FAIRHOLME FUNDS INC 4

What Happened
Bruce R. Berkowitz, reported as a 10% owner, sold a total of 115,700 shares of St. Joe Co (JOE) in two open-market transactions. On 2026-05-08 he disposed of 86,500 shares at $66.09 each (proceeds $5,716,785), and on 2026-05-11 he disposed of 29,200 shares at $65.49 each (proceeds $1,912,308). Total reported proceeds were approximately $7.63 million. These were sales (S) — typically routine liquidity or portfolio-management activity rather than a buy signal.

Key Details

• Transaction dates and prices:
  • 2026-05-08: 86,500 shares sold @ $66.09 — $5,716,785
  • 2026-05-11: 29,200 shares sold @ $65.49 — $1,912,308
• Total shares sold: 115,700; total proceeds ≈ $7,629,093.
• Shares owned after the transactions: Not specified in the information provided on this summary.
• Filing: Form 4 filed 2026-05-12. Based on the trade dates, the filing appears timely under Section 16 reporting deadlines.
• Footnotes of note:
  • F1: Some reported transactions involved securities held by The Fairholme Fund (managed by Fairholme Capital Management); Berkowitz may be deemed to have beneficial ownership through that role but disclaims beneficial ownership except for any pecuniary interest.
  • F2: Other reported securities are directly owned by Mr. Berkowitz.
• Transaction code: S = Sale (open market/private sale).

Context
As a 10% owner and investment manager/controller of the Fairholme Fund, Berkowitz’s sales can reflect fund-level portfolio decisions rather than personal insider sentiment about company operations. Sales are common and not as informative as purchases for predicting insider confidence. This report does not indicate options exercise, gifts, or tax-withholding activity.