Alpine Income Property Trust (PINE) director awarded 1,598 shares in Q1 2026 retainer grant

Rhea-AI Filing Summary

Good Morton Carson reported acquisition or exercise transactions in this Form 4 filing.

Alpine Income Property Trust director Morton Carson Good received a stock grant as part of his Q1 2026 board compensation. He was awarded 1,598 shares of common stock at a share price of $18.766, bringing his direct holdings to 26,723 shares.

The shares represent both the equity component of his Q1 2026 quarterly retainer of approximately $17,500 and the $12,500 cash component taken in stock, under the company’s Non-Employee Director Compensation Policy. The share count was calculated using the 20-day trailing average closing price as of the last business day of the quarter.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Good Morton Carson

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 — 26,723 shares (Direct)

Footnotes (1)

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Key Figures

Shares granted: 1,598 shares Grant price: $18.766 per share Holdings after grant: 26,723 shares +2 more

5 metrics

Shares granted 1,598 shares Q1 2026 director retainer stock award

Grant price $18.766 per share 20-day trailing average closing price basis

Holdings after grant 26,723 shares Director’s direct ownership following award

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

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

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

"the equity component of his 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^*

Good Morton Carson

(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)	26,723	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 his Q1 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of his 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 M. Carson Good	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 Morton Carson Good?

Alpine Income Property Trust reported that director Morton Carson Good received a grant of 1,598 shares of common stock as part of his Q1 2026 director compensation, issued under the company’s Non-Employee Director Compensation Policy in lieu of cash fees and as an equity retainer.

At what price were the PINE shares granted to director Morton Carson Good?

The 1,598 Alpine Income Property Trust shares were granted at $18.766 per share. This price reflects the 20-day trailing average closing price as of the last business day of the calendar quarter, as specified in the company’s Non-Employee Director Compensation Policy for calculating stock-based retainers.

How many Alpine Income Property Trust (PINE) shares does Morton Carson Good hold after this Form 4 transaction?

Following the Q1 2026 stock grant, director Morton Carson Good holds 26,723 shares of Alpine Income Property Trust common stock directly. This updated total reflects the addition of 1,598 shares awarded as his quarterly retainer, including both equity and cash-equivalent portions taken in stock.

How was Morton Carson Good’s Q1 2026 director retainer structured at Alpine Income Property Trust (PINE)?

For Q1 2026, Morton Carson Good’s director retainer consisted of an equity component valued at approximately $17,500 and a $12,500 cash component taken in stock. Both portions were paid in shares pursuant to the Non-Employee Director Compensation Policy, using a 20-day trailing average price.

What policy governs director stock grants at Alpine Income Property Trust (PINE)?

Director stock grants are governed by Alpine Income Property Trust’s Non-Employee Director Compensation Policy. Adopted in 2020 and last amended in 2025, it provides that quarterly retainers, including cash taken in stock, are converted to shares using the 20-day trailing average closing price.