FAIRHOLME FUNDS INC 4

What Happened

• Bruce R. Berkowitz, reported as a 10% owner, disposed of a total of 377,800 shares of ST JOE Co. (JOE) in three transactions between May 5–7, 2026. The sales were reported as open-market or private sales (code S).
  • May 5, 2026: 189,200 shares @ $65.78 each = $12,445,576
  • May 6, 2026: 163,600 shares @ $65.78 each = $10,761,608
  • May 7, 2026: 25,000 shares @ $65.33 each = $1,633,250
• Total proceeds across the three disposals: $24,840,434. These were sales (not purchases), which are often routine portfolio or fund-management activity rather than a direct bullish signal.

Key Details

• Transaction dates & prices: May 5 (189,200 @ $65.78), May 6 (163,600 @ $65.78), May 7 (25,000 @ $65.33).
• Total shares sold: 377,800; total value: ~$24.84 million.
• Shares owned after the transactions: not specified in the data provided.
• Footnotes of note:
  • F1: Some reported transactions were in securities held by The Fairholme Fund (managed by Fairholme Capital Management, LLC), which Berkowitz controls; Fairholme and Berkowitz disclaim beneficial ownership except to the extent of any pecuniary interest.
  • F2: Some reported securities are directly owned by Mr. Berkowitz.
• Filing: Form 4 filed May 7, 2026 (no late-filing indication in the provided information).

Context

• As a 10% owner and investment-manager-controlled fund, these disposals may reflect fund or portfolio rebalancing rather than personal trading by an executive. Sales are informative about supply but do not, by themselves, prove a change in company fundamentals.
• Retail investors should view institutional or fund-related sales differently from executive insider purchases, which are typically stronger signals of confidence.