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  "docSlug": "ebebcd140b34",
  "documentTitle": "CTO Realty Growth, Inc. (CTO)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-06-25 00:00:00",
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  "notes": "The slide uses a 'Wolfpack Estimate' to adjust reported AFFO for capital expenditures, revealing a dividend coverage ratio consistently below 1.0x.",
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      "kind": "callout",
      "text": "Factoring in this real cash expense, we calculate CTO's industry standard AFFO would have been $29.9 million, leaving a $10 million shortfall after paying common shareholders their dividend in 2024.",
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      "text": "AFFO Payout Ratio: 134.8%",
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      "text": "CTO reported AFFO of $50.7 million in 2024, or $2.00 per share. Considering that the common stock dividends paid in 2024 totaled $40 million, it seems that the dividend is amply covered.",
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      "kind": "paragraph",
      "text": "This is a cash flow problem, and bridging this gap with dilution only makes the problem worse. We think the only responsible thing CTO can do is to slash its dividend.",
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      "text": "Wolfpack Estimate of CTO's True AFFO table (FY 2022-2024)",
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      "text": "Total Capital Investments table for 2024",
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