Jorge Gonzalez
President, CEO, COO & Chairman of the Board

Good morning, everybody. Good morning. It's 9:00, so we're going to go ahead and get started. First of all, thank you for being here this morning on a rainy morning. I'm Jorge Gonzalez, President, Chief Executive Officer and Chairman of the Board of The St. Joe Company. It is my pleasure to welcome you to the 2026 Annual Shareholder Meeting.

In accordance with the Notice of Meeting, I officially call the meeting to order right at 9:00 Central Time, 10:00 Eastern Time. We will conduct this meeting in accordance with the agenda you were given when you registered this morning. If you have not registered, please do so at this time at the table just outside of the door.

On the reverse side of the agenda is a list of the rules of conduct for this meeting. To ensure an orderly meeting, we require all participants to abide by these rules. After the formal business portion of the meeting has been adjourned, we will have a presentation and then we will provide an opportunity for questions and answers. Only validated shareholders may ask questions in the Q&A session. Out of consideration for others, please limit yourself to no more than 2 questions. We'll answer as many questions as time allows.

Now I would like to introduce the other members of the Board, those present in person, Mr. Howard Frank, Ms. Elizabeth Franklin, Ms. Rhea Goff. We have Mr. Cesar Alvarez joining us through video. He's actually waving. You can see him on the screen. Mr. Tom Murphy is unable to join us this morning. Also with us today is Josh Nixon