Director receives 1,510 Alpine Income (PINE) shares as Q2 2026 board retainer

Rhea-AI Filing Summary

Wadleigh Brenna Andrea reported acquisition or exercise transactions in this Form 4 filing.

Alpine Income Property Trust director Brenna Andrea Wadleigh received a stock grant as part of her Q2 2026 board compensation. She was awarded 1,510 shares of common stock at an equity value based on a share price of $19.85550, calculated using the 20-day trailing average closing price as of the last business day of the quarter.

The footnote explains that these shares represent approximately $17,500 as the equity component of her quarterly retainer and another $12,500 issued in lieu of the cash portion, under the company’s Non-Employee Director Compensation Policy. Following this award, she holds 11,257 common shares directly.

Insider Trade Summary

Net Buyer: 1,510 shares

Net Buy 1 txn

Insider Wadleigh Brenna Andrea

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $0.01 per share	1,510	$19.8555	$30K

Holdings After Transaction: Common Stock, par value $0.01 per share — 11,257 shares (Direct)

Footnotes (1)

1. F1. These shares were issued to the Reporting Person as (i) the equity component of her Q2 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q2 2026 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 $19.85550.

Key Figures

Shares granted: 1,510 shares Grant price basis: $19.85550 per share Equity component value: approximately $17,500 +2 more

5 metrics

Shares granted 1,510 shares Q2 2026 director quarterly retainer grant

Grant price basis $19.85550 per share 20-day trailing average closing price

Equity component value approximately $17,500 Equity portion of Q2 2026 retainer

Cash portion in stock $12,500 Cash retainer taken in shares for Q2 2026

Shares owned after grant 11,257 shares Director’s direct holdings following transaction

Key Terms

Non-Employee Director Compensation Policy, quarterly retainer fee, 20-day trailing average closing price, grant, award, or other acquisition

4 terms

Non-Employee Director Compensation Policy financial

"pursuant to the Issuer's Non-Employee Director Compensation Policy (the "Policy") adopted by the Issuer's board of directors"

quarterly retainer fee financial

"equity component of her Q2 2026 quarterly retainer fee ... in lieu of the cash component of her Q2 2026 quarterly retainer fee"

20-day trailing average closing price financial

"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"

grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

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Available on EDGAR 07/01/2026 - 04:32 PM Accepted by SEC EDGAR 07/01/2026 - 04:30 PM Learn about SEC filing dates

FAQ

What did Alpine Income Property Trust (PINE) disclose in this Form 4?

The filing shows director Brenna Andrea Wadleigh received 1,510 shares of common stock as part of her Q2 2026 board retainer. The grant is routine director compensation under the company’s Non-Employee Director Compensation Policy, not an open-market purchase or sale.

How many Alpine Income Property Trust (PINE) shares were granted to the director?

The director was granted 1,510 shares of Alpine Income Property Trust common stock. These shares represent both the equity portion of her Q2 2026 board retainer and shares issued instead of the cash portion, according to the company’s director compensation policy.

What price was used to calculate the PINE share grant to the director?

The grant was calculated using a share price of $19.85550. This price equals the 20-day trailing average closing price as of the last business day of the calendar quarter, as specified in the Non-Employee Director Compensation Policy.

What is the total compensation value represented by the director’s PINE share grant?

The filing states the equity component of the Q2 2026 retainer was approximately $17,500, and $12,500 of the cash retainer was also taken in shares. Together, about $30,000 of director compensation was delivered in common stock rather than cash.

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

After receiving the 1,510-share grant, director Brenna Andrea Wadleigh holds 11,257 Alpine Income Property Trust common shares directly. This figure reflects her ownership immediately following the Q2 2026 compensation-related stock issuance reported in the Form 4.

Is this PINE Form 4 transaction an open-market trade by the director?

No, the transaction is classified as a grant or award acquisition, not an open-market trade. The shares were issued as part of the Q2 2026 quarterly retainer under the Non-Employee Director Compensation Policy, including stock in lieu of the cash component.

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^*

Wadleigh Brenna Andrea

(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)
07/01/2026

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	07/01/2026		A		1,510	A	$19.8555(1)	11,257	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 Q2 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q2 2026 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 $19.85550.

	/s/ Daniel E. Smith, attorney-in-fact for Brenna A. Wadleigh	07/02/2026
	** 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)