0001104659-26-017560 | 10-K | XBRL Viewer

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details) - segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Number of business segments	4	4	4
Segment Reporting, CODM, Individual Title and Position or Group Name	srt:ChiefExecutiveOfficerMember	srt:ChiefExecutiveOfficerMember	srt:ChiefExecutiveOfficerMember

ACCRUED AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of components of accrued and other liabilities

Accrued and other liabilities consisted of the following (in thousands):


		As of
		December 31, 2025			December 31, 2024
Accrued Property Taxes		$	1,236		$	2,619
Reserve for Tenant Improvements			1,094			1,424
Tenant Security Deposits			3,233			2,833
Accrued Construction Costs			6,926			3,988
Accrued Interest			690			1,133
Environmental Reserve			40			47
Cash Flow Hedge - Interest Rate Swaps			3,404			—
Operating Leases - Liability			229			293
Construction and Other Reserves from Commercial Loans and Investments			3,031			2,279
Other			8,302			6,652
Total Accrued and Other Liabilities		$	28,185		$	21,268

BUSINESS SEGMENT DATA

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

BUSINESS SEGMENT DATA

NOTE 23. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations. The management services segment consists of the revenue generated from managing PINE, the Portfolio Management Agreement and the Subsurface Management Agreement, as described further in Note 5, “Management Services Business”

Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 87.2% and 88.0% of our identifiable assets as of December 31, 2025 and 2024, respectively, and 88.4%, 88.8%, and 88.6%, of our consolidated revenues for the years ended December 31, 2025, 2024, and 2023, respectively. Our management fee income consists primarily of the management fees earned for the management of PINE during the three years ended December 31, 2025, 2024, and 2023, as well as from the Portfolio Management Agreement during the three years ended December 31, 2025, 2024, and 2023, and the Subsurface Management Agreement during the years ended December 31, 2025 and 2024. As of December 31, 2025, our commercial loan and investment portfolio consisted of four commercial loan investments and two preferred equity investments which are classified as commercial loan investments. Our real estate operations consists of revenues generated from the sale of and royalty income related to our interests in subsurface oil, gas, and mineral rights, and the sale of mitigation credits. The Company’s assets underlying its real estate operations were sold during the year ended December 31, 2024, therefore, no further revenues are expected from this segment.

The Company evaluates segment performance based on operating income. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills.

Information about the Company’s operations in different segments for the year ended December 31, 2025 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments		Total
Revenues:
Income Properties		$	132,156		$	—		$	—	$	132,156
Management Fee Income			—			4,849			—		4,849
Interest Income From Commercial Loans and Investments			—			—			12,540		12,540
Total Revenues for Reportable Segments		$	132,156		$	4,849		$	12,540	$	149,545

Operating Expenses:
Income Properties		$	(37,923)		$	—		$	—	$	(37,923)
Total Revenues Less Direct Costs of Revenues		$	94,233		$	4,849		$	12,540	$	111,622
Provision for Impairment			—			—			(68)		(68)
Depreciation and Amortization - Real Estate			(59,947)			—			—		(59,947)
Total Revenues Less Operating Expenses for Reportable Segments		$	34,286		$	4,849		$	12,472	$	51,607
Gain on Disposition of Assets			21,452			—			—		21,452
Net Income From Operations for Reportable Segments		$	55,738		$	4,849		$	12,472	$	73,059

Reconciliation to Consolidated Net Income
General and Administrative Expenses											(18,527)
Investment and Other Income											3,451
Interest Expense											(26,928)
Loss on Extinguishment of Debt											(20,449)
Depreciation and Amortization - Other											(68)
Net Income Before Income Tax Expense										$	10,538
Income Tax Expense											(446)
Net Income Attributable to the Company										$	10,092

Information about the Company’s operations in different segments for the year ended December 31, 2024 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments		Real Estate Operations		Total
Revenues:
Income Properties		$	110,591		$	—		$	—	$	—	$	110,591
Management Fee Income			—			4,590			—		—		4,590
Interest Income From Commercial Loans and Investments			—			—			7,357		—		7,357
Real Estate Operations			—			—			—		1,981		1,981
Total Revenues for Reportable Segments		$	110,591		$	4,590		$	7,357	$	1,981	$	124,519

Operating Expenses:
Income Properties		$	(31,785)		$	—		$	—	$	—	$	(31,785)
Real Estate Operations			—			—			—		(1,437)		(1,437)
Total Revenues Less Direct Costs of Revenues		$	78,806		$	4,590		$	7,357	$	544	$	91,297
Provision for Impairment			—			—			(676)		—		(676)
Depreciation and Amortization - Real Estate			(64,981)			—			—		—		(64,981)
Total Revenues Less Operating Expenses for Reportable Segments		$	13,825		$	4,590		$	6,681	$	544	$	25,640
Gain on Disposition of Assets			3,763			—			—		4,545		8,308
Net Income From Operations for Reportable Segments		$	17,588		$	4,590		$	6,681	$	5,089	$	33,948

Reconciliation to Consolidated Net Income
General and Administrative Expenses													(16,269)
Investment and Other Income													2,606
Interest Expense													(22,521)
Depreciation and Amortization - Other													(68)
Net Loss Before Income Tax Benefit												$	(2,304)
Income Tax Benefit													339
Net Loss Attributable to the Company												$	(1,965)

Information about the Company’s operations in different segments for the year ended December 31, 2023 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments		Real Estate Operations		Total
Revenues:
Income Properties		$	96,663		$	—		$	—	$	—	$	96,663
Management Fee Income			—			4,388			—		—		4,388
Interest Income From Commercial Loans and Investments			—			—			4,084		—		4,084
Real Estate Operations			—			—			—		3,984		3,984
Total Revenues for Reportable Segments		$	96,663		$	4,388		$	4,084	$	3,984	$	109,119

Operating Expenses:
Income Properties		$	(28,455)		$	—		$	—	$	—	$	(28,455)
Real Estate Operations			—			—			—		(1,723)		(1,723)
Total Revenues Less Direct Costs of Revenues		$	68,208		$	4,388		$	4,084	$	2,261	$	78,941
Provision for Impairment			(929)			—			(627)		—		(1,556)
Depreciation and Amortization - Real Estate			(44,107)			—			—		—		(44,107)
Total Revenues Less Operating Expenses for Reportable Segments		$	23,172		$	4,388		$	3,457	$	2,261	$	33,278
Gain on Disposition of Assets			7,543			—			—		—		7,543
Net Income From Operations for Reportable Segments		$	30,715		$	4,388		$	3,457	$	2,261	$	40,821

Reconciliation to Consolidated Net Income
General and Administrative Expenses													(14,249)
Investment and Other Income													1,987
Interest Expense													(22,359)
Depreciation and Amortization - Other													(66)
Net Income Before Income Tax Expense												$	6,134
Income Tax Expense													(604)
Net Income Attributable to the Company												$	5,530

Capital expenditures of each segment as of December 31, 2025, 2024, and 2023 are as follows (in thousands):


	For the Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Capital Expenditures:
Income Properties	$	160,189	$	241,859	$	102,688
Commercial Loans and Investments		14,339		63,930		32,869
Corporate and Other		38		39		261
Total Capital Expenditures	$	174,566	$	305,828	$	135,818

Identifiable assets of each segment as of December 31, 2025 and 2024 are as follows (in thousands):


		As of
		December 31, 2025			December 31, 2024
Identifiable Assets:
Income Properties		$	1,102,631		$	1,039,466
Management Services			2,465			1,481
Commercial Loans and Investments			118,129			114,107
Real Estate Operations			455			611
Corporate and Other			40,222			25,979
Total Assets		$	1,263,902		$	1,181,644

Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations includes the identifiable assets of certain real estate operations receivables as well as Subsurface Interests and mitigation credits. Corporate and other assets consist primarily of cash and restricted cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations.

The Management Services and Real Estate Operations segments had no capital expenditures during the years ended December 31, 2025, 2024 or 2023.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments - Gross Difference (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gross Difference
Total Lease Payments	$ 285
Imputed Interest	(56)
Operating Leases - Liability	229	$ 293
Operating leases	$ 100	$ 100	$ 100

INTEREST RATE SWAPS (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swap agreements

Information related to the Company’s interest rate swap agreements are noted below (in thousands):


Hedged Item ⁽¹⁾	Effective Date	Maturity Date	Rate	Amount		Fair Value as of December 31, 2025
2027 Term Loan	3/29/2024	1/31/2027	1.35% + 0.10% + applicable spread	$	100,000	$	2,154
2027 Term Loan⁽²⁾	1/29/2027	1/30/2032	3.75% + 0.10% + applicable spread	$	60,000	$	(656)
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(519)
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(523)
2028 Term Loan ⁽²⁾	1/31/2028	1/31/2033	3.81% + 0.10% + applicable spread	$	60,000	$	(309)
2029 Term Loan⁽³⁾	3/29/2024	3/10/2026	1.44% + applicable spread	$	20,000	$	84
2029 Term Loan	1/31/2023	1/31/2030	3.27% + applicable spread	$	50,000	$	149
2029 Term Loan	1/31/2023	1/31/2030	3.26% + applicable spread	$	33,000	$	110
2029 Term Loan	1/31/2023	1/31/2030	3.36% + applicable spread	$	17,000	$	(5)
2029 Term Loan⁽³⁾	3/29/2024	3/10/2026	1.48% + applicable spread	$	5,000	$	21
2029 Term Loan⁽²⁾ ⁽³⁾	3/10/2026	3/10/2031	3.83% + applicable spread	$	20,000	$	(377)
2029 Term Loan⁽²⁾	3/10/2026	1/30/2030	3.26% + applicable spread	$	5,000	$	13
2030 Term Loan⁽³⁾	3/29/2024	3/10/2026	1.43% + applicable spread	$	20,000	$	84
2030 Term Loan⁽⁴⁾	4/30/2025	4/30/2030	3.41% + applicable spread	$	50,000	$	(101)
2030 Term Loan⁽⁴⁾	4/30/2025	4/30/2030	3.23% + applicable spread	$	50,000	$	265
2030 Term Loan⁽³⁾	3/29/2024	3/10/2026	1.48% + applicable spread	$	5,000	$	21
2030 Term Loan⁽²⁾ ⁽³⁾	3/10/2026	3/10/2031	3.78% + applicable spread	$	20,000	$	(333)
2030 Term Loan⁽²⁾	3/10/2026	4/30/2030	3.27% + applicable spread	$	5,000	$	15
Credit Facility	2/1/2024	1/31/2028	3.85% + 0.10% + applicable spread	$	50,000	$	(581)
Credit Facility ⁽³⁾	9/30/2022	3/10/2026	0.70% + 0.10% + applicable spread	$	15,000	$	83

⁽¹⁾	Effective September 30, 2022 the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR.

⁽²⁾	The Company entered into forward swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans.

⁽³⁾	Effective September 30, 2025, the Company redesignated certain interest rate swaps from its 2026 Term Loan to its 2029 and 2030 Term Loans.

⁽⁴⁾	Effective September 30, 2025, the Company redesignated certain interest rate swaps from its Credit Facility to its 2030 Term Loan.

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	$ 6,467	$ 9,017
Restricted Cash	34,652	8,344
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	104,804	105,043
Long-Term Debt	616,345	518,993
Estimated Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	6,467	9,017
Restricted Cash	34,652	8,344
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	109,828	110,665
Long-Term Debt	$ 608,419	$ 508,309

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

REAL ESTATE OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Schedule of components of real estate operations revenue

Revenue from real estate operations consisted of the following for the years ended December 31, 2025, 2024, and 2023 (in thousands):

Revenue from real estate operations consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands):Revenue from real estate operations consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands):Revenue from real estate operations consisted of the following for the years ended December 31, 2025, 2023, and 2022 (in thousands):
		December 31,
		2025		2024		2023
Mitigation Credit Sales		$	—	$	1,831	$	2,257
Subsurface Revenue - Other			—		150		1,727
Land Sales Revenue			—		—		—
Total Real Estate Operations Revenue		$	—	$	1,981	$	3,984

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss) Attributable to the Company	$ 10,092	$ (1,965)	$ 5,530
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative - Interest Rate Swaps	(12,922)	5,626	(8,870)
Total Other Comprehensive Income (Loss)	(12,922)	5,626	(8,870)
Total Comprehensive Income (Loss)	$ (2,830)	$ 3,661	$ (3,340)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

COMMERCIAL LOANS AND INVESTMENTS

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

COMMERCIAL LOANS AND INVESTMENTS

NOTE 4. COMMERCIAL LOANS AND INVESTMENTS

Our investments in commercial loans or similarly structured investments, such as preferred equity, mezzanine loans or other subordinated debt, have been and are expected to continue to be secured by real estate or the borrower’s pledge of its ownership interest in the entity that owns the real estate. The investments are associated with commercial real estate located in the United States and its territories, and are current or performing with either a fixed or floating rate. Some of these loans may be syndicated in either a pari-passu or senior/subordinated structure. Commercial first mortgage loans generally provide for a higher recovery rate due to their senior position in the underlying collateral. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property.

2025 Activity. During the year ended December 31, 2025, the Company originated $21.0 million of commercial loans and investments, including an amendment and $16.0 million upsize of an existing loan, of which none was funded, and a $5.0 million mortgage note, for a weighted average interest rate of 10.7% (including paid-in-kind interest). The Company earned $0.3 million of origination fees from these investments, or 1.3%. During the same period, the Company funded $9.3 million under existing construction loan commitments, net of origination fees received, and received principal repayments totaling $15.2 million.

2024 Activity. During the year ended December 31, 2024, the Company originated four commercial loan investments totaling $104.0 million at a weighted average initial cash yield of 11.7%, of which $63.9 million had been funded as of December 31, 2024. One of these investments, totaling $10.0 million, was structured as preferred equity and is further described below. During the year ended December 31, 2024, the Company received principal repayments totaling $20.3 million.

2023 Activity. During the year ended December 31, 2023, the Company originated two loans for a total investment of $30.4 million and received cash repayments of principal totaling $1.0 million. Including the two originations and fundings on our construction loans, $32.9 million was funded during the year ended December 31, 2023.

Other Activity. Certain commercial loans and investments outstanding as of December 31, 2025 required determinations, at origination, related to variable interest entity matters as described herein:

●

Series A Preferred Investment. On July 11, 2024, the Company funded $10.0 million into an escrow account, which escrow closed on August 1, 2024 in exchange for 10,000 shares of 14.000% Series A preferred stock, with a $0.01 par value per share, of a subsidiary of a publicly-traded hospitality, entertainment and real-estate company (the “Series A Preferred Investment”). In connection with the investment, the Company received an origination fee of 1.0% or $0.1 million. The investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events. The Company determined, pursuant to FASB ASC Topic 810, Consolidation, that we do not have a variable interest in the entity underlying the Series A Preferred Investment; accordingly, FASB Topic ASC 320, Investments-Debt Securities, was applied and the investment was recorded in the consolidated balance sheets as a commercial loan investment at the time of acquisition.

●

Watters Creek Investment. On April 7, 2022, the Company entered into a preferred equity agreement to provide $30.0 million of funding towards the total investment in Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas (the “Watters Creek Investment”). Pursuant to FASB ASC Topic 810, Consolidation, the Company determined it is not the primary beneficiary of the entity underlying the Watters Creek Investment; accordingly, the $30.0 million was recorded on the consolidated balance sheets as a commercial loan investment at the time of acquisition. The initial maturity date for the Watters Creek Investment was April 6, 2025; however, during the year ended December 31, 2025, the borrower exercised the first of two one-year extension options thereby extending the maturity date to April 6, 2026. The Watters Creek Investment bears a fixed interest rate of 8.50% at time of acquisition with increases during the initial term as well as the option terms, and requires payments of interest only prior to maturity. At closing, an origination fee of $0.15 million was received by the Company. The Watters Creek Investment represents $30.0 million, or approximately 23%, of funding towards the total investment in Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas (the “Watters Creek Property”). The remaining funding is comprised of a combination of third-party sponsorship equity and a secured first mortgage.

The Company’s commercial loans and investments were comprised of the following at December 31, 2025 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Preferred Investment – Watters Creek – Allen, TX		April 2022		April 2026		$	30,000		$	30,000		$	29,980		9.50%
Mortgage Note – Founders Square – Dallas, TX⁽¹⁾		March 2023		March 2027			15,000			15,000			14,992		8.75%
Series A Preferred Investment		July 2024		July 2029			10,000			10,000			9,929		14.00%
Construction Loan - Rivana - Herndon, VA ⁽²⁾		September 2024		September 2028			59,450			34,246			32,478		11.50%
Construction Loan - Whole Foods - Forsyth, GA		November 2024		May 2027			40,200			13,804			13,588		12.15%
Mortgage Note - Mainstreet - Daytona Beach, FL		August 2025		August 2030			5,000			5,000			4,977		6.50%
						$	159,650		$	108,050		$	105,944
CECL Reserve													(1,140)
Total Commercial Loans and Investments												$	104,804

(1)

Coupon rate increases to 9.5% effective January 1, 2026.

(2)

Future draws funded will have a 12.0% coupon rate including 10% cash and 2.0% accrued paid-in-kind interest.

During the year ended December 31, 2025, the Company's $5.6 million Construction Loan secured by the Hypoluxo property in Lake Worth, Florida and the $0.4 million Promissory Note secured by the Main Street property in Daytona Beach, Florida were both repaid in full.

The Company has unfunded loan commitments under two construction loans totaling $51.6 million as of December 31, 2025.

The Company’s commercial loans and investments were comprised of the following at December 31, 2024 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Preferred Investment – Watters Creek – Allen, TX		April 2022		April 2025		$	30,000		$	30,000		$	29,987		9.00%
Mortgage Note – Founders Square – Dallas, TX		March 2023		March 2026			15,000			15,000			14,942		8.75%
Promissory Note – Main Street – Daytona Beach, FL		June 2023		May 2033			400			400			400		7.00%
Construction Loan - Hypoluxo - Lake Worth, FL		March 2024		June 2025			5,638			5,638			5,598		11.00%
Series A Preferred Investment		July 2024		July 2029			10,000			10,000			9,910		14.00%
Mortgage Note - Rivana - Herndon, VA		September 2024		September 2026			42,000			42,000			41,530		11.00%
Construction Loan - Whole Foods - Forsyth, GA		November 2024		May 2027			40,200			4,125			3,748		12.15%
						$	143,238		$	107,163		$	106,115
CECL Reserve													(1,072)
Total Commercial Loans and Investments												$	105,043

The carrying value of the commercial loans and investment portfolio at December 31, 2025 and 2024 consisted of the following (in thousands):


		As of
		December 31, 2025			December 31, 2024
Current Face Amount		$	108,050		$	107,163
Unaccreted Origination Fees			(778)			(1,048)
Unaccreted Exit Fees			(1,328)			—
CECL Reserve			(1,140)			(1,072)
Total Commercial Loans and Investments		$	104,804		$	105,043

COMMON STOCK AND EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of computation of earnings per share

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):


	Year Ended
	December 31, 2025			December 31, 2024			December 31, 2023
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$	2,580		$	(8,779)		$	758
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾		—			—			—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$	2,580		$	(8,779)		$	758

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic		32,267,365			25,361,379			22,529,703
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method		25,447			39,797			—
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾		—			—			—
Weighted Average Shares Outstanding, Diluted		32,292,812			25,401,176			22,529,703

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted	$	0.08		$	(0.35)		$	0.03

(1)

The 2025 Notes were settled during the year ended December 31, 2025. As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in net income or loss that would result from the assumed conversion of the 2025 Notes to derive FFO effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the years ended December 31, 2025, 2024 and 2023 a total of $0.6 million, $2.1 million and $2.1 million of interest, respectively, was not included as the impact of the 2025 Notes, if-converted, would be antidilutive to the net income (loss) attributable to common stockholders in each respective period.

(2)

During the year ended December 31, 2025, the Company issued 1,089,555 shares of the Company’s common stock in connection with the settlement of the 2025 Notes and such shares were included in the basic and diluted weighted average share count for the period. Due to the implementation of ASU 2020-06, a total of 0.9 million shares, 3.6 million shares, and 3.3 million shares, representing the dilutive impact of the 2025 Notes, were not included in the computation of diluted net income (loss) attributable to common stockholders for the years ended December 31, 2025, 2024 or 2023, respectively, because they were antidilutive to the net income (loss) attributable to common stockholders in each respective period.

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets And Liabilities
Amortization Expense	$ 24,827	$ 31,561	$ 18,444
Accretion to Income Properties Revenue	(1,006)	(254)	2,303
Net Amortization of Intangible Assets and Liabilities	23,821	$ 31,307	$ 20,747
Accretion to income properties revenue related to amortization of lease intangibles	200
Leases Terminated
Intangible Assets And Liabilities
Amortization Expense	$ 2,800

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

LONG-TERM DEBT - 2029 & 2030 Term Loan (Details) - USD ($) $ in Thousands	Sep. 25, 2025	Dec. 31, 2025	Sep. 30, 2024
Long-term debt
Outstanding Principal		$ 618,800
2029 Term Loan
Long-term debt
Outstanding Principal	$ 125,000	125,000	$ 100,000
Term loan upsized	25,000
2030 Term Loan
Long-term debt
Outstanding Principal	$ 125,000	$ 125,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Income Properties	$ 132,156	$ 110,591	$ 96,663
Interest Income From Commercial Loans and Investments	12,540	7,357	4,084
Total Revenues	149,545	124,519	109,119
Direct Cost of Revenues
Total Direct Cost of Revenues	(37,923)	(33,222)	(30,178)
General and Administrative Expenses	(18,527)	(16,269)	(14,249)
Provision for Impairment	(68)	(676)	(1,556)
Depreciation and Amortization	(60,015)	(65,049)	(44,173)
Total Operating Expenses	(116,533)	(115,216)	(90,156)
Gain on Disposition of Assets	21,452	8,308	7,543
Loss on Extinguishment of Debt	(20,449)
Other Gain	1,003	8,308	7,543
Total Operating Income	34,015	17,611	26,506
Investment and Other Income	3,451	2,606	1,987
Interest Expense	(26,928)	(22,521)	(22,359)
Income (Loss) Before Income Tax Benefit (Expense)	10,538	(2,304)	6,134
Income Tax Benefit (Expense)	(446)	339	(604)
Net Income (Loss) Attributable to the Company	10,092	(1,965)	5,530
Distributions to Preferred Stockholders	(7,512)	(6,814)	(4,772)
Net Income (Loss) Attributable to Common Stockholders	$ 2,580	$ (8,779)	$ 758
Per Share Information-See Note 13:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.08	$ (0.35)	$ 0.03
Diluted Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.08	$ (0.35)	$ 0.03
Weighted Average Number of Common Shares - Basic (in shares)	32,267,365	25,361,379	22,529,703
Weighted Average Number of Common Shares - Diluted (in shares)	32,292,812	25,401,176	22,529,703
Income Properties
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (37,923)	$ (31,785)	$ (28,455)
Management Fee Income
Revenues
Revenue from Contract with Customer, Including Assessed Tax	$ 4,849	4,590	4,388
Real Estate Operations
Revenues
Revenue from Contract with Customer, Including Assessed Tax		1,981	3,984
Direct Cost of Revenues
Total Direct Cost of Revenues		$ (1,437)	$ (1,723)

SHARE REPURCHASES

12 Months Ended

Dec. 31, 2025

Class of Stock Disclosures [Abstract]

SHARE REPURCHASES

NOTE 15. SHARE REPURCHASES

COMMON STOCK REPURCHASE PROGRAM

In February 2020, the Company’s Board of Directors approved a $10.0 million common stock repurchase program (the “$10.0 Million Common Stock Repurchase Program”). During the year ended December 31, 2020, the Company repurchased 265,695 shares of its common stock on the open market for a total cost of $4.1 million, or an average price per share of $15.43. During the year ended December 31, 2021, the Company repurchased 121,659 shares of its common stock on the open market for a total cost of $2.2 million, or an average price per share of $18.16. During the year ended December 31, 2022, the Company repurchased 145,724 shares of its common stock on the open market for a total cost of $2.8 million, or an average price per share of $19.15. No repurchases were made pursuant to the $10.0 Million Common Stock Repurchase Program during the year ended December 31, 2023.

On February 16, 2023, the Company’s Board of Directors approved a common stock repurchase program (the “February 2023 $5.0 Million Common Stock Repurchase Program”), which eliminated the unutilized portion of the $10.0 Million Common Stock Repurchase Program. Pursuant to the February 2023 $5.0 Million Common Stock Repurchase Program, the Company was authorized to repurchase shares of its common stock for a total purchase price of up to $5.0 million. During the year ended December 31, 2023, prior to March 31, 2023, the Company repurchased 303,354 shares of its common stock on the open market for a total cost of $5.0 million, or an average price per share of $16.48, pursuant to the February 2023 $5.0 Million Common Stock Repurchase Program. Accordingly, as of March 31, 2023, no shares of the Company’s common stock remained available for repurchase under the February 2023 $5.0 Million Common Stock Repurchase Program.

On April 25, 2023, the Company’s Board of Directors approved a common stock repurchase program, (the “April 2023 $5.0 Million Common Stock Repurchase Program”). Pursuant to the April 2023 $5.0 Million Common Stock Repurchase Program, the Company was authorized to repurchase shares of its common stock for a total purchase price of up to $5.0 million. During the year ended December 31, 2023, the Company repurchased 65,946 shares of its common stock on the open market for a total cost of $1.0 million, or an average price per share of $15.72. The April 2023 $5.0 Million Common Stock Repurchase Program was terminated in connection with the establishment of the December 2023 $5.0 Million Common Stock Repurchase Program (hereinafter defined).

On December 12, 2023, the Company’s Board of Directors approved a common stock repurchase program (the “December 2023 $5.0 Million Common Stock Repurchase Program”). Pursuant to the December 2023 $5.0 Million Common Stock Repurchase Program, the Company was authorized to repurchase shares of its common stock for a total purchase price of up to $5.0 million. During the year ended December 31, 2024, the Company repurchased 40,726 shares of its common stock on the open market for a total cost of $0.7 million, or an average price per share of $16.28 pursuant to the December 2023 $5.0 Million Common Stock Repurchase Program. During the year ended December 31, 2025, the Company repurchased 266,161 shares of its common stock on the open market for a total cost of $4.3 million, or an average price per share of $16.29 pursuant to the December 2023 $5.0 Million Common Stock Repurchase Program. Accordingly, as of the date that the Company’s Board of Directors established the September 2025 $10.0 Million Common Stock Repurchase Program (hereinafter defined), no shares of the Company’s common stock remained available for repurchase under the December 2023 $5.0 Million Common Stock Repurchase Program.

On September 24, 2025, the Company’s Board of Directors approved a common stock repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase shares (the “September 2025 $10.0 Million Common Stock Repurchase Program”). Pursuant to the September 2025 $10.0 Million Common Stock Repurchase Program, the Company may repurchase shares of its common stock for a total purchase price of up to $10.0 million. Shares may be purchased under the September 2025 $10.0 Million Common Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The September 2025 $10.0 Million Common Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended. During the year ended December 31, 2025, the Company repurchased 307,563 shares of its common stock on the open market for a total cost of $5.0 million, or an average price per share of $16.26 under the September 2025 $10 Million Common Stock Repurchase Program. As of December 31, 2025, $5.0 million remained available for repurchases under the September 2025 $10 Million Common Stock Repurchase Program.

In the aggregate, under the December 2023 $5.0 Million Common Stock Repurchase Program and September 2025 $10.0 Million Common Stock Repurchase Program, the Company repurchased 573,724 shares of its common stock on the open market for a total cost of $9.3 million, or an average price per share of $16.27 during the year ended December 31, 2025.

SERIES A PREFERRED STOCK REPURCHASE PROGRAM

On February 16, 2023, the Company’s Board of Directors approved a Series A Preferred Stock repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase shares (the “Series A Preferred Stock Repurchase Program”). Pursuant to the Series A Preferred Stock Repurchase Program, the Company may repurchase shares of its Series A Preferred Stock for a total purchase price of up to $3.0 million. Shares may be purchased under the Series A Preferred Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Exchange Act. The Series A Preferred Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its Series A Preferred Stock and may be modified or suspended. During the year ended December 31, 2023, the Company repurchased 21,192 shares of Series A Preferred Stock on the open market for a total cost of $0.4 million, or an average price per share of $18.45. No shares of the Company’s Series A Preferred Stock were repurchased under the Series A Preferred Stock Repurchase Program during the years ended December 31, 2025 or 2024.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Cash to the Consolidated Balance Sheets:
Total Cash	$ 41,119	$ 17,361	$ 17,819	$ 21,194

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	12 Months Ended
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INTEREST RATE SWAPS
Derivative Asset, Statement of Financial Position	Other Assets-See Note 12	Other Assets-See Note 12
Derivative Liability, Statement of Financial Position	Accrued and Other Liabilities-See Note 18
Interest Rate Swap [Member]
INTEREST RATE SWAPS
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%	100.00%	100.00%
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2027 Term loan
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	1.35%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (2,154)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2027 Term Loan One
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.75%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 60,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (656)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2028 Term Loan
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.78%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (519)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2028 Term Loan One
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.78%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (523)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2028 Term Loan Two
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.81%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 60,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (309)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2029 Term Loan
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	1.44%
Notional amount	$ 20,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (84)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2029 Term Loan One
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.27%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (149)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2029 Term Loan Two
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.26%
Notional amount	$ 33,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (110)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2029 Term Loan Three
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.36%
Notional amount	$ 17,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (5)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2029 Term Loan Four
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	1.48%
Notional amount	$ 5,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (21)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2029 Term Loan Five
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.83%
Notional amount	$ 20,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (377)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2029 Term Loan Six
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.26%
Notional amount	$ 5,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (13)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2030 Term Loan
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	1.43%
Notional amount	$ 20,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (84)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2030 Term Loan One
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.41%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (101)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2030 Term Loan Two
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.23%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (265)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2030 Term Loan Three
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	1.48%
Notional amount	$ 5,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (21)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2030 Term Loan Four
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.78%
Notional amount	$ 20,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (333)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2030 Term Loan Five
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.27%
Notional amount	$ 5,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (15)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Credit Facility One
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	3.85%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (581)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Credit Facility Two
INTEREST RATE SWAPS
Derivative fixed interest rate (as a percent)	0.70%
Derivative basis spread rate (as a percent)	0.10%
Notional amount	$ 15,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (83)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock 2024 Preferred Stock ATM Program	Preferred Stock	Common Stock 2024 ATM Program	Common Stock	Additional Paid-In Capital 2024 Preferred Stock ATM Program	Additional Paid-In Capital 2024 ATM Program	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	2024 Preferred Stock ATM Program	2024 ATM Program	Total
Balance at Dec. 31, 2022		$ 30		$ 229			$ 172,471	$ 316,279	$ 15,761			$ 504,770
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company								5,530				5,530
Stock Repurchase				(4)			(6,435)					(6,439)
Vested Restricted Stock and Performance Shares				1			(1,029)					(1,028)
Stock Issuance to Directors							375					375
Payment of Equity Issuance Costs							(175)					(175)
Stock-Based Compensation Expense							3,228					3,228
Preferred Stock Dividends Declared for the Period								(4,772)				(4,772)
Common Stock Dividends Declared for the Period								(35,093)				(35,093)
Other Comprehensive Income (Loss)									(8,870)			(8,870)
Balance at Dec. 31, 2023		30		226			168,435	281,944	6,891			457,526
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company								(1,965)				(1,965)
Stock Repurchase							(664)					(664)
Vested Restricted Stock and Performance Shares				1			(1,275)					(1,274)
Stock Issuance to Directors							647					647
Stock Issuance, Net of Costs and Expenses	$ 17		$ 90		$ 32,979	$ 164,738				$ 32,996	$ 164,828
Stock-Based Compensation Expense							2,968					2,968
Preferred Stock Dividends Declared for the Period								(6,814)				(6,814)
Common Stock Dividends Declared for the Period								(41,076)				(41,076)
Other Comprehensive Income (Loss)									5,626			5,626
Balance at Dec. 31, 2024		47		317			367,828	232,089	12,517			612,798
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company								10,092				10,092
Stock Repurchase				(6)			(9,349)					(9,355)
Vested Restricted Stock and Performance Shares				1			(1,035)					(1,034)
Stock Issuance to Directors				1			647					648
Payment of Equity Issuance Costs							(124)					(124)
Stock Issuance, Settlement of 2025 Notes				11			21,037					21,048
Stock-Based Compensation Expense							3,490					3,490
Preferred Stock Dividends Declared for the Period								(7,512)				(7,512)
Common Stock Dividends Declared for the Period								(49,783)				(49,783)
Other Comprehensive Income (Loss)									(12,922)			(12,922)
Balance at Dec. 31, 2025		$ 47		$ 324			$ 382,494	$ 184,886	$ (405)			$ 567,346

INCOME PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2025

ASSETS HELD FOR SALE

Schedule of components of leasing revenue

The components of leasing revenue are as follows (in thousands):


	Year Ended December 31,
	2025			2024		2023
Leasing Revenue
Lease Payments	$	101,512		$	83,302	$	74,721
Variable Lease Payments		30,644			27,289		21,942
Total Leasing Revenue	$	132,156		$	110,591	$	96,663

Schedule of minimum future base rental revenue on non-cancelable leases


Year Ending December 31,		Amounts
2026		$	101,437
2027			89,996
2028			76,329
2029			62,000
2030			52,259
2031 and Thereafter (Cumulative)			143,923
Total		$	525,944

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PROPERTY, PLANT, AND EQUIPMENT
Depreciation	$ 35.2	$ 33.5	$ 25.7
Capitalized Interest	$ 0.3	$ 0.3	$ 0.3
Income Properties Buildings and Improvements \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Income Properties Buildings and Improvements \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	48 years
Other Furnishings and Equipment \| Minimum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	3 years
Other Furnishings and Equipment \| Maximum
PROPERTY, PLANT, AND EQUIPMENT
Useful lives for property, plant, and equipment	20 years

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 22. COMMITMENTS AND CONTINGENCIES

MINIMUM FUTURE RENTAL PAYMENTS

The Company leases, as lessee, certain equipment under operating leases. Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2025, are summarized as follows (in thousands):


Year Ending December 31,		Amounts
2026		$	129
2027			131
2028			19
2029			6
2030			—
2031 and Thereafter (Cumulative)			—
Total Lease Payments		$	285
Imputed Interest			(56)
Operating Leases - Liability		$	229

Rental expense under all operating leases amounted to $0.1 million for each of the years ended December 31, 2025, 2024, and 2023.

LEGAL PROCEEDINGS

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of legal proceedings cannot be predicted with certainty, the Company is not currently a party to any pending or threatened legal proceedings that we believe could have a material adverse effect on the Company’s business or financial condition.

CONTRACTUAL COMMITMENTS – EXPENDITURES

The Company has committed to fund the following capital improvements. The improvements, which are related to several properties, are estimated to be generally completed within twelve months. These commitments, as of December 31, 2025, are as follows (in thousands):


	As of December 31, 2025
Total Commitment ⁽¹⁾	$	23,105
Less Amount Funded		(2,612)
Remaining Commitment	$	20,493

(1)	Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

The Company has unfunded loan commitments under two construction loans as described in Note 4, “Commercial Loans and Investments.” The unfunded portion of these construction loans totaled $51.6 million as of December 31, 2025.

As of December 31, 2025, we have no other contractual requirements to make capital expenditures.

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - share based payment arrangement, tranche three - Restricted Shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Compensation cost
Unrecognized compensation cost	$ 2.2
Weighted average period of recognition of unrecognized compensation cost	1 year 9 months 18 days
Shares
Nonvested (in shares)	197,794	216,357	212,079
Granted (in shares)	117,739	108,391	96,453
Vested (in shares)	(112,009)	(75,434)	(74,229)
Forfeited (in shares)	(272)	(51,520)	(17,946)
Nonvested (in shares)	203,252	197,794	216,357
Weighted Average Fair Value
Nonvested (in dollars per share)	$ 18.12	$ 19.07	$ 17.97
Granted (in dollars per share)	20.39	16.31	19.12
Vested (in dollars per share)	18.86	17.8	16
Forfeited (in dollars per share)	17.06	18.76	19.08
Nonvested (in dollars per share)	$ 19.02	$ 18.12	$ 19.07

LONG-TERM DEBT - Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 25, 2025	Sep. 30, 2024	Nov. 05, 2021	Mar. 10, 2021
Derivative [Line Items]
Face Value of Debt	$ 618,800
Credit Facility
Derivative [Line Items]
Face Value of Debt	151,000
2026 Term Loan
Derivative [Line Items]
Face Value of Debt					$ 50,000
2027 Term loan
Derivative [Line Items]
Face Value of Debt	100,000			$ 100,000
2028 Term Loan
Derivative [Line Items]
Face Value of Debt	100,000
2029 Term Loan
Derivative [Line Items]
Face Value of Debt	125,000	$ 125,000	$ 100,000
2030 Term Loan
Derivative [Line Items]
Face Value of Debt	125,000	$ 125,000
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Credit Facility
Derivative [Line Items]
Notional amount	$ 65,000
Derivative basis spread rate (as a percent)	0.10%
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Credit Facility \| Weighted Average
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.12%
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2027 Term loan
Derivative [Line Items]
Notional amount	$ 100,000
Derivative fixed interest rate (as a percent)	1.35%
Derivative basis spread rate (as a percent)	0.10%
Face Value of Debt	$ 100,000
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2028 Term Loan
Derivative [Line Items]
Notional amount	$ 50,000
Derivative fixed interest rate (as a percent)	3.78%
Derivative basis spread rate (as a percent)	0.10%
Face Value of Debt	$ 100,000
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2029 Term Loan
Derivative [Line Items]
Notional amount	$ 20,000
Derivative fixed interest rate (as a percent)	1.44%
Face Value of Debt	$ 125,000
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2029 Term Loan \| Weighted Average
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	2.91%
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2030 Term Loan
Derivative [Line Items]
Notional amount	$ 20,000
Derivative fixed interest rate (as a percent)	1.43%
Face Value of Debt	$ 125,000
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| 2030 Term Loan \| Weighted Average
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	2.94%

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 10,092	$ (1,965)	$ 5,530

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

PROVISION FOR IMPAIRMENT (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
PROVISION FOR IMPAIRMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Impairment of Long-Lived Assets
Impairment charges		$ 68	$ 676	$ 1,556
Income Properties
Impairment of Long-Lived Assets
Impairment charges		0	0	929
Interest Income From Commercial Loans and Investments
Impairment of Long-Lived Assets
Impairment charges		$ 68	$ 676	627
Income Property, Westcliff Shopping Center, Fort Worth, Texas \| Income Properties \| Disposal group, Not discontinued operations \| 2023 Dispositions, Income Properties
Impairment of Long-Lived Assets
Impairment charges				$ 900
Income Property, Westcliff Shopping Center, Fort Worth, Texas \| Income Properties \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2023 Dispositions, Income Properties
Impairment of Long-Lived Assets
Impairment charges	$ 900

Document and Entity Information - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Securities Act File Number	001-11350
Entity Registrant Name	CTO REALTY GROWTH, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	59-0483700
Entity Address, Address Line One	369 N. New York Avenue
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Winter Park
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32789
City Area Code	407
Local Phone Number	904-3324
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 545,448
Entity Common Stock, Shares Outstanding		32,559,588
Documents Incorporated by Reference [Text Block]	Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of CTO Realty Growth, Inc.’s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the “Commission”) pursuant to Regulation 14A. The definitive Proxy Statement will be filed with the Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Charlotte, North Carolina
Entity Central Index Key	0000023795
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CTO
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01
Cumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.375% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	CTO/PA
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Mortgage Loans on Real Estate
Balance at Beginning of Year	$ 105,043	$ 61,849	$ 31,908
New Mortgage Loans	13,998	63,273	32,711
Collection of Origination Fees	340	656	158
Accretion of Origination Fees	733	276	137
Collection of Principal	(15,242)	(20,335)	(986)
Foreclosure			(1,452)
Impairment / CECL Reserve	(68)	(676)	(627)
Balance at End of Year	104,804	$ 105,043	$ 61,849
Other Disclosures
Aggregate carrying amount of mortgages for Federal income tax purposes	$ 108,000

INCOME PROPERTIES - Acquisitions (Details) $ in Millions	12 Months Ended
INCOME PROPERTIES - Acquisitions (Details) $ in Millions	Dec. 31, 2025 USD ($) ft² property	Dec. 31, 2024 USD ($) ft² property	Dec. 31, 2023 USD ($) ft² property tenant	Feb. 24, 2023 ft²
INCOME PROPERTIES
Aggregate acquisition cost including capitalized acquisition costs			$ 14.7
Weighted average amortization period of intangible assets	7 years 9 months 18 days
2025 Acquisitions
INCOME PROPERTIES
Purchase price	$ 144.9
Aggregate acquisition cost including capitalized acquisition costs	145.1
Land	56.9
Buildings and improvements	73.3
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	36.6
Intangible liabilities for below market lease value	$ 21.7
Number of real estate properties \| property	2
Weighted average amortization period of intangible assets	4 years 7 months 6 days
2025 Acquisitions \| Ashley Park lifestyle center located in Newnan, GA
INCOME PROPERTIES
Purchase price	$ 79.8
Aggregate acquisition cost including capitalized acquisition costs	$ 80.0
Property square feet \| ft²	559,000
Percentage leased at acquisition	92.00%
Remaining lease term at acquisition date (in years)	4 years 1 month 6 days
2025 Acquisitions \| Pompano Citi Centre located in Pompano Beach, FL
INCOME PROPERTIES
Purchase price	$ 65.1
Aggregate acquisition cost including capitalized acquisition costs	$ 65.1
Property square feet \| ft²	509,000
Percentage leased at acquisition	92.00%
Remaining lease term at acquisition date (in years)	6 years 6 months
2024 Acquisitions
INCOME PROPERTIES
Purchase price		$ 226.8
Aggregate acquisition cost including capitalized acquisition costs		224.4
Land		46.5
Buildings and improvements		156.7
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		32.4
Intangible liabilities for below market lease value		$ 11.2
Weighted average amortization period of intangible assets		5 years 8 months 12 days
2024 Acquisitions \| Three Property Portfolio
INCOME PROPERTIES
Purchase price		$ 137.5
Aggregate acquisition cost including capitalized acquisition costs		$ 135.1
Number of real estate properties \| property		3
2024 Acquisitions \| Three Property Portfolio, Carolina Pavilion in Charlotte, North Carolina
INCOME PROPERTIES
Property square feet \| ft²		686,000
Percentage leased at acquisition		93.00%
Remaining lease term at acquisition date (in years)		5 years 10 months 24 days
2024 Acquisitions \| Three property portfolio, Millenia Crossing in Orlando, Florida
INCOME PROPERTIES
Property square feet \| ft²		100,000
Percentage leased at acquisition		96.00%
Remaining lease term at acquisition date (in years)		6 years 1 month 6 days
2024 Acquisitions \| Three property portfolio, Lake Brandon Village in Tampa, Florida
INCOME PROPERTIES
Property square feet \| ft²		102,000
Percentage leased at acquisition		100.00%
Remaining lease term at acquisition date (in years)		7 years 4 months 24 days
2024 Acquisitions \| Income Property Marketplace at Seminole Towne Center, Sanford, Florida
INCOME PROPERTIES
Purchase price		$ 68.7
Aggregate acquisition cost including capitalized acquisition costs		$ 68.8
Property square feet \| ft²		315,066
Percentage leased at acquisition		98.00%
Remaining lease term at acquisition date (in years)		4 years 8 months 12 days
Number of real estate properties \| property		5
2024 Acquisitions \| Gwinnett project located in Buford, GA
INCOME PROPERTIES
Purchase price		$ 2.3
Property square feet \| ft²		28,100
Remaining lease term at acquisition date (in years)		10 years
Number of real estate properties \| property		1
Area of real estate property acquired \| ft²		4,000
2024 Acquisitions \| Income Property, Vacant Land Parcel Adjacent West Broad Village, Richmond, Virginia
INCOME PROPERTIES
Purchase price		$ 1.5
Number of real estate properties \| property		1
2024 Acquisitions \| Income Property, Granada Plaza At Dunedin, Florida
INCOME PROPERTIES
Purchase price		$ 16.8
Aggregate acquisition cost including capitalized acquisition costs		$ 16.7
Property square feet \| ft²		74,000
Percentage leased at acquisition		95.00%
Remaining lease term at acquisition date (in years)		4 years 2 months 12 days
2023 Acquisitions
INCOME PROPERTIES
Purchase price			80.0
Aggregate acquisition cost including capitalized acquisition costs			80.3
Land			21.2
Buildings and improvements			53.6
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value			8.7
Intangible liabilities for below market lease value			$ 3.2
Weighted average amortization period of intangible assets			5 years 7 months 6 days
2023 Acquisitions \| Gwinnett project located in Buford, GA
INCOME PROPERTIES
Purchase price			$ 14.6
Property square feet \| ft²			24,100	28,100
Remaining lease term at acquisition date (in years)			9 years 10 months 24 days
Number of real estate properties \| property			4
Number of tenant \| tenant			6
2023 Acquisitions \| Income Property, Shopping Center, Rockwall, Texas and Income Property Exchange at Gwinnett, Buford, Georgia
INCOME PROPERTIES
Number of real estate properties \| property			1
2023 Acquisitions \| Income Property, Land Parcel, Adjacent Forsyth Property, Atlanta Georgia
INCOME PROPERTIES
Purchase price			$ 4.3
Number of real estate properties \| property			1
2023 Acquisitions \| Contract for acquisitions of remaining portion of Income Property Exchange at Gwinnett, Buford, Georgia
INCOME PROPERTIES
Purchase price			$ 2.3
Area of real estate property acquired \| ft²			4,000
2023 Acquisitions \| Income Property, Shopping Center, Rockwall, Texas
INCOME PROPERTIES
Purchase price			$ 61.2
Aggregate acquisition cost including capitalized acquisition costs			$ 61.3
Property square feet \| ft²			446,500
Percentage leased at acquisition			95.00%
Remaining lease term at acquisition date (in years)			4 years 2 months 12 days

DEFERRED REVENUE (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Revenue Disclosure [Abstract]

Schedule of components of deferred revenue

Deferred revenue consisted of the following (in thousands):


		As of
		December 31, 2025			December 31, 2024
Prepaid Rent		$	5,055		$	3,698
Interest Reserve from Commercial Loans and Investments			9,559			6,067
Tenant Contributions			4,188			418
Total Deferred Revenue		$	18,802		$	10,183

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2025

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2025

(In thousands)


							Costs Capitalized
			Initial Cost to Company				Subsequent to Acquisition
Description	Encumbrances		Land		Buildings & Improvements		Improvements		Carrying Costs
Income Properties:
Crabby's Oceanside, Daytona Beach, FL		—		5,836		4,249		260		—
LandShark Bar & Grill, Daytona Beach, FL		—		5,836		4,577		10		—
5401 Watson Dr. SE, Albuquerque, NM		—		5,739		29,537		12		—
The Strand at St. Johns Town Center, Jacksonville, FL		—		12,551		36,431		1,498		—
Crossroads Towne Center, Chandler, AZ		—		5,842		38,881		184		—
Ashford Lane, Atlanta, GA		—		37,717		33,422		32,039		—
Beaver Creek Crossings, Apex, NC		—		21,391		39,194		5,362		—
369 N. New York Ave., Winter Park, FL		—		8,537		6,023		1,542		—
The Exchange at Gwinnett, Buford, GA		—		6,980		38,100		85		—
Price Plaza, Katy, TX		17,800		15,633		17,978		1,127		—
Madison Yards, Atlanta, GA		—		19,780		47,938		748		—
West Broad Village, Glen Allen, VA		—		13,650		65,829		4,087		—
Collection at Forsyth, Cummings, GA		—		13,156		75,286		5,619		—
Plaza at Rockwall, Rockwall, TX		—		14,793		42,391		2,738		—
Marketplace at Seminole Towne Center, Sanford, FL		—		12,555		50,336		586		—
Carolina Pavilion, Charlotte, NC		—		18,666		64,106		1,599		—
Lake Brandon Village, Brandon, FL		—		4,426		9,718		—		—
Millenia Crossing, Orlando, FL		—		4,971		18,957		—		—
Granada Plaza, Dunedin, FL		—		4,010		11,921		—		—
Ashley Park, Newnan, GA		—		26,004		40,964		670		—
Pompano Citi Centre, Pompano Beach, FL		—		30,939		32,369		—		—
	$	17,800	$	289,012	$	708,207	$	58,164	$	—

(1)	The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2025 is approximately $844.1 million.

Gross Amount at Which

Carried at Close of Period

December 31, 2025

(In thousands)


	Land		Buildings & Improvements		Total		Accumulated Depreciation			Date of Completion of Construction		Date Acquired		Life
Income Properties:
Crabby's Oceanside, Daytona Beach, FL		5,836		4,509		10,345		1,788		01/25/18		N/A		40 Yrs.
LandShark Bar & Grill, Daytona Beach, FL		5,836		4,587		10,423		1,788		01/25/18		N/A		40 Yrs.
5401 Watson Dr. SE, Albuquerque, NM		5,739		29,549		35,288		8,152		N/A		10/4/2018		45 Yrs.
The Strand at St. Johns Town Center, Jacksonville, FL		12,551		37,929		50,480		8,767		N/A		12/9/2019		48 Yrs.
Crossroads Towne Center, Chandler, AZ		5,842		39,065		44,907		7,754		N/A		1/24/2020		35 Yrs.
Ashford Lane, Atlanta, GA		37,717		65,461		103,176		15,018		N/A		3/18/2020		36 Yrs.
Beaver Creek Crossings, Apex, NC		21,391		44,556		65,947		7,896		N/A		12/2/2021		30 Yrs.
369 N. New York Ave., Winter Park, FL		8,537		7,565		16,102		2,325		N/A		12/20/2021		30 Yrs.
The Exchange at Gwinnett, Buford, GA		6,980		38,185		45,165		4,309		N/A		12/30/2021		45 Yrs.
Price Plaza, Katy, TX		15,633		19,105		34,738		4,218		N/A		3/3/2022		25 Yrs.
Madison Yards, Atlanta, GA		19,780		48,686		68,466		4,719		N/A		7/8/2022		42 Yrs.
West Broad Village, Glen Allen, VA		13,650		69,916		83,566		9,263		N/A		10/14/2022		40 Yrs.
Collection at Forsyth, Cummings, GA		13,156		80,905		94,061		12,258		N/A		12/29/2022		31 Yrs.
Plaza at Rockwall, Rockwall, TX		14,793		45,129		59,922		5,242		N/A		6/9/2023		40 Yrs.
Marketplace at Seminole Towne Center, Sanford, FL		12,555		50,922		63,477		3,026		N/A		3/20/2024		45 Yrs.
Carolina Pavilion, Charlotte, NC		18,666		65,705		84,371		5,944		N/A		8/20/2024		25 Yrs.
Lake Brandon Village, Brandon, FL		4,426		9,718		14,144		961		N/A		8/20/2024		20 Yrs.
Millenia Crossing, Orlando, FL		4,971		18,957		23,928		1,089		N/A		8/20/2024		40 Yrs.
Granada Plaza, Dunedin, FL		4,010		11,921		15,931		502		N/A		12/16/2024		35 Yrs.
Ashley Park, Newnan, GA		26,004		41,634		67,638		2,248		N/A		3/3/2025		31 Yrs.
Pompano Citi Centre, Pompano Beach, FL		30,939		32,369		63,308		—		N/A		12/17/2025		30 Yrs.
	$	289,012	$	766,371	$	1,055,383	$	107,268

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2025

(In thousands)


	2025		2024		2023
Cost:
Balance at Beginning of Year	$	978,228	$	781,621	$	763,959
Additions and Improvements		145,632		227,843		97,772
Cost of Real Estate Sold		(68,477)		(31,236)		(80,110)
Balance at End of Year	$	1,055,383	$	978,228	$	781,621

Accumulated Depreciation:
Balance at Beginning of Year		82,864		51,425		35,512
Depreciation and Amortization		35,188		34,063		25,664
Depreciation on Real Estate Sold		(10,784)		(2,624)		(9,751)
Balance at End of Year	$	107,268	$	82,864	$	51,425

Reconciliation to Consolidated Balance Sheet at December 31, 2025:
Income Properties, Land, Buildings, and Improvements	$	1,055,383	$	978,228
		1,055,383		978,228
Cost Basis of Assets Classified as Held for Sale on Balance Sheet		—		—
Total Per Schedule	$	1,055,383	$	978,228

MANAGEMENT SERVICES BUSINESS

12 Months Ended

Dec. 31, 2025

Property Management Fee [Abstract]

MANAGEMENT SERVICES BUSINESS

NOTE 5. MANAGEMENT SERVICES BUSINESS

The Company’s management fee income is within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers, and totaled $4.8 million, $4.6 million, and $4.4 million during the years ended December 31, 2025, 2024, and 2023, respectively. Management fee income is recognized as revenue over time, over the period the services are performed.

Related Party Management of Alpine Income Property Trust. Pursuant to the Company’s management agreement with PINE, the Company generates a base management fee equal to 0.375% per quarter of PINE’s total equity (as defined in the management agreement and based on a 1.5% annual rate), calculated and payable in cash, quarterly in arrears. On December 5, 2025, the Company waived a portion of the base management fee attributable to the inclusion of the net cash proceeds from the issuance of PINE’s Series A Preferred Stock in PINE’s “total equity” (the “Incremental Equity Base”), such that the base management fee rate on the Incremental Equity Base is equal to 0.75% per annum (0.1875% per fiscal quarter), instead of 1.50% per annum (0.375% per fiscal quarter), as provided in the management agreement. The Company also has an opportunity to achieve additional cash flows as manager of PINE pursuant to an annual incentive fee based on PINE’s total stockholder return exceeding an 8% cumulative annual hurdle rate (the “Outperformance Amount”) subject to a high-water mark price. PINE would pay the Company an incentive fee with respect to each annual measurement period in an amount equal to the greater of (i) $0.00 and (ii) the product of (a) 15% multiplied by (b) the Outperformance Amount multiplied by (c) the weighted average shares. No incentive fee was earned for the years ended December 31, 2025, 2024, or 2023.

During the years ended December 31, 2025, 2024, and 2023, the Company earned management fee revenue from PINE totaling $4.4 million, $4.2 million, and $4.3 million, respectively. Dividend income for the years ended December 31, 2025, 2024, and 2023 totaled $2.8 million, $2.6 million, and $2.5 million, respectively. Management fee revenue from PINE, included in management services, and dividend income, included in investment and other income (loss), are reflected in the accompanying consolidated statements of operations.

The following table represents amounts due from PINE to the Company as of December 31, 2025 and 2024 which are included in other assets on the consolidated balance sheets (in thousands):


		As of
Description		December 31, 2025		December 31, 2024
Management Services Fee Due From PINE		$	1,142	$	1,098
Dividend Receivable			349		343
Other			888		27
Total		$	2,379	$	1,468

On November 26, 2019, as part of PINE’s IPO, the Company sold PINE 15 properties for aggregate cash consideration of $125.9 million. In connection with the IPO, the Company contributed to the PINE Operating Partnership five properties in exchange for an aggregate of 1,223,854 OP Units, which had an initial value of $23.3 million. Additionally, on November 26, 2019, the Company purchased 394,737 shares of PINE common stock for a total purchase price of $7.5 million in a private placement and 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million.

On October 26, 2021, the Company’s Board of Directors authorized the purchase by the Company of up to $5.0 million in shares of common stock of PINE (the “Prior PINE Share Purchase Authorization”). Pursuant to the Prior PINE Share Purchase Authorization, during the year ended December 31, 2022, CTO purchased 155,665 shares of PINE common stock in the open market for $2.7 million, or an average price per share of $17.57. Pursuant to the Prior PINE Share Purchase Authorization, during the year ended December 31, 2021, the Company purchased 8,088 shares of PINE common stock on the open market for a total of $0.1 million, or an average price of $17.65 per share.

On February 16, 2023, the Company’s Board of Directors cancelled the Prior PINE Share Purchase Authorization and authorized the purchase by the Company of up to $2.1 million in shares of common stock of PINE (the “2023 PINE Share Purchase Authorization”). Pursuant to the 2023 PINE Share Purchase Authorization, during the year ended December 31, 2023, the Company purchased 129,271 shares of PINE common stock on the open market for a total of $2.1 million, or an average price of $16.21 per share.

On December 12, 2023, the Board authorized the purchase by the Company of up to $2.0 million in shares of

common stock of PINE (the “December 2023 PINE Share Purchase Authorization”). No purchases of PINE common stock were made pursuant to the December 2023 PINE Share Purchase Authorization during the three months ended December 31, 2023. Pursuant to the December 2023 PINE Share Purchase Authorization, during the year ended December 31, 2024, the Company purchased 29,807 shares of PINE common stock on the open market for a total of $0.4 million, or an average price of $14.97 per share. During the year ended December 31, 2025, the Company purchased 109,081 shares of PINE common stock on the open market for a total of $1.6 million, or an average price of $14.24 per share, which completed the December 2023 PINE Share Purchase Authorization.

On October 21, 2025, the Company’s Board of Directors authorized the purchase by the Company of up to $3.0 million in shares of common stock of PINE (the “October 2025 PINE Share Purchase Authorization”). No purchases of PINE common stock were made pursuant to the October 2025 PINE Share Purchase Authorization during the year ended December 31, 2025.

As of December 31, 2025, CTO owns, in the aggregate, 1,223,854 OP Units and 1,247,702 shares of PINE common stock, representing an investment totaling $41.3 million, or 15.4% of PINE’s outstanding common equity.

During the year ended December 31, 2022, PINE exercised its right, pursuant to an Exclusivity and Right of First Offer Agreement between the Company and PINE (the “ROFO Agreement”), to purchase one single-tenant income property from the Company for a purchase price of $6.9 million, which sale was completed on January 7, 2022. During the year ended December 31, 2021, PINE exercised its right to purchase the following properties from the Company pursuant to the ROFO Agreement: (i) a portfolio of six net leased properties (the “CMBS Portfolio”) for an aggregate purchase price of $44.5 million, and (ii) one single-tenant income property for a purchase price of $11.5 million. In connection with the sale of the CMBS Portfolio, PINE assumed the related $30.0 million mortgage note payable which resulted in a loss on the extinguishment of debt of $0.5 million due to the write off of unamortized debt issuance costs.

Portfolio Management Agreement. On December 4, 2023, the Company entered into an asset management agreement with a third party to manage a portfolio of multi-tenant and single-tenant assets (the “Portfolio Management Agreement”). Although the Company has no direct relationship with the third party, PINE is a lender to the third-party pursuant to a mortgage note originated by PINE which is secured by the portfolio. The Company receives (or expects to receive) asset management fees, disposition management fees, leasing commissions, and other fees related to the Company’s management and administration of the portfolio pursuant to the Portfolio Management Agreement. The Company also entered into a revenue sharing agreement with PINE whereby PINE will receive the portion of fees earned by the Company under the Portfolio Management Agreement which are attributable to the single tenant properties within the portfolio. During each of the years ended December 31, 2025 and 2024, the Company recognized $0.3 million of revenue pursuant to the Portfolio Management Agreement. During the year ended December 31, 2023, the Company recognized less than $0.1 million of such revenue, which is included in management fee income on the Company’s consolidated statements of operations.

Asset Management Agreement. On February 16, 2024, the Company entered into the Subsurface Management Agreement with a third party in conjunction with the sale of the Company’s remaining Subsurface Interests, as further described in Note 6, “Real Estate Operations” below. Pursuant to the Subsurface Management Agreement, the Company receives management and other fees. During each of the years ended December 31, 2025 and 2024, the Company recognized $0.1 million of revenue pursuant to the Subsurface Management Agreement, which is included in management fee income on the Company’s consolidated statement of operations.

PROVISION FOR IMPAIRMENT

12 Months Ended

Dec. 31, 2025

Asset Impairment Charges [Abstract]

PROVISION FOR IMPAIRMENT

NOTE 11. PROVISION FOR IMPAIRMENT

In the aggregate, $0.1 million, $0.7 million and $1.5 million of impairment charges were recorded during the years ended December 31, 2025, 2024 and 2023, respectively, as described below by segment.

Income Properties. The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques.

There were no impairment charges on the Company’s income property portfolio during the years ended December 31, 2025 or 2024.

During the year ended December 31, 2023, the Company recorded a $0.9 million impairment charge on the sale of the Westcliff Property. The purchase and sale agreement for the Company’s sale of the Westcliff Property was executed on July 28, 2023. The impairment charge of $0.9 million represents the sales price, less the book value of the asset as of September 30, 2023, less costs to sell. The sale of the Westcliff Property closed on October 12, 2023.

Commercial Loans and Investments. Pursuant to ASC 326, Financial Instruments - Credit Losses, the Company measures and records a provision for CECL each time a new investment is made or a loan is repaid, as well as if changes to estimates occur during a quarterly measurement period. We are unable to use historical data to estimate expected credit losses, as we have incurred no losses to date. Management utilizes a loss-rate method and considers macroeconomic factors to estimate its CECL allowance, which is calculated based on the amortized cost basis of the commercial loans.

The Company recorded impairment charges of $0.1 million, $0.7 million and $0.6 million related to its commercial loans and investments portfolio during the years ended December 31, 2025, 2024 and 2023, respectively

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of provisions for income tax benefit (expense)

Total income tax benefit (expense) is summarized as follows (in thousands):


		Year Ended December 31,
		2025			2024			2023
Income Tax Benefit (Expense)		$	(446)		$	339		$	(604)

The provisions for income tax benefit (expense) are summarized as follows (in thousands):


		Year Ended December 31,
		2025			2024			2023
Income Tax Benefit (Expense):
Current:
Federal		$	(288)		$	(119)		$	(83)
State			—			—			—
Total Current			(288)			(119)			(83)
Deferred:
Federal			(85)			405			(427)
State			(73)			53			(94)
Total Deferred			(158)			458			(521)
Total Income Tax Benefit (Expense):		$	(446)		$	339		$	(604)

Summary of deferred income tax assets (liabilities)

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands):


		Year Ended December 31,
		2025			2024
Deferred Income Tax Assets
Capital Loss Carryforward		$	1,493		$	1,506
Net Operating Loss Carryforward			2,388			2,499
Gross Deferred Income Tax Assets			3,881			4,005
Less - Valuation Allowance			(1,493)			(1,506)
Net Deferred Income Tax Assets			2,388			2,499
Deferred Income Tax Liabilities
Unrealized Gain on Investment Securities			(79)			(32)
Total Deferred Income Tax Liabilities			(79)			(32)
Net Deferred Income Tax Liabilities		$	2,309		$	2,467

Schedule of reconciliation of income tax computed at the federal statutory rate

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2025, 2024, and 2023, individually, for continuing operations (in thousands):


		Year Ended December 31,
		2025					2024					2023
Income Tax Benefit (Expense) Computed at Federal Statutory Rate		$	21	0.2	%		$	384	16.7	%		$	(353)	(5.8)	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit ⁽¹⁾			5	0.0	%			101	4.4	%			(92)	(1.5)	%
Income Tax on Permanently Non-Deductible Items			(279)	(2.6)	%			(153)	(6.6)	%			(158)	(2.6)	%
Change in Valuation Allowance			13	0.1	%			157	6.8	%			113	1.8	%
State Franchise Tax Expense of REIT ⁽²⁾			(183)	(1.7)	%			—	0.0	%			—	0.0	%
Other Reconciling Items			(23)	(0.2)	%			(150)	(6.5)	%			(114)	(1.9)	%
Benefit (Expense) for Income Taxes		$	(446)	(4.2)	%		$	339	14.7	%		$	(604)	(9.8)	%

(1)

Represents state income taxes in the State of Florida.

(2)

State franchise tax expense of the REIT is included in Other Reconciling Items for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09.

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Commercial Loan Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 159,650	$ 143,238
Totals	105,944	106,115
CECL Reserve	(1,140)	(1,072)
Commercial Loans and Investments	$ 104,804	$ 105,043	$ 61,849	$ 31,908
Preferred Investment - Watters Creek - Allen, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	9.50%
Face Amount of Mortgages	$ 30,000
Totals	$ 29,980
Mortgage Note - Founders Square - Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	8.75%
Face Amount of Mortgages	$ 15,000
Totals	$ 14,992
Series A Preferred Investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	14.00%
Face Amount of Mortgages	$ 10,000
Totals	$ 9,929
Construction Loan - Rivana - Herndon, VA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	11.50%
Face Amount of Mortgages	$ 59,450
Totals	$ 32,478
Construction Loan - Whole Foods - Forsyth, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	12.15%
Face Amount of Mortgages	$ 40,200
Totals	$ 13,588
Mortgage Note - Mainstreet - Daytona Beach, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Coupon Rate	6.50%
Face Amount of Mortgages	$ 5,000
Totals	$ 4,977

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Current Face Amount	$ 618,800
Financing Costs, net of Accumulated Amortization	(2,455)	$ (1,796)
Total Long-Term Debt	$ 616,345	$ 518,993

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

COMMERCIAL LOANS AND INVESTMENTS - Summary of Commercial Loan Investments (Details)				12 Months Ended
	Jan. 01, 2026	Jul. 11, 2024 USD ($) $ / shares shares	Apr. 07, 2022 USD ($) item	Dec. 31, 2025 USD ($) loan $ / shares	Dec. 31, 2024 USD ($) loan $ / shares	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Mortgage Loans on Real Estate
Increase in face amount of mortgages				$ 16,000,000
Existing construction loans				14,339,000	$ 63,930,000	$ 32,869,000
Fee income				$ 300,000
Origination fee (as percentage)				1.30%
Principal Payments Received on Commercial Loans and Investments				$ 15,242,000	$ 20,335,000	986,000
Amount funded						$ 32,900,000
Number of loans for a total investment \| loan						2
Dividend rate (as a percent)				6.375%	6.375%
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount				$ 159,650,000	$ 143,238,000
Current Face Amount				108,050,000	107,163,000	$ 30,400,000
Carrying Value				105,944,000	106,115,000
CECL Reserve				(1,140,000)	(1,072,000)
Total Commercial Loans and Investments				104,804,000	105,043,000	$ 61,849,000	$ 31,908,000
Preferred Investment - Watters Creek - Allen, TX
Mortgage Loans on Real Estate
Number of extension options \| item			2
Extension options terms (in years)			1 year
Percentage of funding towards total investment (as a percent)			23.00%
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount				30,000,000	30,000,000
Current Face Amount			$ 30,000,000	30,000,000	30,000,000
Carrying Value				$ 29,980,000	$ 29,987,000
Coupon Rate			8.50%	9.50%	9.00%
Mortgage Note - Founders Square - Dallas, TX
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount				$ 15,000,000	$ 15,000,000
Current Face Amount				15,000,000	15,000,000
Carrying Value				$ 14,992,000	$ 14,942,000
Coupon Rate				8.75%	8.75%
Mortgage Note - Founders Square - Dallas, TX \| Subsequent Event
COMMERCIAL LOANS AND INVESTMENTS
Coupon Rate	9.50%
Mortgage Note - Rivana - Herndon, VA
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount					$ 42,000,000
Current Face Amount					42,000,000
Carrying Value					$ 41,530,000
Coupon Rate					11.00%
Mortgage Note, Main Street, Daytona Beach, FL
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount				$ 5,000,000
Current Face Amount				5,000,000
Carrying Value				$ 4,977,000
Coupon Rate				6.50%
Series A Preferred Investment
Mortgage Loans on Real Estate
Fee income		$ 100,000
Origination fee (as percentage)		1.00%
Shares acquired in exchange of escrow deposit \| shares		10,000
Origination fee			$ 0.15
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount				$ 10,000,000	$ 10,000,000
Current Face Amount		$ 10,000,000	$ 30,000,000	10,000,000	10,000,000
Carrying Value				$ 9,929,000	$ 9,910,000
Coupon Rate				14.00%	14.00%
Series A Preferred Investment \| Series A preferred stock
Mortgage Loans on Real Estate
Dividend rate (as a percent)		14.00%
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01
Construction Loan - Rivana - Herndon, VA
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount				$ 59,450,000
Current Face Amount				34,246,000
Carrying Value				$ 32,478,000
Coupon Rate				11.50%
Construction Loan - Rivana - Herndon, VA \| Subsequent Event
COMMERCIAL LOANS AND INVESTMENTS
Coupon Rate	12.00%
Coupon Rate Paid In Cash	10.00%
Coupon Paid-In-Kind Interest Rate	2.00%
Construction Loan - Whole Foods - Forsyth, GA
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount				$ 40,200,000	$ 40,200,000
Current Face Amount				13,804,000	4,125,000
Carrying Value				$ 13,588,000	$ 3,748,000
Coupon Rate				12.15%	12.15%
Promissory Note - Main Street - Daytona Beach, FL
Mortgage Loans on Real Estate
Principal Payments Received on Commercial Loans and Investments				$ 400,000
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount					$ 400,000
Current Face Amount					400,000
Carrying Value					$ 400,000
Coupon Rate					7.00%
Construction Loan - Hypoluxo - Lake Worth, FL
Mortgage Loans on Real Estate
Principal Payments Received on Commercial Loans and Investments				5,600,000
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount					$ 5,638,000
Current Face Amount					5,638,000
Carrying Value					$ 5,598,000
Coupon Rate					11.00%
Mortgage note
COMMERCIAL LOANS AND INVESTMENTS
Current Face Amount				$ 5,000,000
Coupon Rate				10.70%
Commercial Loan Investments
Mortgage Loans on Real Estate
Existing construction loans				$ 0	$ 63,900,000
Principal Payments Received on Commercial Loans and Investments					$ 20,300,000
Number of new commercial loan or investments \| loan					4
COMMERCIAL LOANS AND INVESTMENTS
Current Face Amount				21,000,000	$ 104,000,000
Coupon Rate					11.70%
Construction Loans
Mortgage Loans on Real Estate
Existing construction loans				$ 9,300,000
Number of construction loans committed to fund \| loan				2
COMMERCIAL LOANS AND INVESTMENTS
Current Face Amount				$ 51,600,000

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Assets And Liabilities
Sub-total Intangible Lease Assets	$ 152,361	$ 134,175
Accumulated Amortization	(67,651)	(54,977)
Sub-total Intangible Lease Assets-Net	84,710	79,198
Intangible Lease Liabilities:
Value of Below Market In-Place Leases	(42,144)	(21,448)
Sub-total Intangible Lease Liabilities	(42,144)	(21,448)
Accumulated Amortization	10,658	6,324
Sub-total Intangible Lease Liabilities-Net	(31,486)	(15,124)
Total Intangible Assets and Liabilities-Net	53,224	64,074
Value of In-Place Leases
Intangible Assets And Liabilities
Sub-total Intangible Lease Assets	99,346	85,913
Value of Above Market In-Place Leases
Intangible Assets And Liabilities
Sub-total Intangible Lease Assets	23,052	23,873
Value of Intangible Leasing Costs
Intangible Assets And Liabilities
Sub-total Intangible Lease Assets	$ 29,963	$ 24,389

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Total Cost of Share-Based Plans Charged Against Income	$ 4,158	$ 3,637	$ 3,673

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 1,236	$ 2,619
Reserve for Tenant Improvements	1,094	1,424
Tenant Security Deposits	3,233	2,833
Accrued Construction Costs	6,926	3,988
Accrued Interest	690	1,133
Environmental Reserve	40	47
Cash Flow Hedge - Interest Rate Swaps	3,404
Operating Leases - Liability	$ 229	$ 293
Operating Lease, Liability, Statement of Financial Position	Total Accrued and Other Liabilities	Total Accrued and Other Liabilities
Construction and Other Reserves from Commercial Loans and Investments	$ 3,031	$ 2,279
Other	8,302	6,652
Total Accrued and Other Liabilities	$ 28,185	$ 21,268

COMMERCIAL LOANS AND INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of components of commercial loan investment portfolio

The Company’s commercial loans and investments were comprised of the following at December 31, 2025 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Preferred Investment – Watters Creek – Allen, TX		April 2022		April 2026		$	30,000		$	30,000		$	29,980		9.50%
Mortgage Note – Founders Square – Dallas, TX⁽¹⁾		March 2023		March 2027			15,000			15,000			14,992		8.75%
Series A Preferred Investment		July 2024		July 2029			10,000			10,000			9,929		14.00%
Construction Loan - Rivana - Herndon, VA ⁽²⁾		September 2024		September 2028			59,450			34,246			32,478		11.50%
Construction Loan - Whole Foods - Forsyth, GA		November 2024		May 2027			40,200			13,804			13,588		12.15%
Mortgage Note - Mainstreet - Daytona Beach, FL		August 2025		August 2030			5,000			5,000			4,977		6.50%
						$	159,650		$	108,050		$	105,944
CECL Reserve													(1,140)
Total Commercial Loans and Investments												$	104,804

(1)

Coupon rate increases to 9.5% effective January 1, 2026.

(2)

Future draws funded will have a 12.0% coupon rate including 10% cash and 2.0% accrued paid-in-kind interest.

The Company’s commercial loans and investments were comprised of the following at December 31, 2024 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Preferred Investment – Watters Creek – Allen, TX		April 2022		April 2025		$	30,000		$	30,000		$	29,987		9.00%
Mortgage Note – Founders Square – Dallas, TX		March 2023		March 2026			15,000			15,000			14,942		8.75%
Promissory Note – Main Street – Daytona Beach, FL		June 2023		May 2033			400			400			400		7.00%
Construction Loan - Hypoluxo - Lake Worth, FL		March 2024		June 2025			5,638			5,638			5,598		11.00%
Series A Preferred Investment		July 2024		July 2029			10,000			10,000			9,910		14.00%
Mortgage Note - Rivana - Herndon, VA		September 2024		September 2026			42,000			42,000			41,530		11.00%
Construction Loan - Whole Foods - Forsyth, GA		November 2024		May 2027			40,200			4,125			3,748		12.15%
						$	143,238		$	107,163		$	106,115
CECL Reserve													(1,072)
Total Commercial Loans and Investments												$	105,043

The carrying value of the commercial loans and investment portfolio at December 31, 2025 and 2024 consisted of the following (in thousands):


		As of
		December 31, 2025			December 31, 2024
Current Face Amount		$	108,050		$	107,163
Unaccreted Origination Fees			(778)			(1,048)
Unaccreted Exit Fees			(1,328)			—
CECL Reserve			(1,140)			(1,072)
Total Commercial Loans and Investments		$	104,804		$	105,043

DEFERRED REVENUE (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Revenue Disclosure [Abstract]
Prepaid Rent	$ 5,055	$ 3,698
Interest Reserve from Commercial Loans and Investments	9,559	6,067
Tenant Contributions	4,188	418
Total Deferred Revenue	$ 18,802	$ 10,183

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 21. INCOME TAXES

The Company elected to be taxed as a REIT for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2020. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, the Company holds certain of its non-REIT assets and operations through taxable REIT subsidiaries (“TRSs”) and subsidiaries of TRSs, which are subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the taxable year ended December 31, 2023, the Company held a total of two TRSs, each subject to taxation and the separate filing of its corporate income tax returns. Effective on January 1, 2024 and through December 31, 2025, the Company owns one TRS, which is subject to federal and applicable state income taxation. The TRS is required to file a separate corporate income tax return. Income taxes related to the Company’s TRS do not materially impact the consolidated financial statements of the Company.

As a result of the Company’s election to be taxed as a REIT, during the year ended December 31, 2020, an $82.5 million deferred tax benefit was recorded to de-recognize the deferred tax assets and liabilities associated with the entities included in the REIT. A significant portion of the deferred tax benefit recognized related to the de-recognition of deferred tax liabilities resulting from Internal Revenue Code Section 1031 like-kind exchanges (“1031 Exchanges”). The Company was subject to corporate income taxes related to assets held by it that it sold during the 5-year period following the date of conversion to the extent such sold assets had a built-in gain as of January 1, 2020. The Company disposed of certain, primarily single-tenant REIT assets after the REIT conversion within the 5-year period. All such sales were completed using 1031 Exchanges or other deferred tax structures to mitigate the built-in gain tax liability of conversion.

Total income tax benefit (expense) is summarized as follows (in thousands):


		Year Ended December 31,
		2025			2024			2023
Income Tax Benefit (Expense)		$	(446)		$	339		$	(604)

The provisions for income tax benefit (expense) are summarized as follows (in thousands):


		Year Ended December 31,
		2025			2024			2023
Income Tax Benefit (Expense):
Current:
Federal		$	(288)		$	(119)		$	(83)
State			—			—			—
Total Current			(288)			(119)			(83)
Deferred:
Federal			(85)			405			(427)
State			(73)			53			(94)
Total Deferred			(158)			458			(521)
Total Income Tax Benefit (Expense):		$	(446)		$	339		$	(604)

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands):


		Year Ended December 31,
		2025			2024
Deferred Income Tax Assets
Capital Loss Carryforward		$	1,493		$	1,506
Net Operating Loss Carryforward			2,388			2,499
Gross Deferred Income Tax Assets			3,881			4,005
Less - Valuation Allowance			(1,493)			(1,506)
Net Deferred Income Tax Assets			2,388			2,499
Deferred Income Tax Liabilities
Unrealized Gain on Investment Securities			(79)			(32)
Total Deferred Income Tax Liabilities			(79)			(32)
Net Deferred Income Tax Liabilities		$	2,309		$	2,467

In assessing the realizability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2025 and 2024, the Company had $2.4 million and $2.5 million in deferred tax assets related to net operating loss (“NOL”) carryforwards, respectively. The Tax Cuts and Jobs Act allows for indefinite carryforwards for all NOLs generated in taxable years beginning after December 31, 2017. Accordingly, as of December 31, 2025 and 2024, no valuation allowance was considered necessary related to the Company’s NOL carryforwards. The Company had a capital loss carryforwards totaling $5.9 million for each of the years ended December 31, 2025 and 2024. Although the Company utilized less than $0.1 million, $0.4 million, and $0.6 million of the capital loss carryforwards during the years ended December 31, 2025, 2024, and 2023, respectively, the Company does not currently anticipate being able to fully utilize the remaining capital loss

carryforwards prior to their expiration on December 31, 2026 and, accordingly, has allowed for the $1.5 million deferred tax asset in full for each of the years ending December 31, 2025 and 2024.

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2025, 2024, and 2023, individually, for continuing operations (in thousands):


		Year Ended December 31,
		2025					2024					2023
Income Tax Benefit (Expense) Computed at Federal Statutory Rate		$	21	0.2	%		$	384	16.7	%		$	(353)	(5.8)	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit ⁽¹⁾			5	0.0	%			101	4.4	%			(92)	(1.5)	%
Income Tax on Permanently Non-Deductible Items			(279)	(2.6)	%			(153)	(6.6)	%			(158)	(2.6)	%
Change in Valuation Allowance			13	0.1	%			157	6.8	%			113	1.8	%
State Franchise Tax Expense of REIT ⁽²⁾			(183)	(1.7)	%			—	0.0	%			—	0.0	%
Other Reconciling Items			(23)	(0.2)	%			(150)	(6.5)	%			(114)	(1.9)	%
Benefit (Expense) for Income Taxes		$	(446)	(4.2)	%		$	339	14.7	%		$	(604)	(9.8)	%

(1)

Represents state income taxes in the State of Florida.

(2)

State franchise tax expense of the REIT is included in Other Reconciling Items for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09.

The effective income tax rate assumes a blended rate for estimated state and local taxes on its income and property. The effective income tax rate for the years ended December 31, 2025, 2024, and 2023 was (4.2)%, 14.7%, and (9.8)%, respectively. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. There were no discrete events during the years ended December 31, 2025, 2024 or 2023.

For prior taxable years through the year ended December 31, 2024, the Company has filed a consolidated income tax return in the United States Federal jurisdiction, and in all required states. The Internal Revenue Service (“IRS”) has audited the federal tax returns through the year 2013, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2015, with all proposed adjustments settled. For the years ended December 31, 2025, 2024, and 2023, the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision (benefit) in the applicable period.

Income tax payments, net of refunds received, totaled $0.2 million during the year ended December 31, 2025. Income tax refunds received, net of payments made, totaled $0.1 million in each of the years ended December 31, 2024 and 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

INTEREST RATE SWAPS

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

INTEREST RATE SWAPS

NOTE 17. INTEREST RATE SWAPS

The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the years ended December 31, 2025, 2024, and 2023. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income (loss). The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements are noted below (in thousands):


Hedged Item ⁽¹⁾	Effective Date	Maturity Date	Rate	Amount		Fair Value as of December 31, 2025
2027 Term Loan	3/29/2024	1/31/2027	1.35% + 0.10% + applicable spread	$	100,000	$	2,154
2027 Term Loan⁽²⁾	1/29/2027	1/30/2032	3.75% + 0.10% + applicable spread	$	60,000	$	(656)
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(519)
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(523)
2028 Term Loan ⁽²⁾	1/31/2028	1/31/2033	3.81% + 0.10% + applicable spread	$	60,000	$	(309)
2029 Term Loan⁽³⁾	3/29/2024	3/10/2026	1.44% + applicable spread	$	20,000	$	84
2029 Term Loan	1/31/2023	1/31/2030	3.27% + applicable spread	$	50,000	$	149
2029 Term Loan	1/31/2023	1/31/2030	3.26% + applicable spread	$	33,000	$	110
2029 Term Loan	1/31/2023	1/31/2030	3.36% + applicable spread	$	17,000	$	(5)
2029 Term Loan⁽³⁾	3/29/2024	3/10/2026	1.48% + applicable spread	$	5,000	$	21
2029 Term Loan⁽²⁾ ⁽³⁾	3/10/2026	3/10/2031	3.83% + applicable spread	$	20,000	$	(377)
2029 Term Loan⁽²⁾	3/10/2026	1/30/2030	3.26% + applicable spread	$	5,000	$	13
2030 Term Loan⁽³⁾	3/29/2024	3/10/2026	1.43% + applicable spread	$	20,000	$	84
2030 Term Loan⁽⁴⁾	4/30/2025	4/30/2030	3.41% + applicable spread	$	50,000	$	(101)
2030 Term Loan⁽⁴⁾	4/30/2025	4/30/2030	3.23% + applicable spread	$	50,000	$	265
2030 Term Loan⁽³⁾	3/29/2024	3/10/2026	1.48% + applicable spread	$	5,000	$	21
2030 Term Loan⁽²⁾ ⁽³⁾	3/10/2026	3/10/2031	3.78% + applicable spread	$	20,000	$	(333)
2030 Term Loan⁽²⁾	3/10/2026	4/30/2030	3.27% + applicable spread	$	5,000	$	15
Credit Facility	2/1/2024	1/31/2028	3.85% + 0.10% + applicable spread	$	50,000	$	(581)
Credit Facility ⁽³⁾	9/30/2022	3/10/2026	0.70% + 0.10% + applicable spread	$	15,000	$	83

⁽¹⁾	Effective September 30, 2022 the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR.

⁽²⁾	The Company entered into forward swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans.

⁽³⁾	Effective September 30, 2025, the Company redesignated certain interest rate swaps from its 2026 Term Loan to its 2029 and 2030 Term Loans.

⁽⁴⁾	Effective September 30, 2025, the Company redesignated certain interest rate swaps from its Credit Facility to its 2030 Term Loan.

The use of interest rate swap agreements carries risks, including the risk that the counterparties to these agreements are not able to perform. To mitigate this risk, the Company enters into interest rate swap agreements with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not currently anticipate that any of the counterparties to the Company’s interest rate swap agreements will fail to meet their obligations. As of December 31, 2025 and 2024, there were no events of default related to the Company's interest rate swap agreements.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
Income Properties, Land, Buildings, and Improvements	$ 1,055,383	$ 978,228
Total	$ 1,055,383	$ 978,228	$ 781,621	$ 763,959

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Assets
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts	$ 3,936	$ 3,745
Income Property Straight-line Rent Adjustment	8,889	7,437
Income Property Leasing Commissions and Costs, Net	9,303	7,594
Operating Leases - Right-of-Use Asset	$ 241	$ 305
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Total Other Assets	Total Other Assets
Cash Flow Hedge - Interest Rate Swap	$ 2,999	$ 12,517
Infrastructure Reimbursement Receivables	156	312
Prepaid Expenses, Deposits, and Other	7,614	1,676
Financing Costs, Net of Accumulated Amortization	690	1,147
Total Other Assets	36,207	36,201
Allowance for doubtful accounts	2,600	1,900
Related Party
Other Assets
Other receivables	$ 2,379	$ 1,468

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - Performance shares - share based payment arrangement tranche one - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
STOCK-BASED COMPENSATION
Performance period	3 years
Compensation cost
Unrecognized compensation cost	$ 1.9
Weighted average period of recognition of unrecognized compensation cost	1 year 9 months 18 days
Shares
Nonvested (in shares)	208,003	237,375	230,247
Granted (in shares)	110,270	100,391	88,754
Vested (in shares)	(55,386)	(85,938)	(72,141)
Forfeited (in shares)		(43,825)	(9,485)
Nonvested (in shares)	262,887	208,003	237,375
Weighted Average Fair Value
Nonvested (in dollars per share)	$ 17.68	$ 18.08	$ 16.85
Granted (in dollars per share)	20.68	15.28	18.1
Vested (in dollars per share)	20.76	15.99	14.17
Forfeited (in dollars per share)		17.67	18.1
Nonvested (in dollars per share)	$ 18.29	$ 17.68	$ 18.08
Minimum
STOCK-BASED COMPENSATION
Vesting percentage	0.00%
Maximum
STOCK-BASED COMPENSATION
Vesting percentage	150.00%

LONG-TERM DEBT - Interest Expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Debt Disclosure [Abstract]

Interest Expense

$ 25,603

$ 21,315

$ 21,230

Amortization of Deferred Financing Costs

1,280

1,047

970

Amortization of Discount on Convertible Notes

159

Total Interest Expense

26,928

22,521

22,359

Total Interest Paid

^[1]

$ 26,303

$ 21,206

$ 21,636

[1]	Includes $0.3 million of capitalized interest during the years ended December 31, 2025, 2024 and 2023, respectively.

BUSINESS SEGMENT DATA - Capital Expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
BUSINESS SEGMENT DATA
Total Capital Expenditures	$ 174,566	$ 305,828	$ 135,818
Operating Segments \| Income Properties
BUSINESS SEGMENT DATA
Total Capital Expenditures	160,189	241,859	102,688
Operating Segments \| Commercial Loans and Investments
BUSINESS SEGMENT DATA
Total Capital Expenditures	14,339	63,930	32,869
Corporate and Other
BUSINESS SEGMENT DATA
Total Capital Expenditures	$ 38	$ 39	$ 261

LONG-TERM DEBT - Credit Facility (Details) - USD ($)		3 Months Ended	12 Months Ended
LONG-TERM DEBT - Credit Facility (Details) - USD ($)	Sep. 20, 2020	Jun. 30, 2021	Dec. 31, 2025	Sep. 20, 2022	Sep. 19, 2022	Nov. 05, 2021	Mar. 10, 2021	Mar. 09, 2021	Sep. 07, 2017
Long-term debt
Outstanding Principal			$ 618,800,000
Credit Facility
Long-term debt
Maximum borrowing capacity									$ 200,000,000
Maximum borrowing capacity, after possible increase									$ 300,000,000
Debt Instrument, Variable Interest Rate, Type			us-gaap:SecuredOvernightFinancingRateSofrMember
Debt instrument, variable rate, adjustment (as a percent)			0.10%
Unused portion of the borrowing capacity fee percentage condition			50.00%
Extension term			1 year
Outstanding Principal			$ 151,000,000
Borrowing capacity			300,000,000
Available borrowing capacity			149,000,000
Amount outstanding			$ 151,000,000
Credit Facility \| Minimum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)			1.25%
Commitment fee percentage on unused portion of the borrowing capacity			0.15%
Credit Facility \| Maximum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)			2.20%
Commitment fee percentage on unused portion of the borrowing capacity			0.25%
New Term Loan
Long-term debt
Outstanding Principal				$ 100,000,000
Debt instrument face amount after accordion option				750,000,000
Eighth Amendment to Revolving Credit Facility
Long-term debt
Maximum borrowing capacity				300,000,000	$ 210,000,000
Debt instrument face amount after accordion option				$ 500,000,000
Debt instrument, maturity date	Jan. 31, 2027
Credit Revolver Amendment 2021
Long-term debt
Maximum borrowing capacity							$ 210,000,000	$ 200,000,000
Aggregate borrowing capacity, additional commitments							300,000,000
2026 Term Loan
Long-term debt
Outstanding Principal							50,000,000
Aggregate borrowing capacity, additional commitments		$ 65,000,000					$ 150,000,000
Proceeds from Lines of Credit		$ 15,000,000
2027 Term loan
Long-term debt
Maximum borrowing capacity						$ 400,000,000
Debt instrument, variable rate, adjustment (as a percent)			0.10%
Outstanding Principal			$ 100,000,000			$ 100,000,000
2027 Term loan \| Minimum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)			1.25%
2027 Term loan \| Maximum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)			2.20%

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	$ 2,999	$ 12,517
Investment Securities	41,324	39,666
Recurring basis
Fair value of assets
Investment Securities	41,324	39,666
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets
Investment Securities	41,324	39,666
Recurring basis \| 2026 Term Loan \| Interest Rate Swaps
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps		2,372
Recurring basis \| 2026 Term Loan \| Interest Rate Swaps \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps		2,372
Recurring basis \| 2027 Term Loan \| Interest Rate Swaps
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	1,496	5,854
Recurring basis \| 2027 Term Loan \| Interest Rate Swaps \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	1,496	5,854
Recurring basis \| 2028 Term Loan \| Interest Rate Swaps
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	(1,351)	1,001
Recurring basis \| 2028 Term Loan \| Interest Rate Swaps \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	(1,351)	1,001
Recurring basis \| 2029 Term Loan \| Interest Rate Swaps
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	(5)	3,099
Recurring basis \| 2029 Term Loan \| Interest Rate Swaps \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	(5)	3,099
Recurring basis \| 2030 Term Loan \| Interest Rate Swaps
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	(48)
Recurring basis \| 2030 Term Loan \| Interest Rate Swaps \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	(48)
Recurring basis \| Credit Facility Interest Rate Swaps \| Interest Rate Swaps
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	(497)	191
Recurring basis \| Credit Facility Interest Rate Swaps \| Interest Rate Swaps \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	$ (497)	$ 191

EQUITY - General Information (Details) - USD ($)							12 Months Ended
EQUITY - General Information (Details) - USD ($)	Apr. 11, 2024	Apr. 09, 2024	Apr. 04, 2024	Dec. 05, 2022	Jul. 06, 2021	Jun. 28, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 12, 2024	Oct. 16, 2024	Aug. 23, 2024	Oct. 28, 2022	Oct. 11, 2022	Apr. 30, 2021
Class of Stock
Aggregate offering price												$ 500,000,000			$ 500,000,000
Gross Proceeds								$ 32,996,000
Total net proceeds							$ 648,000	$ 647,000	$ 375,000
Dividend rate (as a percent)							6.375%	6.375%
Preferred stock, liquidation preference (in dollars per share)							$ 25	$ 25
Underwriters Option Period to Exercise the Grant			30 days
At Market Offering Program 2022 And 2024
Class of Stock
Units issued								8,922,793
Total net proceeds								$ 165,200,000
Gross proceeds from issuance of common stock								$ 167,700,000
Shares issued during period, weighted-average price per share (in dollars per share)								$ 18.79
Transaction fees								$ 2,500,000
At Market Offering Program
Class of Stock
Units issued										961,261
Total net proceeds										$ 20,800,000
Authorized share value																$ 150,000,000
Gross proceeds from issuance of common stock										$ 21,100,000
Shares issued during period, weighted-average price per share (in dollars per share)										$ 21.99
Transaction fees										$ 300,000
At Market Offering Program 2022
Class of Stock
Units issued								7,226,192		604,765
Total net proceeds								$ 132,200,000		$ 12,100,000
Authorized share value														$ 150,000,000
Gross proceeds from issuance of common stock								$ 134,200,000		$ 12,300,000
Shares issued during period, weighted-average price per share (in dollars per share)								$ 18.58		$ 20.29
Transaction fees								$ 2,000,000		$ 200,000
2024 ATM Program
Class of Stock
Units issued								1,696,601
Total net proceeds								$ 33,000,000
Authorized share value											$ 250,000,000
Gross proceeds from issuance of common stock								$ 33,500,000
Shares issued during period, weighted-average price per share (in dollars per share)								$ 19.77
Transaction fees								$ 500,000
Remaining authorized share value							$ 216,500,000
Purchase price of shares								164,828,000
2024 ATM Program \| Series A cumulative redeemable preferred stock
Class of Stock
Gross Proceeds								$ 400,000
Authorized share value													$ 24,500,000
Shares issued during period, weighted-average price per share (in dollars per share)								$ 23.22
Transaction fees								$ 100,000
Remaining authorized share value							$ 24,100,000
Purchase price of shares								15,844
Follow on Public Offering
Class of Stock
Units issued				3,450,000		3,000,000
Total net proceeds				$ 62,400,000	$ 72,400,000
Dividend rate (as a percent)						6.375%
Share price (in dollars per share)						$ 25
Preferred Stock, Capital Shares Reserved for Future Issuance			1,500,000
Preferred stock, redemption price per share						$ 25
Follow on Public Offering \| Series A preferred stock
Class of Stock
Units issued	1,718,417
Public Offering
Class of Stock
Gross Proceeds	$ 33,100,000
Preferred stock, liquidation preference (in dollars per share)			$ 25
Shares issued price per share			$ 20
Over-Allotment option
Class of Stock
Units issued				450,000
Over-Allotment option \| Series A preferred stock
Class of Stock
Units issued	218,417	218,417
Over-Allotment option \| Maximum
Class of Stock
Preferred Stock, Capital Shares Reserved for Future Issuance			225,000
2022 ATM Program and 2021 ATM Program
Class of Stock
Units issued										1,566,026
Total net proceeds										$ 32,900,000
Gross proceeds from issuance of common stock										$ 33,400,000
Shares issued during period, weighted-average price per share (in dollars per share)										$ 21.33
Transaction fees										$ 500,000
Common Stock \| 2024 ATM Program
Class of Stock
Purchase price of shares								$ 90,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. As of December 31, 2025, the Company has an equity investment in PINE.

SEGMENT REPORTING

ASC Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company operates in four primary business segments including income properties, management services, commercial loans and investments, and real estate operations, as further discussed within Note 23, “Business Segment Data”. The Company has no other reportable segments. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), reviews financial information on a disaggregated basis for purposes of allocating and evaluating financial performance.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investment in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets.

RECENTLY ISSUED ACCOUNTING STANDARDS

Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”) ASU 2023-09 requires annual disclosure of specific categories in the rate reconciliation and the provision of additional information for reconciling items that meet a quantitative threshold within the rate reconciliation. In addition, ASU 2023-09 requires annual disclosure of income taxes paid disaggregated by federal, state and foreign jurisdictions as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, however early adoption and retrospective application is permitted. The Company determined that the adoption of ASU 2023-09 did not have a material impact on the consolidated financial statements of the Company.

Interim Reporting. In December 2025, the FASB issued ASU 2025-11 to provide clarity and enhance the navigability of interim reporting disclosures in accordance with FASB ASC 270, Interim Reporting. The update focuses on improving the guidance for disclosure requirements for interim reporting periods by (i) listing interim disclosures required under ASC 270 as well as all other ASC topics and (ii) requiring disclosure of events or transactions since the prior annual reporting period that are expected to have a material impact on the reporting entity. The update is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.

Financial Instruments-Credit Losses. In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 allows for a practical expedient as it relates to assuming that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, on a prospective basis, however early adoption is permitted. Although the Company is still evaluating the impact of ASU 2025-05, the Company does not expect the implementation of the practical expedient to have a significant impact on our CECL reserve.

RECLASSIFICATIONS

Beginning on January 1, 2025 the Company classifies cash received for commercial loan reserves as a separate line item within net cash provided by investing activities on the accompanying consolidated statements of cash flows. Accordingly, $9.5 million and $0.1 million of cash received for commercial loan reserves were reclassified from net cash provided by operating activities to net cash provided by investing activities on the accompanying consolidated statements of cash flows, for the years ended December 31, 2024 and 2023, to conform to the current presentation.

These reclassifications did not impact the Company's consolidated balance sheets, consolidated statements of operations, or total net cash flows.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2025 and 2024 include certain amounts over the Federal Deposit Insurance Corporation limits.

RESTRICTED CASH

Restricted cash totaled $34.7 million at December 31, 2025, consisting of (i) $11.6 million held in escrow to be reinvested through a like-kind exchange structure, (ii) $22.1 million held in one escrow account and four reserve accounts related to the Company’s commercial loans and investments, including amounts held for a principal paydown in transit, interest, real estate taxes and/or construction costs, and (iii) $1.0 million held in escrow to fund certain construction commitments.

INVESTMENT SECURITIES

In accordance with FASB ASC Topic 320, Investments – Debt and Equity Securities and pursuant to ASU 2016-01, effective January 1, 2018, the Company’s investments in equity securities (“Investment Securities”) are carried at fair value in the consolidated balance sheets, with the unrealized gains and losses recognized in net income. The unrealized gains and losses are included in investment income in the consolidated statements of operations.

The cost of Investment Securities sold, if any, is based on the specific identification method. Interest and dividends on Investment Securities are included in investment and other income in the consolidated statements of operations.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the hedge’s value at each balance sheet date, the derivatives are included in either other assets or accrued and other liabilities on the consolidated balance sheet at its fair value. On the date each interest rate swap was entered into, the Company designated the derivatives as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liabilities.

The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on a quarterly basis.

Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items (See Note 17, “Interest Rate Swaps”).

FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at December 31, 2025 and 2024, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of December 31, 2025 and 2024, approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loans and investments, the 2026 Term Loan (hereinafter defined), the 2027 Term Loan (hereinafter defined), the 2028 Term Loan (hereinafter defined), the 2029 Term Loan (hereinafter defined), the 2030 Term Loan (hereinafter defined), mortgage note, and convertible debt held as of December 31, 2025 and 2024 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 9, “Fair Value of Financial Instruments”).

FAIR VALUE MEASUREMENTS

The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by U.S. GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. U.S. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

●

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

●

Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

COMMERCIAL LOANS AND INVESTMENTS

Investments in commercial loans and investments held for investment are recorded at historical cost, net of unaccreted origination costs and current expected credit losses (“CECL”) reserve.

Pursuant to ASC 326, Financial Instruments - Credit Losses, the Company measures and records a provision for CECL each time a new investment is made or a loan is repaid, as well as if changes to estimates occur during a quarterly measurement period. We are unable to use historical data to estimate expected credit losses, as we have incurred no losses to date. Management utilizes a loss-rate method and considers macroeconomic factors to estimate its CECL allowance, which is calculated based on the amortized cost basis of the commercial loans.

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS

Interest income on commercial loans and investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments.

ACCOUNTS RECEIVABLE

Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of accrued tenant reimbursable expenses and other tenant receivables. Receivables related to income property tenants totaled $3.9 million and $3.7 million as of December 31, 2025 and 2024, respectively. The $0.2 million increase is primarily attributable to a increase in estimated accrued receivables for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses.

The Company continually assesses the collectability of receivables related to our income property tenants and real estate operations. In evaluating collectability, we consider the tenant's payment history, the financial condition of the tenant, current macroeconomic trends, and other factors as deemed necessary. The collectability of the aforementioned receivables shall be adjusted through an allowance for doubtful accounts which is included in income property revenue on the consolidated statements of operations. As of December 31, 2025 and 2024, the Company’s allowance for doubtful accounts totaled $2.6 million and $1.9 million, respectively, which is included within other assets on the Company’s consolidated balance sheets.

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to

determine whether the acquired asset meets the definition of a business. Under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred.

In accordance with FASB guidance, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless management believes the lease includes bargain renewal options that are likely to be exercised, in which case the Company includes such renewal periods in the amortization period utilized. The Company considers both qualitative and quantitative factors in considering if a lease contains a bargain renewal option and the likelihood of a tenant exercising such option. The value of in-place leases and leasing costs are amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off.

The Company incurs costs related to the development and leasing of its properties. Such costs include, but are not limited to, tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements, and are included in construction in progress during the development period. When a construction project is considered to be substantially complete, the capitalized costs are reclassified to the appropriate real estate asset and depreciation begins. The Company assesses the level of construction activity to determine the amount, if any, of interest expense to be capitalized to the underlying construction projects.

SALES OF REAL ESTATE

When income properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gain (loss) on disposition of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method.

Gains and losses on land sales, in addition to the sale of Subsurface Interests and mitigation credits, are accounted for as required by FASB ASC Topic 606, Revenue from Contracts with Customers. The Company recognizes revenue from such sales when the Company transfers the promised goods in the contract based on the transaction price allocated to the performance obligations within the contract. As market information becomes available, the underlying cost basis is analyzed and recorded at the lower of cost or market.

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the consolidated statement of operations.

Depreciation expense related to property, plant and equipment, exclusive of amortization related to intangible assets, was $35.2 million, $33.5 million, and $25.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. For each of the years ended December 31, 2025, 2024, and 2023, the Company capitalized $0.3 million of interest.


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 20	Years

LONG-LIVED ASSETS

The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell.

INCOME PROPERTY LEASES

The rental of the Company’s income properties are classified as operating leases. Pursuant to FASB ASC Topic 842, Leases, the Company recognizes lease income on these properties on a straight-line basis over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment within other assets on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued.

OPERATING LEASE EXPENSE

The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.

INCOME TAXES

The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, the Company holds certain of its non-REIT assets and operations through taxable REIT subsidiaries (“TRSs”) and subsidiaries of TRSs, which are subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the taxable year ended December 31, 2023, the Company held a total of two TRSs, each subject to taxation and the separate filing of its corporate income tax returns. Effective on January 1, 2024 and through December 31, 2025, the Company owns one TRS, which is subject to federal and applicable state income taxation. The TRS is required to file a separate corporate income tax return.

The Company uses the asset and liability method to account for income taxes for the Company’s TRS. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and

liabilities for financial reporting purposes and the amounts used for income tax purposes (see Note 21, “Income Taxes”). In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, and disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income attributable to common stockholders for the period by the weighted average number of shares outstanding for the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Effective as of January 1, 2022, diluted earnings per common share also reflects the 2025 Notes (hereinafter defined) on an if-converted basis, see Note 14, “Common Stock and Earnings Per Share.”

CONCENTRATION OF CREDIT RISK

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents.

The Company also has certain concentrations that make up more than 10% of our income property portfolio, as described below:

●

Square Footage Concentrations. As of December 31, 2025, a total of 30%, 25%, 18% and 12% of the Company’s income property portfolio, based on square footage, were located in the states of Georgia, Florida, North Carolina, and Texas, respectively. As of December 31, 2024, a total of 23%, 22%, 19%, and 19% of the Company’s income property portfolio, based on square footage, were located in the states of Georgia, North Carolina, Texas, and Florida, respectively.

●

Tenant Concentrations. We did not have any tenants that accounted for more than 10% of total revenues during the years ended December 31, 2025, 2024, or 2023.

●

Base Rent Concentrations. A total of 36%, 25%, and 15% of our base rent revenue during the year ended December 31, 2025 was generated from tenants located in Georgia, Florida, and North Carolina, respectively.

INVESTMENT IN JOINT VENTURES

12 Months Ended

Dec. 31, 2025

Equity Method Investments And Joint Ventures [Abstract]

INVESTMENT IN JOINT VENTURES

NOTE 7. INVESTMENT IN JOINT VENTURES

The Company has no investments in joint ventures as of December 31, 2025 or 2024.

Watters Creek Investment. As described in Note 4, “Commercial Loans and Investments,” on April 7, 2022, the Company entered into the Watters Creek Investment. The Watters Creek Investment represents $30.0 million, or approximately 23%, of funding towards the total investment in Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas (the “Watters Creek Property”). The remaining funding is comprised of a combination of third-party sponsorship equity and a secured first mortgage. The Company’s variable interest in the entity underlying the Watters Creek Investment is primarily due to the inherent credit risk associated with the $30.0 million fixed-return preferred investment. The day-to-day operations, including asset management and leasing, of the Watters Creek Property are managed by an unrelated third-party. Pursuant to FASB ASC Topic 810, Consolidation, the Company determined we are not the primary beneficiary of the entity underlying the Watters Creek Investment; accordingly, the entity was not consolidated. The investment was recorded in the consolidated balance sheets as a commercial loan investment at the time of acquisition. The significant factors related to this determination included, but were not limited to, the Company not having the power to direct the activities of the entity underlying the Watters Creek Investment due to (i) the day-to-day operations being managed by an unrelated third-party and (ii) the Company’s position as minority lender with fixed returns and maturity dates for the repayment of the $30.0 million preferred investment.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

COMMERCIAL LOANS AND INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
COMMERCIAL LOANS AND INVESTMENTS
Current Face Amount	$ 108,050	$ 107,163	$ 30,400
CECL Reserve	(1,140)	(1,072)
Total Commercial Loans and Investments	104,804	105,043	$ 61,849	$ 31,908
Commercial loan and master lease investments
COMMERCIAL LOANS AND INVESTMENTS
Current Face Amount	108,050	107,163
Unaccreted Origination Fees	(778)	(1,048)
Unaccreted Exit Fees	(1,328)
CECL Reserve	(1,140)	(1,072)
Total Commercial Loans and Investments	$ 104,804	$ 105,043

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable
Income property tenant receivables	$ 3.9	$ 3.7
Allowance for doubtful accounts	2.6	$ 1.9
Income Property Tenant Receivables, Increase (Decrease)	$ 0.2

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 9. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2025 and 2024 (in thousands):


		December 31, 2025						December 31, 2024
		Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Cash and Cash Equivalents - Level 1		$	6,467		$	6,467		$	9,017		$	9,017
Restricted Cash - Level 1		$	34,652		$	34,652		$	8,344		$	8,344
Commercial Loans and Investments - Level 2		$	104,804		$	109,828		$	105,043		$	110,665
Long-Term Debt - Level 2		$	616,345		$	608,419		$	518,993		$	508,309

To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, were used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts.

The following table presents the fair value of assets (liabilities) measured on a recurring basis by level as of December 31, 2025 and 2024 (in thousands). See Note 17, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.


				Fair Value at Reporting Date Using
	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
December 31, 2025
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	1,496		$	—		$	1,496		$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	(1,351)		$	—		$	(1,351)		$	—
Cash Flow Hedge - 2029 Term Loan Interest Rate Swaps	$	(5)		$	—		$	(5)		$	—
Cash Flow Hedge - 2030 Term Loan Interest Rate Swaps	$	(48)		$	—		$	(48)		$	—
Cash Flow Hedge - Credit Facility Interest Rate Swaps	$	(497)		$	—		$	(497)		$	—
Investment Securities	$	41,324		$	41,324		$	—		$	—
December 31, 2024
Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps	$	2,372		$	—		$	2,372		$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	5,854		$	—		$	5,854		$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	1,001		$	—		$	1,001		$	—
Cash Flow Hedge - 2029 Term Loan Interest Rate Swaps	$	3,099		$	—		$	3,099		$	—
Cash Flow Hedge - Credit Facility Interest Rate Swaps	$	191		$	—		$	191		$	—
Investment Securities	$	39,666		$	39,666		$	—		$	—

No assets were measured on a non-recurring basis as of December 31, 2025 or 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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+ Details

INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Line Items]
Net operating loss carryforward	$ 2,388	$ 2,499
Valuation allowance related to carryforwards	0	0
Capital loss carryforward	1,493	1,506
Maximum
Valuation Allowance [Line Items]
Capital loss carryforwards utilization amount	100	400	$ 600
Land JV
Valuation Allowance [Line Items]
Capital loss carryforward	$ 5,900	$ 5,900

LONG-TERM DEBT - Capitalized Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Capitalized interest
Capitalized Interest	$ 0.3	$ 0.3	$ 0.3

MANAGEMENT SERVICES BUSINESS (Tables)

12 Months Ended

Dec. 31, 2025

Property Management Fee [Abstract]

Schedule of amounts due from PINE

The following table represents amounts due from PINE to the Company as of December 31, 2025 and 2024 which are included in other assets on the consolidated balance sheets (in thousands):


		As of
Description		December 31, 2025		December 31, 2024
Management Services Fee Due From PINE		$	1,142	$	1,098
Dividend Receivable			349		343
Other			888		27
Total		$	2,379	$	1,468

COMMITMENTS AND CONTINGENCIES - Contractual Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total Commitment	$ 23,105
Less Amount Funded	(2,612)
Remaining Commitment	$ 20,493

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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	(107,268)	(82,864)
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	$ 61,849
Cash and Cash Equivalents	6,467	9,017	10,214
Restricted Cash	34,652	8,344	$ 7,605
Refundable Income Taxes		70
Deferred Income Taxes-Net	2,309	2,467
Other Assets-See Note 12	36,207	36,201
Total Assets	1,263,902	1,181,644
Liabilities:
Accounts Payable	1,709	3,278
Accrued and Other Liabilities-See Note 18	28,185	21,268
Deferred Revenue-See Note 19	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
Commitments and Contingencies-See Note 22
Stockholders' Equity:
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
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
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

OTHER ASSETS

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

NOTE 12. OTHER ASSETS

Other assets consisted of the following as of December 31, 2025 and 2024 (in thousands):


		As of
		December 31, 2025			December 31, 2024
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts ⁽¹⁾		$	3,936		$	3,745
Income Property Straight-line Rent Adjustment			8,889			7,437
Income Property Leasing Commissions and Costs, Net			9,303			7,594
Operating Leases - Right-of-Use Asset			241			305
Cash Flow Hedge - Interest Rate Swap			2,999			12,517
Infrastructure Reimbursement Receivables			156			312
Prepaid Expenses, Deposits, and Other			7,614			1,676
Due from Alpine Income Property Trust, Inc.			2,379			1,468
Financing Costs, Net of Accumulated Amortization			690			1,147
Total Other Assets		$	36,207		$	36,201

⁽¹⁾Includes a $2.6 million and $1.9 million allowance for doubtful accounts as of December 31, 2025 and 2024, respectively.

ACCRUED AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

ACCRUED AND OTHER LIABILITIES

NOTE 18. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following (in thousands):


		As of
		December 31, 2025			December 31, 2024
Accrued Property Taxes		$	1,236		$	2,619
Reserve for Tenant Improvements			1,094			1,424
Tenant Security Deposits			3,233			2,833
Accrued Construction Costs			6,926			3,988
Accrued Interest			690			1,133
Environmental Reserve			40			47
Cash Flow Hedge - Interest Rate Swaps			3,404			—
Operating Leases - Liability			229			293
Construction and Other Reserves from Commercial Loans and Investments			3,031			2,279
Other			8,302			6,652
Total Accrued and Other Liabilities		$	28,185		$	21,268

Reserve for Tenant Improvements. In connection with recent acquisitions, the Company received, an aggregate $1.9 million from the sellers of the properties for tenant improvement allowances, leasing commissions and other capital improvements. These amounts are included in accrued and other liabilities on the consolidated balance sheets. Through December 31, 2025, payments totaling $0.8 million were made leaving a remaining reserve for tenant improvements of $1.1 million.

INVESTMENT SECURITIES - Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Available-for-sale securities
Investment Securities	$ 41,324	$ 39,666
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Available-for-sale securities
Cost	45,739	44,182
Unrealized Losses in Investment Income	(4,415)	(4,516)
Investment Securities	41,324	39,666
Common Stock
Available-for-sale securities
Cost	22,486	20,929
Unrealized Losses in Investment Income	(1,625)	(1,812)
Investment Securities	20,861	19,117
Alpine Income Property OP, LP Limited Partnership Units
Available-for-sale securities
Cost	23,253	23,253
Unrealized Losses in Investment Income	(2,790)	(2,704)
Investment Securities	$ 20,463	$ 20,549

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization, out of period adjustment		$ 10.1
Amortization, acceleration of amortization for lease intangibles related to certain lease terminations		4.5
Amortization, based on the remaining useful life		$ 5.6
Weighted average amortization period of intangible assets	7 years 9 months 18 days
Weighted average amortization period of intangible liabilities	9 years 2 months 12 days

REAL ESTATE OPERATIONS - Mitigation Credits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Real Estate Properties
Number of mitigation credits sold \| item	14.99	20
Amount of mitigation credits with cost basis	$ 1,800	$ 2,300
Mitigation credits sold	1,300	1,500
Mitigation Credit Sales
Real Estate Properties
Revenue	$ 1,831	$ 2,257

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

we engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity threats and incidents.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

The Company’s cybersecurity processes and practices are integrated into our risk management and oversight program. In general, we seek to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, security and availability of the information that we collect and store by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

The Board, in coordination with the Audit Committee, oversees the Company’s cybersecurity risk management process. The Audit Committee has adopted a charter that provides that the Audit Committee must review and discuss with the Company’s management team the Company’s privacy and cybersecurity risk exposures, including:

●

the potential impact of those exposures on the Company’s business, financial results, operations and reputation;

●

the steps management has taken to monitor and mitigate such exposures;

●

the Company’s information governance policies and programs; and

●

major legislative and regulatory developments that could materially impact the Company’s privacy and cybersecurity risk exposure.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Board, in coordination with the Audit Committee

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Audit Committee will regularly report to the Board the substance of such reviews and discussions and, as necessary, recommend to the Board such actions as the Audit Committee deems appropriate.

Cybersecurity Risk Role of Management [Text Block]

●

the potential impact of those exposures on the Company’s business, financial results, operations and reputation;

●

the steps management has taken to monitor and mitigate such exposures;

●

the Company’s information governance policies and programs; and

●

major legislative and regulatory developments that could materially impact the Company’s privacy and cybersecurity risk exposure.

The charter of the Audit Committee also provides that the Audit Committee may receive additional training in cybersecurity and data privacy matters to enable its oversight of such risks and that the Audit Committee will regularly report to the Board the substance of such reviews and discussions and, as necessary, recommend to the Board such actions as the Audit Committee deems appropriate.

Our Senior Vice President, Chief Financial Officer and Treasurer, Senior Vice President, General Counsel and Corporate Secretary, and Senior Vice President and Chief Accounting Officer work collaboratively with the MSP to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with a written information security incident response plan that we have adopted. These members of our management team, together with the MSP, monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents and will report such threats and incidents to the Audit Committee when appropriate.

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Our Senior Vice President, Chief Financial Officer and Treasurer, Senior Vice President, General Counsel and Corporate Secretary, and Senior Vice President and Chief Accounting Officer

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Our Senior Vice President, Chief Financial Officer and Treasurer, Senior Vice President, General Counsel and Corporate Secretary, and Senior Vice President and Chief Accounting Officer each hold degrees in their respective fields, and have approximately 20 years or more of experience managing risks at the Company and similar companies, including risks arising from cybersecurity threats.

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

REAL ESTATE OPERATIONS - Real Estate Operations Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Real Estate Operations
Revenues
Revenue from Contract with Customer, Including Assessed Tax	$ 1,981	$ 3,984
Mitigation Credit Sales
Revenues
Revenue from Contract with Customer, Including Assessed Tax	1,831	2,257
Subsurface - Other
Revenues
Revenue from Contract with Customer, Including Assessed Tax	$ 150	$ 1,727

- Definition

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) $ in Thousands	Dec. 31, 2025 USD ($) item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Restricted Cash
Restricted cash	$ 34,652	$ 8,344	$ 7,605
Reinvestment through exchange structure
Restricted Cash
Restricted cash	11,600
Commercial loans and investments
Restricted Cash
Restricted cash	$ 22,100
Number of escrow account \| item	1
Number of reserve accounts related to interest, real estate tax and/or construction costs \| item	4
Construction commitments
Restricted Cash
Restricted cash	$ 1,000

INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leasing Revenue
Lease Payments	$ 101,512	$ 83,302	$ 74,721
Variable Lease Payments	30,644	27,289	21,942
Total Leasing Revenue	$ 132,156	$ 110,591	$ 96,663
Operating Lease, Lease Income, Statement of Income or Comprehensive Income	Revenues	Revenues	Revenues

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

COMMON STOCK AND EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

COMMON STOCK AND EARNINGS PER SHARE

NOTE 14. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders during the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the conversion of stock options and vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Effective as of January 1, 2022, diluted earnings per common share also reflects the 2025 Notes on an if-converted basis.

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):


	Year Ended
	December 31, 2025			December 31, 2024			December 31, 2023
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$	2,580		$	(8,779)		$	758
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾		—			—			—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$	2,580		$	(8,779)		$	758

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic		32,267,365			25,361,379			22,529,703
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method		25,447			39,797			—
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾		—			—			—
Weighted Average Shares Outstanding, Diluted		32,292,812			25,401,176			22,529,703

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted	$	0.08		$	(0.35)		$	0.03

(1)

(2)

There were 25,447 and 39,797 potentially dilutive shares related to the Company’s restricted stock for the years ended December 31, 2025 and 2024, respectively. There were no potentially dilutive securities for year ended December 31, 2023 related to the Company’s restricted stock.

INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of components of intangible lease assets and liabilities

The gross values of certain intangible lease assets and liabilities that were fully amortized as of December 31, 2024, and the related accumulated amortization, were adjusted in the disclosure below. There was no impact to Intangible Lease Assets-Net or Intangible Lease Liabilities-Net as reported in the consolidated balance sheets as of December 31, 2024 as a result of the disclosure adjustment. Intangible assets and liabilities consisted of the following as of December 31, 2025 and 2024 (in thousands):


		As of
		December 31, 2025			December 31, 2024
Intangible Lease Assets:
Value of In-Place Leases		$	99,346		$	85,913
Value of Above Market In-Place Leases			23,052			23,873
Value of Intangible Leasing Costs			29,963			24,389
Sub-total Intangible Lease Assets			152,361			134,175
Accumulated Amortization			(67,651)			(54,977)
Sub-total Intangible Lease Assets—Net			84,710			79,198
Intangible Lease Liabilities:
Value of Below Market In-Place Leases			(42,144)			(21,448)
Sub-total Intangible Lease Liabilities			(42,144)			(21,448)
Accumulated Amortization			10,658			6,324
Sub-total Intangible Lease Liabilities—Net			(31,486)			(15,124)
Total Intangible Assets and Liabilities—Net		$	53,224		$	64,074

Schedule of net amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Amortization Expense	$	24,827	$	31,561	$	18,444
Accretion to Income Properties Revenue		(1,006)		(254)		2,303
Net Amortization of Intangible Assets and Liabilities	$	23,821	$	31,307	$	20,747

Schedule of estimated future amortization expense (income) related to net intangible assets and liabilities

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):


Year Ending December 31,		Future Amortization Expense			Future Accretion to Income Property Revenue			Net Future Amortization of Intangible Assets and Liabilities
2026		$	20,680		$	(3,203)		$	17,477
2027			15,538			(2,681)			12,857
2028			11,303			(2,394)			8,909
2029			7,611			(2,395)			5,216
2030			5,699			(1,958)			3,741
2031 and Thereafter			14,500			(9,476)			5,024
Total		$	75,331		$	(22,107)		$	53,224

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cost:
Balance at Beginning of Year	$ 978,228	$ 781,621	$ 763,959
Additions and Improvements	145,632	227,843	97,772
Cost of Real Estate Sold	(68,477)	(31,236)	(80,110)
Balance at End of Year	1,055,383	978,228	781,621
Accumulated Depreciation:
Balance at Beginning of Year	82,864	51,425	35,512
Depreciation and Amortization	35,188	34,063	25,664
Depreciation on Real Estate Sold	(10,784)	(2,624)	(9,751)
Balance at End of Year	$ 107,268	$ 82,864	$ 51,425

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2025

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

FOR THE YEAR ENDED DECEMBER 31, 2025

(In thousands)

There was a portfolio of four commercial loan investments and two preferred equity investments which are classified as a commercial loan investments as of December 31, 2025 (in thousands).


Description		Interest Rate		Final Maturity Date		Periodic Payment Terms	Prior Liens		Face Amount of Mortgages		Carrying Amounts of Mortgages ⁽²⁾		Principal Amount of Loans Subject to Delinquent Principal or Interest
Preferred Investment – Watters Creek – Allen, TX		9.50%		April 2027		Monthly Interest Payments	$	—	$	30,000	$	29,980	$	—
Mortgage Note – Founders Square – Dallas, TX (1)		8.75%		March 2027		Monthly Interest Payments		—		15,000		14,992		—
Series A Preferred Investment		14.00%		July 2029		Monthly Interest Payments		—		10,000		9,929		—
Construction Loan - Rivana - Herndon, VA (2)		11.50%		September 2028		Monthly Interest Payments		—		59,450		32,478		—
Construction Loan - Whole Foods - Forsyth, GA		12.15%		May 2027		Monthly Interest Payments		—		40,200		13,588		—
Mortgage Note - Mainstreet - Daytona Beach, FL		6.50%		August 2030		Monthly Interest Payments		—		5,000		4,977		—

Totals							$	—	$	159,650	$	105,944	$	—
CECL Reserve												(1,140)
Total Commercial Loans and Investments											$	104,804

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

FOR THE YEAR ENDED DECEMBER 31, 2025 (continued)

(In thousands)

The following represents the activity within the Company’s commercial loans and investments segment for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Balance at Beginning of Year	$	105,043	$	61,849	$	31,908
Additions During the Year:
New Mortgage Loans		13,998		63,273		32,711
Collection of Origination Fees		340		656		158
Accretion of Origination Fees ⁽¹⁾		733		276		137
Deductions During the Year:
Collection of Principal		(15,242)		(20,335)		(986)
Foreclosure		—		—		(1,452)
Impairment / CECL Reserve		(68)		(676)		(627)
Balance at End of Year	$	104,804	$	105,043	$	61,849

(1)	Non-cash accretion of loan origination fees.

(2)	The aggregate carrying amount of mortgages for Federal income tax purposes at December 31, 2025 totaled $108.0 million.

- Definition

The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage.

+ References + Details

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Future Amortization Amount
Sub-total Intangible Lease Assets-Net	$ 84,710	$ 79,198
Future Accretion to Income Property Revenue
Sub-total Intangible Lease Liabilities-Net	(31,486)	$ (15,124)
Net Future Amortization of Intangible Assets and Liabilities
2026	17,477
2027	12,857
2028	8,909
2029	5,216
2030	3,741
2031 and Thereafter	5,024
Total	53,224
Future Amortization
Future Amortization Amount
2026	20,680
2027	15,538
2028	11,303
2029	7,611
2030	5,699
2031 and Thereafter	14,500
Sub-total Intangible Lease Assets-Net	75,331
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
2026	(3,203)
2027	(2,681)
2028	(2,394)
2029	(2,395)
2030	(1,958)
2031 and Thereafter	9,476
Sub-total Intangible Lease Liabilities-Net	$ (22,107)

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 24, 2025	Dec. 12, 2023	Apr. 25, 2023	Mar. 31, 2023	Feb. 16, 2023	Feb. 29, 2020
Stock Repurchases
Stock repurchased		$ 9,355	$ 664	$ 6,439
Common Stock Repurchase Program, February 2020
Stock Repurchases
Stock repurchase program authorized amount				$ 10,000									$ 10,000
Shares repurchased (in shares)				0	145,724	121,659	265,695
Stock repurchased					$ 2,800	$ 2,200	$ 4,100
Average share price (in dollars per share)					$ 19.15	$ 18.16	$ 15.43
Common Stock Repurchase Program, February 2023
Stock Repurchases
Stock repurchase program authorized amount											$ 5,000	$ 5,000
Shares repurchased (in shares)	303,354
Stock repurchased	$ 5,000
Average share price (in dollars per share)	$ 16.48
Remaining authorized repurchase amount											$ 0
Common Stock Repurchase Program, February 2023 \| Board of Directors Chairman [Member]
Stock Repurchases
Stock repurchase program authorized amount												10,000
Common Stock Repurchase Program, April 2023
Stock Repurchases
Stock repurchase program authorized amount										$ 5,000
Shares repurchased (in shares)				65,946
Stock repurchased				$ 1,000
Average share price (in dollars per share)				$ 15.72
Common Stock Repurchase Program, December 2023
Stock Repurchases
Stock repurchase program authorized amount		$ 5,000	$ 5,000						$ 5,000	$ 5,000
Shares repurchased (in shares)		266,161	40,726
Stock repurchased		$ 4,300	$ 700
Average share price (in dollars per share)		$ 16.29	$ 16.28
Remaining authorized repurchase amount									0
Common Stock Repurchase Program, September 2025
Stock Repurchases
Stock repurchase program authorized amount		$ 10,000						$ 10,000	$ 10,000
Shares repurchased (in shares)		307,563
Stock repurchased		$ 5,000
Average share price (in dollars per share)		$ 16.26
Remaining authorized repurchase amount		$ 5,000
Series A Preferred Stock Repurchase Program, February 2023
Stock Repurchases
Stock repurchase program authorized amount												$ 3,000
Shares repurchased (in shares)				21,192
Stock repurchased		$ 0	$ 0	$ 400
Average share price (in dollars per share)				$ 18.45
Stock repurchase program for December 2023 and September 2025
Stock Repurchases
Shares repurchased (in shares)		573,724
Stock repurchased		$ 9,300
Average share price (in dollars per share)		$ 16.27

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Initial Cost and Subsequent Costs Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cost:
Encumbrances	$ 17,800
Land	289,012
Building & Improvements	708,207
Improvements	58,164
Gross Amount Carried at Close
Land	289,012
Buildings	766,371
Total	1,055,383	$ 978,228	$ 781,621	$ 763,959
Accumulated Depreciation	107,268	$ 82,864	$ 51,425	$ 35,512
Aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax	844,100
Income Property, Crabby's Restaurant, Daytona Beach, Florida
Cost:
Land	5,836
Building & Improvements	4,249
Improvements	260
Gross Amount Carried at Close
Land	5,836
Buildings	4,509
Total	10,345
Accumulated Depreciation	$ 1,788
Date of Completion	Jan. 25, 2018
Life	40 years
Income Property, LandShark Bar and Grill, Daytona Beach, Florida
Cost:
Land	$ 5,836
Building & Improvements	4,577
Improvements	10
Gross Amount Carried at Close
Land	5,836
Buildings	4,587
Total	10,423
Accumulated Depreciation	$ 1,788
Date of Completion	Jan. 25, 2018
Life	40 years
Income Property, 5401 Watson Dr. SE, Albuquerque, New Mexico
Cost:
Land	$ 5,739
Building & Improvements	29,537
Improvements	12
Gross Amount Carried at Close
Land	5,739
Buildings	29,549
Total	35,288
Accumulated Depreciation	$ 8,152
Date Acquired	Oct. 04, 2018
Income Property, Single-tenant, Fidelity Investments (affiliate of), Albuquerque, New Mexico
Gross Amount Carried at Close
Life	45 years
Income Property, The Strand - Fogo De Chao, Jacksonville, Florida
Cost:
Land	$ 12,551
Building & Improvements	36,431
Improvements	1,498
Gross Amount Carried at Close
Land	12,551
Buildings	37,929
Total	50,480
Accumulated Depreciation	$ 8,767
Date Acquired	Dec. 09, 2019
Life	48 years
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Cost:
Land	$ 5,842
Building & Improvements	38,881
Improvements	184
Gross Amount Carried at Close
Land	5,842
Buildings	39,065
Total	44,907
Accumulated Depreciation	$ 7,754
Date Acquired	Jan. 24, 2020
Life	35 years
Income Property, Multi-tenant, Ashford Lane, Atlanta, Georgia
Cost:
Land	$ 37,717
Building & Improvements	33,422
Improvements	32,039
Gross Amount Carried at Close
Land	37,717
Buildings	65,461
Total	103,176
Accumulated Depreciation	$ 15,018
Date Acquired	Mar. 18, 2020
Life	36 years
Income Property Beaver Creek, Apex, North Carolina
Cost:
Land	$ 21,391
Building & Improvements	39,194
Improvements	5,362
Gross Amount Carried at Close
Land	21,391
Buildings	44,556
Total	65,947
Accumulated Depreciation	$ 7,896
Date Acquired	Dec. 02, 2021
Life	30 years
Income Property Synovus, Winter Park, Florida
Cost:
Land	$ 8,537
Building & Improvements	6,023
Improvements	1,542
Gross Amount Carried at Close
Land	8,537
Buildings	7,565
Total	16,102
Accumulated Depreciation	$ 2,325
Date Acquired	Dec. 20, 2021
Life	30 years
Income Property Exchange at Gwinnett, Buford, Georgia
Cost:
Land	$ 6,980
Building & Improvements	38,100
Improvements	85
Gross Amount Carried at Close
Land	6,980
Buildings	38,185
Total	45,165
Accumulated Depreciation	$ 4,309
Date Acquired	Dec. 30, 2021
Life	45 years
Income Property Price Plaza, Katy, Texas
Cost:
Encumbrances	$ 17,800
Land	15,633
Building & Improvements	17,978
Improvements	1,127
Gross Amount Carried at Close
Land	15,633
Buildings	19,105
Total	34,738
Accumulated Depreciation	$ 4,218
Date Acquired	Mar. 03, 2022
Life	25 years
Income Property Madison Yards, Atlanta, Georgia
Cost:
Land	$ 19,780
Building & Improvements	47,938
Improvements	748
Gross Amount Carried at Close
Land	19,780
Buildings	48,686
Total	68,466
Accumulated Depreciation	$ 4,719
Date Acquired	Jul. 08, 2022
Life	42 years
Income Property, Multi tenant, West Broad Village, Glen Allen, Virginia
Cost:
Land	$ 13,650
Building & Improvements	65,829
Improvements	4,087
Gross Amount Carried at Close
Land	13,650
Buildings	69,916
Total	83,566
Accumulated Depreciation	$ 9,263
Date Acquired	Oct. 14, 2022
Life	40 years
Income Property Collection at Forsyth, Cummings, Georgia
Cost:
Land	$ 13,156
Building & Improvements	75,286
Improvements	5,619
Gross Amount Carried at Close
Land	13,156
Buildings	80,905
Total	94,061
Accumulated Depreciation	$ 12,258
Date Acquired	Dec. 29, 2022
Life	31 years
Income Property Plaza at Rockwall, Rockwall, TX
Cost:
Land	$ 14,793
Building & Improvements	42,391
Improvements	2,738
Gross Amount Carried at Close
Land	14,793
Buildings	45,129
Total	59,922
Accumulated Depreciation	$ 5,242
Date Acquired	Jun. 09, 2023
Life	40 years
Income Property, Marketplace At Seminole Towne Center, Sanford FL
Cost:
Land	$ 12,555
Building & Improvements	50,336
Improvements	586
Gross Amount Carried at Close
Land	12,555
Buildings	50,922
Total	63,477
Accumulated Depreciation	$ 3,026
Date Acquired	Mar. 20, 2024
Life	45 years
Income Property, Carolina Pavilion, Charlotte Nc
Cost:
Land	$ 18,666
Building & Improvements	64,106
Improvements	1,599
Gross Amount Carried at Close
Land	18,666
Buildings	65,705
Total	84,371
Accumulated Depreciation	$ 5,944
Date Acquired	Aug. 20, 2024
Life	25 years
Income Property, Lake Brandon Village, Brandon Fl
Cost:
Land	$ 4,426
Building & Improvements	9,718
Gross Amount Carried at Close
Land	4,426
Buildings	9,718
Total	14,144
Accumulated Depreciation	$ 961
Date Acquired	Aug. 20, 2024
Life	20 years
Income Property, Millenia Crossing, Orlando Fl
Cost:
Land	$ 4,971
Building & Improvements	18,957
Gross Amount Carried at Close
Land	4,971
Buildings	18,957
Total	23,928
Accumulated Depreciation	$ 1,089
Date Acquired	Aug. 20, 2024
Life	40 years
Income Property, Granada Plaza At Dunedin, Florida
Cost:
Land	$ 4,010
Building & Improvements	11,921
Gross Amount Carried at Close
Land	4,010
Buildings	11,921
Total	15,931
Accumulated Depreciation	$ 502
Date Acquired	Dec. 16, 2024
Life	35 years
Income Property, Lifestyle Center, Ashley Park, Newnan, GA
Cost:
Land	$ 26,004
Building & Improvements	40,964
Improvements	670
Gross Amount Carried at Close
Land	26,004
Buildings	41,634
Total	67,638
Accumulated Depreciation	$ 2,248
Date Acquired	Mar. 03, 2025
Life	31 years
Income Property, Pompano Citi Centre, Pompano Beach, FL
Cost:
Land	$ 30,939
Building & Improvements	32,369
Gross Amount Carried at Close
Land	30,939
Buildings	32,369
Total	$ 63,308
Date Acquired	Dec. 17, 2025
Life	30 years

LONG-TERM DEBT - Convertible Notes (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Apr. 15, 2025 USD ($)	Apr. 03, 2025 USD ($) shares	Dec. 31, 2025 USD ($) $ / shares	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 15, 2020 USD ($)
Long-term debt
Outstanding amount			$ 616,345		$ 518,993
Value of stock issued in exchange for Convertible note			21,048
Repurchase of notes						$ 24,000	$ 24,000
Loss on Extinguishment of Debt			(20,449)
2025 Notes maturing on April 15, 2025
Long-term debt
Outstanding amount	$ 15,800	$ 35,200	$ 51,000		$ 50,989			$ 75,000
Number of shares issued in exchange for convertible note (in shares) \| shares		1,089,555
Value of stock issued in exchange for Convertible note		$ 21,000
Aggregate cash payments for convertible notes	22,000	29,000
Convertible note, accrued interest	$ 300	$ 600
Interest rate (as a percent)			3.875%		3.875%			3.875%
Loss on Extinguishment of Debt			$ 20,400
Premium amount paid over principal settlement of convertible note			20,100
Convertible note, settlement costs			$ 300
Debt instrument conversion ratio			73.8112
Threshold principal amount for adjusted conversion price			$ 1,000
Conversion price per share (in dollars per share) \| $ / shares			$ 13.55
Convertible Debt [Member] \| 2025 Notes maturing on April 15, 2025
Long-term debt
Outstanding amount				$ 51,000

INCOME PROPERTIES - Dispositions (Details) $ in Millions	12 Months Ended
INCOME PROPERTIES - Dispositions (Details) $ in Millions	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property
Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Dispositions of Income Properties
Sales price			$ 11.5
2025 Dispositions
Dispositions of Income Properties
Number of real estate properties \| property	4
Sales price	$ 85.1
Gain (loss) on sale	$ 21.0
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Disposition of Assets
2025 Dispositions \| Income Property, MainStreet Portfolio, Daytona Beach, Florida
Dispositions of Income Properties
Number of real estate properties \| property	3
Sales price	$ 7.1
Gain (loss) on sale	$ 1.2
2025 Dispositions \| Income Property, Shopping Center, Shops at Legacy, Plano, Texas
Dispositions of Income Properties
Number of real estate properties \| property	1
Sales price	$ 78.0
Gain (loss) on sale	$ 19.8
2024 Dispositions
Dispositions of Income Properties
Number of real estate properties \| property		2
Sales price		$ 38.0
Gain (loss) on sale		$ 3.8
2024 Dispositions \| Income Property, Santa Fe, New Mexico
Dispositions of Income Properties
Number of real estate properties \| property		1
Sales price		$ 20.0
Gain (loss) on sale		4.6
2024 Dispositions \| Income Property, Shopping Center, Jordan Landing, West Jordan, Utah
Dispositions of Income Properties
Sales price		18.0
Gain (loss) on sale		$ 0.8
Number of tenant repurchase options \| property		1
2023 Dispositions
Dispositions of Income Properties
Number of real estate properties \| property			9
Sales price			$ 87.1
Gain (loss) on sale			6.6
Aggregate gains on disposition			8.2
Aggregate losses on disposition			0.7
Impairment charge prior to sale			$ 0.9
2023 Dispositions \| Income Property, Outparcel Corporation, Henderson, Nevada
Dispositions of Income Properties
Number of real estate properties \| property			4
Sales price			$ 2.1
2023 Dispositions \| Income Property, Single Tenant, Reston, Virginia
Dispositions of Income Properties
Sales price			18.5
2023 Dispositions \| Income Property, Shopping Center, Henderson, Nevada
Dispositions of Income Properties
Sales price			18.2
2023 Dispositions \| Income Property Sabal Pavilion, Tampa, Florida
Dispositions of Income Properties
Sales price			22.0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations \| 2023 Dispositions \| Income Property, Shopping Center, Fort Worth, Texas
Dispositions of Income Properties
Sales price			$ 14.8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

PRINCIPLES OF CONSOLIDATION

SEGMENT REPORTING

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

RECENTLY ISSUED ACCOUNTING STANDARDS

RECLASSIFICATIONS

These reclassifications did not impact the Company's consolidated balance sheets, consolidated statements of operations, or total net cash flows.

CASH AND CASH EQUIVALENTS

RESTRICTED CASH

INVESTMENT SECURITIES

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE MEASUREMENTS

●

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

●

COMMERCIAL LOANS AND INVESTMENTS

Investments in commercial loans and investments held for investment are recorded at historical cost, net of unaccreted origination costs and current expected credit losses (“CECL”) reserve.

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS

ACCOUNTS RECEIVABLE

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

SALES OF REAL ESTATE

PROPERTY, PLANT, AND EQUIPMENT


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 20	Years

LONG-LIVED ASSETS

INCOME PROPERTY LEASES

OPERATING LEASE EXPENSE

The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.

INCOME TAXES

EARNINGS PER COMMON SHARE

CONCENTRATION OF CREDIT RISK

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents.

The Company also has certain concentrations that make up more than 10% of our income property portfolio, as described below:

●

Tenant Concentrations. We did not have any tenants that accounted for more than 10% of total revenues during the years ended December 31, 2025, 2024, or 2023.

●

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Apr. 15, 2025	Apr. 03, 2025	Dec. 31, 2024	Mar. 15, 2020
Long-term debt
Long-term debt	$ 616,345			$ 518,993
Financing Costs, net of Accumulated Amortization	(2,455)			(1,796)
Long-term debt due within one year
Due Within One Year	17,800			50,989
Credit Facility
Long-term debt
Long-term debt	151,000			87,000
2026 Term Loan
Long-term debt
Long-term debt				65,000
2027 Term Loan
Long-term debt
Long-term debt	100,000			100,000
2028 Term Loan
Long-term debt
Long-term debt	100,000			100,000
2029 Term Loan
Long-term debt
Long-term debt	125,000			100,000
2030 Term Loan
Long-term debt
Long-term debt	125,000
3.875% Convertible Senior Notes due 2025
Long-term debt
Long-term debt	$ 51,000	$ 15,800	$ 35,200	$ 50,989	$ 75,000
Interest rate (as a percent)	3.875%			3.875%	3.875%
Long-term debt due within one year
Due Within One Year				$ 50,989
Mortgage Note Payable
Long-term debt
Long-term debt	$ 17,800			$ 17,800
Interest rate (as a percent)	4.06%
Long-term debt due within one year
Due Within One Year	$ 17,800

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Payments applicable to reduction of principal amounts
2026	$ 17,800
2027	251,000
2028	100,000
2029	125,000
2030	125,000
Total Long-Term Debt - Face Value	$ 618,800

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of outstanding indebtedness, at face value

As of December 31, 2025, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt			Maturity Date	Interest Rate			Wtd. Avg. Rate
Credit Facility ⁽¹⁾	$	151,000		January 2027		SOFR + 0.10% + [1.25% - 2.20%]			5.00%
2027 Term Loan ⁽²⁾		100,000		January 2027		SOFR + 0.10% + [1.25% - 2.20%]			2.80%
2028 Term Loan ⁽³⁾		100,000		January 2028		SOFR + 0.10% + [1.20% - 2.15%]			5.18%
2029 Term Loan ⁽⁴⁾		125,000		September 2029		SOFR + [1.20% - 2.15%]			4.21%
2030 Term Loan ⁽⁵⁾		125,000		September 2030		SOFR + [1.20% - 2.15%]			4.24%
Mortgage Note Payable		17,800		August 2026		4.060%			4.06%
Total Long-Term Face Value Debt	$	618,800							4.33%

⁽¹⁾	The Company utilized interest rate swaps on $65.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.12% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽²⁾ The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽³⁾	The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁴⁾	The Company utilized interest rate swaps on the $125.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 2.91% plus the applicable spread.

⁽⁵⁾	The Company utilized interest rate swaps on the $125.0 million 2030 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 2.94% plus the applicable spread.

Schedule of components of long-term debt

Long-term debt consisted of the following (in thousands):


	December 31, 2025					December 31, 2024
	Total			Due Within One Year		Total			Due Within One Year
Credit Facility	$	151,000		$	—	$	87,000		$	—
2026 Term Loan		—			—		65,000			—
2027 Term Loan		100,000			—		100,000			—
2028 Term Loan		100,000			—		100,000			—
2029 Term Loan		125,000			—		100,000			—
2030 Term Loan		125,000			—		—			—
3.875% Convertible Senior Notes, net of Discount		—			—		50,989			50,989
Mortgage Note Payable		17,800			17,800		17,800			—
Financing Costs, net of Accumulated Amortization		(2,455)			—		(1,796)			—
Total Long-Term Debt	$	616,345		$	17,800	$	518,993		$	50,989

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of December 31, 2025 will be required as follows (in thousands):


As of December 31,	Amount
2026	$	17,800
2027		251,000
2028		100,000
2029		125,000
2030		125,000
2031 and Thereafter		—
Total Long-Term Debt - Face Value	$	618,800

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of December 31, 2025 consisted of the following (in thousands):


	Total
Current Face Amount	$	618,800
Financing Costs, net of Accumulated Amortization		(2,455)
Total Long-Term Debt	$	616,345

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2025, 2024 and 2023 (in thousands):


		Year Ended
		December 31, 2025		December 31, 2024		December 31, 2023
Interest Expense	$	25,603	$	21,315	$	21,230
Amortization of Deferred Financing Costs		1,280		1,047		970
Amortization of Discount on Convertible Notes		45		159		159
Total Interest Expense	$	26,928		22,521		22,359

Total Interest Paid ⁽¹⁾	$	26,303		21,206		21,636

⁽¹⁾	Includes capitalized interest of $0.3 million during the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

ORGANIZATION (Details) a in Thousands, $ in Thousands, ft² in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) a ft² property county state loan	Dec. 31, 2024 USD ($)
DESCRIPTION OF BUSINESS
Number of commercial loan investments \| loan	4
Investment in Alpine Income Property Trust, Inc. \| $	$ 41,324	$ 39,666
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
DESCRIPTION OF BUSINESS
Investment in Alpine Income Property Trust, Inc. \| $	$ 41,324	$ 39,666
Investment ownership percentage (as a percent)	15.40%
Conversion ratio on merger	1
Florida
DESCRIPTION OF BUSINESS
Subsurface area of portfolio of mineral interests \| a	352
Number of countries in which entity operates \| county	19
Commercial
DESCRIPTION OF BUSINESS
Number of real estate properties \| property	21
Number of states in which entity operates \| state	7
Gross leasable space \| ft²	5.5
Number of preferred equity investment \| property	2

REAL ESTATE OPERATIONS

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

REAL ESTATE OPERATIONS

NOTE 6. REAL ESTATE OPERATIONS

The Company’s real estate operations revenue is within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers as summarized below. Revenue from real estate operations is recognized at the point in time the underlying assets are transferred.

Revenue from real estate operations consisted of the following for the years ended December 31, 2025, 2024, and 2023 (in thousands):

Revenue from real estate operations consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands):Revenue from real estate operations consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands):Revenue from real estate operations consisted of the following for the years ended December 31, 2025, 2023, and 2022 (in thousands):
		December 31,
		2025		2024		2023
Mitigation Credit Sales		$	—	$	1,831	$	2,257
Subsurface Revenue - Other			—		150		1,727
Land Sales Revenue			—		—		—
Total Real Estate Operations Revenue		$	—	$	1,981	$	3,984

Mitigation Credits. Revenues and the cost of sales of mitigation credit sales are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. During the year ended December 31, 2024, the Company sold its remaining 14.99 mitigation credits for $1.8 million with a cost basis of $1.3 million. During the year ended December 31, 2023, the Company sold 20 mitigation credits for proceeds of $2.3 million with a cost basis of $1.5 million.

Subsurface Interests. The Company sold its remaining acres of Subsurface Interests during the year ended December 31, 2024 for $5.0 million, or a gain on sale of $4.5 million.

The Company historically leased certain of the Subsurface Interests to mineral exploration firms for exploration. The Company’s subsurface operations consisted of revenue from the leasing of exploration rights and in some instances, additional revenues from royalties applicable to production from the leased acreage, which revenues are included within real estate operations in the consolidated statements of operations. There were no sales of subsurface oil, gas, and mineral rights during the year ended December 31, 2024. During the year ended December 31, 2023, the Company sold 3,481 acres of Subsurface Interests for a sales price of $1.0 million.

The Company historically released surface entry rights or other rights upon request of a surface owner for a negotiated release fee typically based on a percentage of the surface value. No cash payments were received for the release of surface entry rights for the year ended December 31, 2025. Cash payments for the release of surface entry rights totaled $0.1 million and $0.7 million during the years ended December 31, 2024 and 2023, respectively.

EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of details of public offering

The following details the public offerings (in thousands, except per share data):


Series	Dividend Rate	Issued	Number of Shares Issued	Gross Proceeds		Net Proceeds		Dividend per Share		Earliest Redemption Date
Series A	6.375%	July 2021	3,000,000	$	75,000	$	72,428	$	0.3984	July 2026
Series A	6.375%	April 2024	1,718,417	$	34,368	$	33,055	$	0.3984	July 2026

Schedule of dividends declared and paid

The following table outlines dividends declared and paid for each issuance of CTO’s stock during the years ended December 31, 2025, 2024, and 2023 (in thousands, except per share data):


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Series A Preferred Stock
Dividends	$	7,512	$	6,814	$	4,772
Per Share	$	1.59	$	1.59	$	1.59

Common Stock
Dividends	$	49,046	$	40,280	$	34,266
Per Share	$	1.52	$	1.52	$	1.52

MANAGEMENT SERVICES BUSINESS - General Information (Details) $ / shares in Units, $ in Thousands					12 Months Ended					73 Months Ended
	Dec. 05, 2025	Dec. 04, 2025	Jan. 07, 2022 USD ($) property	Nov. 26, 2019 USD ($) property shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) property $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	Oct. 21, 2025 USD ($)	Dec. 12, 2023 USD ($)	Feb. 16, 2023 USD ($)	Oct. 26, 2021 USD ($)
MANAGEMENT SERVICES BUSINESS
Amount of shares authorized for purchase by the board					$ 0		$ 0			$ 0
Face Value of Debt					618,800					$ 618,800
Loss on Extinguishment of Debt					20,449
Mortgage Notes Payable Under CMBS Portfolio
MANAGEMENT SERVICES BUSINESS
Face Value of Debt			$ 30,000
2022 Acquisitions \| Income Property Single Tenant
MANAGEMENT SERVICES BUSINESS
Number of Real Estate Properties \| property			1
Sales price			$ 6,900
Management Fee Income
MANAGEMENT SERVICES BUSINESS
Revenue					4,849	$ 4,590	4,388
Management Fee Income \| Portfolio Management Agreement
MANAGEMENT SERVICES BUSINESS
Revenue					300	300
Management Fee Income \| Portfolio Management Agreement \| Maximum [Member]
MANAGEMENT SERVICES BUSINESS
Revenue							$ 100
Management Fee Income \| Asset Management Agreement
MANAGEMENT SERVICES BUSINESS
Revenue					$ 100	$ 100
Private Placement [Member]
MANAGEMENT SERVICES BUSINESS
Share purchased \| shares				394,737
Purchase price of shares				$ 7,500
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
MANAGEMENT SERVICES BUSINESS
Investment ownership percentage (as a percent)					15.40%					15.40%
Alpine Income Property OP, LP Limited Partnership Units
MANAGEMENT SERVICES BUSINESS
Number of contributed properties \| property				5
Aggregate of OP units \| shares				1,223,854
Initial value				$ 23,300
Share purchased \| shares										1,223,854
Investment ownership percentage (as a percent)					7.60%					7.60%
Common Stock
MANAGEMENT SERVICES BUSINESS
Share purchased \| shares				421,053	109,081	29,807	129,271	155,665	8,088	1,247,702
Purchase price of shares				$ 8,000	$ 1,600	$ 400	$ 2,100	$ 2,700	$ 100
Investment ownership percentage (as a percent)					7.80%					7.80%
Investee \| Alpine Income Property Trust, Inc.
MANAGEMENT SERVICES BUSINESS
Incentive fee income					$ 0	0	0
Management Agreement PINE
MANAGEMENT SERVICES BUSINESS
Percentage of base management fee	0.1875%	0.375%			0.375%
Management fee (as a percent)	0.75%	1.50%			1.50%
Percentage of cumulative annual hurdle rate					8.00%
Amount of threshold incentive fee					$ 0
Percentage of multiply factor					15.00%
Management fee revenue earned					$ 4,400	4,200	4,300
Dividends received					$ 2,800	$ 2,600	$ 2,500
Alpine
MANAGEMENT SERVICES BUSINESS
Number of properties sold \| property				15
Aggregate cash consideration				$ 125,900
Amount of shares authorized for purchase by the board											$ 3,000	$ 2,000	$ 2,100	$ 5,000
Average price per share \| $ / shares					$ 14.24	$ 14.97	$ 16.21	$ 17.57	$ 17.65
Alpine \| Mortgage Notes Payable Under CMBS Portfolio
MANAGEMENT SERVICES BUSINESS
Number of Real Estate Properties \| property								6
Real estate acquired purchase price								$ 44,500
Loss on Extinguishment of Debt			$ 500
Alpine \| Mortgage Notes Payable Under CMBS Portfolio \| Income Property Single Tenant
MANAGEMENT SERVICES BUSINESS
Number of Real Estate Properties \| property								1
Real estate acquired purchase price								$ 11,500

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Sep. 25, 2025	Sep. 30, 2024	Nov. 05, 2021
Long-term debt
Face Value of Debt	$ 618,800
Weighted Average Interest Rate	4.33%
Credit Facility
Long-term debt
Face Value of Debt	$ 151,000
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Weighted Average Interest Rate	5.00%
Credit Facility \| Minimum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
Credit Facility \| Maximum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2027 Term Loan
Long-term debt
Face Value of Debt	$ 100,000			$ 100,000
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Weighted Average Interest Rate	2.80%
2027 Term Loan \| Minimum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
2027 Term Loan \| Maximum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2028 Term Loan
Long-term debt
Face Value of Debt	$ 100,000
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Weighted Average Interest Rate	5.18%
2028 Term Loan \| Minimum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)	1.20%
2028 Term Loan \| Maximum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)	2.15%
2029 Term Loan
Long-term debt
Face Value of Debt	$ 125,000	$ 125,000	$ 100,000
Debt instrument, variable rate, adjustment (as a percent)	1.20%
Weighted Average Interest Rate	4.21%
2029 Term Loan \| Minimum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)	2.15%
2030 Term Loan
Long-term debt
Face Value of Debt	$ 125,000	$ 125,000
Debt instrument, variable rate, adjustment (as a percent)	1.20%
Weighted Average Interest Rate	4.24%
2030 Term Loan \| Minimum [Member]
Long-term debt
Margin added to variable rate basis (as a percent)	2.15%
Mortgage Note Payable
Long-term debt
Face Value of Debt	$ 17,800
Interest rate (as a percent)	4.06%
Weighted Average Interest Rate	4.06%

EQUITY - Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Apr. 11, 2024	Jul. 06, 2021	Jun. 28, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock
Dividend Rate				6.375%	6.375%
Shares Outstanding				4,713,069	4,713,069
Gross Proceeds					$ 32,996
Follow on Public Offering
Class of Stock
Dividend Rate			6.375%
Public Offering
Class of Stock
Gross Proceeds	$ 33,100
Series A preferred stock
Class of Stock
Dividend per Share				$ 1.59	$ 1.59	$ 1.59
Series A preferred stock \| Follow on Public Offering \| O 2021 Q3 Dividends
Class of Stock
Dividend Rate		6.375%
Shares Outstanding		3,000,000
Gross Proceeds		$ 75,000
Net Proceeds		$ 72,428
Dividend per Share		$ 0.3984
Series A preferred stock \| Public Offering \| O 2024 Q2 Dividends
Class of Stock
Dividend Rate	6.375%
Shares Outstanding	1,718,417
Gross Proceeds	$ 34,368
Net Proceeds	$ 33,055
Dividend per Share	$ 0.3984

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shares
Shares Outstanding at the beginning balance	405,797
Granted (in shares)	228,009
Vested / Exercised (in shares)	(167,395)
Forfeited (in shares)	(272)
Shares Outstanding at the ending balance	466,139	405,797
share based payment arrangement tranche one \| Performance shares
Shares
Nonvested (in shares)	208,003	237,375	230,247
Granted Shares	110,270	100,391	88,754
Vested / Exercised Shares	(55,386)	(85,938)	(72,141)
Forfeited Shares		(43,825)	(9,485)
Nonvested (in shares)	262,887	208,003	237,375
share based payment arrangement, tranche three \| Restricted Shares
Shares
Nonvested (in shares)	197,794	216,357	212,079
Granted Shares	117,739	108,391	96,453
Vested / Exercised Shares	(112,009)	(75,434)	(74,229)
Forfeited Shares	(272)	(51,520)	(17,946)
Nonvested (in shares)	203,252	197,794	216,357

LONG-TERM DEBT - Mortgage Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 03, 2022
Debt Instrument [Line Items]
Outstanding Principal	$ 618,800
Fixed-Rate Mortgage Note
Debt Instrument [Line Items]
Outstanding Principal		$ 17,800
Interest rate (as a percent)		4.06%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INCOME TAXES - General Information (Details) $ in Thousands	12 Months Ended
INCOME TAXES - General Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) subsidiary	Dec. 31, 2024 USD ($) subsidiary	Dec. 31, 2023 USD ($) subsidiary	Dec. 31, 2020 USD ($)
Income Tax Disclosure [Abstract]
Number of taxable REIT subsidiaries \| subsidiary	1	1	2
Deferred tax benefit				$ 82,500
Effective income tax rate, including income taxes attributable to the discontinued operations (as a percent)	(4.20%)	14.70%	(9.80%)
Interest and penalties accrued for uncertain positions	$ 0	$ 0	$ 0
Income tax payments (refunds)	$ 166	$ (57)	$ (118)

INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

NOTE 10. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. The gross values of certain intangible lease assets and liabilities that were fully amortized as of December 31, 2024, and the related accumulated amortization, were adjusted in the disclosure below. There was no impact to Intangible Lease Assets-Net or Intangible Lease Liabilities-Net as reported in the consolidated balance sheets as of December 31, 2024 as a result of the disclosure adjustment. Intangible assets and liabilities consisted of the following as of December 31, 2025 and 2024 (in thousands):


		As of
		December 31, 2025			December 31, 2024
Intangible Lease Assets:
Value of In-Place Leases		$	99,346		$	85,913
Value of Above Market In-Place Leases			23,052			23,873
Value of Intangible Leasing Costs			29,963			24,389
Sub-total Intangible Lease Assets			152,361			134,175
Accumulated Amortization			(67,651)			(54,977)
Sub-total Intangible Lease Assets—Net			84,710			79,198
Intangible Lease Liabilities:
Value of Below Market In-Place Leases			(42,144)			(21,448)
Sub-total Intangible Lease Liabilities			(42,144)			(21,448)
Accumulated Amortization			10,658			6,324
Sub-total Intangible Lease Liabilities—Net			(31,486)			(15,124)
Total Intangible Assets and Liabilities—Net		$	53,224		$	64,074

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Amortization Expense	$	24,827	$	31,561	$	18,444
Accretion to Income Properties Revenue		(1,006)		(254)		2,303
Net Amortization of Intangible Assets and Liabilities	$	23,821	$	31,307	$	20,747

Amortization Expense for the year ended December 31, 2025 includes $2.8 million related to the acceleration of amortization of lease intangibles associated with certain leases terminated during the year. Accretion to Income Properties Revenue for the year ended December 31, 2025 includes $0.2 million related to the acceleration of amortization of lease intangibles associated with certain leases terminated during the year.

Amortization expense for the year ended December 31, 2024 included an out-of-period adjustment totaling $10.1 million consisting of (i) $4.5 million associated with the acceleration of amortization for lease intangibles related to certain lease terminations that occurred prior to January 1, 2024 and (ii) $5.6 million associated with calculating amortization based on the remaining useful life of each lease on an individual basis as opposed to a property-level weighted average remaining useful lease life. Based on our quantitative and qualitative analyses, we do not consider the impact of the out-of-period adjustment to be material to our financial position or results of operations for the year ended December 31, 2024, or for any prior periods.

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):


Year Ending December 31,		Future Amortization Expense			Future Accretion to Income Property Revenue			Net Future Amortization of Intangible Assets and Liabilities
2026		$	20,680		$	(3,203)		$	17,477
2027			15,538			(2,681)			12,857
2028			11,303			(2,394)			8,909
2029			7,611			(2,395)			5,216
2030			5,699			(1,958)			3,741
2031 and Thereafter			14,500			(9,476)			5,024
Total		$	75,331		$	(22,107)		$	53,224

As of December 31, 2025, the weighted average amortization period of total intangible assets and liabilities was 7.8 years and 9.2 years, respectively.

INCOME TAXES - Sources of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Income Tax Assets
Capital Loss Carryforward	$ 1,493	$ 1,506
Net Operating Loss Carryforward	2,388	2,499
Gross Deferred Income Tax Assets	3,881	4,005
Less - Valuation Allowance	(1,493)	(1,506)
Net Deferred Income Tax Assets	2,388	2,499
Deferred Income Tax Liabilities
Unrealized Gain on Investment Securities	(79)	(32)
Total Deferred Income Tax Liabilities	(79)	(32)
Net Deferred Income Tax Liabilities	$ 2,309	$ 2,467

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of carrying value and estimated fair value of financial instruments


		December 31, 2025						December 31, 2024
		Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Cash and Cash Equivalents - Level 1		$	6,467		$	6,467		$	9,017		$	9,017
Restricted Cash - Level 1		$	34,652		$	34,652		$	8,344		$	8,344
Commercial Loans and Investments - Level 2		$	104,804		$	109,828		$	105,043		$	110,665
Long-Term Debt - Level 2		$	616,345		$	608,419		$	518,993		$	508,309

Schedule of fair value of assets measured on recurring basis by Level

The following table presents the fair value of assets (liabilities) measured on a recurring basis by level as of December 31, 2025 and 2024 (in thousands).


				Fair Value at Reporting Date Using
	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
December 31, 2025
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	1,496		$	—		$	1,496		$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	(1,351)		$	—		$	(1,351)		$	—
Cash Flow Hedge - 2029 Term Loan Interest Rate Swaps	$	(5)		$	—		$	(5)		$	—
Cash Flow Hedge - 2030 Term Loan Interest Rate Swaps	$	(48)		$	—		$	(48)		$	—
Cash Flow Hedge - Credit Facility Interest Rate Swaps	$	(497)		$	—		$	(497)		$	—
Investment Securities	$	41,324		$	41,324		$	—		$	—
December 31, 2024
Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps	$	2,372		$	—		$	2,372		$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	5,854		$	—		$	5,854		$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	1,001		$	—		$	1,001		$	—
Cash Flow Hedge - 2029 Term Loan Interest Rate Swaps	$	3,099		$	—		$	3,099		$	—
Cash Flow Hedge - Credit Facility Interest Rate Swaps	$	191		$	—		$	191		$	—
Investment Securities	$	39,666		$	39,666		$	—		$	—

REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) a
Subsurface interests
Subsurface interests		$ 4,974
Productive Land
Subsurface interests
Subsurface interests		5,000
Disposition of Subsurface Interests, sales price			$ 1,000
Gain on sale		4,500
Area of land sold (in acres) \| a			3,481
Revenue recognized for cash payments for the release of surface entry rights	$ 0	100	$ 700
Subsurface Interests, Subsurface Oil, Gas, and Mineral Rights
Subsurface interests
Subsurface interests		$ 0

MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related Party
MANAGEMENT SERVICES BUSINESS
Other receivables	$ 2,379	$ 1,468
Investee \| Alpine Income Property Trust, Inc.
MANAGEMENT SERVICES BUSINESS
Other receivables	2,379	1,468
Investee \| Management Services Fee Due From PINE \| Alpine Income Property Trust, Inc.
MANAGEMENT SERVICES BUSINESS
Other receivables	1,142	1,098
Investee \| Dividend Receivable \| Alpine Income Property Trust, Inc.
MANAGEMENT SERVICES BUSINESS
Other receivables	349	343
Investee \| Other \| Alpine Income Property Trust, Inc.
MANAGEMENT SERVICES BUSINESS
Other	$ 888	$ 27

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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-Name Accounting Standards Codification
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+ Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 24. SUBSEQUENT EVENTS

Subsequent events and transactions were evaluated through February 19, 2026, the date the consolidated financial statements were issued. There were no reportable subsequent events or transactions.

INVESTMENT IN JOINT VENTURES - Watters Creek Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 07, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount	$ 108,050	$ 107,163	$ 30,400
Preferred Equity Agreement - Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current Face Amount	$ 30,000	$ 30,000		$ 30,000
Percentage of funding towards total investment (as a percent)				23.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 29
-Paragraph Column C
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher SEC

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of estimated useful lives for property, plant, and equipment


Income Properties Buildings and Improvements	3 - 48	Years
Other Furnishings and Equipment	3 - 20	Years

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash Flow from Operating Activities:

Net Income (Loss) Attributable to the Company

$ 10,092

$ (1,965)

$ 5,530

Adjustments to Reconcile Net Income (Loss) Attributable to the Company to Net Cash Provided by Operating Activities:

Depreciation and Amortization

60,015

65,049

44,173

Amortization of Intangible Assets and Liabilities to Income Property Revenue

(1,006)

(254)

2,303

Amortization of Deferred Financing Costs to Interest Expense

1,280

1,047

970

Amortization of Discount on Convertible Debt

159

Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities

(21,452)

(3,763)

(7,543)

Gain on Disposition of Subsurface Interests

(4,545)

Loss on Extinguishment of Debt

20,449

Provision for Impairment

676

1,556

Accretion of Commercial Loans and Investments Origination Fees

(733)

(276)

(137)

Non-Cash Imputed Interest

(19)

(29)

Deferred Income Taxes

158

(458)

521

Unrealized Loss (Gain) on Investment Securities

(39)

1,081

3,902

Extinguishment of Contingent Obligation

(2,815)

Non-Cash Compensation

4,158

3,637

3,673

Decrease (Increase) in Assets:

Refundable Income Taxes

176

202

Land and Development Costs

(46)

Mitigation Credits and Mitigation Credit Rights

1,044

1,537

Other Assets

(7,652)

(4,047)

(4,617)

Increase (Decrease) in Liabilities:

Accounts Payable

(1,571)

522

214

Accrued and Other Liabilities

1,438

4,032

(2,597)

Deferred Revenue

(730)

(2,221)

(642)

Income Taxes Payable

Net Cash Provided By Operating Activities

64,600

59,867

46,314

Cash Flow from Investing Activities:

Acquisition of Real Estate and Intangible Lease Assets and Liabilities

(145,062)

(224,406)

(80,279)

Investments in and Improvements to Real Estate

(15,165)

(17,492)

(22,670)

Acquisition of Commercial Loans and Investments

(14,339)

(63,930)

(32,869)

Proceeds from Disposition of Property, Plant, and Equipment, Net

84,275

37,157

84,336

Proceeds from Disposition of Subsurface Interests

4,974

Principal Payments Received on Commercial Loans and Investments

15,242

20,335

986

Cash Received for Commercial Loan Reserves

10,101

9,483

107

Acquisition of Investment Securities

(9,026)

(447)

(3,239)

Proceeds from the Sale of Investment Securities

2,472

1,655

1,174

Net Cash Used In Investing Activities

(71,502)

(232,671)

(52,454)

Cash Flow From Financing Activities:

Proceeds from Long-Term Debt

405,000

366,000

148,850

Payments on Long-Term Debt

(292,272)

(342,000)

(99,600)

Cash Paid for Loan Fees

(1,535)

(1,093)

(180)

Cash Proceeds from Common Stock Issuance

648

647

375

Proceeds from Issuance of Preferred Stock, Net of Underwriting Discount and Expenses

32,996

Cash Used to Purchase Common Stock

(9,355)

(664)

(6,439)

Cash Paid for Vesting of Restricted Stock

(1,034)

(1,274)

(1,028)

Proceeds from (Cash Paid for) Issuance of Common and Preferred Stock, Net

(124)

164,828

(175)

Cash Paid for Premium Related to Settlement of 2025 Notes

(14,110)

Dividends Paid - Preferred Stock

(7,512)

(6,814)

(4,772)

Dividends Paid - Common Stock

(49,046)

(40,280)

(34,266)

Net Cash Provided By Financing Activities

30,660

172,346

2,765

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash

23,758

(458)

(3,375)

Cash, Cash Equivalents and Restricted Cash, Beginning of Period

17,361

17,819

21,194

Cash, Cash Equivalents and Restricted Cash, End of Period

41,119

17,361

17,819

Supplemental Disclosure of Cash Flow Information:

Cash Paid for Taxes, Net of Refunds Received

166

(57)

(118)

Cash Paid for Interest

^[1]

26,303

21,206

21,636

Capitalized interest

300

Supplemental Disclosure of Non-Cash Investing and Financing Activities:

Unrealized Gain (Loss) on Cash Flow Hedges

(12,922)

5,626

(8,870)

Common Stock Dividends Declared and Unpaid

737

$ 796

$ 827

14,762

$ 6,286

[1]	Includes $0.3 million of capitalized interest during the years ended December 31, 2025, 2024 and 2023, respectively.

ORGANIZATION

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

NOTE 1. ORGANIZATION

NATURE OF OPERATIONS

The terms “us,” “we,” “our,” and “the Company” as used in this report refer to CTO Realty Growth, Inc. together with our consolidated subsidiaries.

We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. We have pursued our investment strategy by investing primarily through fee simple ownership of our properties, commercial loans and preferred equity.

As of December 31, 2025, we own and manage, sometimes utilizing third-party property management companies, 21 commercial real estate properties in seven states in the United States, comprising 5.5 million square feet of gross leasable space. In addition to our income property portfolio, as of December 31, 2025, our business included the following:

Management Services: A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”), as well as: (i) a portfolio of assets pursuant to the Portfolio Management Agreement (hereinafter defined) and (ii) Subsurface Interests (hereinafter defined) pursuant to the Subsurface Management Agreement (hereinafter defined), as further described in Note 5, “Management Services Business”.

Commercial Loans and Investments: A portfolio of four commercial loan investments and two preferred equity investments which are classified as commercial loan investments.

Real Estate Operations: There were no significant real estate operations transactions during the year ended December 31, 2025. During the year ended December 31, 2024, the Company sold its remaining mitigation credits, which were produced by the Company’s formerly owned mitigation bank, and sold its portfolio of subsurface mineral interests associated with approximately 352,000 surface acres in 19 counties in the State of Florida (“Subsurface Interests”), as further described in Note 6, “Real Estate Operations”. As part of the Subsurface Interests sale, the Company entered into a management agreement with the buyer to provide ongoing management services (the “Subsurface Management Agreement”).

Investment in PINE: Our business also includes our investment in PINE. As of December 31, 2025, the fair value of our investment totaled $41.3 million, or 15.4% of PINE’s outstanding common equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in investment and other income (loss) on the accompanying consolidated statements of operations.

BUSINESS SEGMENT DATA - Summary of Segment Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
BUSINESS SEGMENT DATA
Income Properties	$ 132,156	$ 110,591	$ 96,663
Interest Income From Commercial Loans and Investments	12,540	7,357	4,084
Total Revenues	149,545	124,519	109,119
Total Direct Cost of Revenues	(37,923)	(33,222)	(30,178)
Total Revenues Less Direct Costs of Revenues	111,622	91,297	78,941
Provision for Impairment	(68)	(676)	(1,556)
Depreciation and Amortization - Real Estate	(59,947)	(64,981)	(44,107)
Total Operating Income	34,015	17,611	26,506
Gain on Disposition of Assets	21,452	8,308	7,543
General and Administrative Expenses	(18,527)	(16,269)	(14,249)
Investment and Other Income	3,451	2,606	1,987
Interest Expense	(26,928)	(22,521)	(22,359)
Loss on Extinguishment of Debt	(20,449)
Depreciation and Amortization - Other	(68)	(68)	(66)
Net Income (Loss) Before Income Tax Expense	10,538	(2,304)	6,134
Income Tax Benefit (Expense)	(446)	339	(604)
Net Income (Loss) Attributable to the Company	10,092	(1,965)	5,530
Income Properties
BUSINESS SEGMENT DATA
Total Direct Cost of Revenues	(37,923)	(31,785)	(28,455)
Management Fee Income
BUSINESS SEGMENT DATA
Revenue from Contract with Customer, Including Assessed Tax	4,849	4,590	4,388
Real Estate Operations
BUSINESS SEGMENT DATA
Revenue from Contract with Customer, Including Assessed Tax		1,981	3,984
Total Direct Cost of Revenues		(1,437)	(1,723)
Income Properties
BUSINESS SEGMENT DATA
Income Properties	132,156	110,591	96,663
Total Revenues	132,156	110,591	96,663
Total Revenues Less Direct Costs of Revenues	94,233	78,806	68,208
Provision for Impairment	0	0	(929)
Depreciation and Amortization - Real Estate	(59,947)	(64,981)	(44,107)
Gain on Disposition of Assets	21,452	3,763	7,543
Income Properties \| Income Properties
BUSINESS SEGMENT DATA
Total Direct Cost of Revenues	(37,923)	(31,785)	(28,455)
Management Services
BUSINESS SEGMENT DATA
Total Revenues	4,849	4,590	4,388
Total Revenues Less Direct Costs of Revenues	4,849	4,590	4,388
Management Services \| Management Fee Income
BUSINESS SEGMENT DATA
Revenue from Contract with Customer, Including Assessed Tax	4,849	4,590	4,388
Commercial Loans and Investments
BUSINESS SEGMENT DATA
Interest Income From Commercial Loans and Investments	12,540	7,357	4,084
Total Revenues	12,540	7,357	4,084
Total Revenues Less Direct Costs of Revenues	12,540	7,357	4,084
Provision for Impairment	(68)	(676)	(627)
Real Estate Operations
BUSINESS SEGMENT DATA
Total Revenues		1,981	3,984
Total Revenues Less Direct Costs of Revenues		544	2,261
Gain on Disposition of Assets		4,545
Real Estate Operations \| Real Estate Operations
BUSINESS SEGMENT DATA
Revenue from Contract with Customer, Including Assessed Tax		1,981	3,984
Total Direct Cost of Revenues		(1,437)	(1,723)
Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	51,607	25,640	33,278
Net Income (Loss) Attributable to the Company	73,059	33,948	40,821
Operating Segments \| Income Properties
BUSINESS SEGMENT DATA
Total Operating Income	34,286	13,825	23,172
Net Income (Loss) Attributable to the Company	55,738	17,588	30,715
Operating Segments \| Management Services
BUSINESS SEGMENT DATA
Total Operating Income	4,849	4,590	4,388
Net Income (Loss) Attributable to the Company	4,849	4,590	4,388
Operating Segments \| Commercial Loans and Investments
BUSINESS SEGMENT DATA
Total Operating Income	12,472	6,681	3,457
Net Income (Loss) Attributable to the Company	$ 12,472	6,681	3,457
Operating Segments \| Real Estate Operations
BUSINESS SEGMENT DATA
Total Operating Income		544	2,261
Net Income (Loss) Attributable to the Company		$ 5,089	$ 2,261

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$ 2,580	$ (8,779)	$ 758
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$ 2,580	$ (8,779)	$ 758
Weighted Average Shares Outstanding, Basic (in shares)	32,267,365	25,361,379	22,529,703
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method	25,447	39,797
Weighted Average Shares Outstanding, Diluted (in shares)	32,292,812	25,401,176	22,529,703
Per Share Information:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.08	$ (0.35)	$ 0.03
Diluted Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.08	$ (0.35)	$ 0.03

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Preferred Stock
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Dividend rate (as a percent)	6.375%	6.375%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred Stock, Shares Issued	4,713,069	4,713,069
Preferred Stock, Shares Outstanding	4,713,069	4,713,069
Common Stock
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	32,372,291	31,673,479
Common Stock, shares outstanding	32,372,291	31,673,479

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Dilutive securities	25,447	39,797	0
2025 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Dilutive convertible securities excluded	$ 0.6	$ 2.1	$ 2.1
Conversion of Convertible Securities, Shares	1,089,555
Shares excluded from computation of diluted net income (loss)	900,000	3,600,000	3,300,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flow from Investing Activities:
Cash received for commercial loan reserves	$ 10,101	$ 9,483	$ 107

LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Deferred financing costs, net	$ 2,455	$ 1,796
Financing costs, net of accumulated amortization	$ 690	$ 1,147

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments - Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Minimum Future Rental Payments
2026	$ 129
2027	131
2028	19
2029	6
Total Lease Payments	$ 285

EQUITY

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

EQUITY

NOTE 13. EQUITY

SHELF REGISTRATION

On October 11, 2022, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $500.0 million (the “2022 Registration Statement”). The Securities and Exchange Commission declared the 2022 Registration Statement effective on October 26, 2022.

On October 16, 2024, the Company filed a new shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $500.0 million (the “2024 Registration Statement”). The Securities and Exchange Commission declared the 2024 Registration Statement effective on November 12, 2024. The 2022 Registration Statement was terminated concurrently with the effectiveness of the 2024 Registration Statement.

EQUITY OFFERING

On December 5, 2022, the Company completed a follow-on public offering of 3,450,000 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 450,000 shares of common stock. Upon closing, the Company issued 3,450,000 shares and received net proceeds of $62.4 million, after deducting the underwriting discount and expenses.

ATM PROGRAM

On April 30, 2021, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2021 ATM Program”) pursuant to which the Company sold shares of the Company’s common stock. During the year ended December 31, 2022, the Company sold 961,261 shares under the 2021 ATM Program for gross proceeds of $21.1 million at a weighted average price of $21.99 per share, generating net proceeds of $20.8 million after deducting transaction fees totaling less than $0.3 million. The 2021 ATM Program was terminated in connection with the establishment of the 2022 ATM Program, hereinafter defined.

On October 28, 2022, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2022 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. During the year ended December 31, 2022, the Company sold 604,765 shares under the 2022 ATM Program for gross proceeds of $12.3 million at a weighted average price of $20.29 per share, generating net proceeds of $12.1 million after deducting transaction fees totaling $0.2 million.

In the aggregate, under the 2021 ATM Program and 2022 ATM Program, during the year ended December 31, 2022,

the Company sold 1,566,026 shares for gross proceeds of $33.4 million at a weighted average price of $21.33 per share, generating net proceeds of $32.9 million after deducting transaction fees totaling $0.5 million. The Company was not active under the 2022 ATM Program during the year ended December 31, 2023.During the year ended December 31, 2024, the Company sold 7,226,192 shares under the 2022 ATM Program for gross proceeds of $134.2 million at a weighted average price of $18.58 per share, generating net proceeds of $132.2 million after deducting transaction fees of $2.0 million. The 2022 ATM Program was terminated in connection with the establishment of the 2024 ATM Program, hereinafter defined.

On November 12, 2024, the Company implemented a $250.0 million “at-the-market” equity offering program (the “2024 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. During the year ended December 31, 2024, the Company sold 1,696,601 shares under the 2024 ATM Program for gross proceeds of $33.5 million at a weighted average price of $19.77 per share, generating net proceeds of $33.0 million after deducting transaction fees of $0.5 million.

In the aggregate, under the 2022 ATM Program and 2024 ATM Program, during the year ended December 31, 2024, the Company sold 8,922,793 shares for gross proceeds of $167.7 million at a weighted average price of $18.79 per share, generating net proceeds of $165.2 million after deducting transaction fees totaling $2.5 million.

The Company was not active under the 2024 ATM Program during the year ended December 31, 2025. As of December 31, 2025, $216.5 million of availability remained under the 2024 ATM Program.

PREFERRED STOCK

On June 28, 2021, the Company priced a public offering of 3,000,000 shares of its 6.375% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a public offering price of $25.00 per share. The offering closed on July 6, 2021 and generated total net proceeds to the Company of $72.4 million, after deducting the underwriting discount and expenses.

On April 4, 2024, the Company priced a public offering of 1,500,000 additional shares of the Series A Preferred Stock, liquidation preference $25.00 per share, at a public offering price of $20.00 per share. The Company also granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of the Series A Preferred Stock to cover over-allotments, which the underwriters exercised with respect to 218,417 shares on April 9, 2024. Upon closing on April 11, 2024, 1,718,417 shares of the Series A Preferred Stock (including the 218,417 shares of Series A Preferred Stock issued pursuant to the underwriters’ option) were issued generating net proceeds of $33.1 million, after deducting the underwriting discount and offering expenses payable by the Company.

The following details the public offerings (in thousands, except per share data):


Series	Dividend Rate	Issued	Number of Shares Issued	Gross Proceeds		Net Proceeds		Dividend per Share		Earliest Redemption Date
Series A	6.375%	July 2021	3,000,000	$	75,000	$	72,428	$	0.3984	July 2026
Series A	6.375%	April 2024	1,718,417	$	34,368	$	33,055	$	0.3984	July 2026

On August 23, 2024, the Company implemented a $24.5 million “at-the-market” preferred stock equity offering program (the “2024 Preferred Stock ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s Series A Preferred Stock. During the year ended December 31, 2024, the Company sold 15,844 shares under the 2024 Preferred Stock ATM Program generating net proceeds of $0.4 million at a weighted average price of $23.22 per share after deducting transaction fees of less than $0.1 million. As of December 31, 2025, $24.1 million of availability remained under the 2024 Preferred Stock ATM Program.

The Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company. The Series A Preferred Stock has no maturity date and will remain outstanding unless redeemed.

The Series A Preferred Stock is not redeemable by the Company prior to July 6, 2026 except under limited circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control, as defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”). Upon such change in control, the Company may redeem, at its election, the Series A Preferred Stock at a redemption price of $25.00 per share plus any accumulated and unpaid dividends up to, but excluding the date of redemption, and in limited circumstances, the holders of preferred stock shares may convert some or all of their Series A Preferred Stock into shares of the Company’s common stock at conversion rates set forth in the Articles Supplementary.

See Note 15, “Share Repurchases” for the Company’s Series A Preferred Stock repurchase activity.

DIVIDENDS

The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020. In order to maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate U.S. federal income taxes payable by the Company. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows.

The following table outlines dividends declared and paid for each issuance of CTO’s stock during the years ended December 31, 2025, 2024, and 2023 (in thousands, except per share data):


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Series A Preferred Stock
Dividends	$	7,512	$	6,814	$	4,772
Per Share	$	1.59	$	1.59	$	1.59

Common Stock
Dividends	$	49,046	$	40,280	$	34,266
Per Share	$	1.52	$	1.52	$	1.52

- Definition

The entire disclosure for equity.

+ References

+ Details

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of components of other assets

Other assets consisted of the following as of December 31, 2025 and 2024 (in thousands):


		As of
		December 31, 2025			December 31, 2024
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts ⁽¹⁾		$	3,936		$	3,745
Income Property Straight-line Rent Adjustment			8,889			7,437
Income Property Leasing Commissions and Costs, Net			9,303			7,594
Operating Leases - Right-of-Use Asset			241			305
Cash Flow Hedge - Interest Rate Swap			2,999			12,517
Infrastructure Reimbursement Receivables			156			312
Prepaid Expenses, Deposits, and Other			7,614			1,676
Due from Alpine Income Property Trust, Inc.			2,379			1,468
Financing Costs, Net of Accumulated Amortization			690			1,147
Total Other Assets		$	36,207		$	36,201

⁽¹⁾Includes a $2.6 million and $1.9 million allowance for doubtful accounts as of December 31, 2025 and 2024, respectively.

BUSINESS SEGMENT DATA - Identifiable Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
BUSINESS SEGMENT DATA
Total Assets	$ 1,263,902	$ 1,181,644
Operating Segments \| Income Properties
BUSINESS SEGMENT DATA
Total Assets	1,102,631	1,039,466
Operating Segments \| Management Services
BUSINESS SEGMENT DATA
Total Assets	2,465	1,481
Operating Segments \| Commercial Loans and Investments
BUSINESS SEGMENT DATA
Total Assets	118,129	114,107
Operating Segments \| Real Estate Operations
BUSINESS SEGMENT DATA
Total Assets	455	611
Corporate and Other
BUSINESS SEGMENT DATA
Total Assets	$ 40,222	$ 25,979

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Square Footage \| Income Properties \| Georgia
Concentration of Credit Risk
Concentration risk percentage	30.00%	23.00%
Square Footage \| Income Properties \| North Carolina
Concentration of Credit Risk
Concentration risk percentage	18.00%	22.00%
Square Footage \| Income Properties \| Texas
Concentration of Credit Risk
Concentration risk percentage	12.00%	19.00%
Square Footage \| Income Properties \| Florida
Concentration of Credit Risk
Concentration risk percentage	25.00%	19.00%
Base Rent Revenues \| Georgia
Concentration of Credit Risk
Concentration risk percentage	36.00%
Base Rent Revenues \| North Carolina
Concentration of Credit Risk
Concentration risk percentage	15.00%
Base Rent Revenues \| Florida
Concentration of Credit Risk
Concentration risk percentage	25.00%

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

LONG-TERM DEBT

NOTE 16. LONG-TERM DEBT

As of December 31, 2025, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt			Maturity Date	Interest Rate			Wtd. Avg. Rate
Credit Facility ⁽¹⁾	$	151,000		January 2027		SOFR + 0.10% + [1.25% - 2.20%]			5.00%
2027 Term Loan ⁽²⁾		100,000		January 2027		SOFR + 0.10% + [1.25% - 2.20%]			2.80%
2028 Term Loan ⁽³⁾		100,000		January 2028		SOFR + 0.10% + [1.20% - 2.15%]			5.18%
2029 Term Loan ⁽⁴⁾		125,000		September 2029		SOFR + [1.20% - 2.15%]			4.21%
2030 Term Loan ⁽⁵⁾		125,000		September 2030		SOFR + [1.20% - 2.15%]			4.24%
Mortgage Note Payable		17,800		August 2026		4.060%			4.06%
Total Long-Term Face Value Debt	$	618,800							4.33%

⁽¹⁾	The Company utilized interest rate swaps on $65.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.12% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽³⁾	The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁴⁾	The Company utilized interest rate swaps on the $125.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 2.91% plus the applicable spread.

⁽⁵⁾	The Company utilized interest rate swaps on the $125.0 million 2030 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 2.94% plus the applicable spread.

Credit Facility. The Credit Facility, with Bank of Montreal (“BMO”) as the administrative agent for the lenders thereunder, is unsecured with regard to our income property portfolio but is guaranteed by certain wholly owned subsidiaries of the Company. The Credit Facility bank group is led by BMO and also includes Truist Bank and Wells Fargo. On September 7, 2017, the Company executed the second amendment and restatement of the Credit Facility (the “2017 Amended Credit Facility” and, as amended, the “Credit Agreement”). As a result of the March 2021 Revolver Amendment and the Eighth Amendment, both as defined below, The Huntington National Bank, PNC Bank, National Association, and Regions Bank, were added as lenders to the Company’s Credit Facility.

On May 24, 2019, the Company executed the second amendment to the 2017 Amended Credit Facility (the “May 2019 Revolver Amendment”). As a result of the May 2019 Revolver Amendment, the Credit Facility had a total borrowing capacity of $200.0 million with the ability to increase that capacity up to $300.0 million during the term, subject to lender approval. The Credit Facility provides the lenders with a security interest in the equity of the Company subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from SOFR plus 0.10% plus 125 basis points to SOFR plus 0.10% plus 220 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the 2017 Amended Credit Facility, as amended by the Eighth Amendment. The Credit Facility also accrues a fee of 15 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. Pursuant to the Eighth Amendment, the Credit Facility matures on January 31, 2027, with the ability to extend the term for 1 year.

On November 26, 2019, the Company entered into the third amendment to the 2017 Amended Credit Facility (the “November 2019 Revolver Amendment”), which further amends the 2017 Amended Credit Facility. The November 2019 Revolver Amendment included, among other things, an adjustment of certain financial maintenance covenants, including a temporary reduction of the minimum fixed charge coverage ratio to allow the Company to redeploy the proceeds received from the sale of certain income properties to PINE, and an increase in the maximum amount the Company may invest in stock and stock equivalents of real estate investment trusts to allow the Company to invest in the common stock and OP Units.

On July 1, 2020, the Company entered into the fourth amendment to the 2017 Amended Credit Facility (the “July 2020 Revolver Amendment”) whereby the tangible net worth covenant was adjusted to be more reflective of market terms. The July 2020 Revolver Amendment was effective as of March 31, 2020.

On November 12, 2020, the Company entered into the fifth amendment to the 2017 Amended Credit Facility (the “November 2020 Revolver Amendment”). The November 2020 Revolver Amendment provided that, among other things, (i) the Company must comply with certain adjusted additional financial maintenance requirements, including (x) a new restricted payments covenant which limits the type and amount of cash distributions that may be made by the Company and (y) an adjusted fix charges ratio, which now excludes certain onetime expenses for purposes of calculation and (ii) the Company must, from and after the date that the Company elects to qualify as a REIT, maintain its status as a REIT.

On March 10, 2021, the Company entered into the sixth amendment to the 2017 Amended Credit Facility (the “March 2021 Revolver Amendment”). The March 2021 Revolver Amendment included, among other things, (i) increase of the revolving credit commitment from $200.0 million to $210.0 million, (ii) addition of the 2026 Term Loan (the “2026 Term Loan”) in the aggregate amount of $50.0 million, (iii) updates to certain financing rate provisions provided therein, and (iv) joinder of The Huntington National Bank as a 2026 Term Loan lender and Credit Facility lender. The March 2021 Revolver Amendment also includes accordion options that allow the Company to request additional 2026 Term Loan lender commitments up to a total of $150.0 million and additional Credit Facility lender commitments up to a total of $300.0 million. During the three months ended June 30, 2021, the Company exercised the 2026 Term Loan accordion option for $15.0 million, increasing total lender commitments to $65.0 million.

On November 5, 2021, the Company entered into the seventh amendment to the 2017 Amended Credit Facility (the “November 2021 Revolver Amendment”). The November 2021 Revolver Amendment included, among other things, (i) addition of the 2027 Term Loan in the aggregate amount of $100.0 million (the “2027 Term Loan”) and (ii) joinder of KeyBank National Association, Raymond James Bank, and Synovus Bank as 2027 Term Loan lenders. The November 2021 Revolver Amendment also includes an accordion option that allows the Company to request additional term loan lender commitments up to a total of $400.0 million in the aggregate.

On September 20, 2022, the Company entered into the eighth amendment to the 2017 Amended Credit Facility (the “Eighth Amendment”), which includes among other things: (i) the origination of a term loan, in the amount of $100.0 million (the “2028 Term Loan”), (ii) the increase of the revolving credit commitment from up to $210.0 million to up to $300.0 million, (iii) an accordion option that allows the Company to request additional revolving loan commitments and additional term loan commitments, provided, (a) the aggregate amount of revolving loan commitments shall not exceed $750,000,000 and (b) the aggregate amount of term loan commitments shall not exceed $500,000,000, (iv) an extension of the maturity date to January 31, 2027, (v) a sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions based on its performance against certain sustainability performance targets, (vi) the release of the Pledge Collateral, as defined in the Eighth Amendment, and (vii) the joinder of PNC Bank, National

Association (“PNC”) as a Term Loan Lender, as defined in the Credit Agreement, and PNC and Regions Bank as Revolving Lenders, as defined in the Credit Agreement.

On December 20, 2023, the Company entered into the ninth amendment to the 2017 Amended Credit Facility (the “Ninth Amendment”), which revises certain non-monetary limitations as described in more detail in the Ninth Amendment.

At December 31, 2025, the current commitment level under the Credit Facility was $300.0 million, and the undrawn commitments available was $149.0 million. As of December 31, 2025, the Credit Facility had a $151.0 million balance outstanding.

The Credit Facility is subject to customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change in control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Credit Facility.

2029 Term Loan. On September 30, 2024, the Company and certain subsidiaries entered into a credit agreement, as amended by the first amendment to credit agreement and joinder, dated as of December 20, 2024 (as so amended, the “Initial KeyBank Credit Agreement”) with KeyBank National Association, as administrative agent, and certain other lenders, for a term loan (the “2029 Term Loan”) in an initial aggregate principal amount of $100.0 million with a maturity date of September 30, 2029. In connection with the Company’s execution of the Second Amendment (hereinafter defined) on September 25, 2025, the 2029 Term Loan was upsized by an additional $25.0 million, resulting in a total principal amount of $125.0 million outstanding under the 2029 Term Loan as of September 30, 2025. The 2029 Term Loan bears interest at SOFR plus a spread based on the Company’s leverage ratio.

2030 Term Loan. On September 25, 2025, the Company and certain subsidiaries of the Company entered into a Second Amendment to the Initial KeyBank Credit Agreement (the “Second Amendment”, and the Initial KeyBank Credit Agreement as amended by the Second Amendment, the “KeyBank Credit Agreement”). In addition to the upsize of the 2029 Term Loan described above, the Second Amendment added a new $125.0 million term loan maturing in September 2030 (the “2030 Term Loan”) to the KeyBank Credit Agreement. The 2030 Term Loan bears interest at SOFR plus a spread based on the Company’s leverage ratio.

Mortgage Notes Payable. On March 3, 2022, in connection with the acquisition of Price Plaza Shopping Center, the Company assumed an existing $17.8 million secured fixed-rate mortgage note payable, which bears interest at a fixed rate of 4.06% and matures in August 2026.

Convertible Debt. The Company initially issued $75.0 million aggregate principal amount of 3.875% Convertible Notes (the “2025 Notes”). Following $24.0 million of repurchases during the years ended December 31, 2020 and 2021, $51.0 million aggregate principal amount of the 2025 Notes remained outstanding as of March 31, 2025.

The 2025 Notes represented senior unsecured obligations of the Company and paid interest semi-annually in arrears on each April 15th and October 15th, commencing on April 15, 2020, at a rate of 3.875% per annum. After the first quarter 2025 dividend, the conversion rate was equal to 73.8112 shares of common stock for each $1,000 principal amount of 2025 Notes, which represented an adjusted conversion price of $13.55 per share of common stock.

On January 15, 2025, the 2025 Notes became freely convertible at the option of each holder at any time until the close of business on the business day immediately preceding the stated maturity date. On April 3, 2025, the Company completed privately negotiated transactions with holders of $35.2 million in an aggregate principal amount of the 2025 Notes in which the holders exchanged their notes with the Company for an aggregate of 1,089,555 shares of the Company’s common stock, valued at $21.0 million, and aggregate cash payments of approximately $29.0 million, including approximately $0.6 million representing accrued interest. The 2025 Notes received by the Company were retired.

At maturity on April 15, 2025, the Company completed the payoff of the remaining 2025 Notes in an aggregate principal amount of $15.8 million for total cash payments of approximately $22.0 million, including approximately $0.3 million representing accrued interest.

In the aggregate, the settlement of the $51.0 million aggregate principal amount of the 2025 Notes resulted in a $20.4 million loss on extinguishment of debt which is comprised of a $20.1 million premium and $0.3 million of associated costs incurred related to the settlement.

Long-term debt consisted of the following (in thousands):


	December 31, 2025					December 31, 2024
	Total			Due Within One Year		Total			Due Within One Year
Credit Facility	$	151,000		$	—	$	87,000		$	—
2026 Term Loan		—			—		65,000			—
2027 Term Loan		100,000			—		100,000			—
2028 Term Loan		100,000			—		100,000			—
2029 Term Loan		125,000			—		100,000			—
2030 Term Loan		125,000			—		—			—
3.875% Convertible Senior Notes, net of Discount		—			—		50,989			50,989
Mortgage Note Payable		17,800			17,800		17,800			—
Financing Costs, net of Accumulated Amortization		(2,455)			—		(1,796)			—
Total Long-Term Debt	$	616,345		$	17,800	$	518,993		$	50,989

Payments applicable to reduction of principal amounts as of December 31, 2025 will be required as follows (in thousands):


As of December 31,	Amount
2026	$	17,800
2027		251,000
2028		100,000
2029		125,000
2030		125,000
2031 and Thereafter		—
Total Long-Term Debt - Face Value	$	618,800

The carrying value of long-term debt as of December 31, 2025 consisted of the following (in thousands):


	Total
Current Face Amount	$	618,800
Financing Costs, net of Accumulated Amortization		(2,455)
Total Long-Term Debt	$	616,345

In addition to the $2.5 million of financing costs, net of accumulated amortization included in the table above, as of December 31, 2025, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $0.7 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations.

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2025, 2024 and 2023 (in thousands):


		Year Ended
		December 31, 2025		December 31, 2024		December 31, 2023
Interest Expense	$	25,603	$	21,315	$	21,230
Amortization of Deferred Financing Costs		1,280		1,047		970
Amortization of Discount on Convertible Notes		45		159		159
Total Interest Expense	$	26,928		22,521		22,359

Total Interest Paid ⁽¹⁾	$	26,303		21,206		21,636

⁽¹⁾	Includes capitalized interest of $0.3 million during the years ended December 31, 2025, 2024 and 2023, respectively.

The Company was in compliance with all of its debt covenants as of December 31, 2025 and 2024.

DEFERRED REVENUE

12 Months Ended

Dec. 31, 2025

Deferred Revenue Disclosure [Abstract]

DEFERRED REVENUE

NOTE 19. DEFERRED REVENUE

Deferred revenue consisted of the following (in thousands):


		As of
		December 31, 2025			December 31, 2024
Prepaid Rent		$	5,055		$	3,698
Interest Reserve from Commercial Loans and Investments			9,559			6,067
Tenant Contributions			4,188			418
Total Deferred Revenue		$	18,802		$	10,183

Interest Reserve from Commercial Loans and Investments. In connection with five of the Company’s commercial loan investments, the borrower has deposited interest and/or real estate tax reserves in accounts held by the Company. Those accounts balances are included in restricted cash on the Company’s consolidated balance sheets with the corresponding liability recorded in deferred revenue as seen above. Pursuant to each respective agreement, interest reserves are either (i) utilized to fund the monthly interest due on the loan or (ii) maintained throughout the term of the loan.

BUSINESS SEGMENT DATA - Description (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment loan	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($) segment
BUSINESS SEGMENT DATA
Number of operating segment \| segment	4	4	4
Number of commercial loan investments	4
Management Fee Income \| Operating Segments
BUSINESS SEGMENT DATA
Capital Expenditures \| $	$ 0	$ 0	$ 0
Commercial Real Estate Portfolio Segment
BUSINESS SEGMENT DATA
Number of commercial loan investments	4
Number of preferred equity investments	2
Product concentration \| Identifiable Assets \| Income Properties
BUSINESS SEGMENT DATA
Percentage of total	87.20%	88.00%
Product concentration \| Base Rent Revenues \| Income Properties
BUSINESS SEGMENT DATA
Percentage of total	88.40%	88.80%	88.60%

BUSINESS SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of operations in different segments

Information about the Company’s operations in different segments for the year ended December 31, 2025 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments		Total
Revenues:
Income Properties		$	132,156		$	—		$	—	$	132,156
Management Fee Income			—			4,849			—		4,849
Interest Income From Commercial Loans and Investments			—			—			12,540		12,540
Total Revenues for Reportable Segments		$	132,156		$	4,849		$	12,540	$	149,545

Operating Expenses:
Income Properties		$	(37,923)		$	—		$	—	$	(37,923)
Total Revenues Less Direct Costs of Revenues		$	94,233		$	4,849		$	12,540	$	111,622
Provision for Impairment			—			—			(68)		(68)
Depreciation and Amortization - Real Estate			(59,947)			—			—		(59,947)
Total Revenues Less Operating Expenses for Reportable Segments		$	34,286		$	4,849		$	12,472	$	51,607
Gain on Disposition of Assets			21,452			—			—		21,452
Net Income From Operations for Reportable Segments		$	55,738		$	4,849		$	12,472	$	73,059

Reconciliation to Consolidated Net Income
General and Administrative Expenses											(18,527)
Investment and Other Income											3,451
Interest Expense											(26,928)
Loss on Extinguishment of Debt											(20,449)
Depreciation and Amortization - Other											(68)
Net Income Before Income Tax Expense										$	10,538
Income Tax Expense											(446)
Net Income Attributable to the Company										$	10,092

Information about the Company’s operations in different segments for the year ended December 31, 2024 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments		Real Estate Operations		Total
Revenues:
Income Properties		$	110,591		$	—		$	—	$	—	$	110,591
Management Fee Income			—			4,590			—		—		4,590
Interest Income From Commercial Loans and Investments			—			—			7,357		—		7,357
Real Estate Operations			—			—			—		1,981		1,981
Total Revenues for Reportable Segments		$	110,591		$	4,590		$	7,357	$	1,981	$	124,519

Operating Expenses:
Income Properties		$	(31,785)		$	—		$	—	$	—	$	(31,785)
Real Estate Operations			—			—			—		(1,437)		(1,437)
Total Revenues Less Direct Costs of Revenues		$	78,806		$	4,590		$	7,357	$	544	$	91,297
Provision for Impairment			—			—			(676)		—		(676)
Depreciation and Amortization - Real Estate			(64,981)			—			—		—		(64,981)
Total Revenues Less Operating Expenses for Reportable Segments		$	13,825		$	4,590		$	6,681	$	544	$	25,640
Gain on Disposition of Assets			3,763			—			—		4,545		8,308
Net Income From Operations for Reportable Segments		$	17,588		$	4,590		$	6,681	$	5,089	$	33,948

Reconciliation to Consolidated Net Income
General and Administrative Expenses													(16,269)
Investment and Other Income													2,606
Interest Expense													(22,521)
Depreciation and Amortization - Other													(68)
Net Loss Before Income Tax Benefit												$	(2,304)
Income Tax Benefit													339
Net Loss Attributable to the Company												$	(1,965)

Information about the Company’s operations in different segments for the year ended December 31, 2023 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments		Real Estate Operations		Total
Revenues:
Income Properties		$	96,663		$	—		$	—	$	—	$	96,663
Management Fee Income			—			4,388			—		—		4,388
Interest Income From Commercial Loans and Investments			—			—			4,084		—		4,084
Real Estate Operations			—			—			—		3,984		3,984
Total Revenues for Reportable Segments		$	96,663		$	4,388		$	4,084	$	3,984	$	109,119

Operating Expenses:
Income Properties		$	(28,455)		$	—		$	—	$	—	$	(28,455)
Real Estate Operations			—			—			—		(1,723)		(1,723)
Total Revenues Less Direct Costs of Revenues		$	68,208		$	4,388		$	4,084	$	2,261	$	78,941
Provision for Impairment			(929)			—			(627)		—		(1,556)
Depreciation and Amortization - Real Estate			(44,107)			—			—		—		(44,107)
Total Revenues Less Operating Expenses for Reportable Segments		$	23,172		$	4,388		$	3,457	$	2,261	$	33,278
Gain on Disposition of Assets			7,543			—			—		—		7,543
Net Income From Operations for Reportable Segments		$	30,715		$	4,388		$	3,457	$	2,261	$	40,821

Reconciliation to Consolidated Net Income
General and Administrative Expenses													(14,249)
Investment and Other Income													1,987
Interest Expense													(22,359)
Depreciation and Amortization - Other													(66)
Net Income Before Income Tax Expense												$	6,134
Income Tax Expense													(604)
Net Income Attributable to the Company												$	5,530

Capital expenditures of each segment as of December 31, 2025, 2024, and 2023 are as follows (in thousands):


	For the Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Capital Expenditures:
Income Properties	$	160,189	$	241,859	$	102,688
Commercial Loans and Investments		14,339		63,930		32,869
Corporate and Other		38		39		261
Total Capital Expenditures	$	174,566	$	305,828	$	135,818

Identifiable assets of each segment as of December 31, 2025 and 2024 are as follows (in thousands):


		As of
		December 31, 2025			December 31, 2024
Identifiable Assets:
Income Properties		$	1,102,631		$	1,039,466
Management Services			2,465			1,481
Commercial Loans and Investments			118,129			114,107
Real Estate Operations			455			611
Corporate and Other			40,222			25,979
Total Assets		$	1,263,902		$	1,181,644

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) subsidiary	Dec. 31, 2024 subsidiary	Dec. 31, 2023 subsidiary
Income Taxes
Number of taxable REIT subsidiaries \| subsidiary	1	1	2
Reserves for uncertain income tax positions \| $	$ 0

INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Minimum future base rental revenue on non-cancelable leases
2026	$ 101,437
2027	89,996
2028	76,329
2029	62,000
2030	52,259
2031 and Thereafter (Cumulative)	143,923
Total	$ 525,944

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of available-for-sale securities

The Company’s securities as of December 31, 2025 and 2024 are summarized below (in thousands):


		Cost			Unrealized Gains in Investment Income			Unrealized Losses in Investment Income			Estimated Fair Value (Level 1 Inputs)
December 31, 2025
Common Stock		$	22,486		$	—		$	(1,625)		$	20,861
Operating Units			23,253			—			(2,790)			20,463
Total Equity Securities		$	45,739		$	—		$	(4,415)		$	41,324

December 31, 2024
Common Stock		$	20,929		$	—		$	(1,812)		$	19,117
Operating Units			23,253			—			(2,704)			20,549
Total Equity Securities		$	44,182		$	—		$	(4,516)		$	39,666

INCOME TAXES - Components of Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ (288)	$ (119)	$ (83)
Total Current	(288)	(119)	(83)
Deferred:
Federal	(85)	405	(427)
State	(73)	53	(94)
Total Deferred	(158)	458	(521)
Total Income Tax Benefit (Expense):	$ (446)	$ 339	$ (604)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

NOTE 20. STOCK-BASED COMPENSATION

SUMMARY OF STOCK-BASED COMPENSATION

A summary of share activity for all equity classified stock compensation during the year ended December 31, 2025, is presented below.


Type of Award		Shares Outstanding at 1/1/2025			Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares			Shares Outstanding at 12/31/2025
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting			208,003			110,270		(55,386)		—		—			262,887
Equity Classified - Three Year Vest Restricted Shares			197,794			117,739		(112,009)		—		(272)			203,252
Total Shares			405,797			228,009		(167,395)		—		(272)			466,139

Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands):


		Year Ended December 31,
		2025			2024			2023
Total Cost of Share-Based Plans Charged Against Income		$	4,158		$	3,637		$	3,673

EQUITY-CLASSIFIED STOCK COMPENSATION

Performance Share Awards – Peer Group Market Condition Vesting

Performance shares have been granted to certain employees under the 2010 Plan. The performance share awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of performance shares awarded. The number of shares of common stock ultimately received by the award recipient is determined based on the Company’s total stockholder return as compared to the total stockholder return of a certain peer group during a three-year performance period. The Company granted a total of 110,270 performance shares during the year ended December 31, 2025.

The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and stockholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite three-year service period is met.

As of December 31, 2025, there was $1.9 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the outstanding performance share awards, which will be recognized over a remaining weighted average period of 1.8 years.

A summary of the activity for these awards during the years ended December 31, 2025, 2024, and 2023 is presented below:


Performance Shares With Market Conditions		Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2023			230,247	$	16.85
Granted			88,754	$	18.10
Vested			(72,141)	$	14.17
Expired			—		—
Forfeited			(9,485)	$	18.10
Non-Vested at December 31, 2023			237,375	$	18.08
Granted			100,391	$	15.28
Vested			(85,938)	$	15.99
Expired			—		—
Forfeited			(43,825)	$	17.67
Non-Vested at December 31, 2024			208,003	$	17.68
Granted			110,270	$	20.68
Vested			(55,386)	$	20.76
Expired			—		—
Forfeited			—		—
Non-Vested at December 31, 2025			262,887	$	18.29

Three Year Vest Restricted Shares

Restricted shares have been granted to certain employees under the 2010 Plan. Certain of the restricted shares vest on each of the first, second, and third anniversaries of January 28 of the applicable year provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. Certain other restricted share awards, granted on July 1, 2022, vested entirely on the third anniversary of the grant date, or July 1, 2025. The Company granted a total of 117,739 shares of restricted Company common stock during the year ended December 31, 2025.

During the years ended December 31, 2025, 2024, and 2023 the Company’s determination of the fair value of the three-year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date. Compensation cost is recognized on a straight-line basis over the applicable vesting period.

As of December 31, 2025, there was $2.2 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the three-year vest non-vested restricted shares, which will be recognized over a remaining weighted average period of 1.8 years.

A summary of the activity for these awards during the years ended December 31, 2025, 2024, and 2023 is presented below:


Non-Vested Restricted Shares		Shares			Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2023			212,079		$	17.97
Granted			96,453		$	19.12
Vested			(74,229)		$	16.00
Expired			—			—
Forfeited			(17,946)		$	19.08
Non-Vested at December 31, 2023			216,357		$	19.07
Granted			108,391		$	16.31
Vested			(75,434)		$	17.80
Expired			—			—
Forfeited			(51,520)		$	18.76
Non-Vested at December 31, 2024			197,794		$	18.12
Granted			117,739		$	20.39
Vested			(112,009)		$	18.86
Expired			—			—
Forfeited			(272)		$	17.06
Non-Vested at December 31, 2025			203,252		$	19.02

NON-EMPLOYEE DIRECTOR STOCK COMPENSATION

Each member of the Company’s Board of Directors has the option to receive his or her annual retainer and meeting fees in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing (i) the sum of (A) the amount of the quarterly retainer payment due to such director plus (B) meeting fees earned by such director during the quarter, by (ii) the trailing 20-day average price of the Company’s common stock as of the last day of the quarter, rounded down to the nearest whole number of shares.

Each non-employee director serving as of the beginning of each calendar year shall receive an annual award of the Company’s common stock. The value of such award totaled $62,500 for the years ended December 31, 2025 and 2024, and $35,000 for the year ended December 31, 2023 (the “Annual Award”). The number of shares awarded is calculated based on the trailing 20-day average price of the Company’s common stock as of the date two business days prior to the date of the award, rounded down to the nearest whole number of shares. Commencing in 2021, non-employee directors no longer receive meeting fees, but receive additional retainers for service on Board committees, as set forth in the Company’s Non-Employee Director Compensation Policy available on the Company’s website (www.ctoreit.com).

During the years ended December 31, 2025, 2024, and 2023, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.7 million, or 33,466 shares, $0.7 million or 38,068 shares, and $0.4 million or 25,147 shares, respectively. The expense recognized during the years ended December 31, 2025, 2024, and 2023 includes the Annual Award received during the first quarter of each year.

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

STOCK-BASED COMPENSATION

Summary of share activity for all equity classified stock compensation


Type of Award		Shares Outstanding at 1/1/2025			Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares			Shares Outstanding at 12/31/2025
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting			208,003			110,270		(55,386)		—		—			262,887
Equity Classified - Three Year Vest Restricted Shares			197,794			117,739		(112,009)		—		(272)			203,252
Total Shares			405,797			228,009		(167,395)		—		(272)			466,139

Schedule of amounts recognized for stock-based compensation

Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands):


		Year Ended December 31,
		2025			2024			2023
Total Cost of Share-Based Plans Charged Against Income		$	4,158		$	3,637		$	3,673

share based payment arrangement tranche one

STOCK-BASED COMPENSATION

Summary of performance shares with market conditions


Performance Shares With Market Conditions		Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2023			230,247	$	16.85
Granted			88,754	$	18.10
Vested			(72,141)	$	14.17
Expired			—		—
Forfeited			(9,485)	$	18.10
Non-Vested at December 31, 2023			237,375	$	18.08
Granted			100,391	$	15.28
Vested			(85,938)	$	15.99
Expired			—		—
Forfeited			(43,825)	$	17.67
Non-Vested at December 31, 2024			208,003	$	17.68
Granted			110,270	$	20.68
Vested			(55,386)	$	20.76
Expired			—		—
Forfeited			—		—
Non-Vested at December 31, 2025			262,887	$	18.29

share based payment arrangement, tranche three

STOCK-BASED COMPENSATION

Summary of non-vested restricted shares


Non-Vested Restricted Shares		Shares			Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2023			212,079		$	17.97
Granted			96,453		$	19.12
Vested			(74,229)		$	16.00
Expired			—			—
Forfeited			(17,946)		$	19.08
Non-Vested at December 31, 2023			216,357		$	19.07
Granted			108,391		$	16.31
Vested			(75,434)		$	17.80
Expired			—			—
Forfeited			(51,520)		$	18.76
Non-Vested at December 31, 2024			197,794		$	18.12
Granted			117,739		$	20.39
Vested			(112,009)		$	18.86
Expired			—			—
Forfeited			(272)		$	17.06
Non-Vested at December 31, 2025			203,252		$	19.02

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES - Construction Loans (Details) $ in Thousands	Dec. 31, 2025 USD ($) loan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded construction loans	$ 108,050	$ 107,163	$ 30,400
Construction Loans
COMMITMENTS AND CONTINGENCIES
Number of construction loans committed to fund \| loan	2
Unfunded construction loans	$ 51,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year


Year Ending December 31,		Amounts
2026		$	129
2027			131
2028			19
2029			6
2030			—
2031 and Thereafter (Cumulative)			—
Total Lease Payments		$	285
Imputed Interest			(56)
Operating Leases - Liability		$	229

Schedule of Commitments


	As of December 31, 2025
Total Commitment ⁽¹⁾	$	23,105
Less Amount Funded		(2,612)
Remaining Commitment	$	20,493

(1)	Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

INCOME PROPERTIES

12 Months Ended

Dec. 31, 2025

Real Estate Companies Disclosures [Abstract]

INCOME PROPERTIES

NOTE 3. INCOME PROPERTIES

Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, which is recognized as earned, using the straight-line method over the life of each lease. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization. The variable lease payments are primarily comprised of percentage rents, reimbursements from tenants for common area maintenance, insurance, real estate taxes, other operating expenses and, termination fee payments.

The components of leasing revenue are as follows (in thousands):


	Year Ended December 31,
	2025			2024		2023
Leasing Revenue
Lease Payments	$	101,512		$	83,302	$	74,721
Variable Lease Payments		30,644			27,289		21,942
Total Leasing Revenue	$	132,156		$	110,591	$	96,663

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2025, for the next five years ended December 31 are summarized as follows (in thousands). Certain of our tenant leases include tenant renewal options which could be exercised at the tenant’s election and are not included in the amounts in the table below.


Year Ending December 31,		Amounts
2026		$	101,437
2027			89,996
2028			76,329
2029			62,000
2030			52,259
2031 and Thereafter (Cumulative)			143,923
Total		$	525,944

2025 Acquisitions. During the year ended December 31, 2025, the Company two shopping centers for an aggregate purchase price of $144.9 million or a total acquisition cost of $145.1 million, as follows:

●

Ashley Park, a lifestyle center located in Newnan, GA, for a purchase price of $79.8 million, or a total acquisition cost of $80.0 million, including capitalized acquisition costs. Ashley Park comprises approximately 559,000 square feet, was 92% occupied at acquisition, and had a weighted average remaining lease term of 4.1 years at acquisition.

●

Pompano Citi Centre, an open-air retail center located in Pompano Beach, FL, for a purchase price of $65.1 million, less certain purchase credits, for a total acquisition cost of $65.1 million, including capitalized acquisition costs. Pompano Citi Center comprises approximately 509,000 square feet, was 92% occupied at acquisition, and had a weighted average remaining lease term of 6.5 years at acquisition.

Of the aggregate $145.1 million acquisition cost, $56.9 million was allocated to land, $73.3 million was allocated to buildings and improvements, $36.6 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $21.7 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 4.6 years at acquisition.

2025 Dispositions. During the year ended December 31, 2025, the Company sold four income properties for an aggregate sales price of $85.1 million and aggregate gains of sales of $21.0 million. The sales consisted of (i) three single-tenant Main Street properties in Daytona Beach, Florida for $7.1 million, generating gains totaling $1.2 million, and (ii) one shopping center located in Plano, Texas for $78.0 million, resulting in a gain on sale of $19.8 million.

2024 Acquisitions. During the year ended December 31, 2024, the Company acquired five shopping centers, one building within an existing shopping center owned by the Company, and one vacant land parcel within an existing shopping center owned by the Company, for an aggregate purchase price of $226.8 million, or a total acquisition cost of $224.4 million, as follows:

●

Granada Plaza, a shopping center located in Dunedin, Florida, for a purchase price of $16.8 million, less certain purchase credits, for a total acquisition cost of $16.7 million including capitalized acquisition costs. Granada Plaza is a 74,000 square-foot shopping center, was 95% occupied at acquisition, and had a weighted average remaining lease term of 4.2 years at acquisition.

●

A portfolio of three open-air shopping centers (the “Three Property Portfolio”) for a gross purchase price of $137.5 million, less certain purchase credits, for a total acquisition cost of $135.1 million. The Three Property Portfolio consists of Carolina Pavilion in Charlotte, North Carolina; Millenia Crossing in Orlando, Florida; and Lake Brandon Village in Tampa, Florida. Carolina Pavilion comprises approximately 686,000 square feet, was 93% occupied at acquisition, and had a weighted average remaining lease term of 5.9 years at acquisition. Millenia Crossing comprises approximately 100,000 square feet, was 96% occupied at acquisition, and had a remaining lease term of 6.1 years at acquisition. Lake Brandon Village comprises approximately 102,000 square feet, was 100% occupied at acquisition, and had a remaining lease term of 7.4 years at acquisition.

●

The Marketplace at Seminole Towne Center, a shopping center located in Sanford, Florida, for a purchase price of $68.7 million, or a total acquisition cost of $68.8 million including capitalized acquisition costs. The Marketplace at Seminole Towne Center comprises 315,066 square feet, was 98% occupied at acquisition, and had a weighted average remaining lease term of 4.7 years at acquisition.

●

One property, totaling 4,000 square feet, within the 28,100 square foot retail portion of Phase II of The Exchange at Gwinnett located in Buford, Georgia for an aggregate purchase price of $2.3 million including capitalized acquisition costs. The weighted average remaining lease term at acquisition is 10.0 years. As a result of this acquisition, the Company has acquired the entire retail portion of Phase II of the Exchange at Gwinnett. The Company previously purchased the Sprouts-anchored Phase I portion of The Exchange at Gwinnett in December 2021.

●

A vacant land parcel, for future development, within the previously acquired West Broad Village property, located in the Short Pump submarket of Richmond, Virginia, for a purchase price of $1.5 million including capitalized acquisition costs.

Of the aggregate $224.4 million total acquisition cost, $46.5 million was allocated to land, $156.7 million was allocated to buildings and improvements, and $32.4 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $11.2 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 5.7 years at acquisition.

2024 Dispositions. During the year ended December 31, 2024, the Company sold two income properties for an aggregate sales price of $38.0 million and aggregate gains on sales of $3.8 million. The sales consisted of (i) one mixed use income property in downtown Santa Fe, New Mexico for $20.0 million, resulting in a gain of $4.6 million, and (ii) one shopping center located in West Jordan, Utah for $18.0 million resulting in a loss on sale of $0.8 million.

2023 Acquisitions. During the year ended December 31, 2023, the Company acquired four additional buildings within an existing shopping center owned by the Company, one shopping center, and one vacant land parcel adjacent to an existing shopping center owned by the Company for an aggregate purchase price of $80.0 million, or a total acquisition cost of $80.3 million, as follows:

●

Four properties, totaling 24,100 square feet, within the 28,100 square foot retail portion of Phase II of The Exchange at Gwinnett located in Buford, Georgia, for an aggregate purchase price of $14.6 million, or a total acquisition cost of $14.7 million including capitalized acquisition costs. The four properties are leased to six different tenants with a weighted average remaining lease term of 9.9 years at acquisition. The Company is under contract to acquire the remaining 4,000 square-foot property that makes up the remaining retail portion of Phase II of The Exchange at Gwinnett for a purchase price of $2.3 million. The Company previously purchased the Sprouts-anchored Phase I portion of The Exchange at Gwinnett in December 2021.

●

The Plaza at Rockwall, a shopping center located in Rockwall, Texas for a purchase price of $61.2 million, or a total acquisition cost of $61.3 million including capitalized acquisition costs. The Plaza at Rockwall comprises approximately 446,500 square feet, was 95% occupied at acquisition, and had a weighted average remaining lease term of 4.2 years at acquisition.

●

A vacant land parcel adjacent to the previously acquired Collection at Forsyth property, located in the Forsyth County submarket of Atlanta, Georgia, for a purchase price of $4.3 million.

Of the aggregate $80.3 million acquisition cost, $21.2 million was allocated to land, $53.6 million was allocated to buildings and improvements, and $8.7 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $3.2 million was allocated to intangible liabilities for the below market lease value. The amortization period for the intangible assets and liabilities was 5.6 years at acquisition.

2023 Dispositions. During the year ended December 31, 2023, the Company sold nine income properties, including (i) an outparcel of the property known as Eastern Commons, located in Henderson, Nevada, for $2.1 million, (ii) four outparcels of the property known as Crossroads Towne Center, located in Chandler, Arizona, for an aggregate sales price of $11.5 million, (iii) a single tenant office property located in Reston, Virginia leased to a subsidiary of General Dynamics for $18.5 million, (iv) a shopping center known as Westcliff, located in Fort Worth, Texas, for $14.8 million, (v) a shopping center known as Eastern Commons, located in Henderson, Nevada, for $18.2 million, (vi) a single tenant office property known as Sabal Pavilion located in Tampa, Florida for $22.0 million. The sale of these nine properties reflect a total disposition volume of $87.1 million and resulted in aggregate gains on sales of $6.6 million, which consisted of aggregate gains on disposition of $8.2 million, aggregate losses on disposition of $0.7 million, and an impairment charge prior to sale of $0.9 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards (Details)	Dec. 31, 2025
Accounting Standards Update 2023-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share based payment arrangement, non employee	12 Months Ended
	Dec. 31, 2025 USD ($) D shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
STOCK-BASED COMPENSATION
Trailing Day On Behalf Of Company's Common Stock To Be Sell	20 days
Annual award	$ 62,500	$ 62,500	$ 35,000
Number of shares awarded calculated based on the number of days of average price of the Company's common stock	20 days
Number of business days based on which number of days of average price of the Company's common stock, the number of shares awarded are calculated \| D	2
Expense recognized	$ 700,000	$ 700,000	$ 400,000
Expense recognized (in shares) \| shares	33,466	38,068	25,147

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

NOTE 8. INVESTMENT SECURITIES

As of December 31, 2025, the Company owns, in the aggregate and on a fully diluted basis, 2.47 million common shares of PINE, or 15.4% of PINE’s total common shares outstanding for an investment value of $41.3 million, which total includes 1.2 million OP Units, or 7.6%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 1,247,702 shares of common stock owned by the Company, or 7.8%. The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant

to ASC 825, otherwise such investments would have been accounted for under the equity method. For detailed financial information regarding PINE, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol “PINE.”

The Company calculates the unrealized gain or loss based on the closing stock price of PINE at each respective balance sheet date. The unrealized, non-cash gains and losses resulting from the changes in the closing stock price of PINE are included in investment and other income in the consolidated statements of operations for years ended December 31, 2025, 2024, and 2023.

The Company’s securities as of December 31, 2025 and 2024 are summarized below (in thousands):


		Cost			Unrealized Gains in Investment Income			Unrealized Losses in Investment Income			Estimated Fair Value (Level 1 Inputs)
December 31, 2025
Common Stock		$	22,486		$	—		$	(1,625)		$	20,861
Operating Units			23,253			—			(2,790)			20,463
Total Equity Securities		$	45,739		$	—		$	(4,415)		$	41,324

December 31, 2024
Common Stock		$	20,929		$	—		$	(1,812)		$	19,117
Operating Units			23,253			—			(2,704)			20,549
Total Equity Securities		$	44,182		$	—		$	(4,516)		$	39,666

EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock
Dividends, Preferred Stock	$ 7,512	$ 6,814	$ 4,772
Series A preferred stock
Class of Stock
Dividends, Preferred Stock	$ 7,512	$ 6,814	$ 4,772
Dividend per Share	$ 1.59	$ 1.59	$ 1.59
Common Stock
Class of Stock
Dividends, Common Stock	$ 49,046	$ 40,280	$ 34,266
Cash dividends paid and declared (in dollars per share)	$ 1.52	$ 1.52	$ 1.52

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ in Thousands		12 Months Ended					73 Months Ended
	Nov. 26, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2025
INVESTMENT SECURITIES
Investment in Alpine Income Property Trust, Inc.		$ 41,324	$ 39,666				$ 41,324
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
INVESTMENT SECURITIES
Number of shares owned		2,470,000					2,470,000
Investment ownership percentage (as a percent)		15.40%					15.40%
Investment in Alpine Income Property Trust, Inc.		$ 41,324	39,666				$ 41,324
Alpine Income Property OP, LP Limited Partnership Units
INVESTMENT SECURITIES
Share purchased							1,223,854
Investment ownership percentage (as a percent)		7.60%					7.60%
Investment in Alpine Income Property Trust, Inc.		$ 20,463	$ 20,549				$ 20,463
Common Stock
INVESTMENT SECURITIES
Share purchased	421,053	109,081	29,807	129,271	155,665	8,088	1,247,702
Investment ownership percentage (as a percent)		7.80%					7.80%
Investment in Alpine Income Property Trust, Inc.		$ 20,861	$ 19,117				$ 20,861

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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+ Details

INCOME TAXES - Reconciliation of Income Tax Computed at Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount
Income Tax Benefit (Expense) Computed at Federal Statutory Rate	$ 21	$ 384	$ (353)
State Income Tax, Net of Federal Income Tax Benefit	5	101	(92)
Income Tax on Permanently Non-Deductible Items	(279)	(153)	(158)
Change in Valuation Allowance	13	157	113
State Franchise Tax Expense of REIT	(183)
Other Reconciling Items	(23)	(150)	(114)
Total Income Tax Benefit (Expense):	$ (446)	$ 339	$ (604)
Tax Jurisdiction of Domicile [Extensible Enumeration]	country:US	country:US	country:US
Effective Income Tax Rate Reconciliation, Percent
Federal statutory rate (as a percent)	21.00%	21.00%	21.00%
Income Tax Benefit (Expense) Computed at Federal Statutory Rate (as a percent)	0.20%	16.70%	(5.80%)
State Income Tax, Net of Federal Income Tax Benefit (as a percent)	0.00%	(4.40%)	(1.50%)
Income Tax on Permanently Non-Deductible Items (as a percent)	(2.60%)	6.60%	(2.60%)
Change in Valuation Allowance (as a percent)	0.10%	(6.80%)	1.80%
State Franchise Tax Expense of REIT (as a percent)	(1.70%)	0.00%	0.00%
Other Reconciling Items (as a percent)	(0.20%)	6.50%	(1.90%)
Benefit (Expense) for Income Taxes (as a percent)	(4.20%)	(14.70%)	(9.80%)

INVESTMENT IN JOINT VENTURES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Equity method investments	$ 0	$ 0

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
ACCRUED AND OTHER LIABILITIES
Aggregate of reserve for tenant improvements	$ 1.9
Income Property, Shopping Center, Shops at Legacy, Plano, Texas
ACCRUED AND OTHER LIABILITIES
Payment of tenant improvement allowances and leasing commissions	0.8
Remaining reserve for tenant improvements	$ 1.1

INCOME TAXES - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Intraperiod Tax Allocation [Abstract]
Income Tax Benefit (Expense)	$ (446)	$ 339	$ (604)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details