Alpine Income (PINE) issues 2,044 shares to director for Q3 compensation

Rhea-AI Filing Summary

Brenna A. Wadleigh, a director of Alpine Income Property Trust, Inc. (PINE), reported an insider purchase on 10/01/2025. She acquired 2,044 shares of the issuer's common stock at a per-share price of $14.6725, increasing her beneficial ownership to 6,376 shares. The filing explains the shares were issued under the company's Non-Employee Director Compensation Policy as the equity portion of her Q3 2025 quarterly retainer (approximately $17,500) and in lieu of the cash portion of the retainer of $12,500, with the share count calculated using the 20-day trailing average closing price as of the last business day of the quarter ($14.67250).

Positive

• Director acquisition of 2,044 shares increases insider alignment with shareholders
• Compensation issued via policy using a 20-day trailing average price provides transparent valuation

Negative

• None.

Insights

Corporate Governance Analyst

Director received equity compensation equal to about $17,500 and elected shares in lieu of $12,500 cash.

This Form 4 shows a routine, policy-driven equity issuance to Brenna A. Wadleigh on 10/01/2025. The shares were issued under the issuer's Non-Employee Director Compensation Policy using the 20-day trailing average price of $14.67250, which is a standard method to set award amounts.

Because this transaction is compensation-related rather than an open-market purchase, it primarily reflects company pay practices and not an independent buy signal from the director.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Wadleigh Brenna Andrea

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $0.01 per share	2,044	$14.6725	$30K

Holdings After Transaction: Common Stock, par value $0.01 per share — 6,376 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^*

Wadleigh Brenna Andrea

(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		2,044	A	$14.6725(1)	6,376	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 Q3 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q3 2025 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 $14.67250.

	/s/ Daniel E. Smith, attorney-in-fact for Brenna A. Wadleigh	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 did PINE director Brenna A. Wadleigh acquire on 10/01/2025?

She acquired 2,044 shares of Alpine Income Property Trust common stock at $14.6725 per share.

Why were the shares issued to Brenna A. Wadleigh?

The shares were issued as the equity component of her Q3 2025 quarterly retainer (approx. $17,500) and in lieu of the cash retainer of $12,500, under the company's Non-Employee Director Compensation Policy.

How many shares does Ms. Wadleigh beneficially own after the transaction?

She beneficially owns 6,376 shares following the reported transaction.

What valuation method was used to calculate the number of shares issued?

The issuer used the 20-day trailing average closing price as of the last business day of the quarter, referenced as $14.67250.