The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes in Item 1 and with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including the risks and uncertainties described in “Forward-Looking Statements” below and “Risk Factors” beginning on page 7 of our Annual Report on Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Quarterly Report on Form 10-Q, unless required by law. Business Overview St. Joe is a diversified Florida real estate development, asset management and operating company with all of its real estate assets and operations in Northwest Florida. We intend to use existing assets for residential, hospitality and commercial ventures. We have significant residential and commercial land-use entitlements. We actively seek higher and better uses for our real estate assets through a range of development activities. As part of our core business strategy, we have created a meaningful portion of our business through JVs. We enter into these arrangements for the purposes of developing real estate and other business activities, which we believe allows us to complement our growth strategy, leverage industry expertise and diversify our business. We may partner with or explore the sale of discrete assets, such as our sale of a senior living community property in September 2025, in order to optimize resource allocation and maximize value. See Note 4. Joint Ventures for additional information. We seek to continue to enhance the value of our owned real estate assets by developing residential, hospitality and commercial projects to meet market demand. Approximately 87% of our real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of our real estate land holdings are located within fifteen miles of the Gulf. We believe our present capital structure, liquidity and land provide us with years of opportunities to increase recurring revenue and long-term value for our shareholders. We intend to continue to focus on our core business activity of real estate development, asset management and operations by developing long-term, scalable residential communities, growing our hospitality offerings and expanding our portfolio of income producing commercial properties. In addition, we operate a real estate brokerage business, title insurance agency and insurance agency business. We continue to develop a broad range of asset types that we believe will provide acceptable rates of return, grow recurring revenues and support future business. Capital commitments will be funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. These investments are made with a long-term value creation perspective. Timing of projects may be subject to delays caused by factors beyond our control. We may also choose to operate rather than lease assets, lease rather than sell assets, or sell improved rather than unimproved land that may delay revenue and profits. Our real estate investment strategy focuses on projects that meet long-term risk-adjusted return criteria. Our practice is to only incur such expenditures when our analysis indicates that a project will generate a return equal to or greater than the threshold return over its life. Highlights for the second quarter of 2026 compared to the second quarter of 2025 include: ● Quarterly net income increased by 37.3% to $40.5 million, or $0.71 per share, during the three months ended June 30, 2026, from $29.5 million, or $0.51 per share in the same period in 2025, our highest second quarter net income in 30 years since a one-off gain on sale of discontinued operations in 1996. ● Toal quarterly revenue increased by 23.0% to $158.8 million during the three months ended June 30, 2026, from $129.1 million in the same period in 2025, our highest second quarter revenue in 20 years. ● Real estate revenue increased by 58.9% to $69.6 million during the three months ended June 30, 2026, from $43.8 million in the same period in 2025. 47 Table of Contents ● Hospitality revenue increased by 7.8% to a quarterly record of $74.2 million during the three months ended June 30, 2026, from $68.8 million in the same period in 2025. ● In the second quarter of 2026, we funded $24.0 million in capital expenditures, repurchased $32.7 million of our common stock (499,700 shares), paid $9.1 million in cash dividends and repaid $10.9 million of debt. ​ Market Conditions While macroeconomic factors such as uncertainty over tariffs, continued inflation, geopolitical conflicts, elevated interest rates and higher insurance costs for consumers and overall consumer confidence, among other things, continued to produce economic headwinds and impacted buyer sentiment in many parts of the country, our segments continued to generate positive financial results through the first six months of 2026. We believe this is primarily due to the continued growth of Northwest Florida as a result of net migration, which we attribute to the region’s high quality of life, natural beauty and outstanding amenities. Elevated interest rates, market conditions in home states, and higher insurance costs have negatively impacted or delayed the ability of some buyers to obtain financing or sell their existing homes in their home states. The negative impact has been partially offset by the net migration into our markets and the number of cash buyers. In addition, we have not experienced an increase in cancellation rates as homebuilders have continued to perform on their contractual obligations with us. Given our diverse portfolio of residential holdings, the mix of sales and pricing from different communities may impact revenue and margins period over period, as discussed in more detail below. Reportable Segments We conduct primarily all of our business in the following three reportable segments: (1) residential, (2) hospitality and (3) commercial. The following table sets forth the relative contribution of these reportable segments to our consolidated revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ Revenue ​ ​ ​ ​ ​ Residential 33.3 % 29.5 % 31.5 % 31.9 % ​ Hospitality 49.7 % 55.1 % 49.6 % 50.0 % ​ Commercial 13.6 % 14.4 % 15.2 % 17.0 % ​ Other 3.4 % 1.0 % 3.7 % 1.1 % ​ Consolidated revenue 100.0 % 100.0 % 100.0 % 100.0 % ​ ​ For more information regarding our reportable segments see Note 16. Segment Information. Residential Segment Our residential segment primarily plans and develops residential communities of various sizes across a wide range of price points and sells homesites to homebuilders or retail consumers. Our residential segment also evaluates opportunities to enter into JV agreements for specific communities such as Latitude Margaritaville Watersound. The residential segment generates revenue from sales of homesites, homes and other residential land and certain homesite residuals from homebuilder sales that provide us a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold. Revenue is recognized at the point in time when a sale is closed and title and control have been transferred to the buyer. The residential segment also generates revenue from the sale of tap and impact fee credits, marketing fees and other fees on certain transactions. Certain homesite residuals and other revenue related to homebuilder homesite sales are recognized in revenue at the point in time of the closing of the sale. The 48 Table of Contents residential segment incurs costs from direct costs (e.g., development and construction costs), selling costs and other indirect costs. Cost of real estate revenue excludes depreciation, depletion and amortization expense. Our residential segment includes the Bayside at Ward Creek, Breakfast Point East, Breakwater at Ward Creek, College Station, Park Place, Salt Creek at Mexico Beach, Salt Grass at Ward Creek, Titus Park, Watersound Camp Creek, Watersound Origins, Watersound Origins West and WindMark Beach communities, which are large scale, multi-phase communities with current development activity, sales activity or future phases. Homesites in these communities are developed based on market demand and sold primarily to homebuilders and on a limited basis to retail customers. The East Lake Creek, East Lake Powell, Lake Powell, Lake Powell Estates, Park Place East, Pigeon Creek, Teachee, West Bay Creek and West Laird projects have phases of homesites in preliminary planning or permitting. Homesites in these projects will be developed based on market demand. The SummerCamp Beach community has homesites available for sale and along with the RiverCamps and SouthWood communities, have additional lands for future development. The Latitude Margaritaville Watersound community is a 55+ active adult residential community in Bay County, Florida. The community is located near the Intracoastal Waterway with convenient access to the Northwest Florida Beaches International Airport. The community is being developed through our unconsolidated Latitude Margaritaville Watersound JV with our partner Minto Communities USA, a homebuilder and community developer, and is estimated to include approximately 3,700 residential homes, which are being developed in smaller increments of discrete neighborhoods. As of June 30, 2026, the unconsolidated Latitude Margaritaville Watersound JV had completed 2,359 home sale transactions of the total estimated 3,700 homes planned in the community and had 183 homes under contract, which are expected to result in a sales value to the JV of approximately $115.1 million at closing of the homes. See Note 4. Joint Ventures for additional information. The residential homesite pipeline by community/project is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Homesite Pipeline (a) ​ ​ ​ ​ Platted or ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ Under ​ Engineering ​ Entitlements with ​ ​ Community/Project ​ Location ​ Development ​ or Permitting ​ Concept Plan ​ Total Breakfast Point East (b) ​ Bay County, FL ​ 14 ​ 85 ​ 171 ​ 270 College Station ​ Bay County, FL ​ 39 ​ — ​ 199 ​ 238 East Lake Creek (b) ​ Bay County, FL ​ — ​ — ​ 166 ​ 166 East Lake Powell (c) ​ Bay County, FL ​ — ​ — ​ 89 ​ 89 Lake Powell (d) ​ Bay County, FL ​ — ​ — ​ 1,323 ​ 1,323 Lake Powell Estates ​ Bay County, FL ​ — ​ 4 ​ — ​ 4 Latitude Margaritaville Watersound (d) (e) ​ Bay County, FL ​ 1,262 ​ 104 ​ — ​ 1,366 Salt Creek at Mexico Beach (b) ​ Bay County, FL ​ — ​ — ​ 357 ​ 357 Park Place ​ Bay County, FL ​ 153 ​ — ​ — ​ 153 Park Place East ​ Bay County, FL ​ — ​ — ​ 2,000 ​ 2,000 Pigeon Creek (d) ​ Bay County, FL ​ — ​ 340 ​ 2,990 ​ 3,330 RiverCamps (c) ​ Bay County, FL ​ — ​ — ​ 149 ​ 149 SouthWood (f) ​ Leon County, FL ​ — ​ — ​ 920 ​ 920 SummerCamp Beach (b) ​ Franklin County, FL ​ 15 ​ — ​ 185 ​ 200 Teachee (d) ​ Bay County, FL ​ — ​ 103 ​ 1,647 ​ 1,750 Titus Park ​ Bay County, FL ​ 140 ​ 171 ​ 211 ​ 522 Bayside at Ward Creek (d) ​ Bay County, FL ​ 156 ​ 177 ​ — ​ 333 Breakwater at Ward Creek (d) ​ Bay County, FL ​ 95 ​ — ​ — ​ 95 Salt Grass at Ward Creek (d) ​ Bay County, FL ​ 83 ​ 305 ​ — ​ 388 Watersound Camp Creek (f) ​ Walton County, FL ​ 11 ​ — ​ — ​ 11 Watersound Origins (f) ​ Walton County, FL ​ 39 ​ — ​ — ​ 39 Watersound Origins West (d) ​ Walton County, FL ​ 107 ​ 220 ​ 2,816 ​ 3,143 West Bay Creek (d) ​ Bay County, FL ​ — ​ — ​ 5,250 ​ 5,250 West Laird (d) ​ Bay County, FL ​ — ​ — ​ 2,390 ​ 2,390 WindMark Beach (f) ​ Gulf County, FL ​ 174 ​ — ​ 474 ​ 648 Total Homesites ​ ​ ​ 2,288 ​ 1,509 ​ 21,337 ​ 25,134 49 Table of Contents (a) The number of homesites are preliminary and are subject to change. Includes homesites platted or currently in concept planning, engineering, permitting or development. We have significant additional entitlements for future residential homesites on our land holdings. (b) Planned Unit Development (“PUD”). (c) Development Agreement (“DA”). (d) Detailed Specific Area Plan (“DSAP”). (e) The unconsolidated Latitude Margaritaville Watersound JV builds and sells homes in this community. (f) Development of Regional Impact (“DRI”). In addition to the communities listed above, we have a number of other residential project concepts in various stages of planning and evaluation. As of June 30, 2026, we had eighteen different homebuilders within our residential communities. As of June 30, 2026, we had 3,077 residential homesites under contract, which include 1,326 homesites within the Pigeon Creek project, which is structured to include significant variable revenue due to its long-term nature. In addition, as of June 30, 2026, we had approximately 647 entitled but undeveloped homesites within the SouthWood community under contract. Excluding the Pigeon Creek project and SouthWood community contracts due to their scale and timing, the remaining 1,104 residential homesites under contract are expected to result in revenue of approximately $109.2 million, plus residuals, at closing of the homesites over the next several years. By comparison, as of June 30, 2025, we had 1,209 residential homesites under contract, with an expected revenue of approximately $121.7 million, plus residuals. The change in homesites under contract is due to homesite transactions since the end of the prior period, new contracts, and the amount of remaining homesites in current phases of the residential communities. Homesite prices vary significantly by community and often sell in concentrated transactions that may impact period over period results. Hospitality Segment Our hospitality segment features a private membership club (the “Watersound Club”), hotel operations, food and beverage operations, golf courses, beach clubs, retail outlets, marinas and other entertainment offerings. The hospitality segment generates revenue from membership sales, golf courses, lodging at our hotels, food and beverage operations, merchandise sales, marina operations (including boat slip rentals, boat storage fees and fuel sales), other resort and entertainment activities and beach clubs, which include food and beverage operations of the WaterColor Beach Club. Hospitality revenue is generally recognized at the point in time services are provided and represents a single performance obligation with a fixed transaction price. Hospitality revenue recognized over time includes non-refundable club membership initiation fees, club membership dues and other membership fees. The hospitality segment incurs costs from the services and goods provided, personnel costs, maintenance of the facilities and holding costs of the assets. From time to time, we may explore the sale of certain hospitality properties, the development of new hospitality properties, as well as new entertainment and management opportunities. Our hospitality segment may also generate revenue from the sale of operating properties. Real estate sales in our hospitality segment incur costs of revenue directly associated with the land, development, construction and selling costs. Cost of hospitality revenue and cost of real estate revenue exclude depreciation, depletion and amortization expense. Some of our JV assets and other assets incur interest and financing expenses related to the loans as described in Note 8. Debt, Net. Watersound Club provides club members access to our member facilities, which include the Watersound Beach Club, Camp Creek golf course and amenities, Shark’s Tooth golf course and tennis center, The Third golf course and The Sporting Preserve. Watersound Club offers different types of club memberships, each with different access rights and associated fee structures. Watersound Club is focused on creating an outstanding membership experience combined with the luxurious aspects of a destination resort. Watersound Beach Club located on Scenic Highway 30A with over one mile of Gulf frontage, has two resort-style pools, two restaurants, three bars, kid’s room and a recreation area. Camp Creek includes an 18-hole golf course, a full club house, health and wellness center, three restaurants, a tennis and pickle ball center, a resort-style pool complex with separate adult pool, a golf teaching academy, pro shop and multi-sport fields. Shark’s Tooth includes an 18-hole golf course, tennis center, a full club house, a pro shop, as well as two food and beverage outlets. The Third includes an 18-hole golf course. The Sporting Preserve includes a 12-stand sporting clays course. Guests of some of our hotels also have access to certain Watersound Club amenities. 50 Table of Contents Watersound Origins amenities include a resort-style pool, fitness center, pickle ball courts and tennis courts located in the community. Access to these amenities is reserved to Watersound Origins, Watersound Origins West and Watersound Villas on the Fairway members consisting of the communities’ residents. In addition, an executive golf course located in the community is available to residents and for public play. We own and operate the award-winning WaterColor Inn (which includes the Fish Out of Water restaurant) and The Pearl Hotel (which includes the Havana Beach Bar & Grill restaurant); the Camp Creek Inn, the Hilton Garden Inn Panama City Airport, the Homewood Suites by Hilton Panama City Beach, the Hotel Indigo Panama City Marina, the Home2 Suites by Hilton Santa Rosa Beach and the Watersound Inn. With our JV partners, we own and operate The Lodge 30A and the Embassy Suites by Hilton Panama City Beach Resort. We also operate the WaterColor Beach Club, which includes food and beverage operations and other hospitality related activities, such as beach chair rentals. Our hotel portfolio by property is as follows: ​ ​ ​ ​ ​ Hotel ​ Location ​ Rooms (a) Camp Creek Inn ​ Walton County, FL ​ 75 WaterColor Inn ​ Walton County, FL ​ 67 The Pearl Hotel ​ Walton County, FL ​ 55 Watersound Inn ​ Walton County, FL ​ 11 The Lodge 30A (b) ​ Walton County, FL ​ 85 Home2 Suites by Hilton Santa Rosa Beach ​ Walton County, FL ​ 107 Embassy Suites by Hilton Panama City Beach Resort (b) ​ Bay County, FL ​ 255 Hilton Garden Inn Panama City Airport ​ Bay County, FL ​ 143 Homewood Suites by Hilton Panama City Beach ​ Bay County, FL ​ 131 Hotel Indigo Panama City Marina ​ Bay County, FL ​ 124 TownePlace Suites by Marriott Panama City Beach Pier Park (c) ​ Bay County, FL ​ 124 Residence Inn Panama City Beach Pier Park (d) ​ Bay County, FL ​ 121 Total rooms ​ ​ ​ 1,298 (a) Includes hotels currently in operation. We have significant additional entitlements for future hotel projects on our land holdings. (b) Property is related to a consolidated JV. See Note 4. Joint Ventures for additional information. (c) The hotel is operated by our JV partner. The Pier Park TPS JV is unconsolidated and is accounted for using the equity method, which is included within our commercial segment. See Note 4. Joint Ventures for additional information. (d) The hotel is operated by our JV partner. The Pier Park RI JV is unconsolidated and is accounted for using the equity method, which is included within our commercial segment. See Note 4. Joint Ventures for additional information. We own and operate two marinas, the Point South Marina Bay Point in Bay County, Florida and Point South Marina Port St. Joe in Gulf County, Florida. We are planning new marinas along the Intracoastal Waterway. We also own and operate retail stores, standalone restaurants and other entertainment assets. In addition to the properties listed above, we have a number of hospitality projects in various stages of planning. Commercial Segment Our commercial segment includes leasing of commercial property, multi-family, self-storage and other assets, as well as senior living prior to the sale of the Watercrest JV’s senior living community property in September 2025. See Note 4. Joint Ventures for additional information. The commercial segment also oversees the planning, development, entitlement, management and sale of our commercial and forestry land holdings for a variety of uses, including a broad range of retail, office, hotel, senior living, multi-family, self-storage and industrial properties. We believe the diversity of our commercial segment complements the growth of our residential and hospitality segments. We provide development opportunities for national, regional and local retailers and other strategic partners in Northwest Florida. We own and manage retail shopping centers and develop commercial parcels. We are currently developing the Watersound Town Center in Walton County, Florida and Watersound West Bay Center in Bay County, Florida. These lifestyle centers are complementary to the Watersound Origins, Watersound Origins West and Latitude Margaritaville Watersound residential communities. In conjunction with Florida State University (“FSU”) and Tallahassee Memorial Hospital (“TMH”), we are in the process of developing an 87-acre medical campus in Panama City Beach, Florida. We have large 51 Table of Contents land holdings near the Pier Park retail center, adjacent to the Northwest Florida Beaches International Airport, near or within business districts in the region and along major roadways. We lease land for various other uses. The commercial segment manages our timber holdings in Northwest Florida, which includes growing and selling pulpwood, sawtimber and other products. The commercial segment generates leasing revenue and incurs leasing expenses primarily from maintenance and management of our properties, personnel costs and asset holding costs. Our commercial segment generates revenue from the sale of developed and undeveloped land, timber holdings or land with limited development and/or entitlements and the sale of commercial operating properties. Real estate sales in our commercial segment incur costs of revenue directly associated with the land, development, construction, timber and selling costs. Our commercial segment generates timber revenue primarily from open market sales of timber on site without the associated delivery costs. Cost of leasing revenue and cost of real estate revenue exclude depreciation, depletion and amortization expense. Some of our JV assets and other assets incur interest and financing expenses related to loans as described in Note 8. Debt, Net. Total units and percentage leased for multi-family and senior living communities by location are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leased ​ ​ ​ ​ ​ ​ Leased ​ ​ ​ ​ ​ Units ​ Units ​ Units ​ of Units ​ ​ Units ​ Units ​ of Units ​ ​ ​ Location ​ Planned (a) ​ Completed ​ Leased ​ Completed ​ ​ Completed ​ Leased ​ Completed ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pier Park Crossings (b) ​ Bay County, FL ​ 240 ​ 240 ​ 231 ​ 96 % ​ 240 ​ 229 ​ 95 % Pier Park Crossings Phase II (b) ​ Bay County, FL ​ 120 ​ 120 ​ 117 ​ 98 % ​ 120 ​ 109 ​ 91 % Watersound Origins Crossings (b) ​ Walton County, FL ​ 217 ​ 217 ​ 213 ​ 98 % ​ 217 ​ 198 ​ 91 % North Bay Landing ​ Bay County, FL ​ 240 ​ 240 ​ 232 ​ 97 % ​ 240 ​ 218 ​ 91 % Mexico Beach Crossings (b) ​ Bay County, FL ​ 216 ​ 216 ​ 210 ​ 97 % ​ 216 ​ 202 ​ 94 % Watersound Villas on the Fairway (c) ​ Walton County, FL ​ N/A ​ N/A ​ N/A ​ N/A ​ ​ 40 ​ 10 ​ 25 % WindMark Beach ​ Gulf County, FL ​ 31 ​ 31 ​ 21 ​ 68 % ​ 31 ​ 22 ​ 71 % Total multi-family units (d) ​ 1,064 ​ 1,064 ​ 1,024 ​ 96 % ​ 1,104 ​ 988 ​ 89 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior living ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Watersound Fountains (e) ​ Walton County, FL ​ 148 ​ 148 ​ 80 ​ 54 % ​ 148 ​ 69 ​ 47 % Total senior living units ​ 148 ​ 148 ​ 80 ​ 54 % ​ 148 ​ 69 ​ 47 % Total units ​ 1,212 ​ 1,212 ​ 1,104 ​ 91 % ​ 1,252 ​ 1,057 ​ 84 % (a) We have additional multi-family communities in various stages of planning. (b) Property is related to a consolidated JV. See Note 4. Joint Ventures for additional information. (c) In January 2025, the townhomes were platted as individual units, which created the ability to sell them individually. We are no longer entering into new leases. As of June 30, 2026, the townhomes are included within our residential segment. (d) All multi-family communities are managed by our unconsolidated Watersound Management JV. The Watersound Management JV is unconsolidated and is accounted for using the equity method. See Note 4. Joint Ventures for additional information. (e) The community is under lease-up. The senior living community is operated by our JV partner. The Watersound Fountains Independent Living JV is unconsolidated and is accounted for using the equity method. See Note 4. Joint Ventures for additional information. As of June 30, 2026, our leasing portfolio consists of approximately 1,196,000 square feet of leasable space for mixed-use, retail, industrial, office, self-storage and medical uses. Through separate unconsolidated JVs, other commercial properties that are operated by our JV partners include a 124-room TownePlace Suites by Marriott, a 121-room Residence Inn, a Busy Bee branded fuel station and convenience store, which includes a Starbucks, and a golf cart sales and service facility, all located in Bay County, Florida. 52 Table of Contents The total net leasable building square feet and percentage leased of leasing properties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ ​ ​ Leasable ​ ​ ​ ​ Leasable ​ ​ ​ ​ ​ ​ ​ Square ​ Percentage ​ ​ Square ​ Percentage ​ ​ ​ Location ​ Feet* ​ Leased ​ ​ Feet* ​ Leased ​ Pier Park North (a) (b) Bay County, FL 318,278 100 % ​ 320,310 100 % VentureCrossings Bay County, FL 303,605 100 % ​ 303,605 100 % Watersound Town Center (c) (d) ​ Walton County, FL ​ 161,108 ​ 98 % ​ 149,210 ​ 98 % Beckrich Office Park (d) (e) Bay County, FL 80,675 87 % ​ 80,675 87 % FSU/TMH Medical Campus ​ Bay County, FL ​ 78,670 ​ 100 % ​ 78,670 ​ 100 % Watersound Self-Storage ​ Walton County, FL ​ 67,694 ​ 94 % ​ 67,694 ​ 93 % WindMark Beach Town Center (d) (f) Gulf County, FL 44,748 57 % ​ 44,748 57 % Watersound West Bay Center (g) ​ Bay County, FL ​ 21,369 ​ 59 % ​ 3,366 ​ 100 % Cedar Grove Commerce Park ​ Bay County, FL ​ 19,389 ​ 50 % ​ 19,389 ​ 100 % WaterColor Town Center (d) Walton County, FL 17,560 98 % ​ 17,560 96 % Port St. Joe Commercial Gulf County, FL 16,964 100 % ​ 16,964 100 % Beach Commerce Park (d) Bay County, FL 14,800 100 % ​ 14,800 100 % South Walton Commerce Park ​ Walton County, FL ​ 11,570 ​ 100 % ​ 11,570 ​ 100 % Watersound Gatehouse (d) (h) Walton County, FL 6,453 100 % ​ 10,271 87 % Other (i) ​ Bay, Gulf and Walton Counties, FL ​ 33,096 ​ 100 % ​ 35,208 ​ 100 % ​ ​ 1,195,979 95 % ​ 1,174,040 96 % * Net Leasable Square Feet is designated as the current square feet available for lease as specified in the applicable lease agreements plus management’s estimate of space available for lease based on construction drawings. ​ (a) Property is related to a consolidated JV. See Note 4. Joint Ventures for additional information. (b) As of June 30, 2026, we occupied 2,032 square feet for our Business Services, which is excluded from net leasable square feet. (c) An additional building was completed in the first quarter of 2026. As of June 30, 2026 and December 31, 2025, we occupied 6,752 square feet for our Business Services, which is excluded from net leasable square feet. Included in net leasable square feet as of December 31, 2025, is 1,200 square feet leased to an unconsolidated JV. (d) In addition to net leasable square feet, there is also space that we occupy or that serves as common area. (e) We occupied approximately 22,556 square feet as our headquarters as of both June 30, 2026 and December 31, 2025, each of which is excluded from net leasable square feet. (f) Included in net leasable square feet as of June 30, 2026 and December 31, 2025, is 5,658 square feet of unfinished space. (g) An additional building was completed in the first quarter of 2026. In addition to net leasable square feet, as of June 30, 2026 and December 31, 2025, our unconsolidated Electric Cart Watersound JV owns and operates 11,813 square feet for its golf cart sales and service facility. See Note 4. Joint Ventures for additional information. (h) As of June 30, 2026, we occupied 2,468 square feet for our Business Services, which is excluded from net leasable square feet. (i) Includes various other properties, each with less than 10,000 net leasable square feet. In addition to the leased properties above, we have ground leases in various locations of our land holdings. ​ We have commercial projects under development and construction as detailed in the table below. In addition to these properties, we have other commercial buildings and sites in various stages of planning and development. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ Location ​ Completed Square Feet ​ Square Feet Under Construction ​ Additional Planned Square Feet ​ Total Square Feet* Watersound Town Center (a) ​ Walton County, FL ​ 168,887 ​ — ​ 231,113 ​ 400,000 Watersound West Bay Center (b) (c) ​ Bay County, FL ​ 33,182 ​ 69,134 ​ 397,684 ​ 500,000 FSU/TMH Medical Campus ​ Bay County, FL ​ 78,670 ​ — ​ 241,330 ​ 320,000 ​ ​ ​ ​ 280,739 ​ 69,134 ​ 870,127 ​ 1,220,000 * Total square feet are based on current estimates and are subject to change. ​ (a) We occupy 6,752 square feet of the completed space for our Business Services. There is also an additional 1,027 square feet of completed space we occupy. 53 Table of Contents (b) Completed square feet includes 11,813 square feet owned and operated by our unconsolidated Electric Cart Watersound JV for its golf cart sales and service facility. See Note 4. Joint Ventures for additional information. (c) Square feet under construction includes 5,509 square feet for our Business Services. ​ Critical Accounting Estimates The discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. We base these estimates on historical experience, available current market information and on various other assumptions that management believes are reasonable under the circumstances. Additionally, we evaluate the results of these estimates on an on-going basis. Management’s estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions and our accounting estimates are subject to change. Critical accounting policies that we believe reflect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements are set forth in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes in these policies during the first six months of 2026, however we cannot assure you that these policies will not change in the future. Recently Adopted and Issued Accounting Pronouncements See Note 2. Summary of Significant Accounting Policies to our condensed consolidated financial statements included in this report for recently issued or adopted accounting standards, including the date of adoption and effect on our condensed consolidated financial statements. Seasonality and Market Variability Our operations may be affected by seasonal fluctuations. The revenues and earnings from our business segments may vary significantly from period to period. Homebuilders tend to buy multiple homesites in sporadic transactions. In addition, homesite prices vary significantly by community, which further impacts period over period results. Therefore, there may be reporting periods in which we have no, or significantly less, revenue from residential or commercial real estate sales. We may also choose to operate rather than lease assets, lease rather than sell assets, or sell improved rather than unimproved land that may delay revenue and profits. Hospitality revenues are typically higher in the second and third quarters, and vary depending on the timing of holidays and school breaks. Commercial real estate sales tend to be non-recurring. Projects depend on uncertain demand. Extraordinary events such as hurricanes may dramatically change demand and pricing for products and services. 54 Table of Contents Results of Operations Consolidated Results The following table sets forth a comparison of the results of our operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ In millions Revenue: ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 69.6 ​ $ 43.8 ​ $ 109.3 ​ $ 82.1 Hospitality revenue ​ 74.2 ​ 68.8 ​ 118.9 ​ 108.4 Leasing revenue ​ 15.0 ​ 16.5 ​ 29.7 ​ 32.8 Total revenue ​ 158.8 ​ 129.1 ​ 257.9 ​ 223.3 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ Cost of real estate revenue (a) ​ 35.7 ​ 23.8 ​ 57.2 ​ 42.6 Cost of hospitality revenue (a) ​ 43.7 ​ 42.3 ​ 77.6 ​ 74.7 Cost of leasing revenue (a) ​ 6.0 ​ 7.6 ​ 11.7 ​ 15.0 Corporate and other operating expenses (a) ​ 7.2 ​ 6.4 ​ 15.6 ​ 13.0 Depreciation, depletion and amortization ​ 11.4 ​ 12.0 ​ 22.8 ​ 24.1 Total expenses ​ 104.0 ​ 92.1 ​ 184.9 ​ 169.4 Operating income ​ 54.8 ​ 37.0 ​ 73.0 ​ 53.9 Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ Investment income, net ​ 3.2 ​ 3.2 ​ 6.5 ​ 6.6 Interest expense ​ (6.9) ​ (7.8) ​ (14.0) ​ (15.5) Equity in income from unconsolidated joint ventures ​ ​ 4.5 ​ ​ 7.5 ​ ​ 8.0 ​ ​ 17.7 Other expense, net ​ (0.5) ​ (0.2) ​ (0.6) ​ (0.5) Total other income (expense), net ​ 0.3 ​ 2.7 ​ (0.1) ​ 8.3 Income before income taxes ​ 55.1 ​ 39.7 ​ 72.9 ​ 62.2 Income tax expense ​ (14.1) ​ (9.9) ​ (18.6) ​ (15.8) Net income ​ $ 41.0 ​ $ 29.8 ​ $ 54.3 ​ $ 46.4 (a) Excluding depreciation, depletion and amortization, shown separately above. 55 Table of Contents Real Estate Revenue and Gross Profit The following table sets forth a comparison of our total consolidated real estate revenue and gross profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ Six Months Ended June 30, ​ ​ ​ 2026 ​ ​ ​ % (a) ​ ​ ​ 2025 ​ ​ ​ % (a) ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ % (a) ​ ​ ​ 2025 ​ ​ ​ % (a) ​ ​ ​ Dollars in millions ​ Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate revenue ​ $ 52.8 75.9 % $ 38.1 87.0 % ​ $ 81.2 74.3 % $ 71.0 86.5 % Commercial, forestry and hospitality real estate revenue ​ 10.4 14.9 % 3.3 7.5 % ​ 16.7 15.3 % 6.5 7.9 % Timber revenue ​ ​ 1.1 ​ 1.6 % ​ 1.3 ​ 3.0 % ​ ​ 2.0 ​ 1.8 % ​ 2.5 ​ 3.0 % Other revenue ​ 5.3 7.6 % 1.1 2.5 % ​ 9.4 8.6 % 2.1 2.6 % Real estate revenue ​ $ 69.6 100.0 % $ 43.8 100.0 % ​ $ 109.3 100.0 % $ 82.1 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate ​ $ 25.3 47.9 % $ 17.0 44.6 % ​ $ 37.9 46.7 % $ 31.9 44.9 % Commercial, forestry and hospitality real estate ​ 7.0 67.3 % 1.6 48.5 % ​ 11.3 67.7 % 4.7 72.3 % Timber ​ ​ 0.9 ​ 81.8 % ​ 1.1 ​ 84.6 % ​ ​ 1.6 ​ 80.0 % ​ 2.1 ​ 84.0 % Other ​ 0.7 13.2 % 0.3 27.3 % ​ 1.3 13.8 % 0.8 38.1 % Gross profit ​ $ 33.9 48.7 % $ 20.0 45.7 % ​ $ 52.1 47.7 % $ 39.5 48.1 % (a) Calculated percentage of total real estate revenue and the respective gross margin percentage. ​ Residential Real Estate Revenue and Gross Profit. During the three months ended June 30, 2026, residential real estate revenue increased $14.7 million, or 38.6%, to $52.8 million, as compared to $38.1 million during the same period in 2025. During the three months ended June 30, 2026, residential real estate gross profit increased $8.3 million to $25.3 million (or gross margin of 47.9%), as compared to $17.0 million (or gross margin of 44.6%) during the same period in 2025. During the three months ended June 30, 2026, we sold 224 homesites, 15 homes and had an unimproved residential land sale within our SummerCamp Beach community of $2.5 million, compared to 225 homesites, 10 homes and no unimproved residential land sales during the same period in 2025. During the three months ended June 30, 2026 and 2025, the average base revenue, excluding homesite residuals, per homesite sold was approximately $121,000 and $122,000, respectively. The revenue, gross profit and margin for each period was impacted by the difference in pricing among the communities, the difference in the cost of the development and the volume of sales within each of the communities. The number of homesites sold varied each period due to the timing of homebuilder contractual closing obligations in our residential communities. During the six months ended June 30, 2026, residential real estate revenue increased $10.2 million, or 14.4%, to $81.2 million, as compared to $71.0 million during the same period in 2025. During the six months ended June 30, 2026, residential real estate gross profit increased $6.0 million to $37.9 million (or gross margin of 46.7%), as compared to $31.9 million (or gross margin of 44.9%) during the same period in 2025. During the six months ended June 30, 2026, we sold 392 homesites, 21 homes and had an unimproved residential land sale within our SummerCamp Beach community of $2.5 million, compared to 474 homesites, 10 homes and no unimproved residential land sales during the same period in 2025. During the six months ended June 30, 2026 and 2025, the average base revenue, excluding homesite residuals, per homesite sold was approximately $121,000 and $118,000, respectively. The revenue, gross profit and margin for each period was impacted by the difference in pricing among the communities, the difference in the cost of the development and the volume of sales within each of the communities. The number of homesites sold varied each period due to the timing of homebuilder contractual closing obligations in our residential communities. Commercial, Forestry and Hospitality Real Estate Revenue and Gross Profit. During the three months ended June 30, 2026, we had six commercial, forestry and hospitality real estate sales totaling approximately 24 acres for $10.4 million, resulting in a gross profit of $7.0 million (or gross margin of 67.3%). The commercial, forestry and hospitality 56 Table of Contents real estate sales during the three months ended June 30, 2026, included the sale of a vacation rental property used in hospitality operations for $3.6 million, resulting in a gross margin of approximately 63.9%. During the three months ended June 30, 2025, we had five commercial, forestry and hospitality real estate sales totaling approximately 11 acres for $3.3 million, resulting in a gross profit of $1.6 million (or gross margin of 48.5%), which included the sale of a property used in hospitality operations for $1.4 million. During the six months ended June 30, 2026, we had ten commercial, forestry and hospitality real estate sales totaling approximately 139 acres for $16.7 million, resulting in a gross profit of $11.3 million (or gross margin of 67.7%). The commercial, forestry and hospitality real estate sales during the six months ended June 30, 2026, included the sale of two vacation rental properties used in hospitality operations for $7.1 million, resulting in a gross margin of approximately 63.4%. During the six months ended June 30, 2025, we had seven commercial, forestry and hospitality real estate sales totaling approximately 144 acres for $6.5 million, resulting in a gross profit of $4.7 million (or gross margin of 72.3%), which included the sale of a property used in hospitality operations for $1.4 million. Revenue from real estate can vary significantly from period-to-period depending on the proximity to developed areas and mix of real estate sold in each period, with varying compositions of retail, office, industrial, timber and other commercial uses. Our gross margin can vary significantly from period-to-period depending on the characteristics of property sold. Sales of forestry land typically have a lower cost basis than residential, commercial and hospitality real estate sales. In addition, our cost basis in real estate can vary depending on the amount of development, construction or other costs incurred on the property. Timber Revenue and Gross Profit. Timber revenue decreased $0.2 million, or 15.4%, to $1.1 million during the three months ended June 30, 2026, as compared to $1.3 million in the same period in 2025. There were 70,000 tons of wood products sold at an average price per ton of $15.30 during the three months ended June 30, 2026, as compared to 62,000 tons of wood products sold at an average price per ton of $19.64, during the same period in 2025. Timber gross margin was 81.8% during the three months ended June 30, 2026, as compared to 84.6% during the same period in 2025. The decrease in revenue and gross margin was primarily due to product mix sold in the current period. Timber revenue decreased $0.5 million, or 20.0%, to $2.0 million during the six months ended June 30, 2026, as compared to $2.5 million in the same period in 2025. There were 122,000 tons of wood products sold at an average price per ton of $15.58 during the six months ended June 30, 2026, as compared to 135,000 tons of wood products sold at an average price per ton of $16.90, during the same period in 2025. Timber gross margin was 80.0% during the six months ended June 30, 2026, as compared to 84.0% during the same period in 2025. The decrease in revenue and gross margin was primarily due to product mix and a decrease in tons of wood products sold in the current period. Other Revenue. Other revenue primarily consists of our Business Services revenue and mitigation bank credit sales. Other revenue increased $4.2 million during the three months ended June 30, 2026, compared to the same period in 2025. Other gross margin was 13.2% during the three months ended June 30, 2026, as compared to 27.3% during the same period in 2025. The change in other revenue and gross margin was primarily due to our real estate brokerage business, which began operations in the second quarter of 2025. Other revenue increased $7.3 million during the six months ended June 30, 2026, compared to the same period in 2025. Other gross margin was 13.8% during the six months ended June 30, 2026, as compared to 38.1% during the same period in 2025. The change in other revenue and gross margin was primarily due to our real estate brokerage business, which began operations in the second quarter of 2025. Hospitality Revenue and Gross Profit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ ​ Six Months Ended June 30, ​ ​ 2026 ​ 2025 ​ ​ ​ 2026 ​ 2025 ​ ​ Dollars in millions ​ Hospitality revenue ​ $ 74.2 ​ ​ $ 68.8 ​ ​ $ 118.9 ​ ​ $ 108.4 ​ Gross profit ​ $ 30.5 ​ ​ $ 26.5 ​ ​ $ 41.3 ​ ​ $ 33.7 ​ Gross margin ​ 41.1 % ​ 38.5 % ​ 34.7 % ​ 31.1 % ​ 57 Table of Contents Hospitality revenue increased $5.4 million, or 7.8%, to $74.2 million during the three months ended June 30, 2026, as compared to $68.8 million in the same period in 2025. The increase in hospitality revenue was primarily related to membership and ancillary spend increases. The increase in revenue was also related to an increase in hotel operations in average daily rate (“ADR”), occupancy and guest incidental spend. Hospitality gross margin increased to 41.1% during the three months ended June 30, 2026, compared to 38.5% during the same period in 2025. The increase in gross margin was primarily due to the continued stabilization of the properties and improvements in management of operating expenses. Hospitality revenue increased $10.5 million, or 9.7%, to $118.9 million during the six months ended June 30, 2026, as compared to $108.4 million in the same period in 2025. The increase in hospitality revenue was primarily related to membership and ancillary spend increases. The increase in revenue was also related to an increase in hotel operations in ADR, occupancy and guest incidental spend. As of June 30, 2026, Watersound Club had 3,723 members, compared with 3,551 members as of June 30, 2025, a net increase of 172 members. As of both June 30, 2026 and 2025, we had 1,053 operational hotel rooms (excluding 245 hotel rooms related to unconsolidated JVs). Hospitality gross margin increased to 34.7% during the six months ended June 30, 2026, compared to 31.1% during the same period in 2025. The increase in gross margin was primarily due to the continued stabilization of the properties and improvements in management of operating expenses. Leasing Revenue and Gross Profit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ ​ Six Months Ended June 30, ​ ​ 2026 ​ 2025 ​ 2026 ​ 2025 ​ ​ Dollars in millions ​ Leasing revenue ​ $ 15.0 ​ ​ $ 16.5 ​ ​ $ 29.7 ​ ​ $ 32.8 ​ Gross profit ​ $ 9.0 ​ ​ $ 8.9 ​ ​ $ 18.0 ​ ​ $ 17.8 ​ Gross margin ​ 60.0 % ​ 53.9 % ​ 60.6 % ​ 54.3 % ​ Leasing revenue decreased $1.5 million, or 9.1%, to $15.0 million during the three months ended June 30, 2026, as compared to $16.5 million in the same period in 2025. The decrease was primarily due to the sale of Watercrest JV’s senior living community property in September 2025, which ceased operating activities, and the sale of townhomes in the Watersound Villas on the Fairway community since the end of the prior period. The decrease was partially offset by additional commercial property leases. Leasing gross margin increased to 60.0% during the three months ended June 30, 2026, as compared to 53.9% during the same period in 2025. The increase in leasing gross margin was primarily due to additional leases in the current period and the sale of the Watercrest JV’s senior living community property, which operated with lower margins. Leasing revenue decreased $3.1 million, or 9.5%, to $29.7 million during the six months ended June 30, 2026, as compared to $32.8 million in the same period in 2025. The decrease was primarily due to the sale of Watercrest JV’s senior living community property in September 2025, which ceased operating activities, and the sale of townhomes in the Watersound Villas on the Fairway community since the end of the prior period. The decrease was partially offset by additional commercial property leases. Leasing gross margin increased to 60.6% during the six months ended June 30, 2026, as compared to 54.3% during the same period in 2025. The increase in leasing gross margin was primarily due to additional leases in the current period and the sale of the Watercrest JV’s senior living community property, which operated with lower margins. 58 Table of Contents Corporate and Other Operating Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ In millions ​ Employee costs ​ $ 3.7 ​ $ 3.2 ​ $ 8.0 ​ $ 6.0 ​ Property taxes and insurance ​ 1.7 ​ 1.6 ​ 3.3 ​ 3.2 ​ Professional fees ​ 0.5 ​ 0.7 ​ 1.9 ​ 2.0 ​ Marketing and owner association costs ​ 0.5 ​ 0.3 ​ 0.9 ​ 0.6 ​ Occupancy, repairs and maintenance ​ 0.3 ​ 0.1 ​ 0.4 ​ 0.2 ​ Other miscellaneous ​ 0.5 ​ 0.5 ​ 1.1 ​ 1.0 ​ Total corporate and other operating expenses (a) ​ $ 7.2 ​ $ 6.4 ​ $ 15.6 ​ $ 13.0 ​ (a) Excluding depreciation, depletion and amortization. Corporate and other operating expenses increased $0.8 million, or 12.5%, to $7.2 million during the three months ended June 30, 2026, as compared to $6.4 million in the same period in 2025. The increase in corporate and other operating expenses was primarily related to employee costs, owner association assessments, repairs and maintenance and marketing costs. Corporate and other operating expenses increased $2.6 million, or 20.0%, to $15.6 million during the six months ended June 30, 2026, as compared to $13.0 million in the same period in 2025. The increase in corporate and other operating expenses was primarily related to compensation payments made in the first quarter of 2026, as well as owner association assessments, repairs and maintenance and marketing costs. Depreciation, Depletion and Amortization Depreciation, depletion and amortization expense decreased $0.6 million during the three months ended June 30, 2026, as compared to the same period in 2025. Depreciation, depletion and amortization expense decreased $1.3 million during the six months ended June 30, 2026, as compared to the same period in 2025. The decrease in both periods was primarily due to assets sold since the prior period, partially offset by new hospitality and commercial assets placed in service. Depreciation is a non-cash, GAAP expense, which is amortized over an asset’s useful life, while maintenance and repair expenses are period costs and expensed as incurred. Investment Income, Net Investment income, net primarily includes (i) interest, dividends and accretion income accrued or received on our cash, cash equivalents and other investments, (ii) interest income earned on the time deposit held by SPE and (iii) interest earned on our unimproved land contribution to the unconsolidated Latitude Margaritaville Watersound JV as home sales are transacted in the community and other receivables as detailed in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ In millions ​ Interest, dividend and accretion income ​ $ 1.0 ​ $ 0.8 ​ $ 2.0 ​ $ 1.7 ​ Interest income from investments in special purpose entities ​ 2.0 ​ 2.0 ​ 4.0 ​ 4.0 ​ Other interest income ​ 0.2 ​ 0.4 ​ 0.5 ​ 0.9 ​ Total investment income, net ​ $ 3.2 ​ $ 3.2 ​ $ 6.5 ​ $ 6.6 ​ ​ Investment income, net during the three and six months ended June 30, 2026 and 2025, were comparable. 59 Table of Contents Interest Expense Interest expense primarily includes interest incurred on project financing, the Senior Notes issued by Northwest Florida Timber Finance, LLC, CDD debt and finance leases, as well as amortization of debt discount and premium and debt issuance costs as detailed in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ In millions Interest incurred for project financing and other interest expense ​ $ 4.7 ​ $ 5.6 ​ $ 9.5 ​ $ 11.1 Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity ​ ​ 2.2 ​ ​ 2.2 ​ ​ 4.5 ​ ​ 4.4 Total interest expense ​ $ 6.9 ​ $ 7.8 ​ $ 14.0 ​ $ 15.5 ​ Interest expense decreased $0.9 million, or 11.5%, to $6.9 million during the three months ended June 30, 2026, as compared to $7.8 million in the same period in 2025. Interest expense decreased $1.5 million, or 9.7%, to $14.0 million during the six months ended June 30, 2026, as compared to $15.5 million in the same period in 2025. The decrease in interest expense is due to repayment of project financing and a decrease in interest rates from the prior period. See Note 8. Debt, Net and Note 15. Other Income (Expense), Net for additional information regarding project financing. Equity in Income from Unconsolidated Joint Ventures Equity in income (loss) from unconsolidated joint ventures includes our proportionate share of earnings or losses of unconsolidated JVs accounted for using the equity method as detailed in the table below. See Note 4. Joint Ventures for additional information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2026 ​ 2025 ​ 2026 ​ 2025 ​ In millions Latitude Margaritaville Watersound JV (a) $ 5.0 ​ $ 8.4 ​ $ 10.0 ​ $ 21.1 Watersound Fountains Independent Living JV (b) ​ (0.9) ​ ​ (0.9) ​ ​ (1.8) ​ ​ (2.0) Pier Park TPS JV ​ 0.2 ​ ​ 0.2 ​ ​ 0.1 ​ ​ (0.1) Pier Park RI JV (c) ​ — ​ ​ (0.2) ​ ​ (0.4) ​ ​ (1.3) Busy Bee JV (d) ​ 0.1 ​ ​ — ​ ​ — ​ ​ (0.1) Electric Cart Watersound JV ​ 0.1 ​ ​ — ​ ​ — ​ ​ — Watersound Management JV ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 Total equity in income from unconsolidated joint ventures $ 4.5 ​ $ 7.5 ​ $ 8.0 ​ $ 17.7 (a) During the three months ended June 30, 2026 and 2025, the Latitude Margaritaville Watersound JV completed 86 and 137 home sale transactions, respectively. During the six months ended June 30, 2026 and 2025, the Latitude Margaritaville Watersound JV completed 169 and 329 home sale transactions, respectively. (b) The community is under lease-up. (c) The six months ended June 30, 2025, include start-up, depreciation and interest expenses for the project. (d) Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. ​ 60 Table of Contents Other Expense, Net Other expense, net primarily includes other income and expense items as detailed in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ In millions Loss on disposition of assets ​ $ — ​ $ — ​ $ — ​ $ (0.1) Miscellaneous expense, net ​ ​ (0.5) ​ ​ (0.2) ​ ​ (0.6) ​ ​ (0.4) Other expense, net ​ $ (0.5) ​ $ (0.2) ​ $ (0.6) ​ $ (0.5) ​ Miscellaneous expense, net during the three and six months ended June 30, 2026, primarily includes expense of $0.5 million related to design costs for certain commercial assets that we are no longer pursuing, as well as loss on early extinguishment of debt and fees related to loans. Miscellaneous expense, net during the three and six months ended June 30, 2025, primarily includes loss on early extinguishment of debt and fees related to loans. Income Tax Expense Income tax expense was $14.1 million during the three months ended June 30, 2026, as compared to $9.9 million during the same period in 2025. Our effective tax rate was 25.6% for the three months ended June 30, 2026, as compared to 25.0% during the same period in 2025. Income tax expense was $18.6 million during the six months ended June 30, 2026, as compared to $15.8 million during the same period in 2025. Our effective tax rate was 25.6% for the six months ended June 30, 2026, as compared to 25.3% during the same period in 2025. Our effective rate for the three and six months ended June 30, 2026 and 2025, differed from the federal statutory rate of 21.0% primarily due to state income taxes, nontaxable or nondeductible and other differences. See Note 11. Income Taxes for additional information. 61 Table of Contents Segment Results Residential The table below sets forth the consolidated results of operations of our residential segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ In millions Revenue: ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate revenue ​ $ 49.6 ​ $ 35.8 ​ $ 75.8 ​ $ 66.2 Other revenue ​ 3.2 ​ 2.3 ​ 5.4 ​ 4.8 Total real estate revenue ​ ​ 52.8 ​ ​ 38.1 ​ ​ 81.2 ​ ​ 71.0 Leasing revenue ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 Total revenue ​ 52.8 ​ 38.1 ​ 81.2 ​ 71.1 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ Cost of real estate and other revenue (a) ​ 27.5 ​ 21.1 ​ 43.2 ​ 39.1 Other operating expenses (a) ​ 1.5 ​ 1.2 ​ 2.8 ​ 2.4 Depreciation, depletion and amortization ​ — ​ 0.1 ​ 0.1 ​ 0.1 Total expenses ​ 29.0 ​ 22.4 ​ 46.1 ​ 41.6 Operating income ​ 23.8 ​ 15.7 ​ 35.1 ​ 29.5 Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ Investment income, net ​ ​ 0.3 ​ ​ 0.4 ​ ​ 0.5 ​ ​ 0.9 Interest expense ​ (0.1) ​ (0.1) ​ (0.2) ​ (0.2) Equity in income from unconsolidated joint ventures ​ ​ 5.0 ​ ​ 8.4 ​ ​ 10.0 ​ ​ 21.1 Other income, net ​ 0.1 ​ 0.1 ​ 0.3 ​ 0.2 Total other income, net ​ 5.3 ​ 8.8 ​ 10.6 ​ 22.0 Income before income taxes ​ $ 29.1 ​ $ 24.5 ​ $ 45.7 ​ $ 51.5 (a) Excluding depreciation, depletion and amortization, shown separately above. ​ Three months ended June 30, 2026 compared to the three months ended June 30, 2025 The following table sets forth our consolidated residential real estate revenue and cost of revenue activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2026 ​ Three Months Ended June 30, 2025 ​ ​ ​ ​ Unit ​ ​ ​ ​ ​ ​ ​ ​ Cost of ​ ​ ​ Gross ​ ​ ​ Gross ​ Units ​ ​ ​ ​ ​ ​ ​ ​ Cost of ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ Sold ​ Revenue ​ Revenue ​ Profit ​ Margin ​ Sold ​ Revenue ​ Revenue ​ Profit ​ Margin ​ ​ Dollars in millions Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Homesites 224 ​ $ 38.9 ​ $ 20.5 ​ $ 18.4 47.3 % 225 ​ $ 30.3 ​ $ 16.4 ​ $ 13.9 ​ 45.9 % Homes 15 ​ ​ 8.2 ​ ​ 5.3 ​ ​ 2.9 35.4 % 10 ​ 5.5 ​ 3.5 ​ 2.0 36.4 % Land sale N/A ​ 2.5 ​ 0.5 ​ 2.0 80.0 % N/A ​ ​ — ​ ​ — ​ ​ — ​ — % Total consolidated 239 ​ $ 49.6 ​ $ 26.3 ​ $ 23.3 47.0 % 235 ​ $ 35.8 ​ $ 19.9 ​ $ 15.9 44.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unconsolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Homes (a) ​ 86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 137 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated and unconsolidated ​ 325 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 372 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Includes homes sold by the Latitude Margaritaville Watersound JV, which is unconsolidated and is accounted for using the equity method. See Note 4. Joint Ventures for additional information. 62 Table of Contents ​ The following discussion sets forth details of the consolidated results of operations of our residential segment. Homesites. Revenue from homesite sales increased $8.6 million, or 28.4%, during the three months ended June 30, 2026, as compared to the same period in 2025, primarily due to the mix and number of homesites sold per community and the timing of homebuilder contractual closing obligations in our residential communities. During the three months ended June 30, 2026 and 2025, the average base revenue, excluding homesite residuals, per homesite sold was approximately $121,000 and $122,000, respectively. Revenue includes estimated homesite residuals of $10.8 million and $1.2 million during the three months ended June 30, 2026 and 2025, respectively. The increase in estimated homesite residuals was due to the mix and number of homesites sold in specific communities during the current period. Gross margin was 47.3% during the three months ended June 30, 2026, compared to 45.9% in the same period in 2025. Gross margin may vary each period depending on the location of homesite sales. Homes. During the three months ended June 30, 2026, we sold fifteen completed townhomes within our Watersound Villas on the Fairway community for a total of $8.2 million, resulting in a gross margin of 35.4%. During the three months ended June 30, 2025, we sold ten completed townhomes within our Watersound Villas on the Fairway community for a total of $5.5 million, resulting in a gross margin of 36.4%. Land sales. During the three months ended June 30, 2026, we had an unimproved land sale within our SummerCamp Beach community for $2.5 million, resulting in a gross margin of 80.0%. During the three months ended June 30, 2025, we did not have any unimproved land sales. Other revenue includes tap and impact fee credits sold, marketing fees and other fees. Other revenue includes estimated fees related to homebuilder homesite sales of $1.5 million and $0.5 million, during the three months ended June 30, 2026 and 2025, respectively. Other operating expenses include salaries and benefits, property taxes, marketing, professional fees, project administration, owner association and CDD assessments and other administrative expenses. Investment income, net primarily consists of interest earned on the unimproved land contribution to our unconsolidated Latitude Margaritaville Watersound JV as home sales are transacted in the community. See Note 4. Joint Ventures for additional information. Interest expense primarily consists of interest incurred on our portion of the total outstanding CDD debt. See Note 8. Debt, Net for additional information. Equity in income from unconsolidated joint ventures includes our proportionate share of earnings or losses of an unconsolidated JV accounted for using the equity method. Equity in income from unconsolidated joint ventures decreased $3.4 million during the three months ended June 30, 2026, as compared to the same period in 2025. The decrease was primarily due to the decreased volume of home sale transactions and a lower average sales price, partially offset by higher average margin per home sold during the current period related to our unconsolidated Latitude Margaritaville Watersound JV. The Latitude Margaritaville Watersound JV completed 86 home sale transactions during 63 Table of Contents the three months ended June 30, 2026, compared to 137 home sale transactions during the same period in 2025. See Note 4. Joint Ventures for additional information. Six months ended June 30, 2026 compared to the six months ended June 30, 2025 The following table sets forth our consolidated residential real estate revenue and cost of revenue activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2026 ​ Six Months Ended June 30, 2025 ​ ​ ​ ​ Units ​ ​ ​ ​ ​ ​ ​ ​ Cost of ​ ​ ​ Gross ​ ​ ​ Gross ​ Units ​ ​ ​ ​ ​ ​ ​ ​ Cost of ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ Sold ​ Revenue ​ Revenue ​ Profit ​ Margin ​ Sold ​ Revenue ​ Revenue ​ Profit ​ Margin ​ ​ Dollars in millions ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Homesites ​ 392 ​ $ 62.0 ​ $ 32.9 ​ $ 29.1 ​ 46.9 % 474 ​ $ 60.7 ​ $ 33.0 ​ $ 27.7 ​ 45.6 % Homes 21 ​ ​ 11.3 ​ ​ 7.3 ​ ​ 4.0 ​ 35.4 % 10 ​ ​ 5.5 ​ ​ 3.5 ​ ​ 2.0 ​ 36.4 % Land sales N/A ​ ​ 2.5 ​ ​ 0.5 ​ ​ 2.0 ​ 80.0 % N/A ​ ​ — ​ ​ — ​ ​ — ​ — % Total consolidated 413 ​ $ 75.8 ​ $ 40.7 ​ $ 35.1 46.3 % 484 ​ $ 66.2 ​ $ 36.5 ​ $ 29.7 44.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unconsolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Homes (a) ​ 169 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 329 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated and unconsolidated ​ 582 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 813 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Includes homes sold by the Latitude Margaritaville Watersound JV, which is unconsolidated and is accounted for using the equity method. See Note 4. Joint Ventures for additional information. ​ The following discussion sets forth details of the consolidated results of operations of our residential segment. Homesites. Revenue from homesite sales increased $1.3 million, or 2.1%, during the six months ended June 30, 2026, as compared to the same period in 2025, primarily due to the mix and number of homesites sold per community and the timing of homebuilder contractual closing obligations in our residential communities. During the six months ended June 30, 2026 and 2025, the average base revenue, excluding homesite residuals, per homesite sold was approximately $121,000 and $118,000, respectively. Revenue includes estimated homesite residuals of $12.5 million and $2.4 million during the six months ended June 30, 2026 and 2025, respectively. The increase in estimated homesite residuals was due to the mix and number of homesites sold in specific communities during the current period. Gross margin was 46.9% during the six months ended June 30, 2026, compared to 45.6% in the same period in 2025. Gross margin may vary each period depending on the location of homesite sales. Homes. During the six months ended June 30, 2026, we sold twenty-one completed townhomes within our Watersound Villas on the Fairway community for a total of $11.3 million, resulting in a gross margin of 35.4%. During the six months ended June 30, 2025, we sold ten completed townhomes within our Watersound Villas on the Fairway community for a total of $5.5 million, resulting in a gross margin of 36.4%. Land sales. During the six months ended June 30, 2026, we had an unimproved land sale within our SummerCamp Beach community for $2.5 million, resulting in a gross margin of 80.0%. During the six months ended June 30, 2025, we did not have any unimproved land sales. Other revenue includes tap and impact fee credits sold, marketing fees and other fees. Other revenue includes estimated fees related to homebuilder homesite sales of $2.1 million and $1.0 million, during the six months ended June 30, 2026 and 2025, respectively. Other operating expenses include salaries and benefits, property taxes, marketing, professional fees, project administration, owner association and CDD assessments and other administrative expenses. 64 Table of Contents Investment income, net primarily consists of interest earned on the unimproved land contribution to our unconsolidated Latitude Margaritaville Watersound JV as home sales are transacted in the community. Investment income, net decreased $0.4 million during the six months ended June 30, 2026, as compared to the same period in 2025, primarily due to fewer home sales transacted in the community during the current period. See Note 4. Joint Ventures for additional information. Interest expense primarily consists of interest incurred on our portion of the total outstanding CDD debt. See Note 8. Debt, Net for additional information. Equity in income from unconsolidated joint ventures includes our proportionate share of earnings or losses of an unconsolidated JV accounted for using the equity method. Equity in income from unconsolidated joint ventures decreased $11.1 million during the six months ended June 30, 2026, as compared to the same period in 2025. The decrease was primarily due to the decreased volume of home sale transactions and a lower average sales price, partially offset by higher average margin per home sold during the current period related to our unconsolidated Latitude Margaritaville Watersound JV. The Latitude Margaritaville Watersound JV completed 169 home sale transactions during the six months ended June 30, 2026, compared to 329 home sale transactions during the same period in 2025. See Note 4. Joint Ventures for additional information. Hospitality The table below sets forth the consolidated results of operations of our hospitality segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ In millions Revenue: ​ ​ ​ ​ ​ ​ ​ ​ Hospitality revenue ​ $ 74.2 ​ $ 68.8 ​ $ 118.9 ​ $ 108.4 Leasing revenue ​ ​ 1.1 ​ ​ 1.0 ​ ​ 2.0 ​ ​ 1.9 Real estate revenue ​ ​ 3.6 ​ ​ 1.4 ​ ​ 7.1 ​ ​ 1.4 Total revenue ​ ​ 78.9 ​ ​ 71.2 ​ ​ 128.0 ​ ​ 111.7 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ Cost of hospitality revenue (a) ​ 43.7 ​ 42.3 ​ 77.6 ​ 74.7 Cost of leasing revenue (a) ​ 0.7 ​ 0.7 ​ 1.2 ​ 1.2 Cost of real estate revenue (a) ​ ​ 1.3 ​ ​ 0.8 ​ ​ 2.6 ​ ​ 0.8 Other operating expenses (a) ​ 0.5 ​ 0.4 ​ 1.0 ​ 0.8 Depreciation, depletion and amortization ​ 7.0 ​ 7.2 ​ 14.0 ​ 14.4 Total expenses ​ 53.2 ​ 51.4 ​ 96.4 ​ 91.9 Operating income ​ 25.7 ​ 19.8 ​ 31.6 ​ 19.8 Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ Investment income, net ​ ​ 0.1 ​ ​ — ​ ​ 0.2 ​ ​ — Interest expense ​ ​ (2.2) ​ ​ (2.7) ​ ​ (4.4) ​ ​ (5.3) Other expense, net ​ — ​ — ​ (0.1) ​ (0.1) Total other expense, net ​ (2.1) ​ (2.7) ​ (4.3) ​ (5.4) Income before income taxes ​ $ 23.6 ​ $ 17.1 ​ $ 27.3 ​ $ 14.4 (a) Excluding depreciation, depletion and amortization, shown separately above. ​ 65 Table of Contents Three months ended June 30, 2026 compared to the three months ended June 30, 2025 The following table sets forth details of our hospitality segment consolidated revenue and gross profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2026 ​ ​ Three Months Ended June 30, 2025 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ Revenue ​ Profit ​ Margin ​ ​ Revenue ​ Profit ​ Margin ​ ​ In millions Clubs (a) ​ $ 28.6 ​ $ 13.1 45.8 % ​ $ 25.2 ​ $ 10.9 43.3 % Hotels ​ ​ 40.5 ​ ​ 16.1 ​ 39.8 % ​ ​ 38.9 ​ ​ 14.6 ​ 37.5 % Other ​ 5.1 ​ 1.3 25.5 % ​ 4.7 ​ 1.0 21.3 % Total ​ $ 74.2 ​ $ 30.5 41.1 % ​ $ 68.8 ​ $ 26.5 38.5 % (a) Includes the Camp Creek Inn due to its proximity and guest access to Watersound Club amenities. ​ Revenue from our clubs increased $3.4 million, or 13.5%, during the three months ended June 30, 2026, as compared to the same period in 2025. The increase in revenue was due to an increase in membership dues, membership ancillary spend and Camp Creek Inn lodging and ancillary spend. Our clubs gross margin was 45.8% during the three months ended June 30, 2026, compared to 43.3% during the same period in 2025. The increase in gross margin was primarily due to stabilization of the Camp Creek Inn and improvements in management of operating expenses. Revenue from our hotel operations increased $1.6 million, or 4.1%, during the three months ended June 30, 2026, as compared to the same period in 2025. The increase was primarily related to an increase in ADR, occupancy, as well as guest incidental spend. Our hotels gross margin was 39.8% for the three months ended June 30, 2026, compared to 37.5% during the same period in 2025. The increase in gross margin was primarily due to stabilization of the properties and improvements in management of operating expenses. Revenue from other hospitality operations increased $0.4 million, or 8.5%, during the three months ended June 30, 2026, as compared to the same period in 2025, primarily due to increased revenue from our marina and retail operations. Our other hospitality operations gross margin was 25.5% during the three months ended June 30, 2026, compared to 21.3% during the same period in 2025. The increase in gross margin was primarily due to improvements in management of operating expenses. Leasing revenue includes marina boat slip and dry storage rentals, as well as leases of other hospitality assets. Real estate revenue during the three months ended June 30, 2026, includes the sale of a vacation rental property for $3.6 million, resulting in a gross profit of $2.3 million (or gross margin of 63.9%). Real estate revenue during the three months ended June 30, 2025, includes the sale of a hospitality property for $1.4 million, resulting in a gross profit of $0.6 million (or gross margin of 42.9%). Other operating expenses include salaries and benefits, professional fees, repairs and maintenance and other administrative expenses. Interest expense primarily includes interest incurred from our hospitality project financing. The decrease of $0.5 million in interest expense during the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to repayment of project financing and a decrease in interest rates from the prior period. See Note 8. Debt, Net for additional information. 66 Table of Contents Six months ended June 30, 2026 compared to the six months ended June 30, 2025 The following table sets forth details of our hospitality segment consolidated revenue and gross profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2026 ​ ​ Six Months Ended June 30, 2025 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ Revenue ​ Profit ​ Margin ​ ​ Revenue ​ Profit ​ Margin ​ ​ Dollars in millions Clubs (a) ​ $ 51.4 ​ $ 22.2 43.2 % ​ $ 44.8 ​ $ 18.4 41.1 % Hotels ​ ​ 60.0 ​ ​ 17.6 ​ 29.3 % ​ ​ 56.7 ​ ​ 14.4 ​ 25.4 % Other ​ ​ 7.5 ​ ​ 1.5 ​ 20.0 % ​ ​ 6.9 ​ ​ 0.9 ​ 13.0 % Total ​ $ 118.9 ​ $ 41.3 34.7 % ​ $ 108.4 ​ $ 33.7 31.1 % (a) Includes the Camp Creek Inn due to its proximity and guest access to Watersound Club amenities. Revenue from our clubs increased $6.6 million, or 14.7%, during the six months ended June 30, 2026, as compared to the same period in 2025. The increase in revenue was due to an increase in membership dues, membership ancillary spend and Camp Creek Inn lodging and ancillary spend. As of June 30, 2026, Watersound Club had 3,723 members, compared with 3,551 members as of June 30, 2025, a net increase of 172 members. Our clubs gross margin was 43.2% during the six months ended June 30, 2026, compared to 41.1% during the same period in 2025. The increase in gross margin was primarily due to stabilization of the Camp Creek Inn and improvements in management of operating expenses. Revenue from our hotel operations increased $3.3 million, or 5.8%, during the six months ended June 30, 2026, as compared to the same period in 2025. The increase was primarily related to an increase in ADR, occupancy, as well as guest incidental spend. Our hotels gross margin was 29.3% for the six months ended June 30, 2026, compared to 25.4% during the same period in 2025. The increase in gross margin was primarily due to stabilization of the properties and improvements in management of operating expenses. As of both June 30, 2026 and 2025, we had 1,053 operational hotel rooms (excluding 245 hotel rooms related to unconsolidated JVs). Revenue from other hospitality operations increased $0.6 million, or 8.7%, during the six months ended June 30, 2026, as compared to the same period in 2025, primarily due to increased revenue from our marina and retail operations. Our other hospitality operations gross margin was 20.0% during the six months ended June 30, 2026, compared to 13.0% during the same period in 2025. The increase in gross margin was primarily due to improvements in management of operating expenses. Leasing revenue includes marina boat slip and dry storage rentals, as well as leases of other hospitality assets. Real estate revenue during the six months ended June 30, 2026, includes the sale of two vacation rental properties for $7.1 million, resulting in a gross profit of $4.5 million (or gross margin of 63.4%). Real estate revenue during the six months ended June 30, 2025, includes the sale of a hospitality property for $1.4 million, resulting in a gross profit of $0.6 million (or gross margin of 42.9%). Other operating expenses include salaries and benefits, professional fees, repairs and maintenance and other administrative expenses. Interest expense primarily includes interest incurred from our hospitality project financing. The decrease of $0.9 million in interest expense during the six months ended June 30, 2026, as compared to the same period in 2025, was primarily due to repayment of project financing and a decrease in interest rates from the prior period. See Note 8. Debt, Net for additional information. 67 Table of Contents Commercial The table below sets forth the consolidated results of operations of our commercial segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ In millions Revenue: ​ ​ ​ ​ ​ ​ ​ ​ Leasing revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial leasing revenue ​ $ 8.0 ​ $ 7.3 ​ $ 16.1 ​ $ 14.6 Multi-family leasing revenue ​ ​ 5.8 ​ ​ 5.8 ​ ​ 11.4 ​ ​ 11.6 Senior living leasing revenue ​ ​ — ​ ​ 2.2 ​ ​ — ​ ​ 4.2 Total leasing revenue ​ ​ 13.8 ​ ​ 15.3 ​ ​ 27.5 ​ ​ 30.4 Real estate revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and forestry real estate revenue ​ 6.8 ​ 1.9 ​ 9.6 ​ 5.1 Timber revenue ​ ​ 1.1 ​ ​ 1.3 ​ ​ 2.0 ​ ​ 2.5 Total real estate revenue ​ ​ 7.9 ​ ​ 3.2 ​ ​ 11.6 ​ ​ 7.6 Total revenue ​ 21.7 ​ 18.5 ​ 39.1 ​ 38.0 Expenses: ​ ​ ​ ​ ​ ​ ​ Cost of leasing revenue (a) ​ 5.2 ​ 6.8 ​ 10.3 ​ 13.5 Cost of real estate revenue (a) ​ 2.3 ​ 1.1 ​ 3.2 ​ 1.4 Other operating expenses (a) ​ 1.2 ​ 1.1 ​ 2.5 ​ 2.3 Depreciation, depletion and amortization ​ 4.2 ​ 4.6 ​ 8.5 ​ 9.4 Total expenses ​ 12.9 ​ 13.6 ​ 24.5 ​ 26.6 Operating income ​ 8.8 ​ 4.9 ​ 14.6 ​ 11.4 Other expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ (2.4) ​ (2.8) ​ (4.9) ​ (5.6) Equity in loss from unconsolidated joint ventures ​ ​ (0.5) ​ ​ (0.9) ​ ​ (2.0) ​ ​ (3.4) Other expense, net ​ (0.8) ​ (0.2) ​ (0.9) ​ (0.4) Total other expense, net ​ (3.7) ​ (3.9) ​ (7.8) ​ (9.4) Income before income taxes ​ $ 5.1 ​ $ 1.0 ​ $ 6.8 ​ $ 2.0 (a) Excluding depreciation, depletion and amortization, shown separately above. ​ Three months ended June 30, 2026 compared to the three months ended June 30, 2025 The following table sets forth details of our commercial segment consolidated revenue and gross profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2026 ​ ​ Three Months Ended June 30, 2025 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ Revenue ​ Profit ​ Margin ​ ​ Revenue ​ Profit ​ Margin ​ ​ In millions ​ Leasing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial leasing ​ $ 8.0 ​ $ 5.7 71.3 % ​ $ 7.3 ​ $ 4.9 67.1 % Multi-family leasing ​ ​ 5.8 ​ ​ 2.9 50.0 % ​ ​ 5.8 ​ ​ 2.8 48.3 % Senior living leasing ​ ​ — ​ ​ — ​ — % ​ ​ 2.2 ​ ​ 0.8 ​ 36.4 % Total leasing ​ ​ 13.8 ​ ​ 8.6 ​ 62.3 % ​ ​ 15.3 ​ ​ 8.5 ​ 55.6 % Real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and forestry real estate ​ ​ 6.8 ​ ​ 4.7 ​ 69.1 % ​ ​ 1.9 ​ ​ 1.0 ​ 52.6 % Timber ​ ​ 1.1 ​ ​ 0.9 ​ 81.8 % ​ ​ 1.3 ​ ​ 1.1 ​ 84.6 % Total real estate ​ ​ 7.9 ​ ​ 5.6 ​ 70.9 % ​ ​ 3.2 ​ ​ 2.1 ​ 65.6 % Total ​ $ 21.7 ​ $ 14.2 65.4 % ​ $ 18.5 ​ $ 10.6 57.3 % ​ 68 Table of Contents The following discussion sets forth details of the consolidated results of operations of our commercial segment. Total leasing revenue decreased $1.5 million, or 9.8%, during the three months ended June 30, 2026, as compared to the same period in 2025. The decrease was primarily due to the sale of Watercrest JV’s senior living community property in September 2025, which ceased operating activities, and the sale of townhomes in the Watersound Villas on the Fairway community since the end of the prior period, partially offset by additional commercial property leases. Total leasing gross margin during the three months ended June 30, 2026 was 62.3%, as compared to 55.6% during the same period in 2025. The increase in leasing gross margin was primarily due to additional leases in the current period and the sale of the Watercrest JV’s senior living community property, which operated with lower margins. Commercial and forestry real estate revenue can vary depending on the proximity to developed areas and the mix and characteristics of commercial and forestry real estate sold in each period, with varying compositions of retail, office, industrial, timber and other commercial uses. During the three months ended June 30, 2026, we had five commercial and forestry real estate sales of approximately 24 acres for $6.8 million, resulting in a gross margin of approximately 69.1%. During the three months ended June 30, 2025, we had four commercial and forestry real estate sales of approximately 11 acres for $1.9 million, resulting in a gross margin of approximately 52.6%. Timber revenue decreased $0.2 million, or 15.4%, to $1.1 million during the three months ended June 30, 2026, as compared to $1.3 million during the same period in 2025. There were 70,000 tons of wood products sold at an average price per ton of $15.30 during the three months ended June 30, 2026, as compared to 62,000 tons of wood products sold at an average price per ton of $19.64, during the same period in 2025. Timber gross margin was 81.8% during the three months ended June 30, 2026, as compared to 84.6% during the same period in 2025. The decrease in revenue and gross margin was primarily due to product mix sold in the current period. Other operating expenses include salaries and benefits, property taxes, CDD assessments, professional fees, marketing, project administration and other administrative expenses. The decrease of $0.4 million in depreciation, depletion and amortization expense during the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to assets sold since the prior period, partially offset by new assets placed in service in the current period. Interest expense primarily includes interest incurred from our commercial project financing and CDD debt. The decrease of $0.4 million in interest expense during the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to repayment of project financing. See Note 8. Debt, Net for additional information. Equity in loss from unconsolidated joint ventures includes our proportionate share of earnings or losses of unconsolidated JVs accounted for using the equity method. Equity in loss from unconsolidated joint ventures during each of the three months ended June 30, 2026 and 2025 includes $0.9 million for the Watersound Fountains Independent Living JV. The community is under lease-up. See Note 4. Joint Ventures for additional information. Other expense, net primarily includes loss on early extinguishment of debt, fees related to loans, as well as other income and expense items. The three months ended June 30, 2026, include expense of $0.5 million related to design costs for certain commercial assets that we are no longer pursuing. See Note 8. Debt, Net for additional information. 69 Table of Contents Six months ended June 30, 2026 compared to the six months ended June 30, 2025 The following table sets forth details of our commercial segment consolidated revenue and gross profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2026 ​ ​ Six Months Ended June 30, 2025 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ Revenue ​ Profit ​ Margin ​ ​ Revenue ​ Profit ​ Margin ​ ​ Dollars in millions Leasing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial leasing ​ $ 16.1 ​ $ 11.6 72.0 % ​ $ 14.6 ​ $ 9.7 66.4 % Multi-family leasing ​ ​ 11.4 ​ ​ 5.6 49.1 % ​ ​ 11.6 ​ ​ 5.8 50.0 % Senior living leasing ​ ​ — ​ ​ — ​ — % ​ ​ 4.2 ​ ​ 1.4 ​ 33.3 % Total leasing ​ ​ 27.5 ​ ​ 17.2 ​ 62.5 % ​ ​ 30.4 ​ ​ 16.9 ​ 55.6 % Real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and forestry real estate ​ ​ 9.6 ​ ​ 6.8 ​ 70.8 % ​ ​ 5.1 ​ ​ 4.1 ​ 80.4 % Timber ​ ​ 2.0 ​ ​ 1.6 ​ 80.0 % ​ ​ 2.5 ​ ​ 2.1 ​ 84.0 % Total real estate ​ ​ 11.6 ​ ​ 8.4 ​ 72.4 % ​ ​ 7.6 ​ ​ 6.2 ​ 81.6 % Total ​ $ 39.1 ​ $ 25.6 65.5 % ​ $ 38.0 ​ $ 23.1 60.8 % The following discussion sets forth details of the consolidated results of operations of our commercial segment. Total leasing revenue decreased $2.9 million, or 9.5%, during the six months ended June 30, 2026, as compared to the same period in 2025. The decrease was primarily due to the sale of Watercrest JV’s senior living community property in September 2025, which ceased operating activities, and the sale of townhomes in the Watersound Villas on the Fairway community since the end of the prior period, partially offset by additional commercial property leases. Total leasing gross margin during the six months ended June 30, 2026 was 62.5%, as compared to 55.6% during the same period in 2025. The increase in leasing gross margin was primarily due to additional leases in the current period and the sale of the Watercrest JV’s senior living community property, which operated with lower margins. As of June 30, 2026, we had net leasable square feet of approximately 1,196,000, of which approximately 1,139,000 square feet were under lease. As of June 30, 2025, we had net leasable square feet of approximately 1,177,000, of which approximately 1,122,000 square feet were under lease. As of June 30, 2026 and 2025, our consolidated entities had 1,064 and 1,225 multi-family and senior living units, respectively, of which 1,024 were leased as of June 30, 2026, compared to 1,114 leased as of June 30, 2025 (excludes 148 senior living units for the unconsolidated Watersound Fountains Independent Living JV). The number of multi-family and senior living units decreased during the six months ended June 30, 2026, due to assets sold since the end of the prior period. See Note 4. Joint Ventures for additional information. Commercial and forestry real estate revenue can vary depending on the proximity to developed areas and the mix and characteristics of commercial and forestry real estate sold in each period, with varying compositions of retail, office, industrial, timber and other commercial uses. During the six months ended June 30, 2026, we had eight commercial and forestry real estate sales of approximately 138 acres for $9.6 million, resulting in a gross margin of approximately 70.8%. During the six months ended June 30, 2025, we had six commercial and forestry real estate sales of approximately 144 acres for $5.1 million, resulting in a gross margin of approximately 80.4%. Timber revenue decreased $0.5 million, or 20.0%, to $2.0 million during the six months ended June 30, 2026, as compared to $2.5 million during the same period in 2025. There were 122,000 tons of wood products sold at an average price per ton of $15.58 during the six months ended June 30, 2026, as compared to 135,000 tons of wood products sold at an average price per ton of $16.90, during the same period in 2025. Timber gross margin was 80.0% during the six months ended June 30, 2026, as compared to 84.0% during the same period in 2025. The decrease in revenue and gross margin was primarily due to product mix and a decrease in tons of wood products sold in the current period. Other operating expenses include salaries and benefits, property taxes, CDD assessments, professional fees, marketing, project administration and other administrative expenses. 70 Table of Contents The decrease of $0.9 million in depreciation, depletion and amortization expense during the six months ended June 30, 2026, as compared to the same period in 2025, was primarily due to assets sold since the prior period, partially offset by new assets placed in service in the current period. Interest expense primarily includes interest incurred from our commercial project financing and CDD debt. The decrease of $0.7 million in interest expense during the six months ended June 30, 2026, as compared to the same period in 2025, was primarily due to repayment of project financing. See Note 8. Debt, Net for additional information. Equity in loss from unconsolidated joint ventures includes our proportionate share of earnings or losses of unconsolidated JVs accounted for using the equity method. Equity in loss from unconsolidated joint ventures during the six months ended June 30, 2026 includes $0.4 million for the Pier Park RI JV, as compared to $1.3 million for the same period in 2025. The six months ended June 30, 2025, included start-up, depreciation and interest expenses related to the Pier Park RI JV. Equity in loss from unconsolidated joint ventures during the six months ended June 30, 2026 includes $1.8 million for the Watersound Fountains Independent Living JV, as compared to $2.0 million for the same period in 2025. The community is under lease-up. See Note 4. Joint Ventures for additional information. Other expense, net primarily includes loss on early extinguishment of debt, fees related to loans, as well as other income and expense items. The six months ended June 30, 2026, include expense of $0.5 million related to design costs for certain commercial assets that we are no longer pursuing. See Note 8. Debt, Net for additional information. Liquidity and Capital Resources As of June 30, 2026, we had cash and cash equivalents of $117.3 million, compared to $129.6 million as of December 31, 2025. We believe that our current cash position, financing arrangements and cash generated from operations will provide us with sufficient liquidity to satisfy our anticipated working capital needs, expected capital expenditures, principal and interest payments on our long-term debt, authorized stock repurchases and authorized dividends for the next twelve months. During the six months ended June 30, 2026, we invested a total of $44.7 million for capital expenditures, which includes $26.1 million for our residential segment, $3.7 million for our hospitality segment, $13.0 million for our commercial segment and $1.9 million for corporate and other expenditures. We anticipate that future capital commitments will be funded through cash generated from operations, cash and cash equivalents on hand and new financing arrangements. As of June 30, 2026, we had a total of $40.0 million primarily in construction and development related contractual obligations. Capital expenditures and contractual obligations exclude amounts related to unconsolidated JVs. See Note 4. Joint Ventures for additional information. As of June 30, 2026 and December 31, 2025, we had various loans outstanding totaling $374.8 million and $396.0 million, respectively, with maturities from April 2027 through March 2064. As of June 30, 2026, the weighted average effective interest rate of total outstanding debt was 4.7%, of which 84.1% includes fixed or swapped interest rates, and the average remaining life was 19.8 years. As of June 30, 2026, the weighted average rate on our variable rate loans, excluding the swapped portion, was 5.9%. See Note 8. Debt, Net for additional information. In 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by HUD, as amended. As of June 30, 2026 and December 31, 2025, $33.3 million and $33.6 million, respectively, was outstanding on the PPC JV Loan. The loan bears interest at a rate of 3.1% and matures in June 2060. The loan includes a prepayment premium due to the lender of 2% - 7% for any additional principal that is prepaid through August 2031. The loan is secured by the real property and certain other Security Interests. See Note 8. Debt, Net for additional information. In 2020, the Pier Park Resort Hotel JV entered into a loan with an initial amount of $52.5 million up to a maximum of $60.0 million through additional earn-out requests. As of June 30, 2026 and December 31, 2025, $49.3 million and $49.8 million, respectively, was outstanding on the Pier Park Resort Hotel JV Loan. The loan matures in April 2027 and bears interest at a rate of SOFR plus 2.1%. The loan is secured by the real property and certain other Security Interests. 71 Table of Contents In connection with the loan, as guarantors, we and our JV partner entered into a guarantee based on each partner’s ownership interest in favor of the lender, to guarantee the payment and performance of the borrower. As guarantor, our liability under the loan can be released upon reaching and maintaining certain debt service coverage. In addition, the guarantee can become full recourse in the case of the failure of the guarantor to abide by or perform any of the covenants or warranties to be performed on the part of such guarantor. The Pier Park Resort Hotel JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to SOFR. The interest rate swap matures in April 2027 and fixed the variable rate on the notional amount of related debt, initially at $42.0 million, amortizing to $38.7 million at swap maturity, to a rate of 3.2%. See Note 5. Financial Instruments and Fair Value Measurements and Note 8. Debt, Net for additional information. In 2020, a wholly-owned subsidiary of ours entered into a $16.8 million loan, which is guaranteed by us. As of June 30, 2026 and December 31, 2025, $13.7 million and $15.0 million, respectively, was outstanding on the Breakfast Point Hotel Loan. The loan matures in November 2042 and bears interest at a rate of 6.0% through November 2027 and the 1-year constant maturity Treasury rate plus 3.3% from December 2027 through November 2042, with a minimum rate of 6.0% throughout the term of the loan. The loan is secured by the real property and certain other Security Interests. See Note 8. Debt, Net for additional information. In 2021, The Lodge 30A JV entered into a $15.0 million loan. As of June 30, 2026 and December 31, 2025, $13.3 million and $13.6 million, respectively, was outstanding on the Lodge 30A JV Loan. The loan bears interest at a rate of 3.8% and matures in January 2028. The loan is secured by the real property and certain other Security Interests. In connection with the loan, we, wholly-owned subsidiaries of ours and our JV partner entered into a joint and several payment and performance guarantee in favor of the lender. As guarantor, our liability under the loan has been reduced to 25% of the outstanding principal balance upon the project reaching and maintaining a certain debt service coverage ratio over a prescribed period, which will be reassessed based on future performance. We receive a monthly fee related to the guarantee from our JV partner based on the JV partner’s ownership percentage. See Note 8. Debt, Net for additional information. In 2021, a wholly-owned subsidiary of ours entered into a $28.0 million loan, which is guaranteed by us. As of June 30, 2026 and December 31, 2025, $26.5 million and $26.8 million, respectively, was outstanding on the Watersound Camp Creek Loan. The loan matures in December 2047 and bears interest at a rate of SOFR plus 2.1%, with a floor of 2.6%. The loan is secured by the real property and certain other Security Interests. As guarantor, our liability under the loan has been reduced to 25% of the outstanding principal balance upon the project reaching and maintaining a certain debt service coverage ratio over a prescribed period, which will be reassessed based on future performance. In addition, the guarantee can become full recourse in the case of the failure of guarantor to abide by or perform any of the covenants, warranties or other certain obligations to be performed on the part of such guarantor. See Note 8. Debt, Net for additional information. In 2021, a wholly-owned subsidiary of ours entered into a $21.2 million loan, which is guaranteed by us. As of June 30, 2026 and December 31, 2025, $18.6 million and $19.0 million, respectively, was outstanding on the Hotel Indigo Loan. The loan bears interest at a rate of SOFR plus 2.5%, with a floor of 2.5%. The loan matures in October 2028 and includes an option for an extension of the maturity date by sixty months, subject to certain conditions. The loan is secured by the leasehold property and certain other Security Interests. See Note 8. Debt, Net for additional information. In 2022, the Mexico Beach Crossings JV entered into a $43.5 million loan, insured by HUD. As of June 30, 2026 and December 31, 2025, $42.2 million and $42.5 million, respectively, was outstanding on the Mexico Beach Crossings JV Loan. The loan bears interest at a rate of 3.0% and matures in March 2064. The loan includes a prepayment premium due to the lender of 1% - 8% for any principal that is prepaid through March 2034. The loan is secured by the real property and certain other Security Interests. See Note 8. Debt, Net for additional information. In 2022, the Pier Park Crossings Phase II JV refinanced into a $22.9 million loan, insured by HUD. As of June 30, 2026 and December 31, 2025, $21.1 million and $21.4 million, respectively, was outstanding on the PPC II JV Loan. The PPC II JV Loan bears interest at a rate of 2.7% and matures in May 2057. The loan includes a prepayment premium due to the lender of 1% - 6% for any principal that is prepaid through May 2032. The loan is secured by the real property and certain other Security Interests. See Note 8. Debt, Net for additional information. 72 Table of Contents In 2022, a wholly-owned subsidiary of ours entered into a $13.7 million loan, which is guaranteed by us. As of June 30, 2026 and December 31, 2025, $4.5 million and $11.2 million, respectively, was outstanding on the Topsail Hotel Loan. The loan bears interest at a rate of SOFR plus 2.1%, with a floor of 3.0% and matures in July 2027. The loan is secured by the real property and certain other Security Interests. See Note 8. Debt, Net for additional information. In 2022, a wholly-owned subsidiary of ours entered into a $37.0 million loan, which is guaranteed by us. As of June 30, 2026 and December 31, 2025, $31.3 million and $32.6 million, respectively, was outstanding on The Pearl Hotel Loan. The loan bears interest at a rate of 6.3% and matures in December 2032. The loan includes a prepayment fee due to the lender of 1% - 2% of the outstanding principal balance if the loan is refinanced with another financial institution through December 2027. The loan is secured by the real property and certain other Security Interests. See Note 8. Debt, Net for additional information. In 2023, the Watersound Origins Crossings JV refinanced into a $52.9 million loan, insured by HUD. As of June 30, 2026 and December 31, 2025, $51.0 million and $51.3 million, respectively, was outstanding on the Watersound Origins Crossings JV Loan. The loan bears interest at a rate of 5.0% and matures in April 2058. The loan includes a prepayment premium due to the lender of 1% - 7% for any principal that is prepaid through April 2033. The loan is secured by the real property and certain other Security Interests. See Note 8. Debt, Net for additional information. In February 2025, a wholly-owned subsidiary of ours refinanced into a $27.8 million loan. As of June 30, 2026 and December 31, 2025, $27.5 million and $27.6 million, respectively, was outstanding on the North Bay Landing Loan. The loan bears interest at a rate of 5.9% and matures in March 2060. The loan includes a prepayment premium due to the lender of 1% - 9% for any principal that is prepaid through March 2035. The refinanced loan is insured by HUD and is secured by the real property and certain other Security Interests. See Note 8. Debt, Net for additional information. In September 2025, the Pier Park North JV refinanced into a $40.0 million loan. As of June 30, 2026 and December 31, 2025, $39.7 million and $39.9 million, respectively, was outstanding on the PPN JV Loan. The loan bears interest at a rate of 6.1% and matures in October 2035. The loan may not be prepaid prior to October 2029. Commencing in October 2029 through May 2035, any principal prepaid is subject to a prepayment fee equal to the greater of (i) a prepayment ratio, as outlined in the loan agreement, or (ii) 1% of the amount prepaid. From June 2035 through maturity, the loan may be prepaid without a prepayment fee upon prior written notice. In connection with the loan, we entered into a limited guarantee in favor of the lender with respect to environmental indemnity matters and specified non-recourse carveouts outlined in the loan agreement. The loan is secured by a first lien on, and Security Interest in, a majority of the Pier Park North JV’s property. See Note 8. Debt, Net for additional information. CDD bonds financed the construction of infrastructure improvements in some of our communities. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. We have recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed and determinable. Additionally, we have recorded a liability for the balance of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that we will ultimately be responsible for repayment. We have recorded CDD related debt of $2.8 million and $2.6 million as of June 30, 2026 and December 31, 2025, respectively. Total outstanding CDD debt related to our land holdings was $8.5 million as of June 30, 2026, which is comprised of $7.0 million at the SouthWood community, $1.4 million at the existing Pier Park retail center and less than $0.1 million at the Wild Heron residential community. We pay interest on this total outstanding CDD debt. As of June 30, 2026, our unconsolidated Latitude Margaritaville Watersound JV, Watersound Fountains Independent Living JV, Pier Park TPS JV, Pier Park RI JV, Busy Bee JV and Electric Cart Watersound JV had various loans outstanding, some of which we have entered into guarantees. See Note 4. Joint Ventures and Note 17. Commitments and Contingencies for additional information. During the three months ended June 30, 2026 and 2025, we paid dividends of $0.16 and $0.14, respectively, per share on our common stock for a total of $9.1 million and $8.1 million, respectively. During the six months ended June 30, 2026 and 2025, we paid dividends of $0.32 and $0.28, respectively, per share on our common stock for a total of $18.3 million and $16.3 million, respectively. 73 Table of Contents During the three months ended June 30, 2026, we repurchased 499,700 shares of our common stock outstanding at an average repurchase price of $65.42, per share, related to the Stock Repurchase Program, for an aggregate purchase price of $32.7 million, excluding the excise tax on stock repurchases in excess of issuances. During the three months ended June 30, 2025, we repurchased 235,400 shares of our common stock outstanding at an average repurchase price of $44.66, per share, related to the Stock Repurchase Program, for an aggregate purchase price of $10.5 million, excluding the excise tax on stock repurchases in excess of issuances. During the six months ended June 30, 2026, we repurchased 575,837 shares of our common stock outstanding at an average repurchase price of $65.54, per share, related to the Stock Repurchase Program, for an aggregate purchase price of $37.7 million, excluding the excise tax on stock repurchases in excess of issuances. During the six months ended June 30, 2026, we also repurchased 4,835 shares of our common stock outstanding at an average repurchase price of $68.85, per share, for an aggregate purchase price of $0.3 million, excluding the excise tax on stock repurchases in excess of issuances, related to shares withheld from vested restricted stock awards to satisfy employees’ minimum statutory tax withholding requirements. During the six months ended June 30, 2025, we repurchased 359,014 shares of our common stock outstanding at an average repurchase price of $45.13, per share, related to the Stock Repurchase Program, for an aggregate purchase price of $16.2 million, excluding the excise tax on stock repurchases in excess of issuances. See Note 13. Stockholders’ Equity for additional information regarding the Stock Repurchase Program and issuance of common stock for employee compensation. As part of a certain sale of forestry land in 2014, we generated significant tax gains. The installment note’s structure allowed us to defer the resulting federal and state tax liability of $45.6 million until 2029, the maturity date for the installment note. We have a deferred tax liability related to the gain in connection with the sale. At the maturity date of the installment note in 2029, the $200.0 million time deposit included in investments held by special purpose entities will be used to pay the $180.0 million of principal for the Senior Notes held by special purpose entity and the remaining $20.0 million will become available to us, which can be used to pay a portion of the tax liability. See Note 5. Financial Instruments and Fair Value Measurements for additional information. As of June 30, 2026 and December 31, 2025, we were required to provide surety bonds that guarantee completion and maintenance of certain infrastructure in certain development projects and mitigation banks, as well as other financial guarantees of $29.3 million and $14.7 million, respectively, as well as standby letters of credit in the amount of $0.4 million as of both periods, which may potentially result in a liability to us if certain obligations are not met. As of June 30, 2026, we had a $0.5 million revolving line of credit for credit card usage, maturing in December 2049. As of June 30, 2026, the outstanding principal balance was less than $0.1 million on the line of credit. In conducting our operations, we routinely hold customers’ assets in escrow pending completion of real estate transactions, and are responsible for the proper disposition of these balances for our customers. These amounts are maintained in segregated bank accounts and have not been included in the accompanying condensed consolidated balance sheets, consistent with GAAP and industry practice. The cash deposit accounts and offsetting liability balances for escrow deposits in connection with our title insurance agencies for real estate transactions were $18.1 million and $8.0 million as of June 30, 2026 and December 31, 2025, respectively. These escrow funds are not available for regular operations. 74 Table of Contents Summary of Cash Flows A summary of our cash flows from operating, investing and financing activities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ In millions Net cash provided by operating activities ​ $ 86.2 ​ $ 60.1 Net cash used in investing activities ​ (18.9) ​ (15.9) Net cash used in financing activities ​ (79.2) ​ (43.7) Net (decrease) increase in cash, cash equivalents and restricted cash ​ (11.9) ​ 0.5 Cash, cash equivalents and restricted cash at beginning of the period ​ 136.5 ​ 96.3 Cash, cash equivalents and restricted cash at end of the period ​ $ 124.6 ​ $ 96.8 ​ Cash Flows from Operating Activities Net cash provided by operating activities includes net income, adjustments for non-cash items, distribution of earnings from unconsolidated joint ventures, changes in operating assets and liabilities and expenditures related to assets planned to be sold. Adjustments for non-cash items primarily include depreciation, depletion and amortization, equity in income from unconsolidated joint ventures, deferred income tax and cost of real estate sold. Net cash provided by operations was $86.2 million during the six months ended June 30, 2026, as compared to $60.1 million during the same period in 2025. Net income was $54.3 million during the six months ended June 30, 2026, as compared to $46.4 million during the same period in 2025. The increase in net cash provided by operating activities was primarily due to the changes in net income, expenditures for and acquisition of real estate to be sold, equity in income from unconsolidated joint ventures, cost of real estate sold, deferred revenue and accounts payable and other liabilities, partially offset by the changes in other assets, distribution of earnings from unconsolidated joint ventures and deferred income tax during the period. Cash Flows from Investing Activities Net cash used in investing activities primarily includes capital expenditures for operating property and property and equipment used in our operations and capital contributions to unconsolidated joint ventures, partially offset by maturities of assets held by SPEs and proceeds from the disposition of assets. During the six months ended June 30, 2026, net cash used in investing activities was $18.9 million, which included capital expenditures for operating property and property and equipment of $16.0 million, primarily for our commercial and hospitality segments, and capital contributions to unconsolidated joint ventures of $3.3 million, partially offset by maturities of assets held by SPEs of $0.4 million. During the six months ended June 30, 2025, net cash used in investing activities was $15.9 million, which included capital expenditures for operating property and property and equipment of $14.3 million, primarily for our commercial and hospitality segments and capital contributions to unconsolidated joint ventures of $2.1 million, partially offset by maturities of assets held by SPEs of $0.4 million and proceeds from the disposition of assets of $0.1 million. Cash Flows from Financing Activities Net cash used in financing activities during the six months ended June 30, 2026 was $79.2 million, compared to $43.7 million during the same period in 2025. Net cash used in financing activities during the six months ended June 30, 2026, included the repurchase of 575,837 shares of our common stock outstanding of $37.9 million, including excise tax, principal payments for debt of $21.8 million, dividends paid of $0.32 per share on our common stock of $18.3 million, capital distributions to non-controlling interest of $0.7 million, payments for taxes withheld on vested restricted stock awards of $0.3 million and principal payments for finance leases of $0.2 million. Net cash used in financing activities during the six months ended June 30, 2025, included principal payments for debt of $38.0 million primarily related to the refinance of the North Bay Landing Loan, dividends paid of $0.28 per share on our common stock of $16.3 million, repurchase of 359,014 shares of our common stock outstanding of $16.3 million, including excise tax, capital distributions to non-controlling interest of $0.5 million and debt issuance costs of $0.4 million. Net cash used 75 Table of Contents in financing activities during the six months ended June 30, 2025, was partially offset by borrowings on debt of $27.8 million related to the refinance of the North Bay Landing Loan. Contractual Obligations There were no material changes outside the ordinary course of our business in our contractual obligations during the second quarter of 2026. Forward-Looking Statements This quarterly report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements include, among other things, information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, strategies, prospects and objectives. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar expressions concerning matters that are not historical facts. We caution you that all forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Actual results or events may differ materially from those indicated as a result of various important factors, including: our ability to successfully implement our strategic objectives; new or increased competition across our business units; any decline in general economic conditions, particularly in our primary markets; interest rate fluctuations; persistent inflation; higher insurance costs and our ability to obtain adequate insurance coverage for our properties; financial institution disruptions; supply chain disruptions, including as a result of conflicts; geopolitical conflicts and political uncertainty and the corresponding impact on the global economy; the imposition of tariffs and uncertainty regarding trade policies; changes in consumer sentiment and confidence that may impact demand across our segments; our ability to successfully execute or integrate new business endeavors and acquisitions; our ability to yield anticipated returns from our developments and projects; our ability to cooperate effectively with new builder partners; our ability to effectively manage our real estate assets, as well as the ability for us or our JV partners to effectively manage the day-to-day activities of our JV projects; our ability to complete construction and development projects within expected timeframes; the interest of prospective guests in our hotels; reductions in travel and other risks inherent to the hospitality industry; the illiquidity of all real estate assets; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of our investment portfolio; any potential negative impact of our longer-term property development strategy, including losses and negative cash flows for an extended period of time if we continue with the self-development of granted entitlements; our dependence on homebuilders; mix of sales from different communities and the corresponding impact on sales period over period; the financial condition of our commercial tenants; regulatory and insurance risks associated with a senior living facility; any reduction in the supply of mortgage loans or tightening of credit markets; our dependence on strong migration and population expansion in our regions of development, particularly Northwest Florida; our ability to fully recover from natural disasters and severe weather conditions; the actual or perceived threat of climate change; the seasonality of our business; our dependence on certain third party providers; the decreased ability of minority shareholders to influence corporate matters, due to concentrated ownership of largest shareholder; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations in the areas where we operate; changes in tax rates, the adoption of new U.S. tax legislation, and exposure to additional tax liabilities; new litigation; our ability to attract and retain qualified employees, particularly in our hospitality business; our ability to protect our information technology infrastructure and defend against cyber-attacks; increased media, political, and regulatory scrutiny negatively impacting our reputation; our ability to maintain adequate internal controls; risks associated with our financing arrangements, including our compliance with certain restrictions and limitations; our ability to pay our quarterly dividend and our ability to repurchase stock under our stock repurchase program; and the other risks and uncertainties discussed in “Risk Factors” beginning on page 7 of our most recent Annual Report on Form 10-K and from time to time in our subsequent filings with the SEC. We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Quarterly Report on Form 10-Q unless required by law. 76 Table of Contents