Form 4: Alpine Income Director Acquires 2,044 Shares

M. Carson Good, a director at Alpine Income Property Trust, acquired 2,044 shares of common stock as part of his Q3 2025 quarterly retainer fee.

Summary

• Director M. Carson Good acquired 2,044 shares of Alpine Income Property Trust, Inc. common stock on October 1, 2025.
• The shares were acquired at a price of $14.6725 per share.
• The acquisition represents the equity component (approximately $17,500 value) and a cash-in-lieu component ($12,500) of his Q3 2025 quarterly retainer fee, totaling $30,000.
• This transaction was executed pursuant to the Issuer's Non-Employee Director Compensation Policy, adopted on February 3, 2020, and last amended on January 30, 2025.
• Following this transaction, M. Carson Good beneficially owns 23,352 shares of common stock.
• The share price used for calculation was the 20-day trailing average closing price as of the last business day of the calendar quarter.

Sentiment

Score: 6

Explanation: The sentiment is mildly positive as a director increasing their stake, even through compensation, generally signals confidence and aligns interests. It's a routine transaction, so not highly impactful on its own.

Positives

• A director increasing their beneficial ownership aligns their interests with those of other shareholders.
• The acquisition is part of a pre-established, transparent Non-Employee Director Compensation Policy.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• The shares were issued to the Reporting Person as the equity component of his Q3 2025 quarterly retainer fee (approximately $17,500) and in lieu of the cash component of his Q3 2025 quarterly retainer fee of $12,500, pursuant to the Issuer's Non-Employee Director Compensation Policy.

Industry Context

The practice of compensating non-employee directors with a combination of cash and equity, often based on a pre-defined policy and share price calculation method, is a common practice across various industries, including Real Estate Investment Trusts (REITs) like Alpine Income Property Trust. This aligns director incentives with long-term shareholder value.

Comparison to Industry Standards

• Compensating non-employee directors with equity is a standard practice in corporate governance, aiming to align director interests with shareholder value creation.
• The use of a 20-day trailing average closing price for calculating share issuance is a common method to mitigate short-term market volatility in compensation calculations, similar to practices seen in other publicly traded companies.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Director M. Carson Good constitutes a related party transaction, as it involves compensation provided to a member of the company's board of directors.

Stakeholder Impact

• Shareholders: The transaction increases a director's ownership stake, potentially signaling confidence in the company's future and aligning director incentives with shareholder returns.
• Employees: No direct impact on employees is indicated by this filing.

Key Dates

Keywords

Alpine Income Property Trust, PINE, Form 4, Insider Transaction, Director Compensation, Stock Acquisition, Equity Compensation