Alpine Income Property Trust expands Series A preferred stock authorization

Alpine Income Property Trust, Inc. filed an amendment to its operating partnership agreement on October 23, 2026, authorizing the issuance of up to 189,747 additional 8.00% Series A Cumulative Redeemable Preferred Units. The move brings the total authorized Series A Preferred Units for Alpine Income Property OP, LP to 3,948,081. The company intends to contribute net proceeds from the sale of its Series A Preferred Stock to the operating partnership in exchange for an equal number of these units. The economic terms of the new preferred units mirror those of the preferred stock.

In connection with the preferred offering, Alpine Income Property Manager, LLC executed a waiver letter on October 23, 2026. The waiver reduces the base management fee rate on the incremental equity base created by the net cash proceeds from the Series A Preferred Stock issuance. Under the waiver, the fee on this specific portion of total equity drops from 1.50% per annum to 0.75% per annum. The base management fee on the remainder of total equity remains at 1.50% per annum, payable quarterly in arrears. The manager’s standard fee is calculated as a percentage of the company’s total equity, as defined in the management agreement dated November 26, 2019 and amended on July 18, 2024.

On the same date, Alpine Income Property Trust filed Articles Supplementary with the State Department of Assessments and Taxation of Maryland. This filing classified and designated 189,747 shares of authorized but unissued preferred stock as additional shares of Series A Preferred Stock. The articles became effective upon filing, authorizing an aggregate of 3,948,081 shares of Series A Preferred Stock for the company. The powers, preferences and privileges of these shares align with those set forth in the November 2025 Series A Articles Supplementary filed with the U.S. Securities and Exchange Commission on November 10, 2025.

The company also entered into separate equity distribution agreements with multiple sales agents to facilitate the preferred offering. The sales agents include Raymond James & Associates, Inc., A.G.P./Alliance Global Partners, Robert W. Baird & Co. Incorporated, B. Riley Securities, Inc., Cantor Fitzgerald & Co., Colliers Securities LLC, Huntington Securities, Inc., Jefferies LLC, JonesTrading Institutional Services LLC, Lucid Capital Markets, LLC, Stifel, Nicolaus & Company, Incorporated and Truist Securities, Inc. Under these agreements, the company may issue and sell shares of Series A Preferred Stock from time to time. The issuance of the operating partnership preferred units is exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933.