CTO Realty Growth, Inc. disclosed its financial condition and results as of June 30, 2026, in a quarterly report filed with the Securities and Exchange Commission. The company reported details regarding multiple stock repurchase programs and preferred stock repurchase initiatives that remain active. Investors are monitoring the company's capital allocation strategy and ongoing portfolio management activities during the second quarter of 2026.

Key Points

  • NYSE: CTO-PA
  • CTO Realty Growth disclosed Q2 2026 financial data as of June 30, 2026, reflecting the company's current capital structure and investment position
  • The company maintains multiple active stock repurchase programs dating from February 2020, February 2023, April 2023, December 2023, and September 2025, alongside preferred stock repurchase initiatives established in February 2023
  • Fair value measurements and comprehensive income components were disclosed for both the current period and year-end 2025, providing comparative financial metrics for investors

Multiple Repurchase Programs Support Capital Management Strategy

CTO Realty Growth maintains a diversified approach to capital allocation through several authorized stock repurchase programs spanning multiple years. The company disclosed the continued operation of programs established in February 2020, February 2023, April 2023, December 2023, and September 2025 for common stock purchases. These programs reflect the company's ongoing commitment to managing its capital structure and returning value to shareholders through opportunistic repurchases. The disclosure indicates that the company has maintained authorization for these programs through various periods, with the most recent program authorization dating to September 2025.

Beyond common stock repurchases, CTO Realty Growth also operates a preferred stock repurchase program established in February 2023. This program demonstrates the company's willingness to optimize its capital structure across multiple share classes. The filing shows activity related to cumulative preferred stock repurchase activities during the first half of 2026 and throughout 2025, indicating ongoing execution of the preferred stock repurchase initiative. These complementary programs allow management flexibility in deploying capital in response to market conditions and shareholder value considerations.

June 30, 2026 Balance Sheet Composition and Equity Structure

As of June 30, 2026, the company reported its balance sheet reflecting accumulated equity positions across multiple categories. The filing disclosed information regarding retained earnings, preferred stock, common stock, additional paid-in capital, and accumulated other comprehensive income positions as of the quarter-end date. These equity components represent the cumulative impact of the company's operations, capital raising activities, and distributions to shareholders through the first half of 2026.

The disclosure of equity account details as of June 30, 2026, provides investors with a snapshot of the company's shareholder equity structure at the reporting date. Comparative data was also provided for March 31, 2026, and December 31, 2025, allowing investors to assess changes in equity composition over sequential quarters and the full prior year. The company's accumulated other comprehensive income position was separately detailed, reflecting non-owner changes in equity from financial instruments and other comprehensive income items.

Investment in Alpine Income Property Trust and Fee-Generating Relationships

CTO Realty Growth disclosed its investment relationship with Alpine Income Property Trust, Inc., an investee in which the company holds a position. The filing indicates that the company has maintained this investee relationship since November 26, 2019, and continued to hold this investment through the second quarter of 2026. The company also disclosed management services fee income derived from agreements with this investee, demonstrating that the relationship extends beyond simple equity ownership to include active management service arrangements.

The disclosure of dividend receivable amounts and management services fees indicates an ongoing operational and financial relationship with Alpine Income Property Trust. The company reported details regarding both asset management agreements and portfolio management agreements with non-related parties during the periods ended June 30, 2026, and June 30, 2025. These management service income streams represent recurring revenue sources that complement the company's core real estate investment operations. The filing specified maximum fee amounts under certain management arrangements, providing clarity on the nature and scope of these contractual relationships.

Construction Commitments and Commercial Loan Portfolio Activity

The company disclosed information regarding construction commitments related to its real estate portfolio as of June 30, 2026. These commitments represent capital the company has obligated itself to deploy in connection with property development and improvement projects. The filing provided details concerning commercial loans and investments held as of the quarter-end date, reflecting the company's active portfolio management in the commercial real estate financing and investment sectors.

Construction loans specifically established in 2024 were noted in the filing, indicating that CTO Realty Growth has maintained construction loan positions originated during the prior year through the first half of 2026. The disclosure of construction-related activities and loan portfolio composition demonstrates the company's involvement in both stabilized commercial real estate investments and development-stage financing arrangements. These activities reflect the company's strategy of diversifying returns across various real estate asset types and financing instruments.

At-The-Market Offering Programs for Common and Preferred Stock

CTO Realty Growth disclosed active at-the-market offering programs for both common stock and cumulative preferred stock. The filing indicated that the company maintains an at-the-market program for common stock established in 2024, which remained active and available as of June 30, 2026. Additionally, the company operates an at-the-market program for preferred stock that was established in August 2024 and continued through the reporting period. These programs provide the company with flexibility to raise capital opportunistically in the market without requiring discrete public offerings.

The company also disclosed weighted average pricing information related to these at-the-market programs for various periods, including through December 31, 2024, and June 30, 2026. Historical at-the-market programs established in 2021 and 2022 for common stock were also referenced in the filing, with pricing details for periods through December 31, 2024. These disclosure items provide investors with information about the company's capital raising tools and the pricing at which securities have been or may be issued under these programs. The presence of multiple vintage programs reflects the company's long-standing approach to accessing the capital markets on a flexible basis.

Fair Value Measurement Methodology and Level 2 Inputs

The company disclosed fair value measurements for certain financial instruments using Level 2 inputs under the fair value hierarchy established by accounting standards. Both the carrying reported amounts and estimated fair values were disclosed for financial instruments measured at fair value as of June 30, 2026, and December 31, 2025. Level 2 fair value measurements utilize observable market inputs other than quoted prices, such as interest rates, yield curves, and credit spreads applicable to similar instruments. The filing provided comparative fair value information across the two reporting dates, allowing investors to assess whether fair value estimates have changed materially from year-end.

The disclosure of fair value measurement techniques indicates the company's approach to valuing certain investment portfolio components and financial instruments for which quoted market prices may not be readily available. The use of Level 2 inputs suggests that the company relies on market-observable data rather than unobservable or proprietary assumptions for a portion of its fair value assessments. This methodology reflects standard practice for real estate investment trusts and alternative asset managers that hold positions not actively traded in liquid public markets.

Accumulated Other Comprehensive Income and Mark-to-Market Adjustments

The company separately disclosed accumulated other comprehensive income or loss balances as of the most recent quarter-end, as well as sequential period changes during the six-month and three-month periods ended June 30, 2026. These items capture unrealized gains and losses on certain financial instruments, derivative positions, and other items that bypass the income statement but are tracked through shareholders' equity. The disclosure of accumulated other comprehensive income provides investors with visibility into non-cash equity movements that may signal changes in the fair value of the company's investment portfolio and hedging instruments.

Changes in accumulated other comprehensive income between reporting periods reflect mark-to-market adjustments, foreign exchange impacts, and derivative valuation changes during the respective periods. The separate disclosure of these items allows investors to distinguish between earnings generated from operations and activities within the company's core business versus unrealized fair value changes in investment positions. Understanding these comprehensive income components is important for investors evaluating the company's total economic performance beyond reported net income.

Preferred Stock Offerings and Cumulative Dividend Structures

CTO Realty Growth disclosed details regarding cumulative preferred stock, including public offerings of preferred stock executed in 2021 and 2024. The filing indicated that preferred stock issued in June 2021 and April 2024 remain outstanding as of June 30, 2026. The company also disclosed weighted average pricing information for preferred stock at-the-market offerings, providing investors with data on the price levels at which preferred shares have traded or could be offered. The preferred stock repurchase program established in February 2023 has remained active, allowing the company to manage its preferred capital structure opportunistically.

The designation of the preferred shares as cumulative indicates that dividends are required to accrue if not paid, creating an obligation that must be satisfied before common dividends can be distributed. This feature is material to investors evaluating the company's capital structure and dividend obligations. The disclosure of preferred stock activity through June 30, 2026, and prior year periods provides context regarding the company's preferred capital raising strategy and the historical pricing environment in which these securities have been offered or repurchased.

Overallotment Option Exercise and Capital Structure Events

The filing disclosed that an overallotment option related to cumulative preferred stock was exercised on April 11, 2024, indicating that the underwriters of a preferred stock offering utilized their contractual right to purchase additional shares. This exercise represents approximately thirty days following the referenced preferred stock offering date and is standard practice in equity offerings. The overallotment option exercise allowed the company to raise additional capital in connection with its April 2024 preferred stock offering beyond the base offering size.

The disclosure of overallotment option activity provides investors with information regarding the total capital raised in connection with equity offerings and the market demand reflected in the underwriters' decision to exercise their purchase options. This activity demonstrates that demand from underwriters was sufficient to support the exercise of the overallotment feature, suggesting investor appetite for the company's preferred securities at the offering price established in April 2024.

Portfolio Management and Restricted Stock Award Programs

The filing referenced restricted stock awards and performance shares as compensation elements tracked within the company's equity accounting records. These instruments represent equity-based compensation arrangements for employees or other service providers and are reflected in the company's capital structure disclosures. Restricted stock awards and performance shares create additional shares outstanding subject to vesting conditions and performance metrics, affecting the company's fully diluted share count and potential future dilution to common shareholders.

The detailed tracking of restricted stock and performance share positions as of December 31, 2025, provides investors with information regarding the scope of equity-based compensation programs in place. These programs are common among real estate investment trusts and asset management companies seeking to align employee compensation with long-term shareholder returns. The disclosure allows investors to assess the potential dilutive impact of equity awards on ownership interests and earnings per share calculations.