Alpine Income (PINE) Officer Acquires 3,500 Shares at $14.10

Rhea-AI Filing Summary

Daniel E. Smith, an officer of Alpine Income Property Trust, Inc. (PINE) serving as Senior Vice President, General Counsel and Corporate Secretary, purchased 3,500 shares of the issuer's common stock on 08/06/2025 (transaction code P) at a weighted-average price of $14.1019. The filing states the shares were acquired in multiple trades at prices ranging from $14.095 to $14.13. After the reported purchase, Mr. Smith beneficially owns 8,300 shares directly. He also disclaims beneficial ownership of any Issuer securities held by CTO Realty Growth, Inc. or its affiliates.

Positive

• Officer purchase reported: Daniel E. Smith acquired 3,500 common shares (transaction code P).
• Clear pricing detail: Weighted-average purchase price of $14.1019 with trades ranging $14.095–$14.13.
• Post-transaction direct ownership disclosed: 8,300 shares beneficially owned directly.
• Explicit disclaimer: Mr. Smith disclaims beneficial ownership of shares held by CTO Realty Growth, Inc., clarifying indirect holdings.

Negative

• Limited scale: The acquisition was 3,500 shares, a relatively small absolute amount disclosed.
• Indirect holdings not detailed: Securities owned by CTO Realty Growth, Inc. are disclaimed, leaving indirect exposure opaque.

Insights

Securities Analyst

TL;DR: Officer purchase of 3,500 shares at ~$14.10 increases direct holdings to 8,300; disclosure is routine and materially modest.

The Form 4 documents a straightforward open-market purchase (code P) totaling 3,500 common shares at a weighted-average price of $14.1019, executed across prices between $14.095 and $14.13. Post-transaction direct ownership is 8,300 shares. For investors, this is a clear, timely insider disclosure but the absolute size disclosed is modest relative to institutional holdings and therefore unlikely to be a material balance-sheet or governance event.

Corporate Governance Expert

TL;DR: The officer purchase is a transparent disclosure; the filing also clarifies separation of personal holdings from CTO-affiliated positions.

The report identifies Mr. Smith as SVP, General Counsel & Corporate Secretary and includes an explicit disclaimer that he does not claim beneficial ownership of shares held by CTO Realty Growth, Inc. That clarification reduces ambiguity about indirect holdings and potential conflicts. The disclosure follows Section 16 reporting requirements and provides price-range detail for the multiple trades comprising the weighted-average price.

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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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^*

Smith Daniel Earl

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, GEN COUNSEL & CORP SECRET

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

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	$14.1019(1)	8,300(2)	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 price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.095 to $14.13, 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.

2. Mr. Smith also serves as the Senior Vice President, General Counsel and Corporate Secretary of CTO Realty Growth, Inc. ("CTO"). Mr. Smith 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. Smith 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	08/11/2025
	** 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 did Daniel E. Smith purchase for PINE?

He purchased 3,500 common shares of Alpine Income Property Trust (PINE) on 08/06/2025 (transaction code P).

What price did Daniel E. Smith pay for the PINE shares?

The weighted-average purchase price was $14.1019, with individual trades ranging from $14.095 to $14.13.

How many PINE shares does Smith own after the reported transaction?

Following the purchase, Mr. Smith directly beneficially owns 8,300 shares.

What is Daniel E. Smith's role at Alpine Income Property Trust?

He is reported as Senior Vice President, General Counsel & Corporate Secretary (an officer of the issuer).

Does Smith claim ownership of shares held by CTO Realty Growth, Inc.?

No. The filing states Mr. Smith disclaims beneficial ownership of any Issuer securities held by CTO or its affiliates.

What transaction code is shown on the Form 4 for this activity?

The transaction is recorded with code P, indicating a purchase.