PINE · Alpine Income Property Trust, Inc. · Insider Trading

These shares were issued to the Reporting Person as the equity component of her Q3 2026 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 $18.0580.

These shares were issued to the Reporting Person as (i) the equity component of his Q3 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of his Q3 2026 quarterly retainer fee of $12,500, 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 $18.0580.

These shares were issued to the Reporting Person as (i) the equity component of her Q3 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q3 2026 quarterly retainer fee of $12,500, 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 $18.0580.

These shares were issued to the Reporting Person as the equity component of his Q3 2026 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 $18.0580.

The price reported is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $20.130 to $20.400, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

These shares were issued to the Reporting Person as (i) the equity component of her Q2 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q2 2026 quarterly retainer fee of $12,500, 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 $19.85550.

These shares were issued to the Reporting Person as the equity component of his Q2 2026 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 $19.85550.

These shares were issued to the Reporting Person as the equity component of her Q2 2026 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 $19.85550.

These shares were issued to the Reporting Person as (i) the equity component of his Q2 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of his Q2 2026 quarterly retainer fee of $12,500, 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 $19.85550.

The price reported is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $19.88 to $20.325, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

The price reported is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $19.315 to $19.41, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

The price reported is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $19.27 to $19.48, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

These shares were issued to the Reporting Person as the equity component of his Q1 2026 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 $18.7660.

These shares were issued to the Reporting Person as (i) the equity component of his Q1 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of his Q1 2026 quarterly retainer fee of $12,500, 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 $18.7660.

These shares were issued to the Reporting Person as the equity component of her Q1 2026 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 $18.7660.

These shares were issued to the Reporting Person as (i) the equity component of her Q1 2026 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q1 2026 quarterly retainer fee of $12,500, 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 $18.7660.

The price reported is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $18.10 to $18.20, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

These shares were issued to the Reporting Person as the equity component of her Q4 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 $16.91750.

These shares were issued to the Reporting Person as (i) the equity component of his Q4 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of his Q4 2025 quarterly retainer fee of $12,500, 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 $16.91750.

These shares were issued to the Reporting Person as the equity component of his Q4 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 $16.91750.

These shares were issued to the Reporting Person as (i) the equity component of her Q4 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q4 2025 quarterly retainer fee of $12,500, 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 $16.9175.

These shares were issued to the Reporting Person as (i) the equity component of his Q3 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of his Q3 2025 quarterly retainer fee of $12,500, 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.

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.

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.

These shares were issued to the Reporting Person as (i) the equity component of her Q3 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q3 2025 quarterly retainer fee of $12,500, 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.

Mr. Greathouse also serves as the Senior Vice President & Chief Investment Officer of CTO Realty Growth, Inc. ("CTO"). Mr. Greathouse disclaims beneficial ownership of all equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that Mr. Greathouse is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates.

The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.17 to $14.21, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

Mr. Albright also serves as the President, CEO and member of the Board of Directors of CTO Realty Growth, Inc. ("CTO"). Mr. Albright disclaims beneficial ownership of all equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that Mr. Albright is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates.

Mr. Greathouse also serves as the Senior Vice President & Chief Investment Officer of CTO Realty Growth, Inc. ("CTO"). Mr. Greathouse disclaims beneficial ownership of all equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that Mr. Greathouse is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates.

The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.095 to $14.13, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

Mr. Smith also serves as the Senior Vice President, General Counsel and Corporate Secretary of CTO Realty Growth, Inc. ("CTO"). Mr. Smith disclaims beneficial ownership of all equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that Mr. Smith is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates.

The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on July 28, 2025.

The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.17 to $14.37, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

These shares are owned directly by CTO TRS Crisp39 LLC, which is a wholly owned subsidiary of CTO Realty Growth, Inc. ("CTO"). CTO is an indirect beneficial owner of the reported securities.

The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on July 28, 2025.

The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.23 to $14.40, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

These shares are owned directly by CTO TRS Crisp39 LLC, which is a wholly owned subsidiary of CTO Realty Growth, Inc. ("CTO"). CTO is an indirect beneficial owner of the reported securities.

The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on July 28, 2025.

The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.02 to $14.17, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

These shares are owned directly by CTO TRS Crisp39 LLC, which is a wholly owned subsidiary of CTO Realty Growth, Inc. ("CTO"). CTO is an indirect beneficial owner of the reported securities.

The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on July 28, 2025.

The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $13.96 to $14.145, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

These shares are owned directly by CTO TRS Crisp39 LLC, which is a wholly owned subsidiary of CTO Realty Growth, Inc. ("CTO"). CTO is an indirect beneficial owner of the reported securities.

The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on July 28, 2025.

The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.03 to $14.41, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

These shares are owned directly by CTO TRS Crisp39 LLC, which is a wholly owned subsidiary of CTO Realty Growth, Inc. ("CTO"). CTO is an indirect beneficial owner of the reported securities.

The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on July 28, 2025.

The price reported is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.07 to $14.62, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

These shares are owned directly by CTO TRS Crisp39 LLC, which is a wholly owned subsidiary of CTO Realty Growth, Inc. ("CTO"). CTO is an indirect beneficial owner of the reported securities.

These shares were issued to the Reporting Person as (i) the equity component of his Q2 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of his Q2 2025 quarterly retainer fee of $12,500, 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 $15.13300.

These shares were issued to the Reporting Person as the equity component of her Q2 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 $15.13300.

These shares were issued to the Reporting Person as (i) the equity component of her Q2 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q2 2025 quarterly retainer fee of $12,500, 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 $15.13300.

These shares were issued to the Reporting Person as the equity component of his Q2 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 $15.13300.

These shares were issued to the Reporting Person as the equity component of her Q1 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 $16.35600.

These shares were issued to the Reporting Person as the equity component of his Q1 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 $16.35600.

These shares were issued to the Reporting Person as (i) the equity component of his Q1 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of his Q1 2025 quarterly retainer fee of $12,500, 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 $16.35600.

These shares were issued to the Reporting Person as (i) the equity component of her Q1 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q1 2025 quarterly retainer fee of $12,500, 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 $16.35600.

The price reported is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $16.66000 to $16.75000, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

The price reported is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $16.63000 to $16.65020, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

These shares were issued to the Reporting Person in lieu of her 4th quarter 2024 director retainer fee of $8,804.35 pursuant to the Issuer's non-employee director compensation policy (the "Policy"). 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 day of the quarter, or $17.03200.