John Massocca

Craig Kucera

Gaurav Mehta

Michael Goldsmith

R.J. Milligan

Matthew Erdner

Rob Stevenson

Alex Fagan

Wesley Golladay

Barry Oxford

Robert Stevenson

Kathryn Graves

- PINE is funding significant investment activity through **asset sales** and **loan maturities**, with proceeds being reinvested into new loans and properties, which may lead to a slight decrease in leverage.  **[0001786117_2202245_0]** **[0001786117_2202245_4]** 
- The company's loan program has evolved from an opportunistic approach to a **more permanent fixture**, providing double-digit unlevered yields on high-quality assets and potentially increasing the overall loan balance.  **[0001786117_2202245_4]** 
- PINE is focusing property acquisitions on **high-quality credit, big-box assets** and is open to unique, short-duration opportunities outside retail, while continuing to sell assets like Walgreens and dollar stores.  **[0001786117_2202245_0]** **[0001786117_2202245_3]** 
- The sale of the Reno Theater in Q3 2025 is expected to reduce annual operating expenses by approximately **$400,000**, though the former Party City location with a similar expense run rate remains unsold.  **[0001786117_2202245_1]** 
- The percentage of credit-rated tenants in the portfolio decreased from 81% to **66%**, primarily due to tenants like Walgreens and At Home losing their credit ratings.  **[0001786117_2202245_5]**

PINE Discusses Q3 2025 Investment Strategy and Portfolio Updates

- PINE is actively funding new investments, particularly in loans, through **asset sales** and **loan maturities**, with proceeds primarily reinvested and potential for slight leverage reduction.  **[0001786117_2202199_0]** **[0001786117_2202199_1]**  The loan program, initially opportunistic, has become a more permanent fixture due to its high yields, flexibility, and speed.  **[0001786117_2202199_4]** 
- The company plans to continue selling properties like Walgreens and dollar stores to reinvest in higher credit quality assets.  **[0001786117_2202199_3]**  They also anticipate potentially selling up to **50%** of a large loan interest (Austin luxury residential development loan), which could lead to exceeding disposition guidance.  **[0001786117_2202199_1]** **[0001786117_2202199_2]** 
- While primarily focused on retail, PINE is open to unique, short-duration opportunities in other property types.  **[0001786117_2202199_0]**  Future property acquisitions will target **higher credit quality, big box assets**.  **[0001786117_2202199_3]**  The percentage of credit-rated tenants in the portfolio decreased from **81% to 66%** due to certain tenants losing their credit rating.  **[0001786117_2202199_5]** 
- PINE aims to retain as much capital as possible for reinvestment, indicating that any future dividend increases, while necessary to comply with REIT rules, would likely be minimal.  **[0001786117_2202199_5]**

PINE Discusses Investment Strategy, Asset Dispositions, and Portfolio Focus in Q3 2025

- Alpine Income Property Trust (PINE) is actively pursuing an investment strategy focused on **high-yield loan programs**, which have become a permanent fixture, offering double-digit unlevered yields on assets with short durations and high-quality sponsors.  **[0001786117_2202917_1]** **[0001786117_2202917_7]** 
- The company is enhancing its portfolio's credit quality by **recycling capital through asset sales**, such as the Theater Marina property, which reduced annual operating expenses by approximately **$400,000**.  **[0001786117_2202917_1]** **[0001786117_2202917_3]**  Future acquisitions will target higher credit quality, investment-grade, big box assets.  **[0001786117_2202917_5]** 
- PINE plans to fund new investments through asset sales and loan maturities, with approximately **$50 million to $60 million** of committed loans unfunded by year-end, and may sell senior loan tranches to manage funding and leverage.  **[0001786117_2202917_1]** **[0001786117_2202917_4]** 
- The percentage of credit-rated tenants in the portfolio decreased from **81% to 66%** due to certain tenants, including Walgreens and At Home, losing their credit ratings.  **[0001786117_2202917_9]**

Alpine Income Property Trust Discusses Q3 2025 Investment Strategy and Portfolio Management

- Alpine Income Property Trust is actively engaged in investment activities, with a significant portion dedicated to **high-yield loans** that have become a more permanent fixture in its strategy, offering double-digit unlevered yields.  **[0001786117_2202923_1]** **[0001786117_2202923_7]** 
- The company is funding these investments through **asset sales** and **loan maturities**, with a strategic focus on divesting lower credit quality properties (e.g., Walgreens, dollar stores) and acquiring **higher credit quality, big box assets** like Lowe's and DICK's.  **[0001786117_2202923_1]** **[0001786117_2202923_5]** 
- Management anticipates a reduction in annual operating expenses by approximately **$400,000** upon the sale of the former Party City property, following the recent sale of the Theater Reno property which also had a **$400,000** annual expense run rate.  **[0001786117_2202923_3]** 
- The percentage of credit-rated tenants in the portfolio decreased from **81% to 66%** due to certain tenants, such as Walgreens and At Home, losing their credit ratings.  **[0001786117_2202923_9]** 
- The company expects pressure to **raise its dividend** as earnings grow, to comply with REIT payout requirements.  **[0001786117_2202923_9]**

Alpine Income Property Trust Discusses Investment Strategy, Funding, and Portfolio Changes in Q3 2025 Earnings Call

- Alpine Income Property Trust **originated a first mortgage loan investment** secured by a luxury residential development in the Austin, Texas metropolitan area.  **[1786117_abcd16643fc14423af02f8895fa1bef7_0]** 
- At closing, the Company **funded $14.1 million** of a phase one loan, with a total commitment for phase one of up to **$29.5 million**.  **[1786117_abcd16643fc14423af02f8895fa1bef7_0]** 
- The loan's interest rate is **17.0%**, inclusive of 4.0% paid-in-kind, stepping down to 16.0% during months 7 to 12, and to 14.0% thereafter, for a 36-month term.  **[1786117_abcd16643fc14423af02f8895fa1bef7_0]** 
- A phase two loan is also provided for, with a total commitment of up to **$31.8 million**, anticipated to be funded in early 2026.  **[1786117_abcd16643fc14423af02f8895fa1bef7_0]** 
- This investment is part of a proactive approach to **capital redeployment** related to anticipated proceeds from late 2025 and 2026 investment maturities, aiming to ensure **continuity in earnings**.  **[1786117_abcd16643fc14423af02f8895fa1bef7_0]**

Alpine Income Property Trust Funds First Mortgage Loan Investment

- Alpine Income Property Trust (PINE) originated a **$24.0 million first mortgage loan investment** with an **11.0% interest rate** and a **24-month term**.  **[1786117_85245250a33b494fad630310bfa067d3_0]**  This loan will fund the **redevelopment of a former retail building into an industrial asset** in the **East Bay submarket of San Francisco, CA**.  **[1786117_85245250a33b494fad630310bfa067d3_0]** 
- Year-to-date in 2025, the Company has completed **$109.9 million** in acquisition and structured investment transactions, achieving a **weighted average initial cash yield of 9.5%**.  **[1786117_85245250a33b494fad630310bfa067d3_0]**