CTO Realty Growth, Inc. Enters Amended Credit Agreement for $1.0B Facilities

What Happened
CTO Realty Growth, Inc. announced on Sept. 29–30, 2026 that it entered into an Amended and Restated Credit Agreement with KeyBank National Association and a syndicate of lenders. The new agreement provides $400 million of senior unsecured revolving capacity and four senior unsecured term loans of $150 million each (total initial commitments of $1.0 billion), with the aggregate facilities potentially increaseable to $1.5 billion. In connection with the new agreement, CTO repaid and terminated its prior BMO credit agreement.

Key Details

• Effective Sept. 29, 2026; press release furnished Sept. 30, 2026.
• Facilities: $400M revolving credit (matures Sept. 2030, two 6‑month extension options) plus term loans of $150M maturing in Sept. 2029, Sept. 2030, Sept. 2031, and March 2032.
• Lenders: led by KeyBank (Administrative Agent); co-syndication agents include Bank of America, Huntington, PNC, Regions, Truist, and Wells Fargo; other participants named.
• Interest: borrowings bear interest at Applicable Margin plus either Base Rate, Daily Simple SOFR, or Term SOFR (per the agreement).
• Covenants: customary restrictive covenants and financial maintenance covenants—limits on additional indebtedness, certain investments, liens, related‑party transactions, and major transactions (e.g., mergers).
• The prior BMO Credit Agreement was repaid and terminated on Sept. 29, 2026.

Why It Matters
This filing documents CTO’s replacement and extension of its borrowing platform, providing significant committed liquidity ($1.0B initially) and staggered long‑dated term loan maturities through 2032. For investors, the arrangement affects the company’s capital structure and near‑term liquidity profile and imposes customary covenants that could limit certain corporate actions. The interest rate mechanics (SOFR/Base Rate plus margin) mean borrowing costs will track market rates.