Alpine Income Property Trust (PINE) director receives 1,598-share equity retainer grant

Rhea-AI Filing Summary

Alpine Income Property Trust director Brenna Andrea Wadleigh received a routine equity compensation grant. On this Form 4, she acquired 1,598 shares of common stock at $18.766 per share as part of her Q1 2026 quarterly retainer under the company’s Non-Employee Director Compensation Policy.

After this grant, she directly owns 9,747 common shares. The footnote explains that the award reflects both the equity portion of her Q1 2026 director fee (valued at approximately $17,500) and shares issued in lieu of a $12,500 cash retainer, calculated using a 20-day trailing average closing price.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Wadleigh Brenna Andrea

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $0.01 per share	1,598	$18.766	$30K

Holdings After Transaction: Common Stock, par value $0.01 per share — 9,747 shares (Direct)

Footnotes (1)

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Key Figures

Shares granted: 1,598 shares Grant price: $18.766 per share Equity fee value: approximately $17,500 +3 more

6 metrics

Shares granted 1,598 shares Q1 2026 non-employee director retainer grant

Grant price $18.766 per share 20-day trailing average closing price used for calculation

Equity fee value approximately $17,500 Equity component of Q1 2026 quarterly retainer

Cash fee replaced by shares $12,500 Cash component of Q1 2026 retainer taken in stock

Post-transaction holdings 9,747 shares Common stock directly owned after Q1 2026 grant

Transaction code A (grant, award, or other acquisition) Indicates non-derivative equity award on Form 4

Key Terms

Non-Employee Director Compensation Policy, quarterly retainer fee, 20-day trailing average closing price, Common Stock, par value $0.01 per share, +1 more

5 terms

Non-Employee Director Compensation Policy financial

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

quarterly retainer fee financial

"the equity component of her Q1 2026 quarterly retainer fee (the value of such component being approximately $17,500)"

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

"security_title: "Common Stock, par value $0.01 per share""

grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

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^*

Wadleigh Brenna Andrea

(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		1,598	A	$18.766(1)	9,747	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 (i) the equity component of her Q1 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q1 2026 quarterly retainer fee of $12,500, 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 Brenna A. Wadleigh	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 Alpine Income Property Trust (PINE) report for Brenna Wadleigh?

Alpine Income Property Trust reported that director Brenna Andrea Wadleigh received 1,598 shares of common stock as an equity award. The shares were part of her Q1 2026 director retainer, granted under the company’s Non-Employee Director Compensation Policy at a price of $18.766 per share.

Was the PINE Form 4 transaction a market purchase or a compensation grant?

The PINE Form 4 shows a compensation grant, not a market purchase. Director Brenna Wadleigh received 1,598 shares as a retainer fee under the Non-Employee Director Compensation Policy, combining an equity component and shares issued instead of a cash retainer for Q1 2026.

How many Alpine Income Property Trust shares does Brenna Wadleigh hold after this Form 4?

After this Form 4 transaction, Brenna Andrea Wadleigh directly holds 9,747 shares of Alpine Income Property Trust common stock. This reflects her updated ownership position following the grant of 1,598 shares reported as part of her Q1 2026 non-employee director retainer compensation.

How was the number of shares in Brenna Wadleigh’s PINE grant calculated?

The number of shares was based on a 20-day trailing average closing price of $18.766 per share. This price was applied to approximately $30,000 of Q1 2026 director fees, combining a $17,500 equity component and $12,500 issued instead of a cash retainer under the compensation policy.

What does the Non-Employee Director Compensation Policy at Alpine Income Property Trust provide?

The Non-Employee Director Compensation Policy provides for directors’ quarterly retainer fees, including an equity component and an option to receive shares instead of cash. For Q1 2026, it resulted in Brenna Wadleigh receiving 1,598 common shares valued using a 20-day trailing average closing price.