash used in investing activities | $(15.9) | $(28.5) | +44.3% | | Net cash used in financing activities | $(43.7) | $(21.4) | -104.4% | | Net increase in cash, cash equivalents and restricted cash | $0.5 | $0.5 | -3.3% | - The increase in net cash used in financing activities was primarily driven by **$16.3 million** in common stock repurchases and **$38.0 million** in principal debt payments in 2025, compared to no repurchases and **$7.0 million** in principal payments in 2024[28](index=28&type=chunk)[384](index=384&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the condensed consolidated financial statements, covering the company's operations, accounting policies, investments, debt, equity, and various commitments and contingencies [1. Nature of Operations](index=14&type=section&id=1.%20Nature%20of%20Operations) The St. Joe Company is a diversified Florida real estate development, asset management, and operating company, with most of its assets and operations concentrated in Northwest Florida, primarily within 15 miles of the Gulf - The company operates in three reportable segments: residential, hospitality, and commercial[34](index=34&type=chunk) - Approximately **87%** of the company's real estate is located in Florida's Bay, Gulf, and Walton counties, with **90%** of land holdings within fifteen miles of the Gulf[33](index=33&type=chunk) [2. Summary of Significant Accounting Policies](index=14&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This section outlines the basis of presentation for the unaudited interim condensed consolidated financial statements, including principles of consolidation for majority-owned subsidiaries and variable interest entities, and the equity method for unconsolidated joint ventures - The company consolidates entities where it has a majority voting interest or is the primary beneficiary of a Variable Interest Entity (VIE), and uses the equity method for unconsolidated joint ventures where it has significant influence but not control[35](index=35&type=chunk)[36](index=36&type=chunk) - All of the Company's real estate assets are concentrated in Northwest Florida, exposing it to regional economic and environmental risks[

[Executive Summary](index=1&type=section&id=Executive%20Summary) The St. Joe Company reported strong Q2 2025 financial performance with significant revenue and net income growth across all segments, alongside strategic capital allocation and future development plans [Second Quarter 2025 Highlights](index=1&type=section&id=Highlights%20for%20the%20second%20quarter%20of%202025) The St. Joe Company achieved solid organic growth in Q2 2025, with significant increases in revenue and net income across all segments, supported by strategic capital allocation | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Net Income Attributable to Company | $29.5M | $24.5M | 20% | | EPS | $0.51 | $0.42 | 21.4% | | Total Revenue | $129.1M | $111.6M | 16% | | Real Estate Revenue | $43.8M | $34.5M | 27% | | Hospitality Revenue | $68.8M | $62.3M | 10% | | Leasing Revenue | $16.5M | $14.8M | 11% | - Homesite closings volume **increased by 21% to 225 homesites** from 186 homesites in Q2 2025[3](index=3&type=chunk) - Capital allocation in Q2 2025 included **$36.5 million in capital expenditures**, **$8.1 million in cash dividends**, **$10.5 million in common stock repurchases**, and **$7.7 million in debt repayment**[3](index=3&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Jorge Gonzalez noted solid organic growth driven by real estate and recurring revenue, emphasizing strategic capital allocation and long-term development plans, including the Pigeon Creek DSAP approval - The Company achieved **16% growth in revenue** and **20% growth in net income**, led by **27% growth in real estate revenue**[2](index=2&type=chunk) - Strategic plan focuses on growing recurring revenue, evidenced by **10% growth in hospitality revenue** and **11% growth in leasing revenue**, both reaching single quarterly records[2](index=2&type=chunk) - The Pigeon Creek Detailed Specific Area Plan (DSAP) was approved, adding **3,330 residential units** and **450,000 square feet of commercial development**, marking the tenth approved DSAP within The Bay-Walton Sector Plan[5](index=5&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Second%20Quarter%20and%20First%20Half%202025%20Results) The company reported strong consolidated revenue growth for both the second quarter and first half of 2025, with all key segments—real estate, hospitality, and leasing—contributing to the increase, alongside improved net income and EBITDA [Consolidated Results Overview](index=2&type=section&id=Consolidated%20Results%20Overview) The company reported strong consolidated revenue growth for both the second quarter and first half of 2025, with all key segments—real estate, hospitality, and leasing—contributing to the increase Consolidated Revenue Growth (YoY) | Metric | Q2 2025 Revenue | Q2 2024 Revenue | Q2 Growth (%) | H1 2025 Revenue | H1 2024 Revenue | H1 Growth (%) | | :------------------ | :-------------- | :-------------- | :------------ | :-------------- | :-------------- | :------------ | | Total Consolidated | $129.1M | $111.6M | 16% | $223.3M | $199.4M | 12% | | Real Estate | $43.8M | $34.5M | 27% | $82.1M | $68.7M | 20% | | Hospitality | $68.8M | $62.3M | 10% | $108.4M | $101.6M | 7% | | Leasing | $16.5M | $14.8M | 11% | $32.8M | $29.1M | 13% | [Unconsolidated Joint Ventures Performance](index=2&type=section&id=Unconsolidated%20Joint%20Ventures%20Performance) The company's unconsolidated joint ventures, accounted for using the equity method, generated substantial revenue and contributed significantly to the company's equity in income, reflecting their importance to the core business strategy Unconsolidated Joint Ventures Financials (YoY) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------ | :------ | :------ | :------ | | JV Revenue | $89.9M | $94.1M | $213.2M | $189.9M | | Equity in Income from Unconsolidated JVs | $7.5M | $5.4M | $17.7M | $12.8M | - For the first six months of 2025, unconsolidated joint ventures revenue **increased by 12.3% to $213.2 million** from $189.9 million in 2024[9](index=9&type=chunk) - Equity in income from unconsolidated joint ventures **increased by 38.9% to $7.5 million** in Q2 2025 and by **38.3% to $17.7 million** in H1 2025[8](index=8&type=chunk)[9](index=9&type=chunk) [Net Income and EPS](index=2&type=section&id=Net%20Income%20and%20EPS) Net income attributable to the company and basic net income per share saw significant year-over-year increases for both the second quarter and first half of 2025 Net Income and EPS (YoY) | Metric | Q2 2025 | Q2 2024 | Q2 Growth (%) | H1 2025 | H1 2024 | H1 Growth (%) | | :-------------------------------- | :------ | :------ | :------------ | :------ | :------ | :------------ | | Net Income Attributable to Company | $29.5M | $24.5M | 20% | $47.0M | $38.4M | 22% | | Basic Net Income Per Share | $0.51 | $0.42 | 21.4% | $0.81 | $0.66 | 22.7% | [EBITDA (Non-GAAP)](index=3&type=section&id=EBITDA%20(Non-GAAP)) EBITDA, a non-GAAP financial measure, demonstrated healthy growth for both the second quarter and first half of 2025, indicating improved operating performance EBITDA (YoY) | Metric | Q2 2025 | Q2 2024 | Q2 Growth (%) | H1 2025 | H1 2024 | H1 Growth (%) | | :----- | :------ | :------ | :------------ | :------ | :------ | :------------ | | EBITDA | $56.0M | $49.2M | 14% | $95.8M | $84.2M | 14% | [Business Segment Performance](index=3&type=section&id=Business%20Segment%20Performance) The company's real estate, hospitality, and leasing segments all demonstrated strong revenue growth in Q2 and H1 2025, driven by increased activity and strategic expansion [Real Estate](index=3&type=section&id=Real%20Estate) The real estate segment experienced significant revenue growth in Q2 and H1 2025, driven by increased homesite closings, despite a decrease in average base price and gross margin due to a changing mix of sales Real Estate Performance (YoY) | Metric | Q2 2025 | Q2 2024 | Q2 Growth (%) | H1 2025 | H1 2024 | H1 Growth (%) | | :-------------------- | :------ | :------ | :------------ | :------ | :------ | :------------ | | Real Estate Revenue | $43.8M | $34.5M | 27% | $82.1M | $68.7M | 20% | | Homesite Closings | 225 | 186 | 21% | 474 | 402 | 17.9% | | Average Base Price | ~$122K | ~$140K | -12.8% | ~$118K | ~$128K | -7.8% | | Gross Margin | 45.9% | 52.3% | -6.4 pp | 45.6% | 51.1% | -5.5 pp | - In Q2 2025, **482 homesites were placed under contract**; as of June 30, 2025, **1,209 residential homesites were under contract**, expected to generate approximately **$121.7 million in revenue**[19](index=19&type=chunk) - The residential homesite pipeline increased by approximately **3,000 homesites** from March 31, 2025, now exceeding **24,000 homesites** in various stages of development[19](index=19&type=chunk) - The Latitude Margaritaville Watersound unconsolidated joint venture executed **89 net sale contracts** in Q2 2025, with **2,208 home contracts since 2021** and **1,992 occupied homes**[20](index=20&type=chunk) [Hospitality](index=4&type=section&id=Hospitality) The hospitality segment achieved record quarterly and first-half revenues in 2025, driven by growth in both club and hotel revenues, maintaining a significant portfolio of hotels and club members Hospitality Performance (YoY) | Metric | Q2 2025 | Q2 2024 | Q2 Growth (%) | H1 2025 | H1 2024 | H1 Growth (%) | | :------------------ | :------ | :------ | :------------ | :------ | :------ | :------------ | | Hospitality Revenue | $68.8M | $62.3M | 10% | $108.4M | $101.6M | 7% | | Club Revenue Growth | 17% | N/A | N/A | N/A | N/A | N/A | | Hotels' Revenue Growth | 7% | N/A | N/A | N/A | N/A | N/A | - As of June 30, 2025, the Company had **3,551 club members** and owned **12 hotels with 1,298 operational hotel rooms**[21](index=21&type=chunk) [Leasing](index=4&type=section&id=Leasing) The leasing segment reported record quarterly and first-half revenues, with high occupancy rates across its diverse portfolio, and is actively expanding its leasable commercial space with new developments Leasing Performance (YoY) | Metric | Q2 2025 | Q2 2024 | Q2 Growth (%) | H1 2025 | H1 2024 | H1 Growth (%) | | :------------- | :------ | :------ | :------------ | :------ | :------ | :------------ | | Leasing Revenue | $16.5M | $14.8M | 11% | $32.8M | $29.1M | 13% | - As of June 30, 2025, rentable space was approximately **1,177,000 square feet**, with **95% leased**; an additional **31,500 square feet of leasable space is under construction**[23](index=23&type=chunk) - The company's focus on commercial leasing at Watersound Town Center, Watersound West Bay Center, and FSU/TMH Medical Campus has the potential to **more than double current leasable commercial space**[23](index=23&type=chunk) [Financial Position and Capital Allocation](index=5&type=section&id=Financial%20Position%20and%20Capital%20Allocation) The company actively managed its capital through significant investments, shareholder returns, and debt reduction, maintaining a stable financial position [Corporate and Other Operating Expenses](index=5&type=section&id=Corporate%20and%20Other%20Operating%20Expenses) Corporate and other operating expenses saw a slight increase in Q2 and H1 2025 but remained stable as a percentage of revenue Corporate and Other Operating Expenses (YoY) | Metric | Q2 2025 | Q2 2024 | Q2 Change | H1 2025 | H1 2024 | H1 Change | | :-------------------------------- | :------ | :------ | :-------- | :------ | :------ | :-------- | | Corporate and Other Operating Expenses | $6.4M | $5.9M | +$0.5M | $13.0M | $12.9M | +$0.1M | | % of Revenue | ~5% | ~5% | 0 pp | N/A | N/A | N/A | [Investments, Liquidity and Debt](index=5&type=section&id=Investments,%20Liquidity%20and%20Debt) The company actively managed its capital through significant investments in capital expenditures, shareholder returns via dividends and stock repurchases, and debt reduction, maintaining a stable liquidity position and a well-structured debt profile Capital Allocation Activities | Activity | Q2 2025 | H1 2025 | | :-------------------- | :------ | :------ | | Capital Expenditures | $36.5M | $69.2M | | Cash Dividends Paid | $8.1M | $16.3M | | Common Stock Repurchased | $10.5M | $16.2M | | Debt Repaid (Net) | $7.7M | $10.2M | - As of June 30, 2025, the company had **$88.2 million in cash, cash equivalents, and other liquid investments**, comparable to $88.8 million at December 31, 2024[25](index=25&type=chunk) - Outstanding debt had a weighted average effective interest rate of **4.8%** with an average remaining life of **18.7 years**; **75% of debt** had a fixed or swapped interest rate[26](index=26&type=chunk) - Company debt as of June 30, 2025, was approximately **28% of total assets**[26](index=26&type=chunk) [Dividends](index=3&type=section&id=Dividends) The Board of Directors declared a quarterly cash dividend of $0.14 per share - A cash dividend of **$0.14 per share** on common stock was declared, payable on September 19, 2025, to shareholders of record as of August 22, 2025[14](index=14&type=chunk) [Corporate Governance and Outlook](index=3&type=section&id=Corporate%20Governance%20and%20Outlook) The company announced a new director appointment, scheduled an earnings call, and provided important disclaimers regarding forward-looking statements and its business focus [New Director Appointment](index=3&type=section&id=New%20Director%20Appointment) The company appointed Elizabeth Dantin Franklin to its Board of Directors, enhancing the board's financial and audit expertise - Elizabeth Dantin Franklin was appointed as an independent director, expanding the Board to **six directors**[15](index=15&type=chunk) - Ms. Franklin brings extensive finance and audit expertise, having served as Chief Audit Officer at Fidelity National Financial from 2007–2023, and will serve on all three standing committees[15](index=15&type=chunk)[16](index=16&type=chunk) [Earnings Call and Additional Information](index=5&type=section&id=Earnings%20Call%20and%20Additional%20Information) The company scheduled an earnings call to discuss its performance and directed stakeholders to SEC filings for further details - An earnings call was scheduled for **July 24, 2025, at 3:00 p.m. Central Time (4:00 p.m. Eastern Time)**[27](index=27&type=chunk) - Additional information will be available in a Form 10-Q filed with the SEC, accessible at www.joe.com and www.sec.gov[28](index=28&type=chunk) [Important Notice Regarding Forward-Looking Statements](index=8&type=section&id=Important%20Notice%20Regarding%20Forward-Looking%20Statements) The report includes forward-looking statements that involve risks and uncertainties, cautioning readers that actual results may differ materially due to various factors, including economic conditions, competition, interest rates, and regulatory changes - Forward-looking statements are identified by words such as 'guidance,' 'anticipate,' 'estimate,' 'expect,' 'forecast,' 'project,' 'plan,' 'intend,' 'believe,' 'confident,' 'may,' 'should,' 'can have,' 'likely,' 'future' and other similar terms[40](index=40&type=chunk) - Key risks include the ability to implement strategic objectives, competition, economic conditions, interest rate fluctuations, inflation, higher insurance costs, and the ability to yield anticipated returns from developments and projects[41](index=41&type=chunk)[43](index=43&type=chunk) - The company does not undertake to update these statements other than as required by law, and advises studying its latest Form 10-K and Form 10-Q for investment decisions[28](index=28&type=chunk)[44](index=44&type=chunk) [About The St. Joe Company](index=9&type=section&id=About%20The%20St.%20Joe%20Company) The St. Joe Company is a diversified real estate development, asset management, and operating company focused on Northwest Florida, actively seeking higher and better uses for its extensive real estate assets through residential, hospitality, and commercial ventures - The St. Joe Company is a diversified real estate development, asset management, and operating company with real estate assets and operations in Northwest Florida[45](index=45&type=chunk) - The company intends to use existing assets for residential, hospitality, and commercial ventures and has significant residential and commercial land-use entitlements[45](index=45&type=chunk) [Financial Data Schedules](index=5&type=section&id=FINANCIAL%20DATA%20SCHEDULES) This section provides detailed unaudited financial statements, including consolidated results, balance sheets, operating expenses, and non-GAAP reconciliations for Q2 and H1 2025 and 2024 [Consolidated Results (Unaudited)](index=6&type=section&id=Consolidated%20Results%20(Unaudited)) This section provides a detailed breakdown of the company's consolidated revenues, expenses, and net income for the second quarter and first half of 2025 and 2024 Consolidated Results (Unaudited) | | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | **Revenue** | | | | | | Real estate revenue | $43.8 | $34.5 | $82.1 | $68.7 | | Hospitality revenue | $68.8 | $62.3 | $108.4 | $101.6 | | Leasing revenue | $16.5 | $14.8 | $32.8 | $29.1 | | **Total revenue** | **$129.1** | **$111.6** | **$223.3** | **$199.4** | | **Expenses** | | | | | | Cost of real estate revenue | $23.8 | $16.6 | $42.6 | $32.7 | | Cost of hospitality revenue | $42.3 | $37.9 | $74.7 | $68.2 | | Cost of leasing revenue | $7.6 | $7.3 | $15.0 | $14.5 | | Corporate and other operating expenses | $6.4 | $5.9 | $13.0 | $12.9 | | Depreciation, depletion and amortization | $12.0 | $11.3 | $24.1 | $22.5 | | **Total expenses** | **$92.1** | **$79.0** | **$169.4** | **$150.8** | | **Operating income** | **$37.0** | **$32.6** | **$53.9** | **$48.6** | | Investment income, net | $3.2 | $3.4 | $6.6 | $6.8 | | Interest expense | $(7.8) | $(8.5) | $(15.5) | $(17.1) | | Equity in income from unconsolidated joint ventures | $7.5 | $5.4 | $17.7 | $12.8 | | Other expense, net | $(0.2) | $(0.1) | $(0.5) | $(0.5) | | **Income before income taxes** | **$39.7** | **$32.8** | **$62.2** | **$50.6** | | Income tax expense | $(9.9) | $(8.3) | $(15.8) | $(13.0) | | **Net income** | **$29.8** | **$24.5** | **$46.4** | **$37.6** | | Net (income) loss attributable to non-controlling interest | $(0.3) | — | $0.6 | $0.8 | | **Net income attributable to the Company**| **$29.5** | **$24.5** | **$47.0** | **$38.4** | | Basic net income per share attributable to the Company | $0.51 | $0.42 | $0.81 | $0.66 | | Basic weighted average shares outstanding | 58,057,268 | 58,331,818 | 58,150,138 | 58,326,153 | [Summary Balance Sheet (Unaudited)](index=7&type=section&id=Summary%20Balance%20Sheet%20(Unaudited)) This section presents a summary of the company's assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Summary Balance Sheet (Unaudited) | | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | **Assets** | | | | Investment in real estate, net | $1,048.9 | $1,040.4 | | Investment in unconsolidated joint ventures | $73.8 | $66.5 | | Cash and cash equivalents | $88.2 | $88.8 | | Other assets | $81.8 | $80.3 | | Property and equipment, net | $52.6 | $59.1 | | Investments held by special purpose entities | $203.1 | $203.5 | | **Total assets** | **$1,548.4** | **$1,538.6** | | **Liabilities and Equity** | | | | Debt, net | $427.2 | $437.8 | | Accounts payable and other liabilities | $60.7 | $53.9 | | Deferred revenue | $60.4 | $59.3 | | Deferred tax liabilities, net | $71.5 | $72.4 | | Senior Notes held by special purpose entity | $178.7 | $178.5 | | **Total liabilities** | **$798.5** | **$801.9** | | **Total equity** | **$749.9** | **$736.7** | | **Total liabilities and equity** | **$1,548.4** | **$1,538.6** | [Corporate and Other Operating Expenses (Unaudited)](index=7&type=section&id=Corporate%20and%20Other%20Operating%20Expenses%20(Unaudited)) This table details the breakdown of corporate and other operating expenses for the second quarter and first half of 2025 and 2024 Corporate and Other Operating Expenses (Unaudited) | | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Employee costs | $6.8 | $3.1 | $6.0 | $3.2 | | Property taxes and insurance | $1.6 | $2.7 | $1.2 | $3.2 | | Professional fees | $0.7 | $1.7 | $0.6 | $2.0 | | Marketing and owner association costs | $0.6 | $0.3 | $0.4 | $0.5 | | Occupancy, repairs and maintenance | $0.1 | $0.3 | $0.1 | $0.2 | | Other miscellaneous | $0.5 | $0.9 | $0.5 | $1.0 | | **Total corporate and other operating expenses** | **$6.4** | **$5.9** | **$13.0** | **$12.9** | [Reconciliation of Non-GAAP Financial Measures (Unaudited)](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures%20(Unaudited)) This section provides the reconciliation of Net Income Attributable to the Company to EBITDA, a non-GAAP financial measure, for the second quarter and first half of 2025 and 2024, along with management's rationale for its use - EBITDA is a non-GAAP financial measure used by management to provide insight into operating performance across periods and a more complete understanding of factors and trends affecting the Company[37](index=37&type=chunk) EBITDA Reconciliation (Unaudited) | | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Net income attributable to the Company | $29.5 | $24.5 | $47.0 | $38.4 | | Plus: Interest expense | $7.8 | $8.5 | $15.5 | $17.1 | | Less: Investment income, net | $(3.2) | $(3.4) | $(6.6) | $(6.8) | | Plus: Income tax expense | $9.9 | $8.3 | $15.8 | $13.0 | | Plus: Depreciation, depletion and amortization | $12.0 | $11.3 | $24.1 | $22.5 | | **EBITDA** | **$56.0** | **$49.2** | **$95.8** | **$84.2** |

Core Insights - Adyen partners with JOE & THE JUICE to enhance in-store payment experiences using the SFO1 terminal, which integrates payment functions with marketing displays [1][3] - The collaboration aims to streamline payment operations and improve customer engagement as JOE & THE JUICE expands in the U.S. market [2][4] Company Overview - JOE & THE JUICE operates over 400 locations in 18 countries, offering fresh juices, shakes, sandwiches, and coffee with a focus on natural and organic ingredients [7] - Adyen is a leading financial technology platform that provides end-to-end payment solutions and data-driven insights to major companies globally [8] Technology and Innovation - The SFO1 terminal allows JOE & THE JUICE to combine seamless payment processing with brand engagement and loyalty programs at the point of sale [3][5] - The technology supports features like pre-ordering through an app and personalized loyalty incentives, catering to the growing consumer demand for tailored brand experiences [5][6] Market Strategy - JOE & THE JUICE utilizes the SFO1 terminals to gather insights that inform store experiences and marketing strategies, aiming to build long-term customer loyalty in a competitive food and beverage landscape [4][6] - The partnership with Adyen enables JOE & THE JUICE to adapt to different market environments and consumer preferences, enhancing the overall in-store experience [5][6]

Financial Data and Key Metrics Changes - The company's balance sheet has grown to over $1 billion, with a compound annual growth rate (CAGR) of 17% from 2016 to 2024 [28] - Consolidated and unconsolidated revenue increased from approximately $97 million to $780 million, reflecting a CAGR of 30% [29] - EBITDA grew from $26 million to $166 million, with a CAGR of 26% [30] - Net income rose from about $16 million to $74 million, with a CAGR of 21% [30] - Earnings per share increased from $0.21 to $1.27, with a CAGR of 25% [31] Business Line Data and Key Metrics Changes - The residential segment experienced flat growth due to the timing of seeding and harvesting cycles, while hospitality and leasing segments grew [36] - The company has 21,309 residential units in production, with 15,151 units in the concept planning phase and 3,900 units in engineering and permitting [58][61] Market Data and Key Metrics Changes - Florida's population grew at 8.5% from 2020 to 2024, with Bay County at 14% and Walton County at 19%, indicating strong regional growth [23][24] - The airport's passenger traffic increased from over 312,000 to 1.8 million, a 500% increase, reflecting regional growth [26] Company Strategy and Development Direction - The company aims to expand its portfolio of recurring income-producing commercial and hospitality properties while developing residential communities for long-term revenue [20] - The strategy includes a multifaceted capital allocation approach focusing on growth, debt reduction, and stock repurchases [20] - The company is actively pursuing detailed specific area plans (DSAPs) for residential development, with 10 approved and 7 more in the pipeline [75][76] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of migration to the business, noting that as long as migration continues, the company is well-positioned [22] - The company anticipates more harvesting years in the future, with expectations for increased residential development [56] Other Important Information - The company has maintained a consistent capital allocation strategy, with 65% of capital allocated for growth, 30% for stock repurchases, and 5% for dividends [46] - The company has reduced corporate and other operating expenses from 24% to 6% of consolidated revenue since 2016, indicating improved efficiency [48] Q&A Session Summary Question: What is the company's outlook on residential development? - Management indicated that residential development is cyclical, with a focus on seeding and harvesting cycles, and expects more harvesting in the upcoming year [56] Question: How does the company manage its debt? - The company utilizes project-level financing, with 28% of total assets in project debt, and has a strategy for debt reduction [44] Question: What are the key growth areas for the company? - Management highlighted the State Road 79 corridor as a key area of focus, with significant interest from builders and developers [90]

Land Holdings and Development - The company owns 167,000 acres of land, with 87% located in Bay, Walton, and Gulf Counties[7,9,43] - The company has entitlements to develop over 170,000 residential units and over 22 million square feet of non-residential uses[7] - The majority of revenue is derived from less than 2% of land holdings[7] Financial Performance - Investment in real estate and unconsolidated joint ventures has a compound annual growth rate of 17%[13,14] - Consolidated and unconsolidated revenue has a compound annual growth rate of 30%[16,17] - EBITDA has a compound annual growth rate of 26%[19,20] - Net income has a compound annual growth rate of 21%, with depreciation in 2024 at $46.4 million, a 20% increase from 2023[22,23] - Earnings per share have a compound annual growth rate of 25%, with depreciation at $0.80 per share in 2024, a 20% increase from 2023[24,26] Capital Allocation and Debt - From January 1, 2015, to March 31, 2025, the company allocated $1,342.5 million (65%) to capital expenditures, $619.2 million (30%) to stock repurchases, and $110.7 million (5%) to dividends, totaling $2.1 billion in capital allocations[37,38] - Debt is 28% of the company's total assets, with 73.8% of outstanding debt having a fixed or swapped interest rate, and an average weighted effective interest rate of 4.8%[35] Valuation - The company's income-producing assets are estimated to have a value range of approximately $1.5 billion to $1.7 billion, based on a broker's opinion of value[70] - These income-producing assets encompass 491 acres (excluding golf courses) and 1,358 acres (including golf courses), occupying less than 1% of the total 167,000 acres owned by the company[70]

Group 1 - The Joe Velasco Group has affiliated with Coldwell Banker Realty's Los Gatos office from Intero Real Estate Services Inc., enhancing Coldwell Banker's presence in the Silicon Valley and Peninsula markets [1] - Joe Velasco, the leader of the group, has over two decades of experience and a sales track record exceeding $2 billion, ranking in the top 1% of realtors in California for 12 consecutive years [2][3] - In 2024, the Joe Velasco Group achieved over $180 million in sales volume across 90 transactions, showcasing their strong performance in the real estate market [2] Group 2 - Coldwell Banker Realty is one of the largest residential real estate brokerages in Northern California, with approximately 4,300 affiliated agents serving markets from Monterey to Tahoe [4] - The company is owned by a subsidiary of Anywhere Real Estate Inc. (NYSE:HOUS), which is the largest full-service residential real estate services company in the United States [4]

Financial Performance - Quarterly net income attributable to the company increased by 25.9% to $17.5 million during the three months ended March 31, 2025, from $13.9 million in the same period in 2024[214]. - Quarterly revenue increased by 7.3% to $94.2 million during the three months ended March 31, 2025, from $87.8 million in the same period in 2024[214]. - Net income for the three months ended March 31, 2025, was $16.7 million, compared to $13.1 million in the same period in 2024, reflecting a 27.5% increase[262]. - Net cash provided by operating activities was $29.0 million for the three months ended March 31, 2025, compared to $27.6 million in the same period of 2024[341]. - Net cash provided by operating activities was $29.0 million for the three months ended March 31, 2025, compared to $27.6 million for the same period in 2024, reflecting an increase of 5.1%[342]. Revenue Breakdown - Real estate revenue increased by 12.0% to $38.3 million during the three months ended March 31, 2025, from $34.2 million in the same period in 2024[221]. - Hospitality revenue increased by $0.3 million, or 0.8%, to $39.6 million, driven by growth in membership dues and ancillary spending[270]. - Leasing revenue increased by 14.0% to a quarterly record of $16.3 million during the three months ended March 31, 2025, from $14.3 million in the same period in 2024[221]. - Total revenue for the three months ended March 31, 2025, increased to $94.2 million, up 7.3% from $87.8 million in the same period in 2024[262]. - Total revenue for the residential segment reached $33.0 million in Q1 2025, compared to $30.8 million in Q1 2024, marking an increase of 7.1%[284]. Real Estate and Development - Homesite closings volume increased by 15.3% to 249 homesites during the three months ended March 31, 2025, from 216 homesites in the same period in 2024[221]. - As of March 31, 2025, the company had 952 residential homesites under contract, expected to result in revenue of approximately $94.4 million at closing[230]. - The unconsolidated Latitude Margaritaville Watersound JV had completed 1,855 home sale transactions, with 264 homes under contract, expected to result in a sales value of approximately $158.0 million[225]. - The Watersound Town Center is currently under development with a total planned square footage of 400,000, of which 155,962 square feet is completed[254]. - The company is developing the Watersound West Bay Center, which will have a total of 500,000 square feet, with 3,366 square feet completed[254]. Leasing and Occupancy - The total net rentable square feet of leasing properties is 1,179,957, with a leasing percentage of 94% as of March 31, 2025[249]. - The commercial segment manages approximately 1,180,000 square feet of leasable space, achieving a leasing percentage of 94% as of March 31, 2025[247]. - As of March 31, 2025, the multi-family units have a total of 1,128 planned units, with 983 units leased, resulting in an occupancy rate of 87%[245]. - Total leasing revenue increased by $1.6 million, or 11.9%, to $15.1 million for the three months ended March 31, 2025, compared to $13.5 million in the same period of 2024[301]. - The gross margin for total leasing improved to 55.6% in Q1 2025 from 51.9% in Q1 2024[301]. Capital Expenditures and Investments - The company funded $32.7 million in capital expenditures, paid $8.2 million in cash dividends, and repurchased $5.7 million of its common stock in the first quarter of 2025[221]. - The company invested a total of $32.7 million in capital expenditures during the three months ended March 31, 2025, including $4.5 million for the commercial segment[310]. - The company had capital expenditures for operating property and equipment of $5.6 million during the three months ended March 31, 2025, down from $14.3 million in the same period of 2024[343]. Debt and Interest Rates - The weighted average effective interest rate of total outstanding debt was 4.8% as of March 31, 2025, with 73.8% of the debt having fixed or swapped interest rates[311]. - As of March 31, 2025, the company had variable-rate debt totaling $155.7 million, with a weighted average interest rate of 6.5%[352]. - A hypothetical 100 basis point increase in interest rates would result in an increase of $1.2 million in annual interest expense based on the outstanding balance of variable-rate loans[352]. - Interest expense decreased by $0.7 million, or 8.2%, to $7.8 million, primarily due to repayment of project financing and lower interest rates[275]. Joint Ventures and Equity - Equity in income from unconsolidated joint ventures increased to $10.2 million, up from $7.4 million in the same period in 2024[277]. - Equity in income from unconsolidated joint ventures rose by $4.4 million in Q1 2025, attributed to higher average margins and increased home sale transactions[289]. - Equity in loss from unconsolidated joint ventures was $2.5 million for the three months ended March 31, 2025, compared to $0.9 million for the same period in 2024[306]. Cash Flow and Financing Activities - Cash, cash equivalents, and restricted cash at the end of the period were $101.6 million as of March 31, 2025, up from $94.2 million at the end of 2024[341]. - Net cash used in investing activities was $6.6 million for the three months ended March 31, 2025, a significant decrease from $14.7 million in the same period of 2024, indicating a reduction of 55.2%[343]. - Net cash used in financing activities increased to $17.1 million for the three months ended March 31, 2025, compared to $9.5 million in the same period of 2024, reflecting an increase of 80.0%[344]. - Principal payments for debt amounted to $30.4 million during the three months ended March 31, 2025, compared to $2.3 million in the same period of 2024, indicating a substantial increase in debt repayment[344].

The St. Joe Company Reports First Quarter 2025 Results [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) The company reported record Q1 revenue of $94.2 million and a 26% net income increase, driven by strong growth in recurring revenue streams Q1 2025 vs. Q1 2024 Key Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $94.2 million | $87.8 million | +7% | | **Net Income** | $17.5 million | $13.9 million | +26% | | **Real Estate Revenue** | $38.3 million | $34.2 million | +12% | | **Leasing Revenue** | $16.3 million | $14.3 million | +14% | | **Homesite Closings** | 249 | 216 | +15% | - In Q1 2025, the company executed a multi-faceted capital allocation strategy, including **$32.7 million in capital expenditures**, **$8.2 million in cash dividends**, **$5.7 million in stock repurchases**, and a **$2.5 million net debt repayment**[2](index=2&type=chunk)[4](index=4&type=chunk) - Cash and cash equivalents increased from **$88.8 million** at the end of 2024 to **$94.5 million** as of March 31, 2025[2](index=2&type=chunk) [CEO Statement & Strategic Outlook](index=1&type=section&id=CEO%20Statement%20%26%20Strategic%20Outlook) The CEO highlighted strong organic growth, record revenue, and key strategic developments signaling a bright future for the region and the company - The company is leveraging existing assets to build supplemental asset-light businesses, such as the newly announced **Watersound Real Estate brokerage**[4](index=4&type=chunk) - Florida State University plans a transformative **$414 million investment** to build a new teaching and research hospital on the company's medical campus[4](index=4&type=chunk) - The Northwest Florida Beaches International Airport announced its first-ever **direct flight to New York City**, indicating continued growth in air travel to the region[4](index=4&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) Consolidated revenue grew 7% to $94.2 million, net income increased 26% to $17.5 million, and EBITDA rose 14% to $39.8 million in Q1 2025 Q1 2025 Consolidated Financial Results | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $94.2 million | $87.8 million | +7% | | **Net Income** | $17.5 million | $13.9 million | +26% | | **EPS (Basic)** | $0.30 | $0.24 | +25% | | **EBITDA** | $39.8 million | $34.9 million | +14% | - Unconsolidated joint ventures had revenues of **$123.2 million** and contributed **$10.2 million** in equity income to the Company in Q1 2025, up from $7.4 million in Q1 2024[6](index=6&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.14 per share**, payable on June 26, 2025[10](index=10&type=chunk) Segment Performance [Real Estate](index=3&type=section&id=Real%20Estate) The real estate segment's revenue increased 12% to $38.3 million, driven by a 15% rise in homesite sales to 249 units Real Estate Operating Metrics (Q1 2025) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Real Estate Revenue** | $38.3 million | $34.2 million | +12% | | **Homesite Sales Volume** | 249 | 216 | +15% | | **Homesites Under Contract** | 952 | 1,335 | -29% | | **Value of Homesites Under Contract** | $94.4 million | $119.8 million | -21% | - The Latitude Margaritaville Watersound JV had **192 completed home sales** in Q1 2025 and has 264 homes under contract with an average sales price of approximately **$598,000**[13](index=13&type=chunk) - The company's residential pipeline includes over **21,300 homesites** in various stages of planning and development[12](index=12&type=chunk) [Hospitality](index=3&type=section&id=Hospitality) Hospitality revenue grew 1% to $39.6 million, supported by club membership growth, while the company expanded its portfolio to 1,298 hotel rooms Hospitality Operating Metrics (as of March 31) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | **Q1 Hospitality Revenue** | $39.6 million | $39.3 million | +1% | | **Club Members** | 3,498 | 3,433 | +65 members | | **Operational Hotel Rooms** | 1,298 | 1,177 | +121 rooms | | **Owned Hotels** | 12 | 11 | +1 hotel | [Leasing](index=4&type=section&id=Leasing) The leasing segment achieved a record quarter with revenue increasing 14% to $16.3 million, maintaining a 94% occupancy rate across its portfolio - Leasing revenue grew **14%** to a single quarter company record of **$16.3 million** in Q1 2025[17](index=17&type=chunk) Leasing Portfolio (as of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Total Rentable Space** | ~1,180,000 sq. ft. | ~1,082,000 sq. ft. | | **Leased Space** | ~1,114,000 sq. ft. | ~1,046,000 sq. ft. | | **Occupancy Rate** | 94% | 97% | | **Space Under Construction** | 31,500 sq. ft. | N/A | - The company has **1,383 leasable multi-family and senior living units** as of March 31, 2025[17](index=17&type=chunk) [Corporate Expenses, Capital, and Debt](index=4&type=section&id=Corporate%20Expenses%2C%20Capital%2C%20and%20Debt) The company demonstrated effective cost control, improved its debt profile, and increased its cash position to $94.5 million while investing in growth - Corporate and other operating expenses decreased by $0.5 million to **$6.6 million** in Q1 2025, representing **7% of revenue** compared to 8% in Q1 2024[19](index=19&type=chunk) Debt Profile (as of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Weighted Avg. Interest Rate** | 4.8% | 5.3% | | **Average Remaining Life** | 18.8 years | 17.0 years | | **Fixed/Swapped Rate Debt** | 74% | N/A | - As of March 31, 2025, the company had **$94.5 million in cash and cash equivalents** and **$255.4 million invested in development property**[20](index=20&type=chunk) [Financial Data Schedules](index=5&type=section&id=FINANCIAL%20DATA%20SCHEDULES) This section provides detailed, unaudited financial statements and a reconciliation of the non-GAAP measure EBITDA to net income for Q1 2025 [Consolidated Results (Unaudited)](index=5&type=section&id=Consolidated%20Results%20(Unaudited)) The unaudited income statement shows a 7% revenue increase to $94.2 million and a 26% net income increase to $17.5 million for Q1 2025 Consolidated Results (Unaudited) ($ in millions) | | Quarter Ended March 31, | | | :--- | :--- | :--- | | | **2025** | **2024** | | **Total revenue** | $94.2 | $87.8 | | **Operating income** | $16.9 | $16.0 | | **Income before income taxes** | $22.5 | $17.8 | | **Net income attributable to the Company** | $17.5 | $13.9 | | **Basic net income per share** | $0.30 | $0.24 | [Summary Balance Sheet (Unaudited)](index=6&type=section&id=Summary%20Balance%20Sheet%20(Unaudited)) The balance sheet shows total assets of $1,547.4 million and total equity of $739.1 million as of March 31, 2025 Summary Balance Sheet (Unaudited) ($ in millions) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $94.5 | $88.8 | | **Total assets** | **$1,547.4** | **$1,538.6** | | **Liabilities and Equity** | | | | Debt, net | $434.8 | $437.8 | | **Total liabilities** | **$808.3** | **$801.9** | | **Total equity** | **$739.1** | **$736.7** | | **Total liabilities and equity** | **$1,547.4** | **$1,538.6** | [Reconciliation of Non-GAAP Financial Measures (Unaudited)](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures%20(Unaudited)) This schedule reconciles the non-GAAP measure EBITDA of $39.8 million to the GAAP measure of Net Income for Q1 2025 EBITDA Reconciliation (Unaudited) ($ in millions) | | Quarter Ended March 31, | | | :--- | :--- | :--- | | | **2025** | **2024** | | **Net income attributable to the Company** | **$17.5** | **$13.9** | | Plus: Interest expense | $7.8 | $8.5 | | Less: Investment income, net | ($3.4) | ($3.4) | | Plus: Income tax expense | $5.8 | $4.7 | | Plus: Depreciation, depletion and amortization | $12.1 | $11.2 | | **EBITDA** | **$39.8** | **$34.9** | [Important Notice Regarding Forward-Looking Statements](index=7&type=section&id=Important%20Notice%20Regarding%20Forward-Looking%20Statements) This section cautions that the report contains forward-looking statements subject to significant risks and uncertainties detailed in SEC filings - The report contains forward-looking statements concerning growth, capital allocation, and new projects, which are subject to risks and uncertainties[33](index=33&type=chunk) - Key risk factors include economic conditions, competition, interest rate fluctuations, supply chain disruptions, regulatory changes, and dependence on regional population growth[34](index=34&type=chunk)[36](index=36&type=chunk) [About The St. Joe Company](index=8&type=section&id=About%20The%20St.%20Joe%20Company) The St. Joe Company is a diversified real estate development, asset management, and operating company focused on its assets in Northwest Florida - The St. Joe Company is a real estate development, asset management, and operating company with assets and operations concentrated in Northwest Florida[38](index=38&type=chunk)

Group 1 - The core idea presented is that the price paid for an asset does not necessarily reflect its intrinsic value, as illustrated by the example of St. Joe (NYSE: JOE) [1] - The analysis emphasizes the importance of fundamental aspects of companies, including sector performance, competitive advantages, and management quality [1] Group 2 - The article does not provide any specific financial data or performance metrics related to St. Joe or the real estate sector [2][3]

Group 1 - Building Benjamins is a free stock picking and market commentary investment newsletter published by Tradition Investment Management, LLC [1] - Benjamin Halliburton, the founder, has a notable background in investment, having founded Tradition Capital Management in 2000 and received multiple accolades for his performance [1] - Halliburton has extensive experience in the investment field, starting his career at Merrill Lynch in 1986 and earning an MBA with a focus on finance from Duke's Fuqua School of Business in 1990 [1] Group 2 - Halliburton was recognized as the top-performing portfolio manager at Brundage, Story and Rose, where his "Disciplined Growth Strategy" outperformed the S&P 500 during the 1990s bull market [1] - He was the youngest partner at his firm and received high praise from senior managing partners for his investment skills [1]