CTO Realty Growth, Inc.
For the period ended Sep 30, 2026. Filed Oct 27, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 27, 2026
CTO$20.20+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-28.
0001104659-26-087549
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-27.
0001104659-26-119165
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 105 previous paragraphs and 104 current paragraphs.
57 unchanged; 42 reworded; 5 added; 4 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 32 previous and 32 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Interest income from our commercial loans and investments totaled $6.9 million and $3.1 million for the three months ended September 30, 2026 and 2025, respectively. The $3.8 million increase is primarily due to the two preferred equity investments totaling $96.4 million originated in the second quarter of 2026 and a construction loan originated in July 2026, partially offset by the repayment of the Watters Creek preferred equity investment.
Current report
During the three months ended September 30, 2026, the Company recorded a loss on extinguishment of debt of $0.2 million in connection with the repayment and termination of the BMO Credit Agreement. The loss on extinguishment of debt during the three months ended September 30, 2025 was less than $0.1 million.
Current report
COMPARISON OF THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Current report
Total revenue for the nine months ended September 30, 2026 is presented in the following summary and indicates the changes as compared to the nine months ended September 30, 2025 (in thousands):
Current report
Dispositions. During the nine months ended September 30, 2026, the Company sold two shopping center properties for $90.7 million, generating gains of $2.1 million. During the nine months ended September 30, 2025, the Company sold three single-tenant income properties for $7.1 million, generating gains totaling $1.2 million.
Removed paragraphs (4)
Previous report
COMPARISON OF THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous report
Total revenue for the six months ended June 30, 2026 is presented in the following summary and indicates the changes as compared to the six months ended June 30, 2025 (in thousands):
Previous report
Dispositions. During the six months ended June 30, 2026, the Company sold two shopping center properties for $90.7 million, generating gains of $2.1 million. There were no property dispositions during the six months ended June 30, 2025.
Previous report
tax policies and outsized relative job and population growth that are compliant with our commitments under the ROFO Agreement;
Reworded paragraphs (42)
Previous wording
As of June 30, 2026, we own and manage, sometimes utilizing third-party property management companies, 21 commercial real estate properties in seven states in the United States, comprising 5.8 million square feet of gross leasable space:
Current wording
As of September 30, 2026, we own and manage, sometimes utilizing third-party property management companies, 22 commercial real estate properties in eight states in the United States, comprising 6.6 million square feet of gross leasable space. In addition to our income property portfolio, as of September 30, 2026, our business included the following:
Previous wording
Commercial Loans and Investments: A portfolio of four commercial loan investments and three preferred equity investments which are classified as commercial loan investments.
Current wording
Commercial Loans and Investments: A portfolio of five commercial loan investments and three preferred equity investments which are classified as commercial loan investments.
Previous wording
Investment in PINE: Our business also includes our investment in PINE. As of June 30, 2026, the fair value of our investment totaled $51.3 million, or 13.1% of PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in investment and other income (loss) on the accompanying consolidated statements of operations.
Current wording
Investment in PINE: Our business also includes our investment in PINE. As of September 30, 2026, the fair value of our investment totaled $42.9 million, or 12.9% of PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in investment and other income (loss) on the accompanying consolidated statements of operations.
Previous wording
Our current portfolio of 17 shopping centers generates $108.5 million of revenue from annualized straight-line base lease payments and had a weighted average remaining lease term of 5.1 years as of June 30, 2026. Our current portfolio of 4 other income properties generates $3.7 million of revenues from annualized straight-line base lease payments and had a weighted average remaining lease term of 3.8 years as of June 30, 2026.
Current wording
Our current portfolio of 18 shopping centers generates $119.2 million of revenue from annualized straight-line base lease payments and had a weighted average remaining lease term of 5.1 years as of September 30, 2026. Our current portfolio of 4 other income properties generates $5.8 million of revenues from annualized straight-line base lease payments and had a weighted average remaining lease term of 5.8 years as of September 30, 2026.
Previous wording
Total revenue for the three months ended June 30, 2026 increased to $43.8 million, compared to $37.6 million during the three months ended June 30, 2025. The $6.2 million increase in total revenue is primarily attributable to increased income produced by the Company’s recent income property acquisitions versus that of properties disposed of by the Company during the comparative period, as well as more same store revenue from our properties owned during each period. Additionally, revenues from our commercial loans and investments have increased due to the recent preferred equity investments which are accounted for within our commercial loan and investment portfolio.
Current wording
Total revenue for the three months ended September 30, 2026 increased to $46.9 million, compared to $37.8 million during the three months ended September 30, 2025. The $9.1 million increase in total revenue is primarily attributable to increased income produced by the Company’s recent income property acquisitions versus that of properties disposed of by the Company during the comparative period, as well as more same store revenue from our properties owned during each period. Additionally, revenues from our commercial loans and investments have increased primarily due to the recent preferred equity investments which are accounted for within our commercial loan and investment portfolio.
Previous wording
Revenue and operating income from our income property operations totaled $37.1 million and $26.0 million, respectively, during the three months ended June 30, 2026, compared to total revenue and operating income of $33.4 million and $23.2 million, respectively, for the three months ended June 30, 2025. The direct costs of revenues for our income property operations totaled $11.1 million and $10.2 million for the three months ended June 30, 2026 and 2025, respectively. The increase in revenues of $3.8 million, or 11.3%, during the three months ended June 30, 2026 is primarily related to the overall growth and lease up of the Company’s income property portfolio, as well as the timing of acquisitions versus dispositions. The increase in operating income of $2.8 million from our income property operations reflects increased rent revenues related to our net investments as well as leasing activity.
Current wording
Revenue and operating income from our income property operations totaled $38.5 million and $26.9 million, respectively, during the three months ended September 30, 2026, compared to total revenue and operating income of $33.4 million and $24.2 million, respectively, for the three months ended September 30, 2025. The direct costs of revenues for our income property operations totaled $11.6 million and $9.2 million for the three months ended September 30, 2026 and 2025, respectively. The increase in revenues of $5.0 million, or 15.0%, during the three months ended September 30, 2026 is primarily related to the overall growth and lease up of the Company’s income property portfolio, as well as the timing of acquisitions versus dispositions. The increase in operating income of $2.7 million from our income property operations reflects increased rent revenues related to our net investments as well as leasing activity.
Previous wording
Revenue from our management services from PINE totaled $1.4 million and $1.1 million during the three months ended June 30, 2026 and 2025, respectively. Management services during each of the three months ended June 30, 2026 and 2025 also included less than $0.1 million, from the asset management agreement with a third party to manage a portfolio of multi-tenant and single-tenant assets (the “Portfolio Management Agreement”), and less than $0.1 million from a subsurface management agreement.
Current wording
Revenue from our management services from PINE totaled $1.4 million and $1.1 million during the three months ended September 30, 2026 and 2025, respectively. Management services during the three months ended September 30, 2026 and 2025 also included less than $0.1 million and $0.1 million, respectively, from the asset management agreement with a third party to manage a portfolio of multi-tenant and single-tenant assets (the “Portfolio Management Agreement”), and less than $0.1 million from a subsurface management agreement.
Previous wording
Depreciation and amortization totaled $15.8 million and $15.3 million during the three months ended June 30, 2026 and 2025, respectively. The increase of $0.5 million is due to the overall growth in the Company’s income property portfolio.
Current wording
Depreciation and amortization totaled $17.4 million and $14.9 million during the three months ended September 30, 2026 and 2025, respectively. The increase of $2.5 million is due to the overall growth in the Company’s income property portfolio.
Previous wording
Gain on Disposition of Assets and Provision for Impairment and Adjustments to CECL Reserve
Current wording
Gain on Disposition of Assets and Provision for Impairment and Adjustment to CECL Reserve
Previous wording
2026 and 2025 Dispositions. During the three months ended June 30, 2026, the Company sold two shopping center properties for $90.7 million, generating gains of $2.1 million. There were no income property dispositions during the three months ended June 30, 2025.
Current wording
2026 and 2025 Dispositions. There were no income property dispositions during the three months ended September 30, 2026. During the three months ended September 30, 2025, the Company sold its three single-tenant Main Street properties in Daytona Beach, Florida for $7.1 million, generating gains of $1.2 million.
Previous wording
Provision for Impairment and Adjustments to CECL Reserve. There were no impairment charges on the Company’s income property portfolio during the three months ended June 30, 2026 and 2025. The Company recorded a charge to CECL reserves related to its commercial loans and investments of $1.1 million for the three months ended June 30, 2026, with no such charge being recorded during the three months ended June 30, 2025.
Current wording
Provision for Impairment and Adjustment to CECL Reserve. There were no impairment charges on the Company’s income property portfolio during the three months ended September 30, 2026 and 2025. The Company recorded a charge to CECL reserves related to its commercial loans and investments of $0.4 million for the three months ended September 30, 2026, compared to a charge of less than $0.1 million for the three months ended September 30, 2025.
Previous wording
During the six months ended June 30, 2026, the closing stock price of PINE increased by $4.04 per share, with a closing price of $20.76 on June 30, 2026. During the six months ended June 30, 2025, the closing stock price of PINE decreased by $2.08 per share, with a closing price of $14.71 on June 30, 2025. The change in stock price resulted in unrealized non-cash gain (loss) on the Company’s investment in PINE in the amount of $10.0 million and $(4.9) million which is included in investment and other income (loss) in the consolidated statements of operations for the six months ended June 30, 2026 and 2025, respectively.
Current wording
During the three months ended September 30, 2026, the closing stock price of PINE decreased by $3.41 per share, with a closing price of $17.35 on September 30, 2026. During the three months ended September 30, 2025, the closing stock price of PINE decreased by $0.54 per share, with a closing price of $14.17 on September 30, 2025. The change in stock price resulted in unrealized non-cash losses on the Company’s investment in PINE of $8.4 million and $1.3 million, which are included in investment and other income (loss) in the consolidated statements of operations for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
The Company earned dividend income of $1.5 million and $1.3 million from its investment in PINE during the six months ended June 30, 2026 and 2025, respectively.
Current wording
The Company earned dividend income of $0.8 million and $0.7 million from its investment in PINE during the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Interest expense totaled $7.8 million and $6.9 million for the three months ended June 30, 2026 and 2025, respectively. The increase of $0.9 million isprimarily attributable to an aggregate increase in the Company’s term loan balances.
Current wording
Interest expense totaled $7.9 million and $6.8 million for the three months ended September 30, 2026 and 2025, respectively. The increase of $1.1 million isprimarily attributable to an aggregate increase in the Company’s Revolving Facility and term loan balances.
Previous wording
Net income (loss) attributable to the Company totaled $21.3 million and $(21.2) million during the six months ended June 30, 2026 and 2025, respectively. The $42.5 million increase in net income is attributable to the factors described above, most notably the $20.4 million loss on extinguishment of debt incurred during the six months ended June 30, 2025 with no such loss during the six months ended June 30, 2026.
Current wording
Net income (loss) attributable to the Company totaled $(5.2) million and $2.9 million during the three months ended September 30, 2026 and 2025, respectively. The $8.1 million decrease in net income is attributable to the factors described above.
Previous wording
Total revenue for the six months ended June 30, 2026 increased to $85.0 million, compared to $73.4 million during the six months ended June 30, 2025. The $11.6 million increase in total revenue is primarily attributable to increased income produced by the Company’s recent income property acquisitions versus that of properties disposed of by the Company during the comparative period, as well as more same store revenue from our properties owned during each period. Additionally, revenues from our commercial loans and investments have increased due to the recent preferred equity investments which are accounted for within our commercial loan and investment portfolio.
Current wording
Total revenue for the nine months ended September 30, 2026 increased to $131.9 million, compared to $111.2 million during the nine months ended September 30, 2025. The $20.7 million increase in total revenue is primarily attributable to increased income produced by the Company’s recent income property acquisitions versus that of properties disposed of by the Company during the comparative period, as well as more same store revenue from our properties owned during each period. Additionally, revenues from our commercial loans and investments have increased primarily due to the recent preferred equity investments which are accounted for within our commercial loan and investment portfolio.
Previous wording
Revenue and operating income from our income property operations totaled $73.7 million and $52.4 million, respectively, during the six months ended June 30, 2026, compared to total revenue and operating income of $65.0 million and $46.0 million, respectively, for the six months ended June 30, 2025. The direct costs of revenues for our income property operations totaled $21.3 million and $19.1 million for the six months ended June 30, 2026 and 2025, respectively. The increase in revenues of $8.7 million, or 13.3%, during the six months ended June 30, 2026 is primarily related to the overall growth and lease up of the Company’s income property portfolio, as well as the timing of acquisitions versus dispositions. The increase in operating income of $6.4 million from our income property operations reflects increased rent revenues related to our net investments as well as leasing activity.
Current wording
Revenue and operating income from our income property operations totaled $112.2 million and $79.3 million, respectively, during the nine months ended September 30, 2026, compared to total revenue and operating income of $98.5 million and $70.1 million, respectively, for the nine months ended September 30, 2025. The direct costs of revenues for our income property operations totaled $32.9 million and $28.4 million for the nine months ended September 30, 2026 and 2025, respectively. The increase in revenues of $13.7 million, or 13.9%, during the nine months ended September 30, 2026 is primarily related to the overall growth and lease up of the Company’s income property portfolio, as well as the timing of acquisitions versus dispositions. The increase in operating income of $9.2 million from our income property operations reflects increased rent revenues related to our net investments as well as leasing activity.
Previous wording
Revenue from our management services from PINE totaled $2.7 million and $2.2 million during the six months ended June 30, 2026 and 2025, respectively. Management services during the six months ended June 30, 2026 and 2025 also included $0.1 million and $0.2 million of revenue, respectively, from the asset management agreement with a third party to manage a portfolio of multi-tenant and single-tenant assets (the “Portfolio Management Agreement”), and less than $0.1 million from a subsurface management agreement.
Current wording
Revenue from our management services from PINE totaled $4.1 million and $3.3 million during the nine months ended September 30, 2026 and 2025, respectively. Management services during each of the nine month periods ended September 30, 2026 and 2025 also included $0.2 million of revenue from the Portfolio Management Agreement, and $0.1 million from a subsurface management agreement.
Previous wording
Interest income from our commercial loans and investments totaled $5.2 million and $3.0 million during the three months ended June 30, 2026 and 2025, respectively. The increase of $2.2 million is primarily due to the timing of the investments made related to new loan originations and structured investments and repayments of previous investments, most notably the two preferred equity agreements for aggregate investments of $96.4 million completed during the three months ended June 30, 2026.
Current wording
Interest income from our commercial loans and investments totaled $15.4 million and $9.1 million during the nine months ended September 30, 2026 and 2025, respectively. The increase of $6.3 million is primarily due to the timing of the investments made related to new loan originations and structured investments and repayments of previous investments, most notably the two preferred equity agreements for aggregate investments of $96.4 million originated in the second quarter of 2026 and additional draws on existing commercial loans during the nine months ended September 30, 2026.
Previous wording
Total general and administrative expenses for the six months ended June 30, 2026 is presented in the following summary and indicates the changes as compared to the six months ended June 30, 2025 (in thousands):
Current wording
Total general and administrative expenses for the nine months ended September 30, 2026 is presented in the following summary and indicates the changes as compared to the nine months ended September 30, 2025 (in thousands):
Previous wording
Depreciation and amortization totaled $31.8 million and $29.7 million during the six months ended June 30, 2026 and 2025, respectively. The increase of $2.1 million is due to the overall growth in the Company’s income property portfolio.
Current wording
Depreciation and amortization totaled $49.2 million and $44.6 million during the nine months ended September 30, 2026 and 2025, respectively. The increase of $4.6 million is due to the overall growth in the Company’s income property portfolio.
Previous wording
Gain on Disposition of Assets and Provision for Impairment and Adjustments to CECL Reserve
Current wording
Gain on Disposition of Assets and Provision for Impairment and Adjustment to CECL Reserve
Previous wording
2026 and 2025 Dispositions. During the six months ended June 30, 2026, the Company sold two shopping center properties for $90.7 million, generating gains of $2.1 million. There were no income property dispositions during the six months ended June 30, 2025.
Current wording
2026 and 2025 Dispositions. During the nine months ended September 30, 2026, the Company sold two shopping center properties for $90.7 million, generating gains of $2.1 million. During the nine months ended September 30, 2025, the Company sold its three single-tenant Main Street properties in Daytona Beach, Florida for $7.1 million, generating gains of $1.2 million.
Previous wording
Provision for Impairment and Adjustments to CECL Reserve. There were no impairment charges on the Company’s income property portfolio during thesix months ended June 30, 2026 and 2025. The Company recorded a charge to CECL reserves related to its commercial loans and investments of $0.8 million for the six months ended June 30, 2026, with no such charge being recorded during the six months ended June 30, 2025.
Current wording
Provision for Impairment and Adjustment to CECL Reserve. There were no impairment charges on the Company’s income property portfolio during the nine months ended September 30, 2026 and 2025. The Company recorded a charge to CECL reserves related to its commercial loans and investments of $1.1 million for the nine months ended September 30, 2026, compared to a charge of less than $0.1 million for the nine months ended September 30, 2025.
Previous wording
During the three months ended June 30, 2026, the closing stock price of PINE increased by $2.76 per share, with a closing price of $20.76 on June 30, 2026. During the three months ended June 30, 2025, the closing stock price of PINE decreased by $2.01 per share, with a closing price of $14.71 on June 30, 2025. The change in stock price resulted in unrealized non-cash gain (loss) on the Company’s investment in PINE in the amount of $6.8 million and $(4.7) million which is included in investment and other income (loss) in the consolidated statements of operations for the three months ended June 30, 2026 and 2025, respectively.
Current wording
During the nine months ended September 30, 2026, the closing stock price of PINE increased by $0.63 per share, with a closing price of $17.35 on September 30, 2026. During the nine months ended September 30, 2025, the closing stock price of PINE decreased by $2.62 per share, with a closing price of $14.17 on September 30, 2025. The change in stock price resulted in unrealized non-cash gain (loss) on the Company’s investment in PINE in the amount of $1.6 million and $(6.2) million which is included in investment and other income (loss) in the consolidated statements of operations for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
The Company earned dividend income of $0.7 million from its investment in PINE during each of the three month periods ended June 30, 2026 and 2025.
Current wording
The Company earned dividend income of $2.3 million and $2.1 million from its investment in PINE during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Interest expense totaled $15.1 million and $13.0 million for the six months ended June 30, 2026 and 2025, respectively. The increase of $2.1 million isprimarily attributable to an aggregate increase in the Company’s term loan balances.
Current wording
Interest expense totaled $23.0 million and $19.8 million for the nine months ended September 30, 2026 and 2025, respectively. The increase of $3.2 million is primarily attributable to higher average borrowings under our Revolving Facility and an aggregate increase in the Company’s term loan balances.
Previous wording
During the three months ended June 30, 2025, the Company settled the aggregate $51.0 million of principal outstanding on the 2025 Notes in a combination of cash and the issuance of shares of the Company’s common stock resulting in a loss on extinguishment of debt of $20.4 million. There were no such losses during the three months ended June 30, 2026.
Current wording
During the nine months ended September 30, 2026, the Company recorded a loss on extinguishment of debt of $0.2 million in connection with the repayment and termination of the BMO Credit Agreement. During the nine months ended September 30, 2025, the Company settled the aggregate $51.0 million of principal outstanding on the 2025 Notes in a combination of cash and the issuance of shares of the Company’s common stock resulting in a loss on extinguishment of debt of $20.4 million.
Previous wording
Net income (loss) attributable to the Company totaled $15.1 million and $(23.4) million during the three months ended June 30, 2026 and 2025, respectively. The $38.5 million increase in net income is attributable to the factors described above, most notably the $20.4 million loss on extinguishment of debt incurred during the three months ended June 30, 2025 with no such loss during the three months ended June 30, 2026.
Current wording
Net income (loss) attributable to the Company totaled $16.1 million and $(18.2) million during the nine months ended September 30, 2026 and 2025, respectively. The $34.4 million increase in net income is attributable to the factors described above, most notably the $20.4 million loss on extinguishment of debt incurred during the nine months ended September 30, 2025 compared to $0.2 million during the nine months ended September 30, 2026.
Previous wording
Cash and cash equivalents totaled $8.1 million at June 30, 2026, while restricted cash totaled $35.4 million, see Note 2, “Summary of Significant Accounting Policies” in the Notes to Financial Statements under the heading Restricted Cash for the Company’s disclosure related to its restricted cash balance at June 30, 2026.
Current wording
Cash and cash equivalents totaled $8.8 million at September 30, 2026, while restricted cash totaled $12.3 million, see Note 2, “Summary of Significant Accounting Policies” in the Notes to Financial Statements under the heading Restricted Cash for the Company’s disclosure related to its restricted cash balance at September 30, 2026.
Previous wording
Our cash flows provided by operating activities totaled $34.6 million during the six months ended June 30, 2026, as compared to $27.5 million during the six months ended June 30, 2025, an increase of $7.1 million. The primary reason for the increase is the increased cash flows provided by income properties, which is the result of the overall growth and lease up of the Company’s income property portfolio, as well as increased cash flows from our commercial loans and investments.
Current wording
Our cash flows provided by operating activities totaled $59.2 million during the nine months ended September 30, 2026, as compared to $58.3 million during the nine months ended September 30, 2025, an increase of $0.9 million. The primary reason for the increase is the increased cash flows provided by income properties, which is the result of the overall growth and lease up of the Company’s income property portfolio, as well as increased cash flows from our commercial loans and investments, partially offset by increased interest expense to fund our net investment activity.
Previous wording
Our cash flows used in investing activities totaled $140.6 million during the six months ended June 30, 2026, as compared to $83.7 million during the six months ended June 30, 2025, for an increase in cash outflows of $56.9 million. This increase was primarily driven by a $78.5 million increase in net funding of new and existing commercial loans and investments, including related reserve funding, partially offset by $21.1 million of net proceeds from income property dispositions in excess of acquisition and capital investment activity.
Current wording
Our cash flows used in investing activities totaled $253.1 million during the nine months ended September 30, 2026, as compared to $95.9 million during the nine months ended September 30, 2025, for an increase in cash outflows of $157.2 million. This increase was primarily driven by a $101.7 million increase in net funding of new and existing commercial loans and investments, including related reserve funding, and a $54.9 million increase in net investments in property acquisitions and capital improvements, net of dispositions.
Previous wording
Our cash flows provided by financing activities totaled $108.4 million during the six months ended June 30, 2026, compared to $57.7 million for the six months ended June 30, 2025, an increase in cash inflows of $50.7 million. The increase is primarily due to $97.5 million in higher cash inflows from common stock issuances under the common ATM program and the$14.1 million premium paid related to the settlement of the 2025 Notes during the six months ended June 30, 2025, which was partially offset by a $58.7 million reduction in proceeds from long-term debt issuances.
Current wording
Our cash flows provided by financing activities totaled $173.9 million during the nine months ended September 30, 2026, compared to $37.8 million for the nine months ended September 30, 2025, an increase in cash inflows of $136.1 million. The increase is primarily due to $124.8 million in higher net proceeds from common stock issuances under the Common Stock ATM program and the $14.1 million premium paid related to the settlement of the 2025 Notes during the nine months ended September 30, 2025, partially offset by $6.1 million in higher cash paid for loan fees. Net borrowings on long-term debt were $104.2 million during the nine months ended September 30, 2026, compared to $100.7 million during the nine months ended September 30, 2025.
Previous wording
*Long-Term Debt.*At June 30, 2026, the current commitment level under the Revolving Credit Facility was $300.0 million. The undrawn commitment under the Revolving Credit Facility totaled $107.0 million. As of June 30, 2026, the Revolving Credit Facility had a $193.0 million balance outstanding. See Note 14, “Long-Term Debt” in the Notes to Financial Statements for the Company’s disclosure related to its long-term debt balance at June 30, 2026.
Current wording
*Long-Term Debt.*On September 29, 2026, we entered into the Amended and Restated KeyBank Credit Agreement, which provides for a $400.0 million Revolving Facility maturing in September 2030 and four $150.0 million term loans maturing between September 2029 and March 2032. Proceeds were used to repay and terminate the BMO Credit Agreement, which included our previous $300.0 million revolving facility and our term loans maturing in January 2027 and January 2028. As of September 30, 2026, the commitment level under the Revolving Facility was $400.0 million and the Company had an outstanding balance of $123.0 million. The available borrowing capacity under the Revolving Facility, subject to borrowing base restrictions, was $245.8 million as of September 30, 2026. See Note 14, “Long-Term Debt” in the Notes to Financial Statements for the Company’s disclosure related to its long-term debt balance at September 30, 2026.
Previous wording
Acquisitions and Investments. During the six months ended June 30, 2026, the Company acquired two shopping center properties and one land parcel for an aggregate purchase price of $137.8 million, or a total acquisition cost of $138.1 million. During the six months ended June 30, 2025, the Company acquired one shopping center for a purchase price of $79.8 million, or a total acquisition cost of $80.0 million, including capitalized acquisition costs.
Current wording
Acquisitions and Investments. During the nine months ended September 30, 2026, the Company acquired three shopping center properties, an outparcel at one of its existing shopping centers, and one land parcel for an aggregate purchase price of $203.1 million, or a total acquisition cost of $203.7 million. During the nine months ended September 30, 2025, the Company acquired one shopping center for a purchase price of $79.8 million, or a total acquisition cost of $80.0 million, including capitalized acquisition costs.
Previous wording
The Company’s guidance for 2026 investments in income-producing properties, including structured investments, ranges from $300.0 million to $400.0 million. We expect to fund future acquisitions utilizing cash on hand, cash from operations, proceeds from the dispositions of income properties through 1031 like-kind exchanges, borrowings on our Revolving Credit Facility, if available, and additional financing sources. We expect dispositions of income properties will qualify under the like-kind exchange deferred-tax structure.
Current wording
We expect to fund future acquisitions utilizing cash on hand, cash from operations, proceeds from the dispositions of income properties through 1031 like-kind exchanges, borrowings on our Revolving Facility, if available, and additional financing sources. We expect dispositions of income properties will qualify under the like-kind exchange deferred-tax structure.
Previous wording
ATM Program. During the six months ended June 30, 2026, the Company sold 4,917,499 shares under the 2024 ATM Program for gross proceeds of $99.2 million at a weighted average price of $20.18 per share, generating net proceeds of $97.8 million after deducting transaction fees of $1.4 million. As of June 30, 2026, $117.2 million of availability remained under the 2024 ATM Program.
Current wording
ATM Program. During the nine months ended September 30, 2026, the Company sold 6,188,971 shares under the Common Stock ATM Program for gross proceeds of $127.0 million at a weighted average price of $20.52 per share, generating net proceeds of $125.1 million after deducting transaction fees of $1.9 million. As of September 30, 2026, $89.5 million of availability remained under the Common Stock ATM Program.
Previous wording
The Company has unfunded loan commitments under two construction loans, as described in Note 4, “Commercial Loans and Investments.” The unfunded portion of these construction loans totaled $33.5 million as of June 30, 2026.
Current wording
The Company has unfunded loan commitments under three construction loans, as described in Note 4, “Commercial Loans and Investments.” The unfunded portion of these construction loans totaled $36.2 million as of September 30, 2026.
Previous wording
*Other Matters.*We believe we will have sufficient liquidity to fund our operations, capital requirements, maintenance, and debt service requirements over the next twelve months and into the foreseeable future, with cash on hand, cash flow from our operations, $117.2 million of availability remaining under our $250.0 million “at-the-market” equity offering program, and $107.0 million undrawn commitment under the existing $300.0 million Revolving Credit Facility as of June 30, 2026.
Current wording
*Other Matters.*We believe we will have sufficient liquidity to fund our operations, capital requirements, maintenance, and debt service requirements over the next twelve months and into the foreseeable future, with cash on hand, cash flow from our operations, $89.5 million of availability remaining under the Common Stock ATM Program, and $245.8 million of available borrowing capacity, subject to borrowing base restrictions, under our $400.0 million Revolving Facility as of September 30, 2026.
Previous wording
Our Board and management consistently review the allocation of capital with the goal of providing the best long-term return for our stockholders. These reviews consider various alternatives, including increasing or decreasing regular dividends, repurchasing the Company’s securities, and retaining funds for reinvestment. Annually, the Board reviews our business plan and corporate strategies, and makes adjustments as circumstances warrant. Management’s focus is to continue our strategy to diversify our portfolio by redeploying proceeds from like-kind exchange transactions and utilizing our Credit Facility to increase our portfolio of income-producing properties, providing stabilized cash flows with strong risk-adjusted returns primarily in larger metropolitan areas and growth markets.
Current wording
Our Board and management consistently review the allocation of capital with the goal of providing the best long-term return for our stockholders. These reviews consider various alternatives, including increasing or decreasing regular dividends, repurchasing the Company’s securities, and retaining funds for reinvestment. Annually, the Board reviews our business plan and corporate strategies, and makes adjustments as circumstances warrant. Management’s focus is to continue our strategy to diversify our portfolio by redeploying proceeds from like-kind exchange transactions and utilizing our Revolving Facility to increase our portfolio of income-producing properties, providing stabilized cash flows with strong risk-adjusted returns primarily in larger metropolitan areas and growth markets.
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Previous report — wording carried elsewhere
Interest income from our commercial loans and investments totaled $8.5 million and $6.0 million during the six months ended June 30, 2026 and 2025, respectively. The increase of $2.5 million is primarily due to the timing of the investments made related to new loan originations and structured investments and repayments of previous investments, most notably the two preferred equity agreements for aggregate investments of $96.4 million completed during the three months ended June 30, 2026.
Previous report — wording carried elsewhere
During the six months ended June 30, 2025, the Company settled the aggregate $51.0 million of principal outstanding on the 2025 Notes in a combination of cash and the issuance of shares of the Company’s common stock resulting in a loss on extinguishment of debt of $20.4 million. There were no such losses during the six months ended June 30, 2026.