ST JOE Co (JOE) presents a balance sheet as of March 31, 2026 with total assets of $1.52B and total liabilities of $743.4M, yielding reported book equity of $774.4M (including $8.5M noncontrolling interest). Under a liquidation lens, the recovery picture is materially weaker than book suggests. MFFAIS-calculated CLV of negative $247M, LLV of negative $219M, and OLV of negative $215M confirm this asymmetry. The primary asset is RealEstateInvestmentPropertyNet at $1.00B — the gross real estate base of approximately $1.17B (per prior 10-K Schedule III) against $167M accumulated depreciation. Applying a 50-70% liquidation haircut to operating real property yields recoverable value well below book. Unconsolidated JV equity of $68.1M carries additional haircut risk given those entities carry project-level debt not consolidated on JOE's balance sheet. Cash at $136.3M recovers at par. The $200M time deposit held by the special purpose entity (SPE) backing the $180M Senior Notes payable in 2029 is effectively encumbered; the net $20M free cash becomes available only at 2029 maturity, and a $45.6M deferred tax liability associated with a 2014 installment sale gain is also due in 2029 — neither asset nor liability is separately XBRL-tagged at the quarterly level but are disclosed in MD&A. Long-term debt of $380.4M (net of $4.7M deferred issuance costs, face $385.1M) is carried at face on the liability side under the liquidation lens. The debt stack runs to 2064 maturity with a weighted average effective rate of 4.7%, 82.7% fixed/swapped, and average remaining life of 19.7 years — long-duration, low-prepayment-penalty structures that do not allow cheap early retirement. The near-term maturity concentration is notable: $64.4M due within twelve months (next twelve months from filing), primarily the Pier Park Resort Hotel JV Loan ($49.5M outstanding, maturity April 2027). Deferred tax liability of $64.6M stands at face. ContractWithCustomerLiability (deferred revenue) of $61.8M represents a performance obligation that would need resolution in liquidation. Surety bonds outstanding jumped to $35.8M as of March 31, 2026 from $14.7M at December 31, 2025 — a $21.1M increase in contingent infrastructure completion obligations that would crystallize in a wind-down scenario; this is discussed in MD&A but not separately XBRL-tagged beyond general contingency disclosures. Operating metrics QoQ: hospitality improving (segment pre-tax income $3.7M vs. loss of $2.7M in Q1 2025), residential homesite volume lower (174 consolidated closings vs. 249), Latitude Margaritaville Watersound JV equity in income down sharply (83 home closings vs. 192), commercial leasing revenue slightly lower due to Watercrest JV senior living asset sale in September 2025.
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