CTO Realty Growth is a small-cap REIT focused on shopping centers in high-growth Southern U.S. markets, offering stable rents and an unsecured balance sheet. CTO.PR.A preferred stock yields 7.6%, trades below par, and faces a call date in July 2026, presenting potential capital gain upon redemption. CTO's financials show an asset coverage ratio near 200%, but high leverage (debt/EBITDA ~8) places it in speculative territory per Moody's methodology.