Richardson Andrew C 4

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.