[Form 4] Alpine Income Property Trust, Inc Insider Trading Activity

Rhea-AI Filing Summary

Steven R. Greathouse, who serves as Senior Vice President - Investments of Alpine Income Property Trust, Inc. (PINE), purchased 3,500 shares of the issuer's common stock on 08/06/2025 at a price of $14.3092 per share. After the purchase, his reported direct beneficial ownership rose to 10,756 shares. The transaction is coded P, indicating a purchase.

The filing includes a disclosure that Mr. Greathouse also serves as SVP & Chief Investment Officer of CTO Realty Growth, Inc., and he expressly disclaims beneficial ownership of any shares owned by CTO or its affiliates. This Form 4 reports a routine insider purchase and a change in direct beneficial ownership.

Insights

Financial Analyst

TL;DR: Insider purchase of 3,500 PINE shares is a modest, positive signal but is not material to valuation on its own.

The reported purchase on 08/06/2025 of 3,500 shares at $14.3092 increases Mr. Greathouse's direct stake to 10,756 shares. The size of the purchase is small relative to a public REIT's outstanding float, so it is unlikely to move valuation metrics materially. It does, however, align an executive's economic interests with shareholders. The filing shows a straightforward purchase (code P) and does not disclose any derivative activity.

Corporate Governance Expert

TL;DR: The Form 4 is a routine disclosure showing an officer buy; the CTO-related disclaimer limits claims about indirect holdings.

The filing includes an explicit disclaimer under Rule 16a-1(a)(4) stating Mr. Greathouse disclaims beneficial ownership of shares held by CTO Realty Growth, Inc. or its affiliates. That means the reported direct ownership of 10,756 shares should be read separately from any holdings attributable to CTO. The transaction itself is a standard insider purchase and raises no governance red flags based on the disclosed information.

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
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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^*

Greathouse Steven Robert

(Last) (First) (Middle)

1104 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP - INVESTMENTS

3. Date of Earliest Transaction (Month/Day/Year)
08/06/2025

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	08/06/2025		P		3,500	A	$14.3092	10,756(1)	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. Mr. Greathouse also serves as the Senior Vice President & Chief Investment Officer of CTO Realty Growth, Inc. ("CTO"). Mr. Greathouse disclaims beneficial ownership of all equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that Mr. Greathouse is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates.

	/s/ Daniel E. Smith, attorney-in-fact for Steven R. Greathouse	08/08/2025
	** 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

Who reported the insider transaction for Alpine Income Property Trust (PINE)?

Steven R. Greathouse, Senior Vice President - Investments, reported the transaction.

What did the PINE Form 4 disclose about the transaction?

A purchase of 3,500 common shares on 08/06/2025 at $14.3092 per share, increasing direct holdings to 10,756 shares.

Does the filing indicate any derivative transactions for PINE by the reporting person?

No. Table II (derivative securities) contains no entries; the filing reports only a non-derivative common stock purchase.

Is all reported ownership solely Mr. Greathouse's?

The filing includes a disclaimer that Mr. Greathouse disclaims beneficial ownership of shares owned by CTO Realty Growth, Inc. or its affiliates.

What does transaction code "P" mean on the PINE Form 4?

Code P denotes a purchase of securities, as reported in this Form 4.