CTO Realty Growth Inc (NYSE: CTO) is a real estate company that operates a portfolio of income-producing properties alongside a fee-based management services business and a commercial loans and investments segment. Revenue comes from rental income on owned real estate, management fees earned from managing Alpine Income Property Trust (PINE) and third-party assets under portfolio and subsurface management agreements, and interest or returns from a portfolio of four commercial loan investments and two preferred equity investments (as of FY2025, per the 10-K filed 2026-02-19). The company also previously held subsurface mineral interests across approximately 352,000 surface acres in 19 Florida counties, which were sold during FY2024, with a management agreement retained post-sale. Real estate operations had no significant transactions during the year ended December 31, 2025. CTO Realty Growth is structured as a real estate investment trust and manages affiliated entity PINE in addition to its own balance sheet assets.

Revenue model

Three revenue streams disclosed in the FY2025 10-K: (1) rental income from owned income-producing real estate properties, (2) management fees from managing PINE and assets under the Portfolio Management Agreement and Subsurface Management Agreement, and (3) returns from commercial loan investments and preferred equity investments.

Products and services

Income-producing real estate properties; fee-based third-party asset management services for Alpine Income Property Trust (PINE); portfolio management and subsurface management agreements; commercial loan investments (four as of FY2025); preferred equity investments (two as of FY2025).

Customers and end markets

Alpine Income Property Trust (PINE) is a named management services client. Buyers of subsurface mineral interests (FY2024 transaction) retained as a management services client post-sale. End markets include commercial real estate tenants and real estate credit borrowers.

Value-chain role

Property owner-operator and affiliated REIT manager; real estate credit provider via commercial loans and preferred equity; third-party asset manager for subsurface and portfolio assets.

Geographic exposure

Subsurface interests were historically located across 19 counties in the State of Florida; broader property portfolio geography not specified in the filing excerpts provided.

Source: SEC 10-K, filed 2026-02-19

Industry: Real Estate Investment Trusts Peers: Alpine Income Property Trust Inc Belpointe PREP LLC W.p. Carey Inc Gladstone Commercial Corp NexPoint Diversified Real Estate Trust Safehold Inc Pacific Oak Strategic Opportunity REIT, Inc. Modiv Industrial Inc One Liberty Properties Inc