Alpine director sells shares, receives stock retainer

Alpine Income Property Trust director Andrew C. Richardson reported mixed insider activity.

Rhea-AI Filing Summary

Alpine Income Property Trust director Andrew C. Richardson reported mixed insider activity. On March 31, 2026, he sold 2,750 shares of common stock in an open-market transaction at an average price of $18.1372 per share, based on a weighted-average price range of $18.10 to $18.20. On April 1, 2026, he acquired 932 shares valued at approximately $17,500 as the equity component of his Q1 2026 quarterly director retainer, calculated using a 20-day trailing average price of $18.7660. Following these transactions, he directly owns 17,376 shares of Alpine common stock.

Insider Trade Summary

Net Seller: 2,750 shares

Net Sell 2 txns

Insider Richardson Andrew C

Role Director

Sold 2,750 shs ($50K)

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $0.01 per share	932	$18.766	$17K
Sale	Common Stock, par value $0.01 per share	2,750	$18.1372	$50K

Holdings After Transaction: Common Stock, par value $0.01 per share — 17,376 shares (Direct)

Footnotes (2)

1. F1. The price reported is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $18.10 to $18.20, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
2. F2. These shares were issued to the Reporting Person as the equity component of his Q1 2026 quarterly retainer fee (the value of such component being approximately $17,500), pursuant to the Issuer's Non-Employee Director Compensation Policy (the "Policy") adopted by the Issuer's board of directors on February 3, 2020 (last amended January 30, 2025). Pursuant to the Policy, the share price utilized to calculate the number of shares issued was the 20-day trailing average closing price as of the last business day of the calendar quarter, or $18.7660.

Key Figures

Shares sold: 2,750 shares Sale price: $18.1372 per share Shares granted: 932 shares +3 more

6 metrics

Shares sold 2,750 shares Open-market sale on March 31, 2026

Sale price $18.1372 per share Weighted-average price within $18.10–$18.20 range

Shares granted 932 shares Equity component of Q1 2026 director retainer

Grant valuation Approx. $17,500 Value of Q1 2026 equity retainer component

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

Shares owned after 17,376 shares Direct holdings after April 1, 2026 grant

Key Terms

weighted-average price, Non-Employee Director Compensation Policy, quarterly retainer fee, 20-day trailing average closing price

4 terms

weighted-average price financial

"The price reported is a weighted-average price. These shares were sold in multiple transactions..."

Weighted-average price is the average of multiple prices where each price is counted according to its size or importance—larger trades carry more weight than smaller ones, like averaging course grades by credit hours. It matters to investors because it gives a more realistic picture of the true price paid or received, helping assess trade execution, compare performance, calculate cost basis, and value positions more accurately than a simple average.

Non-Employee Director Compensation Policy financial

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

quarterly retainer fee financial

"These shares were issued... as the equity component of his Q1 2026 quarterly retainer fee..."

20-day trailing average closing price financial

"the share price utilized... was the 20-day trailing average closing price..."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did PINE director Andrew C. Richardson report?

Andrew C. Richardson reported selling 2,750 Alpine Income Property Trust shares and receiving a stock grant of 932 shares. The sale was an open-market transaction, while the grant was the equity portion of his Q1 2026 quarterly director retainer.

How many Alpine Income Property Trust (PINE) shares did the director sell and at what price?

He sold 2,750 shares at a weighted-average price of $18.1372 per share. The transactions occurred within a price range of $18.10 to $18.20, reflecting routine open-market selling activity disclosed in the filing’s footnote.

What stock compensation did the PINE director receive for Q1 2026?

He received 932 shares of Alpine common stock as the equity component of his Q1 2026 quarterly retainer. The grant was valued at approximately $17,500, based on a 20-day trailing average closing price of $18.7660 per share.

How many Alpine Income Property Trust shares does the director own after these transactions?

After the reported sale and stock grant, Andrew C. Richardson directly owns 17,376 shares of Alpine common stock. This figure reflects his position following the April 1, 2026 equity retainer award shown in the Form 4.

How was the share price for the PINE director’s stock retainer calculated?

The retainer share price used was $18.7660, based on a 20-day trailing average closing price as of the last business day of the calendar quarter. This methodology is specified in Alpine’s Non-Employee Director Compensation Policy.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 05:30 PM Learn about SEC filing dates

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^*

Richardson Andrew C

(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)
03/31/2026

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	03/31/2026		S		2,750	D	$18.1372(1)	16,444	D
Common Stock, par value $0.01 per share	04/01/2026		A		932	A	$18.766(2)	17,376	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. The price reported is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $18.10 to $18.20, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

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

	/s/ Daniel E. Smith, attorney-in-fact for Andrew C. Richardson	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)