Here’s Why Praetorian Capital Favors St. Joe (JOE)

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]