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On June 25, 2025, Wolfpack Research published a report entitled CTO: The B. Riley Of REITS alleging “manipulative” accounting practices related to how CTO defines Adjusted Funds From Operation. The report also alleges that management used a “sham loan” to conceal issues with a major tenant, and predicts potential future dilution due to the company’s financial reserves.
Following this news, CTO’s stock price fell by $0.98 per share to close at $17.10 per share.