CTO Realty Growth, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by CTO Realty Growth, Inc. on March 28, 2024. The Company is incorporated in Maryland and its common stock and preferred stock trade on the NYSE under the symbols "CTO" and "CTO PrA," respectively.
Key Financial Metrics
This filing is a corporate governance report regarding capital structure amendments and does not contain financial performance data. Consequently, the filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes
On March 28, 2024, the Company filed Articles Supplementary with the State of Maryland to amend its charter. The key changes include:
- Classification and designation of 3,000,000 additional shares of authorized but unissued preferred stock as 6.375% Series A Cumulative Redeemable Preferred Stock.
- The Series A Preferred Stock carries a liquidation preference of $25.00 per share.
- Upon effectiveness, the total authorized issuance of Series A Preferred Stock increased to 5,978,808 shares, reflecting a prior repurchase of 21,192 shares.
Guidance, Outlook, and Risks
The filing does not provide management commentary, financial guidance, or outlook for future periods. No specific risks or contingencies are detailed in this report beyond the standard incorporation of terms by reference to the July 2021 Series A Articles Supplementary.
Investor Verification Checklist
- Verify the terms of the Additional Series A Articles Supplementary filed as Exhibit 3.1.
- Review the July 2021 Series A Articles Supplementary for the full powers, preferences, and privileges of the preferred stock.
- Confirm the total authorized share count of 5,978,808 for the Series A Preferred Stock.
- Check subsequent filings for any actual issuance of the newly authorized 3,000,000 shares.