SCHEDULE 13D

CUSIP No.

790148100

Name of reporting person

Fairholme Capital Management, L.L.C.

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 16,428,724.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,782,300.00

Aggregate amount beneficially owned by each reporting person

17,782,300.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

30.7 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

CUSIP No.

790148100

Name of reporting person

Bruce R. Berkowitz

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,909,967.00
8	Shared Voting Power 16,428,724.00
9	Sole Dispositive Power 1,909,967.00
10	Shared Dispositive Power 17,782,300.00

Aggregate amount beneficially owned by each reporting person

19,692,267.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

34.0 %

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

CUSIP No.

790148100

Name of reporting person

Fairholme Funds, Inc.

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 16,428,724.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 16,428,724.00

Aggregate amount beneficially owned by each reporting person

16,428,724.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

28.4 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Stock

(b)

Name of Issuer:

The St. Joe Company

(c)

Address of Issuer's Principal Executive Offices:

130 Richard Jackson Boulevard, Suite 200, Panama City Beach, FLORIDA , 32407.

Item 1 Comment:

The name of the issuer is The St. Joe Company (the "Issuer"). The address of the Issuer's offices is 130 Richard Jackson Boulevard, Suite 200, Panama City Beach, Florida 32407. This Schedule 13D relates to the Issuer's Common Stock (the "Shares").

Item 2.

Identity and Background

(a)

(a-c, f) This Schedule 13D is being filed jointly by Fairholme Capital Management, L.L.C., a Delaware limited liability company ("Fairholme"), The Fairholme Fund, a series of Fairholme Funds, Inc., a Maryland investment company (the "Fund") and Bruce R. Berkowitz, a United States citizen (collectively with Fairholme and the Fund, the "Reporting Persons"). The principal business address of the Reporting Persons is 5966 South Dixie Highway, Suite 300 South Miami, FL 33143. Bruce R. Berkowitz is the chief investment officer of Fairholme, an investment management firm that serves as the investment adviser to the Fund and other advisory accounts. (d) None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws.

Item 3.

Source and Amount of Funds or Other Consideration

No material changes from the Schedule 13D filed by the Reporting Persons on October 14, 2010.

Item 4.

Purpose of Transaction

No material changes from the Schedule 13D amendment filed by the Reporting Persons on October 23, 2024.

Item 5.

Interest in Securities of the Issuer

(a)

(a-e) As of the date hereof, Fairholme may be deemed to be the beneficial owner of 17,782,300 Shares (30.7%) of the Issuer, the Fund may be deemed to be the beneficial owner of 16,428,724 Shares (28.4%) of the Issuer and Mr. Berkowitz may be deemed to be the beneficial owner of 19,692,267 Shares (34.0%) of the Issuer, based upon the 57,908,215 Shares outstanding as of July 21, 2025, according to the Form 10-Q filed by the Issuer on July 23, 2025. Fairholme has the sole power to vote or direct the vote of 0 Shares, the Fund has the sole power to vote or direct the vote of 0 Shares and Bruce R. Berkowitz has the sole power to vote or direct the vote of 1,909,967 Shares to which this filing relates. Fairholme has the shared power to vote or direct the vote of 16,428,724 Shares, the Fund has the shared power to vote or direct the vote of 16,428,724 Shares and Mr. Berkowitz has the shared power to vote or direct the vote of 16,428,724 Shares to which this filing relates. Fairholme has the sole power to dispose or direct the disposition of 0 Shares, the Fund has the sole power to dispose or direct the disposition of 0 Shares and Mr. Berkowitz has the sole power to dispose or direct the disposition of 1,909,967 Shares to which this filing relates. Fairholme has the shared power to dispose or direct the disposition of 17,782,300 Shares, the Fund has the shared power to dispose or direct the disposition of 16,428,724 Shares and Mr. Berkowitz has the shared power to dispose or direct the disposition of 17,782,300 Shares to which this filing relates. The transactions effected in the Shares during the past 60 days are set forth in Exhibit B and each transaction was an open-market transaction. The Reporting Persons specifically disclaim beneficial ownership in the Shares reported herein except to the extent of their pecuniary interest therein.

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

No material changes from the Schedule 13D filed by the Reporting Persons on April 26, 2017.

Item 7.

Material to be Filed as Exhibits.

Exhibit A: Joint Filing Statement Exhibit B: A description of the transactions in the Shares that were effected by the Reporting Persons during the 60 days prior to the date of this filing.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Fairholme Capital Management, L.L.C.

Signature:	/s/ Erica K. Kapahi
Name/Title:	Erica K. Kapahi, Chief Compliance Officer
Date:	09/02/2025

Bruce R. Berkowitz

Signature:	/s/ Erica K. Kapahi
Name/Title:	Erica K. Kapahi, (Attorney-in-fact)
Date:	09/02/2025

Fairholme Funds, Inc.

Signature:	/s/ Erica K. Kapahi
Name/Title:	Erica K. Kapahi, Chief Compliance Officer of Fairholme Capital Management, L.L.C.
Date:	09/02/2025

Comments accompanying signature:

Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).