Proxy Statement (Form DEF 14A)

Notice of Annual Meeting of Stockholders

Notice is hereby given that the 2025 annual meeting of stockholders (including any adjournment or postponement thereof, the "2025 Annual Meeting") of Stratus Properties Inc., a Delaware corporation, (including, as the context requires, its consolidated subsidiaries, the "Company," "Stratus," "we," "us" and "our") will be held on Tuesday, May 13, 2025 at 8:30 a.m. Central Time, at 212 Lavaca Street, Suite 300, Austin, TX 78701 for the purposes set forth above. Stockholders will also transact such other business as may properly come before the 2025 Annual Meeting. Only stockholders of record at the close of business on March 26, 2025 (the "record date") are entitled to vote at the 2025 Annual Meeting. The accompanying proxy statement provides detailed information about the matters to be considered at the 2025 Annual Meeting. Please read it carefully.

YOUR VOTE IS IMPORTANT.To assure that your shares are represented at the 2025 Annual Meeting, please promptly mark, sign, date and retuthe enclosed proxy card in the postage-paid envelope provided, or vote by telephone or the Internet as instructed on the proxy card, whether or not you plan to attend the 2025 Annual Meeting. Please refer to "Information About the 2025 Annual Meeting" on page 53 of the attached proxy statement and the instructions on the proxy card. The Notice of 2025 Annual Meeting of Stockholders and Proxy Statement are first being made available to stockholders on or about April 8, 2025.

Thank you for your continued support of our Company.

If you have any questions or require any assistance with voting your shares, please contact our proxy solicitor:

Innisfree M&A Incorporated

501 Madison Avenue, 20th Floor

New York, NY 10022

Stockholders may call toll-free: (877) 687-1871

Banks and Brokers may call collect: (212) 750-5833

Proxy Statement

This proxy statement (this "Proxy Statement") is furnished in connection with the solicitation of proxies by the Board of Directors (the "Board" or the "Board of Directors") of Stratus Properties Inc., a Delaware corporation, for use at our 2025 annual meeting of stockholders (including any adjournment or postponement thereof, the "2025 Annual Meeting"). This Proxy Statement, along with a proxy card or voting instruction form, Notice of Annual Meeting of Stockholders and our Annual Report to Stockholders for the fiscal year ended December 31, 2024 (the "2024 annual report") are first being mailed to our stockholders of record on or about April 8, 2025. References in this Proxy Statement to "Stratus," the "Company," "we," "us," "our" and similar terms refer to Stratus Properties Inc. and, as the context requires, its consolidated subsidiaries.

Table of Contents

We include website addresses throughout this Proxy Statement for reference only. The information contained or referenced on our website and other websites mentioned in this Proxy Statement are not a part of this Proxy Statement and are not deemed incorporated by reference into this Proxy Statement or any other public filing made with the Securities and Exchange Commission ("SEC"). Printed versions of these materials are available, free of charge, to any stockholder who requests them from our corporate secretary.

Stratus Properties Inc.

212 Lavaca Street

Suite 300

Austin, Texas 78701

Proxy Summary

This summary highlights selected information contained elsewhere in this Proxy Statement. This summary does not contain all of the information that you should consider, and you should read the entire Proxy Statement carefully before voting. For more information regarding our 2024 performance, please review our 2024 annual report.

2025 Annual Meeting of Stockholders

Agenda and Voting Recommendations

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Director Nominees

Our Board is currently comprised of seven directors, who are divided into three director classes.

You are being asked to elect two Class III directors to serve on the Board until the 2028 annual meeting of stockholders, until their respective successors are duly elected and qualified or until their earlier resignation or removal. For more information about the background and qualifications of the director nominees and the entire Board, please see "Proposal No. 1: Election of Directors" on page 19 of this Proxy Statement and "Information About Nominees and Continuing Directors" on page 21 of this Proxy Statement. The Board's nominees for Class III directors are:

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Board Composition Highlights

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Board Skills, Experience and Background

The following tables illustrate the diverse mix of skills, experiences and backgrounds that qualify our directors for service on our Board and that contribute to our ability to create value for our stockholders. The table below is intended to highlight each director's particular strengths, and an individual director may have other skills, experiences and personal attributes not highlighted in the table. Additional information about each director can be found under the heading "Information About Nominees and Continuing Directors" on page 21 of this Proxy Statement.

We are committed to having a Board that is inclusive of a variety of backgrounds and experiences. Since 2020, we have added three independent directors to our Board: Neville L. Rhone, Jr., Kate B. Henriksen and Laurie L. Dotter. Additional information about each of these directors can be found under the heading "Information About Nominees and Continuing Directors" on page 21 of this Proxy Statement.

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Governance Highlights

We are committed to strong and effective governance practices that are responsive to our stockholders. Our commitment to good corporate governance, including best practices that are part of our executive compensation program, is illustrated by the following practices:

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Corporate Responsibility Highlights

As a real estate development company centered in Austin, Texas, we have been on a sustainability journey for more than 20 years. We understand intuitively the intrinsic value that a healthy environment and people bring to our real estate development projects, our Company and our stakeholders.

With the guidance of our nominating and corporate governance committee, we maintain a corporate responsibility section on our website in order to share more information about our corporate responsibility and sustainability history and achievements as we continue to strive to be a leader in sustainable real estate development. Please visit our website at stratusproperties.com/esg/corporate _responsibility/for more information.

Sustainable Development

We emphasize sustainable design, construction, and operations as essential company goals in developing and operating our properties.

People

We value innovation, integrity and initiative. We are committed to supporting inclusion in the workplace and encouraging the health and well-being of our employees.

Policies

We adopted policies, available on our website, to capture our expectations regarding key areas of corporate responsibility.

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Performance Highlights

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Corporate Governance

Corporate Governance Framework

We are committed to strong and effective governance practices that are responsive to our stockholders. Our corporate governance guidelines, along with our Amended and Restated Certificate of Incorporation, as amended (our "Charter"), our amended and restated by-laws(our "By-Laws")and the charters of the standing committees of our Board, provide the framework for the governance of the Company and reflect the Board's commitment to monitor the effectiveness of policy and decision making at both the Board and management levels. Our Charter, By-Laws,committee charters and corporate governance guidelines are available atstratusproperties.comunder Investors-Corporate Governance. In addition, our Ethics and Business Conduct Policy is available at stratusproperties.comunder Investors-Ethics and Business Conduct. Amendments to or waivers of our Ethics and Business Conduct Policy granted to any of our directors or executive officers will be published promptly on our website.

Board Composition, Independence and Leadership Structure

Our Board has primary responsibility for overseeing the management of our business and affairs. As of the date of this Proxy Statement, our Board consists of seven members, six of whom have been determined by our Board to be independent. On the basis of information solicited from each director, and upon the advice and recommendation of the nominating and corporate governance committee, our Board has affirmatively determined that none of Mses. Dotter and Henriksen and Messrs. Joseph, Madden, Porter and Rhone has any relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and each is independent as defined in the director independence standards of NASDAQ, as currently in effect. In making these determinations, our Board, with assistance from the Company's legal counsel, evaluated responses to a questionnaire completed annually by each director regarding relationships and possible conflicts of interest between each director, the Company and management. In its review of director independence, our Board and legal counsel considered all commercial, industrial, banking, consulting, legal, accounting, charitable and familial relationships any director may have with the Company or management, including the relationships described in "Designated Director" on page 9 of this Proxy Statement and in "Certain Transactions" on page 51 of this Proxy Statement. Mr. Armstrong, the chairman of our Board, is not considered an independent director because he is also our president and chief executive officer and receives compensation for his services to the Company as a member of our management team. Our Board believes that the independent directors provide effective oversight of management.

Our Board understands there is no single approach to providing board leadership and does not have a fixed policy regarding the separation of the roles of chief executive officer and chairman of our Board. Our Board believes that Mr. Armstrong's service as both chairman of our Board and as president and chief executive officer is in the best interest of the Company and our stockholders at this time. With over 29 years of leadership experience with the Company, Mr. Armstrong possesses detailed and in-depthknowledge of the issues, opportunities and challenges facing the Company and its operations. His experience and relationships in the Austin area and other select Texas markets have been central to the Company's ability to secure and maintain entitlements and successfully develop and sell its properties. He is thus best positioned to develop agendas that ensure that our Board's time and attention are focused on the most critical challenges and opportunities facing the Company. His combined role enables decisive leadership, ensures clear accountability, facilitates an efficient board process, and enhances our ability to communicate the Company's message and strategy clearly and consistently to our stockholders, employees and customers.

Our Board recognizes the importance of having a strong independent board leadership structure to ensure accountability and to facilitate the effective performance of the Board in its role of providing effective oversight of management. In 2013, our Board established the position of lead independent director. The role of our lead independent director is described in our corporate governance guidelines. On April 1, 2022, Dr. Joseph was appointed to serve a three-year term as lead independent director, which expired on April 1, 2025. On April 1, 2025, Dr. Joseph was reappointed to serve another three-year

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term as lead independent director, which expires on April 1, 2028. The lead independent director serves as a liaison between Mr. Armstrong and the independent directors, works with Mr. Armstrong in setting the agendas for Board meetings and, in Mr. Armstrong's absence, chairs regular sessions of the Board. The lead independent director also sets the agenda and presides at all executive sessions of the independent directors. The lead independent director may be removed or replaced at any time with or without cause by a majority vote of our independent directors. In addition, our three standing committees are composed entirely of independent directors, and have the power and authority to engage legal, financial and other advisors as they may deem necessary, without consulting or obtaining the approval of the full Board or management.

Designated Director

Pursuant to an Investor Rights Agreement with Moffett Holdings, L.L.C. ("MHLLC") dated March 15, 2012 (the "Investor Rights Agreement"), and subsequently assigned to LCHM Holdings, LLC ("LCHM Holdings"), Mr. Porter was appointed to our Board as the designated director of MHLLC and subsequently, LCHM Holdings. Mr. Porter continues to serve as the designated director of LCHM Holdings pursuant to the Investor Rights Agreement. Mr. Porter's current term as a Class II director expires at the 2027 annual meeting of stockholders. For more information, see "Certain Transactions" on page 51 of this Proxy Statement.

Director Attendance and Meetings

Our Board held a total of eight meetings during 2024. During 2024, each director attended over 92% of the aggregate of the total number of meetings of the Board and all committees of the Board on which he or she served during the periods of his or her Board membership and committee service. Directors are invited but not required to attend annual meetings of our stockholders. Mr. Armstrong attended our 2024 annual meeting of stockholders.

Board Committees

To provide for effective direction and management of our business, our Board has established three standing committees: the audit committee, the compensation committee and the nominating and corporate governance committee. Each committee is composed entirely of independent directors.

During 2021 we refreshed the composition and size of our three standing committees and rotated all chair positions. Neville L. Rhone, Jr. became chair of the audit committee; James E. Joseph became chair of the compensation committee; and Kate B. Henriksen became chair of the nominating and corporate governance committee. The following table identifies the current committee members, including each committee chair.

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Each committee operates under a written charter adopted by our Board. All of the committee charters are available on our website at stratusproperties.comunder Investors-Corporate Governance. The following charts summarize the primary responsibilities of each of the committees.

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Compensation Committee Procedures

The compensation committee has the sole authority to set annual compensation amounts and annual incentive program criteria for our executive officers, evaluate the performance of our executive officers, and make awards to our executive officers under our cash-based and equity-based incentive programs. The compensation committee also reviews, approves and recommends to our Board any proposed plan or arrangement providing for incentive, retirement or other compensation to our executive officers, as well as any proposed contract under which compensation is awarded to one of our executive officers.

The compensation committee also has oversight of director compensation, including the authority to grant cash-based and equity-based awards. The compensation committee reviews the form and amount of all director compensation, including cash, equity-based awards and other forms of director compensation, paid to our non-employeedirectors under our director compensation program.

The compensation committee oversees our assessment of whether our compensation policies and practices are likely to expose the Company to material risks. The compensation committee may form subcommittees and delegate responsibilities and authority to such subcommittees in its sole discretion, to the extent consistent with the compensation committee's charter, our Charter or By-Laws,and applicable law.

If equity awards are granted in a given year, in accordance with the compensation committee's written policies, such awards are generally granted at a compensation committee meeting in the first fiscal quarter of the year. To the extent the compensation committee approves any special awards at other times during the year, such awards will be made during an open window period when our executive officers and directors are permitted to trade in our securities.

The terms of our stock incentive plans permit the compensation committee to delegate to one or more officers of the Company its authority to make awards to employees other than those subject to

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Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The compensation committee has delegated authority to the chairman of our Board to grant or modify awards to such employees, subject to the following conditions:

The compensation committee engages an independent compensation consultant from time to time to advise it on matters related to both executive and director compensation. Please refer to the section titled "Executive Officer Compensation-Compensation Discussion and Analysis" on page 27 of this Proxy Statement for more information related to the independent compensation consultant.

Succession Planning for Senior Executives

The compensation committee periodically reviews the Company's successions plans relating to senior executive officer positions and makes recommendations to the Board with respect to succession planning. This process includes issues associated with preparedness for the possibility of an unexpected or emergency situation involving senior management and the long-term growth and development of the senior management team.

Board Evaluation Process

The nominating and corporate governance committee is responsible for overseeing the annual performance evaluation of our Board and its committees, which is a multi-step process designed to evaluate the performance of our Board and each of its committees, as follows:

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Board's Role in Oversight of Risk Management

Our Board as a whole is responsible for risk oversight, with reviews of certain areas being conducted by the relevant Board committees that report to the full Board. The chart below provides an overview of the areas overseen by each committee.

In its risk oversight role, our Board reviews, evaluates and discusses with appropriate members of management whether the risk management processes designed and implemented by management are adequate in identifying, assessing, managing and mitigating material risks facing the Company, including financial and operational risks. Our Board believes that full and open communication between senior management and our Board is essential to effective risk oversight. Our lead independent director regularly meets with our chairman, president and chief executive officer to discuss a variety of matters, including business strategies, opportunities, key challenges and risks facing the Company, as well as management's risk mitigation strategies. Senior management attends all regularly scheduled Board meetings where they make presentations to our Board on various strategic matters involving our operations and are available to address any questions or concerns raised by our Board on risk management or any other matters. Our Board oversees the strategic direction of the Company, and in doing so considers the potential rewards and risks of the Company's business opportunities and challenges, and monitors the development and management of risks that impact our strategic goals.

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stockholders, financial advisors, legal advisors or other persons. The nominating and corporate governance committee evaluates candidates proposed for nomination by the Company's stockholders using the same criteria by which it evaluates other nominees.

Board and Board Committee Refreshment

Three independent directors have joined our seven-member Board since 2020: Mr. Rhone in December 2020, Ms. Henriksen in January 2021 and Ms. Dotter in August 2021. During 2021 we refreshed the composition and size of our three standing committees and rotated all chair positions. Neville L. Rhone, Jr. became chair of the audit committee; James E. Joseph became chair of the compensation committee; and Kate B. Henriksen became chair of the nominating and corporate governance committee.

Stockholder Nominations

The nominating and corporate governance committee will consider candidates proposed for nomination by our stockholders. Stockholders may propose candidates for consideration by the nominating and corporate governance committee by submitting the names and supporting information to our Corporate Secretary, Stratus Properties Inc., 212 Lavaca Street, Suite 300, Austin, Texas 78701. Supporting information should include (a) the name and address of each of the candidate and proposing stockholder; (b) a comprehensive biography of the candidate and an explanation of why the candidate is qualified to serve as a director, taking into account the criteria identified in our corporate governance guidelines; (c) proof of ownership, the class and number of shares, and the length of time that the shares of our Common Stock have been beneficially owned by each of the candidate and the proposing stockholder; and (d) a letter in writing from the candidate stating his or her willingness to serve, if elected as a director.

In addition, our By-Lawspermit stockholders to nominate candidates directly for consideration at next year's annual meeting of stockholders. Any nomination must be in writing and received by our corporate secretary at our principal executive offices no later than the close of business on January 13, 2026 and no earlier than the close of business on October 15, 2025. If the date of next year's annual meeting of stockholders is moved to a date more than 30 days before or 90 days after the anniversary of this year's annual meeting of stockholders, the nomination must be received no earlier than the close of business on the 120^th day prior to such annual meeting and not later than the close of business on the later of the 90^th day prior to such annual meeting or the 10^th day following the day on which public announcement of the date of such meeting is first made. Any stockholder submitting a nomination under our By-Lawsmust include (a) all information relating to the nominee that is required to be disclosed in solicitations of proxies for election of directors pursuant to Regulation 14A under the Exchange Act (including such nominee's written consent to being named in the Proxy Statement as a nominee and to serve as a director if elected), and (b) the name and address (as they appear on the Company's books) of the nominating stockholder and the class and number of shares beneficially owned by such stockholder. Nominations should be addressed to our Corporate Secretary, Stratus Properties Inc., 212 Lavaca Street, Suite 300, Austin, Texas 78701. Candidates nominated by stockholders will be evaluated under the same criteria as other director nominees. Please see our By-Lawsfor detailed information regarding the process by which a stockholder may nominate a director at meetings of our stockholders.

In addition to satisfying the foregoing requirements under our By-Laws,including the notice deadline set forth above, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than our nominees must comply with the additional requirements of Rule 14a-19(b)under the Exchange Act.

Stockholder Engagement

We engage in discussions with our stockholders and stockholders' representatives throughout the year. Participants in our various engagements typically include our chairman, president and chief

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executive officer and our lead independent director. Our board and management have a history of engaging with stockholders and incorporating feedback into their decision-making processes.

Stockholders or other interested parties may communicate directly with one or more members of our Board, or the non-employeedirectors as a group, by writing to the director or directors at the following address: Stratus Properties Inc., Attn: Board of Directors or the name of the individual director or directors, 212 Lavaca Street, Suite 300, Austin, Texas 78701. The communication will be forwarded to the appropriate director or directors.

Director Compensation

We use a combination of cash and equity-based compensation to compensate our non-employeedirectors. As an employee, Mr. Armstrong receives no additional compensation for his service as a director. In setting director compensation, we consider the significant amount of time directors dedicate in fulfilling their duties as directors, as well as the skill-level required to be an effective member of our Board. We also seek to align the directors' compensation with our stockholders' interest by delivering a portion of that compensation in the form of equity.

The compensation committee reviews the form and amount of director compensation and makes recommendations to the full Board. In 2023, our director compensation program was revised upon the recommendation of the Board's independent compensation consultant, FTI Consulting, Inc. ("FTI"), engaged to review our non-employeedirector compensation program in light of prevailing market practices. In August 2023, FTI provided the compensation committee with a market review of non-employeedirector remuneration practices and evaluated the Company's program in light of the review. Following a review, in August 2023, the compensation committee and the Board modified the director compensation program to increase the annual equity award target value from $45,000 to $65,000 beginning in 2023. Under our current director compensation program, the annual RSU grants for non-employeedirectors have a target grant date value of $65,000.

2024 Cash Compensation

During 2024, each non-employeedirector serving the duration of the year received an annual fee consisting of, as applicable:

In addition, each director received reimbursement for reasonable out of pocket expenses incurred in attending Board and committee meetings. Directors do not receive meeting attendance fees.

The Company's non-employeedirectors may also elect to have all or part of their annual retainer paid in shares of our Common Stock, in lieu of cash, in accordance with certain guidelines and procedures.

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2024 Equity-Based Compensation

On May 9, 2024, each non-employeedirector was granted a number of RSUs determined by dividing $65,000 by the closing sale price of our Common Stock on the grant date, rounded to the nearest whole number. These awards will fully vest on the first anniversary of the grant date, with vesting accelerating in the event the non-employeedirector dies, incurs a disability, retires (as determined by the Board) or as a result of termination of the director's term due to the director not being re-nominatedby the Board. Each RSU entitles the director to receive one share of our Common Stock upon vesting. In addition, in connection with an initial appointment to the Board other than at an annual meeting, a director may receive a pro rata equity grant. See "Executive Officer Compensation-Potential Payments upon Termination or Change in Control" on page 41 of this Proxy Statement for definitions of "disability" and "change of control" used for purposes of the RSU acceleration provisions.

2024 Director Compensation

The following table summarizes the total compensation paid to or earned by our non-employeedirectors during 2024. The amount included in the "Stock Awards" column reflects the aggregate grant date fair value of the RSUs and does not necessarily equate to the income that will ultimately be realized by the director for these stock awards. Mr. Armstrong's compensation is reflected in the 2024 Summary Compensation Table in the section titled "Executive Officer Compensation" on page 27 of this Proxy Statement.

Director Compensation

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Proposal No. 1: Election of Directors

Our board currently consists of seven members. Our Charter currently provides that directors are divided into three director classes to be as nearly equal in number as possible and elected for three-year terms. Accordingly, approximately one-thirdof the Board is elected at each annual meeting of stockholders. Each director holds office until that director's successor is duly elected and qualified, or until his or her earlier death, resignation, removal or retirement. In accordance with our By-Laws,our Board has fixed the current number of directors at seven. Our directors are currently classified into the following three classes:

For more information about the background and qualifications of the director nominees and the entire Board of Directors, please see below and "Information About Nominees and Continuing Directors" on page 21 of this Proxy Statement.

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Upon the recommendation of our nominating and corporate governance committee, our Board has nominated William H. Armstrong III and Kate B. Henriksen for election at our 2025 Annual Meeting to serve as Class III directors, each for a three-year term. Mr. Armstrong and Ms. Henriksen have each consented to being named as a nominee in this Proxy Statement and to serve as a director if elected. The persons named as proxies on the enclosed proxy card intend to vote your shares of our Common Stock for the election of each of the two Class III director nominees recommended by our Board, unless otherwise directed. If, contrary to our present expectations, either of the nominees is unable to serve or for good cause will not serve, your proxy will be voted for a substitute nominee designated by our Board, unless otherwise directed.

Vote Required to Elect Director Nominees

Under our By-Laws,our directors are elected by a plurality vote. For more information on the voting requirements, see "Information About the 2025 Annual Meeting" on page 53 of this Proxy Statement.

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Recommendation of our Board of Directors

OUR BOARD RECOMMENDS THAT STOCKHOLDERS VOTE "FOR" OUR TWO CLASS III DIRECTOR NOMINEES, MR. ARMSTRONG AND MS. HENRIKSEN.

Information About Nominees and Continuing Directors

The table below provides certain information as of March 26, 2025 with respect to the director nominees, Mr. Armstrong and Ms. Henriksen, and each other director whose term will continue after the 2025 Annual Meeting. The biography of each of the directors contains information regarding the person's business experience, director positions with other public companies held currently or at any time during at least the last five years, and the experiences, qualifications, attributes or skills that led our nominating and corporate governance committee and our Board to determine that the person should be nominated to serve as a director of the Company. Unless otherwise indicated, each person has been engaged in the principal occupation shown for the past five years.

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Stock Ownership of Directors, Director Nominees and Executive Officers

We believe that it is important for our directors and executive officers to align their interests with the long-term interests of our stockholders. We encourage stock accumulation through the grant of equity incentives to our directors and executive officers and through our stock ownership guidelines applicable to our directors and executive officers.

The table below shows the amount of our Common Stock beneficially owned as of March 26, 2025, by each of our directors, our director nominees and our president and chief executive officer and chief financial officer (such officers together being our named executive officers). Unless otherwise indicated, all shares shown are held with sole voting and investment power.

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Stock Ownership of Certain Beneficial Owners

Based on filings with the SEC, the table below shows the beneficial owners of more than five percent of our outstanding Common Stock other than Mr. Armstrong, whose beneficial ownership is reflected in the table in the section above titled "Stock Ownership of Directors, Director Nominees and Executive Officers" on page 25 of this Proxy Statement. Unless otherwise indicated, all information is presented as of March 26, 2025, and all shares beneficially owned are held with sole voting and investment power.

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Executive Officer Compensation

Compensation Discussion and Analysis

This Compensation Discussion and Analysis, or CD&A, describes and analyzes our executive compensation philosophy and the material elements of our executive compensation program in the context of the compensation paid during the last fiscal year to our president and chief executive officer and our chief financial officer (our only executive officers, referred to as our named executive officers or NEOs). Our named executive officers for 2024 are:

Executive Summary

We are a residential and retail-focused real estate company with headquarters in Austin, Texas. We are engaged primarily in the entitlement, development, management, leasing and sale of multi-family and single-family residential and commercial real estate properties in the Austin, Texas area and other select markets in Texas.

2024 Performance Highlights

We made important progress executing our business strategy during 2024, notwithstanding continued difficult conditions in the real estate business. We sold 47 acres of undeveloped land at Magnolia Place for $14.5 million and also sold Magnolia Place - Retail for $8.9 million. We sold five homes at Amarra Villas for a total of $18.9 million and one Amarra Drive Phase III lot for $1.4 million. We completed the lease-upof The Saint June multi-family project. On our projects under construction, we continued construction on The Saint George multi-family project and advanced road and utility infrastructure construction on Holden Hills Phase 1. We continued to advance entitlements on our other development projects and to operate our four stabilized retail projects.

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Later in the year, we took advantage of lower market interest rates and the success of our projects to refinance or amend certain of our project loans. In October, we amended The Saint June construction loan to extend the maturity, lower the interest rate and increase the aggregate commitment, resulting in additional cash proceeds of $1.5 million after closing costs. In November, we refinanced the loan on the Kingwood Place project to extend the maturity and lower the interest rate, and received additional cash proceeds of approximately $2.0 million after partnership expenses and closing costs. We also commenced negotiations on refinancing the Lantana Place construction loan and the Jones Crossing loan, which we completed in first quarter 2025. Together, these efforts produced additional cash proceeds of approximately $7.7 million, after property taxes, closing costs and partnership expenses. In addition, during 2024 we paid off the Magnolia Place loan and extended the maturities on the loans for The Annie B and Amarra Villas projects.

We actively managed our liquidity and costs, resulting in consolidated cash and cash equivalents of $20.2 million at December 31, 2024, with $39.0 million available under our Comerica Bank revolving credit facility. In first-quarter 2025, we extended the maturity on that facility to March 2027 and lowered the interest rate.

Reflecting ongoing confidence in our achievements and strategy, in November 2023, our Board approved a new $5.0 million share repurchase program. As of December 31, 2024, we had acquired 62,686 shares of our common stock for a total cost of approximately $1.6 million at an average price of $25.37 per share.

We faced continued challenging conditions in the real estate business during 2024 and saw limited opportunities for transactions on favorable terms. Accordingly, we took steps to advance our projects, relationships and opportunities, to position us to capture value when market conditions improve.

Please refer to "Performance Highlights" on page 7 for additional information regarding our significant accomplishments during 2024.

Recent Changes to Our Executive Compensation Program

During 2022 and early 2023, the compensation committee engaged an independent compensation consultant, FTI Consulting, Inc. ("FTI"), to conduct a holistic review of our executive compensation program. Based on this review, in early 2023, the compensation committee approved changes to our executive compensation program, effective beginning with 2023 compensation, designed to further align the program with Company performance and stockholder interests, while also ensuring that we continue to provide an appropriate level of compensation to effectively reward and retain our senior leadership team.

Our executive compensation program has the following components: (1) base salary, (2) annual incentive awards granted under a formulaic annual incentive plan (the "AIP"), which provides for awards primarily based on objective, pre-establishedmetrics, and (3) a long-term incentive program under which our executives could receive cash and RSUs based on the success of development projects, originally named the Profit Participation Incentive Plan (the "Profit Plan"), but revised and re-namedthe Long-Term Incentive Plan (the "LTIP"). The amended and restated Profit Plan, now the LTIP, incorporated additional governors to better align the program with the overall stockholder experience and our operating performance, as described below.

Our executive compensation program reflects the compensation committee's intent that the LTIP become the primary element of incentive compensation going forward. The committee believes that this approach will better align executive compensation with the results of the Company's development efforts. However, the compensation committee recognizes that development projects are multi-year endeavors and that our senior leadership team cannot control real estate market conditions. Consequently, results and payouts under the LTIP are likely to be inconsistent year to year. With its "greater of" approach, described below, the AIP has been designed to complement the LTIP and ensure that the executive team is appropriately compensated in those off years when there are either minimal or no payouts in connection with development projects under the LTIP.

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Highlights of our executive compensation program and 2024 results are as follows:

Compensation Governance and Stockholder Engagement

Our executive compensation program is designed and managed by the compensation committee, which is comprised entirely of independent directors. The compensation committee values stockholder perspectives as an element of the review process. The compensation committee ensures it is aware of our stockholders' views both through direct conversations with stockholders, including one large stockholder with a representative on our Board, and through the broad feedback mechanism of our annual say-on-payadvisory vote on executive compensation. Our conversations with stockholders, and our experience with the outcomes of the Profit Plan and its interaction with the other components of our former executive compensation program, provided the basis for the redesign of our executive compensation program in 2023, as described above. At our 2024 annual meeting, 95% of the votes cast voted in support of our say-on-payproposal.

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Compensation Best Practices

The compensation committee strives to incorporate compensation "best practices" into our program design, some of which are highlighted below and discussed elsewhere in this CD&A.

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Objectives of Our Compensation Program

The compensation committee is responsible for designing, implementing, and administering our executive compensation program. The compensation committee seeks to increase stockholder value by:

As a result of our implementation of these objectives, the majority of our CEO's total compensation paid during the three-year period ended December 31, 2024, consisted of variable, at risk forms of pay that were dependent on our performance. For this period, the graph below reflects the percentage of our CEO's compensation based on (i) fixed pay components (base salary and other compensation), (ii) performance pay components (payouts under our AIP and prior annual bonus program (whether paid in cash or equity) and payouts under the Profit Plan and the LTIP (whether paid in cash or equity)), and (iii) variable, at-riskpay components (similar to performance pay components but also includes RSU awards under our annual equity award program, which our executive officers ceased participating in effective for 2023).

Allocation of CEO Compensation - 2022-2024

Total Fixed Pay = 21% Total Variable, At-RiskPay = 79% Total Performance Pay = 76%

Components of Executive Compensation for 2024

For 2024, our executive compensation program included three primary components: (1) base salary, (2) an opportunity for an annual cash incentive award under our AIP, and (3) participation interests in the development projects in the LTIP and predecessor Profit Plan.

After reviewing these components of our compensation program, the compensation committee believes that the risks arising from our compensation policies and practices for our employees, including our executive officers, are not reasonably likely to have a material adverse effect on the Company. The compensation committee believes the mix of short-term compensation (in the form of

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salary and annual incentive awards, if any), and long-term compensation (in the form of payouts under our Profit Plan and LTIP awards, as applicable) also prevents undue focus on short-term results and helps align the interests of our executive officers with the interests of our stockholders.

Base Salaries.

Our philosophy is that base salaries, which provide fixed compensation, should meet the objective of attracting and retaining the executive officers needed to manage our business successfully. In addition, given the potential for significant variability in payouts under the LTIP and Profit Plan due to the nature of real estate development and substantial business risks involved, the compensation committee strives to ensure that our executives receive competitive levels of fixed compensation. Base salaries are reviewed and determined by the compensation committee annually. With regard to our CEO, our goal is to allocate more compensation to the variable, performance-dependent elements of the total compensation package.

Until 2023, the compensation committee had not increased our executive officers' base salaries since 2018. In connection with its holistic review of our executive compensation program, our executives' base salaries were increased in 2023. No changes were made in 2024.

Annual Incentive Awards.

Annual cash incentives are a variable "at-risk"component of compensation designed to reward our executive officers for maximizing annual operating and financial performance. Beginning in 2023, annual incentive awards for our executive officers are determined under our AIP, which provides for awards subject to threshold, target and maximum payouts capped at a multiple of each officer's base salary, as set forth below:

Objective Component. The AIP awards are primarily driven by the Company's achievement of certain objective, pre-establishedannual performance goals. For 2024, the pre-establishedperformance goals included annual financial goals and strategic goals, with targets established based on the Company's annual budget as reviewed and approved by our Board. These objective metrics were responsible for 70% of our CEO's AIP award and 60% of our CFO's AIP award.

The table below summarizes the 2024 objective performance measures, targets and results.

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Based on this achievement level, the payout amount of the objective portion of each executive's AIP award was calculated as follows:

Individual Component.For 2024, a portion of each executive's award was based on the compensation committee's assessment of individual performance - 30% for our CEO and 40% for our CFO. After considering each officer's performance and contributions to the Company and noting that the Company's performance had resulted in an achievement percentage slightly above target on the objective metrics, the committee determined that each executive had earned at (for our CEO) or slightly above (for our CFO) the officer's threshold payout level on the individual portion of the AIP for 2024.

Payout of AIP Awards. Under the terms of the AIP, earned awards are paid in cash, although the compensation committee may in its discretion pay up to 50% of the awards in RSUs that vest in one year, with the remainder paid in cash. As noted above, the AIP and the LTIP work in tandem. For each calendar year, our NEOs will receive the greater of the incentive award payable under the AIP or the payout of awards granted under the LTIP. For 2024, no award payouts were generated under the LTIP.

Based on the above, in February 2025, the compensation committee awarded each of our executive officers an award under the AIP as follows:

In accordance with the terms of the AIP, the committee elected to pay 50% of the award in the form of RSUs that will vest on the first anniversary of the date of grant, with the number of RSUs determined by dividing the portion of the AIP award to be paid in RSUs by the closing price of our common stock on February 13, 2025, the date of grant. As such, our executive officers received the

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following in payment of their 2024 AIP Awards, with the "value paid in RSUs" representing the grant date value of the RSUs received:

Long-Term Incentive Awards.

As described above, our long-term incentive program currently consists only of awards under our LTIP (which is an amended and restated version of the Profit Plan). Awards under the LTIP may be granted throughout the year in connection with the Board's approval of a new development project. The awards provide an opportunity for participants, including our NEOs, to receive cash bonuses (and/or RSUs in certain circumstances) based on the profitability of the approved development project.

Description of the LTIP.The LTIP is modeled after a "promote" arrangement that is a common compensation structure used by our private company peers. The plan aligns with our business strategy by tying a significant element of our NEOs' compensation to the success of our development projects. It also creates an ownership mentality among participants with respect to the projects, encouraging high performance and strengthening the team mindset of key members of our project teams. Payouts under the LTIP are made in cash and RSU awards in the year following the year in which a payout event occurs, and are determined as follows:

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LTIP Features Designed to Protect Company and Stockholder Interests

The following features of the LTIP are designed to protect Company and stockholder interests by limiting the Company's required cash outlay and ensuring the Board retains flexibility to determine when and if the sale of an approved development project is appropriate:

Profit Plan and LTIP Results for 2024.As noted above, in structuring our current executive compensation program, the compensation committee recognized that given the nature of our development projects and the business risks involved, payouts under the LTIP and the Profit Plan would not necessarily occur every year.

For 2024, the only payout event under the plans was the grant of stock-settled RSUs in early 2024 in payment of the valuation event for Kingwood Place that occurred in 2023, with the number of RSUs based on the 12-monthtrailing average price of our Common Stock during 2023 ($24.90). The following table summarizes each NEO's payout as determined by the compensation committee under the Profit Plan with respect to this development project. See the Summary Compensation Table on page 39 for additional information.

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Outstanding Development Projects under the Profit Plan and LTIP. The following table sets forth the outstanding approved development projects under the Profit Plan and LTIP, the participation interests in each project granted to our NEOs and the valuation event date for each project that is substantially complete:

Limited Executive Perquisites and No Special Retirement Benefits

We provide limited perquisites to our executive officers. Please see the 2024 Summary Compensation Table on page 39 for a description of the limited perquisites provided in 2024.

We provide our executive officers with the same retirement benefits that are generally available to our other full-time employees. Specifically, we maintain a 401(k) plan, which is a tax-qualifieddefined contribution retirement plan. Our 401(k) plan provides a 5% employer match, a 3% safe harbor contribution and a discretionary match of up to 10% of employee eligible compensation. We do not maintain any excess benefit plans, defined benefit or pension plans, or any deferred compensation plans. We provide life insurance to all full-time Company employees.

Change of Control and Severance Benefits

We provide our executive officers with certain contractual protections in the event of an involuntary separation either prior to or in connection with a change of control of the Company. Effective April 1, 2025, each of Mr. Armstrong and Ms. Pickens entered into a severance and change of control agreement with the Company. These agreements have a three-year term and include terms generally consistent with their previous agreements, except for certain changes to the severance payment calculations. These agreements and the terms of our outstanding RSUs and awards under our Profit Plan and LTIP provide our executives with contractual protections in the event of certain terminations of employment, both before and after a change of control. We believe that severance protections can play a valuable role in attracting and retaining key executive officers, and that these benefits also serve our stockholders' interests by promoting a continuity of management in the context of an actual or threatened change of control transaction.

We also believe that the occurrence, or potential occurrence, of a change of control transaction will create uncertainty regarding the continued employment of our executive officers. This uncertainty results from the fact that many change of control transactions result in significant organizational

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changes, particularly at the senior executive level. In order to encourage our executive officers to remain employed with the Company during the important time when their prospects for continued employment following a transaction are often uncertain, we provide them with enhanced severance benefits if their employment is terminated by the Company without cause or by the executive with good reason in connection with a change of control. We do not provide excise tax gross-upprotections under any change of control arrangements with our executive officers.

The payment of cash severance benefits following a change of control transaction is only triggered by an actual or constructive termination of employment following the change of control (i.e., a "double trigger"). In addition, accelerated vesting of our outstanding RSUs is also a double trigger, as vesting will not be triggered by a change of control alone and requires a qualifying termination within two years following the change of control. Finally, participation interests granted under our Profit Plan and LTIP will not accelerate upon a change of control or a qualifying termination, but will remain outstanding and be paid out in accordance with the terms of the applicable plan.

The potential severance and change of control benefits payable under these agreements as of December 31, 2024 and the changes implemented in 2025 are more fully described in "Potential Payments upon Termination or Change in Control" on page 41.

Compensation Processes and Policies

Role of Advisors.

To assist in evaluating our compensation practices and the level of compensation provided to our executives, the compensation committee has engaged an independent compensation consultant from time to time. Consistent with the compensation committee's longstanding policy, any such consultant will not provide, and has not provided, any services to the Company's management. The compensation committee last engaged FTI in 2022 and early 2023 to conduct a holistic review of the Company's executive compensation program. FTI (1) provided certain background information on market practices relating to how development-focused companies compensate their key executive officers, (2) compared the Company's executive compensation programs to a group of peer companies, and (3) recommended the structure of a new annual incentive plan with objective, pre-establishedperformance goals and changes to the Profit Plan to further align with Company performance and stockholder interests.

Market Data and Peer Group.

In connection with its comprehensive review during 2022 and early 2023, FTI recommended a group of public real estate investment trusts ("REITs") and real estate management companies that it believed represents an appropriate peer group based on asset focus and size. The resulting peer group selected by the compensation committee consisted of the 13 public real estate companies listed below (the "peer group"):

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Outstanding Equity Awards at December 31, 2024

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Equity Compensation Plan Information

The following table presents information as of December 31, 2024, regarding our incentive compensation plans under which common stock may be issued to employees and non-employeesas compensation.

Potential Payments upon Termination or Change in Control

Severance and Change of Control Agreements.

As of December 31, 2024, our named executive officers were each a party to a severance and change of control agreement with the Company entered into effective April 1, 2022 and expiring March 31, 2025 (the "COC Agreements"). These COC Agreements were replaced with new severance and change of control agreements (the "New Agreements"), which are filed as exhibits to our Annual Report on Form 10-K.As of December 31, 2024, the COC Agreements entitled each executive to receive additional benefits in the event of the termination of his or her employment under certain circumstances, as described below.

Termination without Cause or with Good Reason.

Each COC Agreement provides that if the executive officer's employment is terminated by the Company without cause or by the executive with good reason, the executive will receive from the Company:

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Termination after Change of Control as a Result of Death, Disability or Retirement.

Each COC Agreement provides that if, during the three-year period following a change of control, the executive's employment with the Company or its successor is terminated as a result of death, disability or retirement, the executive or his or her legal representatives will receive from the Company or its successor any accrued but unpaid salary and a pro-ratabonus for the year in which he or she was terminated.

Termination after Change of Control for Cause or Voluntary Termination without Good Reason.

Each COC Agreement provides that if, following a change of control, the executive's employment with the Company or its successor is terminated for cause (as defined below) or by the executive for other than good reason (as defined below), the executive will receive from the Company or its successor any accrued but unpaid salary.

Termination after Change of Control without Cause or with Good Reason.

Each COC Agreement provides that if, during the three-year period following a change of control, the Company or its successor terminates the executive without cause, or the executive voluntarily terminates his or her employment for good reason, the executive will receive from the Company or its successor:

If any part of the payments or benefits received by the executive in connection with a termination following a change of control constitutes an excess parachute payment under Section 4999 of the Internal Revenue Code, the executive will receive the greater of (1) the amount of such payments and benefits reduced so that none of the amount constitutes an excess parachute payment, net of income taxes, or (2) the amount of such payments and benefits, net of income taxes and net of excise taxes under Section 4999 of the Internal Revenue Code.

As a condition to receipt of these benefits, Mr. Armstrong and Ms. Pickens must retain in confidence all confidential information known to him or her concerning our business. Such obligations continue to apply after a change of control. Notwithstanding the timing of benefits noted above, in the event that Mr. Armstrong or Ms. Pickens are considered to be "specified employees" under Section 409A of the Internal Revenue Code at the time of their termination of employment, they may not receive certain severance benefits until the expiration of a six-monthperiod following their respective terminations of employment.

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New Agreements

The New Agreements are generally consistent with the COC Agreements described above, except for the following changes:

Equity-Based Awards - Impact of Termination of Employment or Change of Control.

Pursuant to the terms of our RSU agreements, the impact of a termination of employment on the awards differs based on the origin of the RSU grant, as follows:

Profit Participation Incentive Plan and Long-Term Incentive Plan - Impact of Termination of Employment or Change of Control.

Pursuant to the terms of the Profit Plan and the LTIP, except as noted below, upon termination of employment prior to completion of a capital transaction with respect to an approved project or the grant of RSUs in connection with a valuation event for an approved project, an executive officer will forfeit his or her award relating to the approved project. However, if the termination is by the Company without cause or by the executive officer with good reason, then outstanding unvested awards will not be forfeited, and will remain outstanding and be paid out in accordance with the terms of the applicable plan; provided, that any payout owed due to a valuation event that otherwise would have been paid in RSUs instead will be made in a lump sum cash payment prior to March 15^th of the following year. This treatment applies both before and after a change of control.

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The following table quantifies the potential payments to our NEOs that would be due or accelerated under the contracts, arrangements, plans and scenarios discussed above, assuming a December 31, 2024 termination date, and where applicable, using the closing price of our Common Stock of $20.76 (as reported on the NASDAQ on December 31, 2024). The table does not include amounts that may be payable under our 401(k) plan. All amounts below include certain estimates and assumptions that existed as of December 31, 2024. Actual amounts or benefits that could be payable to any NEO upon a termination of employment or a change of control cannot be known with certainty until the actual event occurs.

Potential Payments Upon Termination or Change in Control

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