<SEC-DOCUMENT>0001104659-24-043438.txt : 20240404
<SEC-HEADER>0001104659-24-043438.hdr.sgml : 20240404
<ACCEPTANCE-DATETIME>20240404091243
ACCESSION NUMBER:		0001104659-24-043438
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240404
DATE AS OF CHANGE:		20240404

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CTO Realty Growth, Inc.
		CENTRAL INDEX KEY:			0000023795
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				590483700
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-267819
		FILM NUMBER:		24821796

	BUSINESS ADDRESS:	
		STREET 1:		369 N. NEW YORK AVE.
		STREET 2:		SUITE 201
		CITY:			WINTER PARK
		STATE:			FL
		ZIP:			32789
		BUSINESS PHONE:		407-904-3324

	MAIL ADDRESS:	
		STREET 1:		369 N. NEW YORK AVE.
		STREET 2:		SUITE 201
		CITY:			WINTER PARK
		STATE:			FL
		ZIP:			32789

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CTO Realty Growth Inc.
		DATE OF NAME CHANGE:	20200508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSOLIDATED TOMOKA LAND CO
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CTO Realty Growth, Inc.
		CENTRAL INDEX KEY:			0000023795
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				590483700
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		369 N. NEW YORK AVE.
		STREET 2:		SUITE 201
		CITY:			WINTER PARK
		STATE:			FL
		ZIP:			32789
		BUSINESS PHONE:		407-904-3324

	MAIL ADDRESS:	
		STREET 1:		369 N. NEW YORK AVE.
		STREET 2:		SUITE 201
		CITY:			WINTER PARK
		STATE:			FL
		ZIP:			32789

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CTO Realty Growth Inc.
		DATE OF NAME CHANGE:	20200508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSOLIDATED TOMOKA LAND CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2411072d1_fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Issuer Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Relating to Preliminary Prospectus Supplement
dated April 3, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>to Prospectus dated October 26, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-267819</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRICING TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6.375% Series A Cumulative Redeemable Preferred
Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Liquidation Preference $25.00 per Share)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>April 4, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 67%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTO Realty Growth, Inc., a Maryland corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.375% Series A Cumulative Redeemable Preferred Stock</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Shares:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,500,000 shares (1,725,000 shares if the underwriters&rsquo; over-allotment option to purchase additional shares is exercised in full)*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public Offering Price:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$20.00 per share; $30,000,000 total (not including the underwriters&rsquo; over-allotment option to purchase additional shares)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting Discounts:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.63 per share; $945,000 total</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Perpetual (unless redeemed by the Issuer on or after July 6, 2026 or pursuant to its special optional redemption right, or converted by a holder in connection with a change of control described below under &ldquo;Change of Control&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 4, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 11, 2024 (T + 5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidation Preference:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00, plus accrued and unpaid dividends</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend Rate:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.375% per annum of the $25.00 per share liquidation preference (equivalent to $1.59375 per annum per share)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend Payment Dates:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly on or about the March 31, June 30, September 30 and December 31 of each year</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">The Issuer may not redeem the Series A Preferred Stock prior to July 6, 2026, except in limited circumstances to preserve its status as a real estate investment trust and pursuant to the special optional redemption provision described below under &ldquo;Special Optional Redemption.&rdquo;  <BR>
<BR>
On and after July 6, 2026, the Issuer may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends up to, but excluding, the date of redemption. &nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><B>Special Optional
    Redemption:</B></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">Upon
    the occurrence of a Change of Control (as defined below), the Issuer may, at its option, redeem the Series A Preferred Stock, in
    whole or in part, within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus
    any accrued and unpaid dividends up to, but excluding, the date of redemption. If, prior to the Change of Control Conversion Date (as defined
below), the Issuer exercises any of its redemption rights relating to the Series A Preferred Stock (whether the optional redemption right
or the special optional redemption right), the holders of Series A Preferred Stock will not have the conversion rights described below.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Change
    of Control:</B></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">A
    &ldquo;Change of Control&rdquo; is when, after the original issuance of the Series A Preferred Stock, the following have occurred
    and are continuing:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 33%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 3%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 64%">the acquisition by any person, including any syndicate or group deemed to be a &ldquo;person&rdquo; under Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction
or series of purchases, mergers or other acquisition transactions of stock of the Issuer entitling that person to exercise more than
50% of the total voting power of all stock of the Issuer entitled to vote generally in the election of the Issuer&rsquo;s directors (except
that such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such
right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">following the closing of any transaction referred to in the bullet point above, neither the Issuer nor the acquiring or surviving entity
has a class of common securities (or American Depositary Receipts representing such securities) listed on the New York Stock Exchange
(the &ldquo;NYSE&rdquo;), the NYSE American, LLC (the &ldquo;NYSE American&rdquo;) or the Nasdaq Stock Market (&ldquo;Nasdaq&rdquo;),
or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or Nasdaq.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Conversion
    Rights:</B></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Upon the occurrence of a Change of Control, each holder of Series A Preferred Stock will have the right (unless, prior to the Change of
Control Conversion Date, the Issuer has provided or provides notice of its election to redeem the Series A Preferred Stock) to convert
some or all of the Series A Preferred Stock held by such holder (the &ldquo;Change of Control Conversion Right&rdquo;) on the Change of
Control Conversion Date into a number of shares of the Issuer&rsquo;s common stock per share of Series A Preferred Stock to be converted
equal to the lesser of:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">the quotient obtained by dividing (i) the sum of (x) the $25.00 liquidation preference plus (y) the amount of any accrued and unpaid
dividends up to, but excluding, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record
date for a Series A Preferred Stock dividend payment and prior to the corresponding Series A Preferred Stock dividend payment date, in
which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the Common Stock Price; and</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-top: Black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 33%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 3%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-top: Black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 64%">2.8218 (i.e., the Share Cap), subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration
as described in the preliminary prospectus supplement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Share Cap is subject to pro rata adjustments for any share splits (including those effected pursuant to a distribution of the Issuer&rsquo;s
common stock), subdivisions or combinations with respect to the Issuer&rsquo;s common stock as described in the preliminary prospectus
supplement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Upon such a conversion, the holders will be limited to a maximum number of shares of the Issuer&rsquo;s common stock equal to the Share
Cap multiplied by the number of shares of Series A Preferred Stock converted. If the Common Stock Price is less than $8.86, subject to
adjustment in certain circumstances, the holders will receive a maximum of 2.8218 shares of the Issuer&rsquo;s common stock per share
of Series A Preferred Stock, which may result in the holders receiving a value that is less than the liquidation preference of the Series
A Preferred Stock.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">If, prior to the Change of Control Conversion Date, the Issuer has provided a redemption notice, whether pursuant to its special optional
redemption right in connection with a Change of Control or its optional redemption right, holders of Series A Preferred Stock will not
have any right to convert the Series A Preferred Stock in connection with the Change of Control Conversion Right and any shares of Series
A Preferred Stock selected for redemption that have been tendered for conversion will be redeemed on the related date of redemption instead
of converted on the Change of Control Conversion Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The &ldquo;Change of Control Conversion Date&rdquo; is the date the Series A Preferred Stock is to be converted, which will be a business
day that is no fewer than 20 days nor more than 35 days after the date on which the Issuer provides the required notice of the occurrence
of a Change of Control to the holders of Series A Preferred Stock.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 6pt; border-right: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 6pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The &ldquo;Common Stock Price&rdquo; will be (i) if the consideration to be received in the Change of Control by the holders of the Issuer&rsquo;s
common stock is solely cash, the amount of cash consideration per share of the Issuer&rsquo;s common stock or (ii) if the consideration
to be received in the Change of Control by holders of the Issuer&rsquo;s common stock is other than solely cash (x) the average of the
closing sale prices per share of the Issuer&rsquo;s common stock (or, if no closing sale price is reported, the average of the closing
bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for
the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control as reported on
the principal U.S. securities exchange on which the Issuer&rsquo;s common stock is then traded, or (y) the average of the last quoted bid prices for the Issuer&rsquo;s common stock in the over-the-counter market as reported by OTC Markets
Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of
the Change of Control, if the Issuer&rsquo;s common stock is not then listed for trading on a U.S. securities exchange.</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><B>CUSIP/ISIN:</B></TD>
    <TD STYLE="width: 67%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">22948Q 200 / US22948Q2003</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><B>Book-Running
    Manager:</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">Raymond James &amp; Associates, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><B>Co-Managers:</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">BMO Capital Markets Corp. <BR>
KeyBanc Capital Markets Inc. <BR>
Robert W. Baird &amp; Co. Incorporated <BR>
PNC Capital Markets LLC <BR>
B. Riley Securities,
Inc. <BR>
Janney Montgomery Scott LLC <BR>
JonesTrading Institutional Services LLC <BR>
Regions Securities LLC <BR>
Synovus Securities Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><B>NYSE
    Listing Symbol:</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">CTO PrA</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; margin: 0">*The Series A Preferred Stock offered hereby constitutes an additional issuance of 1,500,000 shares (1,725,000 shares
if the underwriters&rsquo; over-allotment option to purchase additional shares is exercised in full) of Series A Preferred Stock that
we previously issued on July 6, 2021. The shares of Series A Preferred Stock hereby will form a single series with all outstanding Series
A Preferred Stock. The Series A Preferred Stock will have the same CUSIP number as the outstanding Series A Preferred Stock and will
trade interchangeably with the previously issued Series A Preferred Stock on the NYSE upon settlement and approval for listing thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This communication is intended for the sole
use of the person to whom it is provided by the sender.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Issuer has filed a registration statement
(including a prospectus and a prospectus supplement) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) for the offering
to which this communication relates. Before you invest, you should read the base prospectus and prospectus supplement in that registration
statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any
dealer participating in the offering will arrange to send you the prospectus and prospectus supplement if you request it by contacting
Raymond James &amp; Associates, Inc. toll-free at 1-800-248-8863.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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