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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (78152)	9/27/2025 12:49:45 PM
From: Sean Collett	Read Replies (1) of 78476

RE: CTO Looks like they took a $20M loss on debt extinguishment so made operating income look worse. Debt keeps going up though. 10-K they had $518.993M in LT-debt and now as of latest 10-Q they have $605.351M. They have $65M due March 2026 on a term loan and then another term loan due in 2027 for $100M and the credit facility for $224M. Some near term debt walls which itself isn't a concern for this type of organization but given the possibility for retail problems it's a biggie risk on $8.5M of cash on hand and weak cash flows. CTO only has 5% of the float short so not too sure it's short attack, but I have not looked deeper but high level numbers don't support it. 52-high is $20.88/s and not too far below that at $15.96/s . Now interesting is quick check the share count is ballooning. Recent 10-Q had them as 32,939,610 and on the 10-K they filed February 23rd, 2023 had them at 23,012,008 - 43% in ~2.43 years. Board members get either cash or shares which I suppose enriches the whole team given the dilution - 38,068 shares went to non-employees last year alone and 25,147 the year before. Hope that board is good for shareholders. What value do you have CTO at? Happy investing, Sean

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