PINE Form 4: Director Receives Equity Retainer Valued ~$17,500

Rhea-AI Filing Summary

Andrew C. Richardson, a director of Alpine Income Property Trust, Inc. (PINE), received 1,192 shares of common stock on 10/01/2025 as the equity portion of his quarterly non-employee director retainer. The shares were issued under the company's Non-Employee Director Compensation Policy using the 20-day trailing average closing price of $14.67250, giving the equity component a value of approximately $17,500. After the issuance, Mr. Richardson beneficially owns 19,160 shares. The Form 4 was signed by Daniel E. Smith as attorney-in-fact on 10/03/2025.

Insights

Corporate Governance Specialist

Director received equity pay under disclosed policy, raising ownership to 19,160 shares.

The filing shows 1,192 shares were issued to a director as part of the quarterly retainer under the company’s Non-Employee Director Compensation Policy. This is a routine governance matter reflecting standard equity-based compensation for non-employee directors.

This issuance is specifically priced using the 20-day trailing average at $14.67250, and the report documents the resulting beneficial ownership of 19,160 shares, which is a transparency requirement under Section 16.

Compensation Analyst

Equity portion valued at about $17,500 was paid in shares for Q3 2025 retainer.

The explanation states the equity component of the Q3 2025 retainer is approximately $17,500, paid by issuing 1,192 shares at the calculated price. The use of a 20-day trailing average is disclosed and quantifies the grant precisely.

This provides explicit cost information for director compensation in the quarter; no additional compensation figures or cash components are disclosed in this Form 4.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Richardson Andrew C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $0.01 per share	1,192	$14.6725	$17K

Holdings After Transaction: Common Stock, par value $0.01 per share — 19,160 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).

1. Name and Address of Reporting Person^*

Richardson Andrew C

(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)
10/01/2025

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, par value $0.01 per share	10/01/2025		A		1,192	A	$14.6725(1)	19,160	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 his Q3 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 $14.67250.

	/s/ Daniel E. Smith, attorney-in-fact for Andrew C. Richardson	10/03/2025
	** 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

What transaction did Andrew C. Richardson report on the Form 4 for PINE?

He reported the acquisition of 1,192 shares of common stock on 10/01/2025 as equity compensation.

At what price were the shares issued to the director?

The shares were issued using the 20-day trailing average closing price of $14.67250 per share.

What was the reported value of the equity component for Q3 2025?

The equity component was stated to be approximately $17,500.

How many shares does Andrew C. Richardson beneficially own after this transaction?

Following the issuance, he beneficially owns 19,160 shares.

Who signed the Form 4 on behalf of Andrew C. Richardson?

The Form 4 was signed by Daniel E. Smith, attorney-in-fact, on 10/03/2025.