Alpine Income Property Trust, Inc. Announces Major Updates to At-the-Market Preferred and Common Equity Offering Programs

Key Developments and Details from the April 24, 2026 8-K Filing

Alpine Income Property Trust, Inc. (“Alpine” or the “Company”) has filed a Form 8-K with the U.S. Securities and Exchange Commission announcing substantial updates to its At-the-Market (“ATM”) equity offering programs, which could have significant implications for current and prospective shareholders.

1. Expansion of Preferred Stock ATM Program

• On April 24, 2026, Alpine, through its Operating Partnership and Manager, entered into new equity distribution agreements with Cantor Fitzgerald & Co. (“Cantor”) and Huntington Securities, Inc. (“Huntington”).
• These agreements expand the list of sales agents for the Company’s ATM offering of 8.00% Series A Cumulative Redeemable Preferred Stock (par value \$0.01 per share, NYSE: PINE/PA).
• The purpose of adding Cantor and Huntington is to enhance the Company’s ability to efficiently access capital markets and raise equity through the sale of preferred shares at prevailing market prices.
• The addition of these high-profile agents is likely to improve market visibility and liquidity for the preferred stock, potentially impacting trading volumes and price discovery.

2. Expansion and Amendment of Common Stock ATM Program

• On the same date, Alpine announced it entered into additional equity distribution agreements with A.G.P./Alliance Global Partners (“AGP”) and Colliers Securities LLC (“Colliers”), further broadening the syndicate of sales agents for its ATM common stock program.
• The Company also updated agreements with several existing agents, including Raymond James, B. Riley Securities, Jefferies, Jones, KeyBanc Capital Markets, Regions Securities, Truist, Baird, and Stifel. Notably, Cantor, Huntington, Lucid, and UBS were formally added as agents, forward sellers, and forward purchasers.
• These moves allow the Company to issue and sell, from time to time, shares of its common stock (NYSE: PINE), with an aggregate offering price of up to \$150 million.
• The expanded agent and forward seller syndicate is designed to maximize the Company’s flexibility and efficiency in raising capital, which could be used for acquisitions, balance sheet strengthening, or other corporate purposes.
• The Company clarified that these actions do not constitute offers to sell securities where such actions would be unlawful, in compliance with U.S. securities laws.

3. Summary Table of Equity Securities and Trading Venues

• Common Stock: PINE — listed on New York Stock Exchange.
• 8.00% Series A Cumulative Redeemable Preferred Stock: PINE/PA — also listed on New York Stock Exchange.

Important Information for Shareholders

• The expansion of the ATM programs and the addition of multiple new agents, including prominent names like Cantor Fitzgerald, Huntington, Lucid, and UBS, is a significant development.
  Increasing the number and caliber of distribution agents may improve liquidity, reduce the cost of capital, and increase the speed and flexibility with which Alpine can raise funds.
• The potential for \$150 million in additional common equity issuance is material. This could be used to fund growth, acquisitions, or pay down debt, but may also have a dilutive impact on existing shareholders if fully utilized.
• Additions to the preferred stock ATM program may impact the trading dynamics of the PINE/PA preferred shares, especially as the company accesses the market more actively.
• The Company explicitly states it is not an emerging growth company and that all filings comply with NYSE and SEC requirements.
• All new agreements and amendments are attached as exhibits to the 8-K and incorporated by reference, ensuring full transparency for investors and analysts.

Potential Share Price Impact

• Shareholders should be aware that ATM offerings can have both positive and negative impacts on share price.
  • On the positive side, increased capital flexibility and improved liquidity can enable growth and enhance financial strength, supporting higher valuations.
  • On the negative side, the ongoing issuance of shares (up to \$150 million in common stock) could exert downward pressure on the share price due to dilution, especially if proceeds are not immediately accretive.
• The Company’s ability to efficiently execute equity offerings through a broader agent network positions it competitively relative to its peers.

Additional Corporate Representations

• The Company confirmed its continued qualification as a Real Estate Investment Trust (REIT) since its taxable year ended December 31, 2019, and stated its intention to remain a REIT unless the Board determines otherwise.
• All financial statements referenced in the agreements are prepared in accordance with U.S. GAAP and have been audited by Grant Thornton LLP, an independent registered public accounting firm.
• The Company maintains robust internal controls, with no material weaknesses reported, and compliance with Sarbanes-Oxley requirements.
• The Company and its adviser have not taken any action expected to manipulate the price of any security or to facilitate the sale or resale of securities in an inappropriate manner.
• The Company will continue to disclose all ATM sales and related fees in its quarterly and annual SEC filings.

Conclusion

Investors should closely monitor Alpine Income Property Trust, Inc. for further developments regarding the execution of its expanded ATM programs, as these activities are likely to influence both common and preferred share trading and valuation in the coming quarters.

Disclaimer: This article is for informational purposes only and does not constitute investment, legal, or tax advice. Investors are advised to review all SEC filings directly and consult their own financial advisors before making any investment decisions. The author and publisher take no responsibility for any actions taken based on this summary.

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