Andrew C. Richardson - 01 Oct 2025 Form 4 Insider Report for Alpine Income Property Trust, Inc. (PINE)

Role: Director
Signature: /s/ Daniel E. Smith, attorney-in-fact for Andrew C. Richardson
Issuer symbol: PINE
Transactions as of: 01 Oct 2025
Net transactions value: +$17,490
Form type: 4
Filing time: 03 Oct 2025, 16:15:08 UTC
Previous filing: 29 Aug 2025
Next filing: 12 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Richardson Andrew C	Director	1140 N. WILLIAMSON BLVD., SUITE 140, DAYTONA BEACH	/s/ Daniel E. Smith, attorney-in-fact for Andrew C. Richardson	03 Oct 2025	0001358969

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	$17,490	+1,192	+6.6%	$14.67	19,160	01 Oct 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 his 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 his 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.