Form 8-K

8-K — Alpine Income Property Trust, Inc.

Accession: 0001104659-26-047698

Filed: 2026-04-23

Period: 2026-04-23

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-20260423x8k.htm (Primary)

EX-99.1 (pine-20260423xex99d1.htm)

EX-99.2 (pine-20260423xex99d2.htm)

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8-K

8-K (Primary)

Filename: pine-20260423x8k.htm · Sequence: 1

ALPINE INCOME PROPERTY TRUST, INC._April 23, 2026

0001786117false0001786117us-gaap:CumulativePreferredStockMember2026-04-232026-04-230001786117us-gaap:CommonStockMember2026-04-232026-04-2300017861172026-04-232026-04-23

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): April 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 April 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 ended March 31, 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 April 23, 2026, the Company issued an earnings press release and an investor presentation relating to the Company’s financial results for the quarter ended March 31, 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 April 23, 2026

99.2 Investor Presentation dated April 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: April 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-20260423xex99d1.htm · Sequence: 2

Press

Exhibit 99.1

Press Release

QUARTER 2024 OPERATING RESULTS

FOR

IMMEDIATE

RELEASE

ALPINE INCOME PROPERTY TRUST REPORTS

FIRST QUARTER 2026 OPERATING AND

FINANCIAL RESULTS

– Completed $74 Million of Gross Investment Activity at 14% Blended Initial Yield –

– Raised $36 Million of Common and Preferred Equity via ATM Programs –

– Raises 2026 Investment Guidance to $170 Million to $200 Million –

– Increases 2026 AFFO Per Diluted Share Guidance to $2.11 to $2.15 –

WINTER PARK, FL – April 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 months ended March 31, 2026.

First Quarter 2026 Highlights

Operating results for the three months ended March 31, 2026 and 2025 (dollars in thousands, except per share data):

Three Months Ended

March 31, 2026

March 31, 2025

Total Revenues

18,406

14,206

Net Income (Loss) Attributable to PINE

2,185

(1,179)

Net Income (Loss) per Diluted Share Attributable to PINE

0.06

(0.08)

FFO Attributable to Common Stockholders (1)

8,861

6,909

FFO Attributable to Common Stockholders per Diluted Share (1)

0.53

0.44

AFFO Attributable to Common Stockholders (1)

8,907

7,040

AFFO Attributable to Common Stockholders per Diluted Share (1)

0.53

0.44

(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.

“Building on a record year of investment activity in 2025, we began 2026 with $74 million of first quarter investment volume and have a strong pipeline of attractive acquisition opportunities,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “Supported by opportunistic equity issuance and the recast of our credit facility in the first quarter, our confidence in the investment landscape has increased, prompting us to raise our investment volume outlook by $100 million.”

Page 1

Investment Activity

Investments for the three months ended March 31, 2026 (dollars in thousands):

Three Months Ended March 31, 2026

Number of Investments

Amount

Properties (1)

10,000

Commercial Loan Originations

63,930

Total Investments

73,930

Properties - Weighted Average Initial Cash Cap Rate

8.5%

Commercial Loans - Weighted Average Initial Coupon Rate (2)

15.0%

Total Investments - Weighted Average Initial Yield

14.1%

Properties - Weighted Average Remaining Lease Term at Time of Acquisition

50.0 years

(1) The $10.0 million property acquisition is accounted for as a financing arrangement for GAAP purposes and included in the Sale-Leaseback Properties, hereinafter defined.

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

Disposition Activity

Dispositions for the three months ended March 31, 2026 (dollars in thousands):

Three Months Ended March 31, 2026

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 (1)

The Company’s property and commercial loan portfolios consisted of the following as of March 31, 2026:

Property Portfolio

Number of Properties

125

Square Feet

4.3 million

Annualized Base Rent (ABR) (1)

$47.0 million

Weighted Average Remaining Lease Term

9.3 years

States where Properties are Located

Industries

Occupancy

99.5%

% of ABR Attributable to Investment Grade Rated Tenants

50%

% of ABR Attributable to Credit Rated Tenants

66%

% of ABR Attributable to Sale-Leaseback Properties (2)

11%

Commercial Loan Portfolio (3)

Number of Commercial Loans

Outstanding Face Amount (4)

$160.4 million

Weighted Average Coupon Rate (5)

13.5%

Weighted Average Remaining Term

1.8 years

Unfunded Commitment Amount

$59.1 million

(1) ABR represents annualized in-place straight-line base rent pursuant to GAAP. Annualized in-place cash base rent totaled $45.2 million.

(2) The Company owns four single-tenant income properties which were acquired through sale-leaseback transactions that include tenant repurchase options (the "Sale-Leaseback Properties"). These Sale-Leaseback 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 Properties represent 8.3% of annualized in-place cash base rent.

(3) See Supplemental Disclosure on Commercial Loans and Investments on page 15 of this press release.

(4) Net of $20.3 million A-1 Participation and $41.1 million of financing related to Sale-Leaseback 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 March 31, 2026:

Tenant

Credit Rating

% of ABR

Lowe's

BBB+ / Baa1

12%

Dicks Sporting Goods

BBB / Baa2

10%

Beachside Hospitality Group

NR / NR

Walmart

AA / Aa2

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

Alamo Drafthouse

A+ / A2

Dollar Tree

BBB / Baa2

Home Depot

A / A2

TJX Companies

A / A2

Burlington

BB+ / Ba1

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 March 31, 2026:

Industry

% of ABR

Sporting Goods

16%

Home Improvement

15%

Casual Dining

12%

Dollar Stores

11%

Grocery

Consumer Electronics

Home Furnishings

Entertainment

Pharmacy

Technology, Media & Life Sciences

Off-Price Retail

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 March 31, 2026:

State

% of ABR

Florida

13%

Texas

New Jersey

New York

Michigan

North Carolina

Illinois

Colorado

Virginia

Georgia

Minnesota

Ohio

West Virginia

Tennessee

Kansas

Louisiana

California

Missouri

Other

11%

Total

100%

Page 4

Balance Sheet and Capital Markets

(Dollars in table in thousands)

As of March 31, 2026

Leverage

Net Debt / Total Enterprise Value

56.3%

Net Debt / Pro Forma Adjusted EBITDA

6.6x

Fixed Charge Coverage Ratio

2.9x

Liquidity

Available Capacity Under Revolving Credit Facility

81,215

Cash, Cash Equivalents and Restricted Cash

8,136

Total Liquidity

89,351

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 March 31, 2026, the Company had an outstanding balance of $161.5 million under the Revolving Credit Facility and $81.2 million of additional borrowing availability based on unencumbered asset value as of March 31, 2026. However, with our current in-place commitments, the borrowing availability under our Revolving Credit Facility could potentially expand up to an additional $7.3 million if we are able to increase our unencumbered asset value, providing the potential for total liquidity of $96.7 million.

On February 4, 2026, the Company entered into an Amended and Restated Credit Agreement with Truist Bank, N.A., as administrative agent, and certain other lenders named therein (the “Amended and Restated Credit Agreement”). The Amended and Restated Credit Agreement provides for a $250.0 million senior unsecured revolving credit facility, a $100.0 million senior unsecured term loan credit facility maturing in 2029, and a $100.0 million senior unsecured term loan credit facility maturing in 2031. On February 4, 2026, in connection with the Company’s entry into the Amended and Restated Credit Agreement, the Company repaid all obligations outstanding under the previous agreement with KeyBank National Association, as administrative agent, and certain other lenders named therein (as amended, the “Prior Credit Agreement”). As a result, the Prior Credit Agreement was terminated, and the obligations thereunder were discharged.

During the three months ended March 31, 2026, the Company issued 186,238 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 $4.6 million. During the three months ended March 31, 2026, the Company issued 1,661,724 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 $31.6 million.

Page 5

The Company’s long-term debt as of March 31, 2026 (dollars in thousands):

As of March 31, 2026

Face Value Debt

Stated Interest Rate

Wtd. Avg. Rate

Maturity Date

Revolving Credit Facility (1)

161,500

SOFR +

[1.25% - 2.20%]

4.96%

February 2030

2029 Term Loan (2)

100,000

SOFR +

[1.25% - 1.90%]

3.50%

February 2029

2031 Term Loan (3)

100,000

SOFR +

[1.25% - 1.90%]

3.50%

February 2031

Total Debt/Weighted-Average Rate

361,500

4.15%

(1)

As of March 31, 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 March 31, 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 2029 Term Loan balance.

(3)

As of March 31, 2026, the Company held a 93.1% 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 16,450,757 shares of the Company’s common stock outstanding for a combined total of 17,674,611 shares of common stock and common OP Units held by third parties as of March 31, 2026.

Dividends

The Company’s dividends for the three months ended March 31, 2026:

Preferred Dividends Declared and Paid per Share

0.500

Common Dividends Declared and Paid per Share

0.300

FFO Attributable to Common Stockholders Payout Ratio

56.6%

AFFO Attributable to Common Stockholders Payout Ratio

56.6%

Page 6

2026 Outlook

The Company’s 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.

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

(Unaudited)

Prior 2026 Outlook (1)

Revised 2026 Outlook

Net Income per Diluted Share

$0.74 to $0.78

$0.72 to $0.76

FFO Attributable to Common Stockholders per Diluted Share

$2.07 to $2.11

$2.09 to $2.13

AFFO Attributable to Common Stockholders per Diluted Share

$2.09 to $2.13

$2.11 to $2.15

Investment Volume

$70 to $100 Million

$170 to $200 Million

Disposition Volume

$30 to $60 Million

(1) As issued on February 5, 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

0.72

0.76

Depreciation and Amortization

1.66

Provision for Impairment (1)

(0.03)

Gain on Disposition of Assets (1)

0.01

FFO per Diluted Share

2.36

2.40

Distributions to Preferred Stockholders

(0.27)

Funds From Operations Attributable to Common Stockholders per Diluted Share

2.09

2.13

Adjustments:

Amortization of Intangible Assets and Liabilities to Lease Income

(0.05)

Straight-Line Rent Adjustment

(0.04)

Non-Cash Compensation

0.02

Amortization of Deferred Financing Costs to Interest Expense

0.07

Other Non-Cash Adjustments

0.02

AFFO Attributable to Common Stockholders per Diluted Share

2.11

2.15

(1) Provision for Impairment and Gain on Disposition of Assets represents the actual adjustment for the three months ended March 31, 2026. The Company’s outlook excludes projections related to these measures.

Page 7

First Quarter 2026 Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the three months ended March 31, 2026, on Friday, April 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/q632f39k

Dial-In: https://register-conf.media-server.com/register/BI237fb94e5ca642a1b914dcc089601d24

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 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 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 Properties and the Participation Obligations Sold. Please see page 15 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 March 31, 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)

March 31, 2026

December 31, 2025

ASSETS

Real Estate:

Land, at Cost

154,668

151,628

Building and Improvements, at Cost

342,371

344,138

Total Real Estate, at Cost

497,039

495,766

Less, Accumulated Depreciation

(58,586)

(54,446)

Real Estate—Net

438,453

441,320

Assets Held for Sale

375

8,077

Commercial Loans and Investments

217,158

167,553

Cash and Cash Equivalents

2,618

4,589

Restricted Cash

24,428

34,410

Intangible Lease Assets—Net

46,759

48,925

Straight-Line Rent Adjustment

2,246

2,092

Other Assets

13,089

8,908

Total Assets

745,126

715,874

LIABILITIES AND EQUITY

Liabilities:

Accounts Payable, Accrued Expenses, and Other Liabilities

11,054

7,877

Prepaid Rent and Deferred Revenue

16,053

14,031

Intangible Lease Liabilities—Net

4,631

4,971

Obligation Under Participation Agreement

20,298

10,000

Long-Term Debt—Net

359,428

377,739

Total Liabilities

411,464

414,618

Commitments and Contingencies

Equity:

Preferred Stock, $0.01 par value per share, 100 million shares authorized, $0.01 par value, 8.00% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 2,269,566 shares issued and outstanding as of March 31, 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, 16,450,757 shares issued and outstanding as of March 31, 2026 and 14,783,419 shares issued and outstanding as of December 31, 2025

165

148

Additional Paid-in Capital

349,884

313,690

Dividends in Excess of Net Income

(39,120)

(35,276)

Accumulated Other Comprehensive Income

1,509

1,293

Stockholders' Equity

312,461

279,876

Noncontrolling Interest

21,201

21,380

Total Equity

333,662

301,256

Total Liabilities and Equity

745,126

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 March 31,

2026

2025

Revenues:

Lease Income

12,602

11,826

Interest Income from Commercial Loans and Investments

5,758

2,301

Other Revenue

Total Revenues

18,406

14,206

Operating Expenses:

Real Estate Expenses

2,302

2,034

General and Administrative Expenses

1,859

1,716

Provision for Impairment

508

2,031

Depreciation and Amortization

7,215

7,307

Total Operating Expenses

11,884

13,088

Gain on Disposition of Assets

1,151

Net Income From Operations

6,619

2,269

Investment and Other Income

Interest Expense

(4,353)

(3,592)

Net Income (Loss)

2,357

(1,278)

Less: Net Loss (Income) Attributable to Noncontrolling Interest

(172)

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

2,185

(1,179)

Less: Distributions to Preferred Stockholders

(1,122)

—

Net Income (Loss) Attributable to Common Stockholders

1,063

(1,179)

Per Common Share Data:

Net Income (Loss) Attributable to Common Stockholders

Basic

0.07

(0.08)

Diluted

0.06

(0.08)

Weighted Average Number of Common Shares:

Basic

15,544,745

14,628,921

Diluted (1)

16,768,599

15,852,775

Dividends Declared and Paid - Preferred Stock

0.500

—

Dividends Declared and Paid - Common Stock

0.300

0.285

(1)

Includes 1,223,854 shares during the three months ended March 31, 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 March 31,

2026

2025

Net Income (Loss)

2,357

(1,278)

Depreciation and Amortization

7,215

7,307

Provision for Impairment

508

2,031

Gain on Disposition of Assets

(97)

(1,151)

Funds From Operations

9,983

6,909

Distributions to Preferred Stockholders

(1,122)

—

Funds From Operations Attributable to Common Stockholders

8,861

6,909

Adjustments:

Amortization of Intangible Assets and Liabilities to Lease Income

(236)

(80)

Straight-Line Rent Adjustment

(157)

(131)

Non-Cash Compensation

Amortization of Deferred Financing Costs to Interest Expense

265

190

Other Non-Cash Adjustments

Adjusted Funds From Operations Attributable to Common Stockholders

8,907

7,040

FFO Attributable to Common Stockholders per Diluted Share

0.53

0.44

AFFO Attributable to Common Stockholders per Diluted Share

0.53

0.44

Supplemental Disclosure:

PIK Interest Earned

594

—

PIK Interest Paid

—

PIK Interest Earned in Excess of PIK Interest Paid

544

—

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 March 31, 2026

Net Income

2,357

Adjustments:

Depreciation and Amortization

7,215

Provision for Impairment

508

Gain on Disposition of Assets

(97)

Distributions to Preferred Stockholders

(1,122)

Amortization of Intangible Assets and Liabilities to Lease Income

(236)

Straight-Line Rent Adjustment

(157)

Non-Cash Compensation

Amortization of Deferred Financing Costs to Interest Expense

265

Other Non-Cash Adjustments

Other Non-Recurring Items

(27)

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

3,778

Adjusted EBITDA

12,658

Annualized Adjusted EBITDA

50,632

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

3,199

Pro Forma Adjusted EBITDA

53,831

Total Long-Term Debt

359,428

Financing Costs, Net of Accumulated Amortization

2,072

Cash and Cash Equivalents

(2,618)

Restricted Cash (2)

(5,518)

Net Debt

353,364

Net Debt to Pro Forma Adjusted EBITDA

6.6x

(1) Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended March 31, 2026.

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

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 Three Months Ended March 31, 2026

Commercial Loan Portfolio

Plus: Participation Obligations Sold

Total Commercial Loans

Plus: Sale-Leaseback 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)

38,272

10,763

49,035

10,000

59,035

Principal Repayments

(7,673)

(465)

(8,138)

(80)

(8,218)

Face Amount, End of Period

160,412

20,298

180,710

41,053

221,763

Unaccreted Origination Fees

(2,387)

—

(2,387)

—

(2,387)

CECL Reserve

(1,604)

(203)

(1,807)

(411)

(2,218)

Carrying Amount, End of Period

156,421

20,095

176,516

40,642

217,158

Cash Interest Income

3,769

310

4,079

819

4,898

PIK Interest Earned

594

—

594

—

594

Accretion of Commercial Loans and Investments Origination Fees

266

—

266

—

266

Total Interest Income

4,629

310

4,939

819

5,758

Weighted Average Coupon Rate, End of Period (1)

13.5

10.0

13.1

8.3

12.2

(1) Includes PIK interest coupon rate.

Page 15

EX-99.2

Filename: pine-20260423xex99d2.htm · Sequence: 3

Exhibit 99.2

NYSE: PINE

Investor Presentation - 1Q 2026

As of March 31, 2026, unless otherwise noted. PINE stock price on March 31, 2026 was $18.00.

1. The Company owns four single-tenant income properties which were acquired through sale-leaseback transactions that include tenant repurchase options (the "Sale-Leaseback Properties"). These Sale-Leaseback 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. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options.

125

Properties

$728M

Enterprise Value

$171 TEV / SF

4.3M

Total Portfolio

Square Feet

7.8%

Implied Cap Rate

99.5%

Occupancy

50% of ABR

From Investment

Grade-Rated Tenants

6.7%

Annualized

Dividend Yield

$318

Equity Market

Capitalization

Portfolio1 Value + Income

9.3 Years

W.A. Lease Term2

Company Snapshot

D i c k ’ s & B e s t B u y – M c D o n o u g h , G A

3.0% 3.2% 3.4% 4.0%

5.3% 5.3%

8.5%

12.7%

O NNN FCPT FVR ADC NTST EPRT PINE

2026E vs 2025A AFFO Growth 1

Highlights

As of March 31, 2026, unless otherwise noted.

1. Peer growth is based on consensus per Factset as of April 21, 2026 versus 2025 actual AFFO per share; PINE is based on midpoint of

guidance published as part of first quarter 2026 earnings results versus 2025 actual AFFO per share.

2. See page 6 for more details on the calculation and peer metrics

▪ Sector-Leading AFFO Growth Projected: 2026 guidance

implies 12.7% year-over-year AFFO per share growth, ahead of

peers’ projected growth1

▪ Low Basis: $171 basis per square foot is roughly 60% of the

peer average2

▪ Capital Markets Activity: issued $36.2 million of equity in the

first quarter through the common and preferred equity ATM

programs

▪ Undervalued: lowest AFFO multiple in the net lease industry

▪ Well-Covered, Attractive Dividend: highest dividend yield

with the lowest payout ratio in the sector

▪ Dividend Growth: 50% increase in the quarterly dividend since

the beginning of 2020 & raised the quarterly dividend 5.3% in

Q1 2026

▪ Quality Tenants: only PINE has Lowe’s or Dick’s within top five

tenants among peers

▪ Aligned with External Manager: CTO currently owns an

approximate 14.0% interest in PINE

$0.43 $0.44 $0.44 $0.44 $0.44 $0.46

$0.54 $0.53

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

AFFO Per Diluted Share

12%

10%

BBB+

BBB

N/A

BBB+

BBB

N/A

High-Quality, Retail Net Lease Portfolio

Number of Net Lease Properties 125

Number of States with a Property 31

Total Portfolio Square Feet 4.3M

Current Occupancy 99.5%

% Investment Grade-Rated Tenants (by ABR)2

50%

Enterprise Value PSF $171

Average Rent PSF $11.04

Weighted Average Remaining Lease Term3

9.3 Years

Key Portfolio Stats1

Top Tenants by ABR4

Investment Grade Sub-Investment Grade / NR

As of March 31, 2026, unless otherwise noted.

commercial loan portfolio.

2. 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).

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

4. Annualized Base Rent (“ABR”) represents the annualized in-place straight-line base rent required by the tenant’s lease.

Basis Below Replacement Cost with Attractive Tenant Credit Profile

Sector ABR %

Sporting Goods 16%

Home Improvement 15%

Casual Dining 12%

Dollar Stores 11%

Grocery 7%

Consumer Electronics 6%

Home Furnishings 5%

Entertainment 5%

Pharmacy 4%

Technology, Media & Life Sciences 4%

Other 15%

Total 100%

Diversified Portfolio

Top States by ABR

As of March 31, 2026, unless otherwise noted. ABR in thousands, includes impact of straight-line rent.

Top Sectors by ABR

State Properties $ ABR % ABR

Florida 5 $5,923 13%

Texas 13 4,344 9%

New Jersey 7 4,006 9%

New York 13 3,021 6%

Michigan 7 2,995 6%

North Carolina 7 2,989 6%

Illinois 5 2,743 6%

Colorado 2 2,324 5%

Virginia 6 2,195 5%

Georgia 5 1,699 4%

Other 55 14,788 31%

Total 125 $47,027 100%

Located in Strong & Growing Markets

$430

$314 $309

$246 $235

$193

$171 $165

$270

FCPT NNN EPRT FVR O ADC PINE NTST

Margin of Safety: Portfolio TEV Basis at Discount to

Replacement Cost, Closer to Land Value than Peers

High-Quality Portfolio with Valuation

Upside

▪ Total enterprise value (TEV) is $171 per

square foot, allowing shareholders to

invest below replacement cost

Better Margin of Safety with Stickier

Tenants

▪ Average rent per square foot of $11.04

▪ Occupancy costs for tenants

meaningfully below market rents given

the inflationary pressure on building and

land costs

▪ Tenants may be more likely to exercise

their renewal options at expiration

Source: FactSet and Company Financials

1. Peer square footage based on information pulled on April 21, 2026 from information available through each company’s website or investor presentation as of December 31,

2025. Portfolio information for PINE is as of March 31, 2026. Total Enterprise Value uses stock prices as of March 31, 2026.

TEV Per Square Foot1

Basis per Square Foot is Roughly 60% of Peer Average’s

$0.82

$1.02 $1.09 $1.10 $1.11 $1.14 $1.20

2020 2021 2022 2023 2024 2025 Q1 2026

Annualized

6.7% 6.2%

5.7% 5.6% 5.3%

4.7%

4.2% 4.1%

Peer Average: 5.1%

PINE FCPT NNN FVR O NTST ADC EPRT

Annualized Cash Dividend Yield

6.7%

As of March 31, 2026, unless otherwise noted.

1. All dividend yields are based on the closing stock price on March 31, 2026, using current annualized dividends.

Annualized Dividend

$1.20

High In-Place Dividend Yield (Q1 2026 Annualized)1

Q1 2026 AFFO payout ratio

57% PINE Dividend Per Share

High-Yielding and Growing Dividend

Increase in quarterly cash dividend: Q1 2026 vs. Q1 2020

50.0%

16.5x

14.8x

13.9x 13.6x 12.9x

11.9x 11.8x

8.6x

Peer Average: 13.6x

ADC EPRT O NTST FCPT FVR NNN PINE

80% 74% 69% 68% 66% 64% 60% 57%

Peer Average: 69%

FCPT O ADC NNN FVR NTST EPRT PINE

Well-Covered Dividend & Valuation Upside Relative to Peers

2026E AFFO Multiples1

2026E AFFO Payout Ratio1

As of March 31, 2026, unless otherwise noted.

1. 2026E AFFO multiples are based on the closing stock price on March 31, 2026; AFFO payout ratio and AFFO multiple use 2026E AFFO per share consensus estimates per FactSet.

13%

32% 35%

42%

50% 53%

67%

ADC FCPT PINE NTST FVR O NNN

Investment

Grade

50%

Non-Investment

Grade

16%

Not Rated

34%

Tenant Credit and Operational Transparency

▪ 75% of ABR comes from tenants or the parent of a tenant that are credit rated or publicly traded, suggesting relatively better

tenant financial and operational transparency

Credit ratings from S&P Global Ratings and Moody’s Investor Services.

1. PINE percentages as of March 31, 2026. Peer information pulled on April 21, 2026 based on published information available through each company’s website or investor presentation as of December 31, 2025.

IG Profile for Peers1 PINE Portfolio by Credit Rating (% of ABR)

Total Credit Rated 66%

Credit-Rated and/or Publicly Traded Tenants with Operational Transparency

High-Quality Top Tenant Base

Disclosed % of Rents from Investment Grade-Rated Tenants

RATED

PINE information as of March 31, 2026. Peer information pulled on April 21, 2026 based on published information available through each company’s investor presentation as of December 31, 2025.

Only PINE Amongst Peers has or in Top Five Credits

50% 67% 53% 42% 35% 32% 13% Not

Disclosed

–

10% 10%

12%

11% 12%

–

2% 3%

22%

9.3 Years of Weighted Average Lease Term Remaining 1

Lease Rollover Schedule

As of March 31, 2026, unless otherwise noted.

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

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

S a n d b a r – A n n a M a r i a , F L

Record of Growth, Diversification and Higher Quality Portfolio

2019 (IPO)

Number of Net Lease Properties 20 125

Number of States with a Property 12 31

Total Portfolio Square Feet 0.9M 4.3M

Annualized Base Rent (ABR) $13.3M $47.0M

Top Tenant as a % of ABR 21%

Wells Fargo (S&P: A+)

12%

Lowe’s (S&P: BBB+)

Top Sector as a % of ABR 21%

Financial Services

16%

Sporting Goods

Top State as a % of ABR 26%

Florida

13%

Florida

% of ABR from IG Rated Tenants 36% 50%

% of ABR from Credit Rated Tenants 89% 66%

Q1 2026

Track Record of Successful Business Plan Execution

As of March 31, 2026, unless otherwise noted.

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

– 13%

% GAAP ABR

Major Market, Strong Demographic-Driven Portfolio

▪ 51% of portfolio ABR comes from the Company’s top

10 MSAs1

– properties located in those MSAs have a

▪ $123,0002 weighted average 5-mile average

household income

▪ 116,5002 weighted average 5-mile population

% of Annualized Base Rent By State

As of March 31, 2026, unless otherwise noted. ABR is thousands, includes impact of straight-line rent.

1. 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. The names of the MSA have been

shortened for ease of reference.

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

$111,900 Total Portfolio Weighted Average

5-Mile Average Household Income2

113,400 Total Portfolio Weighted Average

5-Mile Total Population2

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

51% of ABR comes from MSAs1 with

population in excess of one million

people

Commercial Loan Program

Number of Commercial Loans 14

Outstanding Face Amount 2 $160.4M

Weighted Average Coupon Rate 3 13.5%

Weighted Average Remaining Term 1.8 years

Unfunded Commitment Amount $59.1M

Key Portfolio Stats1

Program Overview

As of March 31, 2026, unless otherwise noted.

1. See Supplemental Disclosure on Commercial Loans and Investments on page 24 of this presentation.

2. Net of $20.3 million A-1 Participation and $41.1 million of financing related to Sale-Leaseback Properties.

3. Includes PIK interest coupon rate.

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

▪ 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 option to acquire the properties

under certain circumstances

▪ Key benefits include:

▪ Diversification of income streams

▪ Increased investment opportunities with high

yields

▪ Attractive risk-adjusted returns

$100 $100

$162

2026 2027 2028 2029 2030 2031

Unsecured Term Loan Revolving Credit Facility

100% Unsecured Long-Term Indebtedness

Debt Maturity Schedule

As of March 31, 2026. $ in thousands; any differences a result of rounding.

1. As of March 31, 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 March 31, 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 2029 Term Loan balance.

3. As of March 31, 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.

4. 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.

5. 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.

6. The Company’s senior unsecured revolving credit facility matures in February 2030 and includes a one-year extension option, subject to satisfaction of certain conditions; the maturity date reflected assumes the Company exercises the two six-month extension options.

Balance Sheet as of March 31, 2026

Debt Interest Rate Type Face Value Debt Wtd. Avg. Rate as of

March 31, 2026

Maturity Date

(Excl. Options)

Revolving Credit Facility Floating $61,500 5.18% February 2030

Revolving Credit Facility 1 Fixed $100,000 4.82% February 2030

2029 Term Loan 2 Fixed $100,000 3.50% February 2029

2031 Term Loan 3 Fixed $100,000 3.50% February 2031

Total Debt/Weighted-Average Rate $361,500 4.15%

Shares & Units Outstanding 17,674,611

Equity Market Capitalization $318

Net Debt Outstanding $353

Preferred Equity at Liquidation Value $57

Total Enterprise Value $728

Net Debt to TEV 4 56.3%

Net Debt to Pro Forma Adjusted EBITDA 5 6.6x

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

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 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.

References in this presentation:

1. All information is as of March 31, 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 March 31, 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 March 31, 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 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 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 Properties and the Participation Obligations Sold. Please see page 15 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.

Consolidated Statement of Operations

$ in thousands, except share and per share date

1. Includes 1,223,854 shares during the three months ended March 31, 2026 and 2025, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc and its wholly owned subsidiaries.

Revenues:

Lease Income $ 12,602 $ 11,826

Interest Income from Commercial Loans and Investments 5,758 2,301

Other Revenue 46 79

Total Revenues 18,406 14,206

Operating Expenses:

Real Estate Expenses 2,302 2,034

General and Administrative Expenses 1,859 1,716

Provision for Impairment 508 2,031

Depreciation and Amortization 7,215 7,307

Total Operating Expenses 11,884 13,088

Gain on Disposition of Assets 97 1,151

Net Income From Operations 6,619 2,269

Investment and Other Income 91 45

Interest Expense (4,353) (3,592)

Net Income (Loss) 2,357 (1,278)

Less: Net Loss (Income) Attributable to Noncontrolling Interest (172) 99

Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. 2,185 (1,179)

Less: Distributions to Preferred Stockholders (1,122) —

Net Income (Loss) Attributable to Common Stockholders $ 1,063 $ (1,179)

Per Common Share Data:

Net Income (Loss) Attributable to Common Stockholders

Basic $ 0.07 $ (0.08)

Diluted $ 0.06 $ (0.08)

Weighted Average Number of Common Shares:

Basic 15,544,745 14,628,921

Diluted (1) 16,768,599 15,852,775

Dividends Declared and Paid - Preferred Stock $ 0.500 $ —

Dividends Declared and Paid - Common Stock $ 0.300 $ 0.285

2026 2025

(Unaudited)

Three Months Ended March 31,

Non-GAAP Financial Measures Reconciliation:

Funds From Operations and Adjusted Funds From Operations

$ in thousands, except share and per share date

Net Income (Loss) $ 2,357 $ (1,278)

Depreciation and Amortization 7,215 7,307

Provision for Impairment 508 2,031

Gain on Disposition of Assets (97) (1,151)

Funds From Operations $ 9,983 $ 6,909

Distributions to Preferred Stockholders (1,122) —

Funds From Operations Attributable to Common Stockholders $ 8,861 $ 6,909

Adjustments:

Amortization of Intangible Assets and Liabilities to Lease Income (236) (80)

Straight-Line Rent Adjustment (157) (131)

Non-Cash Compensation 95 95

Amortization of Deferred Financing Costs to Interest Expense 265 190

Other Non-Cash Adjustments 79 57

Adjusted Funds From Operations Attributable to Common Stockholders $ 8,907 $ 7,040

FFO Attributable to Common Stockholders per Diluted Share $ 0.53 $ 0.44

AFFO Attributable to Common Stockholders per Diluted Share $ 0.53 $ 0.44

Supplemental Disclosure:

PIK Interest Earned $ 594 $ —

PIK Interest Paid 50 —

PIK Interest Earned in Excess of PIK Interest Paid $ 544 $ —

2025

(Unaudited)

Three Months Ended March 31,

2026

$ in thousands, except share and per share date

1. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended March 31, 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

Net Income $ 2,357

Adjustments:

Depreciation and Amortization 7,215

Provision for Impairment 508

Gain on Disposition of Assets (97)

Distributions to Preferred Stockholders (1,122)

Amortization of Intangible Assets and Liabilities to Lease Income (236)

Straight-Line Rent Adjustment (157)

Non-Cash Compensation 95

Amortization of Deferred Financing Costs to Interest Expense 265

Other Non-Cash Adjustments 79

Other Non-Recurring Items (27)

Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement 3,778

Adjusted EBITDA $ 12,658

Annualized Adjusted EBITDA $ 50,632

Pro Forma Annualized Impact of Current Quarter Investment Activity (1) 3,199

Pro Forma Adjusted EBITDA $ 53,831

Total Long-Term Debt $ 359,428

Financing Costs, Net of Accumulated Amortization 2,072

Cash and Cash Equivalents (2,618)

Restricted Cash (2) (5,518)

Net Debt $ 353,364

Net Debt to Pro Forma Adjusted EBITDA 6.6x

(Unaudited)

Three Months Ended March

31, 2026

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 24 of this presentation for additional detail.

commercial loan portfolio.

2. Net of $20.3 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.

4. Fully repaid in April 2026

Description Loan Type Location Maturity

As of Dec.

31, 2025 Principal

Draws /

(Pmts)

As of March 31, 2026

Face Amount Face

Amount

Coupon

(Incl. PIK)

Commitment

Unfunded

1 Residential Land Loan 2 Construction Austin, TX Oct. 2028 $18,627 $21,352 $39,979 20.55% -

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

3 Mixed-Use Development 3 Mortgage Herndon, VA Sep. 2028 20,001 101 20,102 12.00% -

4 Wawa Land Development Construction Greenwood, IN Jul. 2026 9,144 2,182 11,326 9.50% 3,654

5 Retail Land Development Construction Stuart, FL Mar. 2027 7,084 1,880 8,964 11.00% 4,276

6 Retail Development 3 Construction Covington, GA Apr. 2028 - 8,659 8,659 13.00% 23,351

7 Mixed-Use Redevelopment 3 Construction Denver, CO Dec. 2028 8,519 94 8,613 12.00% 3,452

8 Residential Land Loan 3 Construction Lake Toxaway, NC Oct. 2027 6,938 815 7,753 16.00% 5,397

9 Cornerstone Exchange Construction Daytona Beach, FL Apr. 2027 6,886 738 7,625 10.00% 16,281

10 Wawa Land Development Construction Antioch, TN Oct. 2026 6,309 433 6,742 10.25% 683

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

12 Old Time Pottery 4 Mortgage Orange Park, FL Jun. 2028 4,000 - 4,000 8.00% -

13 Reno Seller Financing Mortgage Reno, NV Sep. 2027 4,000 - 4,000 8.00% -

14 Mixed-Use Development Construction Stone Mountain, GA Nov. 2027 879 1,573 2,452 11.00% 2,048

15 Wawa Land Development Construction Mount Carmel, OH Repaid in Jan. 2026 6,127 (6,127) - - -

16 Mixed-Use Development Construction Lawrenceville, GA Repaid in Jan. 2026 1,099 (1,099) - - -

Total / Weighted Average $129,813 $30,599 $160,412 13.48% $59,143

$ in thousands, except share and per share date

1. Includes PIK interest coupon rate.

Non-GAAP Financial Measures:

Supplemental Disclosure on Commercial Loans and Investments

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

Draws (Including Accrued PIK Interest) 38,272 10,763 49,035 10,000 59,035

Principal Repayments (7,673) (465) (8,138) (80) (8,218)

Face Amount, End of Period 160,412 20,298 180,710 41,053 221,763

Unaccreted Origination Fees (2,387) — (2,387) — (2,387)

CECL Reserve (1,604) (203) (1,807) (411) (2,218)

Carrying Amount, End of Period $ 156,421 $ 20,095 $ 176,516 $ 40,642 $ 217,158

Cash Interest Income $ 3,769 $ 310 $ 4,079 $ 819 $ 4,898

PIK Interest Earned 594 — 594 — 594

Accretion of Commercial Loans and Investments Origination Fees 266 — 266 — 266

Total Interest Income $ 4,629 $ 310 $ 4,939 $ 819 $ 5,758

Weighted Average Coupon Rate, End of Period (1) 13.5 % 10.0 % 13.1 % 8.3 % 12.2 %

As of and for the Three Month Ended March 31, 2026

Commercial

Loan Portfolio

Plus:

Participation

Obligations Sold

Total

Commercial

Loans

Plus: Sale-Leaseback

Transactions

Commercial Loans

and Investments

Pursuant to GAAP

(Unaudited)

Investor Inquiries: ir@alpinereit.com

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Document and Entity Information

Apr. 23, 2026

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Securities Act File Number

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ALPINE INCOME PROPERTY TRUST, INC.

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369 N. New York Avenue

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Trading symbol of an instrument as listed on an exchange.

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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.

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