FAIRHOLME FUNDS INC 4

What Happened
Bruce R. Berkowitz, reported as a 10% owner, sold a total of 184,700 shares of ST JOE (JOE) in three open‑market dispositions. Transactions: 63,800 shares at $65.25 on 2026-06-12 ($4,162,950); 94,200 shares at $65.59 on 2026-06-15 ($6,178,578); and 26,700 shares at $65.03 on 2026-06-16 ($1,736,301). Total proceeds across the three sales were about $12.08 million. These were sales (not purchases), which are typically routine portfolio/investment actions rather than direct statements about company prospects.

Key Details

• Transaction dates & prices:
  • 2026-06-12: 63,800 shares @ $65.25 — $4,162,950
  • 2026-06-15: 94,200 shares @ $65.59 — $6,178,578
  • 2026-06-16: 26,700 shares @ $65.03 — $1,736,301
• Total shares sold: 184,700; total proceeds ≈ $12.08M.
• Shares owned after the transactions: Not specified in the provided Form 4 data.
• Filing: Form 4 was filed on 2026-06-16 (period of report noted as 2026-06-12); the filing includes trades through 6/16 as reported.
• Footnotes of note:
  • F1: Some reported transactions involved securities held by The Fairholme Fund (managed by Fairholme); Berkowitz may be deemed to benefit via his control of Fairholme but disclaims beneficial ownership except for any pecuniary interest.
  • F2: Some reported securities are directly owned by Mr. Berkowitz.

Context
Berkowitz is a 10% owner and some sales were tied to institutional/fund holdings (Fairholme Fund). Sales by large shareholders can reflect portfolio rebalancing or fund-level decisions and are not, by themselves, a reliable signal of company fundamentals.