Financial Analysis

19. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current e …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

9. Debt, Net Debt consists of the following: Effective Rate December 31, December 31, December 31, Maturity Date Interest Rate Terms 2025 2025 2024 Watersound Origins Crossings JV Loan (insured by HUD) April 2058 Fixed 5.0 % $ 51,328 $ 51,953 Pier Park Resort Hotel JV Loan April 2027 SOFR plus 2.1% (a) 3.7 % 49,817 50,882 Mexico Beach Crossings JV Loan (insured by HUD) March 2064 Fixed 3.0 % 42,510 43,069 PPN JV Loan (b) October 2035 Fixed 6.1 % 39,922 40,370 PPC JV Loan (insured by HUD) June 2060 Fixed 3.1 % 33,616 34,153 Pearl Hotel Loan December 2032 Fixed 6.3 % 32,560 34,040 North Bay Landing Loan (insured by HUD) (c) March 2060 Fixed 5.9 % 27,619 22,746 Watersound Camp Creek Loan December 2047 SOFR plus 2.1% , floor 2.6% 5.8 % 26,843 27,377 PPC II JV Loan (insured by HUD) May 2057 Fixed 2.7 % 21,365 21,796 Hotel Indigo Loan October 2028 SOFR plus 2.5% , floor 2.5% 6.1 % 19,024 19,857 Breakfast Point Hotel Loan November 2042 Fixed (d) 6.0 % 14,978 15,473 Lodge 30A JV Loan January 2028 Fixed 3.8 % 13,587 14,130 Topsail Hotel Loan July 2027 SOFR plus 2.1% , floor 3.0% 5.8 % 11,215 12,307 Watersound Town Center Grocery Loan August 2031 SOFR plus 2.1% , floor 2.3% 5.8 % 4,682 8,086 Airport Hotel Loan February 2030 (e) SOFR plus 2.1% , floor 3.0% 5.8 % 3,227 11,717 Community Development District debt May 2028-May 2039 Fixed 3.6 to 6.0 % 2,604 3,151 Beckrich Building III Loan August 2029 SOFR plus 1.8% 5.5 % 1,111 5,014 Watercrest JV Loan (f) N/A N/A N/A 19,555 Self-Storage Fac …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2025 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 164,957 $ 1,400 $ 59,912 $ 7,912 $ 234,181 Hospitality revenue 215,431 215,431 Leasing revenue 134 3,917 59,066 517 63,634 Total revenue $ 165,091 $ 220,748 $ 118,978 $ 8,429 $ 513,246 Timing of Revenue Recognition: Recognized at a point in time $ 164,957 $ 161,395 $ 59,912 $ 7,912 $ 394,176 Recognized over time 55,436 55,436 Over lease term 134 3,917 59,066 517 63,634 Total revenue $ 165,091 $ 220,748 $ 118,978 $ 8,429 $ 513,246 Year Ended December 31, 2024 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 116,815 $ $ 22,176 $ 4,188 $ 143,179 Hospitality revenue 199,242 199,242 Leasing revenue 192 3,459 56,399 266 60,316 Total revenue $ 117,007 $ 202,701 $ 78,575 $ 4,454 $ 402,737 Timing of Revenue Recognition: Recognized at a point in time $ 116,815 $ 147,513 $ 22,176 $ 4,188 $ 290,692 Recognized over time 51,729 51,729 Over lease term 192 3,459 56,399 266 60,316 Total revenue $ 117,007 $ 202,701 $ 78,575 $ 4,454 $ 402,737 Year Ended December 31, 2023 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 155,702 $ $ 26,180 $ 4,126 $ 186,008 Hospitality revenue 152,437 4 152,441 Leasing revenue 118 2,137 48,253 328 50,836 Total revenue $ 155,820 $ 154,574 $ 74,437 $ 4, …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

15. Stock Based Compensation On May 13, 2025, at the Companys annual meeting of stockholders, the Companys stockholders approved The St. Joe Company 2025 Performance and Equity Incentive Plan (the 2025 Incentive Plan), as described in the Companys Definitive Proxy Statement, filed with the SEC on April 1, 2025, to replace the 2015 Plan, effective July 1, 2025. As of July 1, 2025, the 2025 Incentive Plan authorized an aggregate issuance of up to (i) the number of shares of the Companys common stock that remained available for issuance under the 2015 Plan immediately before such plans expiration, plus (ii) the number of shares of the Companys common stock subject to awards under the 2015 Plan that either expired, were cancelled, or otherwise terminated after July 1, 2025, subject to adjustment, in the form of awards of stock options, restricted stock, restricted stock units, stock bonuses, stock appreciation rights, performance awards and other share-based awards. The Companys officers, employees, directors and certain consultants are eligible to receive awards under the 2025 Incentive Plan. The Companys 2025 Incentive Plan offers, and the 2015 Plan previously offered, a stock incentive plan whereby awards can be granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards are discretionary and determined by the Compensation and Human Capital Commi …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

5. Financial Instruments and Fair Value Measurements Fair Value Measurements The financial instruments measured at fair value on a recurring basis are as follows: December 31, 2025 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 5,108 $ $ $ 5,108 U.S. Treasury Bills 58,896 58,896 $ 64,004 $ $ $ 64,004 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 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 Companys 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 Date Rate December 31, 2025 December 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% $ 39.8 $ 1,127 $ 2,560 2 Other assets Pier Park TPS JV Loan (b) January 2021 January 2026 5.2% $ 12.8 $ 7 $ 108 2 Accounts payable and other liabilities (a) See …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

12. Income Taxes Income tax expense (benefit) consist of the following: Year Ended December 31, 2025 2024 2023 Current: Federal $ 37,067 $ 21,515 $ 32,103 State 8,963 5,239 4,584 Total 46,030 26,754 36,687 Deferred: Federal (6,649) (847) (11,413) State (150) 45 735 Total (6,799) (802) (10,678) Income tax expense $ 39,231 $ 25,952 $ 26,009 Total income tax expense (benefit) was allocated in the consolidated financial statements as follows: Year Ended December 31, 2025 2024 2023 Income tax expense $ 39,231 $ 25,952 $ 26,009 Income tax recorded in accumulated other comprehensive income Income tax benefit (280) (144) (199) Total income tax expense $ 38,951 $ 25,808 $ 25,810 Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of December 31, 2025, 2024 and 2023 to pre-tax income as a result of the following: Year Ended December 31, 2025 2024 2023 U.S. federal statutory tax rate $ 32,574 21.0 % $ 20,653 21.0 % $ 21,781 21.0 % State and local income taxes, net of federal income tax effect (a) 6,775 4.4 % 4,497 4.6 % 4,223 4.1 % Energy related tax credits % % (450) (0.4) % Changes in valuation allowance % (312) (0.3) % 22 % Nontaxable or nondeductible items 170 0.1 % 580 0.6 % 230 0.2 % Other items (288) (0.2) % 534 0.5 % 203 0.2 % Total income tax expense $ 39,231 25.3 % $ 25,952 26.4 % $ 26,009 25.1 % (a) State taxes in Florida make up the majority of the tax effect in this …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-05 that provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Revenue from Contracts with Customers (Topic 606). As of December 31, 2025, the Company adopted this guidance, which will be applied prospectively, and elected the practical expedient to assume current conditions as of the balance sheet date do not change for the remaining life of the assets. The adoption of this guidance had no impact on the Companys financial condition, results of operations, cash flows and related disclosures. Recently Issued Accounting Pronouncements Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures In November 2024, the FASB issued 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. In January 2025, the FASB issued ASU 2025-01 that clarifies the effective date of ASU 2024-03. This guidance will be effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within annu …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

16. Employee Benefit Plan The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service (IRS) of their eligible compensation. The plan provides for employer matching contributions of 100% up to the first 3% of eligible compensation. For contributions in excess of 3%, the plan provides for employer matching contributions of 50% up to the next 2%, but not more than 5%, of eligible compensation. The Companys matching contributions expensed under the plan were $1.0 million, $0.9 million and $0.8 million in 2025, 2024 and 2023, respectively. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

20. Related Party Transactions The Company provides land, mitigation bank credits, impact and other fees, property for lease and services to certain unconsolidated JVs. During 2025, 2024 and 2023, the Company recognized $3.7 million, $2.7 million and $1.2 million, respectively, related to revenues from these transactions. As of December 31, 2025 and 2024, receivables from unconsolidated JVs were $1.0 million and less than $0.1 million, respectively. The Watersound Management JV provides leasing management services for the Companys multi-family communities. The Company incurred expense related to these transactions of $2.5 million, $2.4 million and $2.0 million during 2025, 2024 and 2023, respectively. The Company incurred land development and planning costs reimbursements to the Latitude Margaritaville Watersound JV of $1.6 million, $3.8 million and $3.7 million during 2025, 2024 and 2023, respectively, which were primarily included in investment in real estate, net on the consolidated balance sheets. As of December 31, 2025 and 2024, $0.1 million and $0.5 million, respectively, were payable to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures for additional information. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

18. Segment Information The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. The Companys reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units. The Companys residential segment typically plans and develops residential communities of various sizes across a wide range of price points and sells homesites to homebuilders or retail consumers. The Companys hospitality segment features a private membership club, hotel operations, food and beverage operations, golf courses, beach clubs, retail outlets, gulf-front vacation rentals, marinas and other entertainment offerings. The hospitality segment may also generate revenue from the sale of operating properties. The Companys commercial segment includes leasing of commercial property, multi-family, self-storage and other assets, as well as senior living prior to the sale of the Watercrest JVs senior living community property in September 2025. The commercial segment also oversees the planning, development, entitlement, management and sale of the Companys commercial and forestry land holdings for a variety of uses, including a broad range of retail, office, hotel, senior living, multi-family, self-storage and industrial properties. The commercial segment also mana …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The 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. Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. The reclassifications had no effect on the Companys previously reported total assets and liabilities, equity or net income. 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 VIEs economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

21. Subsequent Events On February 25, 2026, the Companys Board of Directors declared a cash dividend of $0.16 per share on the Companys common stock, payable on March 26, 2026, to shareholders of record as of the close of business on March 9, 2026. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

17. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current e …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

8. Debt, Net Debt consists of the following: Effective Rate June 30, June 30, December 31, Maturity Date Interest Rate Terms 2026 2026 2025 Watersound Origins Crossings JV Loan (insured by HUD) April 2058 Fixed 5.0 % $ 51,005 $ 51,328 Pier Park Resort Hotel JV Loan April 2027 SOFR plus 2.1% (a) 3.7 % 49,261 49,817 Mexico Beach Crossings JV Loan (insured by HUD) March 2064 Fixed 3.0 % 42,209 42,510 PPN JV Loan October 2035 Fixed 6.1 % 39,683 39,922 PPC JV Loan (insured by HUD) June 2060 Fixed 3.1 % 33,341 33,616 Pearl Hotel Loan December 2032 Fixed 6.3 % 31,320 32,560 North Bay Landing Loan (insured by HUD) March 2060 Fixed 5.9 % 27,493 27,619 Watersound Camp Creek Loan December 2047 SOFR plus 2.1% , floor 2.6% 5.8 % 26,538 26,843 PPC II JV Loan (insured by HUD) May 2057 Fixed 2.7 % 21,146 21,365 Hotel Indigo Loan October 2028 SOFR plus 2.5% , floor 2.5% 6.1 % 18,607 19,024 Breakfast Point Hotel Loan November 2042 Fixed (b) 6.0 % 13,718 14,978 Lodge 30A JV Loan January 2028 Fixed 3.8 % 13,306 13,587 Topsail Hotel Loan July 2027 SOFR plus 2.1% , floor 3.0% 5.8 % 4,454 11,215 Community Development District debt May 2028-May 2039 Fixed 3.6 to 6.0 % 2,765 2,604 Watersound Town Center Grocery Loan (c) N/A N/A N/A 4,682 Airport Hotel Loan (c) N/A N/A N/A 3,227 Beckrich Building III Loan (c) N/A N/A N/A 1,111 Total principal outstanding 374,846 396,008 Unamortized discount and debt issuance costs (4,522) (4,849) Total debt, net $ 370,324 $ 391,159 (a) The Pier Park Resort Hotel JV en …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended June 30, 2026 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 52,837 $ 3,560 $ 7,884 $ 5,302 $ 69,583 Hospitality revenue 74,229 74,229 Leasing revenue 1,141 13,764 112 15,017 Total revenue $ 52,837 $ 78,930 $ 21,648 $ 5,414 $ 158,829 Timing of Revenue Recognition: Recognized at a point in time $ 52,837 $ 62,072 $ 7,884 $ 5,302 $ 128,095 Recognized over time 15,717 15,717 Over lease term 1,141 13,764 112 15,017 Total revenue $ 52,837 $ 78,930 $ 21,648 $ 5,414 $ 158,829 Three Months Ended June 30, 2025 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 38,057 $ 1,400 $ 3,191 $ 1,180 $ 43,828 Hospitality revenue 68,746 68,746 Leasing revenue 40 1,011 15,317 140 16,508 Total revenue $ 38,097 $ 71,157 $ 18,508 $ 1,320 $ 129,082 Timing of Revenue Recognition: Recognized at a point in time $ 38,057 $ 56,340 $ 3,191 $ 1,180 $ 98,768 Recognized over time 13,806 13,806 Over lease term 40 1,011 15,317 140 16,508 Total revenue $ 38,097 $ 71,157 $ 18,508 $ 1,320 $ 129,082 Six Months Ended June 30, 2026 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 81,168 $ 7,120 $ 11,546 $ 9,448 $ 109,282 Hospitality revenue 118,915 118,915 Leasing revenue 1,949 27,523 204 29,676 Total revenue $ 81,168 $ 127,984 $ 39,069 $ 9,652 $ 257,873 Timing of Revenue Recognition: Recognized at a point in time $ 81,168 $ 95,404 $ 11,546 $ 9,448 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

5. Financial Instruments and Fair Value Measurements Fair Value Measurements The financial instruments measured at fair value on a recurring basis are as follows: June 30, 2026 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 1,302 $ $ $ 1,302 U.S. Treasury Bills 63,864 63,864 $ 65,166 $ $ $ 65,166 December 31, 2025 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 5,108 $ $ $ 5,108 U.S. Treasury Bills 58,896 58,896 $ 64,004 $ $ $ 64,004 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 Companys 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 Date Rate June 30, 2026 June 30, 2026 December 31, 2025 Level Balance Sheets In Millions In Thousands Pier Park Resort Hotel JV Loan (a) December 2022 April 2027 3.2% $ 39.4 $ 886 $ 1,127 2 Other assets Pier Park TPS JV Loan (b) January 2021 January 2026 5.2% $ N/A $ N/A $ 7 2 Accounts payable and other liabilities (a) See Note …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

11. Income Taxes Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of June 30, 2026 and 2025 to pre-tax income as a result of the following: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 U.S. federal statutory tax rate $ 11,571 21.0 % $ 8,342 21.0 % $ 15,308 21.0 % $ 13,062 21.0 % State and local income taxes, net of federal income tax effect (a) 2,428 4.4 % 1,752 4.4 % 3,212 4.4 % 2,743 4.4 % Energy related tax credits % (270) (0.7) % % (270) (0.4) % Nontaxable or nondeductible and other items 118 0.2 % 125 0.3 % 107 0.2 % 222 0.3 % Total income tax expense $ 14,117 25.6 % $ 9,949 25.0 % $ 18,627 25.6 % $ 15,757 25.3 % (a) State taxes in Florida make up all of the tax effect in this category. As of June 30, 2026 and December 31, 2025, the Company had income tax payable of $4.6 million and $2.1 million, respectively, included within accounts payable and other liabilities on the condensed consolidated balance sheets. In general, a valuation allowance is recorded if, based on all available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of the Companys deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temp …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements There have been no recently adopted accounting pronouncements, which would have a material effect on the Companys financial condition, results of operations and cash flows other than those disclosed in the Companys Annual Report on Form 10-K for the year ended December 31, 2025. Recently Issued Accounting Pronouncements Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures In November 2024, the Financial Accounting Standards Board (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. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (ASU 2025-01) that clarifies the effective date of ASU 2024-03. This guidance will be effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guida …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

18. Related Party Transactions The Company provides land, mitigation bank credits, impact and other fees, property for lease and services to certain unconsolidated JVs. The Company recognized revenue related to these transactions of $0.4 million and $0.7 million during the three months ended June 30, 2026 and 2025, respectively, and $1.0 million and $1.6 million during the six months ended June 30, 2026 and 2025, respectively. As of both June 30, 2026 and December 31, 2025, receivables from unconsolidated JVs were $1.0 million. The Watersound Management JV provides leasing management services for the Companys multi-family communities. The Company incurred expense related to these transactions of $0.6 million during each of the three months ended June 30, 2026 and 2025 and $1.3 million during each of the six months ended June 30, 2026 and 2025. See Note 4. Joint Ventures for additional information. The Company incurred land development and planning costs reimbursements to the Latitude Margaritaville Watersound JV of less than $0.1 million and $0.6 million during the three months ended June 30, 2026 and 2025, respectively, and less than $0.1 million and $1.1 million during the six months ended June 30, 2026 and 2025, respectively, which were primarily included in investment in real estate, net on the condensed consolidated balance sheets. As of June 30, 2026, there were no payables to related parties. As of December 31, 2025, $0.1 million was payable to the Latitude Margaritavi …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

14. Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations and leasing operations. Other revenue consists of real estate brokerage business, title insurance agency and insurance agency business revenue (collectively, Business Services) and mitigation bank credit sales revenue. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, cost of revenue and expenses. The following represents revenue disaggregated by segment, goods or service and timing: Three Months Ended June 30, 2026 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 52,837 $ 3,560 $ 7,884 $ 5,302 $ 69,583 Hospitality revenue 74,229 74,229 Leasing revenue 1,141 13,764 112 15,017 Total revenue $ 52,837 $ 78,930 $ 21,648 $ 5,414 $ 158,829 Timing of Revenue Recognition: Recognized at a point in time $ 52,837 $ 62,072 $ 7,884 $ 5,302 $ 128,095 Recognized over time 15,717 15,717 Over lease term 1,141 13,764 112 15,017 Total revenue $ 52,837 $ 78,930 $ 21,648 $ 5,414 $ 158,829 Three Months Ended June 30, 2025 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 38,057 $ 1,400 $ 3,191 $ 1,180 $ 43,828 Hospitality revenue 68,746 68,746 Leasing revenue 40 1,011 15,317 140 16,508 Total revenue $ 38,097 $ 71,157 $ 18,508 $ 1,320 $ 129,082 Timing of Revenue Recognition: Recognized at a point in time $ 38,057 $ 56,340 $ 3,191 $ 1,180 $ …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

16. Segment Information The Company conducts primarily all of its business in the following three reportable segments: (1) residential, (2) hospitality and (3) commercial. The Companys reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units. The accounting policies of the segments are set forth in Note 2 to the Companys consolidated financial statements contained in Item 15 of the Companys Annual Report on Form 10-K for the year ended December 31, 2025. Total revenue represents sales to unaffiliated customers, as reported in the Companys condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The Company uses total segment revenue, gross profit and income before income taxes and non-controlling interest and other qualitative measures for purposes of making decisions about allocating resources to each segment and assessing each segments performance, which the Company believes represents current performance measures. The Companys President, Chief Executive Officer and Chairman of the Board is the Chief Operating Decision maker (the CODM). For the residential, hospitality and commercial segments, the CODM uses segment revenue, gross profit and income before income taxes and non-controlling interest to allocate resources (includin …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

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, 2025 condensed consolidated balance sheet amounts have been derived from the Companys December 31, 2025 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the curre …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

19. Subsequent Events On July 29, 2026, the Companys Board of Directors declared a cash dividend of $0.16 per share on the Companys common stock, payable on September 18, 2026, to shareholders of record at the close of business on August 21, 2026. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing