# EDGAR Filing Document

**Accession Number:** 0001786117
**File Stem:** 0001104659-26-047698
**Filing Date:** 2026-4
**Character Count:** 75884
**Document Hash:** 887f59d5dbca09b229e294fcb6918b60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-047698.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001104659-26-047698

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20260423

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alpine Income Property Trust, Inc.
- **CENTRAL INDEX KEY:** 0001786117
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39143
- **FILM NUMBER:** 26888744

**BUSINESS ADDRESS:**
- **STREET 1:** 369 N. NEW YORK AVE.
- **STREET 2:** SUITE 201
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789
- **BUSINESS PHONE:** 407-904-3324

**MAIL ADDRESS:**
- **STREET 1:** 369 N. NEW YORK AVE.
- **STREET 2:** SUITE 201
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789

?xml version='1.0' encoding='ASCII'? ALPINE INCOME PROPERTY TRUST, INC._April 23, 2026

**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**<br>**incorporation or organization)** |  | **(I.R.S. Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| **369 N. New York Avenue, Suite 201**<br>**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** 

---

| | | |
|:---|:---|:---|
| <br>| <br>| &nbsp;&nbsp;<br>|
| **Title of each class** | **Trading Symbol** | &nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.1 Earnings Press Release dated April 23, 2026](pine-20260423xex99d1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.2 Investor Presentation dated April 23, 2026](pine-20260423xex99d2.htm)

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)

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](pine-20260423xex99d1001.jpg)

**Press Release**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**QUARTER 2024 OPERATING RESULTS**<br>|
| &nbsp;&nbsp;**FOR**<br>**IMMEDIATE**<br>**RELEASE** | &nbsp;&nbsp;**ALPINE INCOME PROPERTY TRUST REPORTS**<br>**FIRST QUARTER 2026 OPERATING AND**<br>**FINANCIAL RESULTS**<br>*– Completed $74 Million of Gross Investment Activity at 14% Blended Initial Yield –*<br>*– Raised $36 Million of Common and Preferred Equity via ATM Programs –*<br>*– Raises 2026 Investment Guidance to $170 Million to $200 Million –*<br>*– Increases 2026 AFFO Per Diluted Share Guidance to $2.11 to $2.15 –*<br>|

---

**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** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Total Revenues | $18406 | $14206 |
| Net Income (Loss) Attributable to PINE | $2185 | $(1179) |
| Net Income (Loss) per Diluted Share Attributable to PINE | $0.06 | $(0.08) |
| FFO Attributable to Common Stockholders <sup>(1)</sup> | $8861 | $6909 |
| FFO Attributable to Common Stockholders per Diluted Share <sup>(1)</sup> | $0.53 | $0.44 |
| AFFO Attributable to Common Stockholders <sup>(1)</sup> | $8907 | $7040 |
| AFFO Attributable to Common Stockholders per Diluted Share <sup>(1)</sup> | $0.53 | $0.44 |

---

------

<sup>(1)</sup> 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."

------

**Investment Activity**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|  | **Number of Investments** | **Amount** | **Amount** |
| Properties <sup>(1)</sup> | 1 | $| 10000 |
| Commercial Loan Originations | 3 |  | 63930 |
| Total Investments | 4 | $ | 73930 |
| Properties - Weighted Average Initial Cash Cap Rate |  |  | 8.5% |
| Commercial Loans - Weighted Average Initial Coupon Rate <sup>(2)</sup> |  |  | 15.0% |
| Total Investments - Weighted Average Initial Yield |  |  | 14.1% |
| Properties - Weighted Average Remaining Lease Term at Time of Acquisition | 50.0 years | 50.0 years | 50.0 years |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **Three Months Ended March 31, 2026** |
|  | **Number of Investments** | **Amount** |
| Properties | 3 | $5816 |
| Commercial Loans | 1 | 10763 |
| &nbsp;&nbsp;Total Dispositions | 4 | $16579 |
| 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% |

---

------

**Investments** <sup>(1)</sup>

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) <sup>(1)</sup> | $47.0 million |
| Weighted Average Remaining Lease Term | 9.3 years |
| States where Properties are Located | 31 |
| Industries | 24 |
| 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 <sup>(2)</sup> | 11% |
| **Commercial Loan Portfolio** <sup>(3)</sup> |  |
| Number of Commercial Loans | 14 |
| Outstanding Face Amount <sup>(4)</sup> | $160.4 million |
| Weighted Average Coupon Rate <sup>(5)</sup> | 13.5% |
| Weighted Average Remaining Term | 1.8 years |
| Unfunded Commitment Amount | $59.1 million |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(4) Net of $20.3 million A-1 Participation and $41.1 million of financing related to Sale-Leaseback Properties.

&nbsp;&nbsp;&nbsp;&nbsp;(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 | 8% |
| Walmart | AA / Aa2 | 7% |
| Best Buy | BBB+ / A3 | 5% |
| Dollar General | BBB / Baa3 | 5% |
| Family Dollar | NR / NR | 4% |
| GermFree Laboratories | NR / NR | 4% |
| Walgreens | NR / NR | 3% |
| At Home | NR / NR | 3% |
| Bass Pro Shops | BB- / Ba3 | 3% |
| BJ's Wholesale Club | BB+ / Ba1 | 3% |
| Academy Sports | BB+ / Ba2 | 3% |
| Aspen Retail | NR / NR | 2% |
| Alamo Drafthouse | A+ / A2 | 2% |
| Dollar Tree | BBB / Baa2 | 2% |
| Home Depot | A / A2 | 2% |
| TJX Companies | A / A2 | 2% |
| Burlington | BB+ / Ba1 | 2% |
| Other |  | 18% |
| **Total** |  | **100%** |

---

------

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 | 7% |
| Consumer Electronics | 6% |
| Home Furnishings | 5% |
| Entertainment | 5% |
| Pharmacy | 4% |
| Technology, Media & Life Sciences | 4% |
| Off-Price Retail | 4% |
| Wholesale Club | 3% |
| Other | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp; **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 | 9% |
| New Jersey | 9% |
| New York | 6% |
| Michigan | 6% |
| North Carolina | 6% |
| Illinois | 6% |
| Colorado | 5% |
| Virginia | 5% |
| Georgia | 4% |
| Minnesota | 3% |
| Ohio | 3% |
| West Virginia | 3% |
| Tennessee | 3% |
| Kansas | 2% |
| Louisiana | 2% |
| California | 2% |
| Missouri | 2% |
| Other | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** | **100%** |

---

------

**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 | $81215 |
| Cash, Cash Equivalents and Restricted Cash | 8136 |
| Total Liquidity | $89351 |

---

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.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Face Value Debt** | **Stated Interest Rate** | **Wtd. Avg. Rate** | **Maturity Date** |
| Revolving Credit Facility <sup>(1)</sup> | $161500 | SOFR +<br>[1.25% - 2.20%] | 4.96% | February 2030 |
| 2029 Term Loan <sup>(2)</sup> | 100000 | SOFR +<br>[1.25% - 1.90%] | 3.50% | February 2029 |
| 2031 Term Loan <sup>(3)</sup> | 100000 | SOFR +<br>[1.25% - 1.90%] | 3.50% | February 2031 |
| Total Debt/Weighted-Average Rate | $361500 |  | 4.15% |  |

---

------

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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.

<sup>(3)</sup> 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. 

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% |

---

------

**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** <sup>(1)</sup> | **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 | $30 to $60 Million |

---

------

 <sup>(1)</sup> 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<br>Range for 2026** | **Revised Outlook<br>Range for 2026** |
| *(Unaudited)* | **Low** | **High** |
| Net Income per Diluted Share | $0.72 | $0.76 |
| Depreciation and Amortization | 1.66 | 1.66 |
| Provision for Impairment <sup>(1)</sup> | (0.03) | (0.03) |
| Gain on Disposition of Assets <sup>(1)</sup> | 0.01 | 0.01 |
| FFO per Diluted Share | $2.36 | $2.40 |
| Distributions to Preferred Stockholders | (0.27) | (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) | (0.05) |
| Straight-Line Rent Adjustment | (0.04) | (0.04) |
| Non-Cash Compensation | 0.02 | 0.02 |
| Amortization of Deferred Financing Costs to Interest Expense | 0.07 | 0.07 |
| Other Non-Cash Adjustments | 0.02 | 0.02 |
| AFFO Attributable to Common Stockholders per Diluted Share | $2.11 | $2.15 |

---

------

 <sup>(1)</sup> 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.

------

**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.

------

**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.

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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**

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

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

<u>Credit Rated Tenant</u> 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.

<u>Investment Grade Rated Tenant</u> 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.

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

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**Alpine Income Property Trust, Inc.**

**Consolidated Balance Sheets**

(In thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | (Unaudited)**<br>March 31, 2026** | **December 31, 2025** |
| **ASSETS** |  |  |
| Real Estate: |  |  |
| &nbsp;&nbsp;Land, at Cost | $154668 | $151628 |
| &nbsp;&nbsp;Building and Improvements, at Cost | 342371 | 344138 |
| &nbsp;&nbsp;Total Real Estate, at Cost | 497039 | 495766 |
| &nbsp;&nbsp;Less, Accumulated Depreciation | (58586) | (54446) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate—Net | 438453 | 441320 |
| Assets Held for Sale | 375 | 8077 |
| Commercial Loans and Investments | 217158 | 167553 |
| Cash and Cash Equivalents | 2618 | 4589 |
| Restricted Cash | 24428 | 34410 |
| Intangible Lease Assets—Net | 46759 | 48925 |
| Straight-Line Rent Adjustment | 2246 | 2092 |
| Other Assets | 13089 | 8908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $745126 | $715874 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;Accounts Payable, Accrued Expenses, and Other Liabilities | $11054 | $7877 |
| &nbsp;&nbsp;Prepaid Rent and Deferred Revenue | 16053 | 14031 |
| &nbsp;&nbsp;Intangible Lease Liabilities—Net | 4631 | 4971 |
| &nbsp;&nbsp;Obligation Under Participation Agreement | 20298 | 10000 |
| &nbsp;&nbsp;Long-Term Debt—Net | 359428 | 377739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 411464 | 414618 |
| Commitments and Contingencies |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;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 | 23 | 21 |
| &nbsp;&nbsp;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 |
| &nbsp;&nbsp;Additional Paid-in Capital | 349884 | 313690 |
| &nbsp;&nbsp;Dividends in Excess of Net Income | (39120) | (35276) |
| &nbsp;&nbsp;Accumulated Other Comprehensive Income | 1509 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' Equity | 312461 | 279876 |
| &nbsp;&nbsp;Noncontrolling Interest | 21201 | 21380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity | 333662 | 301256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Equity | $745126 | $715874 |

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**Alpine Income Property Trust, Inc.**

**Consolidated Statements of Operations**

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Revenues: |  |  |
| &nbsp;&nbsp;Lease Income | $12602 | $11826 |
| &nbsp;&nbsp;Interest Income from Commercial Loans and Investments | 5758 | 2301 |
| &nbsp;&nbsp;Other Revenue | 46 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenues | 18406 | 14206 |
| Operating Expenses: |  |  |
| &nbsp;&nbsp;Real Estate Expenses | 2302 | 2034 |
| &nbsp;&nbsp;General and Administrative Expenses | 1859 | 1716 |
| &nbsp;&nbsp;Provision for Impairment | 508 | 2031 |
| &nbsp;&nbsp;Depreciation and Amortization | 7215 | 7307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 11884 | 13088 |
| &nbsp;&nbsp;Gain on Disposition of Assets | 97 | 1151 |
| Net Income From Operations | 6619 | 2269 |
| Investment and Other Income | 91 | 45 |
| Interest Expense | (4353) | (3592) |
| Net Income (Loss) | 2357 | (1278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net Loss (Income) Attributable to Noncontrolling Interest | (172) | 99 |
| Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. | 2185 | (1179) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Distributions to Preferred Stockholders | (1122) |  |
| Net Income (Loss) Attributable to Common Stockholders | $1063 | $(1179) |
| **Per Common Share Data:** |  |  |
| Net Income (Loss) Attributable to Common Stockholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.07 | $(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.06 | $(0.08) |
| Weighted Average Number of Common Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 15544745 | 14628921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted <sup>(1)</sup> | 16768599 | 15852775 |
| Dividends Declared and Paid - Preferred Stock | $0.500 | $— |
| Dividends Declared and Paid - Common Stock | $0.300 | $0.285 |

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<sup>(1)</sup> 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.

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**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,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net Income (Loss) | $2357 | $(1278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 7215 | 7307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for Impairment | 508 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on Disposition of Assets | (97) | (1151) |
| Funds From Operations | $9983 | $6909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Preferred Stockholders | (1122) |  |
| Funds From Operations Attributable to Common Stockholders | $8861 | $6909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangible Assets and Liabilities to Lease Income | (236) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-Line Rent Adjustment | (157) | (131) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Cash Compensation | 95 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Deferred Financing Costs to Interest Expense | 265 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Cash Adjustments | 79 | 57 |
| Adjusted Funds From Operations Attributable to Common Stockholders | $8907 | $7040 |
| 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:  |  |  |
| &nbsp;&nbsp;PIK Interest Earned | $594 | $— |
| &nbsp;&nbsp;PIK Interest Paid | 50 |  |
| &nbsp;&nbsp;PIK Interest Earned in Excess of PIK Interest Paid | $544 | $— |

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**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 | $2357 |
| Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 7215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for Impairment | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on Disposition of Assets | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Preferred Stockholders | (1122) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangible Assets and Liabilities to Lease Income | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-Line Rent Adjustment | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Cash Compensation | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Deferred Financing Costs to Interest Expense | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Cash Adjustments | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Recurring Items | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement | 3778 |
| Adjusted EBITDA | $12658 |
| Annualized Adjusted EBITDA | $50632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro Forma Annualized Impact of Current Quarter Investment Activity <sup>(1)</sup> | 3199 |
| Pro Forma Adjusted EBITDA | $53831 |
| Total Long-Term Debt | $359428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Costs, Net of Accumulated Amortization | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | (2618) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash <sup>(2)</sup> | (5518) |
| Net Debt | $353364 |
| Net Debt to Pro Forma Adjusted EBITDA | 6.6x |

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&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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**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** | **As of and for the Three Months Ended March 31, 2026** | **As of and for the Three Months Ended March 31, 2026** | **As of and for the Three Months Ended March 31, 2026** | **As of and for the Three Months Ended March 31, 2026** | **As of and for the Three Months Ended March 31, 2026** | **As of and for the Three Months Ended March 31, 2026** | **As of and for the Three Months Ended March 31, 2026** | **As of and for the Three Months Ended March 31, 2026** | **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 | $129813 |  | $10000 |  | $139813 |  | $31133 |  | $170946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Draws (Including Accrued PIK Interest) | 38272 |  | 10763 |  | 49035 |  | 10000 |  | 59035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Repayments | (7673) |  | (465) |  | (8138) |  | (80) |  | (8218) |  |
| Face Amount, End of Period | 160412 |  | 20298 |  | 180710 |  | 41053 |  | 221763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaccreted Origination Fees | (2387) |  |  |  | (2387) |  |  |  | (2387) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CECL Reserve | (1604) |  | (203) |  | (1807) |  | (411) |  | (2218) |  |
| Carrying Amount, End of Period | $156421 |  | $20095 |  | $176516 |  | $40642 |  | $217158 |  |
| Cash Interest Income | $3769 |  | $310 |  | $4079 |  | $819 |  | $4898 |  |
| PIK Interest Earned | 594 |  |  |  | 594 |  |  |  | 594 |  |
| Accretion of Commercial Loans and Investments Origination Fees | 266 |  |  |  | 266 |  |  |  | 266 |  |
| Total Interest Income | $4629 |  | $310 |  | $4939 |  | $819 |  | $5758 |  |
| Weighted Average Coupon Rate, End of Period <sup>(1)</sup> | 13.5 | % | 10.0 | % | 13.1 | % | 8.3 | % | 12.2 | % |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes PIK interest coupon rate.

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## Exhibit 99.2

**Exhibit 99.2**

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NYSE: PINE Investor Presentation - 1Q 2026 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2© Alpine Income Property Trust, Inc. \| alpinereit.com 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 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3© Alpine Income Property Trust, Inc. \| alpinereit.com 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 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4© Alpine Income Property Trust, Inc. \| alpinereit.com 12% 10% 8% 7% 5% 5% 4% 4% 3% 3% BBB+ BBB N/A AA BBB+ BBB N/A N/A N/A 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. 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. 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 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5© Alpine Income Property Trust, Inc. \| alpinereit.com 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 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6© Alpine Income Property Trust, Inc. \| alpinereit.com $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 6© Alpine Income Property Trust, Inc. \| alpinereit.com Basis per Square Foot is Roughly 60% of Peer Average's |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7© Alpine Income Property Trust, Inc. \| alpinereit.com $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 7© Alpine Income Property Trust, Inc. \| alpinereit.com 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% |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8© Alpine Income Property Trust, Inc. \| alpinereit.com 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.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9© Alpine Income Property Trust, Inc. \| alpinereit.com 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 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10© Alpine Income Property Trust, Inc. \| alpinereit.com 1 2 3 4 5 6 7 8 9 10 High-Quality Top Tenant Base Disclosed % of Rents from Investment Grade-Rated Tenants IG 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 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11© Alpine Income Property Trust, Inc. \| alpinereit.com – 10% 10% 12% 4% 11% 12% 7% – 2% 3% 6% 1% 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 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12© Alpine Income Property Trust, Inc. \| alpinereit.com 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 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14© Alpine Income Property Trust, Inc. \| alpinereit.com 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 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15© Alpine Income Property Trust, Inc. \| alpinereit.com $100 $100 $162 2026 2027 2028 2029 2030 2031 Unsecured Term Loan Revolving Credit Facility 100% Unsecured Long-Term Indebtedness Debt Maturity Schedule 6 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  |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16© Alpine Income Property Trust, Inc. \| alpinereit.com 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 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17© Alpine Income Property Trust, Inc. \| alpinereit.com 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 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18© Alpine Income Property Trust, Inc. \| alpinereit.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. |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20© Alpine Income Property Trust, Inc. \| alpinereit.com 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 (4353) (3592) Net Income (Loss) 2,357 (1278) Less: Net Loss (Income) Attributable to Noncontrolling Interest (172) 99 Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. 2,185 (1179) Less: Distributions to Preferred Stockholders (1122) — Net Income (Loss) Attributable to Common Stockholders $1,063 $(1179) 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, |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21© Alpine Income Property Trust, Inc. \| alpinereit.com 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 $(1278) Depreciation and Amortization 7,215 7,307 Provision for Impairment 508 2,031 Gain on Disposition of Assets (97) (1151) Funds From Operations $9,983 $6,909 Distributions to Preferred Stockholders (1122) — 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 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22© Alpine Income Property Trust, Inc. \| alpinereit.com $ 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 (1122) 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 (2618) Restricted Cash (2) (5518) Net Debt $353,364 Net Debt to Pro Forma Adjusted EBITDA 6.6x (Unaudited) Three Months Ended March 31, 2026 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23© Alpine Income Property Trust, Inc. \| alpinereit.com 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. 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. 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 (6127) - - - 16 Mixed-Use Development Construction Lawrenceville, GA Repaid in Jan. 2026 1,099 (1099) - - - Total / Weighted Average $129,813 $30,599 $160,412 13.48% $59,143 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24© Alpine Income Property Trust, Inc. \| alpinereit.com $ 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 (7673) (465) (8138) (80) (8218) Face Amount, End of Period 160,412 20,298 180,710 41,053 221,763 Unaccreted Origination Fees (2387) — (2387) — (2387) CECL Reserve (1604) (203) (1807) (411) (2218) 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) |

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| &nbsp;&nbsp;![GRAPHIC](pine-20260423xex99d2g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Inquiries: ir@alpinereit.com |

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