Form 4: Alpine Income Director Boosts Stake with Q4 Retainer

Morton Carson Good, a director at Alpine Income Property Trust, acquired 1,773 shares of common stock on January 2, 2026, as part of his Q4 2025 quarterly retainer fee.

Summary

• Morton Carson Good, a Director of Alpine Income Property Trust, Inc. (PINE), acquired 1,773 shares of common stock.
• The transaction occurred on January 2, 2026.
• The shares were acquired at a price of $16.9175 per share.
• This acquisition was part of his Q4 2025 quarterly retainer fee, comprising an equity component valued at approximately $17,500 and shares issued in lieu of a $12,500 cash component.
• 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, Mr. Good beneficially owns 25,125 shares of common stock.
• The transaction was made pursuant to the Issuer's Non-Employee Director Compensation Policy, adopted on February 3, 2020, and last amended on January 30, 2025.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. While the transaction is part of a routine compensation policy, the director's increased beneficial ownership through equity compensation generally signals alignment with shareholder interests and confidence in the company's future.

Positives

• A director increasing their beneficial ownership aligns their interests with shareholders.
• The acquisition of shares as part of compensation demonstrates confidence in the company's long-term prospects.

Negatives

• The shares were acquired as compensation rather than an open market purchase, which might be viewed differently by some investors.

Future Outlook

NA

Industry Context

Director compensation policies that include equity components are a common practice across various industries, including Real Estate Investment Trusts (REITs), to align the interests of non-employee directors with those of shareholders. This transaction reflects a standard compensation mechanism rather than a discretionary market purchase.

Comparison to Industry Standards

• The practice of compensating non-employee directors with a mix of cash and equity is standard across publicly traded companies, including REITs like Alpine Income Property Trust.
• The use of a trailing average closing price for equity compensation is a common method to determine the number of shares issued, providing a fair valuation over a period.
• Many companies, such as Realty Income (O) or National Retail Properties (NNN), also utilize similar equity-based compensation structures for their independent directors to foster long-term alignment.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Director Morton Carson Good as part of his Q4 2025 quarterly retainer fee, pursuant to the Non-Employee Director Compensation Policy, constitutes a related party transaction.

Stakeholder Impact

• Shareholders: Increased director ownership can be viewed positively as it aligns the director's financial interests with those of the shareholders, potentially fostering better long-term decision-making.
• Management: The compensation policy provides a clear framework for director remuneration, supporting stable governance.

Key Dates

Keywords

Alpine Income Property Trust, PINE, Morton Carson Good, Director Compensation, Insider Transaction, Stock Acquisition, Form 4, Equity Compensation, Real Estate Investment Trust