Form 4: CTO Realty Boosts Alpine Income Trust Stake

CTO Realty Growth, Inc., a 10% owner and director, increased its beneficial ownership in Alpine Income Property Trust, Inc. through recent common stock purchases.

Summary

• CTO Realty Growth, Inc. acquired additional common stock of Alpine Income Property Trust, Inc. (PINE).
• The purchases were made pursuant to a Rule 10b5-1 trading plan adopted by CTO Realty Growth, Inc. on July 28, 2025.
• On August 1, 2025, 17,733 shares were acquired at a weighted-average price of $14.1121 per share.
• On August 4, 2025, an additional 12,757 shares were acquired at a weighted-average price of $14.3461 per share.
• On August 5, 2025, 9,090 shares were acquired at a weighted-average price of $14.3262 per share.
• Following these transactions, CTO Realty Growth, Inc. indirectly owns 311,999 shares and directly owns 935,703 shares of Alpine Income Property Trust, Inc.
• The indirectly owned shares are held by CTO TRS Crisp39 LLC, a wholly-owned subsidiary of CTO Realty Growth, Inc.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to significant insider buying by a 10% owner and director, indicating strong confidence in the company's valuation and future prospects. The systematic nature of the purchases via a 10b5-1 plan further reinforces this positive outlook.

Positives

• A significant shareholder and director, CTO Realty Growth, Inc., is increasing its stake, signaling strong confidence in Alpine Income Property Trust, Inc.'s valuation and future prospects.
• The purchases were executed under a pre-planned Rule 10b5-1 trading plan, indicating a systematic and strategic investment approach rather than opportunistic buying.
• The continued accumulation of shares by a 10% owner strengthens the alignment of interests between a major stakeholder and other shareholders.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the execution of a pre-planned trading strategy.

Management Comments

• The filing includes the signature of Daniel E. Smith, Senior Vice President, General Counsel & Corporate Secretary of CTO Realty Growth, Inc., confirming the accuracy of the reported transactions.

Industry Context

The increased stake by CTO Realty Growth, Inc. in Alpine Income Property Trust, Inc. reflects continued investment activity within the real estate investment trust (REIT) sector, particularly by entities with existing strategic relationships or significant ownership positions. This type of insider buying can be viewed positively by the market as it signals confidence from a knowledgeable party.

Comparison to Industry Standards

• As a Form 4 filing, this document primarily reports insider transactions and does not contain financial performance metrics for direct comparison to industry standards or specific comparable companies' operational results.
• However, the consistent insider buying by a 10% owner and director, CTO Realty Growth, Inc., is generally viewed as a strong positive signal within the real estate investment trust (REIT) sector.
• This type of insider activity aligns with market expectations that significant stakeholders demonstrate conviction in their company's prospects, a behavior often observed in well-managed REITs where management and large shareholders' interests are aligned.

Related Party Transactions

• The shares are indirectly owned by CTO Realty Growth, Inc. through its wholly-owned subsidiary, CTO TRS Crisp39 LLC, which represents a related party transaction in terms of beneficial ownership structure.

Stakeholder Impact

• Shareholders: Increased confidence due to significant insider buying, potentially leading to positive market perception and share price appreciation.
• Management: Reinforces alignment of interests between the 10% owner/director and the company's strategic direction.

Next Steps

• The filing indicates that the reporting person undertakes to provide full information regarding the number of shares purchased at each separate price within the reported ranges upon request to the Issuer, any security holder, or the SEC staff.

Key Dates

Recommendation

The significant insider buying by CTO Realty Growth, Inc., a 10% owner and director of Alpine Income Property Trust, Inc., signals strong conviction in the company's value and future prospects. Such systematic accumulation of shares, especially under a Rule 10b5-1 plan, suggests that a well-informed entity believes the stock is undervalued or poised for growth. This action aligns the interests of a major shareholder with those of other investors and typically precedes positive performance, making it a compelling 'buy' signal for a seasoned investor.

Keywords

CTO Realty Growth, Alpine Income Property Trust, PINE, CTO, Insider Buying, Form 4, SEC Filing, Real Estate, REIT, Stock Purchase, Beneficial Ownership