Rachel Elias - Oct 1, 2025 Form 4 Insider Report for Alpine Income Property Trust, Inc. (PINE)

Role: Director
Signature: /s/ Daniel E. Smith, attorney-in-fact for Rachel Elias Wein
Stock symbol: PINE
Transactions as of: Oct 1, 2025
Transactions value $: $17,490
Form type: 4
Date filed: 10/3/2025, 04:15 PM
Previous filing: Jul 3, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Elias Wein Rachel	Director	1140 N. WILLIAMSON BLVD., SUITE 140, DAYTONA BEACH	/s/ Daniel E. Smith, attorney-in-fact for Rachel Elias Wein	2025-10-03	0001846912

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PINE	Common Stock, par value $0.01 per share	Award	$17.5K	+1.19K	+10.17%	$14.67	12.9K	Oct 1, 2025	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These shares were issued to the Reporting Person as the equity component of her Q3 2025 quarterly retainer fee (the value of such component being approximately $17,500), 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 $14.67250.

Content

These shares were issued to the Reporting Person as the equity component of her Q3 2025 quarterly retainer fee (the value of such component being approximately $17,500), 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 $14.67250.