CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a self-managed equity REIT that owns, manages, and selectively repositions commercial real estate, with a focus on high-quality retail and mixed-use properties. The company’s portfolio is concentrated in faster-growing, business-friendly U.S. markets where it believes job and population growth support tenant demand and rent growth. In addition to its core property portfolio, CTO also earns fee income from management services and interest income from commercial loans and preferred equity investments. The company is listed on the NYSE under the ticker CTO and has operated as a REIT since its 2021 conversion.

62,9 %

74,6 %

6,7 %

+20,1 %

— CTO Realty Growth, Inc.
	%
Income Properties	89% Retail and mixed-use commercial properties held for rental income and asset appreciation.
Commercial Loans and Investments	8% Commercial loan investments and preferred equity positions that generate interest income.
Management Services	3% Fee-based asset and property management services, including management of PINE and other portfolios.

CTO’s primary customers are retail and mixed-use tenants that lease space in its owned properties, so the company’s...

Retail tenantsprimary
Lease space in shopping centers and other retail properties because CTO’s locations are designed to capture consumer traffic in growth markets.
Mixed-use tenantsprimary
Occupy space in mixed-use assets where proximity to residential and commercial demand supports stable leasing.
Borrowers and structured investment counterpartiessecondary
Use CTO’s commercial loans and preferred equity capital for real estate-related financing needs.
Managed asset ownerssecondary
Pay fees for portfolio and subsurface management services, creating a smaller recurring fee stream.

CTO’s portfolio is concentrated in the United States, with 21 commercial properties across 7 states as of year-end 2025...

•Operations are concentrated in the United States
•21 commercial properties across 7 states as of December 31, 2025
•Focus on faster-growing, business-friendly markets
•Targets larger metropolitan areas and growth markets
•Geographic mix matters because local demand drives occupancy and rent

CTO’s strategy is to recycle capital from property sales and loan payoffs into additional income-producing properties,...

Acquire and reposition income-producing propertiesshort-term

Expands recurring rental income and improves portfolio quality in target markets.

Grow in faster-growing metropolitan and suburban marketsmedium-term

Supports occupancy, tenant demand, and rent growth in markets with favorable demographics.

Diversify earnings through loans and management servicesmedium-term

Reduces dependence on property rental income and adds fee/interest income streams.

CTO is exposed to the usual risks of commercial real estate ownership, including tenant bankruptcies, rent collection...

high

Retail tenant and consumer demand weakness

The portfolio is concentrated in retail properties, so lower consumer spending or tenant sales can reduce occupancy and rent collections.

Scope: Income Properties
Materiality: high

high

Interest rate risk on debt

The company uses leverage and its borrowing costs and acquisition returns are sensitive to market rates.

Scope: Credit Facility and property acquisitions
Materiality: high

medium

Cybersecurity incident

A breach could disrupt operations, cause data loss, or create liability and reputational damage.

Scope: Corporate systems, cash management, tenant and investor data
Materiality: medium

medium

Dividend reduction risk

Dividend payments depend on financial condition, results of operations, and cash flows, which can vary with property performance and capital markets.

Scope: Common stockholders
Materiality: high

Purchase price allocation for property acquisitions

2025 acquisitions included significant intangible asset and liability allocations

Revenue recognition across multiple business lines

Segment mix can shift quarterly revenue growth rates

Fair value and impairment assessments

Changes in market conditions may trigger valuation adjustments

CTO Realty Growth, Inc.

Retail tenant and consumer demand weakness

Interest rate risk on debt

Cybersecurity incident

Dividend reduction risk

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