Director Rachel Elias Wein receives 932 PINE shares at Alpine Income (NYSE: PINE)

Rhea-AI Filing Summary

Elias Wein Rachel reported acquisition or exercise transactions in this Form 4 filing.

Alpine Income Property Trust, Inc. director Rachel Elias Wein received a grant of 932 shares of common stock on Q1 2026. The award was part of her Q1 2026 quarterly retainer, with an equity component valued at approximately $17,500.

The shares were issued under the company’s Non-Employee Director Compensation Policy using a 20-day trailing average closing price of $18.7660 per share. Following this grant, she directly holds 14,875 shares of Alpine Income Property Trust common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Elias Wein Rachel

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $0.01 per share	932	$18.766	$17K

Holdings After Transaction: Common Stock, par value $0.01 per share — 14,875 shares (Direct)

Footnotes (1)

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Key Figures

Shares granted: 932 shares Grant valuation: $17,500 Grant price: $18.7660 per share +1 more

4 metrics

Shares granted 932 shares Q1 2026 director equity component

Grant valuation $17,500 Approximate value of Q1 2026 equity retainer

Grant price $18.7660 per share 20-day trailing average closing price

Shares owned after grant 14,875 shares Total direct common stock holdings after transaction

Key Terms

Non-Employee Director Compensation Policy, quarterly retainer fee, 20-day trailing average closing price, common stock, par value $0.01 per share

4 terms

Non-Employee Director Compensation Policy financial

"pursuant to the Issuer's Non-Employee Director Compensation Policy (the "Policy") adopted"

quarterly retainer fee financial

"as the equity component of her Q1 2026 quarterly retainer fee"

20-day trailing average closing price financial

"the share price utilized to calculate the number of shares issued was the 20-day trailing average closing price"

common stock, par value $0.01 per share financial

"Common Stock, par value $0.01 per share"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Elias Wein Rachel

(Last) (First) (Middle)

1140 N. WILLIAMSON BLVD., SUITE 140

(Street)

DAYTONA BEACH FLORIDA 32114

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Alpine Income Property Trust, Inc. [ PINE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	04/01/2026		A		932	A	$18.766(1)	14,875	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares were issued to the Reporting Person as the equity component of her Q1 2026 quarterly retainer fee (the value of such component being approximately $17,500), pursuant to the Issuer's Non-Employee Director Compensation Policy (the "Policy") adopted by the Issuer's board of directors on February 3, 2020 (last amended January 30, 2025). Pursuant to the Policy, the share price utilized to calculate the number of shares issued was the 20-day trailing average closing price as of the last business day of the calendar quarter, or $18.7660.

	/s/ Daniel E. Smith, attorney-in-fact for Rachel Elias Wein	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did PINE director Rachel Elias Wein report?

Rachel Elias Wein reported receiving 932 shares of Alpine Income Property Trust common stock as part of her Q1 2026 director retainer. The shares were granted as equity compensation under the company’s Non-Employee Director Compensation Policy.

What was the value of the PINE share grant to director Rachel Elias Wein?

The equity component of Rachel Elias Wein’s Q1 2026 retainer was valued at approximately $17,500. This value was determined under the Non-Employee Director Compensation Policy using a 20-day trailing average closing price for Alpine Income Property Trust shares.

At what price was the PINE director equity grant calculated?

The director equity grant was calculated using a share price of $18.7660. This reflects the 20-day trailing average closing price of Alpine Income Property Trust stock as of the last business day of the calendar quarter, per the company’s compensation policy.

How many PINE shares does Rachel Elias Wein hold after the grant?

After the Q1 2026 equity grant, Rachel Elias Wein directly holds 14,875 shares of Alpine Income Property Trust common stock. This total reflects her updated ownership position as reported in the Form 4 insider filing.

Why did Alpine Income Property Trust issue shares to Rachel Elias Wein?

Alpine Income Property Trust issued shares to Rachel Elias Wein as the equity portion of her Q1 2026 non-employee director quarterly retainer. The grant followed the company’s Non-Employee Director Compensation Policy adopted by the board and recently amended in January 2025.