圣乔 2026年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended June30,2026 or TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromtoCommission file number: 1-10466 The St. Joe Company(Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required tofile such reports), and (2)has been subject to such filing requirements for the past 90days.YES☑NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorterperiod that the registrant was required to submit such files).YES☑NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Largeacceleratedfiler☑Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).YES☐NO☑ As of July 27, 2026, there were 56,930,451 shares of common stock, no par value, outstanding. THE ST. JOE COMPANYINDEX PARTI - FINANCIAL INFORMATION Item1. Financial Statements (Unaudited)3Condensed Consolidated Balance Sheets- June30, 2026 and December31, 20253Condensed Consolidated Statements of Income- Three and Six Months Ended June30, 2026 and20255Condensed Consolidated Statements of Comprehensive Income- Three and Six Months Ended June30, 2026 and 20256Condensed Consolidated Statements of Equity- Three and Six Months Ended June 30, 2026 and20257Condensed Consolidated Statements of Cash Flows- Six Months Ended June 30, 2026 and 20259Notesto the Condensed Consolidated Financial Statements11Item2. Management’s Discussion and Analysis of Financial Condition and Results of Operations47Item3. Quantitative and Qualitative Disclosures About Market Risk77Item4. Controls and Procedures77PARTII - OTHER INFORMATIONItem1. Legal Proceedings77Item1A. Risk Factors78Item2. Unregistered Sales of Equity Securities and Use of Proceeds78Item3. Defaults Upon Senior Securities78Item4. Mine Safety Disclosures78Item5. Other Information78Item6. Exhibits79SIGNATURES79 PARTI- FINANCIAL INFORMATION THE ST. JOE COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in thousands)(Unaudited) THE ST. JOE COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in thousands)(Unaudited) The following presents the portion of the condensed consolidated balances attributable to theCompany’s consolidated joint ventures (“JV”), which as of June30,2026 and December31,2025, includethe Pier Park North JV (“Pier Park North JV”), Pier Park Crossings LLC (“Pier Park Crossings JV”),Origins Crossings, LLC (“Watersound Origins Crossings JV”), Pier Park Crossings Phase II LLC (“PierPark Crossings Phase II JV”), Mexico Beach Crossings, LLC (“Mexico Beach Crossings JV”), Pier ParkResort Hotel, LLC (“Pier Park Resort Hotel JV”), the 30A Greenway Hotel, LLC (“The Lodge 30A JV”),Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC. As ofDecember 31, 2025, condensed consolidated balances attributable to the Company’s JVs also includeSJWCSL, LLC (“Watercrest JV”). See Note2.Summary of Significant Accounting Policies. Basis ofPresentation and Principles of Consolidationand Note 4.Joint Venturesfor additional information. Thefollowing assets may only be used to settle obligations of the consolidated JVs and the following liabilitiesare 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 Note8.Debt, Net. THE ST. JOE COMPANYCONDENSED CONSOLIDATED STATEMENTS OF INCOME(Dollars in thousands except per share amounts) See accompanying notes to the condensed consolidated financial statements. THE ST. JOE COMPANYCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Dollars in thousands)(Unaudited) THE ST. JOE COMPANYCONDENSED CONSOLIDATED STATEMENTS OF EQUITY(Dollars in thousands)(Unaudited) THE ST. JOE COMPANYCONDENSED CONSOLIDATED STATEMENTS OF EQUITY(Dollars in thousands)(Unaudited) THE ST. JOE COMPANYCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in thousands)(Unaudited