​ When we refer to “we,” “us,” “our,” or “the Company,” we mean CTO Realty Growth, Inc. and its consolidated subsidiaries. References to “Notes to Financial Statements” refer to the Notes to the Consolidated Financial Statements of CTO Realty Growth, Inc. included in this Quarterly Report on Form 10-Q. Some of the comments we make in this section are forward-looking statements within the meaning of the federal securities laws. For a discussion of forward-looking statements, see the section below entitled “Special Note Regarding Forward-Looking Statements.” Certain factors that could cause actual results or events to differ materially from those the Company anticipates or projects are described in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. ​ Special Note Regarding Forward-Looking Statements ​ Statements contained in this Quarterly Report on Form 10-Q that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Also, when the Company uses any of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” or similar expressions, the Company is making forward-looking statements. Management believes the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions. However, the Company’s actual results could differ materially from those set forth in the forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise such forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. The risks and uncertainties that could cause our actual results to differ materially from those presented in our forward-looking statements, include, but are not limited to, the following: • we are subject to risks related to the ownership of commercial real estate that could affect the performance and value of our properties; • our business is dependent upon our tenants and borrowers successfully operating their businesses, and their failure to do so could materially and adversely affect us; • competition that traditional retail tenants face from e-commerce retail sales, or the integration of brick and mortar stores with e-commerce retail operators, could adversely affect our business; • we operate in a highly competitive market for the acquisition of income properties and more established entities or other investors may be able to compete more effectively for acquisition opportunities than we can; •we may be unable to successfully execute on asset acquisitions or dispositions; • the loss of revenues from our income property portfolio or certain tenants or borrowers would adversely impact our results of operations and cash flows; • our revenues include receipt of management fees and potentially incentive fees derived from our provision of management services to Alpine Income Property Trust, Inc. (“PINE”) and the loss or failure, or decline in the business or assets, of PINE could substantially reduce our revenues; • there are various potential conflicts of interest in our relationship with PINE, including our executive officers and/or directors who are also officers and/or directors of PINE, which could result in decisions that are not in the best interest of our stockholders; • a prolonged downturn in economic conditions could adversely impact our business, particularly with regard to our ability to maintain revenues from our income-producing assets; • a part of our investment strategy is focused on investing in commercial loans and investments which may involve credit risk or the risk that our borrowers or other counterparties will fail to pay scheduled contractual payments to us when due; • we may suffer losses when a borrower defaults on a loan and the value of the underlying collateral is less than the amount due; •the Company’s real estate investments are generally illiquid; • if we are not successful in utilizing the Section 1031 like-kind exchange structure in deploying the proceeds from dispositions of income properties, or our Section 1031 like-kind exchange transactions are disqualified, we could incur significant taxes and our results of operations and cash flows could be adversely impacted; • the Company may be unable to obtain debt or equity capital on favorable terms, if at all, or additional borrowings may impact our liquidity or ability to monetize any assets securing such borrowings; • servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to service or pay our debt; 40 Table of Contents • our operations and properties could be adversely affected in the event of natural disasters, pandemics, or other significant disruptions; • we may encounter environmental problems which require remediation or the incurrence of significant costs to resolve, which could adversely impact our financial condition, results of operations, and cash flows; • failure to remain qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes would cause us to be taxed as a regular corporation, which would substantially reduce funds available for distribution to stockholders; •the risk that the REIT requirements could limit our financial flexibility; • our ability to pay dividends consistent with the REIT requirements, and expectations as to timing and amounts of such dividends; •the ability of our board of directors (the “Board”) to revoke our REIT status without stockholder approval; •our exposure to changes in U.S. federal and state income tax laws, including changes to the REIT requirements; • general business and economic conditions, including unstable macroeconomic conditions due to, among other things, political unrest and economic uncertainty due to terrorism or war, inflation, higher interest rates, tariffs and international trade policies and distress in the banking sector; and • an epidemic or pandemic, and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, may precipitate or materially exacerbate one or more of the above-mentioned and/or other risks and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period. ​ The Company describes the risks and uncertainties that could cause actual results and events to differ materially in “Risk Factors” (Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025), “Quantitative and Qualitative Disclosures about Market Risk” (Part I, Item 3 of this Quarterly Report on Form 10-Q), and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (Part I, Item 2 of this Quarterly Report on Form 10-Q). ​ OVERVIEW ​ 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 June 30, 2026, we own and manage, sometimes utilizing third-party property management companies, 21 commercial real estate properties in seven states in the United States, comprising 5.8 million square feet of gross leasable space: Management Services: A fee-based management business that is engaged in managing PINE, as well as a portfolio of assets pursuant to the Portfolio Management Agreement (hereinafter defined), and a portfolio of subsurface interests, as further described in Note 5, “Management Services Business”. Commercial Loans and Investments: A portfolio of four commercial loan investments and three preferred equity investments which are classified as commercial loan investments. Investment in PINE: Our business also includes our investment in PINE. As of June 30, 2026, the fair value of our investment totaled $51.3 million, or 13.1% of PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in investment and other income (loss) on the accompanying consolidated statements of operations. ​ 41 Table of Contents Our strategy for investing in income-producing properties is focused on factors including, but not limited to, long-term real estate fundamentals and target markets, including markets we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth. We employ a methodology for evaluating targeted investments in income-producing properties which includes an evaluation of: (i) the attributes of the real estate (e.g. location, market demographics, comparable properties in the market, etc.); (ii) an evaluation of the existing tenant(s) (e.g. creditworthiness, property level sales, tenant rent levels compared to the market, etc.); (iii) other market-specific conditions (e.g. tenant industry, job and population growth in the market, local economy, etc.); and (iv) considerations relating to the Company’s business and strategy (e.g. strategic fit of the asset type, property management needs, ability to use a Section 1031 like-kind exchange structure, etc.). We believe investment in income-producing assets provides attractive opportunities for generally stable cash flows and increased returns over the long run through potential capital appreciation. Our focus on acquiring income-producing investments includes a continual review of our existing income property portfolio to identify opportunities to recycle our capital through the sale of income properties based on, among other possible factors, the current or expected performance of the property and favorable market conditions. As a result of entering into the Exclusivity and Right of First Offer Agreement with PINE (the “ROFO Agreement”) which generally prevents us from investing in single-tenant net lease income properties, our income property investment strategy will continue to be focused on shopping centers. We may pursue this strategy by monetizing certain of our single-tenant properties, and should we do so, we would seek to utilize the 1031 like-kind exchange structure to preserve the tax-deferred gain on the original transaction(s) that pertains to the replacement asset. Our current portfolio of 17 shopping centers generates $108.5 million of revenue from annualized straight-line base lease payments and had a weighted average remaining lease term of 5.1 years as of June 30, 2026. Our current portfolio of 4 other income properties generates $3.7 million of revenues from annualized straight-line base lease payments and had a weighted average remaining lease term of 3.8 years as of June 30, 2026. COMPARISON OF THE THREE MONTHS ENDED JUNE 30, 2026 AND 2025 Revenue ​ Total revenue for the three months ended June 30, 2026 is presented in the following summary and indicates the changes as compared to the three months ended June 30, 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ ​ ​ Operating Segment ​ ​ ​ 2026 ​ 2025 ​ $ Variance ​ % Variance Income Properties ​ $ 37,136 ​ $ 33,375 ​ $ 3,761 ​ 11.3% Management Services ​ ​ 1,466 ​ ​ 1,247 ​ ​ 219 ​ 17.6% Commercial Loans and Investments ​ ​ 5,229 ​ ​ 3,016 ​ ​ 2,213 ​ 73.4% Total Revenue ​ $ 43,831 ​ $ 37,638 ​ $ 6,193 ​ 16.5% ​ Total revenue for the three months ended June 30, 2026 increased to $43.8 million, compared to $37.6 million during the three months ended June 30, 2025. The $6.2 million increase in total revenue is primarily attributable to increased income produced by the Company’s recent income property acquisitions versus that of properties disposed of by the Company during the comparative period, as well as more same store revenue from our properties owned during each period. Additionally, revenues from our commercial loans and investments have increased due to the recent preferred equity investments which are accounted for within our commercial loan and investment portfolio. ​ Income Properties Revenue and operating income from our income property operations totaled $37.1 million and $26.0 million, respectively, during the three months ended June 30, 2026, compared to total revenue and operating income of $33.4 million and $23.2 million, respectively, for the three months ended June 30, 2025. The direct costs of revenues for our income property operations totaled $11.1 million and $10.2 million for the three months ended June 30, 2026 and 2025, respectively. The increase in revenues of $3.8 million, or 11.3%, during the three months ended June 30, 2026 is primarily related to the overall growth and lease up of the Company’s income property portfolio, as well as the timing of acquisitions versus dispositions. The increase in operating income of $2.8 million from our income property operations reflects increased rent revenues related to our net investments as well as leasing activity. 42 Table of Contents Management Services Revenue from our management services from PINE totaled $1.4 million and $1.1 million during the three months ended June 30, 2026 and 2025, respectively. Management services during each of the three months ended June 30, 2026 and 2025 also included less than $0.1 million, from the asset management agreement with a third party to manage a portfolio of multi-tenant and single-tenant assets (the “Portfolio Management Agreement”), and less than $0.1 million from a subsurface management agreement. ​ Commercial Loans and Investments ​ Interest income from our commercial loans and investments totaled $5.2 million and $3.0 million during the three months ended June 30, 2026 and 2025, respectively. The increase of $2.2 million is primarily due to the timing of the investments made related to new loan originations and structured investments and repayments of previous investments, most notably the two preferred equity agreements for aggregate investments of $96.4 million completed during the three months ended June 30, 2026. General and Administrative Expenses Total general and administrative expenses for the three months ended June 30, 2026 is presented in the following summary and indicates the changes as compared to the three months ended June 30, 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ ​ ​ General and Administrative Expenses ​ ​ ​ 2026 ​ 2025 ​ $ Variance ​ % Variance Recurring General and Administrative Expenses ​ $ 3,514 ​ $ 3,445 ​ $ 69 ​ 2.0% Non-Cash Stock Compensation ​ ​ 1,116 ​ ​ 1,003 ​ ​ 113 ​ 11.3% Total General and Administrative Expenses ​ $ 4,630 ​ $ 4,448 ​ $ 182 ​ 4.1% The primary reason for the increase in total general and administrative expenses is the overall higher employee count, as a result of the increased operating activity from the increase in managed income property assets. Depreciation and Amortization ​ Depreciation and amortization totaled $15.8 million and $15.3 million during the three months ended June 30, 2026 and 2025, respectively. The increase of $0.5 million is due to the overall growth in the Company’s income property portfolio. ​ Gain on Disposition of Assets and Provision for Impairment and Adjustments to CECL Reserve ​ 2026 and 2025 Dispositions. During the three months ended June 30, 2026, the Company sold two shopping center properties for $90.7 million, generating gains of $2.1 million. There were no income property dispositions during the three months ended June 30, 2025. ​ Provision for Impairment and Adjustments to CECL Reserve. There were no impairment charges on the Company’s income property portfolio during the three months ended June 30, 2026 and 2025. The Company recorded a charge to CECL reserves related to its commercial loans and investments of $1.1 million for the three months ended June 30, 2026, with no such charge being recorded during the three months ended June 30, 2025. ​ Investment and Other Income (Loss) ​ During the three months ended June 30, 2026, the closing stock price of PINE increased by $2.76 per share, with a closing price of $20.76 on June 30, 2026. During the three months ended June 30, 2025, the closing stock price of PINE decreased by $2.01 per share, with a closing price of $14.71 on June 30, 2025. The change in stock price resulted in unrealized non-cash gain (loss) on the Company’s investment in PINE in the amount of $6.8 million and $(4.7) million which is included in investment and other income (loss) in the consolidated statements of operations for the three months ended June 30, 2026 and 2025, respectively. ​ 43 Table of Contents The Company earned dividend income of $0.7 million from its investment in PINE during each of the three month periods ended June 30, 2026 and 2025. ​ Interest Expense ​ Interest expense totaled $7.8 million and $6.9 million for the three months ended June 30, 2026 and 2025, respectively. The increase of $0.9 million is primarily attributable to an aggregate increase in the Company’s term loan balances. ​ Loss on Extinguishment of Debt ​ During the three months ended June 30, 2025, the Company settled the aggregate $51.0 million of principal outstanding on the 2025 Notes in a combination of cash and the issuance of shares of the Company’s common stock resulting in a loss on extinguishment of debt of $20.4 million. There were no such losses during the three months ended June 30, 2026. ​ Net Income (Loss) Attributable to the Company ​ Net income (loss) attributable to the Company totaled $15.1 million and $(23.4) million during the three months ended June 30, 2026 and 2025, respectively. The $38.5 million increase in net income is attributable to the factors described above, most notably the $20.4 million loss on extinguishment of debt incurred during the three months ended June 30, 2025 with no such loss during the three months ended June 30, 2026. COMPARISON OF THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 Revenue ​ Total revenue for the six months ended June 30, 2026 is presented in the following summary and indicates the changes as compared to the six months ended June 30, 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ Operating Segment ​ ​ ​ 2026 ​ 2025 ​ $ Variance ​ % Variance Income Properties ​ $ 73,716 ​ $ 65,047 ​ $ 8,669 ​ 13.3% Management Services ​ ​ 2,815 ​ ​ 2,425 ​ ​ 390 ​ 16.1% Commercial Loans and Investments ​ ​ 8,473 ​ ​ 5,977 ​ ​ 2,496 ​ 41.8% Total Revenue ​ $ 85,004 ​ $ 73,449 ​ $ 11,555 ​ 15.7% ​ Total revenue for the six months ended June 30, 2026 increased to $85.0 million, compared to $73.4 million during the six months ended June 30, 2025. The $11.6 million increase in total revenue is primarily attributable to increased income produced by the Company’s recent income property acquisitions versus that of properties disposed of by the Company during the comparative period, as well as more same store revenue from our properties owned during each period. Additionally, revenues from our commercial loans and investments have increased due to the recent preferred equity investments which are accounted for within our commercial loan and investment portfolio. ​ Income Properties Revenue and operating income from our income property operations totaled $73.7 million and $52.4 million, respectively, during the six months ended June 30, 2026, compared to total revenue and operating income of $65.0 million and $46.0 million, respectively, for the six months ended June 30, 2025. The direct costs of revenues for our income property operations totaled $21.3 million and $19.1 million for the six months ended June 30, 2026 and 2025, respectively. The increase in revenues of $8.7 million, or 13.3%, during the six months ended June 30, 2026 is primarily related to the overall growth and lease up of the Company’s income property portfolio, as well as the timing of acquisitions versus dispositions. The increase in operating income of $6.4 million from our income property operations reflects increased rent revenues related to our net investments as well as leasing activity. 44 Table of Contents Management Services Revenue from our management services from PINE totaled $2.7 million and $2.2 million during the six months ended June 30, 2026 and 2025, respectively. Management services during the six months ended June 30, 2026 and 2025 also included $0.1 million and $0.2 million of revenue, respectively, from the asset management agreement with a third party to manage a portfolio of multi-tenant and single-tenant assets (the “Portfolio Management Agreement”), and less than $0.1 million from a subsurface management agreement. ​ Commercial Loans and Investments ​ Interest income from our commercial loans and investments totaled $8.5 million and $6.0 million during the six months ended June 30, 2026 and 2025, respectively. The increase of $2.5 million is primarily due to the timing of the investments made related to new loan originations and structured investments and repayments of previous investments, most notably the two preferred equity agreements for aggregate investments of $96.4 million completed during the three months ended June 30, 2026. General and Administrative Expenses Total general and administrative expenses for the six months ended June 30, 2026 is presented in the following summary and indicates the changes as compared to the six months ended June 30, 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ General and Administrative Expenses ​ ​ ​ 2026 ​ 2025 ​ $ Variance ​ % Variance Recurring General and Administrative Expenses ​ $ 7,185 ​ $ 6,845 ​ $ 340 ​ 5.0% Non-Cash Stock Compensation ​ ​ 2,522 ​ ​ 2,286 ​ ​ 236 ​ 10.3% Total General and Administrative Expenses ​ $ 9,707 ​ $ 9,131 ​ $ 576 ​ 6.3% The primary reason for the increase in total general and administrative expenses is the overall higher employee count, as a result of the increased operating activity from the increase in managed income property assets. Depreciation and Amortization ​ Depreciation and amortization totaled $31.8 million and $29.7 million during the six months ended June 30, 2026 and 2025, respectively. The increase of $2.1 million is due to the overall growth in the Company’s income property portfolio. ​ Gain on Disposition of Assets and Provision for Impairment and Adjustments to CECL Reserve ​ 2026 and 2025 Dispositions. During the six months ended June 30, 2026, the Company sold two shopping center properties for $90.7 million, generating gains of $2.1 million. There were no income property dispositions during the six months ended June 30, 2025. ​ Provision for Impairment and Adjustments to CECL Reserve. There were no impairment charges on the Company’s income property portfolio during the six months ended June 30, 2026 and 2025. The Company recorded a charge to CECL reserves related to its commercial loans and investments of $0.8 million for the six months ended June 30, 2026, with no such charge being recorded during the six months ended June 30, 2025. ​ Investment and Other Income (Loss) ​ During the six months ended June 30, 2026, the closing stock price of PINE increased by $4.04 per share, with a closing price of $20.76 on June 30, 2026. During the six months ended June 30, 2025, the closing stock price of PINE decreased by $2.08 per share, with a closing price of $14.71 on June 30, 2025. The change in stock price resulted in unrealized non-cash gain (loss) on the Company’s investment in PINE in the amount of $10.0 million and $(4.9) million which is included in investment and other income (loss) in the consolidated statements of operations for the six months ended June 30, 2026 and 2025, respectively. ​ 45 Table of Contents The Company earned dividend income of $1.5 million and $1.3 million from its investment in PINE during the six months ended June 30, 2026 and 2025, respectively. ​ Interest Expense ​ Interest expense totaled $15.1 million and $13.0 million for the six months ended June 30, 2026 and 2025, respectively. The increase of $2.1 million is primarily attributable to an aggregate increase in the Company’s term loan balances. ​ Loss on Extinguishment of Debt ​ During the six months ended June 30, 2025, the Company settled the aggregate $51.0 million of principal outstanding on the 2025 Notes in a combination of cash and the issuance of shares of the Company’s common stock resulting in a loss on extinguishment of debt of $20.4 million. There were no such losses during the six months ended June 30, 2026. ​ Net Income (Loss) Attributable to the Company ​ Net income (loss) attributable to the Company totaled $21.3 million and $(21.2) million during the six months ended June 30, 2026 and 2025, respectively. The $42.5 million increase in net income is attributable to the factors described above, most notably the $20.4 million loss on extinguishment of debt incurred during the six months ended June 30, 2025 with no such loss during the six months ended June 30, 2026. ​ LIQUIDITY AND CAPITAL RESOURCES ​ Cash and cash equivalents totaled $8.1 million at June 30, 2026, while restricted cash totaled $35.4 million, see Note 2, “Summary of Significant Accounting Policies” in the Notes to Financial Statements under the heading Restricted Cash for the Company’s disclosure related to its restricted cash balance at June 30, 2026. ​ Our cash flows provided by operating activities totaled $34.6 million during the six months ended June 30, 2026, as compared to $27.5 million during the six months ended June 30, 2025, an increase of $7.1 million. The primary reason for the increase is the increased cash flows provided by income properties, which is the result of the overall growth and lease up of the Company’s income property portfolio, as well as increased cash flows from our commercial loans and investments. ​ Our cash flows used in investing activities totaled $140.6 million during the six months ended June 30, 2026, as compared to $83.7 million during the six months ended June 30, 2025, for an increase in cash outflows of $56.9 million. This increase was primarily driven by a $78.5 million increase in net funding of new and existing commercial loans and investments, including related reserve funding, partially offset by $21.1 million of net proceeds from income property dispositions in excess of acquisition and capital investment activity. Our cash flows provided by financing activities totaled $108.4 million during the six months ended June 30, 2026, compared to $57.7 million for the six months ended June 30, 2025, an increase in cash inflows of $50.7 million. The increase is primarily due to $97.5 million in higher cash inflows from common stock issuances under the common ATM program and the $14.1 million premium paid related to the settlement of the 2025 Notes during the six months ended June 30, 2025, which was partially offset by a $58.7 million reduction in proceeds from long-term debt issuances. ​ Long-Term Debt. At June 30, 2026, the current commitment level under the Revolving Credit Facility was $300.0 million. The undrawn commitment under the Revolving Credit Facility totaled $107.0 million. As of June 30, 2026, the Revolving Credit Facility had a $193.0 million balance outstanding. See Note 14, “Long-Term Debt” in the Notes to Financial Statements for the Company’s disclosure related to its long-term debt balance at June 30, 2026. ​ Acquisitions and Investments. During the six months ended June 30, 2026, the Company acquired two shopping center properties and one land parcel for an aggregate purchase price of $137.8 million, or a total acquisition cost of $138.1 million. During the six months ended June 30, 2025, the Company acquired one shopping center for a purchase price of $79.8 million, or a total acquisition cost of $80.0 million, including capitalized acquisition costs. ​ 46 Table of Contents The Company’s guidance for 2026 investments in income-producing properties, including structured investments, ranges from $300.0 million to $400.0 million. We expect to fund future acquisitions utilizing cash on hand, cash from operations, proceeds from the dispositions of income properties through 1031 like-kind exchanges, borrowings on our Revolving Credit Facility, if available, and additional financing sources. We expect dispositions of income properties will qualify under the like-kind exchange deferred-tax structure. ​ Dispositions. During the six months ended June 30, 2026, the Company sold two shopping center properties for $90.7 million, generating gains of $2.1 million. There were no property dispositions during the six months ended June 30, 2025. ​ ATM Program. During the six months ended June 30, 2026, the Company sold 4,917,499 shares under the 2024 ATM Program for gross proceeds of $99.2 million at a weighted average price of $20.18 per share, generating net proceeds of $97.8 million after deducting transaction fees of $1.4 million. As of June 30, 2026, $117.2 million of availability remained under the 2024 ATM Program. ​ 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 June 30, 2026, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ As of June 30, 2026 Total Commitment (1) ​ $ 37,555 Less Amount Funded ​ ​ (9,301) Remaining Commitment ​ $ 28,254 (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 $33.5 million as of June 30, 2026. ​ Off-Balance Sheet Arrangements. None. ​ Other Matters. We believe we will have sufficient liquidity to fund our operations, capital requirements, maintenance, and debt service requirements over the next twelve months and into the foreseeable future, with cash on hand, cash flow from our operations, $117.2 million of availability remaining under our $250.0 million “at-the-market” equity offering program, and $107.0 million undrawn commitment under the existing $300.0 million Revolving Credit Facility as of June 30, 2026. ​ Our Board and management consistently review the allocation of capital with the goal of providing the best long-term return for our stockholders. These reviews consider various alternatives, including increasing or decreasing regular dividends, repurchasing the Company’s securities, and retaining funds for reinvestment. Annually, the Board reviews our business plan and corporate strategies, and makes adjustments as circumstances warrant. Management’s focus is to continue our strategy to diversify our portfolio by redeploying proceeds from like-kind exchange transactions and utilizing our Credit Facility to increase our portfolio of income-producing properties, providing stabilized cash flows with strong risk-adjusted returns primarily in larger metropolitan areas and growth markets. ​ We believe that we currently have a reasonable level of leverage. Our strategy is to utilize leverage, when appropriate and necessary, and proceeds from sales of income properties and the disposition or payoffs on our commercial loans and investments to acquire income properties. We may also acquire or originate commercial loans and investments, invest in securities of real estate companies, or make other shorter-term investments. In addition to our primary shopping center investment strategy, our targeted investment classes may include the following: Other asset classes ● Single-tenant retail or other commercial, double or triple net leased, properties that are typically stabilized and located in what we believe to be faster growing, business-friendly markets exhibiting accommodative business 47 Table of Contents tax policies and outsized relative job and population growth that are compliant with our commitments under the ROFO Agreement; ● Ground leases, whether purchased or originated by the Company, that are compliant with our commitments under the ROFO Agreement; ● Self-developed retail or other commercial properties; ● Commercial loans and investments, whether purchased or originated by the Company, with loan terms of 1-10 years with strong risk-adjusted yields secured by property types to include hotel, retail, residential, land and industrial; ● Select regional area investments using Company market knowledge and expertise to earn strong risk-adjusted yields; and ● Real estate-related investment securities, including commercial mortgage-backed securities, preferred or common stock, and corporate bonds. ​ Our investments in income-producing properties are typically subject to long-term leases. For shopping centers, each tenant typically pays its proportionate share of the aforementioned operating expenses of the property, although for such properties we typically incur additional costs for property management services. Single-tenant leases are typically in the form of triple or double net leases and ground leases. Triple-net leases generally require the tenant to pay property operating expenses such as real estate taxes, insurance, assessments and other governmental fees, utilities, repairs and maintenance, and capital expenditures. ​ ​ 48 Table of Contents Non-U.S. GAAP Financial Measures ​ Our reported results are presented in accordance with U.S. GAAP. We also disclose Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”), and Adjusted Funds From Operations (“AFFO”), each of which are non-U.S. GAAP financial measures. We believe these non-U.S. GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. ​ FFO, Core FFO, and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, U.S. GAAP financial measures. ​ We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. ​ NAREIT defines FFO as U.S. GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by U.S. GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the current expected credit losses (“CECL”) on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of investment securities (which are presented net of income tax expense or benefit, if applicable) in addition to the mark-to-market of the Company’s investment securities. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to U.S. GAAP net income related to gains and losses recognized on the extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable market- or transaction-driven non-cash items. To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to U.S. GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that Core FFO and AFFO are additional useful supplemental measures for investors to consider because they will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. FFO, Core FFO, and AFFO may not be comparable to similarly titled measures employed by other companies. ​ 49 Table of Contents Reconciliation of Non-U.S. GAAP Measures (in thousands, except share and dividend data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2026 ​ 2025 ​ 2026 ​ 2025 Net Income (Loss) Attributable to the Company ​ $ 15,112 ​ $ (23,418) ​ $ 21,317 ​ $ (21,157) Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and Amortization of Real Estate ​ ​ 15,831 ​ ​ 15,277 ​ ​ 31,769 ​ ​ 29,623 Gain on Disposition of Assets ​ ​ (2,107) ​ ​ — ​ ​ (2,107) ​ ​ — Provision for Impairment and Adjustment to CECL Reserve ​ ​ 1,084 ​ ​ — ​ ​ 763 ​ ​ — Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax ​ ​ (8,905) ​ ​ 4,549 ​ ​ (11,008) ​ ​ 4,714 Funds from Operations ​ $ 21,015 ​ $ (3,592) ​ $ 40,734 ​ $ 13,180 Distributions to Preferred Stockholders ​ ​ (1,878) ​ ​ (1,878) ​ ​ (3,756) ​ ​ (3,756) Funds From Operations Attributable to Common Stockholders ​ $ 19,137 ​ $ (5,470) ​ $ 36,978 ​ $ 9,424 Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on Extinguishment of Debt ​ ​ — ​ ​ 20,396 ​ ​ — ​ ​ 20,396 Amortization of Intangibles to Lease Income ​ ​ (699) ​ ​ (267) ​ ​ (1,609) ​ ​ (716) Core Funds From Operations Attributable to Common Stockholders ​ $ 18,438 ​ $ 14,659 ​ $ 35,369 ​ $ 29,104 Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-Line Rent Adjustment ​ ​ (423) ​ ​ (712) ​ ​ (863) ​ ​ (1,285) Other Depreciation and Amortization ​ ​ (2) ​ ​ (1) ​ ​ (2) ​ ​ (2) Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest ​ ​ 6 ​ ​ 318 ​ ​ 347 ​ ​ 685 Non-Cash Compensation ​ ​ 1,116 ​ ​ 1,003 ​ ​ 2,522 ​ ​ 2,286 Adjusted Funds From Operations Attributable to Common Stockholders ​ $ 19,135 ​ $ 15,267 ​ $ 37,373 ​ $ 30,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Number of Common Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 34,988,612 ​ ​ 32,678,771 ​ ​ 33,760,706 ​ ​ 32,118,982 Diluted (1) ​ ​ 35,024,642 ​ ​ 32,727,831 ​ ​ 33,788,343 ​ ​ 32,174,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends Declared and Paid - Preferred Stock ​ $ 0.40 ​ $ 0.40 ​ $ 0.80 ​ $ 0.80 Dividends Declared and Paid - Common Stock ​ $ 0.38 ​ $ 0.38 ​ $ 0.76 ​ $ 0.76 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental Disclosure: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PIK Interest Earned ​ $ 125 ​ $ — ​ $ 133 ​ $ — PIK Interest Paid ​ ​ — ​ ​ — ​ ​ — ​ ​ — PIK Interest Earned in Excess of PIK Interest Paid ​ $ 125 ​ $ — ​ $ 133 ​ $ — Other Data (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2026 ​ June 30, 2025 ​ June 30, 2026 ​ June 30, 2025 FFO Attributable to Common Stockholders ​ $ 19,137 ​ $ (5,470) ​ $ 36,978 ​ $ 9,424 FFO Attributable to Common Stockholders per Common Share - Diluted ​ $ 0.55 ​ $ (0.17) ​ $ 1.09 ​ $ 0.29 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Core FFO Attributable to Common Stockholders ​ $ 18,438 ​ $ 14,659 ​ $ 35,369 ​ $ 29,104 Core FFO Attributable to Common Stockholders per Common Share - Diluted ​ $ 0.53 ​ $ 0.45 ​ $ 1.05 ​ $ 0.90 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AFFO Attributable to Common Stockholders ​ $ 19,135 ​ $ 15,267 ​ $ 37,373 ​ $ 30,788 AFFO Attributable to Common Stockholders per Common Share - Diluted ​ $ 0.55 ​ $ 0.47 ​ $ 1.11 ​ $ 0.96 50 Table of Contents CRITICAL ACCOUNTING ESTIMATES ​ Critical accounting estimates include those estimates made in accordance with U.S. GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the Company’s financial condition or results of operations. Our most significant estimate is as follows: Purchase Accounting for Acquisitions of Real Estate Subject to a Lease. As required by U.S. GAAP, 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 assumptions underlying the allocation of relative fair values are based on market information including, but not limited to: (i) the estimate of replacement cost of improvements under the cost approach, (ii) the estimate of land values based on comparable sales under the sales comparison approach, and (iii) the estimate of future benefits determined by either a reasonable rate of return over a single year’s net cash flow, or a forecast of net cash flows projected over a reasonable investment horizon under the income capitalization approach. The underlying assumptions are subject to uncertainty and thus any changes to the allocation of fair value to each of the various line items within the Company’s consolidated balance sheets could have an impact on the Company’s financial condition as well as results of operations due to resulting changes in depreciation and amortization as a result of the fair value allocation. The acquisitions of real estate subject to this estimate totaled two shopping centers and one land parcel for a purchase price of $137.8 million, or a total acquisition cost of $138.1 million, for the six months ended June 30, 2026, and one shopping center for an aggregate purchase price of $79.8 million, or a total acquisition cost of $80.0 million, for the six months ended June 30, 2025. See Note 2, “Summary of Significant Accounting Policies” in the Notes to Financial Statements, for further discussion of the Company’s accounting estimates and policies.