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  "documentTitle": "CTO Realty Growth, Inc. (CTO)",
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      "text": "We are short CTO Realty Growth (CTO) because we believe this management team, like our old friends at B. Riley (RILY), are lying to investors about the sustainability of their dividend while enriching themselves and are willing to engage in accounting shenanigans like using a sham loan to cover up a top tenant’s failure.",
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      "text": "We think CTO's investors should brace themselves for imminent dilution. CTO has just $8.4 million in cash... average quarterly cash from operations have been ~$17 million... average recurring capex... was $5.7 million a quarter.",
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      "text": "We also discovered... management used a sham loan to hide the collapse of a top tenant... CTO did not impair this 'loan.'",
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      "text": "We are short CTO Realty Growth (CTO) because we believe this management team... is lying to investors about the sustainability of their dividend... and are willing to engage in accounting shenanigans.",
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      "text": "The linchpin of management's deception is its manipulative definition of Adjusted Funds From Operation (AFFO) where they exclude recurring capex... inflating $8 million in bonuses.",
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      "text": "1 CTO converted to a REIT in February 2021...",
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      "text": "LIES, A SHAM LOAN AND NON-GAAP DECEPTION ALLOW MANAGEMENT TO WIN EVEN AS THIS REIT FAILS",
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      "text": "CTO: THE B. RILEY OF REITS",
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