Alpine Income Property Trust (PINE) director granted 1,034 shares as Q4 fee

Rhea-AI Filing Summary

Alpine Income Property Trust, Inc. director Rachel Elias Wein received newly issued common stock as part of her regular board compensation. On 01/02/2026, she was granted 1,034 shares of common stock at a share price of $16.9175, representing the equity component of her Q4 2025 quarterly retainer fee, valued at approximately $17,500 under the company’s Non-Employee Director Compensation Policy. Following this grant, she beneficially owns 13,943 shares of Alpine Income Property Trust common stock, held directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Elias Wein Rachel

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $0.01 per share	1,034	$16.9175	$17K

Holdings After Transaction: Common Stock, par value $0.01 per share — 13,943 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

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

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

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

1. Name and Address of Reporting Person^*

Elias Wein Rachel

(Last) (First) (Middle)

1140 N. WILLIAMSON BLVD., SUITE 140

(Street)

DAYTONA BEACH FL 32114

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
01/02/2026

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

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

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

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	01/02/2026		A		1,034	A	$16.9175(1)	13,943	D

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

Explanation of Responses:

1. These shares were issued to the Reporting Person as the equity component of her Q4 2025 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 $16.91750.

	/s/ Daniel E. Smith, attorney-in-fact for Rachel Elias Wein	01/02/2026
	** 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.

FAQ

What insider transaction was reported for PINE in this Form 4?

A director of Alpine Income Property Trust, Inc. (PINE), Rachel Elias Wein, received 1,034 shares of common stock as part of her Q4 2025 director retainer fee.

What was the share price used for the director stock grant at Alpine Income Property Trust (PINE)?

The number of shares granted was calculated using a $16.9175 share price, based on the 20-day trailing average closing price as of the last business day of the calendar quarter.

What is the approximate value of the director equity grant reported by PINE?

The equity component of the director’s Q4 2025 quarterly retainer fee had an approximate value of $17,500, delivered in 1,034 shares of common stock.

How many Alpine Income Property Trust (PINE) shares does the director own after this transaction?

After the reported transaction, the director beneficially owns 13,943 shares of Alpine Income Property Trust common stock, held directly.

What is the relationship of the reporting person to Alpine Income Property Trust (PINE)?

The reporting person, Rachel Elias Wein, is a director of Alpine Income Property Trust, Inc., as indicated by the checked box for Director on the form.

Was this Alpine Income Property Trust (PINE) stock grant part of a compensation policy?

Yes. The shares were issued under the company’s Non-Employee Director Compensation Policy, adopted on February 3, 2020 and last amended on January 30, 2025.