Operational cash flow of $14.6 million in 2026Q1 significantly diverged from the reported negative $11.6 million FFO, suggesting that non-cash adjustments continue to complicate the assessment of true cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 68.89M | 64.6M | 69.35M | 46.42M | 56.1M | 27.58M | 16.93M | 16.41M | 48.66M | 57.55M | 14.29M | 25.19M | 11.33M | 10.89M | 3.5M | -2.2M | -393.8K | -228.02K | 4.1M | 17.05M | 8.62M | 30.8M | 32.64M | 23.15M | 14.88M | 3.11M | 8.23M | 11.7M | -1M | 12.1M | 2M |
| Operating CF Growth % | 61.33% | -6.85% | 49.39% | -17.25% | 103.42% | 62.89% | 3.17% | -66.27% | -15.45% | 302.74% | -43.28% | 122.43% | 4.02% | 210.75% | 259.57% | -457.58% | -72.7% | -105.55% | -75.93% | 97.82% | -72.01% | -5.61% | 40.96% | 55.56% | 378.06% | -62.19% | -29.62% | 1270% | -108.26% | 505% | -58.33% |
| Operating CF / Revenue % | 44.47% | 43.2% | 55.69% | 42.54% | 68.15% | 39.24% | 30.03% | 36.51% | 56.13% | 62.95% | 20.1% | 58.58% | 31.88% | 42.14% | 20.22% | -14.93% | -2.94% | -1.33% | 22.22% | 42.81% | 20.36% | 70.73% | 77.73% | 69.85% | 55.3% | 33.66% | 41.46% | 68.42% | -15.63% | 53.54% | 9.3% |
| Net Income | 12.27M | 10.09M | -1.97M | 5.53M | 3.16M | 29.94M | 78.51M | 114.97M | 37.17M | 41.72M | 16.2M | 8.29M | 6.38M | 3.68M | 599.2K | -4.71M | -602.95K | 800.57K | 4.83M | 13.53M | 14.03M | 14.82M | 14.65M | 13.19M | 9.29M | -635.9K | 8.86M | 15.8M | 1.3M | 4M | 6.6M |
| Depreciation & Amortization | 61.51M | 59.01M | 65.05M | 44.17M | 28.86M | 20.58M | 19.06M | 15.8M | 16.14M | 12.66M | 8.2M | 5.21M | 3.49M | 2.97M | 2.32M | 2.51M | 2.73M | 2.77M | 2.66M | 2.47M | 2.27M | 1.76M | 1.34M | 1.12M | 806.84K | 739.01K | 278.65K | 300K | 200K | 900K | 1.1M |
| Stock-Based Compensation | 2.88M | 4.16M | 3.64M | 3.67M | 3.23M | 3.17M | 2.79M | 2.69M | 1.68M | 1.44M | 3.18M | 2.19M | 1.27M | 901.45K | 1.05M | 253.81K | -632.89K | 253.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -8.8M | -401K | -5.9M | -1.63M | 11.54M | -16.61M | 5.99M | -150.48M | -21.52M | -515.25K | -10.2M | -4.13M | 30.76K | -1.74M | 354.42K | 6.16M | 6.39K | 253.42K | -1.97M | 1.34M | 2.95M | 1.91M | 693.36K | 678.59K | 132.9K | -14.45K | 23.94K | -9.6M | -1.1M | 100K | -800K |
| Working Capital Changes | -918K | -8.42M | 8.99M | -5.84M | 12.32M | -6.47M | 1.11M | -1.67M | 2.6M | 11.19M | -14.74M | 9M | -1.53M | 4.87M | -1.12M | -3.39M | -2.71M | -5.01M | -1.87M | -3.9M | -16.7M | 9.03M | 7.36M | -341.21K | -1.31M | 2.32M | -4.34M | 5.2M | -1.3M | 6.3M | 200K |
| Cash from Investing | -59.51M | -71.5M | -242.15M | -52.56M | -267.63M | -102.97M | -91.12M | 103.1M | -77.9M | -79.22M | -23.42M | -84.2M | -55.67M | -41.71M | -15.36M | 2.07M | -1.34M | -2.73M | -4M | -13.23M | -6.08M | -26.94M | -30.53M | -22.81M | -14.56M | -11.51M | -1.02M | 7.4M | -900K | 4.1M | 5M |
| Acquisitions (Net) | 0 | 84.28M | 0 | 0 | 40.78M | 23.86M | -41K | 96.05M | -2.14M | 0 | -49.93M | -76.03M | 1.29M | -31.35M | 0 | 3.11M | 0 | 0 | 9.92M | -9.2M | 6.65M | 0 | 0 | -7.02M | 20.9K | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | -153.53M | -447K | -3.24M | -56.11M | -507K | -28.23M | -49.8M | 0 | -2.94M | 44.39M | -26.02M | -30.19M | -729.81K | 0 | -1.87M | -5.83M | -7.3M | -10.79M | -24.5M | -16.87M | -38.73M | -3.2M | -1.06M | -5.19M | 0 | 0 | -15.5M | -200K | 0 | -800K |
| Sale of Investments | 5.19M | 2.47M | 1.66M | 1.17M | 61.63M | 0 | 22.96M | 96.13M | 11.96M | 15M | 20.53M | 12.05M | 19.5M | 0 | 0 | 6.81M | 5.86M | 7.6M | 15.73M | 26.09M | 19.43M | 28.03M | 3.45M | 2.18M | 5.67M | 2.69M | 8.51M | -1.3M | 0 | 0 | 0 |
| Other Investing | -64.7M | 25.34M | -243.36M | -50.5M | 0 | -126.32M | 82M | 111.42M | 21.68M | 3.35M | 4.21M | 8.21M | -44.33M | -38.05M | -13.88M | -2.65M | 0 | 462.76K | 0 | 0 | 1.63M | 17.76M | -9.95M | -1.33M | -11.58M | 3.25M | 0 | 24.2M | 4.1M | 6.2M | 6.2M |
| Cash from Financing | -5.88M | 30.66M | 172.35M | 2.77M | 201.38M | 72.91M | -26.89M | -5.8M | 38.66M | 20.45M | 12.85M | 61.19M | 41.3M | 34.45M | 13.15M | -209.03K | 1.81M | 2.84M | -579.13K | -3.7M | -2.93M | -3.01M | -2.86M | -333.41K | -1.35M | -1.72M | -10.76M | -2.9M | -7.2M | -8.5M | -6.4M |
| Dividends Paid | -44.55M | -56.56M | -47.09M | -39.04M | -33.68M | -25.91M | -14.47M | -2.2M | -1.48M | -997.46K | -682.1K | -464.28K | -404.01K | -344.58K | -228.73K | -228.96K | -228.95K | -1.72M | -2.29M | -2.17M | -1.93M | -1.7M | -1.46M | -1.24M | -1.12M | -1.12M | -1.19M | -2.2M | -4.5M | 0 | -3.4M |
| Common Dividends | -26.53M | -56.56M | -40.28M | -34.27M | -28.9M | -23.58M | -14.47M | -2.2M | -1.48M | -997.46K | -682.1K | -464.28K | -404.01K | -344.58K | -228.73K | -228.96K | -228.95K | -1.72M | -2.29M | -2.17M | -1.93M | -1.7M | -1.46M | -1.24M | -1.12M | -1.12M | -1.19M | -2.2M | -4.5M | 0 | -3.4M |
| Debt Issuance (Net) | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 17.47K | 1000K | 1000K | 1000K | -254.14K | -236.06K | -1000K | -1000K | 894.88K | -222.63K | -388.13K | -425.01K | -400K | -1000K | -1000K | -1000K |
| Share Repurchases | -8.25M | -10.39M | -664K | -6.61M | -2.79M | -2.41M | -4.1M | -41.1M | -9.84M | -7.21M | -7.43M | -6.48M | -927.91K | 0 | -453.65K | 0 | 0 | -104.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -226.52K | -9.15M | -200K | 0 | 0 | 0 |
| Other Financing | 120.96M | -15.12M | -1.72M | -833K | -3.25M | -2.19M | -2.69M | -937.78K | -324K | 261K | -36.91K | 999.68K | 1.92M | 692.92K | -23.05K | 2.47K | -352 | -1.82K | -36.31K | -1.29M | -780.71K | -637.37K | -293.44K | 0 | 0 | 0 | 0 | -100K | 0 | -4.1M | 0 |
| Net Change in Cash | 3.5M | 23.76M | -458K | -3.38M | -10.15M | -2.48M | -101.08M | 113.7M | 9.42M | -1.22M | 3.72M | 2.18M | -3.05M | 3.63M | 1.3M | -331.44K | 70.95K | -122.12K | -475.04K | 125.56K | -388.88K | 853.23K | -752.3K | 6.23K | -1.02M | -10.11M | -3.55M | 16.2M | -7.2M | 7.6M | 600K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.9M | -100K | 0 |
| Cash at Beginning | 41.12M | 17.36M | 17.82M | 21.19M | 31.35M | 33.83M | 134.91M | 21.2M | 12.62M | 7.78M | 4.06M | 1.88M | 4.93M | 1.3M | 6.17K | 337.62K | 266.67K | 388.79K | 863.83K | 738.26K | 1.13M | 273.91K | 1.03M | 1.02M | 2.04M | 12.91M | 16.46M | 300K | 9.4M | 1.8M | 1.2M |
| Cash at End | 18.87M | 41.12M | 17.36M | 17.82M | 21.19M | 31.35M | 33.83M | 134.9M | 22.03M | 6.56M | 7.78M | 4.06M | 1.88M | 4.93M | 1.3M | 6.17K | 337.62K | 266.67K | 388.79K | 863.83K | 738.26K | 1.13M | 273.91K | 1.03M | 1.02M | 2.8M | 12.91M | 16.5M | 2.2M | 9.4M | 1.8M |
| Free Cash Flow | 68.89M | 49.44M | 69.35M | 46.42M | -257.83M | 27.58M | -150.88M | -134.29M | -60.74M | -37.08M | -28.34M | 22.79M | 9.39M | 7.97M | 2.02M | -5.52M | -1.77M | -3.72M | -14.75M | 11.44M | -8.31M | -3.2M | 11.81M | 7.56M | 11.41M | -14.34M | -1.3M | 11.7M | -5.8M | 10M | 1.6M |
| FCF Growth % | 1.46% | -28.72% | 49.39% | 118% | -1034.94% | 118.28% | -12.35% | -121.1% | -63.8% | -30.87% | -224.32% | 142.68% | 17.88% | 293.44% | 136.66% | -212.77% | 52.47% | 74.82% | -228.96% | 237.72% | -159.93% | -127.07% | 56.11% | -33.73% | 179.59% | -1006.8% | -111.07% | 301.72% | -158% | 525% | -55.56% |
| FCF / Revenue % | 44.47% | 33.06% | 55.69% | 42.54% | -313.2% | 39.24% | -267.61% | -298.82% | -70.07% | -40.57% | -39.87% | 53.01% | 26.44% | 30.83% | 11.68% | -37.57% | -13.17% | -21.65% | -79.86% | 28.72% | -19.62% | -7.34% | 28.12% | 22.82% | 42.4% | -155.04% | -6.52% | 68.42% | -90.63% | 44.25% | 7.44% |
External management fee volatility
As reported in recent SEC filings, CTO's FFO frequently decouples from GAAP operating cash flow, with the 2026Q1 FFO of negative $11.6 million contrasting sharply against $14.6 million in operating cash, suggesting that non-cash adjustments and equity-method accounting significantly obscure the company's true operational cash generation.
The wide variance between GAAP operating cash flow and FFO suggests that investors should exercise caution when relying on headline earnings metrics. This disconnect appears driven by the company's complex equity stake in PINE and the accounting treatment of legacy land sales, which may inflate operating cash flow while FFO remains burdened by non-cash charges.
Based on the provided financial data, CTO's dividend payout ratio relative to AFFO has fluctuated significantly, reaching a low of 0.19 in 2025Q4, which indicates that while the dividend appears covered, the underlying cash flow available for distribution remains highly sensitive to non-recurring transactional gains.
The volatility in AFFO suggests that the dividend's safety is tied more to the timing of asset recycling than to stable, recurring rental income. Investors should monitor whether the company can maintain this payout ratio as the legacy land bank diminishes and the reliance on core property operations increases.
According to historical financial statements, the significant gap between Net Income and FFO, exemplified by the 2025Q4 figures of $28.3 million versus $72.5 million, highlights the substantial impact of non-cash depreciation and amortization charges that mask the REIT's actual cash-based earnings capacity.
The magnitude of these adjustments suggests that GAAP Net Income is a poor proxy for CTO's economic performance. The recurring nature of these distortions warrants further investigation into whether the company's capital expenditure requirements are being adequately captured in the AFFO calculation or if maintenance costs are being understated.
Data from recent filings suggests that CTO's cash flow statement may hide significant off-balance-sheet obligations related to its 23.5% equity stake in PINE, which could represent a latent cash drain not immediately apparent in the primary REIT's standalone operating cash flow metrics.
The complexity of the management platform implies that CTO's cash flow is inextricably linked to the operational success of PINE. Analysts should be wary of potential capital calls or liquidity support requirements that could arise if the managed entity faces a downturn, as these obligations may not be fully reflected in current cash flow projections.
Quick answers to the most common questions about buying CTO stock.
CTO Realty Growth, Inc. (CTO) generated $64.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CTO Realty Growth, Inc. (CTO) generated $49.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CTO Realty Growth, Inc. (CTO) spent $30.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CTO Realty Growth, Inc. (CTO) returned $56.6M to shareholders via cash dividends and spent $10.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.