CTO Realty Growth, Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
CTO$20.38+0.9%Stored close · as of Nov 9, 2026
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Item 16. FORM 10-K SUMMARY
Not applicable
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
EXHIBITS
TO
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED December 31, 2025
COMMISSION FILE NO. 001-11350
(Exact name of registrant as specified in the charter)
EXHIBIT INDEX
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| (2.1) | | Agreement and Plan of Merger by and between CTO Realty Growth, Inc., a Florida corporation and CTO Realty Growth, Inc. (formerly CTO NEWCO REIT, Inc.), a Maryland corporation, dated September 3, 2020, filed as Exhibit 2.1 to the registrant’s Current Report on Form 8-K filed September 3, 2020, and incorporated herein by reference. |
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| ***(2.2) | | Purchase and Sale Agreement, dated August 2, 2024, filed as Exhibit 2.1 to the registrant’s Current Report on Form 8-K filed on August 8, 2024, and incorporated herein by reference. |
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| (3.1) | | Articles of Amendment and Restatement of CTO Realty Growth, Inc., as amended by the Articles of Amendment (Name Change), filed as Exhibit 3.1 to the registrant’s Current Report on Form 8-K12B filed February 1, 2021, and incorporated herein by reference. |
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| (3.2) | | Third Amended and Restated Bylaws of CTO Realty Growth, Inc., effective as of February 16, 2023, filed as Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed February 17, 2023, and incorporated herein by reference. |
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| (3.3) | | Articles Supplementary, designating CTO Realty Growth, Inc.’s 6.375% Series A Cumulative Redeemable Preferred Stock, filed as Exhibit 3.2 to the registrant's Registration Statement on Form 8-A filed July 1, 2021 (File No. 001-11350), and incorporated herein by reference. |
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| (3.4) | | Articles Supplementary, designating 3,000,000 additional shares of CTO Realty Growth, Inc.’s 6.375% Series A Cumulative Redeemable Preferred Stock, filed as Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed on April 3, 2024, and incorporated herein by reference. |
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| (4.1) | | Specimen Common Stock Certificate of CTO Realty Growth, Inc., filed as Exhibit 4.2 to the registrant’s Current Report on Form 8-K12B filed February 1, 2021, and incorporated herein by reference. |
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| (4.2) | | Registration Rights Agreement between Alpine Income Property Trust, Inc. and Consolidated-Tomoka Land Co.( now CTO Realty Growth, Inc.), filed as Exhibit 4.21 to the registrant’s Current Report on Form 8-K filed November 27, 2019, and incorporated herein by reference. |
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| (4.3) | | Description of the Registrant’s Securities, filed as Exhibit 4.6 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2021, and incorporated herein by reference. |
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| | | Material Contracts: |
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| *(10.1) | | Fifth Amended and Restated CTO Realty Growth, Inc., 2010 Equity Incentive Plan, filed as Exhibit 10.1 to the registrant’s Quarterly Report on Form 10-Q filed July 27, 2023, and incorporated herein by reference. |
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| *(10.2) | | Consolidated-Tomoka Land Co.( now CTO Realty Growth, Inc.) 2017 Executive Annual Cash Incentive Plan, dated February 22, 2017, filed as Exhibit 10.28 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2018, and incorporated herein by reference. |
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| *(10.3) | | Amended 2017 Executive Annual Cash Incentive Plan, filed as Exhibit 10.1 to the registrant’s Quarterly Report on Form 10-Q filed October 26, 2023, and incorporated herein by reference. |
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| *(10.4) | | Form of Restricted Share Award Agreement under the Third Amended and Restated CTO Realty Growth, Inc., 2010 Equity Incentive Plan, filed as Exhibit 10.16 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2010, and incorporated herein by reference. |
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| *(10.5) | | Form of Restricted Share Award Agreement, dated July 1, 2022, filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on July 1, 2022, and incorporated herein by reference. |
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| *(10.6) | | Omnibus Amendment to Restricted Share Award Agreements, dated as of July 1, 2022, filed as Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed on July 1, 2022, and incorporated herein by reference. |
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| *(10.7) | | Form of February 10, 2021 Performance Share Award Agreement filed as Exhibit 10.17 to the registrant’s Annual Report on Form 10-K filed March 5, 2021, and incorporated herein by reference. |
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| *(10.8) | | Form of February 17, 2022 Performance Share Award Agreement, filed as Exhibit 10.8 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2021, and incorporated herein by reference. |
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| *(10.9) | | Form of February 17, 2023 Performance Share Award Agreement, filed as Exhibit 10.1 to the registrant’s Quarterly Report on Form 10-Q filed April 27, 2023, and incorporated herein by reference. |
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| *(10.10) | | Omnibus Amendment to Performance Share Award Agreements, dated as of July 1, 2022, filed as Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed on July 1, 2022, and incorporated herein by reference. |
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| *(10.11) | | Second Amended and Restated Employment Agreement between CTO Realty Growth, Inc. and John P. Albright entered into July 29, 2020, filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed August 3, 2020, and incorporated herein by reference |
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| *(10.12) | | Employment Agreement between Consolidated-Tomoka Land Co.( now CTO Realty Growth, Inc.) and Daniel E. Smith entered into October 22, 2014, filed as Exhibit 10.24 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2014, and incorporated herein by reference. |
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| (10.13) | | Second Amended and Restated Credit Agreement, which supersedes the Company’s existing Amended and Restated Credit Agreement, with Bank of Montreal and the other lenders thereunder, with BMO acting as Administrative Agent, dated September 7, 2017, filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed September 13, 2017, and incorporated herein by reference. |
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| (10.14) | | Second Amendment to Second Amended and Restated Credit Agreement Dated May 24, 2019, filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed June 3, 2019, and incorporated herein by reference. |
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| (10.15) | | Third Amendment to Second Amended and Restated Credit Agreement Dated November 26, 2019 filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed November 27, 2019, and incorporated herein by reference. |
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| (10.16) | | Fourth Amendment to Second Amended and Restated Credit Agreement between CTO Realty Growth, Inc., the Borrower, the Guarantors party thereto, the Lenders party thereto and Bank of Montreal, as Administrative Agent, dated July 1, 2020 filed as Exhibit 10.34 to registrant’s Quarterly Report on Form 10-Q filed August 7, 2020, and incorporated herein by reference. |
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| (10.17) | | Fifth Amendment to Second Amended and Restated Credit Agreement between CTO Realty Growth, Inc., the Borrower, the Guarantors party thereto, the Lenders party thereto and Bank of Montreal, as Administrative Agent, dated November 9, 2020, filed as Exhibit 10.1 to registrant’s Current Report on Form 8-K filed November 13, 2020, and incorporated herein by reference. |
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| (10.18) | | Sixth Amendment to Second Amended and Restated Credit Agreement and Joinder Dated March 10, 2021 filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed March 12, 2021, and incorporated herein by reference. |
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| (10.19) | | Seventh Amendment to Second Amended and Restated Credit Agreement and Joinder Dated November 5, 2021 filed as Exhibit 10.19 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2021, and incorporated herein by reference. |
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| (10.20) | | Eighth Amendment to Second Amended and Restated Credit Agreement and Joinder Dated September 20, 2022 filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on September 23, 2022, and incorporated herein by reference. |
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| (10.21) | | Tax Protection Agreement among Alpine Income Property Trust, Inc., Alpine Income Property Trust OP, LP, Consolidated-Tomoka Land Co.( now CTO Realty Growth, Inc.) and Indigo Group Ltd. filed as Exhibit 10.4 to the registrant’s Current Report on Form 8-K filed November 27, 2019, and incorporated herein by reference. |
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| (10.22) | | Management Agreement among Alpine Income Property Trust, Inc., Alpine Income Property OP, LP and Alpine Income Property Manager, LLC filed as Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed November 27, 2019, and incorporated herein by reference. |
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| (10.23) | | Exclusivity and Right of First Offer Agreement between Alpine Income Property Trust, Inc. and Consolidated-Tomoka Land Co.( now CTO Realty Growth, Inc.) filed as Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed November 27, 2019, and incorporated herein by reference. |
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| *(10.24) | | Form of February 14, 2024 Performance Share Award Agreement, filed as Exhibit 10.28 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2023, and incorporated herein by reference. |
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| (10.25) | | Ninth Amendment to Second Amended and Restated Credit Agreement, Release and Joinder Dated December 20, 2023, filed as Exhibit 10.29 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2023, and incorporated herein by reference. |
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| *(10.26) | | Employment Agreement between CTO Realty Growth, Inc. and Philip R. Mays entered into May 29, 2024, filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed May 31, 2024, and incorporated herein by reference. |
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| (10.27) | | Amendment No. 1 to Management Agreement among Alpine Income Property Trust, Inc., Alpine Income Property OP, LP and Alpine Income Property Manager, LLC, dated July 18, 2024, filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed July 19, 2024, and incorporated herein by reference. |
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| (10.28) | | Credit Agreement between CTO Realty Growth, Inc., the Borrower, the Guarantors party thereto, the Lenders party thereto and KeyBank National Association, as Administrative Agent, dated September 30, 2024, filed as Exhibit 10.2 to the registrant’s Quarterly Report on Form 10-Q filed October 24, 2024, and incorporated herein by reference. |
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| *(10.29) | | Employment Agreement between CTO Realty Growth, Inc. and Lisa M. Vorakoun entered into October 22, 2024, filed as Exhibit 10.3 to the registrant’s Quarterly Report on Form 10-Q filed October 24, 2024, and incorporated herein by reference. |
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| *(10.30) | | First Amendment to Second Amended and Restated Employment Agreement between CTO Realty Growth, Inc. and John P. Albright entered into October 22, 2024, filed as Exhibit 10.4 to the registrant’s Quarterly Report on Form 10-Q filed October 24, 2024, and incorporated herein by reference. |
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| *(10.31) | | Second Amendment to Employment Agreement between CTO Realty Growth, Inc. and Steven R. Greathouse entered into October 22, 2024, filed as Exhibit 10.5 to the registrant’s Quarterly Report on Form 10-Q filed October 24, 2024, and incorporated herein by reference. |
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| *(10.32) | | Third Amendment to Employment Agreement between CTO Realty Growth, Inc. and Daniel E. Smith entered into October 22, 2024, filed as Exhibit 10.6 to the registrant’s Quarterly Report on Form 10-Q filed October 24, 2024, and incorporated herein by reference. |
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| *(10.33) | | Employment Agreement between CTO Realty Growth, Inc. and Steven R. Greathouse entered into February 26, 2016, filed as Exhibit 10.34 to the registrant’s Annual Report on Form 10-K filed February 20, 2025, and incorporated herein by reference. |
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| *(10.34) | | First Amendment to Employment Agreement between CTO Realty Growth, Inc. and Steven R. Greathouse entered into August 4, 2017, filed as Exhibit 10.35 to the registrant’s Annual Report on Form 10-K filed February 20, 2025, and incorporated herein by reference. |
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| *(10.35) | | First Amendment to Employment Agreement between CTO Realty Growth, Inc. and Daniel E. Smith entered into February 26, 2016, filed as Exhibit 10.36 to the registrant’s Annual Report on Form 10-K filed February 20, 2025, and incorporated herein by reference. |
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| *(10.36) | | Second Amendment to Employment Agreement between CTO Realty Growth, Inc. and Daniel E. Smith entered into August 4, 2017, filed as Exhibit 10.37 to the registrant’s Annual Report on Form 10-K filed February 20, 2025, and incorporated herein by reference. |
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| (10.37) | | First Amendment to Credit Agreement between CTO Realty Growth, Inc., the Borrower, the Guarantors party thereto, the Lenders party thereto and Key Bank National Association, as Administrative Agent, dated December 20, 2024, filed as Exhibit 10.38 to the registrant’s Annual Report on Form 10-K filed February 20, 2025, and incorporated herein by reference. |
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| (10.38) | | Tenth Amendment to Second Amended and Restated Credit Agreement, Release and Joinder Dated December 20, 2024, filed as Exhibit 10.39 to the registrant’s Annual Report on Form 10-K filed February 20, 2025, and incorporated herein by reference. |
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| *(10.39) | | Form of February 12, 2025 Non-Employee Director Stock Award Agreement, filed as Exhibit 10.40 to the registrant’s Annual Report on Form 10-K filed February 20, 2025, and incorporated herein by reference. |
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| *(10.40) | | Form of February 12, 2025 Performance Share Award Agreement, filed as Exhibit 10.41 to the registrant’s Annual Report on Form 10-K filed February 20, 2025, and incorporated herein by reference. |
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| (10.41) | | Second Amendment to Credit Agreement among CTO Realty Growth, Inc., the Guarantors party thereto, the Lenders party thereto and KeyBank National Association, as Administrative Agent, dated September 25, 2025, filed as Exhibit 10.1 to the registrant’s Quarterly Report on Form 10-Q filed October 28, 2025, and incorporated herein by reference. |
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| (10.42) | | Waiver Letter, dated November 5, 2025, filed as Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed November 10, 2025, and incorporated herein by reference. |
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| (10.43) | | Waiver Letter, dated December 5, 2025 (filed herewith). |
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| (10.44) | | Form of February 11, 2026, 2026 Non-Employee Director Stock Award Agreement (filed herewith). |
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| (10.45) | | Form of February 11, 2026, 2026 Performance Share Award Agreement (filed herewith). |
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| (19.1) | | Insider Trading Policy (filed herewith). |
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| (21.1) | | Subsidiaries of the Registrant (filed herewith). |
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| (23.1) | | Consent of Independent Registered Public Accounting Firm (filed herewith). |
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| (31.1) | | Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002 (filed herewith). |
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| (31.2) | | Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002 (filed herewith). |
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| **(32.1) | | Certification pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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| **(32.2) | | Certification pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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| *(97.1) | | Policy Relating to Recovery of Erroneously Awarded Compensation filed as Exhibit 97.1 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2023, and incorporated herein by reference. |
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| (101) | | Inline XBRL Document Set for the consolidated financial statements and accompanying notes beginning on page F-1 of this Annual Report on Form 10-K (filed herewith). |
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| (104) | | Inline XBRL for the cover page of this Annual Report on Form 10-K, included in the Exhibit 101 Inline XBRL Document Set (filed herewith). |
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| 101.INS | | Inline XBRL Instance Document |
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| 101.SCH | | Inline XBRL Taxonomy Extension Schema Document |
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| 101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
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| 101.DEF | | Inline XBRL Taxonomy Definition Linkbase Document |
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| 101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document |
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| 101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
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| 104 | | Cover Page Interactive Data File (embedded within the inline XBRL document) |
*Management Contract or Compensatory Plan or Arrangement
** In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.
*** Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(2). The omitted information is not material and is the type of information that the registrant customarily and actually treats as private and confidential.
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