[Management View]
The St. Joe Company reported a 63% increase in revenue and a 130% increase in net income for 2025 compared to 2024. Key strategic priorities include share repurchases, strategic asset monetization, and dividends. The company emphasized flexibility in its residential pipeline and continued expansion in hospitality and commercial leasing.

[Outlook]
Management provided performance guidance with a focus on continued share repurchases, strategic asset monetization, and reinvestment. Future plans include expanding hospitality and commercial leasing, particularly in town center developments, and leveraging new air connectivity to enhance market reach.

[Financial Performance]
- Total Revenue Growth: 63% increase YoY
- Net Income Growth: 130% increase YoY
- Residential Revenue: 94% increase to $36.8 million
- Average Home Site Price: Increased to $150,000 from $86,000
- Residential Gross Margin: Rose to 53% from 39%
- Leasing Revenue: 7% increase to $16.7 million
- Hospitality Revenue: 9% increase to $60.6 million
- Residential Contracted Units: 1,992 units, up from 1,381
- Commercial Leases: 83 transactions, up from 53

[Q&A Highlights]
Question 1: Why is the company building its cash balance rather than increasing the pace of buybacks?
Answer: The company is generating real cash and prioritizes share repurchase as part of its capital allocation strategy. $25 million was invested in share repurchase in the first nine months of 2025, compared to $0 in 2024.

Question 2: Why not sell more assets to reduce share count?
Answer: The company evaluates operating properties and timberlands for monetization but will not sell assets at a discount. The goal is to get the value shareholders deserve.

Question 3: Where does the company see cash levels in the next 12-18 months?
Answer: Cash levels depend on macroeconomic and microeconomic conditions. The capital allocation strategy includes capital expenditures, share repurchase, dividends, and project debt reduction.

Question 4: Any progress on talks with a large-scale builder for Pigeon Creek DSAP?
Answer: Talks are ongoing, and progress is being made.

Question 5: Plans for beachfront lots at WaveCrest?
Answer: The company is evaluating the highest and best uses for the property, considering its unique location.

Question 6: Any interest in monetizing assets within hospitality or leasing segments?
Answer: The company constantly evaluates assets for the best strategy, whether to hold for recurring revenue or monetize.

Question 7: Are all unleased townhomes at Waterfront Origins Crossings up for sale?
Answer: The company is transitioning from long-term leases to sales, selling townhomes one at a time to maximize value.

Question 8: Significant uptick in lot sales at Windmark Beach?
Answer: The builder-driven strategy has been successful, and there are opportunities to expand the program.

Question 9: Help understand the increase in average home site price?
Answer: The increase is driven by the mix of communities and the timing of closings.

Question 10: Pricing and discounting trends?
Answer: The company has not been discounting home site pricing and negotiates with builders to preserve margins.

[Sentiment Analysis]
The tone of analysts was positive, with appreciation for the company's transparency and strategic execution. Management was confident and focused on long-term value creation.

[Quarterly Comparison]
| Metric | Q3 2025 | Q3 2024 |
|----------------------------|---------------|---------------|
| Total Revenue Growth | 63% | N/A |
| Net Income Growth | 130% | N/A |
| Residential Revenue | $36.8 million | $19 million |
| Average Home Site Price | $150,000 | $86,000 |
| Residential Gross Margin | 53% | 39% |
| Leasing Revenue | $16.7 million | N/A |
| Hospitality Revenue | $60.6 million | N/A |
| Residential Contracted Units| 1,992 | 1,381 |
| Commercial Leases | 83 | 53 |

[Risks and Concerns]
- Market conditions affecting asset monetization and pricing strategies.
- Regulatory hurdles in share repurchase execution.
- Dependence on macroeconomic and microeconomic factors for cash levels and capital allocation.

[Final Takeaway]
The St. Joe Company demonstrated strong financial performance in Q3 2025, driven by strategic asset monetization and share repurchases. Management's focus on a multifaceted capital allocation strategy, including expanding hospitality and commercial leasing, positions the company for continued growth. Investors should monitor the company's ability to navigate market conditions and execute its strategic priorities effectively.