Form 8-K

8-K — Alpine Income Property Trust, Inc.

Accession: 0001104659-26-086260

Filed: 2026-07-23

Period: 2026-07-23

CIK: 0001786117

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — pine-20260723x8k.htm (Primary)

EX-99.1 (pine-20260723xex99d1.htm)

EX-99.2 (pine-20260723xex99d2.htm)

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8-K

8-K (Primary)

Filename: pine-20260723x8k.htm · Sequence: 1

ALPINE INCOME PROPERTY TRUST, INC._July 23, 2026

0001786117false0001786117us-gaap:CumulativePreferredStockMember2026-07-232026-07-230001786117us-gaap:CommonStockMember2026-07-232026-07-2300017861172026-07-232026-07-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 23, 2026

ALPINE INCOME PROPERTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland

Commission File Number 001-39143

84-2769895

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

369 N. New York Avenue, Suite 201

Winter Park, Florida

32789

(Address of principal executive offices)

(Zip Code)

Registrant’s Telephone Number, including area code

(407) 904-3324

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 Par Value

PINE

NYSE

8.000% Series A Cumulative Redeemable Preferred Stock, $0.01 Par Value

PINE/PA

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On July 23, 2026, Alpine Income Property Trust, Inc., a Maryland corporation (the "Company"), issued an earnings press release and an investor presentation relating to the Company’s financial results for the quarter and six months ended June 30, 2026. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 7.01. Regulation FD Disclosure

On July 23, 2026, the Company issued an earnings press release and an investor presentation relating to the Company’s financial results for the quarter and six months ended June 30, 2026. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the materials include material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.

The information in Item 7.01 of this Current Report, including Exhibits 99.1 and 99.2 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Earnings Press Release dated July 23, 2026

99.2 Investor Presentation dated July 23, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 23, 2026

Alpine Income Property Trust, Inc.

By: /s/ Philip R. Mays

Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

EX-99.1

Filename: pine-20260723xex99d1.htm · Sequence: 2

Press

Exhibit 99.1

Press Release

QUARTER 2024 OPERATING RESULTS

FOR

IMMEDIATE

RELEASE

ALPINE INCOME PROPERTY TRUST REPORTS

SECOND QUARTER 2026 OPERATING AND

FINANCIAL RESULTS

– – Completed Approximately $77 Million of Gross Investment Activity at 9% Blended Initial Yield –

– Increases Upcoming Quarterly Common Stock Dividend by 6.7% –

WINTER PARK, FL – July 23, 2026 – Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the three and six months ended June 30, 2026.

Second Quarter 2026 Highlights

Operating results for the three and six months ended June 30, 2026 and 2025 (dollars in thousands, except per share data):

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Total Revenues

20,002

14,863

38,408

29,069

Net Income (Loss) Attributable to Common Stockholders

3,004

(1,641)

4,067

(2,820)

Net Income (Loss) per Diluted Share Attributable to Common Stockholders

0.16

(0.12)

0.23

(0.20)

FFO Attributable to Common Stockholders (1)

10,487

6,788

19,348

13,697

FFO Attributable to Common Stockholders per Diluted Share (1)

0.57

0.44

1.10

0.88

AFFO Attributable to Common Stockholders (1)

10,557

6,742

19,463

13,781

AFFO Attributable to Common Stockholders per Diluted Share (1)

0.58

0.44

1.11

0.88

(1)

See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income (Loss) to non-GAAP financial measures.

“We continued to execute on our growth strategy in the second quarter, completing approximately $77 million of investments at an attractive blended yield of nearly 9%,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “With this activity, our property portfolio ABR grew to $50 million at quarter end, with 55% attributable to investment grade rated tenants. Further, we opportunistically utilized our ATM program to source capital and further support our liquidity position.”

Page 1

Investment Activity

Investments for the three and six months ended June 30, 2026 (dollars in thousands):

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

Number of Investments

Amount

Number of Investments

Amount

Properties (1)

36,575

46,575

Commercial Loan Originations

40,000

103,930

Total Investments

76,575

150,505

Properties - Weighted Average Initial Cash Cap Rate

7.4%

7.6%

Commercial Loans - Weighted Average Initial Coupon Rate (2)

10.0%

13.1%

Total Investments - Weighted Average Initial Yield

8.7%

11.4%

Properties - Weighted Average Remaining Lease Term at Time of Acquisition

9.2 years

21.1 years

(1) The three and six months ended June 30, 2026 investments include $16.3 million and $26.3 million, respectively, of property acquisitions that are accounted for as financing arrangements for GAAP purposes and are included in the Sale-Leaseback and Sales-Type Lease Properties, hereinafter defined.

(2) Includes paid-in-kind (“PIK”) interest coupon rate.

Disposition Activity

Dispositions for the three and six months ended June 30, 2026 (dollars in thousands):

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

Number of Investments

Amount

Number of Investments

Amount

Properties

—

5,816

Commercial Loans

—

10,763

Total Dispositions

—

16,579

Properties - Weighted Average Exit Cash Cap Rate

— %

7.4%

Commercial Loans - Weighted Average Cash Yield

— %

10.0%

Total Dispositions - Weighted Average Cash Yield

— %

9.1%

Page 2

Investments

The Company’s property and commercial loan portfolios consisted of the following as of June 30, 2026:

Property Portfolio

Number of Properties

128

Square Feet

4.5 million

Annualized Base Rent (ABR) (1)

$50.0 million

Weighted Average Remaining Lease Term

9.2 years

States where Properties are Located

Industries

Occupancy

99.5%

% of ABR Attributable to Investment Grade Rated Tenants

55%

% of ABR Attributable to Credit Rated Tenants

68%

% of ABR Attributable to Sale-Leaseback and Sales Type Lease Properties (2)

13%

Commercial Loan Portfolio (3)

Number of Commercial Loans

Outstanding Face Amount (4)

$167.0 million

Weighted Average Coupon Rate (5)

13.2%

Weighted Average Remaining Term

1.6 years

Unfunded Commitment Amount

$85.4 million

(1) ABR represents annualized in-place straight-line base rent pursuant to GAAP. Annualized in-place cash base rent totaled $47.8 million.

(2) The Company owns four single-tenant income properties which were acquired through sale-leaseback transactions that include tenant repurchase options and one single-tenant income property which qualifies as a sales-type lease (collectively, the "Sale-Leaseback and Sales-Type Lease Properties"). These Sale-Leaseback and Sales-Type Lease Properties are accounted for as financing arrangements for GAAP purposes. However, as they constitute real estate assets for both legal and tax purposes, we include them for purposes of describing our property portfolio, including for tenant, industry, and state concentrations and exclude them for purposes of describing our commercial loan portfolio. The Sale-Leaseback and Sales-Type Lease Properties represent 10.6% of annualized in-place cash base rent.

(3) See Supplemental Disclosure on Commercial Loans and Investments on page 14 of this press release.

(4) Net of $19.1 million A-1 Participation and $57.2 million of financing related to Sale-Leaseback and Sales-Type Lease Properties.

(5) Includes PIK interest coupon rate.

The Company’s property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of June 30, 2026:

Tenant

Credit Rating

% of ABR

Lowe's

BBB+ / Baa1

13%

Dicks Sporting Goods

BBB / Baa2

Beachside Hospitality Group

NR / NR

Walmart

AA / Aa2

Alamo Drafthouse

A+ / A2

Best Buy

BBB+ / A3

Dollar General

BBB / Baa3

Family Dollar

NR / NR

GermFree Laboratories

NR / NR

Walgreens

NR / NR

At Home

NR / NR

Bass Pro Shops

BB- / Ba3

BJ's Wholesale Club

BB+ / Ba1

Academy Sports

BB+ / Ba2

Aspen Retail

NR / NR

TJX Companies

A / A2

Dollar Tree

BBB / Baa2

Home Depot

A / A2

Other

18%

Total

100%

Page 3

The Company’s property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of June 30, 2026:

Industry

% of ABR

Home Improvement

15%

Sporting Goods

15%

Casual Dining

11%

Dollar Stores

10%

Entertainment

Grocery

Consumer Electronics

Home Furnishings

Pharmacy

Off-Price Retail

Technology, Media & Life Sciences

Wholesale Club

Other

Total

100%

The Company’s property portfolio included properties in the following top states that represent 2.0% or greater of the Company’s total ABR as of June 30, 2026:

State

% of ABR

Florida

12%

Texas

New Jersey

Colorado

New York

Michigan

North Carolina

Illinois

Virginia

Georgia

Ohio

Minnesota

West Virginia

Tennessee

Wisconsin

Kansas

Louisiana

Oklahoma

California

Other

Total

100%

Balance Sheet and Capital Markets

(Dollars in table in thousands)

As of June 30, 2026

Leverage

Net Debt / Total Enterprise Value

44.8%

Net Debt / Pro Forma Adjusted EBITDA

6.4x

Fixed Charge Coverage Ratio

3.0x

Liquidity

Available Capacity Under Revolving Credit Facility

80,500

Cash, Cash Equivalents

2,778

Total Liquidity

83,278

Page 4

The Revolving Credit Facility has commitments for up to $250.0 million; however, borrowing availability is based on an unencumbered asset value, as defined in the underlying credit agreement. As of June 30, 2026, the Company had an outstanding balance of $169.5 million under the Revolving Credit Facility and $80.5 million of additional borrowing availability based on unencumbered asset value as of June 30, 2026.

During the three months ended June 30, 2026, the Company issued 1,139,351 common shares under its common stock ATM offering program at a weighted average gross price of $19.31 per share, for total net proceeds of $21.7 million. During the three months ended June 30, 2026, the Company issued 156,302 preferred shares under its Series A Preferred Stock ATM offering program at a weighted average gross price of $25.18 per share, for total net proceeds of $3.9 million.

During the six months ended June 30, 2026, the Company issued 2,801,075 common shares under its common stock ATM offering program at a weighted average gross price of $19.31 per share, for total net proceeds of $53.3 million. During the six months ended June 30, 2026, the Company issued 342,540 preferred shares under its Series A Preferred Stock ATM offering program at a weighted average gross price of $25.17 per share, for total net proceeds of $8.4 million.

The Company’s long-term debt as of June 30, 2026 (dollars in thousands):

As of June 30, 2026

Face Value Debt

Stated Interest Rate

Wtd. Avg. Rate

Maturity Date

Revolving Credit Facility (1)

169,500

SOFR +

[1.25% - 2.20%]

4.82%

February 2030

2029 Term Loan (2)

100,000

SOFR +

[1.25% - 1.90%]

4.66%

February 2029

2031 Term Loan (3)

100,000

SOFR +

[1.25% - 1.90%]

3.35%

February 2031

Total Debt/Weighted-Average Rate

369,500

4.38%

(1)

As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the applicable spread on $100 million of the outstanding balance on the Company’s Revolving Credit Facility.

(2)

As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread for the $100 million 2029 Term Loan balance.

(3)

As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the applicable spread for the $100 million 2031 Term Loan balance.

As of June 30, 2026, the Company held a 93.5% common interest in Alpine Income Property OP, LP, the Company’s operating partnership (the “Operating Partnership” or “OP”). There were 1,223,854 common OP Units held by third parties outstanding and 17,595,168 shares of the Company’s common stock outstanding for a combined total of 18,819,022 shares of common stock and common OP Units held by third parties as of June 30, 2026.

Dividends

The Company’s dividends for the three and six months ended June 30, 2026:

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

Preferred Dividends Declared and Paid per Share

0.500

1.000

Common Dividends Declared and Paid per Share

0.300

0.600

FFO Attributable to Common Stockholders Payout Ratio

52.6%

54.5%

AFFO Attributable to Common Stockholders Payout Ratio

51.7%

54.1%

Page 5

The Company announced today that its Board of Directors has authorized a quarterly cash dividend of $0.320 per share of common stock for the third quarter of 2026, which represents a 6.7% increase as compared to the Company’s previous quarterly cash dividend of $0.300 per share of common stock.

The common stock cash dividend is payable on September 30, 2026 to stockholders of record as of the close of business on September 10, 2026.

The Board of Directors also authorized, and the Company has declared, a quarterly cash dividend of $0.500 per share of the Company’s 8.000% Series A Cumulative Redeemable Preferred Stock for the third quarter of 2026, to be paid on September 30, 2026 to stockholders of record as of the close of business on September 10, 2026.

Page 6

2026 Outlook

The Company is revising its 2026 outlook. The Company’s 2026 guidance is based on current plans and a number of assumptions and is subject to risks and uncertainties, many of which are outside the Company’s control, and are more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission. Further, the Company’s 2026 outlook does not reflect the impact of any incentive management fee that may be due to our manager based on stockholder return for the calendar year.

The Company’s revised outlook for 2026 is as follows:

(Unaudited)

Prior 2026

Outlook (1)

Revised 2026 Outlook

Net Income per Diluted Share

$0.72 to $0.76

$0.81 to $0.84

FFO Attributable to Common Stockholders per Diluted Share

$2.09 to $2.13

$2.10 to $2.13

AFFO Attributable to Common Stockholders per Diluted Share

$2.11 to $2.15

$2.12 to $2.15

Investment Volume

$170 to $200 Million

Disposition Volume

$30 to $60 Million

$20 to $40 Million

(1) As issued on April 23, 2026.

Reconciliation of the outlook range of the Company’s 2026 estimated Net Income per Diluted Share to estimated FFO Attributable to Common Stockholders per Diluted Share, and AFFO Attributable to Common Stockholders per Diluted Share:

Revised Outlook

Range for 2026

(Unaudited)

Low

High

Net Income per Diluted Share

0.81

0.84

Depreciation and Amortization

1.53

Provision for Impairment (1)

0.05

Gain on Disposition of Assets (1)

(0.01)

FFO per Diluted Share

2.38

2.41

Distributions to Preferred Stockholders

(0.28)

Funds From Operations Attributable to Common Stockholders per Diluted Share

2.10

2.13

Amortization of Intangible Assets and Liabilities to Lease Income

(0.05)

Straight-Line Rent Adjustment

(0.03)

Non-Cash Compensation

0.02

Amortization of Deferred Financing Costs to Interest Expense

0.06

Other Non-Cash Adjustments

0.02

AFFO Attributable to Common Stockholders per Diluted Share

2.12

2.15

(1) Provision for Impairment and Gain on Disposition of Assets represents the actual adjustment for the six months ended June 30, 2026. The Company’s outlook excludes projections related to these measures.

Page 7

Second Quarter 2026 Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the three and six months ended June 30, 2026, on Friday, July 24, 2026 at 9:00 AM ET.

A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.alpinereit.com or at the link provided in the event details below. To access the call by phone, please go to the link provided in the event details below and you will be provided with dial-in details.

Webcast: https://edge.media-server.com/mmc/p/iuvruxju

Dial-In: https://register-conf.media-server.com/register/BI48eac5f347f14395b7353fd35fab0702

We encourage participants to dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company’s website at www.alpinereit.com.

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants. The Company also complements its income property portfolio by strategically investing in a select portfolio of commercial loan investments intended to deliver an attractive risk-adjusted return.

We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.

Contact:Investor Relations

ir@alpinereit.com

Safe Harbor

This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “outlook,” “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, geopolitical conflicts, tariffs and international trade policies, risks inherent in the real estate business, including tenant or borrower defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the businesses of its tenants and borrowers and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the businesses of its tenants and borrowers that are beyond the control of the Company or its tenants or borrowers, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Page 8

Non-GAAP Financial Measures

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.

FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income or loss as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries.

To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income or loss but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. FFO, AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies.

Page 9

GAAP requires that the Sale-Leaseback and Sales-Type Lease Properties and the value of participation obligation interests sold (the “Participation Obligations Sold”) for which sale accounting was not achieved be accounted for as financing arrangements. Accordingly, for GAAP purposes, the Sale-Leaseback and Sales-Type Lease Properties and Participation Obligations Sold are included in the Company’s Commercial Loans and Investments segment. However, for statistical purposes, the Company excludes the Sale-Leaseback and Sales-Type Lease Properties and the Participation Obligations Sold. Please see page 14 of this press release for further details. We believe that the Supplemental Disclosure on Commercial Loans and Investments is an additional useful measure for investors to consider because it will help them to better assess the performance of our Commercial Loan Portfolio.

Other Definitions

Annualized Base Rent (ABR) represents the annualized in-place straight-line base rent pursuant to GAAP.

Annualized In-Place Cash Base Rent represents the annualized in-place contractual minimum base rent on a cash basis.

Credit Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.

Investment Grade Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this press release are those available from S&P Global Ratings and/or Moody’s Investors Service, as applicable, as of June 30, 2026.

Weighted Average Remaining Lease Term is weighted by the ABR and does not assume the exercise of any tenant purchase options.

Page 10

Alpine Income Property Trust, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)

As of

(Unaudited)

June 30, 2026

December 31, 2025

ASSETS

Real Estate:

Land, at Cost

166,572

151,628

Building and Improvements, at Cost

349,449

344,138

Total Real Estate, at Cost

516,021

495,766

Less, Accumulated Depreciation

(62,863)

(54,446)

Real Estate—Net

453,158

441,320

Assets Held for Sale

375

8,077

Commercial Loans and Investments

238,575

167,553

Cash and Cash Equivalents

2,778

4,589

Restricted Cash

23,296

34,410

Intangible Lease Assets—Net

46,151

48,925

Straight-Line Rent Adjustment

2,406

2,092

Other Assets

14,774

8,908

Total Assets

781,513

715,874

LIABILITIES AND EQUITY

Liabilities:

Accounts Payable, Accrued Expenses, and Other Liabilities

14,093

7,877

Prepaid Rent and Deferred Revenue

17,661

14,031

Intangible Lease Liabilities—Net

4,602

4,971

Obligation Under Participation Agreement

19,062

10,000

Long-Term Debt—Net

367,552

377,739

Total Liabilities

422,970

414,618

Commitments and Contingencies

Equity:

Preferred Stock, 100 million shares authorized, $0.01 par value per share, 8.00% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 2,425,868 shares issued and outstanding as of June 30, 2026 and 2,083,328 shares issued and outstanding as of December 31, 2025

Common Stock, $0.01 par value per share, 500 million shares authorized, 17,595,168 shares issued and outstanding as of June 30, 2026 and 14,783,419 shares issued and outstanding as of December 31, 2025

176

148

Additional Paid-in Capital

375,337

313,690

Dividends in Excess of Net Income

(41,394)

(35,276)

Accumulated Other Comprehensive Income

3,148

1,293

Stockholders' Equity

337,291

279,876

Noncontrolling Interest

21,252

21,380

Total Equity

358,543

301,256

Total Liabilities and Equity

781,513

715,874

Page 11

Alpine Income Property Trust, Inc.

Consolidated Statements of Operations

(Unaudited)

(In thousands, except share, per share and dividend data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Lease Income

12,637

12,022

25,239

23,848

Interest Income from Commercial Loans and Investments

7,331

2,737

13,089

5,038

Other Revenue

104

183

Total Revenues

20,002

14,863

38,408

29,069

Operating Expenses:

Real Estate Expenses

2,085

2,105

4,387

4,139

General and Administrative Expenses

2,028

1,697

3,887

3,413

Provision for Impairment

377

2,803

885

4,834

Depreciation and Amortization

6,805

6,705

14,020

14,012

Total Operating Expenses

11,295

13,310

23,179

26,398

Gain on Disposition of Assets

—

938

2,089

Net Income From Operations

8,707

2,491

15,326

4,760

Investment and Other Income

364

455

Interest Expense

(4,579)

(4,320)

(8,932)

(7,912)

Net Income (Loss)

4,492

(1,782)

6,849

(3,060)

Less: Net Loss (Income) Attributable to Noncontrolling Interest

(301)

141

(473)

240

Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.

4,191

(1,641)

6,376

(2,820)

Less: Distributions to Preferred Stockholders

(1,187)

—

(2,309)

—

Net Income (Loss) Attributable to Common Stockholders

3,004

(1,641)

4,067

(2,820)

Per Common Share Data:

Net Income (Loss) Attributable to Common Stockholders

Basic

0.18

(0.12)

0.25

(0.20)

Diluted

0.16

(0.12)

0.23

(0.20)

Weighted Average Number of Common Shares:

Basic

17,066,917

14,202,796

16,310,036

14,414,682

Diluted (1)

18,290,771

15,426,650

17,533,890

15,638,536

Dividends Declared and Paid - Preferred Stock

0.500

—

1.000

—

Dividends Declared and Paid - Common Stock

0.300

0.285

0.600

0.570

(1)

Includes 1,223,854 shares during the three and six months ended June 30, 2026 and 2025, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc. and its wholly owned subsidiaries.

Page 12

Alpine Income Property Trust, Inc.

Non-GAAP Financial Measures

Funds From Operations and Adjusted Funds From Operations

(Unaudited)

(In thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net Income (Loss)

4,492

(1,782)

6,849

(3,060)

Depreciation and Amortization

6,805

6,705

14,020

14,012

Provision for Impairment

377

2,803

885

4,834

Gain on Disposition of Assets

—

(938)

(97)

(2,089)

Funds From Operations

11,674

6,788

21,657

13,697

Distributions to Preferred Stockholders

(1,187)

—

(2,309)

—

Funds From Operations Attributable to Common Stockholders

10,487

6,788

19,348

13,697

Adjustments:

Amortization of Intangible Assets and Liabilities to Lease Income

(241)

(166)

(477)

(246)

Straight-Line Rent Adjustment

(160)

(231)

(317)

(362)

Non-Cash Compensation

190

Amortization of Deferred Financing Costs to Interest Expense

303

205

568

394

Other Non-Cash Adjustments

151

108

Adjusted Funds From Operations Attributable to Common Stockholders

10,557

6,742

19,463

13,781

FFO Attributable to Common Stockholders per Diluted Share

0.57

0.44

1.10

0.88

AFFO Attributable to Common Stockholders per Diluted Share

0.58

0.44

1.11

0.88

Supplemental Disclosure:

PIK Interest Earned

879

—

1,473

—

PIK Interest Paid

—

PIK Interest Earned in Excess of PIK Interest Paid

879

—

1,423

—

Page 13

Alpine Income Property Trust, Inc.

Non-GAAP Financial Measures

Reconciliation of Net Debt to Pro Forma Adjusted EBITDA

(Unaudited)

(In thousands)

Three Months Ended June 30, 2026

Net Income

4,492

Adjustments:

Depreciation and Amortization

6,805

Provision for Impairment

377

Distributions to Preferred Stockholders

(1,187)

Amortization of Intangible Assets and Liabilities to Lease Income

(241)

Straight-Line Rent Adjustment

(160)

Non-Cash Compensation

Amortization of Deferred Financing Costs to Interest Expense

303

Other Non-Cash Adjustments

Other Non-Recurring Items

(326)

Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement

3,766

Adjusted EBITDA

13,997

Annualized Adjusted EBITDA

55,988

Pro Forma Annualized Impact of Current Quarter Investment Activity (1)

1,281

Pro Forma Adjusted EBITDA

57,269

Total Long-Term Debt

367,552

Financing Costs, Net of Accumulated Amortization

1,948

Cash and Cash Equivalents

(2,778)

Net Debt

366,722

Net Debt to Pro Forma Adjusted EBITDA

6.4x

(1) Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended June 30, 2026.

Page 14

Alpine Income Property Trust, Inc.

Non-GAAP Financial Measures

Supplemental Disclosure on Commercial Loans and Investments

(Unaudited)

(In thousands)

As of and for the Six Months Ended June 30, 2026

Commercial Loan Portfolio

Plus: Participation Obligations Sold

Total Commercial Loans

Plus: Sale-Leaseback and Sale-Type Lease Transactions

Commercial Loans and Investments Pursuant to GAAP

Face Amount, Beginning of Period

129,813

10,000

139,813

31,133

170,946

Draws (Including Accrued PIK Interest)

52,906

10,763

63,669

26,257

89,926

Principal Repayments

(15,672)

(1,701)

(17,373)

(152)

(17,525)

Face Amount, End of Period

167,047

19,062

186,109

57,238

243,347

Unaccreted Origination Fees

(2,339)

—

(2,339)

—

(2,339)

CECL Reserve

(1,670)

(191)

(1,861)

(572)

(2,433)

Carrying Amount, End of Period

163,038

18,871

181,909

56,666

238,575

Cash Interest Income

8,245

820

9,065

1,945

11,010

PIK Interest Earned

1,473

—

1,473

—

1,473

Accretion of Commercial Loans and Investments Origination Fees

606

—

606

—

606

Total Interest Income

10,324

820

11,144

1,945

13,089

Weighted Average Coupon Rate, End of Period (1)

13.2

10.0

12.8

8.3

11.8

(1) Includes PIK interest coupon rate.

Page 15

EX-99.2

Filename: pine-20260723xex99d2.htm · Sequence: 3

Exhibit 99.2

Presentation

NYSE: PINE

Second Quarter 2026

Investor

alpinereit.com

D i c k ’ s S p o r t i n g G o o d s – V i n e l a n d , N J

Portfolio Summary

55%

Investment

Grade2

Non-IG

13%

Not Rated

32%

As of June 30, 2026, unless otherwise noted.

1. The Company owns four single-tenant income properties which were acquired through sale-leaseback transactions that include tenant repurchase options and one single-tenant income property which qualifies as a sales-type lease (collectively, the "Sale-Leaseback and Sales-Type Lease Properties"). These Sale-Leaseback and Sales-Type Lease Properties are accounted for as financing arrangements for GAAP purposes. However, as they constitute real estate assets for both legal and tax purposes, we include them for purposes of describing our

property portfolio, including for tenant, industry, and state concentrations and exclude them for purposes of describing our commercial loan portfolio.

2. Based on % of ABR from Investment-Grade-rated tenants. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the

National Association of Insurance Commissioners (NAIC).

KEY PORTFOLIO STATS 1

M a r V i s t a – L o n g b o a t K e y , F L

128 4.5M 9.2 years 99.5% $11.17

Properties Square Feet Wtd. Avg. Lease Term Occupied Average Rent PSF

2026 GUIDANCE 1

13.2%

7.9%

6.1% 5.6% 5.5%

3.9% 3.5% 3.5%

PINE EPRT NTST FVR ADC FCPT O NNN

2026 Guidance

As of June 30, 2026, unless otherwise noted. Consensus 2026E AFFO per FactSet.

1. The Company’s 2026 outlook does not reflect the impact of any incentive management fee that may be due to our manager based on stockholder return for the calendar year. Earnings growth per share based on the mid-point of current guidance.

FFO per Share

Guidance midpoint vs 2025A

$2.10-$2.13

+12.5% YoY

AFFO per Share

Guidance midpoint vs 2025A

$2.12-$2.15

+13.1% YoY

Investment Volume $170M-$200M

Disposition Volume $20M-$40M

CONSENSUS 2026E VS. 2025A AFFO GROWTH

Company Summary

As of June 30, 2026, unless otherwise noted. PINE stock price on June 30, 2026 was $20.76.

1. Net Debt to TEV (Total Enterprise Value) is the Company’s outstanding debt, minus the Company’s cash and cash equivalents, as a percentage of the Company’s enterprise value.

2. Calculated using the announced Q3 2026 annualized dividend.

3. See the “Non-GAAP Financial Information” section and tables at the end of this presentation for a discussion and reconciliation of Net Income to non-GAAP financial measures.

$391M $818M

Market Capitalization Enterprise Value (TEV)

7.1% 6.2%

Implied

Cap Rate

Annualized Dividend

Yield 2

44.8% 6.4x

Net Debt /

TEV 1

Net Debt / Pro Forma

Adjusted EBITDA 3

2029 $83M

First Debt Maturity Liquidity

SNAPSHOT – JUNE 30, 2026

B J ’ s W h o l e s a l e C l u b – C o n c o r d , N C

Highlights

As of June 30, 2026, unless otherwise noted. PINE stock price on June 30, 2026 was $20.76.

1. See page 9 for more details on the calculation and peer metrics.

National Association of Insurance Commissioners (NAIC).

WHY PINE

01 Low Basis

$183 per sq ft — roughly

60% of the peer average,

below replacement cost 1

02 Dividend Growth

60%+ increase in the

quarterly dividend since the

start of 2020.

03 Well-Covered Dividend

Highest yield with the

lowest payout ratio in the

sector.

04 Below-Market Rent

Average rent of $11.17 PSF

keeps occupancy costs

below market rents.

Quality Tenants

55% of tenants are

investment-grade rated 2

05 Geographic Focus

Florida and Texas represent

PINE’s two largest states by

ABR.

B e a c h H o u s e – B r a d e n t o n B e a c h , F L S a n d b a r – A n n a M a r i a , F L

High-Quality, Retail Net Lease Portfolio

As of June 30, 2026, unless otherwise noted.

1. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC).

Investment Grade Sub-Investment Grade / NR

BBB+ 13%

BBB 9%

N/A 8%

AA 7%

A+ 5%

BBB+ 5%

BBB 4%

N/A 4%

N/A 3%

Sony

Credit

OPERATIONAL TRANSPARENCY

68% of ABR comes from tenants or the parent of a tenant that

are credit-rated

L o w e ’ s – E d m o n d , O K

TOP 10 TENANTS BY ABR 1

68%

of ABR from credit-rated

tenants or their parent

75%

of ABR from publicly

traded tenants or their

parent

% OF ABR BY STATE

–

12%

% GAAP ABR

Major Market, Strong Demographic-Driven Portfolio

As of June 30, 2026, unless otherwise noted. ABR in thousands, includes impact of straight-line rent.

1. Based on 2025 Average Household Income (5-mile) and 2025 Total Population (5-mile) data from Esri.

2. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Office of Management and Budget.

State Properties $ ABR % ABR

Florida 5 $5,923 12%

Texas 13 4,344 9%

New Jersey 7 4,046 8%

Colorado 3 3,834 8%

New York 13 3,021 6%

Michigan 7 2,993 6%

North Carolina 7 2,989 6%

Illinois 5 2,743 5%

Virginia 6 2,195 4%

Georgia 5 1,812 4%

Other 57 16,110 32%

Total 128 $50,008 100%

$113,400

Total Portfolio Wtd. Avg. 5-Mile

Average Household Income

124,700

Total Portfolio Wtd. Avg. 5-Mile

Total Population

52%

of ABR comes from MSAs2 with

population > one million people

Focused on MSAs Benefitting from Demographic Shifts and Attractive Supply/Demand Dynamics

DEMOGRAPHIC METRICS 1

TOP STATES

Diversified Portfolio

As of June 30, 2026, unless otherwise noted. ABR in thousands, includes impact of straight-line rent.

B o o t B a r n – C o n c o r d , N C

L o w e ’ s – S t o c k t o n , C A

TOP SECTORS

15%

11%

10%

Home Improvement

Sporting Goods

Casual Dining

Dollar Stores

Entertainment

Grocery

Consumer Electronics

Home Furnishings

Pharmacy

Off-Price Retail

TOTAL ENTERPRISE VALUE PER SQUARE FOOT1

$432

$324 $331

$251 $266

$216 $203 $183

PINE NTST ADC O FVR NNN EPRT FCPT

High-Quality Portfolio with Valuation Upside

Average rent of $11.17 PSF keeps occupancy costs below

market rents, so tenants may be more likely to exercise

renewal options.

Source: FactSet and Company Reports

1. Peer square footage based on information from each company’s investor presentation with data as of March 31, 2026. Portfolio information for PINE is as of June 30, 2026. Total Enterprise Value uses stock prices as of June 30, 2026.

MARGIN OF SAFETY

Basis per square foot is roughly 60% of the peer average —

allowing shareholders to invest below replacement cost.

STICKIER TENANTS

Peer Average: $289

$0.82

$1.02 $1.09 $1.10 $1.11 $1.14 $1.28

2020 2021 2022 2023 2024 2025 Q3 2026

Annualized

6.2% 6.0%

5.2% 5.2% 4.3% 4.2% 4.2% 4.2%

PINE FCPT O NNN FVR ADC NTST EPRT

As of June 30, 2026, unless otherwise noted. PINE metrics reflect the Q3 2026 annualized dividend.

1. All dividend yields are based on the closing stock price on June 30, 2026, using Q2 2026 annualized dividends except for PINE which uses the Q3 2026 annualized dividend.

High-Yielding and Growing Dividend

55%

Q2 Annualized AFFO

Payout Ratio

6.2%

Annualized Dividend Yield

60%

Increase in quarterly cash

dividend since IPO

$1.28

Annualized Dividend

PINE DIVIDEND PER SHARE

HIGH DIVIDEND YIELD 1

Peer Average: 4.7%

79% 73% 67% 70% 61% 63% 65%

56%

PINE EPRT NTST FVR NNN ADC O FCPT

16.6x

15.2x 15.3x 13.1x 13.3x 14.0x 14.6x

9.7x

PINE NNN FCPT O EPRT NTST FVR ADC

Well-Covered Dividend & Valuation Upside

As of June 30, 2026, unless otherwise noted.

1. 2026E AFFO multiples are based on the closing stock price on June 30, 2026; AFFO payout ratio and AFFO multiple use 2026E AFFO per share consensus estimates from FactSet.

2026E AFFO PAYOUT RATIO 1

2026E AFFO MULTIPLES 1

Peer Average: 69%

Peer Average: 14.6x

High-Quality Top Tenant Base: 55% Investment-Grade Rated

% IG

RATED

PINE information as of June 30, 2026. Peer information as of each company’s Q1 2026 investor presentation based on data as of March 31, 2026.

52% 42% 34% 28% 13% Not

Disclosed

Among net lease peers, only PINE counts marquee credits like Lowe’s or Dick’s Sporting Goods within its top five tenants.

55%

Sony

Credit

65%

–

9% 11%

12% 14%

–

2% 3% 5%

25%

Lease Rollover Schedule

As of June 30, 2026, unless otherwise noted.

1. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options.

9.2

A long, well-laddered rollover schedule

limits near-term re-leasing risk and

supports durable, predictable cash flow.

LEASE ROLLOVER SCHEDULE (BY ABR)

A c a d e m y S p o r t s – T u p e l o , M S

YEARS WTD. AVG. LEASE TERM1

KEY COMMERCIAL LOAN PORTFOLIO STATS 1

Commercial Loan Investments

As of June 30, 2026, unless otherwise noted.

1. See Supplemental Disclosure on Commercial Loans and Investments on page 25 of this presentation.

2. Net of $19.1 million A-1 Participation and $57.2 million of financing related to Sale-Leaseback and Sales-Type Lease Properties.

3. Includes PIK interest coupon rate.

• Originates commercial loans and investments secured by real

estate

• Originated first investment in July 2023 after identifying an

attractive risk/reward ratio in the lending environment

• Loans may provide the option to acquire the underlying

properties under certain circumstances

Number of Loans

All First Mortgages

$167.0M

Outstanding Face

Amount 2

13.2%

Weighted Average

Coupon Rate 3

1.6 Years

Weighted Average

Remaining Term

$85.4M

Unfunded Commitment Amount

Diversified income streams

Attractive risk-adjusted

returns

The commercial loan portfolio complements the property portfolio, delivering an attractive risk-adjusted return.

High-yield investment

opportunities

OVERVIEW

$100 $100

$170

2026 2027 2028 2029 2030 2031

Unsecured Term Loan Revolving Credit Facility

100% Unsecured Long-Term Indebtedness

As of June 30, 2026. $ in thousands; any differences a result of rounding.

1. The Company’s senior unsecured revolving credit facility matures in February 2030; the maturity date reflected does not reflect the Company’s two six-month extension options, subject to satisfaction of certain conditions.

2. Net Debt to TEV (Total Enterprise Value) is the Company’s outstanding debt, minus the Company’s cash and cash equivalents, as a percentage of the Company’s enterprise value.

3. See the “Non-GAAP Financial Information” section and tables at the end of this presentation for a discussion and reconciliation of Net Income to non-GAAP financial measures.

$391M

Equity Market

Capitalization

$61M

Preferred Equity

at Liquidation

$367M

Net Debt 2

$818M

Total Enterprise Value (TEV)

44.8%

Net Debt to TEV

6.4x

Net Debt to Pro Forma

Adjusted EBITDA 3

DEBT MATURITY SCHEDULE ($M) 1 CAPITALIZATION & LEVERAGE

DEBT DETAIL

As of June 30, 2026. $ in thousands; any differences a result of rounding.

1. As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the applicable spread on $100 million of the outstanding balance on the Company’s Revolving Credit Facility.

2. As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread for the $100 million 2029 Term Loan balance.

3. As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the applicable spread for the $100 million 2031 Term Loan balance.

Instrument Interest Rate Type Face Value Debt Wtd. Avg. Rate Initial Maturity

Revolving Credit Facility Floating $69,500 5.03% February 2030

Revolving Credit Facility 1 Fixed $100,000 4.67% February 2030

2029 Term Loan 2 Fixed $100,000 4.66% February 2029

2031 Term Loan 3 Fixed $100,000 3.35% February 2031

Total Debt / Weighted-Average Rate $369,500 4.38%

D i c k ’ s H o u s e o f S p o r t , V i c t o r N Y

Corporate Responsibility

Alpine Income Property Trust, through its external manager, is committed to sustainability, strong corporate governance,

and meaningful corporate social responsibility programs.

Committed Focus

Committed to maintaining an environmentally conscious culture, the utilization of

environmentally friendly & renewable products, and the promotion of sustainable business

practices

Tenant Alignment

Alignment with environmentally aware tenants who have strong sustainability programs and

initiatives embedded into their corporate culture and business practices

Social Responsibility

Environmental Responsibility Corporate Governance

▪ Independent Chairman of the Board and 4 of 5 Directors

classified as independent

▪ Annual election of all Directors

▪ Annual Board of Director evaluations

▪ Stock ownership requirements for all Directors

▪ Prohibition against hedging and pledging Alpine Income

Property Trust stock

▪ Robust policies and procedures for approval of related party

transactions

▪ Opted out of business combination and control share

acquisition statutes in the Maryland General Corporation Law

▪ All team members adhere to a comprehensive Code of

Business Conduct and Ethics policy

Inclusive and Supportive Company Culture

Dedicated to an inclusive and supportive office environment filled with diverse backgrounds

and perspectives, with a demonstrated commitment to financial, mental and physical wellness

Notable Community Outreach

Numerous and diverse community outreach programs, supporting environmental, artistic, civil

and social organizations in the community

Research Analyst Coverage

Firm Analyst Email Address

Alliance Global Partners Gaurav Mehta gmehta@allianceg.com

Baird Wes Golladay wgolladay@rwbaird.com

B. Riley John Massocca jmassocca@brileyfin.com

Cantor Fitzgerald Jay Kornreich jay.kornreich@cantor.com

Colliers Barry Oxford barry.oxford@colliers.com

Huntington Rob Stevenson robert.stevenson@huntington.com

Jones Trading Jason Weaver jweaver@jonestrading.com

Lucid Capital Markets Craig Kucera ckucera@lucidcm.com

Raymond James RJ Milligan rjmilligan@raymondjames.com

Stifel Simon Yarmak yarmaks@stifel.com

Truist Anthony Hau anthony.Hau@truist.com

UBS Michael Goldsmith michael.goldsmith@ubs.com

Disclaimer

This presentation may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “outlook,” “could,”

“may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by

the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions,

the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent

uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the

forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and

economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, geopolitical conflicts, tariffs and international trade policies,

risks inherent in the real estate business, including tenant or borrower defaults, potential liability relating to environmental matters, credit risk associated with the Company

investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on

the Company’s business and the businesses of its tenants and borrowers and the impact of such epidemics or pandemics on the U.S. economy and market conditions

generally, other factors affecting the Company’s business or the businesses of its tenants and borrowers that are beyond the control of the Company or its tenants or

borrowers, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other risks and

uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this

presentation speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a

result of new information, future developments or otherwise.

References in this presentation:

1. All information is as of June 30, 2026, unless otherwise noted and any differences in calculations are assumed to be a function of rounding.

2. Annualized Base Rent ("ABR" or "Rent") represents annualized in-place straight-line base rent pursuant to GAAP. The statistics based on ABR are calculated based on our

portfolio as of June 30, 2026.

3. Dividends are set by the Board of Directors and declared on a quarterly basis and there can be no assurances as to the likelihood or amount of dividends in the future.

4. The Company defines an Investment Grade (“IG”) Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors

Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P

Global Ratings and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an

Investment Grade Rated Tenant. Credit ratings utilized in this presentation are those available from S&P Global Ratings and/or Moody’s Investors Service, as applicable,

as of June 30, 2026.

5. The Company defines a Credit Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or

the National Association of Insurance Commissioners.

Non-GAAP Financial Information

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”),

Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), all of which are non-GAAP financial

measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the

operating performance of REITs.

FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements;

accordingly, they should not be considered alternatives to net income or loss as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity

measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP

net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable

real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial

loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries.

To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on

extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and

other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income or loss but have no impact on operating cash flows or long-term operating

performance. We use AFFO as one measure of our performance when we formulate corporate goals.

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets,

impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and

investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries,

non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related

intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is

also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the

effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably

over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to

better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful

supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or

certain effects of the Company’s capital structure on our operating performance. FFO, AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed

by other companies.

GAAP requires that the Sale-Leaseback and Sales-Type Lease Properties and the value of participation obligation interests sold (the “Participation Obligations Sold”) for which sale accounting

was not achieved be accounted for as financing arrangements. Accordingly, for GAAP purposes, the Sale-Leaseback and Sales-Type Lease Properties and Participation Obligations Sold are

included in the Company’s Commercial Loans and Investments segment. However, for statistical purposes, the Company excludes the Sale-Leaseback and Sales-Type Lease Properties and

the Participation Obligations Sold. Please see page 25 of this presentation for further details. We believe that the Supplemental Disclosure on Commercial Loans and Investments is an

additional useful measure for investors to consider because it will help them to better assess the performance of our Commercial Loan Portfolio.

Consolidated Statement of Operations

$ in thousands, except share and per share data

1. Includes 1,223,854 shares during the three and six months ended June 30, 2026 and 2025, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc and its wholly owned subsidiaries.

(Unaudited, in thousands, except share, per share & dividend data)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Revenues:

Lease Income $ 12,637 $ 12,022 $ 25,239 $ 23,848

Interest Income from Commercial Loans and Investments 7,331 2,737 13,089 5,038

Other Revenue 34 104 80 183

Total Revenues 20,002 14,863 38,408 29,069

Operating Expenses:

Real Estate Expenses 2,085 2,105 4,387 4,139

General and Administrative Expenses 2,028 1,697 3,887 3,413

Provision for Impairment 377 2,803 885 4,834

Depreciation and Amortization 6,805 6,705 14,020 14,012

Total Operating Expenses 11,295 13,310 23,179 26,398

Gain on Disposition of Assets — 938 97 2,089

Net Income From Operations 8,707 2,491 15,326 4,760

Investment and Other Income 364 47 455 92

Interest Expense (4,579) (4,320) (8,932) (7,912)

Net Income (Loss) 4,492 (1,782) 6,849 (3,060)

Less: Net Loss (Income) Attributable to Noncontrolling Interest (301) 141 (473) 240

Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. 4,191 (1,641) 6,376 (2,820)

Less: Distributions to Preferred Stockholders (1,187) — (2,309) —

Net Income (Loss) Attributable to Common Stockholders $ 3,004 $ (1,641) $ 4,067 $ (2,820)

Per Common Share Data:

Net Income (Loss) Attributable to Common Stockholders

Basic $ 0.18 $ (0.12) $ 0.25 $ (0.20)

Diluted $ 0.16 $ (0.12) $ 0.23 $ (0.20)

Weighted Average Number of Common Shares:

Basic 17,066,917 14,202,796 16,310,036 14,414,682

Diluted (1) 18,290,771 15,426,650 17,533,890 15,638,536

Dividends Declared and Paid - Preferred Stock $ 0.500 $ — $ 1.000 $ —

Dividends Declared and Paid - Common Stock $ 0.300 $ 0.285 $ 0.600 $ 0.570

Non-GAAP Financial Measures Reconciliation:

Funds From Operations and Adjusted Funds From Operations

$ in thousands, except share and per share data

(Unaudited, in thousands, except per share data)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net Income (Loss) $ 4,492 $ (1,782) $ 6,849 $ (3,060)

Depreciation and Amortization 6,805 6,705 14,020 14,012

Provision for Impairment 377 2,803 885 4,834

Gain on Disposition of Assets — (938) (97) (2,089)

Funds From Operations $ 11,674 $ 6,788 $ 21,657 $ 13,697

Distributions to Preferred Stockholders (1,187) — (2,309) —

Funds From Operations Attributable to Common Stockholders $ 10,487 $ 6,788 $ 19,348 $ 13,697

Adjustments:

Amortization of Intangible Assets and Liabilities to Lease Income (241) (166) (477) (246)

Straight-Line Rent Adjustment (160) (231) (317) (362)

Non-Cash Compensation 95 95 190 190

Amortization of Deferred Financing Costs to Interest Expense 303 205 568 394

Other Non-Cash Adjustments 73 51 151 108

Adjusted Funds From Operations Attributable to Common Stockholders $ 10,557 $ 6,742 $ 19,463 $ 13,781

FFO Attributable to Common Stockholders per Diluted Share $ 0.57 $ 0.44 $ 1.10 $ 0.88

AFFO Attributable to Common Stockholders per Diluted Share $ 0.58 $ 0.44 $ 1.11 $ 0.88

Supplemental Disclosure:

PIK Interest Earned $ 879 $ — $ 1,473 $ —

PIK Interest Paid — — 50 —

PIK Interest Earned in Excess of PIK Interest Paid $ 879 $ — $ 1,423 $ —

$ in thousands, except share and per share data

1. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended June 30, 2026.

2. Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.

Non-GAAP Financial Measures Reconciliation:

Net Debt to Pro Forma Adjusted EBITDA

(Unaudited, in thousands)

Three Months Ended June 30, 2026

Net Income $ 4,492

Adjustments:

Depreciation and Amortization 6,805

Provision for Impairment 377

Distributions to Preferred Stockholders (1,187)

Amortization of Intangible Assets and Liabilities to Lease Income (241)

Straight-Line Rent Adjustment (160)

Non-Cash Compensation 95

Amortization of Deferred Financing Costs to Interest Expense 303

Other Non-Cash Adjustments 73

Other Non-Recurring Items (326)

Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement 3,766

Adjusted EBITDA $ 13,997

Annualized Adjusted EBITDA $ 55,988

Pro Forma Annualized Impact of Current Quarter Investment Activity (1) 1,281

Pro Forma Adjusted EBITDA $ 57,269

Total Long-Term Debt $ 367,552

Financing Costs, Net of Accumulated Amortization 1,948

Cash and Cash Equivalents (2,778)

Net Debt $ 366,722

Net Debt to Pro Forma Adjusted EBITDA 6.4x

Non-GAAP Financial Measures:

Schedule of Commercial Loans

$ in thousands; any differences a result of rounding. See the “Supplemental Disclosure on Commercial Loans and Investments” section and tables on page 25 of this presentation for additional detail.

property portfolio, including for tenant, industry, and state concentrations and exclude them for purposes of describing our commercial loan portfolio.

2. Net of $19.1 million A-1 Participation. Includes 4.00% paid-in-kind (“PIK”) interest coupon rate.

3. Mixed-Use Development in Herndon, VA includes 2.00% PIK coupon rate; Mixed-Use Redevelopment in Denver, CO and Residential Land Loan in Lake Toxaway, NC include 3.00% PIK coupon rate. Retail Development in Covington, GA includes 1.50% PIK coupon rate.

Description Loan Type Location Maturity

As of March

31, 2026 Principal

Draws /

(Pmts)

As of June 30, 2026

Face Amount Face

Amount

Coupon

(Incl. PIK)

Commitment

Unfunded

1 Residential Land Loan 2 Construction Austin, TX Oct. 2028 $39,979 $609 $40,588 18.82% -

2 Industrial Mortgage Fremont, CA Aug. 2027 24,000 - 24,000 11.00% -

3 Mixed-Use Development 3 Mortgage Herndon, VA Sep. 2028 20,102 101 20,203 12.00% -

4 Wawa Land Development Construction Greenwood, IN Jul. 2027 11,326 509 11,835 9.50% 3,145

5 Retail Land Development Construction Stuart, FL Mar. 2027 8,964 2,700 11,664 11.00% 1,577

6 Retail Development 3 Construction Covington, GA Apr. 2028 8,659 982 9,641 13.00% 22,404

7 Residential Land Loan 3 Construction Lake Toxaway, NC Oct. 2027 7,753 1,653 9,406 16.00% 3,810

8 Mixed-Use Redevelopment 3 Construction Denver, CO Dec. 2028 8,613 399 9,012 12.00% 3,119

9 Cornerstone Exchange Construction Daytona Beach, FL Apr. 2027 7,625 964 8,588 10.00% 15,318

10 Wawa Land Development Construction Antioch, TN Oct. 2026 6,742 540 7,282 10.25% 143

11 At Home Plaza Mortgage Canton, OH Mar. 2028 6,200 - 6,200 8.65% -

12 Retail Development Construction Lexington, KY Jun. 2028 - 6,177 6,177 10.00% 33,823

13 Mixed-Use Development Construction Stone Mountain, GA Nov. 2027 2,452 - 2,452 11.00% 2,048

14 Old Time Pottery Mortgage Orange Park, FL Repaid in Apr. 2026 4,000 (4,000) - - -

15 Reno Seller Financing Mortgage Reno, NV Repaid in Jun. 2026 4,000 (4,000) - - -

Total / Weighted Average $160,412 $6,635 $167,047 13.16% $85,387

$ in thousands, except share and per share data

1. Includes PIK interest coupon rate.

Non-GAAP Financial Measures:

Supplemental Disclosure on Commercial Loans and Investments

(Unaudited, in thousands) As of and for the Six Months Ended June 30, 2026

Commercial Loan

Portfolio

Plus: Participation

Obligations Sold Total Commercial Loans

Plus: Sale-Leaseback

and Sales Type Lease

Transactions

Commercial Loans and

Investments Pursuant to

GAAP

Face Amount, Beginning of Period $ 129,813 $ 10,000 $ 139,813 $ 31,133 $ 170,946

Draws (Including Accrued PIK Interest) 52,906 10,763 63,669 26,257 89,926

Principal Repayments (15,672) (1,701) (17,373) (152) (17,525)

Face Amount, End of Period 167,047 19,062 186,109 57,238 243,347

Unaccreted Origination Fees (2,339) — (2,339) — (2,339)

CECL Reserve (1,670) (191) (1,861) (572) (2,433)

Carrying Amount, End of Period $ 163,038 $ 18,871 $ 181,909 $ 56,666 $ 238,575

Cash Interest Income $ 8,245 $ 820 $ 9,065 $ 1,945 $ 11,010

PIK Interest Earned 1,473 — 1,473 — 1,473

Accretion of Commercial Loans and Investments Origination Fees 606 — 606 — 606

Total Interest Income $ 10,324 $ 820 $ 11,144 $ 1,945 $ 13,089

Weighted Average Coupon Rate, End of Period (1) 13.2 % 10.0 % 12.8 % 8.3 % 11.8 %

INVESTOR INQUIRIES

ir@alpinereit.com

NYSE: PINE

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Jul. 23, 2026

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Securities Act File Number

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ALPINE INCOME PROPERTY TRUST, INC.

Entity Incorporation, State or Country Code

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Entity Address, Address Line One

369 N. New York Avenue

Entity Address, Address Line Two

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-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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