Richardson Andrew C 4

4 · Alpine Income Property Trust, Inc. · Filed Apr 2, 2026

AI-generated summary of this filing

Updated Apr 2, 2026

Alpine (PINE) Director Andrew Richardson Sells Shares

What Happened

Andrew C. Richardson, a director of Alpine Income Property Trust, sold 2,750 shares in an open-market disposition on 2026-03-31 at a weighted-average price of $18.14 for proceeds of $49,877 (transaction code S).
The next day (2026-04-01) he was issued 932 shares as an equity component of his Q1 2026 director retainer (transaction code A), valued at approximately $17,490 using a share price of $18.7660.

Key Details

Transaction dates and prices:
- 2026-03-31 — Sale: 2,750 shares @ weighted-average $18.14 (prices in range $18.10–$18.20). (See footnote F1.)
- 2026-04-01 — Award: 932 shares @ $18.7660 (20-day trailing average used per compensation policy). (See footnote F2.)
Shares owned after the transactions: Not disclosed in this filing.
Footnotes of note:
- F1: Weighted-average sale price; reporting person can provide the breakdown of individual trade prices on request.
- F2: Awarded shares were the equity portion of the Q1 2026 non-employee director retainer under the company's compensation policy; the number was computed using the 20-day trailing average closing price ($18.7660).
Timeliness: Filed 2026-04-02 for transactions dated 2026-03-31 and 2026-04-01. No late filing is indicated in the report.

Context

The sale was an open-market disposition (routine sale), while the 932-share issuance was compensation-related under the board's Non‑Employee Director Compensation Policy. Compensation awards do not necessarily indicate the insider's view of the stock, and sales can reflect routine liquidity or tax planning rather than a judgment about company prospects.

Form 4

Period: 2026-03-31

Director

Transactions

Sale
Common Stock, par value $0.01 per share
[F1]
2026-03-31$18.14/sh−2,750$49,877→ 16,444 total
Award
Common Stock, par value $0.01 per share
[F2]
2026-04-01$18.77/sh+932$17,490→ 17,376 total

Footnotes (2)

[F1]The price reported is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $18.10 to $18.20, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
[F2]These shares were issued to the Reporting Person as the equity component of his Q1 2026 quarterly retainer fee (the value of such component being approximately $17,500), pursuant to the Issuer's Non-Employee Director Compensation Policy (the "Policy") adopted by the Issuer's board of directors on February 3, 2020 (last amended January 30, 2025). Pursuant to the Policy, the share price utilized to calculate the number of shares issued was the 20-day trailing average closing price as of the last business day of the calendar quarter, or $18.7660.

Signature

/s/ Daniel E. Smith, attorney-in-fact for Andrew C. Richardson|2026-04-02

1 file