# EDGAR Filing Document

**Accession Number:** 0000023795
**File Stem:** 0001104659-26-017542
**Filing Date:** 2026-2
**Character Count:** 138487
**Document Hash:** 043dc30575f9a139ba54e3ab7e7c6246
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-017542.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0001104659-26-017542

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20260219

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CTO Realty Growth, Inc.
- **CENTRAL INDEX KEY:** 0000023795
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 590483700
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11350
- **FILM NUMBER:** 26654500

**BUSINESS ADDRESS:**
- **STREET 1:** 369 N. NEW YORK AVE.
- **STREET 2:** SUITE 201
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789
- **BUSINESS PHONE:** 407-904-3324

**MAIL ADDRESS:**
- **STREET 1:** 369 N. NEW YORK AVE.
- **STREET 2:** SUITE 201
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CTO Realty Growth Inc.
- **DATE OF NAME CHANGE:** 20200508

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSOLIDATED TOMOKA LAND CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? CTO Realty Growth, Inc._February 19, 2026

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of** 

**The Securities Exchange Act of 1934** 

Date of Report (Date of earliest event reported): February 19, 2026

## CTO Realty Growth, Inc.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland**<br>(State or other jurisdiction of incorporation) | **001-11350**<br>(Commission File Number) | **59-0483700**<br>(IRS Employer Identification No.) |
|  | **369 N. New York Avenue,**<br>**Suite 201**<br>**Winter Park, Florida**<br>(Address of principal executive offices) | **32789**<br>(Zip Code) |

---

Registrant's telephone number, including area code: **(407) 904-3324** 

**Not Applicable**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| .01<br>|  |  |
| **Title of each class:** | **Trading Symbol** | **Name of each exchange on which registered:** |
| **Common Stock, $0.01 par value per share** | **CTO** | **NYSE** <br>|
| **6.375% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share** | <br>**CTO-PA** | <br>**NYSE** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition**

On February 19, 2026, CTO Realty Growth, Inc., a Maryland corporation (the "Company"), issued an earnings press release, an investor presentation, and a supplemental disclosure package relating to the Company's financial results for the quarter and year ended December 31, 2025. Copies of the press release, investor presentation, and supplemental disclosure package are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein by reference.

The information in Item 2.02 of this Current Report, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, unless it is specifically incorporated by reference therein.

**Item 7.01. Regulation FD Disclosure**

On February 19, 2026, the Company issued an earnings press release, an investor presentation, and a supplemental disclosure package relating to the Company's financial results for the quarter and year ended December 31, 2025. Copies of the earnings press release, investor presentation, and supplemental disclosure package are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein by reference.

The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the materials include material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.

The information in Item 7.01 of this Current Report, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

**Item 9.01. Financial Statements and Exhibits**

(d) Exhibits

---

| |
|:---|
| &nbsp;&nbsp;[99.1 Earnings Press Release dated February 19, 2026](cto-20260219xex99d1.htm) |
| &nbsp;&nbsp;[99.2 Investor Presentation dated February 19, 2026](cto-20260219xex99d2.htm) |
| &nbsp;&nbsp;[99.3 Supplemental Disclosure Package](cto-20260219xex99d3.htm) |
| &nbsp;&nbsp;104 Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 19, 2026

CTO Realty Growth, Inc.

By: /s/ Philip R. Mays

Senior Vice President, Chief Financial Officer,

and Treasurer (Principal Financial Officer)

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](cto-20260219xex99d1001.jpg)

**DRAFT DRATDDD** 

**Press Release**

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| | |
|:---|:---|
|  | **First** <br>**2024 Operating Results**<br>|
| &nbsp;&nbsp;**FOR**<br>**IMMEDIATE**<br>**RELEASE** | <br>**CTO Realty Growth Reports Fourth** <br>**Quarter and Year End 2025 Operating Results**<br>*– Closed $165.9 million of investments at a weighted average initial cash yield of 9.0% in 2025 –*<br>*– Signed comparable retail leases for a record 24% increase in cash base rent in 2025 –*<br>*– Current signed-not-open pipeline of $6.1 million and record high leased occupancy of 95.9% –*<br>*– Provides 2026 Outlook –* |

---

**WINTER PARK, FL** – **February 19, 2026** – CTO Realty Growth, Inc. (NYSE: CTO) (the "Company" or "CTO"), an owner and operator of shopping centers located primarily in higher-growth markets, today announced its operating and financial results for the quarter and year ended December 31, 2025. Net Income attributable to common stockholders of $0.82 per diluted share for the fourth quarter, and $0.08 per diluted share for the full year.

**Fourth Quarter and Full Year 2025 Highlights**

◾Core Funds from Operations ("FFO") attributable to common stockholders of $0.49 per diluted share for the fourth quarter, and $1.87 per diluted share for the full year.

◾Adjusted Funds from Operations ("AFFO") attributable to common stockholders of $0.51 per diluted share for the fourth quarter, and $1.97 per diluted share for the full year.

◾Shopping center same-property net operating income ("NOI") increased by 4.3% for the fourth quarter, and 4.4% for the full year. Including other/non-core properties, same-property NOI increased by 1.1% for the fourth quarter, and 3.2% for the full year.

◾Executed 167,000 square feet of comparable retail spaces at a cash rent spread increase of 31% for the fourth quarter, contributing to a record of 592,000 square feet of comparable retail spaces at a cash rent spread increase of 24% for the full year.

◾In the fourth quarter, acquired Pompano Citi Centre, a 509,000 square foot open-air retail center located in a submarket of Fort Lauderdale, Florida, for a purchase price of $65.2 million, contributing to $165.9 million of total investments for the full year.

◾In the fourth quarter, sold the Shops at Legacy North in Dallas, Texas for $78.0 million contributing to $85.1 million of total dispositions for the full year.

◾Subsequent to December 31, 2025, the Company is under contract to acquire a 384,000 square foot shopping center located in Texas for a gross purchase price of $82.6 million, which we anticipate to close in the near-term.

"We continued our momentum in 2025, ending the year with a signed-not-open pipeline of $6.1 million, representing 5.8% of in-place ABR and positioning the Company for growth in 2026 and 2027," stated John P. Albright, President and Chief Executive Officer of CTO Realty Growth. "Further, we completed over 670,000 square feet of leasing in 2025, a record for the Company, which helped drive leased occupancy to an all-time high of 95.9% at year-end."

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**Financial Results**

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands, except per share data)* | **4Q 2025** | **4Q 2024** | **FY 2025** | **FY 2024** |
| Net Income (Loss) Attributable to Common Stockholders | $&nbsp;&nbsp;&nbsp;&nbsp;26457 | $&nbsp;&nbsp;&nbsp;&nbsp;(17095) | $&nbsp;&nbsp;&nbsp;&nbsp;2580 | $&nbsp;&nbsp;&nbsp;&nbsp;(8779) |
| Net Income (Loss) Attributable to Common Stockholders per Common Share - Diluted | $&nbsp;&nbsp;&nbsp;&nbsp;0.82 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | $&nbsp;&nbsp;&nbsp;&nbsp;0.08 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Core FFO Attributable to Common Stockholders | $&nbsp;&nbsp;&nbsp;&nbsp;15760 | $&nbsp;&nbsp;&nbsp;&nbsp;14152 | $&nbsp;&nbsp;&nbsp;&nbsp;60496 | $&nbsp;&nbsp;&nbsp;&nbsp;47875 |
| Core FFO Attributable to Common Stockholders per Common Share - Diluted | $&nbsp;&nbsp;&nbsp;&nbsp;0.49 | $&nbsp;&nbsp;&nbsp;&nbsp;0.46 | $&nbsp;&nbsp;&nbsp;&nbsp;1.87 | $&nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| AFFO Attributable to Common Stockholders | $&nbsp;&nbsp;&nbsp;&nbsp;16429 | $&nbsp;&nbsp;&nbsp;&nbsp;14933 | $&nbsp;&nbsp;&nbsp;&nbsp;63562 | $&nbsp;&nbsp;&nbsp;&nbsp;50773 |
| AFFO Attributable to Common Stockholders per Common Share - Diluted | $&nbsp;&nbsp;&nbsp;&nbsp;0.51 | $&nbsp;&nbsp;&nbsp;&nbsp;0.49 | $&nbsp;&nbsp;&nbsp;&nbsp;1.97 | $&nbsp;&nbsp;&nbsp;&nbsp;2.00 |

---

*Refer to "Non-GAAP Financials Measures" for definitions and additional detail. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release.* 

**Portfolio Performance**

*Retail Leasing Activity*

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| | |
|:---|:---|
| ◾ | During the three months ended December 31, 2025, the Company executed 23 new leases, renewals and extensions totaling 189,000 square feet. On a comparable space basis, the Company executed 167,000 square feet at an average cash rent spread increase of 31%. |

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| | |
|:---|:---|
| ◾ | During the year ended December 31, 2025, the Company executed 87 new leases, renewals and extensions totaling 671,000 square feet. On a comparable space basis, the Company executed 592,000 square feet at an average cash rent spread increase of 24%. |

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*Same Property NOI*

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| | |
|:---|:---|
| ◾ | For the three months ended December 31, 2025, shopping center same property NOI increased by 4.3% versus the comparable 2024 period. Including other/non-core properties, same property NOI increased by 1.1% versus the comparable 2024 period. Same property NOI for other/non-core properties was impacted by one tenant vacating 98,000 of our 212,000 square feet Albuquerque, NM property on December 1, 2025. As of December 31, 2025, the Albuquerque property is 100% leased to two investment grade tenants: Fidelity and the State of New Mexico. |

---

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| | |
|:---|:---|
| ◾ | For the year ended December 31, 2025, shopping center same property NOI increased by 4.4% versus the comparable 2024 period. Including other/non-core properties, same property NOI increased by 3.2% versus the comparable 2024 period. |

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*Occupancy*

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| | |
|:---|:---|
| ◾ | As of December 31, 2025, the Company reported leased occupancy of 95.9%, up 170 basis points compared to September 30, 2025 and up 250 basis points compared to December 31, 2024. |

---

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**Investment and Disposition Activity**

*Investment Activity*

 

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| | |
|:---|:---|
| ◾ | During the three months ended December 31, 2025, the Company acquired Pompano Citi Centre, an open-air retail center located in a submarket of Fort Lauderdale, Florida for a purchase price of $65.2 million, and amended and upsized one commercial loan investment for a total commitment of $16.0 million, at an initial yield of 12.0% (including paid-in-kind interest). |

---

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| | |
|:---|:---|
| ◾ | During the year ended December 31, 2025, the Company acquired two shopping centers in attractive, high-growth markets of Atlanta and South Florida for a total purchase price of $144.9 million ($136 per square foot) at a weighted average initial cash yield of 8.7%, and originated $21.0 million of structured investment commitments, at a weighted average initial yield of 10.7% (including paid-in-kind interest). |

---

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| | |
|:---|:---|
| ◾ | The Company is currently under contract to acquire a 384,000 square foot shopping center located in South Texas for a gross purchase price of $82.6 million. |

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*Disposition Activity*

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| | |
|:---|:---|
| ◾ | During the three months ended December 31, 2025, the Company sold the Shops at Legacy North in Dallas, Texas for $78.0 million, at an exit cash cap rate of low-5%. |

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| | |
|:---|:---|
| ◾ | During the year ended December 31, 2025, the Company sold two properties for $85.1 million ($311 per square foot), at a weighted average exit cash cap rate of mid-5%, generating aggregate gains of $20.9 million. |

---

**Balance Sheet and Liquidity**

Our balance sheet highlights as of December 31, 2025, included:

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| | |
|:---|:---|
| ◾ | Total liquidity of $167.1 million, consisting of $149.0 million of undrawn commitments and $18.1 million of cash on hand, including cash held in like-kind exchange escrow accounts. |

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| | |
|:---|:---|
| ◾ | Total borrowings of $618.8 million at a weighted average rate of 4.3%, including $601.0 million of unsecured borrowings and a $17.8 million mortgage payable. |

---

◾ Net debt to Pro Forma Adjusted EBITDA was 6.4 times.

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| | |
|:---|:---|
| ◾ | During the quarter ended December 31, 2025, the Company repurchased $5.0 million of common stock, at a weighted average purchase price of $16.26 per share. During the year ended December 31, 2025, the Company repurchased $9.3 million of common stock, at a weighted average purchase price of $16.27 per share. |

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| | |
|:---|:---|
| ◾ | The Company's only maturity in 2026 is a $17.8 million mortgage note payable. |

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**Common and Preferred Dividends**

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| | |
|:---|:---|
| ◾ | The Company's Board of Directors has authorized a quarterly cash dividend of $0.38 per share of the Company's common stock for the first quarter of 2026. The dividend is payable on March 31, 2026 to stockholders of record as of March 12, 2026. |

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| | |
|:---|:---|
| ◾ | The Company's Board of Directors has authorized a quarterly cash dividend of $0.39844 per share of the Company's 6.375% Series A Cumulative Redeemable Preferred Stock for the first quarter of 2026. The dividend is payable on March 31, 2026 to stockholders of record as of March 12, 2026. |

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**2026 Outlook**

The Company's outlook for 2026 is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission.

Below is a summary of the Company's 2026 outlook, assumptions used in forecasting, and a reconciliation of the outlook range of the Company's estimated Net Loss Attributable to the Company per Common Share – Diluted to the Company's estimated Core FFO Attributable to Common Stockholders per Common Share – Diluted and AFFO Attributable to Common Stockholders per Common Share – Diluted.

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| | | | |
|:---|:---|:---|:---|
|  | **Outlook Range for 2026** | **Outlook Range for 2026** | **Outlook Range for 2026** |
| *(Unaudited)* | **Low** |  | **High** |
| Core FFO per Common Share - Diluted <sup>(1)</sup> | $1.98 | to | $2.03 |
| AFFO per Common Share - Diluted <sup>(1)</sup> | $2.11 | to | $2.16 |

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<sup>(1)</sup> Attributable to Common Stockholders

The Company's 2026 outlook includes but is not limited to the following assumptions:

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| | |
|:---|:---|
| ◾ | Investment volume, including commercial loans or similarly structured investments, of $100 million to $200 million at a weighted average initial cash yield between 8.0% and 8.5%. |

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| | |
|:---|:---|
| ◾ | Same-Property NOI growth for shopping centers of approximately 3.5% - 4.5%. |

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| | |
|:---|:---|
| ◾ | General and administrative expenses of $19.5 million to $20.0 million. |

---

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| | | |
|:---|:---|:---|
|  | **Outlook Range for 2026** | **Outlook Range for 2026** |
| *(Unaudited)* | **Low** | **High** |
| Net Income Attributable to the Company per Common Share - Diluted | $0.26 | $0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization of Real Estate | 2.03 | 2.03 |
| Funds from Operations, per Common Share - Diluted | $2.29 | $2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Preferred Stockholders | (0.22) | (0.22) |
| Funds From Operations Attributable to Common Stockholders per Common Share - Diluted | $2.07 | $2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangibles to Lease Income | (0.09) | (0.10) |
| Core FFO Attributable to Common Stockholders per Common Share - Diluted | $1.98 | $2.03 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-Line Rent Adjustment | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Loan Costs and Capitalized Interest | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Cash Compensation  | 0.14 | 0.14 |
| AFFO Attributable to Common Stockholders per Common Share - Diluted | $2.11 | $2.16 |

---

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**Earnings Conference Call & Webcast**

The Company will host a conference call to present its operating results for the fourth quarter and full year ended December 31, 2025, on Friday, February 20, 2026 at 9:00 AM ET.

A live webcast of the call will be available on the Investor Relations page of the Company's website at www.ctoreit.com or at the link provided in the event details below. To access the call by phone, please go to the registration link provided in the event details below and you will be provided with dial-in details.

Event Details:

Webcast:https://edge.media-server.com/mmc/p/3eh9unzw

Registration:https://register-conf.media-server.com/register/BI0b6b6616b30241d689339444f4f7a55b

We encourage participants to register and dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company's website at www.ctoreit.com.

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**About CTO Realty Growth, Inc.**

CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality shopping centers, located primarily in higher growth markets in the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.

Contact:Investor Relations

ir@ctoreit.com

**Safe Harbor**

Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as "outlook," "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions, as well as variations or negatives of these words.

Although forward-looking statements are made based upon management's present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company's actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company's ability to remain qualified as a REIT; the Company's exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in commercial loans and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company's financial condition and results of operations; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company's investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission.

There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

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**Non-GAAP Financial Measures**

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We also disclose Funds From Operations ("FFO"), Core Funds From Operations ("Core FFO"), Adjusted Funds From Operations ("AFFO"), Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization ("Pro Forma Adjusted EBITDA"), and Same-Property Net Operating Income ("Same-Property NOI"), each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.

FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT.

NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of mitigation credits, subsurface sales, investment securities, and land sales, in addition to the mark-to-market of the Company's investment securities and interest related to the 2025 Notes, if the effect is dilutive. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable market- or transaction-driven non-cash items, as well as adding back the interest related to the 2025 Notes, if the effect is dilutive. To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of mitigation credits, subsurface sales, investment securities, and land sales, in addition to the mark-to-market of the Company's investment securities. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.

------

To derive Same-Property NOI, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other income or loss, income tax benefit or expense, real estate operations revenues and direct cost of revenues, management fee income, and interest income from commercial loans and investments are also excluded from Same-Property NOI. GAAP net income or loss is further adjusted to remove the impact of properties that were not owned for the full current and prior year reporting periods presented. Cash rental income received under the leases pertaining to the Company's assets that are presented as commercial loans and investments in accordance with GAAP is also used in lieu of the interest income equivalent.

------

**CTO Realty Growth, Inc.**

**Consolidated Balance Sheets**

(In thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| ASSETS |  |  |
| Real Estate: |  |  |
| &nbsp;&nbsp;Land, at Cost | $289012 | $257748 |
| &nbsp;&nbsp;Building and Improvements, at Cost | 766371 | 720480 |
| &nbsp;&nbsp;Other Furnishings and Equipment, at Cost | 923 | 883 |
| &nbsp;&nbsp;Construction in Process, at Cost | 4091 | 5091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate, at Cost | 1060397 | 984202 |
| &nbsp;&nbsp;Less, Accumulated Depreciation  | (107268) | (82864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate—Net | 953129 | 901338 |
| Land and Development Costs  | 300 | 300 |
| Intangible Lease Assets—Net | 84710 | 79198 |
| Investment in Alpine Income Property Trust, Inc. | 41324 | 39666 |
| Commercial Loans and Investments | 104804 | 105043 |
| Cash and Cash Equivalents | 6467 | 9017 |
| Restricted Cash | 34652 | 8344 |
| Refundable Income Taxes | - | 70 |
| Deferred Income Taxes—Net | 2309 | 2467 |
| Other Assets | 36207 | 36201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $1263902 | $1181644 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;Accounts Payable | $1709 | $3278 |
| &nbsp;&nbsp;Accrued and Other Liabilities | 28185 | 21268 |
| &nbsp;&nbsp;Deferred Revenue | 18802 | 10183 |
| &nbsp;&nbsp;Intangible Lease Liabilities—Net | 31486 | 15124 |
| &nbsp;&nbsp;Income Taxes Payable | 29 |  |
| &nbsp;&nbsp;Long-Term Debt—Net | 616345 | 518993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 696556 | 568846 |
| Commitments and Contingencies |  |  |
| Stockholders' Equity: |  |  |
| &nbsp;&nbsp;Preferred Stock – 100,000,000 shares authorized; $0.01 par value, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 4,713,069 shares issued and outstanding at December 31, 2025 and 2024 | 47 | 47 |
| &nbsp;&nbsp;Common Stock – 500,000,000 shares authorized; $0.01 par value, 32,372,291 shares issued and outstanding at December 31, 2025 and 31,673,479 shares issued and outstanding at December 31, 2024 | 324 | 317 |
| &nbsp;&nbsp;Additional Paid-In Capital | 382494 | 367828 |
| &nbsp;&nbsp;Retained Earnings | 184886 | 232089 |
| &nbsp;&nbsp;Accumulated Other Comprehensive Income (Loss) | (405) | 12517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity | 567346 | 612798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $1263902 | $1181644 |

---

------

**CTO Realty Growth, Inc.**

**Consolidated Statements of Operations** 

(In thousands, except share, per share and dividend data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Unaudited)<br>Three Months Ended<br> December 31,**  | **(Unaudited)<br>Three Months Ended<br> December 31,**  | **Year Ended<br> December 31,**  | **Year Ended<br> December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;Income Properties | $33670 | $31562 | $132156 | $110591 |
| &nbsp;&nbsp;Management Fee Income | 1248 | 1230 | 4849 | 4590 |
| &nbsp;&nbsp;Interest Income From Commercial Loans and Investments | 3421 | 2950 | 12540 | 7357 |
| &nbsp;&nbsp;Real Estate Operations |  |  |  | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenues | 38339 | 35742 | 149545 | 124519 |
| Direct Cost of Revenues |  |  |  |  |
| &nbsp;&nbsp;Income Properties | (9580) | (9155) | (37923) | (31785) |
| &nbsp;&nbsp;Real Estate Operations |  |  |  | (1437) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Direct Cost of Revenues | (9580) | (9155) | (37923) | (33222) |
| General and Administrative Expenses | (4616) | (4519) | (18527) | (16269) |
| Provision for Impairment |  | (23) | (68) | (676) |
| Depreciation and Amortization | (15428) | (29348) | (60015) | (65049) |
| &nbsp;&nbsp;Total Operating Expenses | (29624) | (43045) | (116533) | (115216) |
| Gain on Disposition of Assets | 20079 |  | 21452 | 8308 |
| Loss on Extinguishment of Debt |  |  | (20449) |  |
| &nbsp;&nbsp;Other Gain | 20079 |  | 1003 | 8308 |
| &nbsp;&nbsp;Total Operating Income (Loss) | 28794 | (7303) | 34015 | 17611 |
| Investment and Other Income (Loss) | 6784 | (2595) | 3451 | 2606 |
| Interest Expense | (7100) | (5756) | (26928) | (22521) |
| &nbsp;&nbsp;Income (Loss) Before Income Tax Benefit (Expense) | 28478 | (15654) | 10538 | (2304) |
| Income Tax Benefit (Expense) | (143) | 437 | (446) | 339 |
| &nbsp;&nbsp;Net Income (Loss) Attributable to the Company | 28335 | (15217) | 10092 | (1965) |
| Distributions to Preferred Stockholders | (1878) | (1878) | (7512) | (6814) |
| &nbsp;&nbsp;Net Income (Loss) Attributable to Common Stockholders | $26457 | $(17095) | $2580 | $(8779) |
| Per Share Information: |  |  |  |  |
| &nbsp;&nbsp;Basic and Diluted Net Income (Loss) Attributable to Common Stockholders | $0.82 | $(0.56) | $0.08 | $(0.35) |
| Weighted Average Number of Common Shares |  |  |  |  |
| &nbsp;&nbsp;Basic | 32175554 | 30603089 | 32267365 | 25361379 |
| &nbsp;&nbsp;Diluted | 32235624 | 30703941 | 32292812 | 25401176 |
| &nbsp;&nbsp;Dividends Declared and Paid - Preferred Stock | $0.40 | $0.40 | $1.59 | $1.59 |
| &nbsp;&nbsp;Dividends Declared and Paid - Common Stock | $0.38 | $0.38 | $1.52 | $1.52 |

---

------

**CTO Realty Growth, Inc.**

**Non-GAAP Financial Measures**

**Funds from Operations, Core Funds from Operations, and Adjusted Funds from Operations**

**Attributable to Common Stockholders**

(Unaudited)

(In thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> December 31,**  | **Three Months Ended<br> December 31,**  | **Year Ended<br> December 31,**  | **Year Ended<br> December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net Income (Loss) Attributable to the Company | $28335 | $(15217) | $10092 | $(1965) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization of Real Estate | 15411 | 29331 | 59947 | 64981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on Disposition of Assets | (20079) |  | (21452) | (8308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on Disposition of Other Assets |  | (354) |  | (904) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for Impairment |  | 23 | 68 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and Unrealized Loss (Gain) on Investment Securities | (5919) | 3331 | (90) | 463 |
| Funds from Operations | $17748 | $17114 | $48565 | $54943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Preferred Stockholders | (1878) | (1878) | (7512) | (6814) |
| Funds From Operations Attributable to Common Stockholders | $15870 | $15236 | $41053 | $48129 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on Extinguishment of Debt |  |  | 20449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangibles to Lease Income | (110) | (1084) | (1006) | (254) |
| Core Funds From Operations Attributable to Common Stockholders | $15760 | $14152 | $60496 | $47875 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-Line Rent Adjustment | (469) | (169) | (2159) | (1681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Depreciation and Amortization | (1) | (3) | (2) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest | 203 | 203 | 1069 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Cash Compensation | 936 | 750 | 4158 | 3637 |
| Adjusted Funds From Operations Attributable to Common Stockholders | $16429 | $14933 | $63562 | $50773 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO Attributable to Common Stockholders per Common Share - Diluted <sup>(1)</sup> | $0.49 | $0.50 | $1.27 | $1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core FFO Attributable to Common Stockholders per Common Share - Diluted <sup>(1)</sup> | $0.49 | $0.46 | $1.87 | $1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO Attributable to Common Stockholders per Common Share - Diluted <sup>(1)</sup> | $0.51 | $0.49 | $1.97 | $2.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The weighted average shares used to compute per share amounts for FFO Attributable to Common Stockholders per Common Share – Diluted, Core FFO Attributable to Common Stockholders per Common Share - Diluted, and AFFO Attributable to Common Stockholders per Common Share - Diluted do not reflect any dilution related to the ultimate settlement of the 2025 Notes except for the actual issuance of 1,089,555 shares of the Company's common stock in connection with the settlement during the three months ended June 30, 2025; therefore, the full impact of the issued shares were included in the denominator for this measure for the three months December 31, 2025 and the weighted average impact of the issued shares were included in the denominator for this measure for the year ended December 31, 2025.

------

**CTO Realty Growth, Inc.**

**Non-GAAP Financial Measures**

**Same-Property NOI Reconciliation**

(Unaudited)

(In thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> December 31,**  | **Three Months Ended<br> December 31,**  | **Year Ended<br> December 31,**  | **Year Ended<br> December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net Income (Loss) Attributable to the Company | $28335 | $(15217) | $10092 | $(1965) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on Disposition of Assets | (20079) |  | (21452) | (8308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on Extinguishment of Debt |  |  | 20449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for Impairment |  | 23 | 68 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 15428 | 29348 | 60015 | 65049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangibles to Lease Income | 110 | 1084 | 1006 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-Line Rent Adjustment | 469 | 169 | 2159 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of Tenant Contribution | 13 | 13 | 52 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 7100 | 5756 | 26928 | 22521 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and Administrative Expenses | 4616 | 4519 | 18527 | 16269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and Other Loss (Income) | (6784) | 2595 | (3451) | (2606) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Expense (Benefit) | 143 | (437) | 446 | (339) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Operations Revenues |  |  |  | (1981) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Operations Direct Cost of Revenues |  |  |  | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fee Income | (1248) | (1230) | (4849) | (4590) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Income From Commercial Loans and Investments | (3421) | (2950) | (12540) | (7357) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Recurring Items <sup>(1)</sup> | (387) | (255) | (1113) | (1507) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Impact of Properties Not Owned for the Full Reporting Period | (3829) | (3172) | (32219) | (17163) |
| Same-Property NOI | $20466 | $20246 | $64118 | $62123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Same Property NOI for Other Properties | (1442) | (2003) | (5141) | (5635) |
| Same-Property NOI for Shopping Centers | $19024 | $18243 | $58977 | $56488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.

------

**CTO Realty Growth, Inc.**

**Non-GAAP Financial Measures**

**Reconciliation of Net Debt to Pro Forma Adjusted EBITDA**

(Unaudited)

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br>**December 31, 2025** |  |
| Net Income Attributable to the Company | $28335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization of Real Estate | 15411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on Disposition of Assets | (20079) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized Gain & Realized Loss on Investment Securities | (5919) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Preferred Stockholders | (1878) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangibles to Lease Income | (110) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-Line Rent Adjustment | (469) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Depreciation and Amortization | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Loan Costs and Capitalized Interest | 203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Cash Compensation | 936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Recurring Items <sup>(1)</sup> | (387) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense, Net of Amortization of Loan Costs | 6896 |  |
| Adjusted EBITDA | $22938 |  |
| Annualized Adjusted EBITDA | $91752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net <sup>(2)</sup> | 1816 |  |
| Pro Forma Adjusted EBITDA | $93568 |  |
| Total Long-Term Debt | $616345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Costs, Net of Accumulated Amortization | 2455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | (6467) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash <sup>(3)</sup> | (11610) |  |
| Net Debt | $600723 |  |
| Net Debt to Pro Forma Adjusted EBITDA | 6.4 | x |

---

<sup>(1)</sup> Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.

<sup>(2)</sup> Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company's investments and disposition activity during the three months ended December 31, 2025.

<sup>(3)</sup> Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.

------

## Exhibit 99.2

#### Exhibit 99.2

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter 2025 Investor Presentation The Collection at Forsyth \| Cumming, GA |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2© CTO Realty Growth, Inc. \| ctoreit.com $50M $51M $69M $97M $111M $132M 2020 2021 2022 2023 2024 2025 $496M $690M $919M $946M $1.3B $1.3B 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Highlights Income Properties Revenues Enterprise Value As of December 31, 2025 unless otherwise noted. Metrics based on ABR represent cash ABR excluding the impact of straight-line rent. $0.49 Core FFO Per Share $209 Implied property value per square foot 167,000 Square feet of comparable leasing activity 31% Comparable leasing spread 84% ABR from Georgia, Florida, North Carolina & Texas 95.9% Leased Occupancy – 490 bps spread to 91.0% occupancy $6.1M SNO Pipeline – 5.8% of in-place ABR $20.77 Cash ABR PSF 4.3% Quarterly same-property NOI growth for shopping centers Q4 2025 Highlights |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3© CTO Realty Growth, Inc. \| ctoreit.com Company Highlights Unless otherwise noted, metrics are as of December 31, 2025, and reflect a $18.41 per share common stock price for CTO. Metrics based on ABR represent cash ABR excluding the impact of straight-line rent. 1. Investment and disposition activity includes both properties and structured investments West Broad Village Glen Allen, VA 5.5M Square Feet 84% Of Portfolio ABR from Georgia, Florida, Texas & North Carolina 8.3% Annualized Dividend Yield 8.6% Implied Cap Rate $0.5 billion Total Disposition Activity: 2020-Present 1 $1.4 billion Total Acquisition Activity: 2020-Present 1 $601M Net Debt Outstanding $118M Series A Preferred $1.3B Enterprise Value $596M Equity Market Cap Shopping center REIT focused on open-air centers in fast growing MSAs in the Southeast and Southwest |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4© CTO Realty Growth, Inc. \| ctoreit.com 16.8x 13.8x 13.6x 12.8x 12.3x 11.6x 11.3x 11.3x 9.3x 9.1x 3.9% 3.5% 4.5% 4.0% 3.9% 4.8% 5.1% 4.7% 8.3% 7.2% – 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% – 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x AKR SKT FRT UE WSR KRG KIM BRX CTO AAT 2026E Core FFO Multiple Peer Average: 2026E Core FFO Multiple Peer Average: Annualized Dividend Yield Annualized Dividend Yield Attractive Relative Value As of December 31, 2025 All dividend yields and 2026E Core FFO multiples are based on the closing stock price on December 31, 2025, using current annualized dividends and 2026E Core FFO per share estimates per FactSet as of February 16, 2026 Higher dividend yield and lower multiple relative to its peers Peer Averages 2026E Core FFO Multiple: 12.5x Annualized Dividend Yield: 4.6% Ashford Lane Atlanta, GA |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5© CTO Realty Growth, Inc. \| ctoreit.com Portfolio by Asset Type 20% 47% if including shadow-anchored assets 27% 49% As of December 31, 2025 Percentages based on cash ABR excluding the impact of straight-line rent. Excludes 4% of ABR from other assets comprised of mixed-use asset, single tenant retail & office property. Madison Yards \| Atlanta, GA Ashford Lane \| Atlanta, GA Marketplace at Seminole \| Sanford, FL Grocery-Anchored Retail Lifestyle Power Center |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7© CTO Realty Growth, Inc. \| ctoreit.com High-Quality Demographics As of December 31, 2025 unless otherwise noted. 1. Source: Esri; Portfolio average weighted by the Annualized Cash Base Rent of each property. Rank Market Properties SF (000s) % ABR 1 Atlanta, GA 5 1,657 36% 2 Richmond, VA 1 392 9% 3 Charlotte, NC 1 694 9% 4 Orlando, FL 3 449 8% 5 Fort Lauderdale, FL 1 509 7% 6 Dallas, TX 1 444 6% 7 Raleigh, NC 1 322 6% 8 Jacksonville, FL 1 211 6% 9 Phoenix, AZ 1 222 4% 10 Houston, TX 1 201 3% 11 Tampa, FL 2 176 3% 12 Albuquerque, NM 1 212 2% 13 Daytona, FL 2 12 1% Total 21 5,501 100% Denotes a MSA with over one million people Bold denotes a Top 30 ULI Market 88% % of ABR from ULI's Top 30 Markets 1 193,000 Portfolio 5-Mile Population1 $140,000 Portfolio Average 5-Mile Household Income1 Beaver Creek Crossings \| Raleigh, NC |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8© CTO Realty Growth, Inc. \| ctoreit.com Signed-Not-Open (SNO) Schedule As of December 31, 2025 unless otherwise noted. Adjusts for any SNO leases that will be backfilling boxes inhabited as of December 31, 2025. 1. ABR Recognition Timing represents the percent of rent within the SNO pipeline that is expected to actually be recognized within each respective period. SNO pipeline delivers tailwinds from executed leasing as leases commence ABR Recognition Timing1 $6.1M cash base rent $23.04 SNO cash rent PSF 5.8% of in-place cash rent 66% cash base rent from anchor tenants 490 bps leased-to-occupied spread 47% 100% 2026 2027 Exchange at Gwinnett \| Atlanta, GA |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9© CTO Realty Growth, Inc. \| ctoreit.com Historical Leasing Upside Since Acquisition As of December 31, 2025 unless otherwise noted. Beaver Creek Raleigh, NC Collection at Forsyth Atlanta, GA Plaza at Rockwall Dallas, TX Marketplace at Seminole Orlando, FL SF Leased Since Acquisition 173k 327k 113k 119k Comparable SF Leased Since Acquisition 162k 272k 96k 104k Cash Rent Spread 46% 15% 29% 40% Q4 2025 Leased Occupancy 100% 92% 100% 100% Occupancy Increase since Acquisition 300 bps 600 bps 500 bps 200 bps |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10© CTO Realty Growth, Inc. \| ctoreit.com Significantly Below Replacement Cost • Large MSAs Ashley Park ▪ Atlanta, GA ▪ 559,000 sf ▪ 61 acres ▪ 96% Q4 leased occupancy ▪ Closed March 2025 Lake Brandon Village ▪ Tampa, FL ▪ 102,000 sf ▪ 8 acres ▪ 100% Q4 leased occupancy ▪ Closed August 2024 Recent Acquisitions with Average Basis of $147 per SF As of December 31, 2025 unless otherwise noted. Carolina Pavilion ▪ Charlotte, NC ▪ 694,000 sf ▪ 72 acres ▪ 91% Q4 leased occupancy ▪ Closed August 2024 l Millenia Crossing ▪ Orlando, FL ▪ 100,000 sf ▪ 11 acres ▪ 93% Q4 leased occupancy ▪ Closed August 2024 Granada Plaza ▪ Tampa, FL ▪ 74,000 sf ▪ 7 acres ▪ 92% Q4 leased occupancy ▪ Closed December 2024 ▪ Pompano Beach, FL ▪ 509,000 sf ▪ 34 acres ▪ 92% Q4 leased occupancy ▪ Closed December 2025 Pompano Citi Centre Q4 2025 Acquisition |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11© CTO Realty Growth, Inc. \| ctoreit.com Outparcel Opportunities Shopping Center Market Space Collection at Forsyth 10 acres Atlanta, GA Big box – 40k SF & pad Beaver Creek Raleigh, NC Small shops – 15k SF West Broad Village Richmond, VA Big box – 20k SF Plaza at Rockwall Dallas, TX Small shops – 10k SF Ashley Park Atlanta, GA Single tenant – 10k SF Marketplace at Seminole Orlando, FL Drive-through As of December 31, 2025 1. Excluding costs to purchase land The projects listed above are actively underway. There is no guarantee that the Company will complete any or all of these projects, that the net estimated costs or expected NOI yields will be the amounts shown, or that stabilization will occur as anticipated. The net estimated costs, expected NOI yields, and anticipated stabilization dates are management's best estimates based on current information and may change over time. For more information, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Six Outparcel Development Opportunities to Generate Blended Low Double-Digit Yield on Cost • Average yield on cost of 10-12%1 • ~$30 million1 of costs spread across 2026 & 2027 • Rent to begin commencing in mid-2027 • At LOI or lease negotiations for all outparcels Ashley Park Outparcel |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12© CTO Realty Growth, Inc. \| ctoreit.com Collection at Forsyth to Benefit from Development Activity Originated $40.2 Million First Mortgage Loan for Whole Foods Anchored Development ▪ Strategic investment in development located on 35 acres neighboring CTO's 561,000 SF shopping center, The Collection at Forsyth, in Atlanta, Georgia ▪ Planned development is for 80,000 SF of retail anchored by a 35,500 SF Whole Foods Market ▪ Loan provides for up to $40.2 million of borrowings, representing 66.5% LTC, with an initial term of 30 months and an initial fixed interest rate of 12.15% ▪ CTO has a right of first refusal to purchase the new retail center ▪ Closed November 7, 2024 with $13.8 million in total funded through December 31, 2025 10 Acres Development – Lease Opportunity ▪ Since the announcement of the new Whole Foods location adjacent to our 10 acres of land, we have received strong leasing interest ▪ Currently in discussions with anchor tenant to add an amenity / draw to the Collection at Forsyth broke ground in April 2025 The Collection at Forsyth +Adjacent 10 Acres CTO Property/Land CTO Loan |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13© CTO Realty Growth, Inc. \| ctoreit.com 8% 10% 20% 10% 10% 11% 7% 5% 6% 7% 6% Contractual Rent Bumps & Lease Rollover Schedule As of December 31, 2025. ABR metrics represent cash ABR excluding the impact of straight-line rent. 1. Percent of ABR from tenants or the parents of a tenant. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Associated of Insurance Commissioners (NAIC). Lease Rollover Schedule - % ABR Non-Annual Contractual Rent Increases 26% Contractual Rent Increases At Extension 29% Annual Contractual Rent Increases 36% of Leases Have Contractual Rent Increases in the Current Lease Term 62% No Contractual Rent Increases 9% 91% of Leases by ABR Have Contractual Rent Bumps Ashford Lane Atlanta, GA Ashford Lane Atlanta, GA |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14© CTO Realty Growth, Inc. \| ctoreit.com Tenant Overview Rank Tenant Credit Rating1 Leases SF (000s) ABR % 1 AMC CCC+ 3 174 4% 2 Fidelity A+ 2 122 2% 3 Ross/dd's Discount BBB+ 7 194 2% 4 Best Buy BBB+ 4 142 2% 5 TJ Maxx/HomeGoods/Marshalls A 6 177 2% 6 Burlington BB+ 4 140 2% 7 Dick's Sporting Goods BBB 4 185 2% 8 Nordstrom Rack BB 3 106 2% 9 Southern University NR 1 60 2% 10 Publix NR 2 99 2% 11 Whole Foods Market AA 1 60 2% 12 Academy Sports & Outdoors BB+ 2 129 1% 13 Barnes & Noble NR 3 75 1% 14 PetSmart B+ 4 78 1% 15 Regal Cinemas NR 1 51 1% 16 DSW Shoe Warehouse NR 4 69 1% 17 Onelife Fitness NR 1 45 1% 18 Harkins Theatres NR 1 56 1% 19 Floor & Decor BB 1 75 1% 20 Old Navy BB+ 3 59 1% Top 20 57 2,096 33% As of December 31, 2025 ABR metrics represent cash ABR excluding the impact of straight-line rent. 1. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC). Denotes grocery Ashford Lane \| Atlanta, GA The Collection at Forsyth \| Cumming, GA |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15© CTO Realty Growth, Inc. \| ctoreit.com Rank Industry SF (000s) ABR % 1 Casual Dining 356 12% 2 Off-Price Retail 729 10% 3 Entertainment 398 8% 4 Apparel 298 6% 5 Healthcare Services 205 6% 6 Beauty & Cosmetics 221 6% 7 Specialty Retail 229 6% 8 Financial Services 194 5% 9 Health & Fitness 222 5% 10 Sporting Goods 380 5% 11 Fast Casual Restaurant 124 5% 12 Grocery 217 4% 13 Home Furnishings 304 4% 14 Consumer Electronics 183 4% 15 Quick Service Restaurant 74 3% Top 15 4,134 89% Industry Composition As of December 31, 2025 ABR represents cash ABR and excludes the effect of non-cash straight line rent The Collection at Forsyth Cumming, GA |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16© CTO Realty Growth, Inc. \| ctoreit.com Structured Investments Portfolio Property Type Current Maturity Current Yield Current Amount ($M) Rivana Land Development First Mortgage September 2028 11.50%2 $34.2 Watters Creek at Montgomery Farm Grocery-Anchored Retail Preferred Equity April 2026 9.50% $30.0 Founders Square Office First Mortgage March 2027 8.75%3 $15.0 Whole Foods Grocery-Anchored Retail First Mortgage May 2027 12.15% $13.8 Series A Preferred Investment 1 Entertainment Real Estate Preferred Equity NA 14.00% $10.0 Main Street Retail First Mortgage August 2030 6.50% $5.0 Total Structured Investments 10.65% $108.0 As of December 31, 2025 1. The Series A Preferred Investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events 2. Increases to 9.50% effective January 1, 2026 3. Future draws will earn 12.0% coupon including 10.0% current pay and 2.0% paid-in-kind interest |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18© CTO Realty Growth, Inc. \| ctoreit.com $100 $125 $125 $18 - $251 2026 2027 2028 2029 2030 Unsecured Secured Revolving Credit Facility Balance Sheet Exchange at Gwinnett Buford, GA As of December 31, 2025 1. As of December 31, 2025, the Company has $149.0 million of undrawn commitments, prior to borrowing base limitations, on our Revolving Credit Facility, and $18.1 million of cash on hand 2. The Company's senior unsecured revolving credit facility initially matures in January 2027 and includes a one-year extension option to January 2028, subject to satisfaction of certain conditions. 3. Interest rates are comprised of Daily or Term SOFR (plus 10 bps for the Credit Facility, 2027 Term Loan and 2028 Term Loan) and a pricing spread based on leverage as defined in the related credit agreement. Fixed rates reflect SOFR swaps, see the latest Form 10-K for more details regarding our SOFR swaps. 4. In March 2026, $65 million of aggregate SOFR swap agreements mature and will be replaced by $50 million of forward SOFR swap agreements applied to the 2029 and 2030 Term Loans causing the weighted average rate for the 2029 and 2030 Term Loans to increase by approximately 50 bps and the weighted average rate on the fixed portion of the credit facility to increase by approximately 70 bps as the fixed amount decreases from $65 million to $50 million As of 12/31/2025 Fixed/Float Initial Loan Maturity2 Weighted Average Rate3 Principal Price Plaza Mortgage Fixed Aug 2026 4.06% 18 Credit Facility Fixed Jan 2027 4.57%4 65 Credit Facility Floating Jan 2027 5.32% 86 2027 Term Loan Fixed Jan 2027 2.80% 100 2028 Term Loan Fixed Jan 2028 5.18% 100 2029 Term Loan Fixed Sep 2029 4.21%4 125 2030 Term Loan Fixed Sep 2030 4.24%4 125 Total /Average 4.33% $619 Fully Extended Debt Maturities2 $167M liquidity1 46% net debt to total enterprise value (TEV) 6.4x net debt to pro forma adjusted EBITDA |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19© CTO Realty Growth, Inc. \| ctoreit.com 2026 Guidance Exchange at Gwinnett Buford, GA $ and shares outstanding in millions, except per share data. 1. See reconciliation of our 2026 Core FFO and AFFO guidance to Net Income Attributable to the Company, per diluted share, in our Earnings Release on page 11. 2. Includes the effects of bad debt expense, occupancy loss and costs associated with tenants in bankruptcy and/or tenant lease defaults. Before potential impact from income producing acquisitions and dispositions. Low High Core FFO Per Diluted Share1 $1.98 - $2.03 Growth at Guidance Mid-Point vs. 2025A 7.2% AFFO Per Diluted Share1 $2.11 - $2.16 Growth at Guidance Mid-Point vs. 2025A 8.4% The Company's estimated Core FFO per diluted share and AFFO per diluted share for 2026 is as follows: The Company's 2026 guidance includes but is not limited to the following assumptions: Low High Investments $100 Million - $200 Million Target Initial Investment Cash Yield 8.00% - 8.50% Same-Property NOI Growth for Shopping Centers 2 3.5% - 4.5% General and Administrative Expenses $19.5 Million - $20.0 Million |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20© CTO Realty Growth, Inc. \| ctoreit.com Experienced Management Team Exchange at Gwinnett Buford, GA Yonder Yoga John P. Albright President & Chief Executive Officer ▪ Former Co-Head and Managing Director of Archon Capital, a Goldman Sachs Company; Executive Director of Merchant Banking – Investment Management at Morgan Stanley; and Managing Director of Crescent Real Estate (NYSE: CEI) Daniel E. Smith Senior Vice President, General Counsel & Corporate Secretary ▪ Former Vice President and Associate General Counsel of Goldman Sachs & Co. and Senior Vice President and General Counsel of Crescent Real Estate (NYSE: CEI) Philip R. Mays Senior Vice President, Chief Financial Officer & Treasurer ▪ Former Chief Financial Officer & Treasurer of Shadowbox Studios; EVP, Chief Financial Officer & Treasurer of Cedar Realty; and Vice President and Chief Accounting Officer of Federal Realty (NYSE: FRT) Steven R. Greathouse Senior Vice President & Chief Investment Officer ▪ Former Director of Finance for N3 Real Estate; Senior Associate of Merchant Banking – Investment Management at Morgan Stanley; and Senior Associate at Crescent Real Estate (NYSE: CEI) Lisa M. Vorakoun Senior Vice President & Chief Accounting Officer ▪ Former Assistant Finance Director of the City of DeLand, Florida and Audit Manager for James Moore & Company, an Accounting and Consulting Firm Matt J. Trau Vice President, Investments ▪ Former Senior Director of Transactions at ShopCore Properties; Senior Associate of Transactions at DDR Corp (currently Site Centers NYSE: SITC) Alexander M. Gordon Vice President, Leasing & Investments ▪ Former Senior Associate, Brokerage & Retail Advisory Services at CBRE (NYSE: CBRE) |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21© CTO Realty Growth, Inc. \| ctoreit.com Corporate Responsibility Exchange at Gwinnett Buford, GA Yonder Yoga Fully committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Social Responsibility Inclusive and Supportive Company Culture ▪ Dedicated to an inclusive and supportive office environment filled with diverse backgrounds and perspectives, with a demonstrated commitment to financial, mental and physical wellness Notable Community Outreach ▪ Numerous and diverse community outreach programs, supporting environmental, artistic, civil and social organizations in the community Corporate Governance ▪ Independent Chairman of the Board and 5 of 6 Directors classified as independent ▪ Annual election of all Directors ▪ Annual Board of Director evaluations ▪ Board oversees risk assessment/management, with oversight for specific areas of risk delegated to Board committees ▪ Stock ownership requirements for all Executive Management and Directors ▪ Prohibition against hedging and pledging CTO Realty Growth stock ▪ Robust policies and procedures for approval of related party transactions ▪ All team members adhere to a comprehensive Code of Business Conduct and Ethics policy |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22© CTO Realty Growth, Inc. \| ctoreit.com Environmental Responsibility Yonder Yoga Over the past ten years, CTO has planted approximately 170,000 pine trees in Florida and has restored over 700 acres of former industrial timberland. These 170,000 trees absorb more than 1,000 tons of carbon each year. Environmental Responsibility Committed Focus & Targeted Investment ▪ Committed to maintaining an environmentally conscious culture, the utilization of environmentally friendly & renewable products, and the promotion of sustainable business practices. Notable achievements: o Formed a conservation mitigation bank on approximately 2,500 acres of land, resulting in the land being barred from development permanently preserved o Invested in LED lighting, recycling and waste reduction strategies, programmable thermostats, energy management systems in our office and/or at our owned properties o Conveyed over 11,000 acres of land to the State of Florida to significantly enlarge the neighboring Tiger Bay State Forest Tenant Alignment ▪ Alignment with environmentally aware tenants who have strong sustainability programs and initiatives embedded into their corporate culture and business practices |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23© CTO Realty Growth, Inc. \| ctoreit.com Forward Looking Statements & Non-GAAP Financial Measures Forward Looking Statements Certain statements contained in this presentation (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as "outlook," "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions, as well as variations or negatives of these words. Although forward-looking statements are made based upon management's present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company's actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company's ability to remain qualified as a REIT; the Company's exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in commercial loans and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company's financial condition and results of operations; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company's investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances. Non-GAAP Financial Measures Our reported results are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We also disclose Funds From Operations ("FFO"), Core Funds From Operations ("Core FFO"), Adjusted Funds From Operations ("AFFO"), Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization ("Pro Forma Adjusted EBITDA"), and Same-Property Net Operating Income ("Same-Property NOI"), each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of mitigation credits, subsurface sales, investment securities, and land sales, in addition to the mark-to-market of the Company's investment securities and interest related to the 2025 Notes, if the effect is dilutive. |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25© CTO Realty Growth, Inc. \| ctoreit.com References References and terms used in this presentation that are in addition to terms defined in the Non-GAAP Financial Measures include: ▪ This presentation was published on February 19, 2026. ▪ All information is as of December 31, 2025, unless otherwise noted. ▪ Any calculation differences are assumed to be a result of rounding. ▪ "2026 Guidance" in this presentation is based on the 2026 Guidance provided in the Company's Fourth Quarter 2025 Operating Results press release filed on February 19, 2026. ▪ "Alpine" or "PINE" refers to Alpine Income Property Trust, a publicly traded net lease REIT traded on the New York Stock Exchange under the ticker symbol PINE. ▪ "Annualized Base Rent", "ABR" or "Rent" and the statistics based on ABR are calculated based on the current portfolio and represent straight-line rent calculated in accordance with GAAP. ▪ "Annualized Cash Base Rent", "Cash ABR" and the statistics based on Cash ABR are calculated based on the current portfolio and represent the annualized cash base rent calculated in accordance with GAAP due from the tenants at a specific point in time. ▪ "Credit Rated" is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC) (together, the "Major Rating Agencies"). The Company defines an Investment Grade Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody's Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. ▪ "Dividend" or "Dividends", subject to the required dividends to maintain the Company's qualification as a REIT, are set by the Board of Directors and declared on a quarterly basis and there can be no assurances as to the likelihood or number of dividends in the future. ▪ "Investment in Alpine Income Property Trust" or "Alpine Investment" or "PINE Ownership" is calculated based on the 2,471,556 common shares and partnership units CTO owns in PINE and is based on PINE's closing stock price as of the referenced period on the respective slide. ▪ "Leased Occupancy" refers to space that is currently leased but for which rent payments have not yet commenced. ▪ "MSA" or "Metropolitan Statistical Area" is a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Office of Management and Budget. The names of the MSA have been shortened for ease of reference. ▪ "Net Debt" is calculated as total long-term debt as presented on the face of the balance sheet; plus financing costs, net of accumulated amortization and unamortized convertible debt discount; less cash, restricted cash and cash equivalents. ▪ "Net Operating Income" or "NOI" is revenues from all income properties less operating expense, maintenance expense, real estate taxes and rent expense. ▪ "Total Enterprise Value" is calculated as the Company's Total Common Shares Outstanding multiplied by the common stock price; plus the par value of the Series A perpetual preferred equity outstanding and Net Debt. |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26© CTO Realty Growth, Inc. \| ctoreit.com Consolidated Statements of Operations CTO Realty Growth, Inc. Three Months Ended (Unaudited) Year Ended (In thousands, except share, per share and dividend data) December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Revenues Income Properties $33,670 $31,562 $132,156 $110,591 Management Fee Income 1,248 1,230 4,849 4,590 Interest Income From Commercial Loans and Investments 3,421 2,950 12,540 7,357 Real Estate Operations — — — 1,981 Total Revenues 38,339 35,742 149,545 124,519 Direct Cost of Revenues Income Properties (9580) (9155) (37923) (31785) Real Estate Operations — — — (1437) Total Direct Cost of Revenues (9580) (9155) (37923) (33222) General and Administrative Expenses (4616) (4519) (18527) (16269) Provision for Impairment — (23) (68) (676) Depreciation and Amortization (15428) (29348) (60015) (65049) Total Operating Expenses (29624) (43045) (116533) (115216) Gain on Disposition of Assets 20,079 — 21,452 8,308 Loss on Extinguishment of Debt — — (20449) — Other Gain 20,079 — 1,003 8,308 Total Operating Income 28,794 (7303) 34,015 17,611 Investment and Other Income (Loss) 6,784 (2595) 3,451 2,606 Interest Expense (7100) (5756) (26928) (22521) Income (Loss) Before Income Tax Benefit (Expense) 28,478 (15654) 10,538 (2304) Income Tax Benefit (Expense) (143) 437 (446) 339 Income from Continuing Operations 28,335 (15217) 10,092 (1965) Distributions to Preferred Stockholders (1878) (1878) (7512) (6814) Net Income (Loss) Attributable to Common Stockholders $26,457 $(17095) $2,580 $(8779) Per Share Information: Basic and Diluted Net Income (Loss) Attributable to Common Stockholders $0.82 $(0.56) $0.08 $(0.35) Weighted Average Number of Common Shares Basic 32,175,554 30,603,089 32,267,365 25,361,379 Diluted 32,235,624 30,703,941 32,292,812 25,401,176 Dividends Declared and Paid - Preferred Stock $0.40 $0.40 $1.59 $1.59 Dividends Declared and Paid - Common Stock $0.38 $0.38 $1.52 $1.52 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27© CTO Realty Growth, Inc. \| ctoreit.com Non-GAAP Financial Measures (Unaudited) 1. The weighted average shares used to compute per share amounts for FFO Attributable to Common Stockholders per Common Share – Diluted, Core FFO Attributable to Common Stockholders per Common Share - Diluted, and AFFO Attributable to Common Stockholders per Common Share - Diluted do not reflect any dilution related to the ultimate settlement of the 2025 Notes except for the actual issuance of 1,089,555 shares of the Company's common stock in connection with the settlement during the three months ended June 30, 2025; therefore, the full impact of the issued shares were included in the denominator for this measure for the three months December 31, 2025 and the weighted average impact of the issued shares were included in the denominator for this measure for the year ended December 31, 2025. CTO Realty Growth, Inc. Three Months Ended Year Ended (In thousands, except share, per share and dividend data) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net Income (Loss) Attributable to the Company $28,335 $(15217) $10,092 $(1965) Adjustments: Depreciation and Amortization of Real Estate 15,411 29,331 59,947 64,981 Gain on Disposition of Assets (20079) — (21452) (8308) Gain on Disposition of Other Assets — (354) — (904) Provision for Impairment — 23 68 676 Realized and Unrealized Loss (Gain) on Investment Securities (5919) 3,331 (90) 463 Funds from Operations $17,748 $17,114 $48,565 $54,943 Distributions to Preferred Stockholders (1878) (1878) (7512) (6814) Funds From Operations Attributable to Common Stockholders $15,870 $15,236 $41,053 $48,129 Loss on Extinguishment of Debt — — 20,449 — Amortization of Intangibles to Lease Income (110) (1084) (1006) (254) Core Funds From Operations Attributable to Common Stockholders $15,760 $14,152 $60,496 $47,875 Adjustments: Straight-Line Rent Adjustment (469) (169) (2159) (1681) Other Depreciation and Amortization (1) (3) (2) (13) Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest 203 203 1,069 955 Non-Cash Compensation 936 750 4,158 3,637 Adjusted Funds From Operations Attributable to Common Stockholders $16,429 $14,933 $63,562 $50,773 FFO Attributable to Common Stockholders per Common Share - Diluted (1) $0.49 $0.50 $1.27 $1.89 Core FFO Attributable to Common Stockholders per Common Share - Diluted (1) $0.49 $0.46 $1.87 $1.88 AFFO Attributable to Common Stockholders per Common Share - Diluted (1) $0.51 $0.49 $1.97 $2.00 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28© CTO Realty Growth, Inc. \| ctoreit.com Same-Property NOI Reconciliation (Unaudited) 1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. CTO Realty Growth, Inc. Three Months Ended Year Ended (In thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net Income (Loss) Attributable to the Company $28,335 $(15217) $10,092 $(1965) Gain on Disposition of Assets (20079) — (21452) (8308) Loss on Extinguishment of Debt — — 20,449 — Provision for Impairment — 23 68 676 Depreciation and Amortization 15,428 29,348 60,015 65,049 Amortization of Intangibles to Lease Income 110 1,084 1,006 254 Straight-Line Rent Adjustment 469 169 2,159 1,681 Accretion of Tenant Contribution 13 13 52 52 Interest Expense 7,100 5,756 26,928 22,521 General and Administrative Expenses 4,616 4,519 18,527 16,269 Investment and Other Loss (Income) (6784) 2,595 (3451) (2606) Income Tax Expense (Benefit) 143 (437) 446 (339) Real Estate Operations Revenues — — — (1981) Real Estate Operations Direct Cost of Revenues — — — 1,437 Management Fee Income (1248) (1230) (4849) (4590) Interest Income From Commercial Loans and Investments (3421) (2950) (12540) (7357) Other Non-Recurring Items (1) (387) (255) (1113) (1507) Less: Impact of Properties Not Owned for the Full Reporting Period (3829) (3172) (32219) (17163) Same-Property NOI $20,466 $20,246 $64,118 $62,123 Less: Same-Property NOI for Non-Core/Other (1442) (2003) (5141) (5635) Same-Property NOI for Shopping Centers $19,024 $18,243 $58,977 $56,488 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29© CTO Realty Growth, Inc. \| ctoreit.com Net Debt to Pro Forma Adjusted EBITDA (Unaudited) 1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. 2. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company's investments and disposition activity during the three months ended December 31, 2025. 3. Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure. CTO Realty Growth, Inc. (Unaudited, in thousands) Net Income Attributable to the Company $28,335 Depreciation and Amortization of Real Estate 15,411 Gain on Disposition of Assets (20079) Unrealized Gain & Realized Loss on Investment Securities (5919) Distributions to Preferred Stockholders (1878) Amortization of Intangibles to Lease Income (110) Straight-Line Rent Adjustment (469) Other Depreciation and Amortization (1) Amortization of Loan Costs and Capitalized Interest 203 Non-Cash Compensation 936 Other Non-Recurring Items (1) (387) Interest Expense, Net of Amortization of Loan Costs 6,896 Adjusted EBITDA $22,938 Annualized Adjusted EBITDA $91,752 Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2) 1,816 Pro Forma Adjusted EBITDA $93,568 Total Long-Term Debt $616,345 Financing Costs, Net of Accumulated Amortization 2,455 Cash and Cash Equivalents (6467) Restricted Cash (3) (11610) Net Debt $600,723 Net Debt to Pro Forma Adjusted EBITDA 6.4 x Three Months Ended December 31, 2025 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d2g030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Inquiries: ir@ctoreit.com |

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## Exhibit 99.3

#### Exhibit 99.3

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 CTO Realty Growth Quarterly Supplemental 4 th Quarter 2025 Investor Relations ir@ctoreit.com 369 N New York Ave., Suite 201 Winter Park, FL 32789 https://www.ctoreit.com/ Ashley Park Atlanta, GA 1 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 10 **Table of Contents** December 31, 2025 Press Release Fourth Quarter and Year End 2025 Earnings Press Release 3 Financial Summary Results Overview & Guidance 11 Consolidated Balance Sheets 12 Consolidated Statements of Operations 13 Funds from Operations 14 Supplemental Schedule of Same-Property Net Operating Income 15 Adjusted EBITDA 16 Market Capitalization, Debt Ratios and Liquidity 17 Debt Summary 18 Real Estate Portfolio Capital Investments 19 Leasing Summary Top Tenant Summary 20 Retail Leasing Activity 21 Lease Expiration Schedule 22 Portfolio & Investment Summary Investments and Dispositions 23 Portfolio Summary 24 Geographic Diversification 25 Other Investments 26 Additional Disclosures 2026 Guidance 27 Contact Information & Research Coverage 28 2 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 3 DRAFT DRATDDD Press Release FIRST 2024 OPERATING RESULTS FOR IMMEDIATE RELEASE CTO REALTY GROWTH REPORTS FOURTH QUARTER AND YEAR END 2025 OPERATING RESULTS – Closed $165.9 million of investments at a weighted average initial cash yield of 9.0% in 2025 – – Signed comparable retail leases for a record 24% increase in cash base rent in 2025 – – Current signed-not-open pipeline of $6.1 million and record high leased occupancy of 95.9% – – Provides 2026 Outlook – WINTER PARK, FL – February 19, 2026 – CTO Realty Growth, Inc. (NYSE: CTO) (the "Company" or "CTO"), an owner and operator of shopping centers located primarily in higher-growth markets, today announced its operating and financial results for the quarter and year ended December 31, 2025. Net Income attributable to common stockholders of $0.82 per diluted share for the fourth quarter, and $0.08 per diluted share for the full year. Fourth Quarter and Full Year 2025 Highlights ▪ Core Funds from Operations ("FFO") attributable to common stockholders of $0.49 per diluted share for the fourth quarter, and $1.87 per diluted share for the full year. ▪ Adjusted Funds from Operations ("AFFO") attributable to common stockholders of $0.51 per diluted share for the fourth quarter, and $1.97 per diluted share for the full year. ▪ Shopping center same-property net operating income ("NOI") increased by 4.3% for the fourth quarter, and 4.4% for the full year. Including other/non-core properties, same-property NOI increased by 1.1% for the fourth quarter, and 3.2% for the full year. ▪ Executed 167,000 square feet of comparable retail spaces at a cash rent spread increase of 31% for the fourth quarter, contributing to a record of 592,000 square feet of comparable retail spaces at a cash rent spread increase of 24% for the full year. ▪ In the fourth quarter, acquired Pompano Citi Centre, a 509,000 square foot open-air retail center located in a submarket of Fort Lauderdale, Florida, for a purchase price of $65.2 million, contributing to $165.9 million of total investments for the full year. ▪ In the fourth quarter, sold the Shops at Legacy North in Dallas, Texas for $78.0 million contributing to $85.1 million of total dispositions for the full year. ▪ Subsequent to December 31, 2025, the Company is under contract to acquire a 384,000 square foot shopping center located in Texas for a gross purchase price of $82.6 million, which we anticipate to close in the near-term. "We continued our momentum in 2025, ending the year with a signed-not-open pipeline of $6.1 million, representing 5.8% of in-place ABR and positioning the Company for growth in 2026 and 2027," stated John P. Albright, President and Chief Executive Officer of CTO Realty Growth. "Further, we completed over 670,000 square feet of leasing in 2025, a record for the Company, which helped drive leased occupancy to an all-time high of 95.9% at year-end." |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 4 Financial Results (in thousands, except per share data) 4Q 2025 4Q 2024 FY 2025 FY 2024 Net Income (Loss) Attributable to Common Stockholders $26,457 $(17095) $2,580 $(8779) Net Income (Loss) Attributable to Common Stockholders per Common Share - Diluted $0.82 $(0.56) $0.08 $(0.35) Core FFO Attributable to Common Stockholders $15,760 $14,152 $60,496 $47,875 Core FFO Attributable to Common Stockholders per Common Share - Diluted $0.49 $0.46 $1.87 $1.88 AFFO Attributable to Common Stockholders $16,429 $14,933 $63,562 $50,773 AFFO Attributable to Common Stockholders per Common Share - Diluted $0.51 $0.49 $1.97 $2.00 Refer to "Non-GAAP Financials Measures" for definitions and additional detail. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release. Portfolio Performance Retail Leasing Activity ▪ During the three months ended December 31, 2025, the Company executed 23 new leases, renewals and extensions totaling 189,000 square feet. On a comparable space basis, the Company executed 167,000 square feet at an average cash rent spread increase of 31%. ▪ During the year ended December 31, 2025, the Company executed 87 new leases, renewals and extensions totaling 671,000 square feet. On a comparable space basis, the Company executed 592,000 square feet at an average cash rent spread increase of 24%. Same Property NOI ▪ For the three months ended December 31, 2025, shopping center same property NOI increased by 4.3% versus the comparable 2024 period. Including other/non-core properties, same property NOI increased by 1.1% versus the comparable 2024 period. Same property NOI for other/non-core properties was impacted by one tenant vacating 98,000 of our 212,000 square feet Albuquerque, NM property on December 1, 2025. As of December 31, 2025, the Albuquerque property is 100% leased to two investment grade tenants: Fidelity and the State of New Mexico. ▪ For the year ended December 31, 2025, shopping center same property NOI increased by 4.4% versus the comparable 2024 period. Including other/non-core properties, same property NOI increased by 3.2% versus the comparable 2024 period. Occupancy ▪ As of December 31, 2025, the Company reported leased occupancy of 95.9%, up 170 basis points compared to September 30, 2025 and up 250 basis points compared to December 31, 2024. |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 5 Investment and Disposition Activity Investment Activity ▪ During the three months ended December 31, 2025, the Company acquired Pompano Citi Centre, an open-air retail center located in a submarket of Fort Lauderdale, Florida for a purchase price of $65.2 million, and amended and upsized one commercial loan investment for a total commitment of $16.0 million, at an initial yield of 12.0% (including paid-in-kind interest). ▪ During the year ended December 31, 2025, the Company acquired two shopping centers in attractive, high-growth markets of Atlanta and South Florida for a total purchase price of $144.9 million ($136 per square foot) at a weighted average initial cash yield of 8.7%, and originated $21.0 million of structured investment commitments, at a weighted average initial yield of 10.7% (including paid-in-kind interest). ▪ The Company is currently under contract to acquire a 384,000 square foot shopping center located in South Texas for a gross purchase price of $82.6 million. Disposition Activity ▪ During the three months ended December 31, 2025, the Company sold the Shops at Legacy North in Dallas, Texas for $78.0 million, at an exit cash cap rate of low-5%. ▪ During the year ended December 31, 2025, the Company sold two properties for $85.1 million ($311 per square foot), at a weighted average exit cash cap rate of mid-5%, generating aggregate gains of $20.9 million. Balance Sheet and Liquidity Our balance sheet highlights as of December 31, 2025, included: ▪ Total liquidity of $167.1 million, consisting of $149.0 million of undrawn commitments and $18.1 million of cash on hand, including cash held in like-kind exchange escrow accounts. ▪ Total borrowings of $618.8 million at a weighted average rate of 4.3%, including $601.0 million of unsecured borrowings and a $17.8 million mortgage payable. ▪ Net debt to Pro Forma Adjusted EBITDA was 6.4 times. ▪ During the quarter ended December 31, 2025, the Company repurchased $5.0 million of common stock, at a weighted average purchase price of $16.26 per share. During the year ended December 31, 2025, the Company repurchased $9.3 million of common stock, at a weighted average purchase price of $16.27 per share. ▪ The Company's only maturity in 2026 is a $17.8 million mortgage note payable. Common and Preferred Dividends ▪ The Company's Board of Directors has authorized a quarterly cash dividend of $0.38 per share of the Company's common stock for the first quarter of 2026. The dividend is payable on March 31, 2026 to stockholders of record as of March 12, 2026. ▪ The Company's Board of Directors has authorized a quarterly cash dividend of $0.39844 per share of the Company's 6.375% Series A Cumulative Redeemable Preferred Stock for the first quarter of 2026. The dividend is payable on March 31, 2026 to stockholders of record as of March 12, 2026. |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 6 2026 Outlook The Company's outlook for 2026 is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission. Below is a summary of the Company's 2026 outlook, assumptions used in forecasting, and a reconciliation of the outlook range of the Company's estimated Net Loss Attributable to the Company per Common Share – Diluted to the Company's estimated Core FFO Attributable to Common Stockholders per Common Share – Diluted and AFFO Attributable to Common Stockholders per Common Share – Diluted. Outlook Range for 2026 (Unaudited) Low High Core FFO per Common Share - Diluted (1) $1.98 to $2.03 AFFO per Common Share - Diluted (1) $2.11 to $2.16 (1) Attributable to Common Stockholders The Company's 2026 outlook includes but is not limited to the following assumptions: ▪ Investment volume, including commercial loans or similarly structured investments, of $100 million to $200 million at a weighted average initial cash yield between 8.0% and 8.5%. ▪ Same-Property NOI growth for shopping centers of approximately 3.5% - 4.5%. ▪ General and administrative expenses of $19.5 million to $20.0 million. Outlook Range for 2026 (Unaudited) Low High Net Income Attributable to the Company per Common Share - Diluted $0.26 $0.32 Depreciation and Amortization of Real Estate 2.03 2.03 Funds from Operations, per Common Share - Diluted $2.29 $2.35 Distributions to Preferred Stockholders (0.22) (0.22) Funds From Operations Attributable to Common Stockholders per Common Share - Diluted $2.07 $2.13 Amortization of Intangibles to Lease Income (0.09) (0.10) Core FFO Attributable to Common Stockholders per Common Share - Diluted $1.98 $2.03 Adjustments: Straight-Line Rent Adjustment (0.04) (0.04) Amortization of Loan Costs and Capitalized Interest 0.03 0.03 Non-Cash Compensation 0.14 0.14 AFFO Attributable to Common Stockholders per Common Share - Diluted $2.11 $2.16 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 7 Earnings Conference Call & Webcast The Company will host a conference call to present its operating results for the fourth quarter and full year ended December 31, 2025, on Friday, February 20, 2026 at 9:00 AM ET. A live webcast of the call will be available on the Investor Relations page of the Company's website at www.ctoreit.com or at the link provided in the event details below. To access the call by phone, please go to the registration link provided in the event details below and you will be provided with dial-in details. Event Details: Webcast: https://edge.media-server.com/mmc/p/3eh9unzw Registration: https://register-conf.media-server.com/register/BI0b6b6616b30241d689339444f4f7a55b We encourage participants to register and dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company's website at www.ctoreit.com. |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 8 About CTO Realty Growth, Inc. CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality shopping centers, located primarily in higher growth markets in the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT. We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com. Contact: Investor Relations ir@ctoreit.com Safe Harbor Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as "outlook," "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions, as well as variations or negatives of these words. Although forward-looking statements are made based upon management's present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company's actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company's ability to remain qualified as a REIT; the Company's exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in commercial loans and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company's financial condition and results of operations; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company's investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances. |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 9 Non-GAAP Financial Measures Our reported results are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We also disclose Funds From Operations ("FFO"), Core Funds From Operations ("Core FFO"), Adjusted Funds From Operations ("AFFO"), Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization ("Pro Forma Adjusted EBITDA"), and Same-Property Net Operating Income ("Same-Property NOI"), each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of mitigation credits, subsurface sales, investment securities, and land sales, in addition to the mark-to-market of the Company's investment securities and interest related to the 2025 Notes, if the effect is dilutive. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable market- or transaction-driven non-cash items, as well as adding back the interest related to the 2025 Notes, if the effect is dilutive. To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. To derive Pro Forma Adjusted EBITDA, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of mitigation credits, subsurface sales, investment securities, and land sales, in addition to the mark-to-market of the Company's investment securities. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities. |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 11 Results Overview & Guidance For the quarter and year ended December 31, 2025 (unaudited; in thousands, except share, per share and per square foot amounts) Quarter ended Year ended December 31, 2025 December 31, 2025 Financial Results Total Revenues (page 13) $38,339 $149,545 Net Income Attributable to Common Shareholders (Page 13) $26,457 $2,580 Net Income per Diluted Share $0.82 $0.08 Funds from Operations (FFO) (page 14) $15,870 $41,053 FFO per Diluted Share $0.49 $1.27 Core FFO (page 14) $15,760 $60,496 Core FFO per Diluted Share $0.49 $1.87 AFFO (page 14) $16,425 $63,562 AFFO per Diluted Share $0.51 $1.97 Same Property NOI for Shopping Centers (page 15) $19,024 $58,977 % Growth 4.3% 4.4% Preferred Dividend Declared per Share $0.40 $1.59 Common Dividends Declared per Share $0.38 $1.52 Q4 2025 Core FFO Payout Ratio 77.6% 81.3% Q4 2025 AFFO Payout Ratio 74.5% 77.2% Weighted Average Diluted Shares 32,235,624 32,292,812 Debt Metrics Net Debt to Pro Forma Adjusted EBITDA 6.4x Net Debt to Enterprise Value 46.2% Fixed Charge Coverage 3.0x Property Data Number of Properties 21 Square Footage 5,500,898 Cash Rent PSF $20.77 Leased Occupancy 95.9% Occupancy 91.0% 2026 Guidance Core FFO per Diluted Share $1.98 - $2.03 AFFO per Diluted Share $2.11 - $2.16 Same Property NOI Growth for Shopping Centers 3.5% – 4.5% These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 12 Consolidated Balance Sheets As of December 31, 2025 and 2024 (unaudited; in thousands, except share and per share data) As of December 31, 2025 2024 ASSETS Real Estate: Land, at Cost $289,012 $257,748 Building and Improvements, at Cost 766,371 720,480 Other Furnishings and Equipment, at Cost 923 883 Construction in Process, at Cost 4,091 5,091 Total Real Estate, at Cost 1,060,397 984,202 Less, Accumulated Depreciation (107268) (82864) Real Estate—Net 953,129 901,338 Land and Development Costs 300 300 Intangible Lease Assets—Net 84,710 79,198 Investment in Alpine Income Property Trust, Inc. 41,324 39,666 Commercial Loans and Investments 104,804 105,043 Cash and Cash Equivalents 6,467 9,017 Restricted Cash 34,652 8,344 Refundable Income Taxes - 70 Deferred Income Taxes—Net 2,309 2,467 Other Assets 36,207 36,201 Total Assets $1,263,902 $1,181,644 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts Payable $1,709 $3,278 Accrued and Other Liabilities 28,185 21,268 Deferred Revenue 18,802 10,183 Intangible Lease Liabilities—Net 31,486 15,124 Income Taxes Payable 29 — Long-Term Debt—Net 616,345 518,993 Total Liabilities 696,556 568,846 Stockholders' Equity: Preferred Stock 47 47 Common Stock 324 317 Additional Paid-In Capital 382,494 367,828 Retained Earnings 184,886 232,089 Accumulated Other Comprehensive Income (Loss) (405) 12,517 Total Stockholders' Equity 567,346 612,798 Total Liabilities and Stockholders' Equity $1,263,902 $1,181,644 These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 13 Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues Income Properties $33,670 $31,562 $132,156 $110,591 Management Fee Income 1,248 1,230 4,849 4,590 Interest Income From Commercial Loans and Investments 3,421 2,950 12,540 7,357 Real Estate Operations — — — 1,981 Total Revenues 38,339 35,742 149,545 124,519 Direct Cost of Revenues Income Properties (9580) (9155) (37923) (31785) Real Estate Operations — — — (1437) Total Direct Cost of Revenues (9580) (9155) (37923) (33222) General and Administrative Expenses (4616) (4519) (18527) (16269) Provision for Impairment — (23) (68) (676) Depreciation and Amortization (15428) (29348) (60015) (65049) Total Operating Expenses (29624) (43045) (116533) (115216) Gain on Disposition of Assets 20,079 — 21,452 8,308 Loss on Extinguishment of Debt — — (20449) — Other Gain 20,079 — 1,003 8,308 Total Operating Income (Loss) 28,794 (7303) 34,015 17,611 Investment and Other Income (Loss) 6,784 (2595) 3,451 2,606 Interest Expense (7100) (5756) (26928) (22521) Income (Loss) Before Income Tax Benefit (Expense) 28,478 (15654) 10,538 (2304) Income Tax Benefit (Expense) (143) 437 (446) 339 Net Income (Loss) Attributable to the Company 28,335 (15217) 10,092 (1965) Distributions to Preferred Stockholders (1878) (1878) (7512) (6814) Net Income (Loss) Attributable to Common Stockholders $26,457 $(17095) $2,580 $(8779) Per Share Information: Basic and Diluted Net Income (Loss) Attributable to Common Stockholders $0.82 $(0.56) $0.08 $(0.35) Weighted Average Number of Common Shares Basic 32,175,554 30,603,089 32,267,365 25,361,379 Diluted 32,235,624 30,703,941 32,292,812 25,401,176 Dividends Declared and Paid - Preferred Stock $0.40 $0.40 $1.59 $1.59 Dividends Declared and Paid - Common Stock $0.38 $0.38 $1.52 $1.52 Consolidated Statements of Operations For the quarters and years ended December 31, 2025 and 2024 (unaudited; in thousands, except share, per share and dividend data) These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 14 Funds from Operations For the quarters and years ended December 31, 2025 and 2024 (unaudited; in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net Income (Loss) Attributable to the Company $28,335 $(15217) $10,092 $(1965) Distributions to Preferred Stockholders (1878) (1878) (7512) (6814) Adjustments: Depreciation and Amortization of Real Estate 15,411 29,331 59,947 64,981 Gain on Disposition of Assets (20079) — (21452) (8308) Gain on Disposition of Other Assets — (354) — (904) Provision for Impairment — 23 68 676 Realized and Unrealized Loss (Gain) on Investment Securities (5919) 3,331 (90) 463 FFO $15,870 $15,236 $41,053 $48,129 Loss on Extinguishment of Debt — — 20,449 — Amortization of Intangibles to Lease Income (110) (1084) (1006) (254) Core FFO $15,760 $14,152 $60,496 $47,875 Adjustments: Straight-Line Rent Adjustment (469) (169) (2159) (1681) Other Depreciation and Amortization (1) (3) (2) (13) Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest 203 203 1,069 955 Non-Cash Compensation 936 750 4,158 3,637 AFFO $16,429 $14,933 $63,562 $50,773 Per Common Diluted Share 1 : FFO $0.49 $0.50 $1.27 $1.89 Core FFO $0.49 $0.46 $1.87 $1.88 AFFO $0.51 $0.49 $1.97 $2.00 These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission 1. The weighted average shares used to compute per share amounts for FFO Attributable to Common Stockholders per Common Share – Diluted, Core FFO Attributable to Common Stockholders per Common Share - Diluted, and AFFO Attributable to Common Stockholders per Common Share - Diluted do not reflect any dilution related to the ultimate settlement of the 2025 Notes except for the actual issuance of 1,089,555 shares of the Company's common stock in connection with the settlement during the three months ended June 30, 2025; therefore, the full impact of the issued shares were included in the denominator for this measure for the three months December 31, 2025 and the weighted average impact of the issued shares were included in the denominator for this measure for the year ended December 31, 2025. |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 15 Supplemental Schedule of Same-Property Net Operating Income For the quarters and years ended December 31, 2025 and 2024 (unaudited; in thousands) 1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. Same-Property NOI for Shopping Centers Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Base Rents $20,275 $19,721 $62,363 $59,636 Expense Recoveries 5,428 5,584 17,689 17,653 Other Income 169 255 581 549 Total Revenues 25,872 25,560 80,633 77,838 Operating Expenses (6847) (7317) (21657) (21350) Same-Property NOI for Shopping Centers $19,024 $18,243 $58,977 $56,488 Same-Property NOI Growth for Shopping Centers 4.3% 4.4% Same-Property Occupancy 92.5% 91.3% 95.4% 93.1% Same-Property Leased Occupancy 96.1% 93.9% 97.0% 96.7% Cash ABR per Square Foot $21.76 $20.94 $23.26 $22.88 Number of Same Properties 14 10 Same-Property NOI Reconciliation Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net Income (Loss) Attributable to the Company $28,335 $(15217) $10,092 $(1965) Gain on Disposition of Assets (20079) — (21452) (8308) Loss on Extinguishment of Debt — — 20,449 — Provision for Impairment — 23 68 676 Depreciation and Amortization 15,428 29,348 60,015 65,049 Amortization of Intangibles to Lease Income 110 1,084 1,006 254 Straight-Line Rent Adjustment 469 169 2,159 1,681 Accretion of Tenant Contribution 13 13 52 52 Interest Expense 7,100 5,756 26,928 22,521 General and Administrative Expenses 4,616 4,519 18,527 16,269 Investment and Other Loss (Income) (6784) 2,595 (3451) (2606) Income Tax Expense (Benefit) 143 (437) 446 (339) Real Estate Operations Revenues — — — (1981) Real Estate Operations Direct Cost of Revenues — — — 1,437 Management Fee Income (1248) (1230) (4849) (4590) Interest Income From Commercial Loans and Investments (3421) (2950) (12540) (7357) Other Non-Recurring Items (1) (387) (255) (1113) (1507) Less: Non-Same Property NOI (3829) (3172) (32219) (17163) Same-Property NOI $20,466 $20,246 $64,118 $62,123 Less: Same Property NOI for Other Properties (1442) (2003) (5141) (5635) Same-Property NOI for Shopping Centers $19,024 $18,243 $58,977 $56,488 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 16 Adjusted EBITDA Three Months Ended December 31, 2025 (unaudited; in thousands) Three Months Ended December 31, 2025 Net Income Attributable to the Company $28,335 Depreciation and Amortization of Real Estate 15,411 Gain on Disposition of Assets (20079) Unrealized Gain & Realized Loss on Investment Securities (5919) Distributions to Preferred Stockholders (1878) Amortization of Intangibles to Lease Income (110) Straight-Line Rent Adjustment (469) Other Depreciation and Amortization (1) Amortization of Loan Costs and Capitalized Interest 203 Non-Cash Compensation 936 Other Non-Recurring Items (1) (387) Interest Expense, Net of Amortization of Loan Costs 6,896 Adjusted EBITDA $22,938 Annualized Adjusted EBITDA $91,752 Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2) 1,816 Pro Forma Adjusted EBITDA $93,568 Total Long-Term Debt $616,345 Financing Costs, Net of Accumulated Amortization 2,455 Cash and Cash Equivalents (6467) Restricted Cash (3) (11610) Net Debt $600,723 Net Debt to Pro Forma Adjusted EBITDA 6.4 x 1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. 2. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company's investments and disposition activity during the three months ended December 31, 2025. 3. Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure. |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 17 Market Capitalization, Debt Ratios and Liquidity As of December 31, 2025 (unaudited; in thousands, except per share amounts and market price) Any differences are a result of rounding. 1. Net debt to Pro Forma Adjusted EBITDA is calculated based on fourth quarter 2025 annualized Adjusted EBITDA. December 31, 2025 Common Share Price $18.41 Common Shares Outstanding 32,372 Total Common Equity Market Capitalization $595,974 Series A Preferred Par Value Per Share $25.00 Series A Preferred Shares Outstanding 4,713 Series A Preferred Par Value $117,827 Total Equity Capitalization $713,801 Total Debt Outstanding $618,800 Cash and Cash Held in Like-Kind Exchange Escrow Accounts (18077) Net Debt $600,723 Total Enterprise Value $1,314,524 Net Debt to Pro Forma Adjusted EBITDA1 6.4 x Net Debt to Total Enterprise Value 45.7% Fixed Charge Coverage Ratio 3.0 x Cash and Cash Held in Like-Kind Exchange Escrow Accounts $18,077 Available under Unsecured Credit Facility 149,000 Total Liquidity $167,077 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 18 Debt Summary As of December 31, 2025 (unaudited; dollars in thousands) Any differences are a result of rounding. 1. Interest rate is calculated as 30-day SOFR + 10 bps + pricing tier based on leverage within the range of 1.25%-2.20% 2. Interest rate is calculated as 30-day SOFR + 10 bps + pricing tier based on leverage within the range of 1.20%-2.15% 3. Interest rate is calculated as 30-day SOFR + pricing tier based on leverage within the range of 1.20%-2.15% Indebtedness Outstanding Face Value Weighted Avg. Rate Initial Maturity Date Type Mortgage Note $17,800 4.06% Aug. 2026 Fixed Revolving Credit Facility 1 86,000 5.32% Jan. 2027 Floating Revolving Credit Facility 1 65,000 4.57% Jan. 2027 Fixed 2027 Term Loan 1 100,000 2.80% Jan. 2027 Fixed 2028 Term Loan 2 100,000 5.18% Jan. 2028 Fixed 2029 Term Loan 3 125,000 4.21% Sep. 2029 Fixed 2030 Term Loan 3 125,000 4.24% Sep. 2030 Fixed Total / Weighted Average $618,800 4.33% Year Outstanding Weighted Average Rate % of Debt Maturing Cumulative % of Debt Maturing 2026 $17,800 4.06% 3% 3% 2027 251,000 4.12% 41% 43% 2028 100,000 5.18% 16% 60% 2029 125,000 4.21% 20% 80% 2030 125,000 4.24% 20% 100% Total / Weighted Average $618,800 4.33% 100%  |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 19 Real Estate Portfolio Capital Investments As of December 31, 2025 (unaudited; dollars in thousands) Any differences are a result of rounding. Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Investment in Previously Occupied Space Capital Expenditures $1 $18 $3 $1,135 $1,157 Tenant Improvement Allowances 156 336 3,847 4,589 8,928 Leasing Commissions 214 234 270 658 1,376 Total Investment in Previously Occupied Space $371 $588 $4,120 $6,382 $11,461 New Investment in Acquired Vacancy Capital Expenditures $10 $107 $54 $109 $280 Tenant Improvement Allowances 389 657 1,410 967 3,423 Leasing Commissions 170 499 648 2,082 3,399 Total New Investment in Acquired Vacancy $569 $1,263 $2,112 $3,158 $7,102 Other Capital Investments Property Improvement Costs $160 $191 $461 $791 $1,630 Investment in Property Repositioning 88 140 196 438 862 Total Other Capital Investments $248 $331 $657 $1,229 $2,465 Total Capital Investments Capital Expenditures and Other $259 $456 $714 $2,473 $3,902 Tenant Improvement Allowances 545 993 5,257 5,556 11,986 Leasing Commissions 384 733 918 2,740 4,775 Total Capital Investments $1,188 $2,182 $6,889 $10,769 $21,028 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 20 Top Tenant Summary As of December 31, 2025 (dollars and square feet in thousands) Any differences are a result of rounding. 1. Credit Rating is the available rating from S&P Global Ratings as of December 31, 2025. "NR" indicates the company is not rated. 2. Excludes leases not yet commenced. Tenant/Concept Credit Rating1 Leases2 Leased Square Feet2 % of Total Cash ABR % of Total AMC CCC+ 3 174 3.2% $4,118 4.0% Fidelity A+ 2 122 2.2% 2,583 2.5% Ross/dd's Discount BBB+ 7 194 3.5% 2,490 2.4% Best Buy BBB+ 4 142 2.6% 2,229 2.1% TJ Maxx/HomeGoods/Marshalls A 6 177 3.2% 2,161 2.1% Burlington BB+ 4 140 2.5% 1,913 1.8% Dick's Sporting Goods BBB 4 185 3.4% 1,806 1.7% Nordstrom Rack BB 3 106 1.9% 1,779 1.7% Southern University NR 1 60 1.1% 1,715 1.6% Publix NR 2 99 1.8% 1,659 1.6% Whole Foods Market AA 1 60 1.1% 1,633 1.6% Academy Sports & Outdoors BB+ 2 129 2.3% 1,497 1.4% Barnes & Noble NR 3 75 1.4% 1,385 1.3% PetSmart B+ 4 78 1.4% 1,279 1.2% Regal Cinemas NR 1 51 0.9% 1,210 1.2% DSW Shoe Warehouse NR 4 69 1.3% 1,164 1.1% Onelife Fitness NR 1 45 0.8% 1,120 1.1% Harkins Theatres NR 1 56 1.0% 1,073 1.0% Floor & Decor BB 1 75 1.4% 1,047 1.0% Old Navy BB+ 3 59 1.1% 904 0.9% Other 547 2,911 52.9% 69,210 66.6% Total Occupied 604 5,006 91.0% $103,975 100.0% Vacant - 495 9.0% Total 604 5,501 100.0%  |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 21 Retail Leasing Activity As of December 31, 2025 (dollars and square feet in thousands, except per square foot data) Any differences are a result of rounding. Comparable leases compare retail leases signed on a space for which there was previously a tenant. Does not include lease termination agreements or lease amendments related to tenant bankruptcy proceedings, or office leases. New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term. Tenant improvements include landlord work. Leases Signed Square Feet New Rent Per SF Prior Rent Per SF Cash Basis % Change Avg Lease Term (Yrs) Tenant Improvements Per SF Total Comparable Leases Q4 2025 20 167 $23.68 $18.09 30.9% 6.5 $29.67 Q3 2025 21 125 $22.24 $20.16 10.3% 6.2 $3.39 Q2 2025 14 190 $25.54 $21.01 21.6% 7.2 $13.58 Q1 2025 17 110 $23.97 $17.47 37.2% 7.3 $12.38 Total 72 592 $23.68 $18.09 24.2% 6.8 $15.75 New Leases – Comparable Q4 2025 4 46 $29.54 $14.41 105.0% 10.6 $108.01 Q3 2025 6 14 $47.21 $46.14 2.3% 9.3 $29.53 Q2 2025 4 75 $18.90 $10.52 79.6% 10.0 $34.19 Q1 2025 6 63 $22.42 $12.32 82.0% 9.4 $21.18 Total 20 198 $24.52 $14.57 68.3% 9.9 $46.83 Renewals & Extensions – Comparable Q4 2025 16 121 $21.45 $19.48 10.1% 4.3 - Q3 2025 15 110 $18.99 $16.78 13.2% 5.3 - Q2 2025 10 115 $29.91 $27.91 7.2% 6.1 - Q1 2025 11 47 $26.05 $24.40 6.8% 4.9 $0.56 Total 52 393 $23.77 $21.76 9.2% 5.3 $0.07 Total Comparable and Non-Comparable Q4 2025 23 189 $24.14 NA NA 6.8 $44.72 Q3 2025 24 142 $23.00 NA NA 6.6 $7.80 Q2 2025 22 227 $25.43 NA NA 7.6 $16.25 Q1 2025 18 113 $24.14 NA NA 7.4 $12.59 Total 87 671 $24.33 NA NA 7.1 $21.87  |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 22 Lease Expiration Schedule As of December 31, 2025 (dollars and square feet in thousands, except per square foot data) Any differences are a result of rounding. Anchor Tenants (>10,000 Square Feet) Year Leases Expiring Expiring SF % of Total Cash ABR % of Total Cash ABR PSF 2026 6 214 4.3% $3,599 3.5% $16.84 2027 10 385 7.7% 4,161 4.0% $10.80 2028 20 800 16.0% 13,128 12.6% $16.41 2029 10 436 8.7% 3,920 3.8% $8.99 2030 8 218 4.3% 3,245 3.1% $14.91 2031 14 381 7.6% 6,844 6.6% $17.95 2032 8 211 4.2% 2,970 2.9% $14.07 2033 4 76 1.5% 1,360 1.3% $17.84 2034 6 150 3.0% 2,341 2.3% $15.57 2035 11 241 4.8% 5,111 4.9% $21.18 Thereafter 6 236 4.7% 4,157 4.0% $17.59 Total 103 3,349 66.9% $50,836 48.9% $15.18 Small Shop Tenants Year Leases Expiring Expiring SF % of Total Cash ABR % of Total Cash ABR PSF 2026 62 176 3.5% $5,320 5.1% $30.18 2027 69 214 4.3% 6,229 6.0% $29.11 2028 67 232 4.6% 7,578 7.3% $32.73 2029 62 210 4.2% 6,501 6.3% $30.95 2030 69 235 4.7% 7,383 7.1% $31.43 2031 44 150 3.0% 4,433 4.3% $29.62 2032 35 121 2.4% 4,174 4.0% $34.36 2033 33 106 2.1% 3,816 3.7% $35.89 2034 24 88 1.8% 3,429 3.3% $39.05 2035 26 68 1.4% 2,442 2.3% $36.01 Thereafter 10 57 1.1% 1,835 1.8% $32.00 Total 501 1,657 33.1% $53,140 51.1% $32.07 Total Year Leases Expiring Expiring SF % of Total Cash ABR % of Total Cash ABR PSF 2026 68 390 7.8% $8,919 8.6% $22.87 2027 79 599 12.0% 10,390 10.0% $17.34 2028 87 1,032 20.6% 20,706 19.9% $20.07 2029 72 646 12.9% 10,421 10.0% $16.13 2030 77 453 9.0% 10,628 10.2% $23.49 2031 58 531 10.6% 11,278 10.8% $21.24 2032 43 333 6.6% 7,144 6.9% $21.48 2033 37 183 3.6% 5,175 5.0% $28.35 2034 30 238 4.8% 5,770 5.5% $24.23 2035 37 309 6.2% 7,552 7.3% $24.43 Thereafter 16 294 5.9% 5,992 5.8% $20.40 Total 604 5,006 100.0% $103,975 100.0% $20.77  |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 23 Year-to-Date Investment & Disposition Activity As of December 31, 2025 (dollars and square feet in thousands) Any differences are a result of rounding. Investments Type Date Square Feet Price / Commitment Ashley Park – Newnan, GA Lifestyle Mar. 2025 559 $79,750 Pompano Citi Centre – Pompano Beach, FL Power Center Dec. 2025 509 65,150 Total Property Acquisitions 1,068 $144,900 Main Street Seller Financing – Daytona Beach, FL Aug. 2025 $5,000 Rivana Amendment and Upsize – Herndon, VA Dec. 2025 $16,000 Total Investments $165,900 Dispositions Type Date Sold Square Feet Price Main Street – Daytona Beach, FL Single-Tenant Aug. 2025 30 $7,100 The Shops at Legacy North – Plano, TX Lifestyle Dec. 2025 242 78,020 Total Property Dispositions 272 $85,120 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 24 Portfolio Summary As of December 31, 2025 (square feet in thousands) Any differences are a result of rounding. 1. Formerly referred to as "Fidelity Building" Market / Property Year Built / Updated Acreage Square Feet In-Place Occupancy Leased Occupancy Cash ABR PSF Atlanta, GA The Collection at Forsyth 2006 70 561 87% 92% $23.37 Ashford Lane 2005 44 277 93% 97% $32.51 Madison Yards 2019 10 163 98% 100% $32.56 The Exchange at Gwinnett 2021/2023 16 97 93% 100% $37.56 Ashley Park 2004 60 559 93% 96% $16.75 Total / Weighted Average: Atlanta 200 1,657 92% 96% $24.47 Charlotte, NC Carolina Pavilion 1995 72 694 84% 91% $15.80 Dallas, TX Plaza at Rockwall 2007 42 444 100% 100% $14.54 Fort Lauderdale, FL Pompano Citi Centre 1971/2006 34 509 92% 92% $16.19 Houston, TX Price Plaza Shopping Center 1999 23 201 100% 100% $16.97 Jacksonville, FL The Strand at St. Johns Town Center 2017 52 211 100% 100% $26.72 Orlando, FL Marketplace at Seminole Towne Center 2006 41 320 86% 100% $21.22 Millenia Crossing 2009 11 100 80% 93% $25.62 Total / Weighted Average: Orlando 52 421 84% 98% $22.21 Phoenix, AZ Crossroads Town Center 2005 31 222 95% 95% $21.11 Raleigh, NC Beaver Creek Crossings 2005 52 322 99% 100% $18.74 Richmond, VA West Broad Village 2007 33 392 95% 95% $26.13 Tampa, FL Lake Brandon Village 1998 8 102 100% 100% $13.87 Granada Plaza 1985 7 74 92% 92% $16.20 Total / Weighted Average: Tampa 15 176 97% 97% $14.81 Total Shopping Center Portfolio 606 5,248 92% 96% $20.61 Albuquerque Office 1 2009 25 212 54% 100% $18.02 Winter Park Office 1982 2 28 100% 100% $30.38 Daytona Beach Restaurant Portfolio 2017/ 2018 6 12 100% 100% $87.79 Total Portfolio 640 5,501 91% 96% $20.77  |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 25 Geographic Diversification As of December 31, 2025 (cash ABR and square feet in thousands) Any differences are a result of rounding. Demographic information sourced from Esri. Market, state and portfolio averages weighted by the Annualized Cash Base Rent of each property. States Properties Square Feet % of Total Cash ABR % of Total 5-Mile 2025 Avg. Household Income 5-Mile 2025 Total Population Georgia 5 1,657 30% $37,165 36% $156,204 192,279 Florida 9 1,357 25% 25,507 25% 105,383 208,113 North Carolina 2 1,016 18% 15,236 15% 137,030 166,391 Texas 2 644 12% 9,837 9% 154,943 177,997 Virginia 1 392 7% 9,746 9% 154,649 178,579 Arizona 1 222 4% 4,426 4% 163,525 320,413 New Mexico 1 212 4% 2,058 2% 73,504 50,473 Total 21 5,501 100% $103,975 100% $140,266 192,985 Markets Properties Square Feet % of Total Cash ABR % of Total 5-Mile 2025 Avg. Household Income 5-Mile 2025 Total Population Atlanta, GA 5 1,657 30% $37,165 36% $156,204 192,279 Richmond, VA 1 392 7% 9,746 9% 154,649 178,579 Charlotte, NC 1 694 13% 9,243 9% 149,924 202,342 Orlando, FL 3 449 8% 8,731 8% 112,984 178,564 Fort Lauderdale, FL 1 509 9% 7,558 7% 105,521 250,967 Dallas, TX 1 444 8% 6,434 6% 145,379 103,989 Raleigh, NC 1 322 6% 5,993 6% 162,683 140,451 Jacksonville, FL 1 211 4% 5,643 6% 100,232 203,742 Phoenix, AZ 1 222 4% 4,426 4% 163,525 320,413 Houston, TX 1 201 4% 3,404 3% 121,250 284,337 Tampa, FL 2 176 3% 2,518 3% 104,741 232,639 Albuquerque, NM 1 212 4% 2,058 2% 73,504 50,473 Daytona Beach, FL 2 12 0% 1,057 1% 70,648 110,706 Total 21 5,501 100% $103,975 100% $140,266 192,985 |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 26 Other Investments As of December 31, 2025 (dollars in thousands, except for per share data) Any differences are a result of rounding. 1. Future draws will earn 12.0% coupon including 10.0% current pay and 2.0% paid-in-kind interest 2. Increases to 9.50% effective January 1, 2026 3. The Series A Preferred Investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events Investment Securities Shares & Operating Partnership Units Owned Share Price Value Annualized Dividend Per Share Q4 2025 Annualized Dividend Income Alpine Income Property Trust 2,472 $16.72 $41,324 $1.14 $2,818 Structured Investments Origination Date Maturity Date Original Loan Amount Amount Outstanding Interest Rate Rivana, Herndon, VA Sept. 2024 Sept. 2028 $59,450 $34,246 11.50% 1 Watters Creek at Montgomery Farm Apr. 2022 Apr. 2026 30,000 30,000 9.50% Founders Square Mar. 2023 Mar. 2027 15,000 15,000 8.75% 2 Whole Foods Nov. 2024 May 2027 40,200 13,804 12.15% Series A Preferred Investment Jul. 2024 NA3 10,000 10,000 14.00% Mainstreet Aug. 2025 Aug. 2030 5,000 5,000 6.50% Total Structured Investments $159,650 $108,050 10.65% |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 27 2026 Guidance 1. See reconciliation of our 2026 Core FFO and AFFO guidance to Net Income Attributable to the Company, per diluted share, on page 14. 2. Includes the effects of bad debt expense, occupancy loss and costs associated with tenants in bankruptcy and/or tenant lease defaults. Before potential impact from income producing acquisitions and dispositions. Low High Core FFO Per Diluted Share1 $1.98 - $2.03 AFFO Per Diluted Share1 $2.11 - $2.16 The Company's estimated Core FFO per diluted share and AFFO per diluted share for 2026 is as follows: The Company's 2026 guidance includes but is not limited to the following assumptions: Low High Investments $100 Million - $200 Million Target Initial Investment Cash Yield 8.00% - 8.50% Same-Property NOI Growth for Shopping Centers2 3.5% - 4.5% General and Administrative Expenses $19.5 Million - $20.0 Million |

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| &nbsp;&nbsp;![GRAPHIC](cto-20260219xex99d3g028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© CTO Realty Growth, Inc. \| ctoreit.com 28 Contact Information & Research Coverage Contact Information Corporate Office Locations Investor Relations New York Stock Exchange 369 N. New York Ave., Suite 201 Winter Park, FL 32789 1140 N. Williamson Blvd., Suite 140 Daytona Beach, FL 32114 ir@ctoreit.com Ticker Symbol: CTO Series A Preferred Ticker Symbol: CTO-PA www.ctoreit.com Research Analyst Coverage Institution Coverage Analyst Email Alliance Global Partners Gaurav Mehta gmehta@allianceg.com B. Riley John Massocca jmassocca@brileyfin.com Cantor Fitzgerald Jay Kornreich jay.kornreich@cantor.com Janney Rob Stevenson robstevenson@janney.com Jones Research Jason Weaver jweaver@jonestrading.com Lucid Capital Markets Craig Kucera ckucera@lucidcm.com Raymond James RJ Milligan rjmilligan@raymondjames.com |

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