[Form 4] Alpine Income Property Trust, Inc Insider Trading Activity

Rhea-AI Filing Summary

Steven R. Greathouse, reporting person and SVP & Chief Investment Officer of CTO Realty Growth, Inc., filed a Form 4 reporting a purchase on 09/11/2025 of 672 shares of Alpine Income Property Trust, Inc. (PINE) at a price of $14.88 per share. After this transaction he is reported to beneficially own 11,428 shares, held directly. The filing includes a statement that Mr. Greathouse also serves at CTO and disclaims beneficial ownership of any issuer shares owned by CTO or its affiliates, clarifying the limits of his personal ownership claim under Rule 16a-1(a)(4).

Positive

• Insider purchase reported: Acquisition of 672 shares at $14.88 shows the reporting person increased direct ownership.
• Clear post-transaction holdings: Filing discloses 11,428 shares beneficially owned following the purchase.
• Proper disclosure format: Transaction date, price, quantity, and signature by attorney-in-fact are included, meeting filing requirements.

Negative

• Potential attribution ambiguity: The filing includes a disclaimer that Mr. Greathouse disclaims beneficial ownership of shares owned by CTO or affiliates, which may obscure total economic exposure between personal and affiliated holdings.

Insights

Securities Analyst

TL;DR Insider reported a small open-market purchase increasing direct holdings to 11,428 shares; disclosure includes a customary organizational disclaimer.

The Form 4 shows a purchase (code P) of 672 shares at $14.88, resulting in 11,428 shares beneficially owned directly by Mr. Greathouse. The transaction date is clearly stated as 09/11/2025 and the report was signed by an attorney-in-fact. The filing contains a standard Rule 16 disclosure that disclaims beneficial ownership of shares held by CTO or its affiliates, which limits attribution of any institutional holdings to the individual filer. From a trading-disclosure perspective this is a routine insider buy with clearly reported price, quantity, and post-transaction holdings.

Corporate Governance Expert

TL;DR Form 4 is a routine, properly executed disclosure; the CTO disclaimer clarifies potential indirect ownership but does not negate the reported direct holdings.

The filing identifies the reporting person, role (SVP & Chief Investment Officer), and relationship to the issuer. The inclusion of the Rule 16a-1(a)(4) disclaimer is standard when the filer also serves at an investment manager; it indicates the filer is not claiming beneficial ownership of shares held by CTO or affiliates. The signature by an attorney-in-fact is present and the form lists the transaction code and price, satisfying Section 16 reporting elements. Governance-wise, the filing improves transparency about insider activity while distinguishing personal versus institutional positions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Greathouse Steven Robert

(Last) (First) (Middle)

1104 N. WILLIAMSON BLVD.

SUITE 140

(Street)

DAYTONA BEACH FL 32114

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Alpine Income Property Trust, Inc. [ PINE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & Chief Investment Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/11/2025		P		672	A	$14.88	11,428(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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.

	/s/ Daniel E. Smith, attorney-in-fact for Steven R. Greathouse	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Steven R. Greathouse report on Form 4 for PINE?

The Form 4 reports a purchase of 672 shares of PINE on 09/11/2025 at a price of $14.88 per share.

How many PINE shares does Mr. Greathouse beneficially own after the transaction?

After the reported transaction he beneficially owns 11,428 shares, held directly according to the filing.

Does the filing indicate any indirect ownership through CTO or affiliates?

The filing states that Mr. Greathouse serves as SVP & Chief Investment Officer of CTO and disclaims beneficial ownership of any issuer securities held by CTO or its affiliates.

Who signed the Form 4 and when?

The Form 4 was signed by /s/ Daniel E. Smith, attorney-in-fact for Steven R. Greathouse on 09/11/2025.

What trading code is used for the transaction and what does it indicate?

The transaction is reported with code P, indicating a purchase of the issuer's common stock.