Alpine Income Property Trust Files Amendments to Preferred Stock Offering and Management Agreements

Alpine Income Property Trust, Inc. (the “Company”) filed a Current Report on Form 8-K dated October 23, 2026, detailing amendments to its operating partnership agreement, management fee structures, and equity distribution programs. The filing outlines changes to the authorization and issuance of preferred stock and the terms under which the Company may sell common and preferred shares to investors.

The Company amended the Amended and Restated Agreement of Limited Partnership of Alpine Income Property OP, LP (the “Operating Partnership”) to authorize the issuance of an additional 189,747 Series A Preferred Units. Following this amendment, the Operating Partnership is authorized to issue a total of 3,948,081 Series A Preferred Units, each with a liquidation preference of $25.00 per unit. The Company intends to contribute the net proceeds from the sale of Series A Preferred Stock to the Operating Partnership in exchange for these units.

In a related action, the Company filed Articles Supplementary with the State Department of Assessments and Taxation of Maryland to classify and designate 189,747 shares of authorized preferred stock as Series A Preferred Stock. This authorization brings the total authorized shares of Series A Preferred Stock to 3,948,081.

The Company also executed a partial management fee waiver with Alpine Income Property Manager, LLC. Under the waiver, the Manager will reduce the base management fee rate on the net cash proceeds from the issuance of Series A Preferred Stock (referred to as “Incremental Equity Base”) from 1.50% per annum to 0.75% per annum.

Regarding equity distribution, the Company entered into new Preferred Equity Distribution Agreements with ten financial institutions, including Raymond James & Associates, Inc., A.G.P./Alliance Global Partners, and B. Riley Securities, Inc. These agreements allow the Company to issue and sell Series A Preferred Stock with an aggregate gross sales price of up to $35,000,000. The Company simultaneously terminated prior equity distribution agreements dated December 5, 2025, which had approximately $22.7 million in remaining unsold capacity.

Additionally, the Company entered into Common Equity Distribution Agreements with various agents, including AGP, Capital One Securities, Inc., and UBS Securities LLC. These agreements authorize the sale of common stock with an aggregate gross sales price of up to $150,000,000. The agreements also permit the Company to enter into forward sale agreements with certain counterparties.