PINE · Alpine Income Property Trust, Inc.

This filing reflects an operational expansion of Alpine Income Property Trust’s ongoing at-the-market (ATM) equity financing infrastructure rather than a new capital raise or material change in strategy. The company updated its pre-existing preferred and common stock ATM programs by onboarding six new sales agents — Cantor Fitzgerald, Huntington Securities, Lucid Capital Markets, UBS, AGP, and Colliers — thereby increasing distribution breadth and execution flexibility. Critically, the common stock program now bifurcates into two structures: (i) non-forward agreements (Exhibit 1.4) with AGP and Colliers acting solely as agents, and (ii) forward-capable agreements (Exhibit 1.3) with Cantor, Huntington, Lucid, and UBS serving as both forward sellers and forward purchasers, enabling share borrowing and hedging mechanics governed by the Master Forward Confirmation (Exhibit 1.5). These updates do not alter the underlying size limits ($35M for preferred, $150M for common), nor do they indicate immediate issuance — only enhanced capacity and structural versatility. For investors, this signals continued reliance on low-cost, opportunistic equity issuance to fund acquisitions or repay debt, consistent with REIT operating models, but introduces no new financial commitments, dilution, or strategic pivot. The inclusion of forward mechanics may improve pricing efficiency and reduce market impact during larger sales, though associated counterparty risk and accounting complexity (e.g., derivative treatment) are acknowledged in the agreements.