What smart money is saying about St. Joe
5 funds in our archive have pitched St. Joe, most recently Praetorian Capital Fund LLC in September 2026.
The St. Joe Company, along with its affiliated entities, functions as a real estate development, asset management, and operational enterprise, primarily located in Northwest Florida. Its business activities are organized into three primary divisions: Residential, Hospitality, and Commercial. The Residential segment focuses on conceptualizing and constructing various-sized residential communities for either professional homebuilders or direct consumers. It mainly offers developed building lots and tracts of land, which may or may not be already entitled. Through its Hospitality segment, the company owns and operates diverse assets including an exclusive membership club, golf courses, beach facilities, retail outlets, marinas, and other entertainment venues. This division also manages hotels, food and beverage services, and beachfront vacation rentals, in addition to providing management services. The Commercial segment is involved in leasing various properties such as commercial spaces, multi-family units, a senior living community, and other assets. Furthermore, it undertakes the planning, development, entitlement, management, and sale of commercial land suitable for retail, office, hotel, senior living, multi-family, self-storage, and industrial applications. This segment also engages in the cultivation and sale of forestry products like pulpwood and sawtimber. A significant aspect of the company is its ownership of 170,000 acres of land throughout Northwest Florida. Founded in 1936, The St. Joe Company is headquartered in Panama City Beach, Florida.
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Position history
Between Q4 2024 and Q3 2026, 3 fund letters reported a position in St. Joe, with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 1 |
| Q2 2026 | 1 | 0 | 0 | 1 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 1 | 0 | 0 | 0 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 3 positions
- September 2026
“What’s left on our sheets are businesses like our trade schools that did surprisingly well coming out of the GFC, businesses tied to volatility like Marex (MRX – USA) along with the Hong Kong Stock Exchange (388 – HK), and businesses that do well with lower interest rates like St. Joe (JOE – USA).”
St. Joe - June 2026
“St. Joe (JOE – USA) JOE owns approximately 165,000 acres in the Florida Panhandle.”
St. Joe - June 2025
“Another poor performer was St. Joe Company(JOE), the largest private landowner in Florida with 171,000 acres in Northwest Florida with legal rights to develop over 170,000 residential units in Florida’s Bay County and Walton County (the sixth-fastest growing county in the U.S.). JOE operates independently of Wall Street, with no sell-side coverage due to its unique business model of slow and steady land development that defies precise modeling. The company’s long-term growth strategy capitalizes on retiring Baby Boomers migrating to Florida, driving both revenue and profit growth at attractive rates. The company’s strategy involves converting highly valuable land (recorded at 1936 prices on the balance sheet) into recurring cash flows through various commercial real estate developments including hotels, apartments, retail, and entertainment assets. While JOE’s recent performance showed a decline due to decreased real estate volumes, the company demonstrated resilience through Page 3 AMG River Road Mid Cap Value Fund its diversified revenue streams. The growing commercial leasing and hospitality segments now generate the majority of both revenue and EBITDA, helping maintain overall stability despite real estate market fluctuations. However, market sentiment was further impacted by Chairman Bruce Berkowitz’s departure from the Board and changes in his significant ownership position, contributing to the stock’s temporary weakness. We maintained the position.”
St. Joe
Fund coverage · 5 theses
- Praetorian Capital Fund LLCSeptember 2026
St. Joe owns large Florida land holdings and is seen as cheap on AFFO with hidden asset value, strong growth, high ROIC, and inflation and migration tailwinds.
Read the full thesis - Praetorian Capital Fund LLCJune 2026
St. Joe owns large Florida Panhandle भूमि and is viewed as undervalued with strong revenue growth, high ROIC, and inflation- and migration-driven upside.
Read the full thesis - Praetorian CapitalDecember 2025
The St. Joe Company is a Florida Panhandle landowner with attractive AFFO valuation, high ROIC, and tailwinds from inflation and migration driving growth.
Read the full thesis - Praetorian CapitalSeptember 2025
JOE is a strategically positioned land investment in the Florida Panhandle, poised for significant growth due to increasing demand, favorable taxation, and population migration from urban areas.
Read the full thesis - Praetorian CapitalDecember 2024
The company JOE is poised for significant growth due to its extensive land ownership and business operations in rapidly developing Florida counties, with the potential for a 67% appreciation in net asset value next year.
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