Alpine Income Property Trust (PINE) director receives 1,510-share retainer grant

Rhea-AI Filing Summary

Good Morton Carson reported acquisition or exercise transactions in this Form 4 filing.

Alpine Income Property Trust director Morton Carson Good received a grant of 1,510 shares of common stock on Q2 2026 as part of his quarterly board retainer. The shares were issued under the company’s Non-Employee Director Compensation Policy instead of cash fees.

The award reflects approximately $17,500 of equity compensation and replaces a $12,500 cash retainer component, using a 20-day trailing average closing price of $19.85550 per share. Following this grant, Good directly holds 28,233 common shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Good Morton Carson

Role null

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 — 28,233 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

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

5 metrics

Shares granted 1,510 shares Q2 2026 director retainer grant

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

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

Cash retainer replaced $12,500 Q2 2026 cash component taken in shares

Shares owned after grant 28,233 shares Director’s direct holdings following transaction

Key Terms

Non-Employee Director Compensation Policy, quarterly retainer fee, 20-day trailing average closing price

3 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 his Q2 2026 quarterly retainer fee ... in lieu of the cash component of his Q2 2026 quarterly retainer fee"

20-day trailing average closing price financial

"share price utilized to calculate the number of shares issued was the 20-day trailing average closing price"

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Form 4 Insider Transactions: What Each Field Means →

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

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^*

Good Morton Carson

(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)	28,233	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 his Q2 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of his 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 M. Carson Good	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)

FAQ

What insider transaction did Alpine Income Property Trust (PINE) report?

Alpine Income Property Trust reported that director Morton Carson Good received 1,510 shares of common stock as a Q2 2026 board retainer grant, issued under the Non-Employee Director Compensation Policy instead of part of his normal cash compensation.

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

The director received a grant of 1,510 shares of Alpine Income Property Trust common stock. These shares represent his Q2 2026 quarterly equity retainer and the portion of his cash retainer taken in stock under the company’s director compensation policy.

At what price were the Alpine Income Property Trust (PINE) shares calculated for this grant?

The number of shares granted was calculated using a 20-day trailing average closing price of $19.85550 per share as of the last business day of the quarter, as specified in the company’s Non-Employee Director Compensation Policy for non-employee directors.

What compensation did the Alpine Income Property Trust (PINE) stock grant replace?

The stock grant represented approximately $17,500 as the equity component of the director’s Q2 2026 retainer and also replaced a $12,500 cash component, providing his full quarterly retainer in shares instead of a mix of cash and equity compensation.

How many Alpine Income Property Trust (PINE) shares does the director own after the grant?

After receiving the 1,510-share grant, director Morton Carson Good directly holds 28,233 shares of Alpine Income Property Trust common stock. This figure reflects his updated ownership position reported following the Q2 2026 director compensation award.