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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 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

The St. Joe Company

(Exact name of registrant as specified in its charter)


Florida	59-0432511
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

130 Richard Jackson Boulevard, Suite 200
Panama City Beach, Florida	32407
(Address of principal executive offices)	(Zip Code)

(850) 231-6400

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Exchange on Which Registered
Common Stock, no par value	JOE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☑ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period 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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☑

As of April 21, 2025, there were 58,222,315 shares of common stock, no par value, outstanding.

Table of Contents

THE ST. JOE COMPANY

INDEX


	Page No.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)	3
Condensed Consolidated Balance Sheets - March 31, 2025 and December 31, 2024	3
Condensed Consolidated Statements of Income - Three Months Ended March 31, 2025 and 2024	5
Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2025 and 2024	6
Condensed Consolidated Statements of Equity - Three Months Ended March 31, 2025 and 2024	7
Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2025 and 2024	8
Notes to the Condensed Consolidated Financial Statements	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3. Quantitative and Qualitative Disclosures About Market Risk	67
Item 4. Controls and Procedures	68
PART II - OTHER INFORMATION
Item 1. Legal Proceedings	68
Item 1A. Risk Factors	68
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	68
Item 3. Defaults Upon Senior Securities	69
Item 4. Mine Safety Disclosures	69
Item 5. Other Information	69
Item 6. Exhibits	69
SIGNATURES	70

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)


	March 31,		December 31,
	2025		2024
ASSETS
Investment in real estate, net	$	1,047,039	$	1,040,428
Investment in unconsolidated joint ventures		71,844		66,454
Cash and cash equivalents		94,535		88,756
Other assets		74,666		80,318
Property and equipment, net of accumulated depreciation of $100,035 and $95,339 as of March 31, 2025 and December 31, 2024, respectively		56,188		59,107
Investments held by special purpose entities		203,115		203,511
Total assets	$	1,547,387	$	1,538,574
LIABILITIES AND EQUITY
Liabilities:
Debt, net	$	434,824	$	437,754
Accounts payable and other liabilities		62,052		53,969
Deferred revenue		60,901		59,274
Deferred tax liabilities, net		71,990		72,358
Senior Notes held by special purpose entity		178,567		178,484
Total liabilities		808,334		801,839

Commitments and contingencies (Note 17)

Equity:
Common stock, no par value; 180,000,000 shares authorized; 58,345,929 and 58,326,521 issued at March 31, 2025 and December 31, 2024, respectively; and 58,222,315 and 58,326,521 outstanding at March 31, 2025 and December 31, 2024, respectively		268,978		268,668
Retained earnings		463,488		454,193
Accumulated other comprehensive income		1,114		1,419
Treasury stock at cost, 123,614 shares held at March 31, 2025		(5,728)		—
Total stockholders’ equity		727,852		724,280
Non-controlling interest		11,201		12,455
Total equity		739,053		736,735
Total liabilities and equity	$	1,547,387	$	1,538,574

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

The following presents the portion of the condensed consolidated balances attributable to the Company’s consolidated joint ventures (“JV”), which, as of March 31, 2025 and December 31, 2024, include the Pier Park North JV (“Pier Park North JV”), Pier Park Crossings LLC (“Pier Park Crossings JV”), Origins Crossings, LLC (“Watersound Origins Crossings JV”), SJWCSL, LLC (“Watercrest JV”), Pier Park Crossings Phase II LLC (“Pier Park Crossings Phase II JV”), Mexico Beach Crossings, LLC (“Mexico Beach Crossings JV”), Pier Park Resort 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 of December 31, 2024, condensed consolidated balances attributable to the Company’s consolidated JVs also include Watersound Closings & Escrow, LLC (“Watersound Closings JV”). See Note 2. Summary of Significant Accounting Policies. Basis of Presentation and Principles of Consolidation and 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 8. Debt, Net.


	March 31,		December 31,
	2025		2024
ASSETS
Investment in real estate, net	$	254,311	$	256,275
Cash and cash equivalents		4,972		4,458
Other assets		10,883		14,288
Property and equipment, net		16,118		17,487
Investments held by special purpose entities		203,115		203,511
Total assets	$	489,399	$	496,019
LIABILITIES
Debt, net	$	270,866	$	272,102
Accounts payable and other liabilities		6,148		7,401
Deferred revenue		234		279
Senior Notes held by special purpose entity		178,567		178,484
Total liabilities	$	455,815	$	458,266

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

(Unaudited)


	Three Months Ended
	March 31,
	2025		2024
Revenue:
Real estate revenue	$	38,319	$	34,188
Hospitality revenue		39,636		39,257
Leasing revenue		16,242		14,342
Total revenue		94,197		87,787
Expenses:
Cost of real estate revenue		18,839		16,033
Cost of hospitality revenue		32,404		30,343
Cost of leasing revenue		7,350		7,175
Corporate and other operating expenses		6,580		7,102
Depreciation, depletion and amortization		12,130		11,182
Total expenses		77,303		71,835
Operating income		16,894		15,952
Other income (expense):
Investment income, net		3,428		3,441
Interest expense		(7,775)		(8,553)
Gain on contributions to unconsolidated joint ventures		—		14
Equity in income from unconsolidated joint ventures		10,159		7,360
Other expense, net		(230)		(463)
Total other income, net		5,582		1,799
Income before income taxes		22,476		17,751
Income tax expense		(5,808)		(4,649)
Net income		16,668		13,102
Net loss attributable to non-controlling interest		793		813
Net income attributable to the Company	$	17,461	$	13,915

NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY
Basic	$	0.30	$	0.24
Diluted	$	0.30	$	0.24

WEIGHTED AVERAGE SHARES OUTSTANDING
Basic		58,244,040		58,320,489
Diluted		58,257,920		58,341,335

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2025		2024
Net income:	$	16,668	$	13,102
Other comprehensive (loss) income:
Interest rate swaps		(213)		751
Interest rate swap - unconsolidated joint venture		(2)		93
Reclassification of net realized gain included in earnings		(355)		(485)
Total before income taxes		(570)		359
Income tax benefit (expense)		103		(67)
Total other comprehensive (loss) income, net of tax		(467)		292
Total comprehensive income, net of tax		16,201		13,394
Total comprehensive loss attributable to non-controlling interest		955		719
Total comprehensive income attributable to the Company	$	17,156	$	14,113

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Dollars in thousands)

(Unaudited)



	Common Stock						Accumulated Other
	Outstanding				Retained		Comprehensive		Treasury		Non-controlling
	Shares		Amount		Earnings		Income (Loss)		Stock		Interest		Total
Balance at December 31, 2024	58,326,521	$	268,668	$	454,193	$	1,419	$	—	$	12,455	$	736,735
Capital distributions to non-controlling interest	—		—		—		—		—		(299)		(299)
Issuance of restricted stock	19,408		—		—		—		—		—		—
Stock based compensation expense	—		310		—		—		—		—		310
Repurchase of common stock, including excise tax	(123,614)		—		—		—		(5,728)		—		(5,728)
Dividends ($0.14 per share)	—		—		(8,166)		—		—		—		(8,166)
Other comprehensive loss, net of tax	—		—		—		(305)		—		(162)		(467)
Net income (loss)	—		—		17,461		—		—		(793)		16,668
Balance at March 31, 2025	58,222,315	$	268,978	$	463,488	$	1,114	$	(5,728)	$	11,201	$	739,053



	Common Stock						Accumulated Other
	Outstanding				Retained		Comprehensive		Treasury		Non-controlling
	Shares		Amount		Earnings		Income		Stock		Interest		Total
Balance at December 31, 2023	58,372,040	$	270,848	$	410,371	$	1,843	$	—	$	15,428	$	698,490
Capital distributions to non-controlling interest	—		—		—		—		—		(239)		(239)
Issuance of restricted stock, net of forfeitures	25,466		—		—		—		—		—		—
Stock based compensation expense	—		231		—		—		—		—		231
Dividends ($0.12 per share)	—		—		(7,006)		—		—		—		(7,006)
Other comprehensive income, net of tax	—		—		—		198		—		94		292
Net income (loss)	—		—		13,915		—		—		(813)		13,102
Balance at March 31, 2024	58,397,506	$	271,079	$	417,280	$	2,041	$	—	$	14,470	$	704,870

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2025		2024
Cash flows from operating activities:
Net income	$	16,668	$	13,102
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		12,130		11,182
Stock based compensation		310		231
Equity in income from unconsolidated joint ventures		(10,159)		(7,360)
Distribution of earnings from unconsolidated joint ventures		7,074		4,148
Deferred income tax		(264)		719
Cost of real estate sold		17,591		14,829
Expenditures for and acquisition of real estate to be sold		(27,177)		(17,180)
Accretion income and other		(574)		(456)
Amortization of debt issuance costs		232		250
Loss on disposal of property and equipment		46		528
Gain on contributions to unconsolidated joint ventures		—		(14)
Gain on insurance for damage to property and equipment, net		—		(178)
Loss on extinguishment of debt		47		—
Changes in operating assets and liabilities:
Other assets		3,832		2,112
Deferred revenue		1,667		1,866
Accounts payable and other liabilities		7,593		3,829
Net cash provided by operating activities		29,016		27,608
Cash flows from investing activities:
Expenditures for operating property		(4,402)		(11,890)
Expenditures for property and equipment		(1,168)		(2,384)
Proceeds from the disposition of assets		59		74
Proceeds from insurance claims		—		178
Capital contributions to unconsolidated joint ventures		(1,479)		(1,156)
Capital distributions from unconsolidated joint ventures		—		75
Maturities of assets held by special purpose entities		416		414
Net cash used in investing activities		(6,574)		(14,689)
Cash flows from financing activities:
Capital distributions to non-controlling interest		(299)		(239)
Repurchase of common stock		(5,685)		—
Dividends paid		(8,157)		(7,001)
Borrowings on debt		27,832		91
Principal payments for debt		(30,378)		(2,269)
Principal payments for finance leases		(33)		(43)
Debt issuance costs		(384)		—
Net cash used in financing activities		(17,104)		(9,461)
Net increase in cash, cash equivalents and restricted cash		5,338		3,458
Cash, cash equivalents and restricted cash at beginning of the period		96,316		90,770
Cash, cash equivalents and restricted cash at end of the period	$	101,654	$	94,228

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

(Dollars in thousands)

(Unaudited)

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows.



	March 31,		March 31,
	2025		2024
Cash and cash equivalents	$	94,535	$	89,768
Restricted cash included in other assets		7,119		4,460
Total cash, cash equivalents and restricted cash shown in the accompanying condensed consolidated statements of cash flows	$	101,654	$	94,228

Restricted cash includes amounts reserved as a requirement of financing, development for certain of the Company’s projects or long-term mitigation bank management.


	Three Months Ended
	March 31,
		2025	2024
Cash paid during the period for:
Interest, net of amounts capitalized	$	9,743	$	10,428
Federal income taxes, net	$	4,500	$	5,000
State income taxes, net	$	1,150	$	—

Non-cash investing and financing activities:
Non-cash contributions to unconsolidated joint ventures	$	—	$	(106)
Increase in Community Development District debt, net	$	—	$	357
Transfers of expenditures for operating property to property and equipment	$	468	$	1,173
Increase in expenditures for operating properties and property and equipment financed through accounts payable	$	1,317	$	915
Unrealized (loss) gain on cash flow hedges	$	(215)	$	751

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, unless otherwise stated)

(Unaudited)

1. Nature of Operations

The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) is a diversified Florida real estate development, asset management and operating company with all of its real estate assets and operations in Northwest Florida. Approximately 87% of the Company’s real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of the Company’s real estate land holdings are located within fifteen miles of the Gulf of Mexico.

The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. See Note 16. Segment Information for additional information.

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries, voting interest entities where the Company has a majority voting interest or control and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs in which the Company is not the primary beneficiary, or a voting interest entity where the Company does not have a majority voting interest or control, but has significant influence are unconsolidated and accounted for by the equity method of accounting. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2024 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2024 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. The reclassifications had no effect on the Company’s previously reported total assets and liabilities, equity or net income. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary of the VIE. The Company continues to evaluate whether it is the primary beneficiary as needed when assessing reconsideration events. See Note 4. Joint Ventures for additional information.

The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2024 annual financial statements, except for any recently adopted accounting pronouncements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.

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Concentration of Risks and Uncertainties

All of the Company’s real estate assets are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s operations and asset values.

Throughout the first three months of 2025, the Company continued to generate positive financial results. While macroeconomic factors such as tariffs, inflation, elevated interest rates, higher insurance costs, supply chain disruptions, labor shortages, financial institution disruptions and geopolitical conflicts, among other things, continued to produce economic headwinds and impacted buyer sentiment, demand across the Company’s segments remains strong. The Company believes this is primarily due to the continued growth of Northwest Florida as a result of increased migration, which the Company attributes to the region’s high quality of life, natural beauty and outstanding amenities.

Despite the strong demand across the Company’s segments, the Company also continues to feel the impact from the aforementioned macroeconomic factors. In addition, inflation, higher insurance costs and elevated interest rates, have increased operating costs and loan rates, as compared to recent years. While elevated interest rates have negatively impacted buyers’ ability to obtain financing and the housing market generally, the impact has been offset by the net migration into the Company’s markets, limited housing supply relative to demand and the number of cash buyers. Market conditions have not caused an increase in cancellation rates as homebuilders have continued to perform on their contractual obligations with the Company.

The Company’s operations may be affected by seasonal fluctuations. The revenues and earnings from the Company’s business segments may vary significantly from period to period. Homebuilders tend to buy multiple homesites in sporadic transactions. In addition, homesite prices vary significantly by community, which further impacts period over period results. Therefore, there may be reporting periods in which the Company has no, or significantly less, revenue from residential or commercial real estate sales. The Company may also choose to operate rather than lease assets, lease rather than sell assets, or sell improved rather than unimproved land that may delay revenue and profits.

Hospitality revenues are typically higher in the second and third quarters, and vary depending on the timing of holidays and school breaks. Commercial real estate sales tend to be non-recurring. Projects depend on uncertain demand. Extraordinary events such as hurricanes or public health emergencies may dramatically change demand and pricing for products and services.

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, other receivables and investments held by special purpose entity or entities (“SPE”). The Company deposits and invests cash with local, regional and national financial institutions, and as of March 31, 2025, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2025, the Company had $59.0 million invested in short-term U.S. Treasury Bills and $3.1 million invested in U.S. Treasury Money Market Funds classified as cash and cash equivalents.

Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to the Company by the basic weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. The treasury stock method is used to determine the effect on diluted earnings. For the three months ended March 31, 2025 and 2024, the Company had 60,217 and 65,688, respectively, unvested shares of restricted stock. For the three months ended March 31, 2025 and 2024, 46,337 and 44,842, respectively, potentially dilutive restricted stock units were excluded from the calculation of diluted income per share, since the effect would have been anti-dilutive based on the application of the treasury stock method. See Note 13. Stockholders’ Equity for additional information related to the issuance of common stock for employee compensation.

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The computation of basic and diluted earnings per share are as follows:


	Three Months Ended March 31,
	2025		2024

	(Dollars in thousands except per share amounts)
Income
Net income attributable to the Company	$	17,461	$	13,915

Shares
Weighted average shares outstanding - basic		58,244,040		58,320,489
Incremental shares from restricted stock		13,880		20,846
Weighted average shares outstanding - diluted		58,257,920		58,341,335

Net income per share attributable to the Company
Basic income per share	$	0.30	$	0.24
Diluted income per share	$	0.30	$	0.24

Recently Adopted Accounting Pronouncements

There have been no recently adopted accounting pronouncements which would have a material effect on the Company’s financial condition, results of operations and cash flows other than those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Recently Issued Accounting Pronouncements

Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) that requires additional disclosure in the notes to the financial statements information about specific costs and expense categories, including purchases of inventory, employee compensation, depreciation, intangible asset amortization and selling expenses, as well as qualitative descriptions for certain other expenses. This guidance will be effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance should be applied either prospectively for periods after the effective date or retrospectively to all prior periods presented. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations, cash flows and related disclosures.

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3. Investment in Real Estate, Net

Investment in real estate, net, excluding unconsolidated JVs, by property type and segment includes the following:


	March 31,		December 31,
	2025		2024
Development property:
Residential	$	156,904	$	149,499
Hospitality		12,530		13,342
Commercial		81,454		78,453
Other		4,515		4,234
Total development property		255,403		245,528

Operating property:
Residential		10,254		10,254
Hospitality		445,479		443,291
Commercial		485,399		483,643
Total operating property		941,132		937,188
Less: Accumulated depreciation		149,496		142,288
Total operating property, net		791,636		794,900
Investment in real estate, net	$	1,047,039	$	1,040,428

Investment in real estate, net is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable.

Development property consists of land the Company is developing or intends to develop for sale, lease or future operations and includes direct costs associated with the land, as well as development, construction and indirect costs. Residential development property includes existing and planned residential homesites and related infrastructure. Hospitality development property consists of land, as well as development costs related to improvements to existing properties and design costs for other hospitality assets. Commercial development property primarily consists of land and construction and development costs for planned commercial, multi-family and industrial uses. Development property in the hospitality and commercial segments will be reclassified as operating property as it is placed into service.

Operating property includes property that the Company uses for operations and activities. Residential operating property consists primarily of residential utility assets and certain rental properties. Hospitality operating property primarily consists of existing hotels, resorts, clubs, vacation rental homes, marinas and other operations. Commercial operating property includes property used for retail, office, self-storage, light industrial, multi-family, senior living, commercial rental and timber purposes. Operating property may be sold in the future as part of the Company’s principal real estate business. As of March 31, 2025 and December 31, 2024, operating property, net related to operating leases was $392.2 million and $395.2 million, respectively.

4. Joint Ventures

The Company enters into JVs, from time to time, for the purpose of developing real estate and other business activities in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of voting interest entities where the Company has a majority voting interest or control and VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (i) the power to direct the VIE activities that most significantly impact economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to evaluate whether it is the primary beneficiary as needed when assessing reconsideration events. Investments in JVs in which the Company is not the primary beneficiary, or a voting interest entity where the Company does not have a majority voting interest or control, but has significant influence are unconsolidated and accounted for by the equity method of accounting.

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The timing of cash flows for additional required capital contributions related to the Company’s JVs varies by agreement. Some of the Company’s consolidated and unconsolidated JVs have entered into financing agreements where the Company or its JV partners have provided guarantees. See Note 8. Debt, Net and Note 17. Commitments and Contingencies for additional information. The Company provides mitigation bank credits, impact and other fees, property for lease and services to certain unconsolidated JVs and incurs expense for leasing management services from the Company’s unconsolidated Watersound Management, LLC (“Watersound Management JV”), see Note 18. Related Party Transactions for additional information.

Consolidated Joint Ventures

Mexico Beach Crossings JV

Mexico Beach Crossings JV was formed in 2022, when the Company entered into a JV agreement to develop, manage and lease a 216-unit multi-family community in Mexico Beach, Florida. As of March 31, 2025 and December 31, 2024, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Mexico Beach Crossings JV is a voting interest entity as of March 31, 2025 and December 31, 2024.

The Lodge 30A JV

The Lodge 30A JV was formed in 2020, when the Company entered into a JV agreement to develop and operate an 85-room boutique hotel on Scenic County Highway 30A in Seagrove Beach, Florida. As of March 31, 2025 and December 31, 2024, the Company owned a 52.8% interest in the consolidated JV. A wholly-owned subsidiary of the Company manages the day-to-day operations of the hotel. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined The Lodge 30A JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2025 and December 31, 2024.

Pier Park Resort Hotel JV

Pier Park Resort Hotel JV was formed in 2020, when the Company entered into a JV agreement to develop and operate a 255-room Embassy Suites by Hilton hotel in the Pier Park area of Panama City Beach, Florida. As of March 31, 2025 and December 31, 2024, the Company owned a 70.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company manages the day-to-day operations of the hotel. The Company has significant involvement in the project design and development, annual budgets and financing. The Company determined Pier Park Resort Hotel JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2025 and December 31, 2024.

Pier Park Crossings Phase II JV

Pier Park Crossings Phase II JV was formed in 2019, when the Company entered into a JV agreement to develop, manage and lease a 120-unit multi-family community in the Pier Park area of Panama City Beach, Florida. As of March 31, 2025 and December 31, 2024, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings Phase II JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2025 and December 31, 2024.

Watersound Closings JV

Watersound Closings JV was formed in 2019, when the Company entered into a JV agreement to own, operate and manage a real estate title insurance agency business. In the first quarter of 2025, the Watersound Closings JV ceased operations of its business, distributed final partner equity and transitioned future business to Watersound Title Agency, LLC, a wholly-owned subsidiary of the Company.

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Watercrest JV

Watercrest JV was formed in 2019, when the Company entered into a JV agreement to develop and operate a 107-unit senior living community in Santa Rosa Beach, Florida. As of March 31, 2025 and December 31, 2024, the Company owned an 87.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Watercrest JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2025 and December 31, 2024.

Watersound Origins Crossings JV

Watersound Origins Crossings JV was formed in 2019, when the Company entered into a JV agreement to develop, manage and lease a 217-unit multi-family community near the entrance to the Watersound Origins residential community. As of March 31, 2025 and December 31, 2024, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2025 and December 31, 2024.

Pier Park Crossings JV

Pier Park Crossings JV was formed in 2017, when the Company entered into a JV agreement to develop, manage and lease a 240-unit multi-family community in the Pier Park area of Panama City Beach, Florida. As of March 31, 2025 and December 31, 2024, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2025 and December 31, 2024.

Pier Park North JV

During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of March 31, 2025 and December 31, 2024, the Company owned a 90.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the retail center. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park North JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2025 and December 31, 2024.

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Unconsolidated Joint Ventures

Investment in unconsolidated joint ventures includes the Company’s investment accounted for using the equity method. The following table presents details of the Company’s investment in unconsolidated joint ventures and total outstanding debt of unconsolidated JVs:


	March 31,		December 31,
	2025		2024
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	59,623	$	53,399
Watersound Fountains Independent Living JV		4,311		3,857
Pier Park TPS JV^(a)		—		—
Pier Park RI JV		4,110		5,211
Busy Bee JV		2,469		2,642
Electric Cart Watersound JV		776		781
Watersound Management JV		555		564
Total investment in unconsolidated joint ventures	$	71,844	$	66,454

Outstanding debt principal of unconsolidated JVs
Latitude Margaritaville Watersound JV^{(b) (c)}	$	25,904	$	41,246
Watersound Fountains Independent Living JV^(c)		42,075		41,683
Pier Park TPS JV^(c)		13,069		13,161
Pier Park RI JV		24,948		24,948
Busy Bee JV		5,280		5,365
Electric Cart Watersound JV ^(c)		4,796		4,838
Total outstanding debt principal of unconsolidated JVs	$	116,072	$	131,241

(a)

As of March 31, 2025 and December 31, 2024, the Company’s investment in the unconsolidated joint venture was below zero due to cash distributions and depreciation and amortization expense. As of March 31, 2025 and December 31, 2024, the Company’s investment in the unconsolidated joint venture is included within accounts payable and other liabilities on the condensed consolidated balance sheets.

(b)	See Note 17. Commitments and Contingencies for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV.

(c)	See Note 17. Commitments and Contingencies for additional information related to outstanding debt.

The Company had approximately $26.3 million in cumulative undistributed earnings from its unconsolidated JVs included within investment in unconsolidated joint ventures as of March 31, 2025. During the three months ended March 31, 2025 and 2024, the Company received distributions from unconsolidated JVs totaling $7.1 million and $4.2 million, respectively. The Company's maximum exposure to loss due to involvement with the unconsolidated JVs as of March 31, 2025 was $120.4 million, which includes the carrying amounts of the investments, guarantees, promissory note receivable, other receivables and derivative instruments. See Note 17. Commitments and Contingencies for additional information related to the promissory note receivable and debt guaranteed by the Company with respect to its involvement with unconsolidated JVs.

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The following table presents details of the Company’s equity in income (loss) from unconsolidated JVs:


	Three Months Ended March 31,
	2025		2024
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV^(a)	$	12,700	$	8,279
Watersound Fountains Independent Living JV^(b)		(1,026)		(726)
Pier Park TPS JV		(273)		(213)
Pier Park RI JV^(c)		(1,100)		—
Busy Bee JV^(d)		(173)		21
Electric Cart Watersound JV^(e)		(5)		(25)
Watersound Management JV		36		24
Total equity in income from unconsolidated joint ventures	$	10,159	$	7,360

(a)	During the three months ended March 31, 2025 and 2024, the Latitude Margaritaville Watersound JV completed 192 and 177 home sale transactions, respectively.

(b)	The community opened in March 2024 and is currently under lease-up.

(c)	The hotel opened in April 2024. Activity in the current period primarily includes start-up, depreciation and interest expenses for the project.

(d)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.

(e)	An additional sales showroom located in the Watersound Town Center opened in June 2024.

Summarized balance sheets for the Company’s unconsolidated JVs are as follows:


	March 31, 2025
	Latitude Margaritaville Watersound JV			Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV		Total
ASSETS
Investment in real estate, net	$	120,780	^(a)	$	50,075	$	11,872	$	32,777	$	8,049	$	5,091	$	—	$	228,644
Cash and cash equivalents		45,187			2,100		244		301		725		726		97		49,380
Other assets		1,054			793		282		199		2,010		761		25		5,124
Total assets	$	167,021		$	52,968	$	12,398	$	33,277	$	10,784	$	6,578	$	122	$	283,148

LIABILITIES AND EQUITY
Debt, net	$	25,764		$	41,885	$	13,010	$	24,691	$	5,280	$	4,735	$	—	$	115,365
Accounts payable and other liabilities		40,166			2,758		288		365		549		322		—		44,448
Equity (deficit)		101,091			8,325		(900)		8,221		4,955		1,521		122		123,335
Total liabilities and equity	$	167,021		$	52,968	$	12,398	$	33,277	$	10,784	$	6,578	$	122	$	283,148

(a)	Investment in real estate, net includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.

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	December 31, 2024
	Latitude Margaritaville Watersound JV			Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV		Total
ASSETS
Investment in real estate, net	$	157,336	^(a)	$	50,822	$	12,231	$	34,576	$	8,144	$	5,154	$	—	$	268,263
Cash and cash equivalents		27,706			405		279		529		915		656		104		30,594
Other assets		2,092			382		428		235		1,921		824		33		5,915
Total assets	$	187,134		$	51,609	$	12,938	$	35,340	$	10,980	$	6,634	$	137	$	304,772

LIABILITIES AND EQUITY
Debt, net	$	41,054		$	41,482	$	13,102	$	24,608	$	5,365	$	4,775	$	—	$	130,386
Accounts payable and other liabilities		59,832			2,794		128		310		382		328		—		63,774
Equity (deficit)		86,248			7,333		(292)		10,422		5,233		1,531		137		110,612
Total liabilities and equity	$	187,134		$	51,609	$	12,938	$	35,340	$	10,980	$	6,634	$	137	$	304,772

(a)	Investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.

Summarized statements of operations for the Company’s unconsolidated JVs are as follows:


	Three Months Ended March 31, 2025
	Latitude Margaritaville Watersound JV^(a)		Watersound Fountains Independent Living JV ^(b)		Pier Park TPS JV		Pier Park RI JV ^(c)		Busy Bee JV			Electric Cart Watersound JV ^(e)		Watersound Management JV			Total
Total revenue	$	116,402	$	741	$	647	$	784	$	2,922		$	1,073	$	663	$	123,232
Expenses:
Cost of revenue		86,202		1,215		664		703		2,919			953		591		93,247
Other operating expenses		4,711		—		—		—		—			—		—		4,711
Depreciation and amortization		132		752		360		1,167		134			62		—		2,607
Total expenses		91,045		1,967		1,024		1,870		3,053			1,015		591		100,565
Operating income (loss)		25,357		(1,226)		(377)		(1,086)		(131)			58		72		22,667
Other (expense) income:
Interest expense		—		(687)		(169)		(411)		(34)			(73)		—		(1,374)
Other income (expense), net		43		5		—		(704)		(112)	^(d)		6		—		(762)
Total other income (expense), net		43		(682)		(169)		(1,115)		(146)			(67)		—		(2,136)
Net income (loss)	$	25,400	$	(1,908)	$	(546)	$	(2,201)	$	(277)		$	(9)	$	72	$	20,531

(a)	The Latitude Margaritaville Watersound JV completed 192 home sale transactions during the three months ended March 31, 2025.

(b)	The community opened in March 2024 and is currently under lease-up.

(c)	The hotel opened in April 2024. Activity primarily includes start-up, depreciation and interest expenses for the project.

(d)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.

(e)	An additional sales showroom located in the Watersound Town Center opened in June 2024.

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	Three Months Ended March 31, 2024
	Latitude Margaritaville Watersound JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Pier Park RI JV ^(c)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV		Total
Total revenue	$	90,209	$	96	$	768	$	—	$	3,151		$	925	$	612	$	95,761
Expenses:
Cost of revenue		68,964		737		649		—		3,074			827		565		74,816
Other operating expenses		4,586		—		—		—		—			—		—		4,586
Depreciation and amortization		133		218		360		—		133			62		—		906
Total expenses		73,683		955		1,009		—		3,207			889		565		80,308
Operating income (loss)		16,526		(859)		(241)		—		(56)			36		47		15,453
Other (expense) income:
Interest expense		—		(500)		(189)		—		(42)			(84)		—		(815)
Other income, net		32		9		4		—		89	^(d)		—		—		134
Total other income (expense), net		32		(491)		(185)		—		47			(84)		—		(681)
Net income (loss)	$	16,558	$	(1,350)	$	(426)	$	—	$	(9)		$	(48)	$	47	$	14,772

(a)	The Latitude Margaritaville Watersound JV completed 177 home sale transactions during the three months ended March 31, 2024.

(b)	The community opened in March 2024. Activity includes pre-opening and lease-up expenses for the project.

(c)	The project was under construction with no income or loss for the three months ended March 31, 2024.

(d)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.

Latitude Margaritaville Watersound JV

LMWS, LLC (“Latitude Margaritaville Watersound JV”) was formed in 2019, when the Company entered into a JV agreement to develop a 55+ active adult residential community in Bay County, Florida. As of March 31, 2025, the Latitude Margaritaville Watersound JV had 264 homes under contract and has completed 1,855 home sale transactions of the total estimated 3,500 homes planned in the community. As of March 31, 2025 and December 31, 2024, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV was $59.6 million and $53.4 million, respectively, which includes the net present value of the land contribution, cash contributions, additional completed infrastructure improvements and equity in income, less distributions. During the three months ended March 31, 2025 and 2024, the Company received $7.0 million and $4.1 million, respectively, of cash distributions from the JV. As of March 31, 2025, the Company completed $8.4 million of the $9.2 million total agreed upon infrastructure improvements. As of March 31, 2025 and December 31, 2024, the Company owned a 50.0% interest in the JV. The Company’s unimproved land contribution and agreed upon infrastructure improvements are being distributed at an average of $10,000 per home, as each home is sold by the JV.

Per the JV agreement, the Company, as lender, has provided interest-bearing financing in the form of a $10.0 million secured revolving promissory note (the “Latitude JV Note”) to the Latitude Margaritaville Watersound JV, as borrower, to finance the development of the pod-level, non-spine infrastructure. As of both March 31, 2025 and December 31, 2024, there was no balance outstanding on the Latitude JV Note. Future advances, if any, will be repaid by the JV as each home is sold. The day-to-day activities of the JV are being managed through a board of managers, with each JV partner having equal voting rights. The Company has determined that Latitude Margaritaville Watersound JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Latitude Margaritaville Watersound JV is accounted for using the equity method. See Note 17. Commitments and Contingencies for additional information related to the revolving promissory note and guaranty by the Company.

Watersound Fountains Independent Living JV

WOSL, LLC (“Watersound Fountains Independent Living JV”) was formed in 2021. The Company entered into a JV agreement to develop, construct and manage a 148-unit independent senior living community located near the

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Watersound Origins residential community. The community opened in March 2024. As of March 31, 2025 and December 31, 2024, the Company owned a 53.8% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Watersound Fountains Independent Living JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Watersound Fountains Independent Living JV is accounted for using the equity method. See Note 17. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Pier Park TPS JV

Pier Park TPS, LLC (“Pier Park TPS JV”) was formed in 2018. The Company entered into a JV agreement to develop and operate a 124-room hotel in Panama City Beach, Florida. As of March 31, 2025 and December 31, 2024, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Pier Park TPS JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park TPS JV is accounted for using the equity method. See Note 17. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Pier Park RI JV

Pier Park RI, LLC (“Pier Park RI JV”) was formed in 2022. The Company entered into a JV agreement to develop and operate a 121-room hotel in Panama City Beach, Florida. The hotel opened in April 2024. As of March 31, 2025 and December 31, 2024, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Pier Park RI JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park RI JV is accounted for using the equity method. In 2022, the JV entered into a $25.0 million loan (the “Pier Park RI JV Loan”). The Pier Park RI JV Loan bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 2.5% and matures in August 2025. The Pier Park RI JV Loan includes an option for a fixed rate conversion and two options to extend the maturity date by twenty-four months each, upon satisfaction of certain terms and conditions. The loan is secured by real property and certain other security interests. The Company’s JV partner is the sole guarantor and receives a fee related to the guarantee from the Company based on the Company’s ownership percentage. As of both March 31, 2025 and December 31, 2024, $24.9 million was outstanding on the Pier Park RI JV Loan.

Busy Bee JV

SJBB, LLC (“Busy Bee JV”) was formed in 2019, when the Company entered into a JV agreement to construct, own and manage a Busy Bee branded fuel station and convenience store, which includes a Starbucks, in Panama City Beach, Florida. As of March 31, 2025 and December 31, 2024, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Busy Bee JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Busy Bee JV is accounted for using the equity method. In 2019, the JV, entered into a $5.4 million construction loan (the “Busy Bee JV Construction Loan”) and a $1.2 million equipment loan (the “Busy Bee JV Equipment Loan”). The Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan bear interest at SOFR plus 1.6%. The Busy Bee JV Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity in November 2035. The Busy Bee JV Equipment Loan provides for monthly principal and interest payments through maturity in November 2027. The loans are secured by real and personal property and certain other security interests. The Company’s JV partner is the sole guarantor and receives a fee related to the guarantee from the Company based on the Company’s ownership percentage. The Busy Bee JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to SOFR for the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan. The Busy Bee JV Construction Loan interest rate swap matures in November 2035 and fixed the variable rate debt, initially at $5.4 million amortizing to $2.8 million at swap maturity, to a rate of 2.7%. The Busy Bee JV Equipment Loan interest rate swap matures in November 2027 and fixed the variable rate debt, initially at $1.2 million to maturity, to a rate of 2.1%. As of both March 31, 2025 and December 31, 2024, $4.8 million was outstanding

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on the Busy Bee JV Construction Loan. As of both March 31, 2025 and December 31, 2024, $0.5 million was outstanding on the Busy Bee JV Equipment Loan.

Electric Cart Watersound JV

SJECC, LLC (“Electric Cart Watersound JV”) was formed in 2022, when the Company entered into a JV agreement to develop, construct, lease, manage and operate a golf cart and low speed vehicle “LSV” business at the new Watersound West Bay Center adjacent to the Latitude Margaritaville Watersound residential community in Bay County, Florida and at the Watersound Town Center near the Watersound Origins residential community. The Watersound Town Center showroom opened in June 2024 on property leased to the JV by the Company. As of March 31, 2025 and December 31, 2024, the Company owned a 51% interest in the JV. The Company’s JV partner manages the day-to-day operations of the business. The Company has determined Electric Cart Watersound JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Electric Cart Watersound JV is accounted for using the equity method. As of March 31, 2025 and December 31, 2024, the Electric Cart Watersound JV had $2.2 million and $2.4 million, respectively, of floorplan line of credit facilities to finance its golf cart and LSV inventory, which are secured by the JV. Borrowings under the line of credit facility bear interest at various rates based on the number of days outstanding after an interest free period ranging from two to six months. As of both March 31, 2025 and December 31, 2024, the JV had an outstanding principal balance of $0.5 million on these line of credit facilities. See Note 17. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Watersound Management JV

Watersound Management, LLC was formed in 2021, when the Company entered into a JV agreement to lease, manage and operate multi-family housing developments for which the JV is the exclusive renting and management agent. All activity of Watersound Management JV is related to multi-family housing developments owned by the Company or by consolidated JVs of the Company. As of March 31, 2025 and December 31, 2024, the Company owned a 50.0% interest in the JV. During each of the three months ended March 31, 2025 and 2024, the Company received less than $0.1 million of cash distributions from the JV. The day-to-day activities of the JV are being managed through a board of managers, with each JV partner having equal voting rights. The Company has determined that Watersound Management JV is a voting interest entity, but that the Company does not have a majority voting interest. The Company’s investment in Watersound Management JV is accounted for using the equity method. See Note 18. Related Party Transactions for additional information.

5. Financial Instruments and Fair Value Measurements

Fair Value Measurements

The financial instruments measured at fair value on a recurring basis are as follows:


	March 31, 2025
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	3,063	$	—	$	—	$	3,063
U.S. Treasury Bills		58,962		—		—		58,962
	$	62,025	$	—	$	—	$	62,025


	December 31, 2024
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	2,408	$	—	$	—	$	2,408
U.S. Treasury Bills		58,971		—		—		58,971
	$	61,379	$	—	$	—	$	61,379

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Money market funds and U.S. Treasury Bills are measured based on quoted market prices in an active market and categorized within Level 1 of the fair value hierarchy. Money market funds and short-term U.S. Treasury Bills with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s condensed consolidated balance sheets.

Assets and liabilities measured at fair value on a recurring basis related to interest rate swap agreements designated as cash flow hedges are as follows:

Fixed

Notional

Fair

Location in

Effective

Maturity

Interest

Amount as of

Derivative Asset Fair Value

Value

Consolidated

Description

Date

Rate

March 31, 2025

December 31, 2024

Level

Balance Sheets

In Millions

In Thousands

Pier Park Resort Hotel JV Loan^(a)

December 2022

April 2027

3.2%

40.5

2,022

2,560

Other assets

Pier Park TPS JV Loan^(b)

January 2021

January 2026

5.2%

13.1

108

Accounts payable and other liabilities

(a)	See Note 8. Debt, Net for additional information.

(b)

Interest rate swap was entered into by the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method. The derivative asset has been recorded at the Company’s proportionate share of its estimated fair value. The Company’s proportionate share of the gain or loss on the derivative instrument is reported as a component of other comprehensive (loss) income and reclassified into equity in income from unconsolidated joint ventures in the period during which the hedged transaction affects earnings. See Note 4. Joint Ventures and Note 17. Commitments and Contingencies for additional information.

The following is a summary of the effect of derivative instruments on the Company’s condensed consolidated statements of income and condensed consolidated statements of comprehensive income:


	Three Months Ended March 31,
	2025		2024
Amount of net (loss) gain recognized in other comprehensive income	$	(215)	$	844
Amount of net gain reclassified into interest expense	$	(326)	$	(438)
Amount of net gain reclassified into equity in income from unconsolidated joint ventures	$	(29)	$	(47)

As of March 31, 2025, based on current value, the Company expects to reclassify $1.2 million of derivative instruments from accumulated other comprehensive income to earnings during the next twelve months. See Note 12. Accumulated Other Comprehensive Income for additional information.

Investment in Unconsolidated Joint Ventures

The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value. The fair value of the Company’s investment in unconsolidated JVs is determined primarily using a discounted cash flow model to value the underlying net assets or cash flows of the respective JV. The fair value of investment in unconsolidated JVs required to be assessed for impairment is determined using Level 3 inputs in the fair value hierarchy. No impairment for unconsolidated JVs was recorded during the three months ended March 31, 2025 and 2024. See Note 4. Joint Ventures for additional information.

Fair Value of Financial Instruments

The carrying value of the Company’s cash and cash equivalents, restricted cash, receivables, other assets, accounts payable and other liabilities approximate fair value due to the short-term nature of these instruments.

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The Company uses the following methods and assumptions in estimating fair value for financial instruments:

●

The fair value of the investments held by SPE - time deposit is based on the present value of future cash flows at the current market rate.

●

The fair value of the investments held by SPE - U.S. Treasury Bills are measured based on quoted market prices in an active market.

●

The fair value of debt is based on discounted future expected cash flows based on current market rates for financial instruments with similar risks, terms and maturities.

●

The fair value of the senior notes held by SPE is based on the present value of future cash flows at the current market rate.

The carrying amount and estimated fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows:


	March 31, 2025					December 31, 2024
	Carrying		Estimated			Carrying		Estimated
	value		Fair value		Level	value		Fair value		Level
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury Bills	$	2,751	$	2,715	1	$	3,143	$	3,078	1

Senior Notes held by SPE	$	178,567	$	180,373	3	$	178,484	$	178,473	3

Debt
Fixed-rate debt	$	284,510	$	236,934	2	$	258,135	$	206,775	2
Variable-rate debt		155,659		155,659	2		184,581		184,581	2
Total debt	$	440,169	$	392,593		$	442,716	$	391,356

Investments and Senior Notes Held by Special Purpose Entities

In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of March 31, 2025, consist of a $200.0 million time deposit that, subsequent to April 2, 2014, pays interest at 4.0% and matures in March 2029, U.S. Treasuries of $2.7 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of March 31, 2025 consist of $178.6 million, net of the $1.4 million discount and debt issuance costs. Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC are VIEs, which the Company consolidates as the primary beneficiary of each entity.

6. Leases

The Company as Lessor

Leasing revenue consists of rental revenue from multi-family, senior living, self-storage, retail, office and commercial property, marinas, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Variable lease payments primarily include property taxes, insurance, utilities and common area maintenance or payments based on a percentage of sales over specified levels and senior living services. The Company’s leases have remaining lease terms up to the year 2072, some of which include options to terminate or extend.

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The components of leasing revenue are as follows:


	Three Months Ended March 31,
	2025		2024
Leasing revenue
Lease payments	$	13,671	$	12,053
Variable lease payments		2,571		2,289
Total leasing revenue	$	16,242	$	14,342

Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2025, for the years ending December 31 are:


2025	$	25,725
2026		18,988
2027		16,222
2028		12,860
2029		9,843
Thereafter		38,882
	$	122,520

The Company as Lessee

As of March 31, 2025, the Company leased certain office and other equipment under finance leases and had operating leases for property and equipment used in corporate, hospitality and commercial operations with remaining lease terms up to the year 2081. Operating leases also include property for hospitality employee housing. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The Company recognizes short-term (twelve months or less) lease payments in profit or loss on a straight-line basis over the term of the lease and variable lease payments in the period in which the obligation for those payments is incurred.

The components of lease expense are as follows:



	Three Months Ended March 31,
	2025			2024
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	50		$	41
Interest on lease liability		8			5
Operating lease cost		552			197
Variable and short-term lease cost		268			243
Total lease cost	$	878		$	486

Other information
Weighted-average remaining lease term - finance lease (in years)		2.3			2.8
Weighted-average remaining lease term - operating leases (in years)		2.6			2.2
Weighted-average discount rate - finance lease		5.5	%		5.3	%
Weighted-average discount rate - operating leases		5.0	%		5.0	%

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The aggregate payments of finance and operating lease liabilities subsequent to March 31, 2025, for the years ending December 31 are:


	Finance Leases		Operating Leases
2025	$	183	$	1,638
2026		224		2,098
2027		201		69
2028		81		58
2029		11		55
Thereafter		—		276
Total		700		4,194
Less imputed interest		(62)		(287)
Total lease liabilities	$	638	$	3,907

7. Other Assets

Other assets consist of the following:


	March 31,		December 31,
	2025		2024
Accounts receivable, net	$	14,076	$	14,590
Homesite sales receivable		25,245

ST JOE Co 10-Q