Alpine Income Property Trust (PINE) director receives 1,773-share Q4 2025 equity retainer

Rhea-AI Filing Summary

Alpine Income Property Trust, Inc. director Brenna A. Wadleigh received an equity grant as part of her Q4 2025 board compensation. On 01/02/2026, she was issued 1,773 shares of common stock at a share price of $16.9175, calculated using the 20-day trailing average closing price as of the last business day of the quarter. These shares represent both the equity component of her Q4 2025 quarterly retainer (valued at approximately $17,500) and shares issued in lieu of a $12,500 cash retainer, under the company’s Non-Employee Director Compensation Policy. Following this grant, she beneficially owned 8,149 shares of Alpine Income Property Trust common stock, held directly.

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

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

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

1. Name and Address of Reporting Person^*

Wadleigh Brenna Andrea

(Last) (First) (Middle)

1140 N. WILLIAMSON BLVD.

SUITE 140

(Street)

DAYTONA BEACH 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		1,773	A	$16.9175(1)	8,149	D

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

Explanation of Responses:

1. These shares were issued to the Reporting Person as (i) the equity component of her Q4 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q4 2025 quarterly retainer fee of $12,500, pursuant to the Issuer's Non-Employee Director Compensation Policy (the "Policy") adopted by the Issuer's board of directors on February 3, 2020 (last amended January 30, 2025). Pursuant to the Policy, the share price utilized to calculate the number of shares issued was the 20-day trailing average closing price as of the last business day of the calendar quarter, or $16.9175.

	/s/ Daniel E. Smith, attorney-in-fact for Brenna A. Wadleigh	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 did Alpine Income Property Trust (PINE) report?

Alpine Income Property Trust reported that director Brenna A. Wadleigh received 1,773 shares of common stock on 01/02/2026 as part of her Q4 2025 board compensation.

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

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

How much of the Q4 2025 retainer was paid in equity to the Alpine Income Property Trust (PINE) director?

The director’s Q4 2025 compensation included an equity component valued at approximately $17,500 and additional shares issued in lieu of a $12,500 cash retainer, all delivered as common stock under the company’s Non-Employee Director Compensation Policy.

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

After the reported transaction, the director beneficially owned 8,149 shares of Alpine Income Property Trust common stock, held directly.

What policy governed this Alpine Income Property Trust (PINE) share grant?

The grant was made under Alpine Income Property Trust’s Non-Employee Director Compensation Policy, which was adopted on February 3, 2020 and last amended on January 30, 2025.

Was cash replaced by stock in this Alpine Income Property Trust (PINE) director compensation?

Yes. In addition to the equity component of approximately $17,500, the director received shares in lieu of the $12,500 cash component of her Q4 2025 quarterly retainer.