CTO Realty Adds 69K+ Alpine Income Property Shares via 10b5-1 Plan

Rhea-AI Filing Summary

CTO Realty Growth, Inc., a 10% owner of Alpine Income Property Trust (PINE), disclosed in Form 4 that it purchased PINE shares on three consecutive days under a Rule 10b5-1 plan adopted 28 Jul 2025.

• 29 Jul 2025: 25,326 shares at a weighted-average $14.4334
• 30 Jul 2025: 23,334 shares at $14.2196
• 31 Jul 2025: 20,841 shares at $14.0598

Total purchased: 69,501 shares (~US$1.0 m). Indirect ownership via subsidiary CTO TRS Crisp39 LLC increased from 202,898 to 272,419 shares. No sales or derivative transactions were reported.

The steady, pre-arranged accumulation by a large insider near the $14 price range signals confidence in PINE’s valuation, although the volume is small relative to the company’s float and may have limited immediate market impact.

Insights

Equity Analyst

TL;DR: 10% holder adds 69.5K PINE shares, indicating management-aligned confidence; modest but directionally positive.

The three-day buying spree totals about US$1.0 m at prices clustered around $14, close to recent lows. Indirect holdings now exceed 272 k shares, reinforcing long-term alignment of CTO with PINE shareholders. Though volumes represent less than 1% of the float, insider purchase patterns often act as sentiment indicators that can precede price support or upward revisions in NAV estimates. Absence of any sales or hedging derivatives further strengthens the signal.

Corporate Governance Specialist

TL;DR: Pre-planned 10b5-1 purchases remove trading-timing risk, still reflect bullish stance from control shareholder.

The use of a 10b5-1 plan adopted one day before execution provides regulatory cover, but its swift deployment suggests CTO purposely structured near-term buying. As a 10% holder, CTO’s continued accumulation tightens insider ownership, potentially enhancing alignment yet also reducing float liquidity. No governance red flags observed; documentation is complete and transparent. Overall impact is mildly positive for minority holders.

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).

X

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^*

CTO Realty Growth, Inc.

(Last) (First) (Middle)

369 N. NEW YORK AVE

SUITE 201

(Street)

WINTER PARK FL 32789

(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	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

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	07/29/2025		P(1)		25,326	A	$14.4334(2)	228,224	I	see footnote below(3)
Common Stock	07/30/2025		P(1)		23,334	A	$14.2196(4)	251,578	I	see footnote below(3)
Common Stock	07/31/2025		P(1)		20,841	A	$14.0598(5)	272,419	I	see footnote below(3)
Common Stock								935,703	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. The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on July 28, 2025.

2. The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.07 to $14.62, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

3. These shares are owned directly by CTO TRS Crisp39 LLC, which is a wholly owned subsidiary of CTO Realty Growth, Inc. ("CTO"). CTO is an indirect beneficial owner of the reported securities.

4. The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.03 to $14.41, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

5. The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $13.96 to $14.145, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

	/s/ Daniel E. Smith, Senior Vice President, General Counsel & Corporate Secretary of CTO Realty Growth, Inc.	07/31/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many PINE shares did CTO Realty Growth buy in July 2025?

CTO purchased 69,501 common shares of PINE between 29-31 Jul 2025.

At what prices were the PINE shares purchased?

Weighted-average prices were $14.4334, $14.2196, and $14.0598 on the respective trade dates.

What is CTO Realty’s total indirect ownership in PINE after the trades?

Indirect holdings increased to 272,419 shares via its subsidiary CTO TRS Crisp39 LLC.

Was the transaction executed under a 10b5-1 trading plan?

Yes. The plan was adopted on 28 Jul 2025, one day before the first purchase.

Did CTO Realty sell any PINE shares or derivatives?

No sales or derivative transactions were disclosed in this Form 4.