Exhibit 21.1

Subsidiaries of the Registrant: CTO Realty Growth, Inc.

as of December 31, 2022:


	Organized Under Laws of	Percentage of Voting Securities Owned by Immediate Parent
Alpine Income Property Manager, LLC	Delaware	100.0	⁽³⁾
Bluebird Arrowhead Phoenix LLC	Delaware	100.0	⁽⁶⁾
Bluebird Germantown MD LLC	Delaware	100.0	⁽⁶⁾
Bluebird Renton WA LLC	Delaware	100.0	⁽⁶⁾
Conservation Park LLC	Delaware	100.0	⁽³⁾
CTLC Golden Arrow Katy LLC	Delaware	100.0	⁽⁶⁾
CTO Gemini Holdings (CTLC) LLC	Delaware	100.0	⁽³⁾
CTO Gemini Holdings (IDL) LLC	Delaware	100.0	⁽⁵⁾
CTO Gemini Holdings (IGI) LLC	Delaware	100.0	⁽⁷⁾
CTO TRS Crisp39 LLC	Delaware	100.0	⁽³⁾
CTO TRS CW LLC	Delaware	100.0	⁽¹¹⁾
CTO TRS Mitigation LLC	Delaware	100.0	⁽¹¹⁾
CTO TRS TBMB LLC	Delaware	100.0	⁽³⁾
CTO16 Atlantic LLC	Delaware	100.0	⁽³⁾
CTO16 Austin LLC	Delaware	100.0	⁽³⁾
CTO16 Dallas LLC	Delaware	100.0	⁽³⁾
CTO16 Monterey LLC	Delaware	100.0	⁽³⁾
CTO16 Olive TX LLC	Delaware	100.0	⁽³⁾
CTO16 OSI LLC	Delaware	100.0	⁽³⁾
CTO16 Peterson LLC	Delaware	100.0	⁽³⁾
CTO17 Aruba Land LLC	Delaware	100.0	⁽³⁾
CTO17 Sarasota LLC	Delaware	100.0	⁽³⁾
CTO17 Westcliff TX LLC (f/k/a CTO17 Westcliff LLC)	Delaware	100.0	⁽³⁾
CTO18 Albuquerque NM LLC	Delaware	100.0	⁽³⁾
CTO18 Arlington TX LLC	Delaware	100.0	⁽³⁾
CTO18 Aspen LLC	Delaware	100.0	⁽³⁾
CTO18 Jacksonville FL LLC	Delaware	100.0	⁽³⁾
CTO19 Carpenter Austin LLC	Delaware	100.0	⁽³⁾
CTO19 Josephine Austin LLC	Delaware	100.0	⁽³⁾
CTO19 NRH TX LLC	Delaware	100.0	⁽³⁾
CTO19 Oceanside NY LLC	Delaware	100.0	⁽³⁾
CTO19 Reston VA LLC	Delaware	100.0	⁽³⁾
CTO19 Strand Jax LLC	Delaware	100.0	⁽³⁾
CTO19 Taft Vineland LLC	Delaware	100.0	⁽³⁾
CTO19 WOFAT LLC	Delaware	100.0	⁽³⁾
CTO20 Cornerstone LLC	Delaware	100.0	⁽³⁾
CTO20 Crossroads AZ LLC	Delaware	100.0	⁽³⁾
CTO20 Hialeah LLC	Delaware	100.0	⁽³⁾
CTO20 Perimeter II LLC	Delaware	100.0	⁽³⁾
CTO20 Perimeter LLC	Delaware	100.0	⁽³⁾
CTO20 Santa Fe	Delaware	100.0	⁽³⁾
CTO20 Tampa LLC	Delaware	100.0	⁽³⁾
CTO21 Acquisitions II LLC	Delaware	100.0	⁽³⁾
CTO21 Acquisitions LLC	Delaware	100.0	⁽³⁾
CTO21 Apex LLC (f/k/a CTO20 Falls Centre LLC)	Delaware	100.0	⁽³⁾
CTO21 AL Outparcel LLC	Delaware	100.0	⁽³⁾
CTO21 Buford 1 LLC	Delaware	100.0	⁽³⁾
CTO21 Exchange LLC	Delaware	100.0	⁽³⁾
CTO21 Santa Fe LLC	Delaware	100.0	⁽³⁾
CTO21 Winter Park LLC	Delaware	100.0	⁽³⁾
CTO22 Forsyth LLC	Delaware	100.0	⁽³⁾
CTO22 Madison Yards LLC	Delaware	100.0	⁽³⁾
CTO22 Short Pump LLC	Delaware	100.0	⁽³⁾
CTO22 Waterstar LLC	Delaware	100.0	⁽³⁾
CTO22 Watters Creek LLC	Delaware	100.0	⁽³⁾
Daytona JV LLC	Delaware	100.0	⁽⁸⁾

DB Beach Land LLC	Delaware	100.0	⁽³⁾
DB Main Street LLC	Delaware	100.0	⁽³⁾
DB Mainland LLC	Delaware	100.0	^(3)(10)
DB Mainland Two LLC	Delaware	100.0	⁽³⁾
Five Golf LLC	Delaware	100.0	⁽³⁾
Golden Arrow 6 LLC	Delaware	100.0	⁽³⁾
Golden Arrow First St. Sarasota LLC	Delaware	100.0	⁽³⁾
Golden Arrow WPP LLC	Delaware	100.0	⁽⁷⁾
IGI16 Peterson LLC	Delaware	100.0	⁽⁷⁾
IGI18 Back 40 LLC	Delaware	100.0	⁽⁷⁾
IGI19 FC VA LLC	Delaware	100.0	⁽⁷⁾
IGI20 Crossroads AZ LLC	Delaware	100.0	⁽⁷⁾
IGI20 Tampa LLC	Delaware	100.0	⁽¹²⁾
IGI21 Katy LLC	Delaware	100.0	⁽⁷⁾
IGL20 Tampa LLC	Delaware	100.0	⁽⁷⁾
Indigo Development LLC	Florida	100.0	⁽³⁾
Indigo Grand Champion Five LLC	Florida	100.0	⁽⁴⁾
Indigo Grand Champion Six LLC	Florida	100.0	⁽⁴⁾
Indigo Grand Champion Ten LLC	Florida	100.0	⁽⁴⁾
Indigo Group Inc.	Florida	100.0
Indigo Group Ltd. (A Limited Partnership)	Florida	93.475	⁽¹⁾
Indigo International LLC	Florida	100.0	⁽³⁾
Indigo Mallard Creek LLC	Florida	100.0	⁽⁵⁾
LHC14 Old DeLand LLC	Delaware	100.0	⁽³⁾⁽⁹⁾
LHC15 Atlantic DB JV LLC	Delaware	100.0	⁽³⁾
LHC15 Raleigh NC LLC	Delaware	100.0	⁽³⁾
LHC15 Riverside FL LLC	Delaware	100.0	⁽³⁾
LHC15 WPP LLC	Delaware	100.0	⁽⁷⁾
Palms Del Mar Inc.	Florida	100.0
Tomoka Ag Inc.	Florida	0.0	⁽²⁾

⁽¹⁾

CTO Realty Growth, Inc. is a limited partner of Indigo Group Ltd., and owns 93.475% of the total partnership equity. Palms Del Mar, Inc. is the other limited partner and owns 5.065% of the total partnership equity. Indigo Group Inc. is the managing general partner and owns 1.46% of the partnership equity.

⁽²⁾	Tomoka Ag Inc. is 100% owned by Indigo Group Inc.

⁽³⁾	CTO Realty Growth, Inc. is the Member.

⁽⁴⁾	Palms Del Mar Inc. is the Member.

⁽⁵⁾	Indigo Development LLC is the Managing Member.

⁽⁶⁾	Golden Arrow 6 LLC is the Managing Member.

⁽⁷⁾	Indigo Group Inc. is the Managing Member.

⁽⁸⁾	LHC15 Atlantic DB JV LLC is the 50% Managing Member. CTO16 Atlantic LLC is the other 50% Member.

⁽⁹⁾	Formerly known as Golden Arrow Plaza Retail LLC.

⁽¹⁰⁾	Formerly known as DB LAND LLC, formerly known as CTO17 Atlanta LLC.

⁽¹¹⁾	CTO TRS CRISP 39 LLC is the Member.

⁽¹²⁾	Indigo Group LTD is the Managing Member.

All subsidiaries are included in the Consolidated Financial Statements of the Company and its subsidiaries appearing elsewhere herein.