Dan David of Wolfpack Research joins Zer0es Finance to reveal his short thesis on CTO Realty Growth (CTO). Wolfpack believes CTO is lying to investors about the sustainability of their dividend, while enriching themselves using various accounting shenanigans. In support, Dan points out sham loans the company has made to its failing tenants, deceptive practices of excluding recurring capex from Adjusted Funds From Operations (AFFO), and a history heavy share dilution to maintain the illusion of an attractive dividend. Between planned capex and its current dividend, the company simply does not have the cash. And it’s because of this very rudimentary math that investors need to brace themselves for another imminent dilutive capital raise.