Alpine Income Property posts stronger Q2 2026 results

Alpine Income Property Trust reported improved results for the three and six months ended June 30, 2026.

Rhea-AI Filing Summary

Alpine Income Property Trust reported improved results for the three and six months ended June 30, 2026. Total revenues for the quarter were $20,002 thousand, up from $14,863 thousand a year earlier, with net income attributable to common stockholders of $3,004 thousand or $0.16 per diluted share versus a prior-year loss. FFO and AFFO attributable to common stockholders were $0.57 and $0.58 per diluted share, respectively, both higher than $0.44 in 2025.

During the quarter the company completed approximately $77 million of investments across properties and commercial loans at an initial blended yield of 8.7%. As of June 30, 2026 the portfolio comprised 128 single-tenant net lease properties with annualized base rent of $50.0 million, 99.5% occupancy, and 55% of ABR from investment-grade tenants, plus a 13-loan commercial portfolio with $167.0 million of face amount and a 13.2% weighted-average coupon.

The balance sheet showed net debt to total enterprise value of 44.8% and net debt to Pro Forma Adjusted EBITDA of 6.4x, with total liquidity of $83,278 thousand. The board increased the quarterly common dividend 6.7% to $0.320 per share and raised 2026 guidance for net income, FFO, and AFFO per diluted share while reducing expected disposition volume.

Positive

• Q2 2026 performance strengthened materially, with total revenues of $20,002 thousand and net income attributable to common stockholders of $3,004 thousand, compared with $14,863 thousand of revenues and a $(1,641) thousand loss a year earlier, alongside higher FFO and AFFO per diluted share.
• 2026 outlook and shareholder returns improved, as guidance for net income, FFO, and AFFO per diluted share was raised and the quarterly common dividend increased 6.7% to $0.320 per share.

Negative

• None.

Filing Explained

Six-month ATM activity issued 2,801,075 common shares, documenting completed dilution alongside $53.3 million in net proceeds.

The July 23, 2026 Form 8-K furnishes earnings materials under Items 2.02 and 7.01, and states that the materials are not filed for Section 18 purposes. It reports that the company issued 2,801,075 common shares through its ATM program during the six months ended June 30, 2026.

Because those shares were issued, rather than merely registered or available for sale, the total share count increased; absent offsetting changes, existing common holders’ percentage ownership is reduced. The same period’s issuance generated $53.3 million of net proceeds, while the Series A preferred ATM issued 342,540 shares for $8.4 million of net proceeds.

An at-the-market program allows an issuer to sell new shares gradually into the open market at prevailing prices. As of June 30, 2026, 17,595,168 common shares and 2,425,868 Series A preferred shares were issued and outstanding.

The next holder-specific milestone is the common dividend of $0.320 per share, payable September 30, 2026 to holders of record on September 10, 2026.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q2 2026 Total Revenues: $20,002 thousand Q2 2026 Net Income Attributable to Common Stockholders: $3,004 thousand Q2 2026 FFO per Diluted Share: $0.57 +5 more

8 metrics

Q2 2026 Total Revenues $20,002 thousand Three months ended June 30, 2026; up from $14,863 thousand in 2025

Q2 2026 Net Income Attributable to Common Stockholders $3,004 thousand Three months ended June 30, 2026; compared with $(1,641) thousand in 2025

Q2 2026 FFO per Diluted Share $0.57 Funds From Operations attributable to common stockholders per diluted share for Q2 2026

Q2 2026 AFFO per Diluted Share $0.58 Adjusted Funds From Operations attributable to common stockholders per diluted share for Q2 2026

Property Portfolio ABR $50.0 million Annualized Base Rent for 128-property portfolio as of June 30, 2026

Commercial Loan Portfolio Face Amount $167.0 million Outstanding face amount of 13 commercial loans as of June 30, 2026

Net Debt to Pro Forma Adjusted EBITDA 6.4x Leverage ratio as of June 30, 2026

Q3 2026 Common Dividend per Share $0.320 Authorized quarterly cash dividend; 6.7% above prior $0.300 per share

Key Terms

Funds From Operations, Adjusted Funds From Operations, Annualized Base Rent, Weighted Average Remaining Lease Term, +2 more

6 terms

Funds From Operations financial

"We also disclose Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”)"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

Adjusted Funds From Operations financial

"To derive AFFO, we further modify the NAREIT computation of FFO"

Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.

Annualized Base Rent financial

"Annualized Base Rent (ABR) represents the annualized in-place straight-line base rent"

Annualized base rent is the total fixed rent a tenant is contractually required to pay over a year, based on the agreed monthly or periodic rate and excluding variable charges like utilities or percentage rent. For investors it acts like a predictable paycheck from a property lease, helping assess steady income, cash flow stability, and the value of real estate holdings much like knowing a subscription’s guaranteed yearly revenue.

Weighted Average Remaining Lease Term financial

"Weighted Average Remaining Lease Term is weighted by the ABR and does not assume"

Weighted average remaining lease term is the average length of time until current leases expire, where each lease’s remaining time is counted in proportion to its contribution to the property’s income (usually rent). Investors use it as a measure of how long rental income is likely to be stable and how soon properties will need new tenants or rent resets; think of it as the average remaining commitment in a group of contracts, weighted by their economic importance.

Sale-Leaseback financial

"the Sale-Leaseback and Sales-Type Lease Properties and the value of participation"

A sale-leaseback is a deal where an owner sells an asset—commonly real estate or equipment—to another party and immediately rents it back so they can keep using it. For investors, it matters because the seller converts a fixed asset into cash without disrupting operations, which can boost liquidity or pay down debt but also creates ongoing lease payments and long-term obligations that affect cash flow and the balance sheet.

Pro Forma Adjusted EBITDA financial

"To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted"

Pro forma adjusted EBITDA is a customized profit measure that starts with earnings before interest, taxes, depreciation and amortization and then removes one-off, unusual or noncash items (and sometimes shows results under assumed changes like an acquisition or cost-cutting). Investors use it as a “cleaned-up” view of a company’s core cash-generating ability to compare performance and value businesses without short-term noise, but the exclusions can be selective so details matter.

Earnings Snapshot

Q2 2026 Total Revenues: $20,002 thousand · Guidance included

Three and six months ended June 30, 2026

Q2 2026 Total Revenues $20,002 thousand vs $14,863 thousand for Q2 2025

Q2 2026 Net Income Attributable to Common Stockholders $3,004 thousand vs $(1,641) thousand for Q2 2025

Q2 2026 FFO Attributable to Common Stockholders per Diluted Share $0.57 vs $0.44 for Q2 2025

Q2 2026 AFFO Attributable to Common Stockholders per Diluted Share $0.58 vs $0.44 for Q2 2025

Guidance

For 2026, the company now expects net income per diluted share of $0.81–$0.84, FFO attributable to common stockholders per diluted share of $2.10–$2.13, AFFO per diluted share of $2.12–$2.15, investment volume of $170–$200 million, and disposition volume of $20–$40 million.

FAQ

How did Alpine Income Property Trust (PINE) perform in Q2 2026?

Alpine Income Property Trust (PINE) generated $20,002 thousand of revenue in Q2 2026 and net income attributable to common stockholders of $3,004 thousand, or $0.16 per diluted share, compared with a $(1,641) thousand loss and $(0.12) per diluted share in Q2 2025.

What were PINE’s Q2 2026 FFO and AFFO compared with 2025?

In Q2 2026, PINE reported FFO attributable to common stockholders of $10,487 thousand, or $0.57 per diluted share, and AFFO of $10,557 thousand, or $0.58 per diluted share, up from $6,788 thousand and $6,742 thousand, or $0.44 per share each, in Q2 2025.

What investment activity did Alpine Income Property Trust (PINE) complete in Q2 2026?

PINE completed approximately $77 million of gross investment activity in Q2 2026, including four total investments with $76,575 thousand deployed, achieving an initial blended yield of 8.7% across property acquisitions and commercial loan originations.

What does PINE’s property and commercial loan portfolio look like as of June 30, 2026?

As of June 30, 2026, PINE owned 128 properties totaling 4.5 million square feet with ABR of $50.0 million, 99.5% occupancy, and 55% of ABR from investment-grade tenants, plus 13 commercial loans with $167.0 million face amount and a 13.2% weighted-average coupon.

How did Alpine Income Property Trust (PINE) change its dividends and 2026 guidance?

The board authorized a Q3 2026 common dividend of $0.320 per share, a 6.7% increase from $0.300. Revised 2026 guidance now targets net income per diluted share of $0.81–$0.84 and AFFO per diluted share of $2.12–$2.15, with lower expected disposition volume.

What is PINE’s leverage and liquidity position at June 30, 2026?

At June 30, 2026, PINE reported net debt to total enterprise value of 44.8% and net debt to Pro Forma Adjusted EBITDA of 6.4x, with total liquidity of $83,278 thousand from $80,500 thousand of revolver availability and $2,778 thousand in cash.

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Available on EDGAR 07/23/2026 - 04:11 PM Accepted by SEC EDGAR 07/23/2026 - 04:10 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): July 23, 2026

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ALPINE INCOME PROPERTY TRUST, INC.

(Exact name of registrant as specified in its charter)

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Maryland	Commission File Number 001-39143	84-2769895
(State or other jurisdiction of incorporation or organization)	​	(I.R.S. Employer Identification No.)

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369 N. New York Avenue, Suite 201 Winter Park, Florida	32789
(Address of principal executive offices)	(Zip Code)

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Registrant’s Telephone Number, including area code

(407) 904-3324

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities Registered Pursuant to Section 12(b) of the Act

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Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 Par Value	PINE	NYSE
​	​	​
8.000% Series A Cumulative Redeemable Preferred Stock, $0.01 Par Value	PINE/PA	NYSE

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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Item 2.02. Results of Operations and Financial Condition

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On July 23, 2026, Alpine Income Property Trust, Inc., a Maryland corporation (the "Company"), issued an earnings press release and an investor presentation relating to the Company’s financial results for the quarter and six months ended June 30, 2026. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

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The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.

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Item 7.01. Regulation FD Disclosure

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On July 23, 2026, the Company issued an earnings press release and an investor presentation relating to the Company’s financial results for the quarter and six months ended June 30, 2026. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

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The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the materials include material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.

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The information in Item 7.01 of this Current Report, including Exhibits 99.1 and 99.2 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

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Item 9.01. Financial Statements and Exhibits

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(d) Exhibits

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99.1 Earnings Press Release dated July 23, 2026

99.2 Investor Presentation dated July 23, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Date: July 23, 2026

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Alpine Income Property Trust, Inc.

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By: /s/ Philip R. Mays

Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

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Exhibit 99.1

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Press Release

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​ ​ ​	QUARTER 2024 OPERATING RESULTS ​
FOR IMMEDIATE RELEASE	ALPINE INCOME PROPERTY TRUST REPORTS SECOND QUARTER 2026 OPERATING AND FINANCIAL RESULTS ​ – – Completed Approximately $77 Million of Gross Investment Activity at 9% Blended Initial Yield – – Increases Upcoming Quarterly Common Stock Dividend by 6.7% – ​

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WINTER PARK, FL – July 23, 2026 – Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the three and six months ended June 30, 2026.

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Second Quarter 2026 Highlights

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Operating results for the three and six months ended June 30, 2026 and 2025 (dollars in thousands, except per share data):

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​	​	​	​	​	​	​	​	​	​	​	​	​
​		Three Months Ended June 30,					​	Six Months Ended June 30,
​	​	2026		​	2025		​	2026		​	2025
Total Revenues	​	$	20,002	​	$	14,863	​	$	38,408	​	$	29,069
Net Income (Loss) Attributable to Common Stockholders	​	$	3,004	​	$	(1,641)	​	$	4,067	​	$	(2,820)
Net Income (Loss) per Diluted Share Attributable to Common Stockholders	​	$	0.16	​	$	(0.12)	​	$	0.23	​	$	(0.20)
FFO Attributable to Common Stockholders (1)	​	$	10,487	​	$	6,788	​	$	19,348	​	$	13,697
FFO Attributable to Common Stockholders per Diluted Share (1)	​	$	0.57	​	$	0.44	​	$	1.10	​	$	0.88
AFFO Attributable to Common Stockholders (1)	​	$	10,557	​	$	6,742	​	$	19,463	​	$	13,781
AFFO Attributable to Common Stockholders per Diluted Share (1)	​	$	0.58	​	$	0.44	​	$	1.11	​	$	0.88

⁽¹⁾ See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income (Loss) to non-GAAP financial measures.

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“We continued to execute on our growth strategy in the second quarter, completing approximately $77 million of investments at an attractive blended yield of nearly 9%,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “With this activity, our property portfolio ABR grew to $50 million at quarter end, with 55% attributable to investment grade rated tenants. Further, we opportunistically utilized our ATM program to source capital and further support our liquidity position.”

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Page 1

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Investment Activity

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Investments for the three and six months ended June 30, 2026 (dollars in thousands):

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Three Months Ended June 30, 2026

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Six Months Ended June 30, 2026

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Number of Investments

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Amount

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Number of Investments

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Amount

Properties (1)

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3

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$

36,575

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4

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$

46,575

Commercial Loan Originations

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1

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40,000

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4

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103,930

Total Investments

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4

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$

76,575

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8

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$

150,505

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Properties - Weighted Average Initial Cash Cap Rate

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7.4%

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7.6%

Commercial Loans - Weighted Average Initial Coupon Rate (2)

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10.0%

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13.1%

Total Investments - Weighted Average Initial Yield

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8.7%

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11.4%

Properties - Weighted Average Remaining Lease Term at Time of Acquisition

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9.2 years

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21.1 years

(1) The three and six months ended June 30, 2026 investments include $16.3 million and $26.3 million, respectively, of property acquisitions that are accounted for as financing arrangements for GAAP purposes and are included in the Sale-Leaseback and Sales-Type Lease Properties, hereinafter defined.

(2) Includes paid-in-kind (“PIK”) interest coupon rate.

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Disposition Activity

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Dispositions for the three and six months ended June 30, 2026 (dollars in thousands):

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Three Months Ended June 30, 2026

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Six Months Ended June 30, 2026

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Number of Investments

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Amount

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Number of Investments

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Amount

Properties

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—

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$

—

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3

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$

5,816

Commercial Loans

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—

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—

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1

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10,763

Total Dispositions

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—

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$

—

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4

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$

16,579

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Properties - Weighted Average Exit Cash Cap Rate

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— %

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7.4%

Commercial Loans - Weighted Average Cash Yield

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— %

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10.0%

Total Dispositions - Weighted Average Cash Yield

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— %

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9.1%

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Page 2

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Investments

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The Company’s property and commercial loan portfolios consisted of the following as of June 30, 2026:

​	​	​
Property Portfolio	​	​
Number of Properties	​	128
Square Feet	​	4.5 million
Annualized Base Rent (ABR) (1)	​	$50.0 million
Weighted Average Remaining Lease Term	​	9.2 years
States where Properties are Located	​	31
Industries	​	24
Occupancy	​	99.5%
​	​	​
% of ABR Attributable to Investment Grade Rated Tenants	​	55%
% of ABR Attributable to Credit Rated Tenants	​	68%
% of ABR Attributable to Sale-Leaseback and Sales Type Lease Properties (2)	​	13%
​	​	​
​	​	​
Commercial Loan Portfolio (3)	​	​
Number of Commercial Loans	​	13
Outstanding Face Amount (4)	​	$167.0 million
Weighted Average Coupon Rate (5)	​	13.2%
Weighted Average Remaining Term	​	1.6 years
Unfunded Commitment Amount	​	$85.4 million

(1) ABR represents annualized in-place straight-line base rent pursuant to GAAP. Annualized in-place cash base rent totaled $47.8 million.

(2) The Company owns four single-tenant income properties which were acquired through sale-leaseback transactions that include tenant repurchase options and one single-tenant income property which qualifies as a sales-type lease (collectively, the "Sale-Leaseback and Sales-Type Lease Properties"). These Sale-Leaseback and Sales-Type Lease Properties are accounted for as financing arrangements for GAAP purposes. However, as they constitute real estate assets for both legal and tax purposes, we include them for purposes of describing our property portfolio, including for tenant, industry, and state concentrations and exclude them for purposes of describing our commercial loan portfolio. The Sale-Leaseback and Sales-Type Lease Properties represent 10.6% of annualized in-place cash base rent.

(3) See Supplemental Disclosure on Commercial Loans and Investments on page 14 of this press release.

(4) Net of $19.1 million A-1 Participation and $57.2 million of financing related to Sale-Leaseback and Sales-Type Lease Properties.

(5) Includes PIK interest coupon rate.

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The Company’s property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of June 30, 2026:

​	​	​	​	​
Tenant	​	Credit Rating	​	% of ABR
Lowe's	​	BBB+ / Baa1	​	13%
Dicks Sporting Goods	​	BBB / Baa2	​	9%
Beachside Hospitality Group	​	NR / NR	​	8%
Walmart	​	AA / Aa2	​	7%
Alamo Drafthouse	​	A+ / A2	​	5%
Best Buy	​	BBB+ / A3	​	5%
Dollar General	​	BBB / Baa3	​	4%
Family Dollar	​	NR / NR	​	4%
GermFree Laboratories	​	NR / NR	​	4%
Walgreens	​	NR / NR	​	3%
At Home	​	NR / NR	​	3%
Bass Pro Shops	​	BB- / Ba3	​	3%
BJ's Wholesale Club	​	BB+ / Ba1	​	3%
Academy Sports	​	BB+ / Ba2	​	3%
Aspen Retail	​	NR / NR	​	2%
TJX Companies	​	A / A2	​	2%
Dollar Tree	​	BBB / Baa2	​	2%
Home Depot	​	A / A2	​	2%
Other	​	​	​	18%
Total	​	​	​	100%

Page 3

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The Company’s property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of June 30, 2026:

​	​	​
Industry	​	% of ABR
Home Improvement	​	15%
Sporting Goods	​	15%
Casual Dining	​	11%
Dollar Stores	​	10%
Entertainment	​	8%
Grocery	​	7%
Consumer Electronics	​	6%
Home Furnishings	​	5%
Pharmacy	​	4%
Off-Price Retail	​	4%
Technology, Media & Life Sciences	​	4%
Wholesale Club	​	3%
Other	​	8%
​ Total	​	100%

The Company’s property portfolio included properties in the following top states that represent 2.0% or greater of the Company’s total ABR as of June 30, 2026:

​	​	​
State	​	% of ABR
Florida	​	12%
Texas	​	9%
New Jersey	​	8%
Colorado	​	8%
New York	​	6%
Michigan	​	6%
North Carolina	​	6%
Illinois	​	5%
Virginia	​	4%
Georgia	​	4%
Ohio	​	3%
Minnesota	​	3%
West Virginia	​	3%
Tennessee	​	3%
Wisconsin	​	3%
Kansas	​	2%
Louisiana	​	2%
Oklahoma	​	2%
California	​	2%
Other	​	9%
​ Total	​	100%

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Balance Sheet and Capital Markets

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​	​	​
(Dollars in table in thousands)	As of June 30, 2026
Leverage	​	​
Net Debt / Total Enterprise Value	​	44.8%
Net Debt / Pro Forma Adjusted EBITDA	​	6.4x
Fixed Charge Coverage Ratio	​	3.0x
​	​	​
Liquidity	​	​
Available Capacity Under Revolving Credit Facility	$	80,500
Cash, Cash Equivalents	​	2,778
Total Liquidity	$	83,278

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Page 4

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The Revolving Credit Facility has commitments for up to $250.0 million; however, borrowing availability is based on an unencumbered asset value, as defined in the underlying credit agreement. As of June 30, 2026, the Company had an outstanding balance of $169.5 million under the Revolving Credit Facility and $80.5 million of additional borrowing availability based on unencumbered asset value as of June 30, 2026.

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During the three months ended June 30, 2026, the Company issued 1,139,351 common shares under its common stock ATM offering program at a weighted average gross price of $19.31 per share, for total net proceeds of $21.7 million. During the three months ended June 30, 2026, the Company issued 156,302 preferred shares under its Series A Preferred Stock ATM offering program at a weighted average gross price of $25.18 per share, for total net proceeds of $3.9 million.

​

During the six months ended June 30, 2026, the Company issued 2,801,075 common shares under its common stock ATM offering program at a weighted average gross price of $19.31 per share, for total net proceeds of $53.3 million. During the six months ended June 30, 2026, the Company issued 342,540 preferred shares under its Series A Preferred Stock ATM offering program at a weighted average gross price of $25.17 per share, for total net proceeds of $8.4 million.

The Company’s long-term debt as of June 30, 2026 (dollars in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	As of June 30, 2026
​	​	Face Value Debt		​	Stated Interest Rate	​	Wtd. Avg. Rate	​	Maturity Date
Revolving Credit Facility (1)	​	$	169,500	​	SOFR + [1.25% - 2.20%]	​	4.82%	​	February 2030
2029 Term Loan (2)	​	​	100,000	​	SOFR + [1.25% - 1.90%]	​	4.66%	​	February 2029
2031 Term Loan (3)	​	​	100,000	​	SOFR + [1.25% - 1.90%]	​	3.35%	​	February 2031
Total Debt/Weighted-Average Rate	​	$	369,500	​	​	​	4.38%	​	​

⁽¹⁾ As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the applicable spread on $100 million of the outstanding balance on the Company’s Revolving Credit Facility.

⁽²⁾ As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread for the $100 million 2029 Term Loan balance.

⁽³⁾ As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the applicable spread for the $100 million 2031 Term Loan balance.

​

As of June 30, 2026, the Company held a 93.5% common interest in Alpine Income Property OP, LP, the Company’s operating partnership (the “Operating Partnership” or “OP”). There were 1,223,854 common OP Units held by third parties outstanding and 17,595,168 shares of the Company’s common stock outstanding for a combined total of 18,819,022 shares of common stock and common OP Units held by third parties as of June 30, 2026. 

​

Dividends

​

The Company’s dividends for the three and six months ended June 30, 2026:

​

	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
Preferred Dividends Declared and Paid per Share	$	0.500		$	1.000
Common Dividends Declared and Paid per Share	$	0.300		$	0.600
FFO Attributable to Common Stockholders Payout Ratio		52.6%			54.5%
AFFO Attributable to Common Stockholders Payout Ratio		51.7%			54.1%

​

Page 5

​

The Company announced today that its Board of Directors has authorized a quarterly cash dividend of $0.320 per share of common stock for the third quarter of 2026, which represents a 6.7% increase as compared to the Company’s previous quarterly cash dividend of $0.300 per share of common stock.

​

The common stock cash dividend is payable on September 30, 2026 to stockholders of record as of the close of business on September 10, 2026.

​

The Board of Directors also authorized, and the Company has declared, a quarterly cash dividend of $0.500 per share of the Company’s 8.000% Series A Cumulative Redeemable Preferred Stock for the third quarter of 2026, to be paid on September 30, 2026 to stockholders of record as of the close of business on September 10, 2026.

​

​

Page 6

​

2026 Outlook

​

The Company is revising its 2026 outlook. The Company’s 2026 guidance is based on current plans and a number of assumptions and is subject to risks and uncertainties, many of which are outside the Company’s control, and are more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission. Further, the Company’s 2026 outlook does not reflect the impact of any incentive management fee that may be due to our manager based on stockholder return for the calendar year.

​

The Company’s revised outlook for 2026 is as follows:

​

​	​	​	​	​
(Unaudited)	​	Prior 2026 Outlook (1)	​	Revised 2026 Outlook
Net Income per Diluted Share	​	$0.72 to $0.76	​	$0.81 to $0.84
FFO Attributable to Common Stockholders per Diluted Share	​	$2.09 to $2.13	​	$2.10 to $2.13
AFFO Attributable to Common Stockholders per Diluted Share	​	$2.11 to $2.15	​	$2.12 to $2.15
Investment Volume	​	$170 to $200 Million	​	$170 to $200 Million
Disposition Volume	​	$30 to $60 Million	​	$20 to $40 Million

(1) As issued on April 23, 2026.

​

Reconciliation of the outlook range of the Company’s 2026 estimated Net Income per Diluted Share to estimated FFO Attributable to Common Stockholders per Diluted Share, and AFFO Attributable to Common Stockholders per Diluted Share:

​

​	​	​	​	​	​	​
​	​	Revised Outlook Range for 2026
(Unaudited)	​	Low		​	High
Net Income per Diluted Share	​	$	0.81	​	$	0.84
Depreciation and Amortization	​	​	1.53	​	​	1.53
Provision for Impairment (1)	​	​	0.05	​	​	0.05
Gain on Disposition of Assets (1)	​	​	(0.01)	​	​	(0.01)
FFO per Diluted Share	​	$	2.38	​	$	2.41
Distributions to Preferred Stockholders	​	​	(0.28)	​	​	(0.28)
Funds From Operations Attributable to Common Stockholders per Diluted Share	​	$	2.10	​	$	2.13
Amortization of Intangible Assets and Liabilities to Lease Income	​	​	(0.05)	​	​	(0.05)
Straight-Line Rent Adjustment	​	​	(0.03)	​	​	(0.03)
Non-Cash Compensation	​	​	0.02	​	​	0.02
Amortization of Deferred Financing Costs to Interest Expense	​	​	0.06	​	​	0.06
Other Non-Cash Adjustments	​	​	0.02	​	​	0.02
AFFO Attributable to Common Stockholders per Diluted Share	​	$	2.12	​	$	2.15

(1) Provision for Impairment and Gain on Disposition of Assets represents the actual adjustment for the six months ended June 30, 2026. The Company’s outlook excludes projections related to these measures.

​

​

Page 7

​

Second Quarter 2026 Earnings Conference Call & Webcast

​

The Company will host a conference call to present its operating results for the three and six months ended June 30, 2026, on Friday, July 24, 2026 at 9:00 AM ET.

​

A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.alpinereit.com or at the link provided in the event details below. To access the call by phone, please go to the link provided in the event details below and you will be provided with dial-in details.

​

Webcast: https://edge.media-server.com/mmc/p/iuvruxju

Dial-In:    https://register-conf.media-server.com/register/BI48eac5f347f14395b7353fd35fab0702

We encourage participants to dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company’s website at www.alpinereit.com.

​

About Alpine Income Property Trust, Inc.

​

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants. The Company also complements its income property portfolio by strategically investing in a select portfolio of commercial loan investments intended to deliver an attractive risk-adjusted return.

​

We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.

​

Contact:Investor Relations

ir@alpinereit.com

​

Safe Harbor

​

This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “outlook,” “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, geopolitical conflicts, tariffs and international trade policies, risks inherent in the real estate business, including tenant or borrower defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the businesses of its tenants and borrowers and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the businesses of its tenants and borrowers that are beyond the control of the Company or its tenants or borrowers, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Page 8

​

Non-GAAP Financial Measures

​

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. 

​

FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income or loss as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. 

​

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries. 

​

To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income or loss but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. 

​

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.

​

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. FFO, AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies.

​

Page 9

​

GAAP requires that the Sale-Leaseback and Sales-Type Lease Properties and the value of participation obligation interests sold (the “Participation Obligations Sold”) for which sale accounting was not achieved be accounted for as financing arrangements. Accordingly, for GAAP purposes, the Sale-Leaseback and Sales-Type Lease Properties and Participation Obligations Sold are included in the Company’s Commercial Loans and Investments segment. However, for statistical purposes, the Company excludes the Sale-Leaseback and Sales-Type Lease Properties and the Participation Obligations Sold. Please see page 14 of this press release for further details. We believe that the Supplemental Disclosure on Commercial Loans and Investments is an additional useful measure for investors to consider because it will help them to better assess the performance of our Commercial Loan Portfolio.

​

Other Definitions

​

Annualized Base Rent (ABR) represents the annualized in-place straight-line base rent pursuant to GAAP.

​

Annualized In-Place Cash Base Rent represents the annualized in-place contractual minimum base rent on a cash basis.

​

Credit Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.

​

Investment Grade Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this press release are those available from S&P Global Ratings and/or Moody’s Investors Service, as applicable, as of June 30, 2026.

​

Weighted Average Remaining Lease Term is weighted by the ABR and does not assume the exercise of any tenant purchase options.

​

Page 10

​

Alpine Income Property Trust, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)

​

​	​	​	​	​	​
​	As of
​	(Unaudited) June 30, 2026		​	December 31, 2025
ASSETS	​		​	​
Real Estate:	​	​	​	​	​
Land, at Cost	$	166,572	​	$	151,628
Building and Improvements, at Cost	​	349,449	​	​	344,138
Total Real Estate, at Cost	​	516,021	​	​	495,766
Less, Accumulated Depreciation	​	(62,863)	​	​	(54,446)
Real Estate—Net	​	453,158	​	​	441,320
Assets Held for Sale	​	375	​	​	8,077
Commercial Loans and Investments	​	238,575	​	​	167,553
Cash and Cash Equivalents	​	2,778	​	​	4,589
Restricted Cash	​	23,296	​	​	34,410
Intangible Lease Assets—Net	​	46,151	​	​	48,925
Straight-Line Rent Adjustment	​	2,406	​	​	2,092
Other Assets	​	14,774	​	​	8,908
Total Assets	$	781,513	​	$	715,874
LIABILITIES AND EQUITY	​	​	​	​	​
Liabilities:	​	​	​	​	​
Accounts Payable, Accrued Expenses, and Other Liabilities	$	14,093	​	$	7,877
Prepaid Rent and Deferred Revenue	​	17,661	​	​	14,031
Intangible Lease Liabilities—Net	​	4,602	​	​	4,971
Obligation Under Participation Agreement	​	19,062	​	​	10,000
Long-Term Debt—Net	​	367,552	​	​	377,739
Total Liabilities	​	422,970	​	​	414,618
Commitments and Contingencies	​	​	​	​	​
Equity:	​	​	​	​	​
Preferred Stock, 100 million shares authorized, $0.01 par value per share, 8.00% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 2,425,868 shares issued and outstanding as of June 30, 2026 and 2,083,328 shares issued and outstanding as of December 31, 2025	​	24	​	​	21
Common Stock, $0.01 par value per share, 500 million shares authorized, 17,595,168 shares issued and outstanding as of June 30, 2026 and 14,783,419 shares issued and outstanding as of December 31, 2025	​	176	​	​	148
Additional Paid-in Capital	​	375,337	​	​	313,690
Dividends in Excess of Net Income	​	(41,394)	​	​	(35,276)
Accumulated Other Comprehensive Income	​	3,148	​	​	1,293
Stockholders' Equity	​	337,291	​	​	279,876
Noncontrolling Interest	​	21,252	​	​	21,380
Total Equity	​	358,543	​	​	301,256
Total Liabilities and Equity	$	781,513	​	$	715,874

​

​

​

Page 11

​

Alpine Income Property Trust, Inc.

Consolidated Statements of Operations

(Unaudited)

(In thousands, except share, per share and dividend data)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

​

Six Months Ended June 30,

​

​

2026

​

2025

​

2026

​

2025

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

Lease Income

​

$

12,637

​

$

12,022

​

$

25,239

​

$

23,848

Interest Income from Commercial Loans and Investments

​

​

7,331

​

​

2,737

​

​

13,089

​

​

5,038

Other Revenue

​

​

34

​

​

104

​

​

80

​

​

183

Total Revenues

​

​

20,002

​

​

14,863

​

​

38,408

​

​

29,069

Operating Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Real Estate Expenses

​

​

2,085

​

​

2,105

​

​

4,387

​

​

4,139

General and Administrative Expenses

​

​

2,028

​

​

1,697

​

​

3,887

​

​

3,413

Provision for Impairment

​

​

377

​

​

2,803

​

​

885

​

​

4,834

Depreciation and Amortization

​

​

6,805

​

​

6,705

​

​

14,020

​

​

14,012

Total Operating Expenses

​

​

11,295

​

​

13,310

​

​

23,179

​

​

26,398

Gain on Disposition of Assets

​

​

—

​

​

938

​

​

97

​

​

2,089

Net Income From Operations

​

​

8,707

​

​

2,491

​

​

15,326

​

​

4,760

Investment and Other Income

​

​

364

​

​

47

​

​

455

​

​

92

Interest Expense

​

​

(4,579)

​

​

(4,320)

​

​

(8,932)

​

​

(7,912)

Net Income (Loss)

​

​

4,492

​

​

(1,782)

​

​

6,849

​

​

(3,060)

Less: Net Loss (Income) Attributable to Noncontrolling Interest

​

​

(301)

​

​

141

​

​

(473)

​

​

240

Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.

​

​

4,191

​

​

(1,641)

​

​

6,376

​

​

(2,820)

Less: Distributions to Preferred Stockholders

​

​

(1,187)

​

​

—

​

​

(2,309)

​

​

—

Net Income (Loss) Attributable to Common Stockholders

​

$

3,004

​

$

(1,641)

​

$

4,067

​

$

(2,820)

​

​

​

​

​

​

​

​

​

​

​

​

​

Per Common Share Data:

​

​

​

​

​

​

​

​

​

​

​

​

Net Income (Loss) Attributable to Common Stockholders

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

0.18

​

$

(0.12)

​

$

0.25

​

$

(0.20)

Diluted

​

$

0.16

​

$

(0.12)

​

$

0.23

​

$

(0.20)

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average Number of Common Shares:

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

17,066,917

​

​

14,202,796

​

​

16,310,036

​

​

14,414,682

Diluted (1)

​

​

18,290,771

​

​

15,426,650

​

​

17,533,890

​

​

15,638,536

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends Declared and Paid - Preferred Stock

​

$

0.500

​

$

—

​

$

1.000

​

$

—

Dividends Declared and Paid - Common Stock

​

$

0.300

​

$

0.285

​

$

0.600

​

$

0.570

⁽¹⁾ Includes 1,223,854 shares during the three and six months ended June 30, 2026 and 2025, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc. and its wholly owned subsidiaries.

​

Page 12

​

Alpine Income Property Trust, Inc.

Non-GAAP Financial Measures

Funds From Operations and Adjusted Funds From Operations

(Unaudited)

(In thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

​

Six Months Ended June 30,

​

​

2026

​

2025

​

2026

​

2025

Net Income (Loss)

​

$

4,492

​

$

(1,782)

​

$

6,849

​

$

(3,060)

Depreciation and Amortization

​

​

6,805

​

​

6,705

​

​

14,020

​

​

14,012

Provision for Impairment

​

​

377

​

​

2,803

​

​

885

​

​

4,834

Gain on Disposition of Assets

​

​

—

​

​

(938)

​

​

(97)

​

​

(2,089)

Funds From Operations

​

$

11,674

​

$

6,788

​

$

21,657

​

$

13,697

Distributions to Preferred Stockholders

​

​

(1,187)

​

​

—

​

​

(2,309)

​

​

—

Funds From Operations Attributable to Common Stockholders

​

$

10,487

​

$

6,788

​

$

19,348

​

$

13,697

Adjustments:

​

​

​

​

​

​

​

​

​

​

​

​

Amortization of Intangible Assets and Liabilities to Lease Income

​

​

(241)

​

​

(166)

​

​

(477)

​

​

(246)

Straight-Line Rent Adjustment

​

​

(160)

​

​

(231)

​

​

(317)

​

​

(362)

Non-Cash Compensation

​

​

95

​

​

95

​

​

190

​

​

190

Amortization of Deferred Financing Costs to Interest Expense

​

​

303

​

​

205

​

​

568

​

​

394

Other Non-Cash Adjustments

​

​

73

​

​

51

​

​

151

​

​

108

Adjusted Funds From Operations Attributable to Common Stockholders

​

$

10,557

​

$

6,742

​

$

19,463

​

$

13,781

​

​

​

​

​

​

​

​

​

​

​

​

​

FFO Attributable to Common Stockholders per Diluted Share

​

$

0.57

​

$

0.44

​

$

1.10

​

$

0.88

AFFO Attributable to Common Stockholders per Diluted Share

​

$

0.58

​

$

0.44

​

$

1.11

​

$

0.88

​

​

​

​

​

​

​

​

​

​

​

​

​

Supplemental Disclosure:

​

​

​

​

​

​

​

​

​

​

​

​

PIK Interest Earned

​

$

879

​

$

—

​

$

1,473

​

$

—

PIK Interest Paid

​

​

—

​

​

—

​

​

50

​

​

—

PIK Interest Earned in Excess of PIK Interest Paid

​

$

879

​

$

—

​

$

1,423

​

$

—

​

​

Page 13

​

​

Alpine Income Property Trust, Inc.

Non-GAAP Financial Measures

Reconciliation of Net Debt to Pro Forma Adjusted EBITDA

(Unaudited)

(In thousands)

​

​	​	​	​
​	​	Three Months Ended June 30, 2026
Net Income	​	$	4,492
Adjustments:	​	​	​
Depreciation and Amortization	​	​	6,805
Provision for Impairment	​	​	377
Distributions to Preferred Stockholders	​	​	(1,187)
Amortization of Intangible Assets and Liabilities to Lease Income	​	​	(241)
Straight-Line Rent Adjustment	​	​	(160)
Non-Cash Compensation	​	​	95
Amortization of Deferred Financing Costs to Interest Expense	​	​	303
Other Non-Cash Adjustments	​	​	73
Other Non-Recurring Items	​	​	(326)
Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement	​	​	3,766
Adjusted EBITDA	​	$	13,997
​	​	​	​
Annualized Adjusted EBITDA	​	$	55,988
Pro Forma Annualized Impact of Current Quarter Investment Activity (1)	​	​	1,281
Pro Forma Adjusted EBITDA	​	$	57,269
​	​	​	​
Total Long-Term Debt	​	$	367,552
Financing Costs, Net of Accumulated Amortization	​	​	1,948
Cash and Cash Equivalents	​	​	(2,778)
Net Debt	​	$	366,722
Net Debt to Pro Forma Adjusted EBITDA	​	​	6.4x

(1) Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended June 30, 2026.

​

Page 14

​

Alpine Income Property Trust, Inc.

Non-GAAP Financial Measures

Supplemental Disclosure on Commercial Loans and Investments

(Unaudited)

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of and for the Six Months Ended June 30, 2026

​

​

Commercial Loan Portfolio

​

Plus: Participation Obligations Sold

​

Total Commercial Loans

​

Plus: Sale-Leaseback and Sale-Type Lease Transactions

​

Commercial Loans and Investments Pursuant to GAAP

​

Face Amount, Beginning of Period

​

$

129,813

​

$

10,000

​

$

139,813

​

$

31,133

​

$

170,946

​

Draws (Including Accrued PIK Interest)

​

​

52,906

​

​

10,763

​

​

63,669

​

​

26,257

​

​

89,926

​

Principal Repayments

​

​

(15,672)

​

​

(1,701)

​

​

(17,373)

​

​

(152)

​

​

(17,525)

​

Face Amount, End of Period

​

​

167,047

​

​

19,062

​

​

186,109

​

​

57,238

​

​

243,347

​

Unaccreted Origination Fees

​

​

(2,339)

​

​

—

​

​

(2,339)

​

​

—

​

​

(2,339)

​

CECL Reserve

​

​

(1,670)

​

​

(191)

​

​

(1,861)

​

​

(572)

​

​

(2,433)

​

Carrying Amount, End of Period

​

$

163,038

​

$

18,871

​

$

181,909

​

$

56,666

​

$

238,575

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash Interest Income

​

$

8,245

​

$

820

​

$

9,065

​

$

1,945

​

$

11,010

​

PIK Interest Earned

​

​

1,473

​

​

—

​

​

1,473

​

​

—

​

​

1,473

​

Accretion of Commercial Loans and Investments Origination Fees

​

​

606

​

​

—

​

​

606

​

​

—

​

​

606

​

Total Interest Income

​

$

10,324

​

$

820

​

$

11,144

​

$

1,945

​

$

13,089

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average Coupon Rate, End of Period (1)

​

​

13.2

%

​

10.0

%

​

12.8

%

​

8.3

%

​

11.8

%

(1) Includes PIK interest coupon rate.

Page 15

​

Exhibit 99.2

Presentation NYSE: PINE Second Quarter 2026 Investor alpinereit.com D i c k ’ s S p o r t i n g G o o d s – V i n e l a n d , N J

2 © Alpine Income Property Trust, Inc. | alpinereit.com Portfolio Summary 55% Investment Grade2 Non-IG 13% Not Rated 32% 2 © Alpine Income Property Trust, Inc. | alpinereit.com As of June 30, 2026, unless otherwise noted. 1. The Company owns four single-tenant income properties which were acquired through sale-leaseback transactions that include tenant repurchase options and one single-tenant income property which qualifies as a sales-type lease (collectively, the "Sale-Leaseback and Sales-Type Lease Properties"). These Sale-Leaseback and Sales-Type Lease Properties are accounted for as financing arrangements for GAAP purposes. However, as they constitute real estate assets for both legal and tax purposes, we include them for purposes of describing our property portfolio, including for tenant, industry, and state concentrations and exclude them for purposes of describing our commercial loan portfolio. 2. Based on % of ABR from Investment-Grade-rated tenants. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC). KEY PORTFOLIO STATS 1 M a r V i s t a – L o n g b o a t K e y , F L 128 4.5M 9.2 years 99.5% $11.17 Properties Square Feet Wtd. Avg. Lease Term Occupied Average Rent PSF

3 © Alpine Income Property Trust, Inc. | alpinereit.com 2026 GUIDANCE 1 13.2% 7.9% 6.1% 5.6% 5.5% 3.9% 3.5% 3.5% PINE EPRT NTST FVR ADC FCPT O NNN 2026 Guidance 3 © Alpine Income Property Trust, Inc. | alpinereit.com As of June 30, 2026, unless otherwise noted. Consensus 2026E AFFO per FactSet. 1. The Company’s 2026 outlook does not reflect the impact of any incentive management fee that may be due to our manager based on stockholder return for the calendar year. Earnings growth per share based on the mid-point of current guidance. FFO per Share Guidance midpoint vs 2025A $2.10-$2.13 +12.5% YoY AFFO per Share Guidance midpoint vs 2025A $2.12-$2.15 +13.1% YoY Investment Volume $170M-$200M Disposition Volume $20M-$40M CONSENSUS 2026E VS. 2025A AFFO GROWTH

4 © Alpine Income Property Trust, Inc. | alpinereit.com Company Summary As of June 30, 2026, unless otherwise noted. PINE stock price on June 30, 2026 was $20.76. 1. Net Debt to TEV (Total Enterprise Value) is the Company’s outstanding debt, minus the Company’s cash and cash equivalents, as a percentage of the Company’s enterprise value. 2. Calculated using the announced Q3 2026 annualized dividend. 3. See the “Non-GAAP Financial Information” section and tables at the end of this presentation for a discussion and reconciliation of Net Income to non-GAAP financial measures. $391M $818M Market Capitalization Enterprise Value (TEV) 7.1% 6.2% Implied Cap Rate Annualized Dividend Yield 2 44.8% 6.4x Net Debt / TEV 1 Net Debt / Pro Forma Adjusted EBITDA 3 2029 $83M First Debt Maturity Liquidity SNAPSHOT – JUNE 30, 2026 B J ’ s W h o l e s a l e C l u b – C o n c o r d , N C

5 © Alpine Income Property Trust, Inc. | alpinereit.com Highlights As of June 30, 2026, unless otherwise noted. PINE stock price on June 30, 2026 was $20.76. 1. See page 9 for more details on the calculation and peer metrics. 2. Based on % of ABR from Investment-Grade-rated tenants. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC). WHY PINE 01 Low Basis $183 per sq ft — roughly 60% of the peer average, below replacement cost 1 . 02 Dividend Growth 60%+ increase in the quarterly dividend since the start of 2020. 03 Well-Covered Dividend Highest yield with the lowest payout ratio in the sector. 04 Below-Market Rent Average rent of $11.17 PSF keeps occupancy costs below market rents. Quality Tenants 55% of tenants are investment-grade rated 2 . 05 Geographic Focus Florida and Texas represent PINE’s two largest states by ABR. 06 B e a c h H o u s e – B r a d e n t o n B e a c h , F L S a n d b a r – A n n a M a r i a , F L

6 © Alpine Income Property Trust, Inc. | alpinereit.com High-Quality, Retail Net Lease Portfolio As of June 30, 2026, unless otherwise noted. 1. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC). Investment Grade Sub-Investment Grade / NR BBB+ 13% BBB 9% N/A 8% AA 7% A+ 5% BBB+ 5% BBB 4% N/A 4% N/A 4% N/A 3% Sony Credit OPERATIONAL TRANSPARENCY 68% of ABR comes from tenants or the parent of a tenant that are credit-rated L o w e ’ s – E d m o n d , O K TOP 10 TENANTS BY ABR 1 68% of ABR from credit-rated tenants or their parent 75% of ABR from publicly traded tenants or their parent

7 © Alpine Income Property Trust, Inc. | alpinereit.com % OF ABR BY STATE © GeoNames, Microsoft, TomTom Powered by Bing – 12% % GAAP ABR Major Market, Strong Demographic-Driven Portfolio As of June 30, 2026, unless otherwise noted. ABR in thousands, includes impact of straight-line rent. 1. Based on 2025 Average Household Income (5-mile) and 2025 Total Population (5-mile) data from Esri. 2. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Office of Management and Budget. State Properties $ ABR % ABR Florida 5 $5,923 12% Texas 13 4,344 9% New Jersey 7 4,046 8% Colorado 3 3,834 8% New York 13 3,021 6% Michigan 7 2,993 6% North Carolina 7 2,989 6% Illinois 5 2,743 5% Virginia 6 2,195 4% Georgia 5 1,812 4% Other 57 16,110 32% Total 128 $50,008 100% $113,400 Total Portfolio Wtd. Avg. 5-Mile Average Household Income 124,700 Total Portfolio Wtd. Avg. 5-Mile Total Population 52% of ABR comes from MSAs2 with population > one million people Focused on MSAs Benefitting from Demographic Shifts and Attractive Supply/Demand Dynamics DEMOGRAPHIC METRICS 1 TOP STATES

8 © Alpine Income Property Trust, Inc. | alpinereit.com Diversified Portfolio As of June 30, 2026, unless otherwise noted. ABR in thousands, includes impact of straight-line rent. B o o t B a r n – C o n c o r d , N C L o w e ’ s – S t o c k t o n , C A TOP SECTORS 15% 15% 11% 10% 8% 7% 6% 5% 4% 4% Home Improvement Sporting Goods Casual Dining Dollar Stores Entertainment Grocery Consumer Electronics Home Furnishings Pharmacy Off-Price Retail

9 © Alpine Income Property Trust, Inc. | alpinereit.com TOTAL ENTERPRISE VALUE PER SQUARE FOOT1 $432 $324 $331 $251 $266 $216 $203 $183 PINE NTST ADC O FVR NNN EPRT FCPT High-Quality Portfolio with Valuation Upside Average rent of $11.17 PSF keeps occupancy costs below market rents, so tenants may be more likely to exercise renewal options. Source: FactSet and Company Reports 1. Peer square footage based on information from each company’s investor presentation with data as of March 31, 2026. Portfolio information for PINE is as of June 30, 2026. Total Enterprise Value uses stock prices as of June 30, 2026. 9 MARGIN OF SAFETY Basis per square foot is roughly 60% of the peer average — allowing shareholders to invest below replacement cost. STICKIER TENANTS Peer Average: $289

10 © Alpine Income Property Trust, Inc. | alpinereit.com $0.82 $1.02 $1.09 $1.10 $1.11 $1.14 $1.28 2020 2021 2022 2023 2024 2025 Q3 2026 Annualized 6.2% 6.0% 5.2% 5.2% 4.3% 4.2% 4.2% 4.2% PINE FCPT O NNN FVR ADC NTST EPRT As of June 30, 2026, unless otherwise noted. PINE metrics reflect the Q3 2026 annualized dividend. 1. All dividend yields are based on the closing stock price on June 30, 2026, using Q2 2026 annualized dividends except for PINE which uses the Q3 2026 annualized dividend. 10 High-Yielding and Growing Dividend 55% Q2 Annualized AFFO Payout Ratio 6.2% Annualized Dividend Yield 60% Increase in quarterly cash dividend since IPO $1.28 Annualized Dividend PINE DIVIDEND PER SHARE HIGH DIVIDEND YIELD 1 Peer Average: 4.7%

11 © Alpine Income Property Trust, Inc. | alpinereit.com 79% 73% 67% 70% 61% 63% 65% 56% PINE EPRT NTST FVR NNN ADC O FCPT 16.6x 15.2x 15.3x 13.1x 13.3x 14.0x 14.6x 9.7x PINE NNN FCPT O EPRT NTST FVR ADC Well-Covered Dividend & Valuation Upside As of June 30, 2026, unless otherwise noted. 1. 2026E AFFO multiples are based on the closing stock price on June 30, 2026; AFFO payout ratio and AFFO multiple use 2026E AFFO per share consensus estimates from FactSet. 2026E AFFO PAYOUT RATIO 1 2026E AFFO MULTIPLES 1 Peer Average: 69% Peer Average: 14.6x

12 © Alpine Income Property Trust, Inc. | alpinereit.com 1 2 3 4 5 6 7 8 9 10 High-Quality Top Tenant Base: 55% Investment-Grade Rated % IG RATED PINE information as of June 30, 2026. Peer information as of each company’s Q1 2026 investor presentation based on data as of March 31, 2026. 52% 42% 34% 28% 13% Not Disclosed Among net lease peers, only PINE counts marquee credits like Lowe’s or Dick’s Sporting Goods within its top five tenants. 55% Sony Credit 65%

13 © Alpine Income Property Trust, Inc. | alpinereit.com – 6% 9% 11% 5% 12% 14% 7% – 2% 3% 5% 1% 25% Lease Rollover Schedule As of June 30, 2026, unless otherwise noted. 1. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options. 9.2 A long, well-laddered rollover schedule limits near-term re-leasing risk and supports durable, predictable cash flow. LEASE ROLLOVER SCHEDULE (BY ABR) A c a d e m y S p o r t s – T u p e l o , M S YEARS WTD. AVG. LEASE TERM1

14 © Alpine Income Property Trust, Inc. | alpinereit.com KEY COMMERCIAL LOAN PORTFOLIO STATS 1 Commercial Loan Investments As of June 30, 2026, unless otherwise noted. 1. See Supplemental Disclosure on Commercial Loans and Investments on page 25 of this presentation. 2. Net of $19.1 million A-1 Participation and $57.2 million of financing related to Sale-Leaseback and Sales-Type Lease Properties. 3. Includes PIK interest coupon rate. • Originates commercial loans and investments secured by real estate • Originated first investment in July 2023 after identifying an attractive risk/reward ratio in the lending environment • Loans may provide the option to acquire the underlying properties under certain circumstances 13 Number of Loans All First Mortgages $167.0M Outstanding Face Amount 2 13.2% Weighted Average Coupon Rate 3 1.6 Years Weighted Average Remaining Term $85.4M Unfunded Commitment Amount Diversified income streams Attractive risk-adjusted returns The commercial loan portfolio complements the property portfolio, delivering an attractive risk-adjusted return. High-yield investment opportunities OVERVIEW

15 © Alpine Income Property Trust, Inc. | alpinereit.com $100 $100 $170 2026 2027 2028 2029 2030 2031 Unsecured Term Loan Revolving Credit Facility 100% Unsecured Long-Term Indebtedness As of June 30, 2026. $ in thousands; any differences a result of rounding. 1. The Company’s senior unsecured revolving credit facility matures in February 2030; the maturity date reflected does not reflect the Company’s two six-month extension options, subject to satisfaction of certain conditions. 2. Net Debt to TEV (Total Enterprise Value) is the Company’s outstanding debt, minus the Company’s cash and cash equivalents, as a percentage of the Company’s enterprise value. 3. See the “Non-GAAP Financial Information” section and tables at the end of this presentation for a discussion and reconciliation of Net Income to non-GAAP financial measures. $391M Equity Market Capitalization $61M Preferred Equity at Liquidation $367M Net Debt 2 $818M Total Enterprise Value (TEV) 44.8% Net Debt to TEV 6.4x Net Debt to Pro Forma Adjusted EBITDA 3 DEBT MATURITY SCHEDULE ($M) 1 CAPITALIZATION & LEVERAGE

16 © Alpine Income Property Trust, Inc. | alpinereit.com DEBT DETAIL As of June 30, 2026. $ in thousands; any differences a result of rounding. 1. As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the applicable spread on $100 million of the outstanding balance on the Company’s Revolving Credit Facility. 2. As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread for the $100 million 2029 Term Loan balance. 3. As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the applicable spread for the $100 million 2031 Term Loan balance. Instrument Interest Rate Type Face Value Debt Wtd. Avg. Rate Initial Maturity Revolving Credit Facility Floating $69,500 5.03% February 2030 Revolving Credit Facility 1 Fixed $100,000 4.67% February 2030 2029 Term Loan 2 Fixed $100,000 4.66% February 2029 2031 Term Loan 3 Fixed $100,000 3.35% February 2031 Total Debt / Weighted-Average Rate $369,500 4.38% D i c k ’ s H o u s e o f S p o r t , V i c t o r N Y

17 © Alpine Income Property Trust, Inc. | alpinereit.com Corporate Responsibility Alpine Income Property Trust, through its external manager, is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Committed Focus Committed to maintaining an environmentally conscious culture, the utilization of environmentally friendly & renewable products, and the promotion of sustainable business practices Tenant Alignment Alignment with environmentally aware tenants who have strong sustainability programs and initiatives embedded into their corporate culture and business practices Social Responsibility Environmental Responsibility Corporate Governance ▪ Independent Chairman of the Board and 4 of 5 Directors classified as independent ▪ Annual election of all Directors ▪ Annual Board of Director evaluations ▪ Stock ownership requirements for all Directors ▪ Prohibition against hedging and pledging Alpine Income Property Trust stock ▪ Robust policies and procedures for approval of related party transactions ▪ Opted out of business combination and control share acquisition statutes in the Maryland General Corporation Law ▪ All team members adhere to a comprehensive Code of Business Conduct and Ethics policy Inclusive and Supportive Company Culture Dedicated to an inclusive and supportive office environment filled with diverse backgrounds and perspectives, with a demonstrated commitment to financial, mental and physical wellness Notable Community Outreach Numerous and diverse community outreach programs, supporting environmental, artistic, civil and social organizations in the community

18 © Alpine Income Property Trust, Inc. | alpinereit.com Research Analyst Coverage Firm Analyst Email Address Alliance Global Partners Gaurav Mehta gmehta@allianceg.com Baird Wes Golladay wgolladay@rwbaird.com B. Riley John Massocca jmassocca@brileyfin.com Cantor Fitzgerald Jay Kornreich jay.kornreich@cantor.com Colliers Barry Oxford barry.oxford@colliers.com Huntington Rob Stevenson robert.stevenson@huntington.com Jones Trading Jason Weaver jweaver@jonestrading.com Lucid Capital Markets Craig Kucera ckucera@lucidcm.com Raymond James RJ Milligan rjmilligan@raymondjames.com Stifel Simon Yarmak yarmaks@stifel.com Truist Anthony Hau anthony.Hau@truist.com UBS Michael Goldsmith michael.goldsmith@ubs.com

19 © Alpine Income Property Trust, Inc. | alpinereit.com Disclaimer This presentation may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “outlook,” “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, geopolitical conflicts, tariffs and international trade policies, risks inherent in the real estate business, including tenant or borrower defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the businesses of its tenants and borrowers and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the businesses of its tenants and borrowers that are beyond the control of the Company or its tenants or borrowers, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this presentation speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. References in this presentation: 1. All information is as of June 30, 2026, unless otherwise noted and any differences in calculations are assumed to be a function of rounding. 2. Annualized Base Rent ("ABR" or "Rent") represents annualized in-place straight-line base rent pursuant to GAAP. The statistics based on ABR are calculated based on our portfolio as of June 30, 2026. 3. Dividends are set by the Board of Directors and declared on a quarterly basis and there can be no assurances as to the likelihood or amount of dividends in the future. 4. The Company defines an Investment Grade (“IG”) Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this presentation are those available from S&P Global Ratings and/or Moody’s Investors Service, as applicable, as of June 30, 2026. 5. The Company defines a Credit Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.

20 © Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Information Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income or loss as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries. To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income or loss but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. FFO, AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies. GAAP requires that the Sale-Leaseback and Sales-Type Lease Properties and the value of participation obligation interests sold (the “Participation Obligations Sold”) for which sale accounting was not achieved be accounted for as financing arrangements. Accordingly, for GAAP purposes, the Sale-Leaseback and Sales-Type Lease Properties and Participation Obligations Sold are included in the Company’s Commercial Loans and Investments segment. However, for statistical purposes, the Company excludes the Sale-Leaseback and Sales-Type Lease Properties and the Participation Obligations Sold. Please see page 25 of this presentation for further details. We believe that the Supplemental Disclosure on Commercial Loans and Investments is an additional useful measure for investors to consider because it will help them to better assess the performance of our Commercial Loan Portfolio.

21 © Alpine Income Property Trust, Inc. | alpinereit.com Consolidated Statement of Operations $ in thousands, except share and per share data 1. Includes 1,223,854 shares during the three and six months ended June 30, 2026 and 2025, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc and its wholly owned subsidiaries. (Unaudited, in thousands, except share, per share & dividend data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Lease Income $ 12,637 $ 12,022 $ 25,239 $ 23,848 Interest Income from Commercial Loans and Investments 7,331 2,737 13,089 5,038 Other Revenue 34 104 80 183 Total Revenues 20,002 14,863 38,408 29,069 Operating Expenses: Real Estate Expenses 2,085 2,105 4,387 4,139 General and Administrative Expenses 2,028 1,697 3,887 3,413 Provision for Impairment 377 2,803 885 4,834 Depreciation and Amortization 6,805 6,705 14,020 14,012 Total Operating Expenses 11,295 13,310 23,179 26,398 Gain on Disposition of Assets — 938 97 2,089 Net Income From Operations 8,707 2,491 15,326 4,760 Investment and Other Income 364 47 455 92 Interest Expense (4,579) (4,320) (8,932) (7,912) Net Income (Loss) 4,492 (1,782) 6,849 (3,060) Less: Net Loss (Income) Attributable to Noncontrolling Interest (301) 141 (473) 240 Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. 4,191 (1,641) 6,376 (2,820) Less: Distributions to Preferred Stockholders (1,187) — (2,309) — Net Income (Loss) Attributable to Common Stockholders $ 3,004 $ (1,641) $ 4,067 $ (2,820) Per Common Share Data: Net Income (Loss) Attributable to Common Stockholders Basic $ 0.18 $ (0.12) $ 0.25 $ (0.20) Diluted $ 0.16 $ (0.12) $ 0.23 $ (0.20) Weighted Average Number of Common Shares: Basic 17,066,917 14,202,796 16,310,036 14,414,682 Diluted (1) 18,290,771 15,426,650 17,533,890 15,638,536 Dividends Declared and Paid - Preferred Stock $ 0.500 $ — $ 1.000 $ — Dividends Declared and Paid - Common Stock $ 0.300 $ 0.285 $ 0.600 $ 0.570

22 © Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations $ in thousands, except share and per share data (Unaudited, in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Income (Loss) $ 4,492 $ (1,782) $ 6,849 $ (3,060) Depreciation and Amortization 6,805 6,705 14,020 14,012 Provision for Impairment 377 2,803 885 4,834 Gain on Disposition of Assets — (938) (97) (2,089) Funds From Operations $ 11,674 $ 6,788 $ 21,657 $ 13,697 Distributions to Preferred Stockholders (1,187) — (2,309) — Funds From Operations Attributable to Common Stockholders $ 10,487 $ 6,788 $ 19,348 $ 13,697 Adjustments: Amortization of Intangible Assets and Liabilities to Lease Income (241) (166) (477) (246) Straight-Line Rent Adjustment (160) (231) (317) (362) Non-Cash Compensation 95 95 190 190 Amortization of Deferred Financing Costs to Interest Expense 303 205 568 394 Other Non-Cash Adjustments 73 51 151 108 Adjusted Funds From Operations Attributable to Common Stockholders $ 10,557 $ 6,742 $ 19,463 $ 13,781 FFO Attributable to Common Stockholders per Diluted Share $ 0.57 $ 0.44 $ 1.10 $ 0.88 AFFO Attributable to Common Stockholders per Diluted Share $ 0.58 $ 0.44 $ 1.11 $ 0.88 Supplemental Disclosure: PIK Interest Earned $ 879 $ — $ 1,473 $ — PIK Interest Paid — — 50 — PIK Interest Earned in Excess of PIK Interest Paid $ 879 $ — $ 1,423 $ —

23 © Alpine Income Property Trust, Inc. | alpinereit.com $ in thousands, except share and per share data 1. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended June 30, 2026. 2. Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure. Non-GAAP Financial Measures Reconciliation: Net Debt to Pro Forma Adjusted EBITDA (Unaudited, in thousands) Three Months Ended June 30, 2026 Net Income $ 4,492 Adjustments: Depreciation and Amortization 6,805 Provision for Impairment 377 Distributions to Preferred Stockholders (1,187) Amortization of Intangible Assets and Liabilities to Lease Income (241) Straight-Line Rent Adjustment (160) Non-Cash Compensation 95 Amortization of Deferred Financing Costs to Interest Expense 303 Other Non-Cash Adjustments 73 Other Non-Recurring Items (326) Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement 3,766 Adjusted EBITDA $ 13,997 Annualized Adjusted EBITDA $ 55,988 Pro Forma Annualized Impact of Current Quarter Investment Activity (1) 1,281 Pro Forma Adjusted EBITDA $ 57,269 Total Long-Term Debt $ 367,552 Financing Costs, Net of Accumulated Amortization 1,948 Cash and Cash Equivalents (2,778) Net Debt $ 366,722 Net Debt to Pro Forma Adjusted EBITDA 6.4x

24 © Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Measures: Schedule of Commercial Loans $ in thousands; any differences a result of rounding. See the “Supplemental Disclosure on Commercial Loans and Investments” section and tables on page 25 of this presentation for additional detail. 1. The Company owns four single-tenant income properties which were acquired through sale-leaseback transactions that include tenant repurchase options and one single-tenant income property which qualifies as a sales-type lease (collectively, the "Sale-Leaseback and Sales-Type Lease Properties"). These Sale-Leaseback and Sales-Type Lease Properties are accounted for as financing arrangements for GAAP purposes. However, as they constitute real estate assets for both legal and tax purposes, we include them for purposes of describing our property portfolio, including for tenant, industry, and state concentrations and exclude them for purposes of describing our commercial loan portfolio. 2. Net of $19.1 million A-1 Participation. Includes 4.00% paid-in-kind (“PIK”) interest coupon rate. 3. Mixed-Use Development in Herndon, VA includes 2.00% PIK coupon rate; Mixed-Use Redevelopment in Denver, CO and Residential Land Loan in Lake Toxaway, NC include 3.00% PIK coupon rate. Retail Development in Covington, GA includes 1.50% PIK coupon rate. Description Loan Type Location Maturity As of March 31, 2026 Principal Draws / (Pmts) As of June 30, 2026 Face Amount Face Amount Coupon (Incl. PIK) Commitment Unfunded 1 Residential Land Loan 2 Construction Austin, TX Oct. 2028 $39,979 $609 $40,588 18.82% - 2 Industrial Mortgage Fremont, CA Aug. 2027 24,000 - 24,000 11.00% - 3 Mixed-Use Development 3 Mortgage Herndon, VA Sep. 2028 20,102 101 20,203 12.00% - 4 Wawa Land Development Construction Greenwood, IN Jul. 2027 11,326 509 11,835 9.50% 3,145 5 Retail Land Development Construction Stuart, FL Mar. 2027 8,964 2,700 11,664 11.00% 1,577 6 Retail Development 3 Construction Covington, GA Apr. 2028 8,659 982 9,641 13.00% 22,404 7 Residential Land Loan 3 Construction Lake Toxaway, NC Oct. 2027 7,753 1,653 9,406 16.00% 3,810 8 Mixed-Use Redevelopment 3 Construction Denver, CO Dec. 2028 8,613 399 9,012 12.00% 3,119 9 Cornerstone Exchange Construction Daytona Beach, FL Apr. 2027 7,625 964 8,588 10.00% 15,318 10 Wawa Land Development Construction Antioch, TN Oct. 2026 6,742 540 7,282 10.25% 143 11 At Home Plaza Mortgage Canton, OH Mar. 2028 6,200 - 6,200 8.65% - 12 Retail Development Construction Lexington, KY Jun. 2028 - 6,177 6,177 10.00% 33,823 13 Mixed-Use Development Construction Stone Mountain, GA Nov. 2027 2,452 - 2,452 11.00% 2,048 14 Old Time Pottery Mortgage Orange Park, FL Repaid in Apr. 2026 4,000 (4,000) - - - 15 Reno Seller Financing Mortgage Reno, NV Repaid in Jun. 2026 4,000 (4,000) - - - Total / Weighted Average $160,412 $6,635 $167,047 13.16% $85,387

25 © Alpine Income Property Trust, Inc. | alpinereit.com $ in thousands, except share and per share data 1. Includes PIK interest coupon rate. Non-GAAP Financial Measures: Supplemental Disclosure on Commercial Loans and Investments (Unaudited, in thousands) As of and for the Six Months Ended June 30, 2026 Commercial Loan Portfolio Plus: Participation Obligations Sold Total Commercial Loans Plus: Sale-Leaseback and Sales Type Lease Transactions Commercial Loans and Investments Pursuant to GAAP Face Amount, Beginning of Period $ 129,813 $ 10,000 $ 139,813 $ 31,133 $ 170,946 Draws (Including Accrued PIK Interest) 52,906 10,763 63,669 26,257 89,926 Principal Repayments (15,672) (1,701) (17,373) (152) (17,525) Face Amount, End of Period 167,047 19,062 186,109 57,238 243,347 Unaccreted Origination Fees (2,339) — (2,339) — (2,339) CECL Reserve (1,670) (191) (1,861) (572) (2,433) Carrying Amount, End of Period $ 163,038 $ 18,871 $ 181,909 $ 56,666 $ 238,575 Cash Interest Income $ 8,245 $ 820 $ 9,065 $ 1,945 $ 11,010 PIK Interest Earned 1,473 — 1,473 — 1,473 Accretion of Commercial Loans and Investments Origination Fees 606 — 606 — 606 Total Interest Income $ 10,324 $ 820 $ 11,144 $ 1,945 $ 13,089 Weighted Average Coupon Rate, End of Period (1) 13.2 % 10.0 % 12.8 % 8.3 % 11.8 %

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