Form 4: Alpine Income Director Boosts Stake via Compensation

Alpine Income Property Trust director Brenna Andrea Wadleigh acquired 1,773 shares of common stock as part of her Q4 2025 compensation plan.

Summary

• Brenna Andrea Wadleigh, a Director of Alpine Income Property Trust, Inc. (PINE), acquired 1,773 shares of common stock.
• The transaction date for this acquisition is January 2, 2026.
• The shares were acquired at a price of $16.9175 per share.
• This acquisition is part of her Q4 2025 quarterly retainer fee, comprising an equity component (approximately $17,500 value) and in lieu of a cash component ($12,500).
• The share price used for calculation was the 20-day trailing average closing price as of the last business day of the calendar quarter.
• Following this transaction, Ms. Wadleigh will beneficially own 8,149 shares of common stock directly.
• The transaction was made pursuant to the Issuer's Non-Employee Director Compensation Policy, adopted February 3, 2020, and last amended January 30, 2025.
• The transaction is indicated as being made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 6

Explanation: The filing reports a routine, pre-defined compensation event for a non-employee director, increasing their alignment with shareholder interests through direct equity ownership. This is a neutral to slightly positive event, reflecting standard corporate governance practices.

Positives

• The acquisition increases the director's direct ownership in the company, aligning her interests more closely with those of shareholders.
• The transaction is part of a pre-established compensation policy, indicating structured and transparent corporate governance regarding director remuneration.

Future Outlook

The filing details a future transaction (January 2, 2026) that is part of a pre-established compensation plan, indicating a consistent approach to director remuneration.

Industry Context

Director compensation often includes equity components to align management and board interests with shareholders. This practice is common across various industries, including Real Estate Investment Trusts (REITs) like Alpine Income Property Trust, Inc., to incentivize long-term performance and ownership.

Comparison to Industry Standards

• The use of equity as a component of non-employee director compensation is a standard practice across publicly traded companies, including REITs, to foster alignment with shareholder interests.
• The calculation method based on a trailing average closing price is a common and transparent approach for determining the number of shares issued in such compensation plans, similar to practices seen in companies like Realty Income Corporation or Federal Realty Investment Trust, which also utilize equity-based compensation for their non-executive directors.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Director Brenna Andrea Wadleigh as part of her compensation is a related party transaction, executed under the company's Non-Employee Director Compensation Policy.

Stakeholder Impact

• Shareholders: Increased alignment of director's interests with shareholders due to higher equity ownership.
• Employees: No direct impact mentioned.

Key Dates

Recommendation

This Form 4 filing details a routine, pre-planned acquisition of shares by a director as part of her compensation package, scheduled for a future date. Such transactions, especially when part of an established policy and a 10b5-1 plan, are generally not indicative of new material information that would warrant a change in investment recommendation. It primarily reflects standard corporate governance and director alignment, rather than a discretionary market purchase or sale that might signal a change in management's outlook.

Keywords

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