0001104659-26-118164 | 10-Q | XBRL Viewer | Alpine Income Property Trust INC

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LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Interest Expense, Debt
Interest Expense	$ 4,044	$ 3,703	$ 11,588	$ 10,856
Interest Expense from Obligation Under Participation Agreement	481	10	1,301	375
Amortization of Deferred Financing Costs to Interest Expense	303	197	871	591
Total Interest Expense	$ 4,828	$ 3,910	$ 13,760	$ 11,822

INTANGIBLE ASSETS AND LIABILITIES - Intangible Lease Liabilities, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Below Market Lease, Net
Sub-total Intangible Lease Liabilities	$ (9,760)	$ (7,763)
Accumulated Amortization	3,640	2,792
Sub-total Intangible Lease Liabilities - Net	$ (6,120)	$ (4,971)

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2026	Feb. 28, 2025
Share Repurchase Program
Stock repurchased during period, value	$ 8,798
Stock Repurchase Program, February 2025
Share Repurchase Program
Stock repurchase program, authorized, amount			$ 10,000
Stock repurchased during period, shares (in shares)	546,390
Stock repurchased during period, value	$ 8,800
Shares acquired, average cost per share (in dollars per share)	$ 16.07
Share repurchase program, remaining authorized, amount		$ 1,200

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References

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- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

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+ Details

BUSINESS AND ORGANIZATION - Property Portfolio (Details)	Sep. 30, 2026 property state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	130
Number of states in which entity operates \| state	31

INTEREST RATE SWAPS - Tabular Disclosure (Details) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands	9 Months Ended
	Sep. 30, 2026 USD ($)
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps
Notional Disclosures
Derivative, average fixed interest rate (as a percent)	3.36%
Cash Flow Hedge, 2029 Term Loan Interest Rate Swap One
Notional Disclosures
Derivative, average fixed interest rate (as a percent)	3.36%
Derivative, notional amount	$ 100,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 2,830
Cash Flow Hedge, 2031 Term Loan Interest Rate Swaps
Notional Disclosures
Derivative, average fixed interest rate (as a percent)	2.05%
Cash Flow Hedge, 2031 Term Loan Interest Rate Swap One
Notional Disclosures
Derivative, fixed interest rate (as a percent)	3.54%
Derivative, notional amount	$ 100,000
Derivative, inception date	Jan. 29, 2027
Derivative, contract end date	Feb. 04, 2031
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 4,240
Cash Flow Hedge, 2031 Term Loan Interest Rate Swap Two
Notional Disclosures
Derivative, fixed interest rate (as a percent)	1.61%
Derivative, notional amount	$ 80,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 677
Cash Flow Hedge, 2031 Term Loan Interest Rate Swap Three
Notional Disclosures
Derivative, fixed interest rate (as a percent)	3.84%
Derivative, notional amount	$ 20,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 15
Cash Flow Hedge, Revolving Credit Facility Interest Rate Swaps
Notional Disclosures
Derivative, average fixed interest rate (as a percent)	3.32%
Derivative, notional amount	$ 100,000
Cash Flow Hedge, Revolving Credit Facility Interest Rate Swap One
Notional Disclosures
Derivative, fixed interest rate (as a percent)	3.21%
Derivative, notional amount	$ 50,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 900
Cash Flow Hedge, Revolving Credit Facility Interest Rate Swap Two
Notional Disclosures
Derivative, fixed interest rate (as a percent)	3.43%
Derivative, notional amount	$ 50,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 73

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Long-Term Debt, Unclassified
Long-term debt, gross	$ 398,500
Financing Costs, net of Accumulated Amortization	(1,824)	$ (261)
Total Long-Term Debt	396,676	377,739
Truist Bank Credit Agreement, Senior Unsecured Revolving Credit Facility
Long-Term Debt, Unclassified
Long-term debt, gross	198,500	178,000
Truist Bank Credit Agreement, 2026 Term Loan
Long-Term Debt, Unclassified
Long-term debt, gross		100,000
Truist Bank Credit Agreement, 2029 Senior Unsecured Term Loan Credit Facility
Long-Term Debt, Unclassified
Long-term debt, gross	100,000
Truist Bank Credit Agreement, 2031 Senior Unsecured Term Loan Credit Facility
Long-Term Debt, Unclassified
Long-term debt, gross	$ 100,000
KeyBank Credit Agreement, 2027 Term Loan
Long-Term Debt, Unclassified
Long-term debt, gross		$ 100,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - Reconciliation of Cash to the Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	$ 11,722	$ 4,589	$ 1,183
Restricted Cash	19,139	34,410	5,455
Total Cash	$ 30,861	$ 38,999	$ 6,638	$ 7,951

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash Flow From Operating Activities:
Net Income (Loss)	$ 11,861	$ (4,483)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By Operating Activities:
Depreciation and Amortization	20,901	20,609
Amortization of Intangible Lease Assets and Liabilities to Lease Income	(733)	(422)
Amortization of Deferred Financing Costs to Interest Expense	871	591
Accretion of Commercial Loans and Investments Origination Fees	(1,024)	(324)
Paid-In-Kind Accrued Interest	(2,323)
Gain on Disposition of Assets	(369)	(2,043)
Provision for Impairment and Adjustment to CECL Reserve	809	6,749
Non-Cash Compensation	285	285
Decrease (Increase) in Assets:
Straight-Line Rent Adjustment	(508)	(539)
Other Assets	(8,942)	74
Increase (Decrease) in Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	3,029	(185)
Prepaid Rent and Deferred Revenue	(11,255)	124
Net Cash Provided By Operating Activities	12,602	20,436
Cash Flow From Investing Activities:
Acquisition of Real Estate Including Intangible Lease Assets and Liabilities	(55,044)	(61,057)
Investments in and Improvements to Real Estate	(1,504)	(6,457)
Proceeds from Disposition of Assets	5,910	32,644
Acquisition of Commercial Loans and Investments	(97,183)	(63,418)
Principal Payments Received on Commercial Loans and Investments	36,014	50,465
Proceeds from Sale of Participation Interest	10,763
Payments on Participation Obligation	(2,244)	(11,403)
Cash Received for Commercial Loan Reserves	17,422	3,218
Net Cash Used In Investing Activities	(85,866)	(56,008)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	356,088	115,500
Payments on Long-Term Debt	(335,588)	(59,000)
Cash Paid for Loan Fees	(4,239)	(111)
Repurchases of Common Stock		(8,798)
Proceeds From Stock Issuances, Net	69,468	(71)
Dividends Paid - Preferred Stock	(3,554)
Dividends Paid - Common Stock	(17,049)	(13,261)
Net Cash Provided By Financing Activities	65,126	34,259
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(8,138)	(1,313)
Cash and Cash Equivalents and Restricted Cash, Beginning of Period	38,999	7,951
Cash and Cash Equivalents and Restricted Cash, End of Period	30,861	6,638
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Interest	13,595	10,962
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain (Loss) on Cash Flow Hedge	$ 6,591	$ (4,860)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income	Cash Flow Hedging Derivative - Interest Rate Swaps	Cash Flow Hedging Derivative - Interest Rate Swaps

OTHER ASSETS - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Accounts and Financing Receivable, after Allowance for Credit Loss
Allowance for doubtful accounts	$ 0.3	$ 0.2

EQUITY - Noncontrolling Interest (Details) - Affiliated Entity	9 Months Ended
	Sep. 30, 2026 shares
Equity
Partners' capital account, units issued (in shares)	1,223,854
Operating Partnership
Equity
Ownership interest of manager in operating partnership (as a percent)	6.40%
Partners' capital account, units issued (in shares)	1,223,854

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-13

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 27: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Name Accounting Standards Codification
-Section 45
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-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

COMMERCIAL LOANS AND INVESTMENTS - General Information (Details)		9 Months Ended
	Jul. 02, 2025 USD ($)	Sep. 30, 2026 USD ($) property loan	Sep. 30, 2025 USD ($) loan	Dec. 31, 2024 USD ($) tenant
COMMERCIAL LOANS AND INVESTMENTS
Total proceeds to the company		$ 36,014,000	$ 50,465,000
Number of real estate properties \| property		130
Paid-in-kind interest, accrued		$ 2,323,000
Greater Tampa Bay, Florida
COMMERCIAL LOANS AND INVESTMENTS
Number of real estate properties \| tenant				3
Number of new lease agreements				3
Properties Acquired Subject To Sale Lease Back And Ground Lease Acquired in 2026
COMMERCIAL LOANS AND INVESTMENTS
Real estate acquired purchase price		$ 26,300,000
Sale-Leaseback Property Acquired in 2026
COMMERCIAL LOANS AND INVESTMENTS
Number of real estate properties \| property		1
Real estate acquired purchase price		$ 10,000,000
Sales Type Lease Property Acquired in 2026
COMMERCIAL LOANS AND INVESTMENTS
Real estate acquired purchase price		$ 16,300,000
Commercial Loans and Investments
COMMERCIAL LOANS AND INVESTMENTS
Number of construction loans originated \| loan		2	6
Mortgage loans on real estate, face amount of mortgages, commercial loan and investment activity, originated		$ 72,000,000	$ 56,300,000
Mortgage loans on real estate, face amount of mortgages, commercial loan and investment activity, originated, weighted average initial cash yield (as a percent)		11.00%	10.10%
Number of short term mortgage loans on real estate repaid	1
Short term mortgage	$ 2,000,000
Short-term mortgage note with an initial cash yield	16.50%
Number of commercial loan investments amended \| loan			4
Number of commercial loan investments face amount upsized \| loan		2	3
Mortgage loans on real estate, face amount of mortgages, commercial loan and investment activity, upsized		$ 33,700,000	$ 18,400,000
Mortgage loans on real estate, face amount of mortgages, commercial loan and investment activity		132,000,000	74,800,000
Commercial loan and investment amount		76,800,000	51,000,000
Proceeds from loan origination fees		1,300,000	500,000
Company funded for construction loan		24,000,000	12,900,000
Total proceeds to the company		36,000,000	$ 50,500,000
Paid-in-kind interest, accrued		2,300,000
2025 Mortgage Note - Portfolio
COMMERCIAL LOANS AND INVESTMENTS
Company funded for construction loan		$ 31,800,000

FAIR VALUE OF FINANCIAL INSTRUMENTS - Interest Rate Swaps (Details) - Designated as Hedging Instrument - Cash Flow Hedging $ in Millions	Sep. 30, 2026 USD ($)
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps
Notional Disclosures
Derivative, average fixed interest rate (as a percent)	3.36%
Cash Flow Hedge, 2031 Term Loan Interest Rate Swaps
Notional Disclosures
Derivative, average fixed interest rate (as a percent)	2.05%
Cash Flow Hedge, Revolving Credit Facility Interest Rate Swaps
Notional Disclosures
Derivative, average fixed interest rate (as a percent)	3.32%
Derivative, notional amount	$ 100.0

OPERATING LAND LEASES - Minimum Future Lease Payments (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity
Remainder of 2026	$ 98
2027	402
2028	402
2029	402
2030	402
2031	284
2032 and Thereafter	5,479
Total Lease Payments	$ 7,469

INTANGIBLE ASSETS AND LIABILITIES - Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ 2,870
2027	10,091
2028	8,086
2029	6,903
2030	5,630
2031	4,923
2032 and Thereafter	8,375
Total	$ 46,878

LONG-TERM DEBT - Interest Paid (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Interest Paid, Including Capitalized Interest, Operating and Investing Activities
Total Interest Paid	$ 4,538	$ 4,279	$ 13,595	$ 10,962

BUSINESS SEGMENT DATA - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
Total Capital Expenditures	$ 45,638	$ 57,495	$ 153,731	$ 130,932
Income Properties
Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
Total Capital Expenditures	35,697	27,175	56,548	67,514
Commercial Loans and Investments
Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
Total Capital Expenditures	$ 9,941	$ 30,320	$ 97,183	$ 63,418

BUSINESS AND ORGANIZATION - Commercial Loans and Investments (Details)	Sep. 30, 2026 property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties acquired as a sale-leaseback transaction	4

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at September 30, 2026 and December 31, 2025 (in thousands):


		September 30, 2026						December 31, 2025
		Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Cash and Cash Equivalents - Level 1		$	11,722		$	11,722		$	4,589		$	4,589
Restricted Cash - Level 1		$	19,139		$	19,139		$	34,410		$	34,410
Commercial Loans and Investments - Level 2		$	231,421		$	241,007		$	167,553		$	179,214
Obligation Under Participation Agreement - Level 2		$	18,519		$	18,873		$	10,000		$	10,222
Long-Term Debt - Level 2		$	396,676		$	390,613		$	377,739		$	376,286

The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts.

The following tables present the fair value of assets measured on a recurring basis by level as of September 30, 2026 and December 31, 2025 (in thousands). See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.


					Fair Value at Reporting Date Using
		Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
September 30, 2026
2029 Term Loan Interest Rate Swap ⁽¹⁾		$	2,830		$	—		$	2,830		$	—
2031 Term Loan Interest Rate Swap ⁽²⁾		$	4,932		$	—		$	4,932		$	—
Revolving Facility Interest Rate Swap ⁽³⁾		$	973		$	—		$	973		$	—
December 31, 2025
2026 Term Loan Interest Rate Swap		$	624		$	—		$	624		$	—
2027 Term Loan Interest Rate Swap		$	1,486		$	—		$	1,486		$	—
Revolving Facility Interest Rate Swap		$	34		$	—		$	34		$	—

(1)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread on the $100.0 million 2029 Term Loan (hereinafter defined) balance.

(2)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the applicable spread on the $100.0 million 2031 Term Loan (hereinafter defined) balance.

(3)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the applicable spread on $100.0 million of the outstanding balance on the Revolving Facility (hereinafter defined).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

COMMON STOCK AND EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

COMMON STOCK AND EARNINGS PER SHARE

NOTE 16. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income (loss) attributable to the Company for the period by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is determined based on the assumption that the OP Units are redeemed for shares of our common stock on a one-for-one basis.

The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per share data):


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Net Income (Loss) Attributable to Common Stockholders	$	3,443	$	(1,310)	$	7,510	$	(4,130)

Weighted Average Number of Common Shares Outstanding		17,694,160		14,158,190		16,776,481		14,328,245
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method ⁽¹⁾		1,223,854		1,223,854		1,223,854		1,223,854
Total Shares Applicable to Diluted Earnings per Share		18,918,014		15,382,044		18,000,335		15,552,099

Per Common Share Data:
Net Income (Loss) Attributable to Common Stockholders
Basic	$	0.19	$	(0.09)	$	0.45	$	(0.29)
Diluted	$	0.18	$	(0.09)	$	0.42	$	(0.29)

(1)	Represents OP Units issued to CTO and its subsidiaries in connection with our formation transactions (See Note 19, “Related Party Management Company”).

BUSINESS SEGMENT DATA

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

BUSINESS SEGMENT DATA

NOTE 21. BUSINESS SEGMENT DATA

The Company operates in two primary business segments: income properties and commercial loans and investments.

Our income property operations consist of lease income from income producing properties and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 66% and 71% of our identifiable assets as of September 30, 2026 and December 31, 2025, respectively, and 65% and 82% of our consolidated revenues for the nine months ended September 30, 2026 and 2025, respectively. Our commercial loans and investment operations accounted for 31% and 25% of our identifiable assets as of September 30, 2026 and December 31, 2025, respectively, and 35% and 17% of our consolidated revenues for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, our portfolio of commercial loans and investments consisted of 16 commercial loan investments, of which one is a sales-type lease and four are related to properties acquired through sale-leaseback transactions whereby the tenants have future repurchase rights.

The Company’s CODM evaluates segment performance based on total revenues less direct costs of revenues when making decisions about allocating capital to the segments. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skill.

Information about the Company’s operations in different segments for the three months ended September 30, 2026, is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	12,812	$	—	$	12,812
Interest Income from Commercial Loans and Investments		—		7,611		7,611
Total Revenues for Reportable Segments		12,812		7,611		20,423

Reconciliation to Consolidated Revenues
Other Revenues						37
Total Consolidated Revenues					$	20,460

Operating Expenses:
Real Estate Expenses		2,095		—		2,095
Total Revenues Less Direct Costs of Revenues		10,717		7,611		18,328
Provision for Impairment and Adjustment to CECL Reserve		—		(76)		(76)
Depreciation and Amortization		6,881		—		6,881
Total Revenues Less Operating Expenses for Reportable Segments		3,836		7,687		11,523
Gain on Disposition of Assets		272		—		272
Net Income From Operations for Reportable Segments		4,108		7,687		11,795

Reconciliation to Consolidated Net Income
Other Revenues						37
General and Administrative Expenses						(2,009)
Investment and Other Income						17
Interest Expense						(4,828)
Consolidated Net Income					$	5,012

Information about the Company’s operations in different segments for the three months ended September 30, 2025 is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	12,122	$	—	$	12,122
Interest Income from Commercial Loans and Investments		—		2,320		2,320
Total Revenues for Reportable Segments		12,122		2,320		14,442

Reconciliation to Consolidated Revenues
Other Revenues						121
Total Consolidated Revenues					$	14,563

Operating Expenses:
Real Estate Expenses		1,891		—		1,891
Total Revenues Less Direct Costs of Revenues		10,231		2,320		12,551
Provision for Impairment and Adjustment to CECL Reserve		1,975		(60)		1,915
Depreciation and Amortization		6,597		—		6,597
Total Revenues Less Operating Expenses for Reportable Segments		1,659		2,380		4,039
Loss on Disposition of Assets		(46)		—		(46)
Net Income From Operations for Reportable Segments		1,613		2,380		3,993

Reconciliation to Consolidated Net Loss
Other Revenues						121
General and Administrative Expenses						(1,695)
Investment and Other Income						68
Interest Expense						(3,910)
Consolidated Net Loss					$	(1,423)

Information about the Company’s operations in different segments for the nine months ended September 30, 2026, is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	38,051	$	—	$	38,051
Interest Income from Commercial Loans and Investments		—		20,700		20,700
Total Revenues for Reportable Segments		38,051		20,700		58,751

Reconciliation to Consolidated Revenues
Other Revenues						117
Total Consolidated Revenues					$	58,868

Operating Expenses:
Real Estate Expenses		6,482		—		6,482
Total Revenues Less Direct Costs of Revenues		31,569		20,700		52,269
Provision for Impairment and Adjustment to CECL Reserve		161		648		809
Depreciation and Amortization		20,901		—		20,901
Total Revenues Less Operating Expenses for Reportable Segments		10,507		20,052		30,559
Gain on Disposition of Assets		369		—		369
Net Income From Operations for Reportable Segments		10,876		20,052		30,928

Reconciliation to Consolidated Net Income
Other Revenues						117
General and Administrative Expenses						(5,896)
Investment and Other Income						472
Interest Expense						(13,760)
Consolidated Net Income					$	11,861

Information about the Company’s operations in different segments for the nine months ended September 30, 2025, is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	35,970	$	—	$	35,970
Interest Income from Commercial Loans and Investments		—		7,358		7,358
Total Revenues for Reportable Segments		35,970		7,358		43,328

Reconciliation to Consolidated Revenues
Other Revenues						304
Total Consolidated Revenues					$	43,632

Operating Expenses:
Real Estate Expenses		6,030		—		6,030
Total Revenues Less Direct Costs of Revenues		29,940		7,358		37,298
Provision for Impairment and Adjustment to CECL Reserve		6,615		134		6,749
Depreciation and Amortization		20,609		—		20,609
Total Revenues Less Operating Expenses for Reportable Segments		2,716		7,224		9,940
Gain on Disposition of Assets		2,043		—		2,043
Net Income From Operations for Reportable Segments		4,759		7,224		11,983

Reconciliation to Consolidated Net Loss
Other Revenues						304
General and Administrative Expenses						(5,108)
Investment and Other Income						160
Interest Expense						(11,822)
Consolidated Net Loss					$	(4,483)

Capital expenditures of each segment for the three and nine months ended September 30, 2026 and 2025 are as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Capital Expenditures:
Income Properties	$	35,697	$	27,175	$	56,548	$	67,514
Commercial Loans and Investments		9,941		30,320		97,183		63,418
Total Capital Expenditures	$	45,638	$	57,495	$	153,731	$	130,932

Identifiable assets of each segment as of September 30, 2026 and December 31, 2025 are as follows (in thousands):


	As of
	September 30, 2026		December 31, 2025
Identifiable Assets:
Income Properties	$	545,613	$	505,273
Commercial Loans and Investments		252,153		182,397
Other Revenue		—		47
Corporate and Other		23,340		28,157
Total Assets	$	821,106	$	715,874

Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Corporate and other assets consist primarily of cash and restricted cash as well as the interest rate swaps.

- Definition

The entire disclosure for segment reporting.

+ References

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-Topic 280
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+ Details

EQUITY (Tables)

9 Months Ended

Sep. 30, 2026

Stockholders' Equity Note [Abstract]

Schedule of dividends declared and paid for the Series A Preferred Stock and the Company's common stock


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Series A Preferred Stock
Dividends	$	1,245	$	—	$	3,554	$	—
Per Share	$	0.500	$	—	$	1.500	$	—

Common Stock
Dividends	$	6,128	$	4,385	$	17,049	$	13,261
Per Share	$	0.320	$	0.285	$	0.920	$	0.855

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of carrying value and estimated fair value of financial instruments


		September 30, 2026						December 31, 2025
		Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Cash and Cash Equivalents - Level 1		$	11,722		$	11,722		$	4,589		$	4,589
Restricted Cash - Level 1		$	19,139		$	19,139		$	34,410		$	34,410
Commercial Loans and Investments - Level 2		$	231,421		$	241,007		$	167,553		$	179,214
Obligation Under Participation Agreement - Level 2		$	18,519		$	18,873		$	10,000		$	10,222
Long-Term Debt - Level 2		$	396,676		$	390,613		$	377,739		$	376,286

Schedule of fair value of assets (liabilities) measured on recurring basis by Level


					Fair Value at Reporting Date Using
		Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
September 30, 2026
2029 Term Loan Interest Rate Swap ⁽¹⁾		$	2,830		$	—		$	2,830		$	—
2031 Term Loan Interest Rate Swap ⁽²⁾		$	4,932		$	—		$	4,932		$	—
Revolving Facility Interest Rate Swap ⁽³⁾		$	973		$	—		$	973		$	—
December 31, 2025
2026 Term Loan Interest Rate Swap		$	624		$	—		$	624		$	—
2027 Term Loan Interest Rate Swap		$	1,486		$	—		$	1,486		$	—
Revolving Facility Interest Rate Swap		$	34		$	—		$	34		$	—

(1)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread on the $100.0 million 2029 Term Loan (hereinafter defined) balance.

(2)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the applicable spread on the $100.0 million 2031 Term Loan (hereinafter defined) balance.

(3)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the applicable spread on $100.0 million of the outstanding balance on the Revolving Facility (hereinafter defined).

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Schedule of components of accounts payable accrued expenses and other liabilities


	As of
	September 30, 2026		December 31, 2025
Accounts Payable	$	98	$	9
Accrued Expenses		4,133		2,416
Tenant Security Deposits		159		124
Due to CTO		1,483		1,350
Interest Rate Swaps		—		171
Loan Reserves		6,626		715
Operating Leases - Liability ⁽¹⁾		4,148		3,092
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$	16,647	$	7,877

(1)	See Note 9, “Operating Land Leases” for further disclosure related to the Company’s operating lease liability balance as of September 30, 2026.

OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of components of other assets


	As of
	September 30, 2026		December 31, 2025
Tenant Receivables—Net of Allowance for Doubtful Accounts⁽¹⁾	$	1,676	$	889
Prepaid Insurance		38		250
Deposits on Acquisitions		200		—
Prepaid Expenses, Deposits, and Other		4,147		1,958
Deferred Financing Costs—Net		2,276		471
Interest Rate Swaps		8,735		2,315
Operating Leases - Right-of-Use Asset ⁽²⁾		8,987		3,025
Total Other Assets	$	26,059	$	8,908

(1)	Includes a $0.3 million and $0.2 million allowance for doubtful accounts as of September 30, 2026 and December 31, 2025, respectively.

(2)	See Note 9, “Operating Land Leases” for further disclosure related to the Company’s right-of-use asset balance as of September 30, 2026.

INTEREST RATE SWAPS - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2026	Feb. 04, 2026
Truist Bank Credit Agreement, 2029 Senior Unsecured Term Loan Credit Facility
Long-term Debt
Line of credit facility, maximum borrowing capacity	$ 100.0	$ 100.0
Truist Bank Credit Agreement, 2031 Senior Unsecured Term Loan Credit Facility
Long-term Debt
Line of credit facility, maximum borrowing capacity	$ 100.0	$ 100.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

INTANGIBLE ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of components of intangible lease assets and liabilities


	As of
	September 30, 2026		December 31, 2025
Intangible Lease Assets:
Value of In-Place Leases	$	61,974	$	56,614
Value of Above Market In-Place Leases		1,824		1,708
Value of Intangible Leasing Costs		20,819		19,457
Sub-total Intangible Lease Assets		84,617		77,779
Accumulated Amortization		(36,729)		(28,854)
Sub-total Intangible Lease Assets—Net		47,888		48,925
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(9,760)		(7,763)
Sub-total Intangible Lease Liabilities		(9,760)		(7,763)
Accumulated Amortization		3,640		2,792
Sub-total Intangible Lease Liabilities—Net		(6,120)		(4,971)
Total Intangible Assets and Liabilities—Net	$	41,768	$	43,954

Schedule of amortization of intangible assets and liabilities


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Amortization Expense	$	2,623	$	2,052	$	7,792	$	6,648
Accretion to Properties Revenue		(256)		(176)		(733)		(422)
Net Amortization of Intangible Assets and Liabilities	$	2,367	$	1,876	$	7,059	$	6,226

Schedule of estimated future amortization expense (income) related to net intangible assets and liabilities


Year Ending December 31,	Future Amortization Expense		Future Accretion to Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2026	$	2,870	$	(354)	$	2,516
2027		10,091		(1,447)		8,644
2028		8,086		(1,183)		6,903
2029		6,903		(835)		6,068
2030		5,630		(520)		5,110
2031		4,923		(452)		4,471
2032 and Thereafter		8,375		(319)		8,056
Total	$	46,878	$	(5,110)	$	41,768

INTANGIBLE ASSETS AND LIABILITIES - Net Future Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ 2,516
2027	8,644
2028	6,903
2029	6,068
2030	5,110
2031	4,471
2032 and Thereafter	8,056
Total Intangible Assets and Liabilities - Net	$ 41,768	$ 43,954

BUSINESS AND ORGANIZATION

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BUSINESS AND ORGANIZATION

NOTE 1. BUSINESS AND ORGANIZATION

BUSINESS

Alpine Income Property Trust, Inc. (the “Company” or “PINE”) is a real estate investment trust (“REIT”) that owns and operates a high-quality portfolio of commercial net lease properties complemented by a portfolio of commercial loan investments. The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Alpine Income Property Trust, Inc. together with our consolidated subsidiaries.

Our income property portfolio consists of 130 net leased properties located in 31 states. The properties in our portfolio are primarily subject to long-term, net leases, which generally require the tenant to pay directly or reimburse us for property operating expenses such as real estate taxes, insurance, assessments and other governmental fees, utilities, repairs and maintenance and certain capital expenditures. The Company also originates and acquires commercial loans and investments. Our investments in commercial loans are generally secured by real estate or the borrower’s pledge of its ownership interest in an entity that owns real estate. As more fully described in Note 4, “Commercial Loans and Investments,” the four Sale-Leaseback Properties and the 2026 Sales-Type Lease (defined in Note 3 below), are accounted for as financing arrangements. However, because the Sale-Leaseback Properties and the 2026 Sales-Type Lease constitute real estate assets for both legal and tax purposes, we include the Sale-Leaseback Properties and the 2026 Sales-Type Lease in the property portfolio when describing our property portfolio and for purposes of providing statistics related thereto.

The Company operates in two primary business segments: income properties and commercial loans and investments.

The Company has no employees and is externally managed by Alpine Income Property Manager, LLC, a Delaware limited liability company and a wholly owned subsidiary of CTO Realty Growth, Inc. (our “Manager”). CTO Realty Growth, Inc. (NYSE: CTO) is a Maryland corporation that is a publicly traded REIT and the sole member of our Manager (“CTO”). All of our executive officers also serve as executive officers of CTO, and one of our executive officers and directors, John P. Albright, also serves as an executive officer and director of CTO.

ORGANIZATION

The Company is a Maryland corporation that was formed on August 19, 2019. On November 26, 2019, the Company closed its initial public offering (“IPO”). We are externally managed by our Manager and conduct the substantial majority of our operations through Alpine Income Property OP, LP (the “Operating Partnership”). Our wholly owned subsidiary, Alpine Income Property GP, LLC (“PINE GP”), is the sole general partner of the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. As of September 30, 2026, we have a total common ownership interest in the Operating Partnership of 93.6%, with CTO holding, directly and indirectly, a 6.4% common ownership interest in the Operating Partnership. We also own 100% of the Series A Preferred Units of the Operating Partnership underlying the Series A Preferred Stock (hereinafter defined). Our interest in the Operating Partnership generally entitles us to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to our percentage ownership. We, through PINE GP, generally have the exclusive power under the partnership agreement to manage and conduct the business and affairs of the Operating Partnership, subject to certain approval and voting rights of the limited partners. Our Board of Directors (the “Board”) oversees our business and affairs.

The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gain, to its stockholders (which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles). As a REIT, the Company is generally not subject to U.S. federal corporate income tax to the extent of its distributions to stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate rates and generally will not be permitted to qualify for treatment as a REIT for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to state and local taxes on its income and property and federal income and excise taxes on its undistributed income.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

INTERIM FINANCIAL INFORMATION

INTERIM FINANCIAL INFORMATION

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods.

The results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026.

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. All inter-company balances and transactions have been eliminated in the consolidated financial statements.

SEGMENT REPORTING

SEGMENT REPORTING

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company operates in two primary business segments including income properties and commercial loans and investments, as further discussed within Note 21, “Business Segment Data”. The Company has no other reportable segments. The Company’s chief executive officer, who is the Company’s chief operating decision maker (“CODM”), reviews financial information on a disaggregated basis for purposes of allocating and evaluating financial performance.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period presented. Actual results could differ from those estimates.

Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to PINE’s investment in properties, could change materially.

REAL ESTATE

REAL ESTATE

The Company’s real estate assets are comprised of the properties in its portfolio, and are carried at cost, less accumulated depreciation, amortization, and impairment losses, if any. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to the applicable property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the three months ended September 30, 2026 and 2025, was $4.3 million and $4.5 million, respectively. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the nine months ended September 30, 2026 and 2025, was $13.1 million and $14.0 million, respectively.

LONG-LIVED ASSETS

LONG-LIVED ASSETS

The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment, in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, primarily real estate, and real estate held for sale, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, a property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at the difference of carrying value and fair value less cost to sell.

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE, ASSETS HELD FOR SALE, SALES OF REAL ESTATE

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

Investments in real estate are carried at cost less accumulated depreciation, amortization, and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred.

In accordance with FASB guidance, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless management believes the lease includes bargain renewal options that are likely to be exercised, in which case the Company includes such renewal periods in the amortization period utilized. The Company considers both qualitative and quantitative factors in considering if a lease contains a bargain renewal option and the likelihood of a tenant exercising such option. The value of in-place leases and leasing costs are amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off.

ASSETS HELD FOR SALE

Investments in real estate which are determined to be “held for sale” pursuant to FASB Topic 360-10, Property, Plant, and Equipment are reported separately on the consolidated balance sheets at the lesser of carrying value or fair value, less costs to sell. Real estate investments classified as held for sale are not depreciated.

SALES OF REAL ESTATE

When properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gains on dispositions of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method.

PROPERTY LEASE REVENUE

PROPERTY LEASE REVENUE

The rental arrangements associated with the Company’s property portfolio are generally classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued.

The collectability of tenant receivables and straight-line rent adjustments is determined based on, among other things, the aging of the tenant receivable, management’s evaluation of credit risk associated with the tenant and industry of the tenant, and a review of specifically identified accounts using judgment. As of September 30, 2026 and December 31, 2025, the Company’s allowance for doubtful accounts totaled $0.3 million and $0.2 million, respectively. There was no bad debt expense charged to revenue for the three months ended September 30, 2026, compared to a benefit of $0.1 million for the three months ended September 30, 2025. Bad debt expense charged to revenue totaled less than $0.1 million and $0.1 million for the nine months ended September 30, 2026 and 2025, respectively.

SALES-TYPE LEASES

SALES-TYPE LEASES

Certain rental arrangements associated with the Company’s property portfolio qualify as sales-type leases. The net investment in sales-type leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. Costs associated with such acquisitions are capitalized and recorded within Commercial Loans and Investments on the Company’s consolidated balance sheets. The associated interest income from sales-type leases is recorded within Interest Income from Commercial Loans and Investments on the Company’s consolidated statements of operations.

COMMERCIAL LOANS AND INVESTMENTS

COMMERCIAL LOANS AND INVESTMENTS

Investments in commercial loans and investments held for investment are recorded at historical cost, net of unaccreted origination costs and current expected credit losses (“CECL”) reserve.

Pursuant to ASC 326, Financial Instruments - Credit Losses, the Company measures and records a provision for CECL each time a new investment, including sales-type lease investments, is made, or a loan is repaid, as well as if changes to estimates occur during a quarterly measurement period. We are unable to use historical data to estimate expected credit losses as we have incurred no losses to date. Management utilizes a loss-rate method and considers macroeconomic factors to estimate its CECL allowance, which is calculated based on the amortized cost basis of the commercial loans.

Sales of participations in commercial loans and investments are evaluated for achievement of the characteristics of participating interest pursuant to ASC 860, Transfers and Servicing. If the sale of a participation has all of the characteristics of a participating interest, it achieves sale accounting, and the commercial loan or investment is presented net of the participating interest. If the sale of a participation does not have all of the characteristics of a participating interest, it does not achieve sale accounting and is treated as a secured borrowing. As of September 30, 2026, the Company’s participation in commercial loans and investments purchased by a third-party did not achieve sale accounting and has been presented as an Obligation under Participation Agreement within the liabilities portion of the Company’s consolidated balance sheets.

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS

Interest income on commercial loans and investments includes interest payments made by the borrower and the accretion of loan origination fees, offset by the amortization of loan costs, if any. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments.

OPERATING LAND LEASE EXPENSE

OPERATING LAND LEASE EXPENSE

The Company is the lessee under operating land leases for certain of its properties, which leases are classified as operating leases pursuant to FASB ASC Topic 842, Leases. The corresponding lease expense is recognized on a straight-line basis over the term of the lease and is included in real estate expenses in the accompanying consolidated statements of operations.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of September 30, 2026 and December 31, 2025 include certain amounts over the Federal Deposit Insurance Corporation limits. The carrying value of cash and cash equivalents is reported at Level 1 in the fair value hierarchy, which represents valuation based upon quoted prices in active markets for identical assets or liabilities.

RESTRICTED CASH

RESTRICTED CASH

Restricted cash totaled $19.1 million as of September 30, 2026, all of which is being held in interest, real estate tax, insurance, and/or capital expenditure reserve accounts related to the Company’s portfolio of commercial loans and investments.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the hedge’s value at each balance sheet date, the derivatives are included in either other assets or accounts payable, accrued expenses, and other liabilities on the accompanying consolidated balance sheet at its fair value. On the date each interest rate swap was entered into, the Company designated the derivatives as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liabilities.

The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items and will continue to do so on a quarterly basis.

Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items (see Note 14, “Interest Rate Swaps”).

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable included in other assets, accounts payable, and accrued expenses and other liabilities as of September 30, 2026 and December 31, 2025, approximate fair value because of the short maturity of these instruments. The carrying value of the Revolving Facility, hereinafter defined, approximates current market rates for revolving credit arrangements with similar risks and maturities. The Company estimates the fair value of its commercial loans and investments and term loans based on incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assumes the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, which is a Level 2 non-recurring measurement, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

●

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

●

Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income (loss) attributable to the Company for the period by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is determined based on the assumption that the OP Units issued are redeemed for shares of our common stock on a one-for-one basis.

The Company may, from time to time, sell shares of common stock under its Common Stock ATM Program (hereinafter defined) through forward sale agreements. Forward sale agreements that meet the criteria for equity classification under FASB ASC Topic 480, Distinguishing Liabilities from Equity, and FASB ASC Topic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, are classified as equity, and no amounts are recognized in the consolidated financial statements until settlement. Prior to settlement, the potential dilutive effect of any outstanding forward sale agreements is reflected in diluted earnings per common share using the treasury stock method in accordance with FASB ASC Topic 260, Earnings Per Share.

INCOME TAXES

INCOME TAXES

The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Code. We believe the Company has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. The Company may form one or more taxable REIT subsidiaries (“TRSs”), which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company did not have any TRSs that would be subject to taxation.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK

Certain individual tenants in the Company’s portfolio of properties accounted for more than 10% of lease income from the Company’s income properties during the nine months ended September 30, 2026 and 2025.

During the nine months ended September 30, 2026, Lowe’s and Dick’s Sporting Goods accounted for 13% and 10% of lease income revenue, respectively. During the nine months ended September 30, 2025, Lowe’s and Dick’s Sporting Goods each accounted for 11% of lease income revenue.

As of September 30, 2026 and December 31, 2025, 14% of the Company’s income property portfolio, based on square footage, was located in the state of Texas.

RECLASSIFICATIONS

RECLASSIFICATIONS

Certain items in the prior period’s consolidated statements of cash flows have been reclassified to conform to the presentation for the three and nine months ended September 30, 2026. Specifically, (i) cash received for commercial loan reserves was reclassified from cash flow from operating activities to cash flow from investing activities and (ii) cash used for investments in and improvements to real estate was reclassified from cash used for the acquisition of real estate. There was no impact to retained earnings as a result of the reclassifications.

RECENT ACCOUNTING DEVELOPMENTS

RECENT ACCOUNTING DEVELOPMENTS

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) which requires additional disclosures regarding public company’s expenses and addresses requests from investors for more detailed information about the types of expenses (e.g., purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (e.g., cost of sales; selling, general, and administrative (SG&A); and research and development (R&D)). ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of long-term debt


	Face Value Debt (in thousands)		Stated Interest Rate	Wtd. Avg. Rate as of September 30, 2026	Maturity Date
Revolving Facility⁽¹⁾	$	198,500	SOFR + [1.25% - 2.20%]	4.96%	February 2030
2029 Term Loan⁽²⁾		100,000	SOFR + [1.25% - 1.90%]	4.66%	February 2029
2031 Term Loan⁽³⁾		100,000	SOFR + [1.25% - 1.90%]	3.35%	February 2031
Total Debt/Weighted-Average Rate	$	398,500		4.48%

(1)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the applicable spread on $100 million of the outstanding balance on the Revolving Facility (hereinafter defined).

(2)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread on the $100 million 2029 Term Loan (hereinafter defined) balance.

(3)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the applicable spread on the $100 million 2031 Term Loan (hereinafter defined) balance.


	September 30, 2026					December 31, 2025
	Total			Due Within One Year		Total			Due Within One Year
Revolving Facility	$	198,500		$	—	$	178,000		$	—
2026 Term Loan		—			—		100,000			100,000
2027 Term Loan		—			—		100,000			—
2029 Term Loan		100,000			—		—			—
2031 Term Loan		100,000			—		—			—
Financing Costs, net of Accumulated Amortization		(1,824)			—		(261)			—
Total Long-Term Debt	$	396,676		$	—	$	377,739		$	100,000


	Total
Current Face Amount	$	398,500
Financing Costs, net of Accumulated Amortization		(1,824)
Total Long-Term Debt	$	396,676


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Interest Expense	$	4,044	$	3,703	$	11,588	$	10,856
Interest Expense from Obligation Under Participation Agreement		481		10		1,301		375
Amortization of Deferred Financing Costs to Interest Expense		303		197		871		591
Total Interest Expense	$	4,828	$	3,910	$	13,760	$	11,822

Total Interest Paid	$	4,538	$	4,279	$	13,595	$	10,962

Schedule of payments applicable to reduction of principal amounts


Year Ending December 31,	Amount
Remainder of 2026	$	—
2027		—
2028		—
2029		100,000
2030		198,500
2031		100,000
2032 and Thereafter		—
Total Long-Term Debt - Face Value	$	398,500

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 9
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-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Topic 942
-SubTopic 470
-Section 50
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+ Details

BUSINESS SEGMENT DATA (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of operations in different segment

Information about the Company’s operations in different segments for the three months ended September 30, 2026, is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	12,812	$	—	$	12,812
Interest Income from Commercial Loans and Investments		—		7,611		7,611
Total Revenues for Reportable Segments		12,812		7,611		20,423

Reconciliation to Consolidated Revenues
Other Revenues						37
Total Consolidated Revenues					$	20,460

Operating Expenses:
Real Estate Expenses		2,095		—		2,095
Total Revenues Less Direct Costs of Revenues		10,717		7,611		18,328
Provision for Impairment and Adjustment to CECL Reserve		—		(76)		(76)
Depreciation and Amortization		6,881		—		6,881
Total Revenues Less Operating Expenses for Reportable Segments		3,836		7,687		11,523
Gain on Disposition of Assets		272		—		272
Net Income From Operations for Reportable Segments		4,108		7,687		11,795

Reconciliation to Consolidated Net Income
Other Revenues						37
General and Administrative Expenses						(2,009)
Investment and Other Income						17
Interest Expense						(4,828)
Consolidated Net Income					$	5,012

Information about the Company’s operations in different segments for the three months ended September 30, 2025 is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	12,122	$	—	$	12,122
Interest Income from Commercial Loans and Investments		—		2,320		2,320
Total Revenues for Reportable Segments		12,122		2,320		14,442

Reconciliation to Consolidated Revenues
Other Revenues						121
Total Consolidated Revenues					$	14,563

Operating Expenses:
Real Estate Expenses		1,891		—		1,891
Total Revenues Less Direct Costs of Revenues		10,231		2,320		12,551
Provision for Impairment and Adjustment to CECL Reserve		1,975		(60)		1,915
Depreciation and Amortization		6,597		—		6,597
Total Revenues Less Operating Expenses for Reportable Segments		1,659		2,380		4,039
Loss on Disposition of Assets		(46)		—		(46)
Net Income From Operations for Reportable Segments		1,613		2,380		3,993

Reconciliation to Consolidated Net Loss
Other Revenues						121
General and Administrative Expenses						(1,695)
Investment and Other Income						68
Interest Expense						(3,910)
Consolidated Net Loss					$	(1,423)

Information about the Company’s operations in different segments for the nine months ended September 30, 2026, is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	38,051	$	—	$	38,051
Interest Income from Commercial Loans and Investments		—		20,700		20,700
Total Revenues for Reportable Segments		38,051		20,700		58,751

Reconciliation to Consolidated Revenues
Other Revenues						117
Total Consolidated Revenues					$	58,868

Operating Expenses:
Real Estate Expenses		6,482		—		6,482
Total Revenues Less Direct Costs of Revenues		31,569		20,700		52,269
Provision for Impairment and Adjustment to CECL Reserve		161		648		809
Depreciation and Amortization		20,901		—		20,901
Total Revenues Less Operating Expenses for Reportable Segments		10,507		20,052		30,559
Gain on Disposition of Assets		369		—		369
Net Income From Operations for Reportable Segments		10,876		20,052		30,928

Reconciliation to Consolidated Net Income
Other Revenues						117
General and Administrative Expenses						(5,896)
Investment and Other Income						472
Interest Expense						(13,760)
Consolidated Net Income					$	11,861

Information about the Company’s operations in different segments for the nine months ended September 30, 2025, is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	35,970	$	—	$	35,970
Interest Income from Commercial Loans and Investments		—		7,358		7,358
Total Revenues for Reportable Segments		35,970		7,358		43,328

Reconciliation to Consolidated Revenues
Other Revenues						304
Total Consolidated Revenues					$	43,632

Operating Expenses:
Real Estate Expenses		6,030		—		6,030
Total Revenues Less Direct Costs of Revenues		29,940		7,358		37,298
Provision for Impairment and Adjustment to CECL Reserve		6,615		134		6,749
Depreciation and Amortization		20,609		—		20,609
Total Revenues Less Operating Expenses for Reportable Segments		2,716		7,224		9,940
Gain on Disposition of Assets		2,043		—		2,043
Net Income From Operations for Reportable Segments		4,759		7,224		11,983

Reconciliation to Consolidated Net Loss
Other Revenues						304
General and Administrative Expenses						(5,108)
Investment and Other Income						160
Interest Expense						(11,822)
Consolidated Net Loss					$	(4,483)

Capital expenditures of each segment for the three and nine months ended September 30, 2026 and 2025 are as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Capital Expenditures:
Income Properties	$	35,697	$	27,175	$	56,548	$	67,514
Commercial Loans and Investments		9,941		30,320		97,183		63,418
Total Capital Expenditures	$	45,638	$	57,495	$	153,731	$	130,932

Schedule of Identifiable assets of each segment


	As of
	September 30, 2026		December 31, 2025
Identifiable Assets:
Income Properties	$	545,613	$	505,273
Commercial Loans and Investments		252,153		182,397
Other Revenue		—		47
Corporate and Other		23,340		28,157
Total Assets	$	821,106	$	715,874

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 20. COMMITMENTS AND CONTINGENCIES

LEGAL PROCEEDINGS

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of business. The Company is not currently a party to any pending or threatened legal proceedings that we believe could have a material adverse effect on the Company’s business or financial condition.

CONTRACTUAL COMMITMENTS – EXPENDITURES

The Company has unfunded loan commitments under the Company’s eight construction/redevelopment loans as described in Note 4, “Commercial Loans and Investments”. The unfunded portion of the construction/redevelopment loans totaled $75.5 million as of September 30, 2026.

The Company has committed to fund certain capital improvements related to several properties, which include tenant improvements, landlord work, leasing commissions, and other capital improvements. As of September 30, 2026, the commitments totaled $3.3 million, of which $0.8 million has been paid, leaving a remaining commitment of $2.5 million. The improvements are generally expected to be completed within 12 months of September 30, 2026.

OPERATING LAND LEASES - Gross Difference (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Lessee, Operating Lease, Liability, to be Paid, Gross Difference
Total Lease Payments	$ 7,469
Imputed Interest	(3,321)
Operating Leases - Liability	$ 4,148	$ 3,092

PROPERTY PORTFOLIO - Properties Acquired and Disposed (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026 USD ($) property	Sep. 30, 2025 USD ($) property	Sep. 30, 2026 USD ($) property	Sep. 30, 2025 USD ($) property state tenant	Dec. 31, 2025 USD ($)
PROPERTY PORTFOLIO
Number of real estate properties \| property	130		130
Operating Leases - Right-of-Use Asset	$ 8,987		$ 8,987		$ 3,025
Gain (Loss) on Disposition of Assets	272	$ (46)	369	$ 2,043
Commercial Loans and Investments	$ 231,421		$ 231,421		$ 167,553
Disposal Group, Disposed of by Sale, Not Discontinued Operations
PROPERTY PORTFOLIO
Number of real estate properties disposed \| property	4	11	4	11
Sales price			$ 6,200	$ 34,300
Gain (Loss) on Disposition of Assets			$ 400	$ 2,000
Single Tenant Net Lease Income Properties Acquired in 2026
PROPERTY PORTFOLIO
Number of real estate properties \| property	7		7
Real estate acquired purchase price			$ 86,300
Properties Acquired Subject To Lease Acquired in 2026
PROPERTY PORTFOLIO
Number of real estate properties \| property	5		5
Real estate acquired purchase price			$ 60,000
Initial cost of land	$ 20,800		20,800
Initial cost of building and improvements	29,900		29,900
Acquired in-place lease value, leasing fees, and above market lease value	6,500		6,500
Finite-lived intangible asset off-market lease	2,100		2,100
Operating Leases - Right-of-Use Asset	$ 4,900		$ 4,900
Weighted average amortization period of intangible liabilities			5 years 3 months 18 days
Properties Acquired Subject To Sale Lease Back And Ground Lease Acquired in 2026
PROPERTY PORTFOLIO
Real estate acquired purchase price			$ 26,300
Sale-Leaseback Property Acquired in 2026
PROPERTY PORTFOLIO
Number of real estate properties \| property	1		1
Real estate acquired purchase price			$ 10,000
Sales Type Lease Property Acquired in 2026
PROPERTY PORTFOLIO
Real estate acquired purchase price			$ 16,300
Single-tenant Net Lease Income Properties Acquired in 2025
PROPERTY PORTFOLIO
Number of real estate properties \| property		5		5
Acquired properties, cost		$ 61,100		$ 61,100
Number of states for leased asset \| state				5
Number of tenant for leased property \| tenant				4
Initial cost of land		24,300		$ 24,300
Initial cost of building and improvements		28,800		28,800
Acquired in-place lease value, leasing fees, and above market lease value		$ 8,000		$ 8,000
Weighted average amortization period of intangible liabilities				13 years 7 months 6 days
Single-tenant Net Lease Income Properties Acquired in 2025 \| Weighted Average
PROPERTY PORTFOLIO
Remaining lease term at acquisition				13 years 7 months 6 days

COMMERCIAL LOANS AND INVESTMENTS - Summary - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Construction Loan, Mixed-Use Development, Lake Toxaway, North Carolina
Commercial Loans and Investments
Coupon rate (as a percent)	16.00%	16.00%
Cash interest rate (as a percent)	13.00%	13.00%
Paid-in-kind interest rate (as a percent)	3.00%	3.00%
Construction Loan, Retail Development, Covington, Georgia
Commercial Loans and Investments
Coupon rate (as a percent)	13.00%
Cash interest rate (as a percent)	11.50%
Paid-in-kind interest rate (as a percent)	1.50%
Mortgage Note, Luxury Residential Development, Austin, Texas
Commercial Loans and Investments
Mortgage loans on real estate, face amount of mortgages, net of participating mortgage loans, mortgage obligations, amount	$ 41.2	$ 18.6
Coupon rate (as a percent)	16.00%	17.00%
Cash interest rate (as a percent)	12.00%	13.00%
Paid-in-kind interest rate (as a percent)	4.00%	4.00%
Mortgage Note, Mixed-Use Development, Herndon, Virginia
Commercial Loans and Investments
Coupon rate (as a percent)	12.00%	12.00%
Cash interest rate (as a percent)	10.00%	10.00%
Paid-in-kind interest rate (as a percent)	2.00%	2.00%
Redevelopment Loan, Mixed-Use Redevelopment, Denver, Colorado
Commercial Loans and Investments
Coupon rate (as a percent)	12.00%	12.00%
Cash interest rate (as a percent)	9.00%	9.00%
Paid-in-kind interest rate (as a percent)	3.00%	3.00%

EQUITY

9 Months Ended

Sep. 30, 2026

Stockholders' Equity Note [Abstract]

EQUITY

NOTE 15. EQUITY

SHELF REGISTRATION

On September 27, 2023, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million (the “2023 Registration Statement”). The Securities and Exchange Commission declared the 2023 Registration Statement effective on September 29, 2023.

On September 24, 2026, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $400.0 million (the “2026 Registration Statement”). The Securities and Exchange Commission declared the 2026 Registration Statement effective on October 15, 2026. The offering of unsold securities under the 2023 Registration Statement was deemed terminated as of the date of effectiveness of the 2026 Registration Statement.

COMMON STOCK ATM PROGRAM

The Company has established an “at-the-market” equity offering program pursuant to which the Company may sell, from time to time, shares of the Company’s common stock (the “Common Stock ATM Program”).

During the three months ended September 30, 2026, the Company sold 335,457 shares under the Common Stock ATM Program for gross proceeds of $6.7 million at a weighted average price of $20.01 per share, generating net proceeds of $6.6 million after deducting transaction fees totaling $0.1 million. The Company was not active under the Common Stock ATM Program during the three months ended September 30, 2025.

During the nine months ended September 30, 2026, the Company sold 3,136,532 shares under the Common Stock ATM Program for gross proceeds of $60.8 million at a weighted average price of $19.38 per share, generating net proceeds of $59.9 million after deducting transaction fees totaling $0.9 million. The Company was not active under the Common Stock ATM Program during the nine months ended September 30, 2025.

The Company may also enter into forward sale agreements under its Common Stock ATM Program. The above activity included forward sales during the nine months ended September 30, 2026, all of which were settled as of September 30, 2026.

PREFERRED STOCK

On November 5, 2025, the Company priced a public offering of 2,000,000 shares of the Company’s 8.00% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a public offering price of $25.00 per share. The offering closed on November 12, 2025, and the Company received gross proceeds of $50.0 million before deducting the underwriting discount and expenses, with net proceeds totaling $48.1 million.

On December 5, 2025, the Company implemented a $35.0 million “at-the-market” preferred stock equity offering program (the “2025 Preferred Stock ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s Series A Preferred Stock. During the three months ended September 30, 2026, the Company sold 63,879 shares under the 2025 Preferred Stock ATM Program for gross proceeds of $1.6 million at a weighted average price of $25.22 per share, generating net proceeds of $1.6 million after deducting transaction fees totaling less than $0.1 million. During the nine months ended September 30, 2026, the Company sold 406,419 shares under the 2025 Preferred Stock ATM Program for gross proceeds of $10.2 million at a weighted average price of $25.18 per share, generating net proceeds of $10.0 million after deducting transaction fees totaling $0.2 million. During the year ended December 31, 2025, the Company sold 83,328 shares under the 2025 Preferred Stock ATM Program for gross proceeds of $2.1 million at a weighted average price of $24.96 per share, generating net proceeds of $2.0 million after deducting transaction fees totaling less than $0.1 million. As of September 30, 2026, $22.7 million of availability remained under the 2025 Preferred Stock ATM Program.

The Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company. The Series A Preferred Stock has no maturity date and will remain outstanding unless redeemed. The Series A Preferred Stock is not redeemable by the Company prior to November 12, 2030 except under limited circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control, as defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”). Upon such change in control, the Company may redeem, at its election, the Series A Preferred Stock at a redemption price of $25.00 per share plus any accumulated and unpaid dividends up to, but excluding the date of redemption, and in limited circumstances, the holders of preferred stock shares may convert some or all of their Series A Preferred Stock into shares of the Company’s common stock at conversion rates set forth in the Articles Supplementary.

NONCONTROLLING INTEREST

As of September 30, 2026, CTO holds, directly and indirectly, a 6.4% noncontrolling ownership interest in the Operating Partnership as a result of 1,223,854 OP Units issued to CTO and its wholly owned subsidiaries at the time of the Company’s IPO.

DIVIDENDS

The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Code. To qualify as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate U.S. federal corporate income taxes payable by the Company. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows.

The following table outlines dividends declared and paid for the Series A Preferred Stock and the Company’s common stock during the three and the nine months ended September 30, 2026 and 2025 (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Series A Preferred Stock
Dividends	$	1,245	$	—	$	3,554	$	—
Per Share	$	0.500	$	—	$	1.500	$	—

Common Stock
Dividends	$	6,128	$	4,385	$	17,049	$	13,261
Per Share	$	0.320	$	0.285	$	0.920	$	0.855

- Definition

The entire disclosure for equity.

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+ Details

OBLIGATION UNDER PARTICIPATION AGREEMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Participating Mortgage Loans [Line Items]
Obligation Under Participation Agreement	$ 18,519	$ 10,000
Mortgage note originated in 2025
Participating Mortgage Loans [Line Items]
Amount of participation interest sold	$ 10,800	$ 10,000
Interest rate (as a percent)	10.00%	10.00%
Obligation Under Participation Agreement	$ 18,500	$ 10,000
Participating mortgage loans, participation liabilities, amount	18,300	9,900
Participating mortgage loans, current expected credit losses, amount	$ 200	$ 100

ASSETS HELD FOR SALE (Tables)

9 Months Ended

Sep. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of asset held for sale


	As of
	September 30, 2026		December 31, 2025
Real Estate—Net	$	1,670	$	9,093
Intangible Lease Assets—Net		189		1,132
Intangible Lease Liabilities—Net		(15)		(105)
Straight-Line Rent Adjustment		23		49
Other Assets		2		3
Assets Prior to Provision for Impairment	$	1,869	$	10,172
Less Provision for Impairment		(903)		(2,095)
Total Assets Held for Sale	$	966	$	8,077

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

COMMERCIAL LOANS AND INVESTMENTS - Obligation Under Participation Agreement (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
2025 Mortgage Note - Portfolio
Participating Mortgage Loans [Line Items]
Original Face Amount		$ 29.5
Amount of participation interest sold	$ 61.3	10.0
Carrying value, net of loan participation sale	20.8
Mortgage note originated in 2025
Participating Mortgage Loans [Line Items]
Amount of participation interest sold	$ 10.8	$ 10.0
Interest rate (as a percent)	10.00%	10.00%

BUSINESS SEGMENT DATA - Identifiable Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Identifiable Assets	$ 821,106	$ 715,874
Operating Segments \| Income Properties
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Identifiable Assets	545,613	505,273
Operating Segments \| Commercial Loans and Investments
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Identifiable Assets	252,153	182,397
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Identifiable Assets		47
Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Identifiable Assets	$ 23,340	$ 28,157

- Definition

Amount of asset recognized for present right to economic benefit.

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-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

+ Details

BUSINESS AND ORGANIZATION - General Information (Details)	Sep. 30, 2026 employee
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Entity number of employees	0

OTHER ASSETS

9 Months Ended

Sep. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

NOTE 8. OTHER ASSETS

Other assets consisted of the following (in thousands):


	As of
	September 30, 2026		December 31, 2025
Tenant Receivables—Net of Allowance for Doubtful Accounts⁽¹⁾	$	1,676	$	889
Prepaid Insurance		38		250
Deposits on Acquisitions		200		—
Prepaid Expenses, Deposits, and Other		4,147		1,958
Deferred Financing Costs—Net		2,276		471
Interest Rate Swaps		8,735		2,315
Operating Leases - Right-of-Use Asset ⁽²⁾		8,987		3,025
Total Other Assets	$	26,059	$	8,908

(1)	Includes a $0.3 million and $0.2 million allowance for doubtful accounts as of September 30, 2026 and December 31, 2025, respectively.

(2)	See Note 9, “Operating Land Leases” for further disclosure related to the Company’s right-of-use asset balance as of September 30, 2026.

COMMON STOCK AND EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of computation of earnings per share


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Net Income (Loss) Attributable to Common Stockholders	$	3,443	$	(1,310)	$	7,510	$	(4,130)

Weighted Average Number of Common Shares Outstanding		17,694,160		14,158,190		16,776,481		14,328,245
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method ⁽¹⁾		1,223,854		1,223,854		1,223,854		1,223,854
Total Shares Applicable to Diluted Earnings per Share		18,918,014		15,382,044		18,000,335		15,552,099

Per Common Share Data:
Net Income (Loss) Attributable to Common Stockholders
Basic	$	0.19	$	(0.09)	$	0.45	$	(0.29)
Diluted	$	0.18	$	(0.09)	$	0.42	$	(0.29)

(1)	Represents OP Units issued to CTO and its subsidiaries in connection with our formation transactions (See Note 19, “Related Party Management Company”).

PROPERTY PORTFOLIO - Portfolio Information (Details) ft² in Millions	Sep. 30, 2026 ft² property
PROPERTY PORTFOLIO
Number of real estate properties	130
Area of real estate property \| ft²	4.8
Commercial Loans and Investments
PROPERTY PORTFOLIO
Number of real estate properties	5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Accounts and Financing Receivable, after Allowance for Credit Loss
Allowance for doubtful accounts	$ 300		$ 300		$ 200
Disaggregation of Income Statement Expense, Provision for Expected Credit Loss
Bad debt expense	$ 0	$ (100)		$ 100
Maximum
Disaggregation of Income Statement Expense, Provision for Expected Credit Loss
Bad debt expense			$ 100

SUBSEQUENT EVENTS - Property Portfolio (Details) ft² in Millions	Oct. 09, 2026 USD ($) ft² property state tenant	Sep. 30, 2026 ft² property
Subsequent Events
Number of real estate properties \| property		130
Area of real estate property \| ft²		4.8
Subsequent Event \| Industrial Property Portfolio, Thirteen Properties, Acquired in 2026
Subsequent Events
Number of real estate properties \| property	13
Asset acquisition, consideration transferred \| $	$ 117,300,000
Asset acquisition, consideration transferred, per square foot \| $	$ 63
Area of real estate property \| ft²	1.9
Number of states for leased asset \| state	11
Asset acquisition, income properties, occupancy at acquisition, percentage (as a percent)	100.00%
Number of tenant for leased property \| tenant	9
Remaining lease term at acquisition	10 years 2 months 12 days

LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Debt Issuance Costs, Net
Deferred finance costs, net, excluding line of credit	$ 1,824	$ 261
Deferred finance costs, net, line of credit	$ 2,276	$ 471

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk - Square Footage (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Area of Real Estate, Square Footage, Benchmark \| Geographic Concentration Risk \| Texas
Concentration Risk
Concentration risk (as a percent)	14.00%	14.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting, Descriptive Information
Number of reportable segments	2	2	2	2
Number of operating segments	2	2	2	2
Segment Reporting, CODM, Individual Title and Position or Group Name	srt:ChiefExecutiveOfficerMember	srt:ChiefExecutiveOfficerMember	srt:ChiefExecutiveOfficerMember	srt:ChiefExecutiveOfficerMember

PROVISION FOR IMPAIRMENT AND ADJUSTMENT TO CECL RESERVE

9 Months Ended

Sep. 30, 2026

Provision for Impairment [Abstract]

PROVISION FOR IMPAIRMENT AND ADJUSTMENT TO CECL RESERVE

NOTE 7. PROVISION FOR IMPAIRMENT AND ADJUSTMENT TO CECL RESERVE

Income Properties. The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, letters of intent on specific properties, executed purchase and sale agreements on specific properties, third-party valuations, discounted cash flow models, and other model-based techniques.

During the nine months ended September 30, 2026, the Company recorded a $0.2 million impairment charge related to a property within the Company’s income properties segment, with no such charges during the three months ended September 30, 2026. The impairment charge was a result of the execution of a purchase and sale agreement during the nine months ended September 30, 2026, under which the contractual sales price, less the property’s carrying value and estimated costs to sell, results in an impairment. The impairment during the nine months ended September 30, 2026 is related to a property leased to Advance Auto Parts. The Company’s execution of the above-referenced purchase and sale agreement is consistent with the Company’s current intent to dispose of such property at a price less than its carrying value to facilitate the re-investment of the proceeds therefrom into new investment opportunities.

During the three and nine months ended September 30, 2025, the Company recorded $1.9 million and $6.6 million of impairment charges, respectively, with respect to certain properties within the Company’s income properties segment. The impairment charges are a result of the execution during the respective periods of letters of intent and/or purchase and sale agreements under which the expected sales prices, less the properties’ carrying values and estimated costs to sell, resulted in impairments. The impairments during the nine months ended September 30, 2025 are related to the following properties: (i) three convenience store properties, which were classified as held for sale; (ii) a property formerly leased to Party City; (iii) a property leased to At Home; (iv) a property formerly leased to Century Theater Center; and (v) three properties leased to Walgreens.

Commercial Loans and Investments. The Company evaluates the collectability of its commercial loans and investments, including sales-type lease investments, on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company accounts for provisions for expected credit losses in accordance with ASC Topic 326, Measurement of Credit Losses on Financial Instruments. Changes in the Company’s allowance for credit losses are presented within the provision for impairment and adjustment to CECL reserve in the accompanying consolidated statements of operations.

During the three and nine months ended September 30, 2026, the Company recorded charges of less than $0.1 million and $0.6 million, respectively, representing the provision for credit losses related to our commercial loans and investments. The impairment charges were driven by the initial estimated CECL allowance based on our investment activity as well as loan repayments during the three and nine months ended September 30, 2026. We are unable to use historical data to estimate expected credit losses as we have incurred no losses to date. Management utilizes a loss-rate method and considers macroeconomic factors to estimate its CECL allowance, which is calculated based on the amortized cost basis of the commercial loans.

During the three and nine months ended September 30, 2025, the Company recorded charges of less than $0.1 million and $0.1 million, respectively, representing the provision for credit losses related to our commercial loans and investments. The impairment charges were driven by the initial estimated CECL allowance based on our investment activity as well as loan repayments during the three and nine months ended September 30, 2025.

ASSETS HELD FOR SALE - General Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($) property	Dec. 31, 2025 property
Real Estate Companies Disclosures
Real estate, held-for-sale, properties, quantity	2	3
Real estate, held-for-sale, returned to service, properties, quantity	1
Real estate, held-for-sale, returned to service, properties, depreciation and amortization expense \| $	$ 0.3

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2026	Oct. 17, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Fiscal Year Focus	2026
Document Transition Report	false
Securities Act File Number	001-39143
Entity Registrant Name	ALPINE INCOME PROPERTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-2769895
Entity Address, Address Line One	369 N. New York Avenue
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Winter Park
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32789
City Area Code	407
Local Phone Number	904-3324
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,940,667
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001786117
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	COMMON STOCK, $0.01 PAR VALUE
Trading Symbol	PINE
Security Exchange Name	NYSE
Cumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.000% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK, $0.01 PAR VALUE
Trading Symbol	PINE/PA
Security Exchange Name	NYSE

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Maturities of Long-Term Debt
2029	$ 100,000
2030	198,500
2031	100,000
Total Long-Term Debt - Face Value	$ 398,500

BUSINESS AND ORGANIZATION - Business Segments (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting, Descriptive Information
Number of reportable segments	2	2	2	2
Number of operating segments	2	2	2	2

ASSETS HELD FOR SALE

9 Months Ended

Sep. 30, 2026

Real Estate [Abstract]

ASSETS HELD FOR SALE

NOTE 10. ASSETS HELD FOR SALE

Assets held for sale were comprised of two properties as of September 30, 2026 and three properties as of December 31, 2025. One of the properties classified as held for sale as of December 31, 2025 was placed back into service during the nine months ended September 30, 2026. The Company determined the property no longer met the criteria to be classified as held for sale as the sale is no longer deemed probable due to the termination of the underlying purchase and sale agreement. As a result, the Company recorded $0.3 million of depreciation and amortization expense during the nine months ended September 30, 2026 to account for the property being placed back into service.

Assets held for sale consisted of the following (in thousands):


	As of
	September 30, 2026		December 31, 2025
Real Estate—Net	$	1,670	$	9,093
Intangible Lease Assets—Net		189		1,132
Intangible Lease Liabilities—Net		(15)		(105)
Straight-Line Rent Adjustment		23		49
Other Assets		2		3
Assets Prior to Provision for Impairment	$	1,869	$	10,172
Less Provision for Impairment		(903)		(2,095)
Total Assets Held for Sale	$	966	$	8,077

PROVISION FOR IMPAIRMENT AND ADJUSTMENT TO CECL RESERVE (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($) property	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($) property
PROVISION FOR IMPAIRMENT
Impairment charges	$ 0
Income Properties
PROVISION FOR IMPAIRMENT
Impairment charges		$ 1,900	$ 200	$ 6,600
Number of retail properties \| property		3		3
Income Properties \| Walgreens
PROVISION FOR IMPAIRMENT
Number of assets leased \| property				3
Commercial Loans and Investments
PROVISION FOR IMPAIRMENT
Impairment charges			$ 600	$ 100
Commercial Loans and Investments \| Maximum
PROVISION FOR IMPAIRMENT
Impairment charges	$ 100	$ 100

BUSINESS AND ORGANIZATION - Organization (Details) - Operating Partnership	9 Months Ended
	Sep. 30, 2026
Subsidiaries
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership (as a percent)	93.60%
Subsidiary of limited liability company or limited partnership, ownership interest, preferred units (as a percent)	100.00%
Affiliated Entity
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest of manager in operating partnership (as a percent)	6.40%

INTEREST RATE SWAPS

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

INTEREST RATE SWAPS

NOTE 14. INTEREST RATE SWAPS

The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the three and nine months ended September 30, 2026 and 2025. Accordingly, the changes in fair value on the interest rate swaps have been classified in other comprehensive income. The fair values of the interest rate swap agreements are included in other assets and accounts payable, accrued expenses and other liabilities, respectively, on the consolidated balance sheets.

Information related to the Company’s interest rate swap agreements is noted below (in thousands):


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of September 30, 2026
2029 Term Loan ⁽¹⁾	5/21/2026	2/2/2029	3.36% + applicable spread	$	100,000	$	2,830
2031 Term Loan⁽²⁾	1/29/2027	2/4/2031	3.54%+ applicable spread	$	100,000	$	4,240
2031 Term Loan⁽³⁾	11/29/2024	1/31/2027	1.61% + applicable spread	$	80,000	$	677
2031 Term Loan⁽⁴⁾	9/30/2022	1/31/2027	3.84% + applicable spread	$	20,000	$	15
Revolving Facility ⁽⁵⁾	3/1/2023	3/1/2028	3.21% + applicable spread	$	50,000	$	900
Revolving Facility ⁽⁶⁾	4/4/2025	1/1/2027	3.43% + applicable spread	$	50,000	$	73

(1)	As of September 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread on the $100.0 million 2029 Term Loan balance.

(2)	The interest rate swap agreement hedges the $100.0 million 2031 Term Loan balance under different terms and commences on January 29, 2027 to extend the fixed interest rate through February 4, 2031.

(3)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a fixed interest rate of 1.61% plus the applicable spread on $80.0 million of the $100.0 million 2031 Term Loan balance.

(4)	As of September 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.84% plus the applicable spread on $20.0 million of the $100.0 million 2031 Term Loan balance.

(5)	As of September 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.21% plus the applicable spread on $50.0 million of the outstanding balance on the Revolving Facility.

(6)	As of September 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.43% plus the applicable spread on $50.0 million of the outstanding balance on the Revolving Facility.

The use of interest rate swap agreements carries risks, including the risk that the counterparties to these agreements are not able to perform. To mitigate this risk, the Company enters into interest rate swap agreements with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not currently anticipate that any of the counterparties to the Company’s interest rate swap agreements will fail to meet their obligations. As of September 30, 2026 and December 31, 2025, there were no events of default related to the Company's interest rate swap agreements.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

INTEREST RATE SWAPS (Tables)

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swap agreements


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of September 30, 2026
2029 Term Loan ⁽¹⁾	5/21/2026	2/2/2029	3.36% + applicable spread	$	100,000	$	2,830
2031 Term Loan⁽²⁾	1/29/2027	2/4/2031	3.54%+ applicable spread	$	100,000	$	4,240
2031 Term Loan⁽³⁾	11/29/2024	1/31/2027	1.61% + applicable spread	$	80,000	$	677
2031 Term Loan⁽⁴⁾	9/30/2022	1/31/2027	3.84% + applicable spread	$	20,000	$	15
Revolving Facility ⁽⁵⁾	3/1/2023	3/1/2028	3.21% + applicable spread	$	50,000	$	900
Revolving Facility ⁽⁶⁾	4/4/2025	1/1/2027	3.43% + applicable spread	$	50,000	$	73

(1)	As of September 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread on the $100.0 million 2029 Term Loan balance.

(2)	The interest rate swap agreement hedges the $100.0 million 2031 Term Loan balance under different terms and commences on January 29, 2027 to extend the fixed interest rate through February 4, 2031.

(3)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a fixed interest rate of 1.61% plus the applicable spread on $80.0 million of the $100.0 million 2031 Term Loan balance.

(4)	As of September 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.84% plus the applicable spread on $20.0 million of the $100.0 million 2031 Term Loan balance.

(5)	As of September 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.21% plus the applicable spread on $50.0 million of the outstanding balance on the Revolving Facility.

(6)	As of September 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.43% plus the applicable spread on $50.0 million of the outstanding balance on the Revolving Facility.

EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Preferred Stock
Dividends	$ 1,245		$ 3,554
Dividends, declared (in dollars per share)	$ 0.5		$ 1.5
Dividends, paid (in dollars per share)	$ 0.5		$ 1.5
Common Stock
Dividends	$ 6,128	$ 4,385	$ 17,049	$ 13,261
Dividends, declared (in dollars per share)	$ 0.32	$ 0.285	$ 0.92	$ 0.855
Dividends, paid (in dollars per share)	$ 0.32	$ 0.285	$ 0.92	$ 0.855

EQUITY - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Nov. 05, 2025	Sep. 30, 2026	Sep. 30, 2026	Dec. 31, 2025	Dec. 05, 2025
Sale of Stock
Preferred stock, dividend rate (as a percent)			8.00%	8.00%
Cumulative Preferred Stock
Sale of Stock
Preferred stock, redemption price per share (in dollars per share)		$ 25	$ 25
Public Offering, Preferred Stock, 2025 \| Cumulative Preferred Stock
Sale of Stock
Stock issued during period, shares, new issues (in shares)	2,000,000
Preferred stock, dividend rate (as a percent)	8.00%
Proceeds from issuance of redeemable preferred stock	$ 50.0
Sale of stock, price per share (in dollars per share)	$ 25
Proceeds from issuance of preferred stock and preference stock, net of stock issuance costs	$ 48.1
ATM Program, Preferred Stock, 2025 Preferred Stock ATM Program \| Cumulative Preferred Stock
Sale of Stock
Sale of stock, aggregate offering price, maximum					$ 35.0
Stock issued during period, shares, new issues (in shares)		63,879	406,419	83,328
Proceeds from issuance of redeemable preferred stock		$ 1.6	$ 10.2	$ 2.1
Sale of stock, price per share, weighted average (in dollars per share)		$ 25.22	$ 25.18	$ 24.96
Proceeds from issuance of preferred stock and preference stock, net of stock issuance costs		$ 1.6	$ 10.0	$ 2.0
Payments of stock issuance costs			0.2
Sale of stock, aggregate offering price, availability remaining		22.7	$ 22.7
ATM Program, Preferred Stock, 2025 Preferred Stock ATM Program \| Cumulative Preferred Stock \| Maximum
Sale of Stock
Payments of stock issuance costs		$ 0.1		$ 0.1

RELATED PARTY MANAGEMENT COMPANY (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of amount due to (from) parent company


		As of
Description		September 30, 2026			December 31, 2025
Management Fee due to CTO		$	1,440		$	1,142
Other			43			208
Total ⁽¹⁾		$	1,483		$	1,350

(1)	Included in accrued expenses, see Note 11, “Accounts Payable, Accrued Expenses, and Other Liabilities”.

RELATED PARTY MANAGEMENT COMPANY - Due to (from) CTO (Details) - Affiliated Entity - CTO Realty Growth, Inc. - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Amount due to (from) CTO	$ 1,483	$ 1,350
Management Fee due to CTO
Related Party Transaction [Line Items]
Amount due to (from) CTO	1,440	1,142
Other
Related Party Transaction [Line Items]
Amount due to (from) CTO	$ 43	$ 208

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ASSETS HELD FOR SALE - Tabular Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Real Estate Companies Disclosures
Real Estate - Net	$ 1,670	$ 9,093
Intangible Lease Assets - Net	189	1,132
Intangible Lease Liabilities - Net	(15)	(105)
Straight-Line Rent Adjustment	23	49
Other Assets	2	3
Assets Prior to Provision for Impairment	1,869	10,172
Less Provision for Impairment	(903)	(2,095)
Total Assets Held for Sale	$ 966	$ 8,077

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

NOTE 11. ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

Accounts payable, accrued expenses, and other liabilities consisted of the following (in thousands):


	As of
	September 30, 2026		December 31, 2025
Accounts Payable	$	98	$	9
Accrued Expenses		4,133		2,416
Tenant Security Deposits		159		124
Due to CTO		1,483		1,350
Interest Rate Swaps		—		171
Loan Reserves		6,626		715
Operating Leases - Liability ⁽¹⁾		4,148		3,092
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$	16,647	$	7,877

(1)	See Note 9, “Operating Land Leases” for further disclosure related to the Company’s operating lease liability balance as of September 30, 2026.

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2026

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 22. SUBSEQUENT EVENTS

Subsequent events and transactions were evaluated through October 22, 2026, the date the consolidated financial statements were issued.

On October 9, 2026, the Company announced an agreement to acquire a 13-property industrial portfolio for $117.3 million, or $63 per square foot. The portfolio totals approximately 1.9 million square feet across 11 states and is 100% leased to nine tenants under absolute triple-net leases with annual rent escalations. The leases have a weighted average remaining lease term of 10.2 years, with no lease expirations before late 2031. The acquisition is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Subsequent to quarter end, the Company received bank commitments for a new $100 million four-year term loan and a $75 million increase in commitments under the Revolving Facility, from $250 million to $325 million. The financing is expected to close in late October 2026, and the term loan proceeds will be used to repay outstanding borrowings under the Revolving Facility.

LONG-TERM DEBT - Interest Rate Swaps (Details) - Designated as Hedging Instrument - Cash Flow Hedging $ in Millions	Sep. 30, 2026 USD ($)
Cash Flow Hedge, Revolving Credit Facility Interest Rate Swaps
Notional Disclosures
Derivative, average fixed interest rate (as a percent)	3.32%
Derivative, notional amount	$ 100.0
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps
Notional Disclosures
Derivative, average fixed interest rate (as a percent)	3.36%
Cash Flow Hedge, 2031 Term Loan Interest Rate Swaps
Notional Disclosures
Derivative, average fixed interest rate (as a percent)	2.05%

PROPERTY PORTFOLIO

9 Months Ended

Sep. 30, 2026

Real Estate [Abstract]

PROPERTY PORTFOLIO

NOTE 3. PROPERTY PORTFOLIO

As of September 30, 2026, the Company’s income property portfolio consisted of 130 properties, including five properties classified as commercial loans and investments, with total square footage of 4.8 million.

Leasing revenue consists of long-term rental revenue from net leased commercial properties, which is recognized as earned, using the straight-line method over the life of each lease. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization. The variable lease payments are comprised of percentage rent payments and reimbursements from tenants for common area maintenance, insurance, real estate taxes, and other operating expenses.

The components of leasing revenue are as follows (in thousands):


	Three Months Ended					Nine Months Ended
	September 30, 2026		September 30, 2025			September 30, 2026		September 30, 2025
Lease Income
Lease Payments	$	11,449	$	10,628		$	33,261	$	31,443
Variable Lease Payments		1,363		1,494			4,790		4,527
Total Lease Income	$	12,812	$	12,122		$	38,051	$	35,970

Minimum Future Rental Receipts. Minimum future rental receipts under non-cancelable operating leases, excluding percentage rent and other lease payments that are not fixed and determinable, having remaining terms in excess of one year subsequent to September 30, 2026, are summarized as follows (in thousands):


Year Ending December 31,		Amounts
Remainder of 2026		$	11,817
2027			45,883
2028			40,936
2029			35,200
2030			30,207
2031			26,769
2032 and Thereafter (Cumulative)			95,502
Total		$	286,314

2026 Activity. During the nine months ended September 30, 2026, the Company acquired seven properties for a combined purchase price of $86.3 million, including capitalized acquisition costs. Of the total acquisitions, the Company acquired five properties for a combined purchase price of $60.0 million, including capitalized acquisition costs, and those five properties were subject to purchase accounting for acquisitions subject to a lease, of which $20.8 million was allocated to land, $29.9 million was allocated to buildings and improvements, $6.5 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value, $2.1 million was allocated to intangible liabilities for the below market lease value, and $4.9 million was allocated to the right-of-use asset for the favorable terms of an acquired operating ground lease. The weighted average amortization period for the intangible assets and liabilities was 5.3 years at acquisition. The remaining $26.3 million of total acquisition costs are attributable to (i) the acquisition of one property for a purchase price of $10.0 million through a sale-leaseback transaction that includes a tenant repurchase option (the “2026 Sale-Leaseback Property”) and (ii) the acquisition of a property subject to a ground lease for $16.3 million which qualifies as a sales-type lease (the “2026 Sales-Type Lease”). Pursuant to FASB ASC Topic 842, Leases, GAAP requires that the 2026 Sale-Leaseback Property and the 2026 Sales-Type Lease be accounted for as financing arrangements, and accordingly the related assets and corresponding revenue are included in the Company’s commercial loans and investments in the accompanying consolidated balance sheets and consolidated statement of operations. However, as the 2026 Sale-Leaseback Property and the 2026 Sales-Type Lease both constitute real estate assets for both legal and tax purposes, we include them in the property portfolio when describing our property portfolio and for purposes of providing statistics related thereto.

During the nine months ended September 30, 2026, the Company sold four properties for an aggregate sales price of $6.2 million, generating aggregate gains on sale of $0.4 million.

2025 Activity. During the nine months ended September 30, 2025, the Company acquired five properties for a combined purchase price of $61.1 million, including capitalized acquisition costs. The properties are located in five different states, leased to four different tenants, and had a weighted average remaining lease term of 13.6 years at the time of acquisition. Of the total acquisition cost, $24.3 million was allocated to land, $28.8 million was allocated to buildings and improvements, and $8.0 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value. The weighted average amortization period for the intangible assets was 13.6 years at acquisition.

During the nine months ended September 30, 2025, the Company sold 11 properties for an aggregate sales price of $34.3 million, generating aggregate gains on sale of $2.0 million.

COMMERCIAL LOANS AND INVESTMENTS - Summary - Tabular Disclosure (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Commercial Loans and Investments
Original Face Amount	$ 314,461	$ 225,581
Current Face Amount	235,780	170,946
Carrying Value	233,779	169,262
CECL Reserve	(2,358)	(1,709)
Total Commercial Loans and Investments	231,421	167,553
Total Commercial Loans and Investments	231,421	167,553
Construction Loan, Wawa Land Development, Greenwood, Indiana
Commercial Loans and Investments
Original Face Amount	16,700	14,800
Current Face Amount	14,944	9,144
Carrying Value	$ 14,918	$ 9,165
Coupon Rate (as a percent)	10.00%	9.50%
Construction Loan, Wawa Land Development, Antioch, Tennessee
Commercial Loans and Investments
Original Face Amount	$ 7,425	$ 7,425
Current Face Amount	7,421	6,309
Carrying Value	$ 7,439	$ 6,317
Coupon Rate (as a percent)	10.25%	10.25%
Construction Loan, Retail Outparcels, Lawrenceville, Georgia
Commercial Loans and Investments
Original Face Amount		$ 7,200
Current Face Amount		1,099
Carrying Value		$ 1,095
Coupon Rate (as a percent)		11.25%
Construction Loan, Wawa Land Development, Mount Carmel, Ohio
Commercial Loans and Investments
Original Face Amount		$ 6,127
Current Face Amount		6,127
Carrying Value		$ 6,127
Coupon Rate (as a percent)		11.50%
Construction Loan, Retail Land Development, Stuart, Florida
Commercial Loans and Investments
Original Face Amount		$ 15,500
Current Face Amount		7,084
Carrying Value		$ 6,987
Coupon Rate (as a percent)		10.00%
Construction Loan, Cornerstone Exchange, Daytona Beach, Florida
Commercial Loans and Investments
Original Face Amount	$ 23,905	$ 23,905
Current Face Amount	10,306	6,886
Carrying Value	$ 10,246	$ 6,747
Coupon Rate (as a percent)	10.00%	10.00%
Construction Loan, Mixed-Use Development, Lake Toxaway, North Carolina
Commercial Loans and Investments
Original Face Amount	$ 13,500	$ 13,500
Current Face Amount	11,279	6,938
Carrying Value	$ 11,206	$ 6,813
Coupon Rate (as a percent)	16.00%	16.00%
Construction Loan, Costco Mixed-Use Development, Atlanta, Georgia
Commercial Loans and Investments
Original Face Amount	$ 4,500	$ 4,500
Current Face Amount	2,452	879
Carrying Value	$ 2,427	$ 838
Coupon Rate (as a percent)	11.00%	11.00%
Construction Loan, Retail Development, Covington, Georgia
Commercial Loans and Investments
Original Face Amount	$ 32,000
Current Face Amount	10,118
Carrying Value	$ 9,888
Coupon Rate (as a percent)	13.00%
Construction Loan, Retail Development, Lexington, Kentucky
Commercial Loans and Investments
Original Face Amount	$ 40,000
Current Face Amount	8,718
Carrying Value	$ 8,471
Coupon Rate (as a percent)	10.00%
Sale-Leaseback, Bradenton Beach, Florida
Commercial Loans and Investments
Original Face Amount	$ 9,608	$ 9,608
Current Face Amount	9,452	9,519
Carrying Value	$ 9,452	$ 9,519
Coupon Rate (as a percent)	8.30%	8.30%
Sale-Leaseback, Anna Maria, Florida
Commercial Loans and Investments
Original Face Amount	$ 16,408	$ 16,408
Current Face Amount	16,141	16,256
Carrying Value	$ 16,141	$ 16,256
Coupon Rate (as a percent)	8.30%	8.30%
Sale-Leaseback, Long Boat Key, Florida
Commercial Loans and Investments
Original Face Amount	$ 5,408	$ 5,408
Current Face Amount	5,321	5,358
Carrying Value	$ 5,321	$ 5,358
Coupon Rate (as a percent)	8.30%	8.30%
Sale-Leaseback, Aspen, Colorado
Commercial Loans and Investments
Original Face Amount	$ 10,000
Current Face Amount	9,995
Carrying Value	$ 9,995
Coupon Rate (as a percent)	8.39%
Mortgage Note, At Home Plaza, North Canton, Ohio
Commercial Loans and Investments
Original Face Amount		$ 6,200
Current Face Amount		6,200
Carrying Value		$ 6,200
Coupon Rate (as a percent)		8.65%
Mortgage Note, Old Time Pottery, Orange Park, Florida
Commercial Loans and Investments
Original Face Amount		$ 4,000
Current Face Amount		4,000
Carrying Value		$ 4,000
Coupon Rate (as a percent)		8.00%
Mortgage Note, Industrial, Fremont, California
Commercial Loans and Investments
Original Face Amount	$ 24,000	$ 24,000
Current Face Amount	24,000	24,000
Carrying Value	$ 23,863	$ 23,751
Coupon Rate (as a percent)	11.00%	11.00%
Mortgage Note, Commercial Building, Reno, Nevada
Commercial Loans and Investments
Original Face Amount		$ 4,000
Current Face Amount		4,000
Carrying Value		$ 4,000
Coupon Rate (as a percent)		8.00%
Mortgage Note, Luxury Residential Development, Austin, Texas
Commercial Loans and Investments
Original Face Amount	$ 61,250	$ 29,500
Current Face Amount	59,717	28,627
Carrying Value	$ 58,811	$ 28,070
Coupon Rate (as a percent)	16.00%	17.00%
Mortgage Note, Mixed-Use Development, Herndon, Virginia
Commercial Loans and Investments
Original Face Amount	$ 20,000	$ 20,000
Current Face Amount	20,307	20,001
Carrying Value	$ 20,143	$ 19,702
Coupon Rate (as a percent)	12.00%	12.00%
Redevelopment Loan, Mixed-Use Redevelopment, Denver, Colorado
Commercial Loans and Investments
Original Face Amount	$ 13,500	$ 13,500
Current Face Amount	9,364	8,519
Carrying Value	$ 9,212	$ 8,317
Coupon Rate (as a percent)	12.00%	12.00%
Sales Type Lease, Denver, Colorado
Commercial Loans and Investments
Original Face Amount	$ 16,257
Current Face Amount	16,246
Carrying Value	$ 16,246
Coupon Rate (as a percent)	8.11%

OTHER ASSETS - Tabular Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Other Assets
Tenant Receivables - Net of Allowance for Doubtful Accounts	$ 1,676	$ 889
Prepaid Insurance	38	250
Deposits on Acquisitions	200
Prepaid Expenses, Deposits, and Other	4,147	1,958
Deferred Financing Costs - Net	2,276	471
Interest Rate Swaps	8,735	2,315
Operating Leases - Right-of-Use Asset	8,987	3,025
Total Other Assets	$ 26,059	$ 8,908
Derivative Asset, Statement of Financial Position	Total Other Assets	Total Other Assets

OPERATING LAND LEASES - Amortization (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Cash Flow, Operating Activities, Lessee
Amortization expenses	$ 0.1		$ 0.3	$ 0.1
Maximum
Cash Flow, Operating Activities, Lessee
Amortization expenses		$ 0.1

COMMITMENTS AND CONTINGENCIES (Details)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of construction loans committed to fund	8
Unfunded portion of construction loans	$ 75,500,000
Total commitments	3,300,000
Payment of committed amount	800,000
Remaining committed amount	$ 2,500,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Depreciation
Depreciation	$ 4.3	$ 4.5	$ 13.1	$ 14.0

COMMERCIAL LOANS AND INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Current Face Amount	$ 235,780	$ 170,946
Unaccreted Origination Fees	(2,001)	(1,684)
CECL Reserve	(2,358)	(1,709)
Total Commercial Loans and Investments	$ 231,421	$ 167,553

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025
Restricted Cash
Restricted Cash	$ 19,139	$ 34,410	$ 5,455

- Definition

+ References + Details

COMMON STOCK AND EARNINGS PER SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Available to Common Shareholders:
Net Income (Loss) Attributable to Common Stockholders - Basic	$ 3,443	$ (1,310)	$ 7,510	$ (4,130)
Net Income (Loss) Attributable to Common Stockholders - Diluted	$ 3,443	$ (1,310)	$ 7,510	$ (4,130)
Common Shares Applicable to Stock
Weighted Average Number of Common Shares Outstanding (in shares)	17,694,160	14,158,190	16,776,481	14,328,245
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method (in shares)	1,223,854	1,223,854	1,223,854	1,223,854
Total Shares Applicable to Diluted Earnings per Share (in shares)	18,918,014	15,382,044	18,000,335	15,552,099
Per Common Share Data:
Basic (in dollars per share)	$ 0.19	$ (0.09)	$ 0.45	$ (0.29)
Diluted (in dollars per share)	$ 0.18	$ (0.09)	$ 0.42	$ (0.29)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earning Per Common Share (Details)	Sep. 30, 2026
Accounting Policies [Abstract]
Operating Partnership Units, redeemable, common stock, ratio	1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Real Estate:
Land, at Cost	$ 175,167	$ 151,628
Building and Improvements, at Cost	373,114	344,138
Total Real Estate, at Cost	548,281	495,766
Less, Accumulated Depreciation	(66,967)	(54,446)
Real Estate - Net	481,314	441,320
Assets Held for Sale	966	8,077
Commercial Loans and Investments	231,421	167,553
Cash and Cash Equivalents	11,722	4,589
Restricted Cash	19,139	34,410
Intangible Lease Assets - Net	47,888	48,925
Straight-Line Rent Adjustment	2,597	2,092
Other Assets	26,059	8,908
Total Assets	821,106	715,874
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	16,647	7,877
Prepaid Rent and Deferred Revenue	14,286	14,031
Intangible Lease Liabilities - Net	6,120	4,971
Obligation Under Participation Agreement	18,519	10,000
Long-Term Debt - Net	396,676	377,739
Total Liabilities	452,248	414,618
Commitments and Contingencies - See Note 20
Equity:
Preferred Stock, 100 million shares authorized, $0.01 par value per share, 8.00% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 2,489,747 shares issued and outstanding as of September 30, 2026 and 2,083,328 shares issued and outstanding as of December 31, 2025	25	21
Common Stock, $0.01 par value per share, 500 million shares authorized, 17,935,407 shares issued and outstanding as of September 30, 2026 and 14,783,419 shares issued and outstanding as of December 31, 2025	179	148
Additional Paid-in Capital	383,408	313,690
Dividends in Excess of Net Income	(43,689)	(35,276)
Accumulated Other Comprehensive Income	7,452	1,293
Stockholders' Equity	347,375	279,876
Noncontrolling Interest	21,483	21,380
Total Equity	368,858	301,256
Total Liabilities and Equity	$ 821,106	$ 715,874

SUBSEQUENT EVENTS - Long-Term Debt (Details) - USD ($) $ in Millions	Oct. 31, 2026	Sep. 30, 2026	Feb. 04, 2026
Truist Bank Credit Agreement, Senior Unsecured Revolving Credit Facility
Subsequent Events
Line of credit facility, maximum borrowing capacity		$ 250.0	$ 250.0
Subsequent Event \| Forecast \| Truist Bank Credit Agreement, 2030 Senior Unsecured Term Loan Credit Facility
Subsequent Events
Line of credit facility, maximum borrowing capacity	$ 100.0
Debt instrument, term	4 years
Subsequent Event \| Forecast \| Truist Bank Credit Agreement, Senior Unsecured Revolving Credit Facility
Subsequent Events
Line of credit facility, maximum borrowing capacity, increase	$ 75.0
Line of credit facility, maximum borrowing capacity	$ 325.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Developments (Details)	9 Months Ended
	Sep. 30, 2026
Accounting Policies [Abstract]
Change in Accounting Principle, Accounting Standards Update, Adopted	false
Accounting Standards Update	us-gaap:AccountingStandardsUpdate202403Member

- Definition

Indicates amendment to accounting standards.

+ References

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-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-9

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482477/820-10-65-13

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - Fair Value, Recurring - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Cash Flow Hedge, 2026 Term Loan Interest Rate Swap
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net		$ 624
Cash Flow Hedge, 2027 Term Loan Interest Rate Swap
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net		1,486
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 2,830
Cash Flow Hedge, 2031 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	4,932
Cash Flow Hedge, Revolving Credit Facility Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	973	34
Fair Value, Inputs, Level 2 \| Cash Flow Hedge, 2026 Term Loan Interest Rate Swap
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net		624
Fair Value, Inputs, Level 2 \| Cash Flow Hedge, 2027 Term Loan Interest Rate Swap
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net		1,486
Fair Value, Inputs, Level 2 \| Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	2,830
Fair Value, Inputs, Level 2 \| Cash Flow Hedge, 2031 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	4,932
Fair Value, Inputs, Level 2 \| Cash Flow Hedge, Revolving Credit Facility Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 973	$ 34

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues:
Lease Income	$ 12,812	$ 12,122	$ 38,051	$ 35,970
Interest Income from Commercial Loans and Investments	7,611	2,320	20,700	7,358
Other Revenue	37	121	117	304
Total Revenues	20,460	14,563	58,868	43,632
Operating Expenses:
Real Estate Expenses	2,095	1,891	6,482	6,030
General and Administrative Expenses	2,009	1,695	5,896	5,108
Provision for Impairment and Adjustment to CECL Reserve	(76)	1,915	809	6,749
Depreciation and Amortization	6,881	6,597	20,901	20,609
Total Operating Expenses	10,909	12,098	34,088	38,496
Gain (Loss) on Disposition of Assets	272	(46)	369	2,043
Net Income From Operations	9,823	2,419	25,149	7,179
Investment and Other Income	17	68	472	160
Interest Expense	(4,828)	(3,910)	(13,760)	(11,822)
Net Income (Loss)	5,012	(1,423)	11,861	(4,483)
Less: Net Loss (Income) Attributable to Noncontrolling Interest	(324)	113	(797)	353
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	4,688	(1,310)	11,064	(4,130)
Less: Distributions to Preferred Stockholders	(1,245)		(3,554)
Net Income (Loss) Attributable to Common Stockholders	$ 3,443	$ (1,310)	$ 7,510	$ (4,130)
Per Common Share Data:
Basic (in dollars per share)	$ 0.19	$ (0.09)	$ 0.45	$ (0.29)
Diluted (in dollars per share)	$ 0.18	$ (0.09)	$ 0.42	$ (0.29)
Weighted Average Number of Common Shares:
Basic (in shares)	17,694,160	14,158,190	16,776,481	14,328,245
Diluted (in shares)	18,918,014	15,382,044	18,000,335	15,552,099

INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

NOTE 6. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs. Intangible assets and liabilities consisted of the following as of September 30, 2026 and December 31, 2025 (in thousands):


	As of
	September 30, 2026		December 31, 2025
Intangible Lease Assets:
Value of In-Place Leases	$	61,974	$	56,614
Value of Above Market In-Place Leases		1,824		1,708
Value of Intangible Leasing Costs		20,819		19,457
Sub-total Intangible Lease Assets		84,617		77,779
Accumulated Amortization		(36,729)		(28,854)
Sub-total Intangible Lease Assets—Net		47,888		48,925
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(9,760)		(7,763)
Sub-total Intangible Lease Liabilities		(9,760)		(7,763)
Accumulated Amortization		3,640		2,792
Sub-total Intangible Lease Liabilities—Net		(6,120)		(4,971)
Total Intangible Assets and Liabilities—Net	$	41,768	$	43,954

The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Amortization Expense	$	2,623	$	2,052	$	7,792	$	6,648
Accretion to Properties Revenue		(256)		(176)		(733)		(422)
Net Amortization of Intangible Assets and Liabilities	$	2,367	$	1,876	$	7,059	$	6,226

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):


Year Ending December 31,	Future Amortization Expense		Future Accretion to Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2026	$	2,870	$	(354)	$	2,516
2027		10,091		(1,447)		8,644
2028		8,086		(1,183)		6,903
2029		6,903		(835)		6,068
2030		5,630		(520)		5,110
2031		4,923		(452)		4,471
2032 and Thereafter		8,375		(319)		8,056
Total	$	46,878	$	(5,110)	$	41,768

As of September 30, 2026, the weighted average amortization period of both the total intangible assets and liabilities was 8.6 years.

INTEREST RATE SWAPS - General Information (Details)	3 Months Ended		9 Months Ended
INTEREST RATE SWAPS - General Information (Details)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Summary of Derivative Instruments
Interest rate cash flow hedge, effectiveness, percentage (as a percent)	100.00%	100.00%	100.00%	100.00%
Derivative Asset
Derivative Asset, Statement of Financial Position	Other Assets		Other Assets		Other Assets
Derivative Liability
Derivative Liability, Statement of Financial Position					Accounts Payable, Accrued Expenses, and Other Liabilities

INTANGIBLE ASSETS AND LIABILITIES - Total Intangible Assets and Liabilities, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived, after Accumulated Amortization
Intangible Lease Assets - Net	$ 47,888	$ 48,925
Below Market Lease, Net
Intangible Lease Liabilities - Net	6,120	4,971
Total Intangible Assets and Liabilities - Net	$ 41,768	$ 43,954

INTANGIBLE ASSETS AND LIABILITIES - Estimated Future Amortization Expense (Income) Related to Net Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Future amortization expense, total	$ 46,878
Future accretion to property revenue, total	(5,110)
Total Intangible Assets and Liabilities - Net	$ 41,768	$ 43,954

COMMERCIAL LOANS AND INVESTMENTS

9 Months Ended

Sep. 30, 2026

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

COMMERCIAL LOANS AND INVESTMENTS

NOTE 4. COMMERCIAL LOANS AND INVESTMENTS

2026 Activity. During the nine months ended September 30, 2026, the Company originated two commercial loans for $72.0 million with an initial yield of 11% and acquired the 2026 Sale-Leaseback Property for a purchase price of $10.0 million and the 2026 Sales-Type Lease for $16.3 million. Additionally, during the nine months ended September 30, 2026, the total face amounts of two loan investments were upsized by an aggregate of $33.7 million. In the aggregate, during the nine months ended September 30, 2026, commercial loan and investment volume totaled $132.0 million, of which $76.8 million was funded, and $1.3 million of origination fees were received. Additionally, the Company funded $24.0 million for existing loans and received $36.0 million of principal repayments from borrowers during the nine months ended September 30, 2026. Of the total amount funded, during the nine months ended September 30, 2026, $2.3 million was non-cash paid-in-kind accrued interest.

During the nine months ended September 30, 2026, the Company upsized and funded the 2025 Mortgage Note (hereinafter defined) by an additional $31.8 million and sold an additional $10.8 million A-1 participation interest in the 2025 Mortgage Note (the “2026 Loan Participation Sale”). In the aggregate, the initial 2025 Mortgage Note totaled $61.3 million and the initial A-1 participation interest, which is entitled to a 10.0% yield on its respective portion of the outstanding principal balance and has priority preference with respect to all principal and interest payments of the 2025 Mortgage Note, totaled $20.8 million. The 2026 Loan Participation Sale did not achieve sale accounting pursuant to ASC 860, Transfers and Servicing, and accordingly, is treated as a secured borrowing. See Note 12, “Obligation Under Participation Agreement” for further information.

2025 Activity. During the nine months ended September 30, 2025, the Company originated six commercial loans for an investment volume of $56.3 million at a weighted average initial cash yield of 10.1% and one $2.0 million short-term mortgage note with an initial cash yield of 16.5%, that was repaid in full on July 2, 2025. Additionally, during the nine months ended September 30, 2025, the Company amended four existing commercial loan investments whereby certain maturity dates were extended and the total face amounts of three investments were upsized by an aggregate of $18.4 million. In the aggregate, during the nine months ended September 30, 2025, commercial loan and investment volume totaled $74.8 million, of which $51.0 million was funded and $0.5 million of origination fees were received during the same period. Additionally, the Company funded $12.9 million for existing construction loans and received $50.5 million of principal repayments from borrowers during the nine months ended September 30, 2025.

During the year ended December 31, 2025, the Company originated a $29.5 million first mortgage secured by a portfolio of assets and related improvements (the “2025 Mortgage Note”). The 2025 Mortgage Note is being repaid by the borrower as the underlying assets within the portfolio are sold. During the year ended December 31, 2025, the Company sold a $10.0 million A-1 participation interest (the “2025 Loan Participation Sale”) in its 2025 Mortgage Note, which is entitled to a 10.0% yield on its respective portion of the outstanding principal balance and has priority preference with respect to all principal and interest payments of the 2025 Mortgage Note. The 2025 Loan Participation Sale did not achieve sale accounting pursuant to ASC 860, Transfers and Servicing, and accordingly, is treated as a secured borrowing. See Note 12, “Obligation Under Participation Agreement” for further information.

Other Activity. During the year ended December 31, 2024, the Company acquired three single-tenant income properties in the greater Tampa Bay, Florida area. The acquisitions of the three properties and the 2026 Sale-Leaseback Property (collectively, the “Sale-Leaseback Properties”) were structured as sale-leaseback transactions that include tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the future repurchase rights present in the lease agreements preclude the transactions from being accounted for as real estate acquisitions. During the nine months ended September 30, 2026, the Company acquired the 2026 Sales-Type Lease which qualifies as a sales-type lease pursuant to FASB ASC Topic 842, Leases. Accordingly, for GAAP purposes, the acquisitions of the Sale-Leaseback Properties and the 2026 Sales-Type Lease are accounted for as financing arrangements, and the related assets and corresponding revenue are included in the Company’s commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. The Company has imputed interest on the leases for the properties which is recognized as interest income from commercial loans and investments on the accompanying consolidated statements of operations.

The Company’s commercial loans and investments were comprised of the following at September 30, 2026 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Construction Loan – Wawa Land Development – Greenwood, IN		July 2023		July 2027		$	16,700		$	14,944		$	14,918		10.00%
Construction Loan – Wawa Land Development – Antioch, TN		October 2023		October 2026			7,425			7,421			7,439		10.25%
Sale-Leaseback – Bradenton Beach, FL		August 2024		August 2029 ⁽¹⁾			9,608			9,452			9,452		8.30%
Sale-Leaseback – Anna Maria, FL		August 2024		August 2029 ⁽¹⁾			16,408			16,141			16,141		8.30%
Sale-Leaseback – Long Boat Key, FL		August 2024		August 2029 ⁽¹⁾			5,408			5,321			5,321		8.30%
Construction Loan – Cornerstone Exchange – Daytona Beach, FL		May 2025		April 2027			23,905			10,306			10,246		10.00%
Mortgage Note – Industrial – Fremont, CA		August 2025		August 2027			24,000			24,000			23,863		11.00%
Mortgage Note – Luxury Residential Development – Austin, TX ⁽²⁾		October 2025		October 2028			61,250			59,717			58,811		16.00%	⁽³⁾
Construction Loan – Mixed-Use Development – Lake Toxaway, NC		October 2025		October 2027			13,500			11,279			11,206		16.00%	⁽⁴⁾
Construction Loan – Costco Mixed-Use Development – Atlanta, GA		October 2025		November 2027			4,500			2,452			2,427		11.00%
Redevelopment Loan – Mixed-Use Redevelopment – Denver, CO		December 2025		December 2028			13,500			9,364			9,212		12.00%	⁽⁵⁾
Mortgage Note – Mixed-Use Development – Herndon, VA		December 2025		September 2028			20,000			20,307			20,143		12.00%	⁽⁶⁾
Sale-Leaseback – Aspen, CO		January 2026		June 2027 ⁽¹⁾			10,000			9,995			9,995		8.39%
Construction Loan – Retail Development – Covington, GA		March 2026		April 2028			32,000			10,118			9,888		13.00%	⁽⁷⁾
Construction Loan – Retail Development – Lexington, KY		May 2026		June 2028			40,000			8,718			8,471		10.00%
Sales-Type Lease – Denver, CO		June 2026		September 2039			16,257			16,246			16,246		8.11%
						$	314,461		$	235,780		$	233,779
CECL Reserve													(2,358)
Total Commercial Loans and Investments												$	231,421

(1)	The maturity date reflects the date the tenant’s repurchase right first becomes exercisable pursuant to the lease agreement.

(2)	As of September 30, 2026, after adjusting for the A-1 participation interests, as described in Note 12, “Obligation Under Participation Agreement”, the Company’s net remaining investment, at face value, in the 2025 Mortgage Note is $41.2 million.

(3)	The coupon rate is comprised of 12.00% cash interest and 4.00% paid-in-kind.

(4)	The coupon rate is comprised of 13.00% cash interest and 3.00% paid-in-kind.

(5)	The coupon rate is comprised of 9.00% cash interest and 3.00% paid-in-kind.

(6)	The coupon rate is comprised of 10.00% cash interest and 2.00% paid-in-kind.

(7)	The coupon rate is comprised of 11.50% cash interest and 1.50% paid-in-kind.

The Company’s commercial loans and investments were comprised of the following at December 31, 2025 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Construction Loan – Wawa Land Development – Greenwood, IN		July 2023		July 2026		$	14,800		$	9,144		$	9,165		9.50%
Construction Loan – Wawa Land Development – Antioch, TN		October 2023		October 2026			7,425			6,309			6,317		10.25%
Construction Loan – Retail Outparcels – Lawrenceville, GA		January 2024		January 2026			7,200			1,099			1,095		11.25%
Construction Loan – Wawa Land Development – Mount Carmel, OH		June 2024		September 2026			6,127			6,127			6,127		11.50%
Sale-Leaseback – Bradenton Beach, FL		August 2024		August 2029 ⁽¹⁾			9,608			9,519			9,519		8.30%
Sale-Leaseback – Anna Maria, FL		August 2024		August 2029 ⁽¹⁾			16,408			16,256			16,256		8.30%
Sale-Leaseback – Long Boat Key, FL		August 2024		August 2029 ⁽¹⁾			5,408			5,358			5,358		8.30%
Mortgage Note – At Home Plaza – North Canton, OH		March 2025		March 2028			6,200			6,200			6,200		8.65%
Construction Loan – Retail Land Development – Stuart, FL		March 2025		March 2027			15,500			7,084			6,987		10.00%
Construction Loan – Cornerstone Exchange – Daytona Beach, FL		May 2025		April 2027			23,905			6,886			6,747		10.00%
Mortgage Note – Old Time Pottery – Orange Park, FL		June 2025		June 2028			4,000			4,000			4,000		8.00%
Mortgage Note – Industrial – Fremont, CA		August 2025		August 2027			24,000			24,000			23,751		11.00%
Mortgage Note – Commercial Building – Reno, NV		September 2025		September 2027			4,000			4,000			4,000		8.00%
Mortgage Note – Luxury Residential Development – Austin, TX ⁽²⁾		October 2025		October 2028			29,500			28,627			28,070		17.00%	⁽³⁾
Construction Loan – Mixed-Use Development – Lake Toxaway, NC		October 2025		October 2027			13,500			6,938			6,813		16.00%	⁽⁴⁾
Construction Loan – Costco Mixed-Use Development – Atlanta, GA		October 2025		November 2027			4,500			879			838		11.00%
Redevelopment Loan – Mixed-Use Redevelopment – Denver, CO		December 2025		December 2028			13,500			8,519			8,317		12.00%	⁽⁵⁾
Mortgage Note – Mixed-Use Development – Herndon, VA		December 2025		September 2028			20,000			20,001			19,702		12.00%	⁽⁶⁾
						$	225,581		$	170,946		$	169,262
CECL Reserve													(1,709)
Total Commercial Loans and Investments												$	167,553

(1)	The maturity date reflects the date the tenant’s repurchase right first becomes exercisable pursuant to the lease agreement.

(2)	As of December 31, 2025, after adjusting for the A-1 participation interests, as described in Note 12, "Obligation Under Participation Agreement", the Company's net remaining investment, at face value, in the 2025 Mortgage Note is $18.6 million.

(3)	The coupon rate is comprised of 13.00% cash interest and 4.00% paid-in-kind.

(4)	The coupon rate is comprised of 13.00% cash interest and 3.00% paid-in-kind.

(5)	The coupon rate is comprised of 9.00% cash interest and 3.00% paid-in-kind.

(6)	The coupon rate is comprised of 10.00% cash interest and 2.00% paid-in-kind.

The carrying value of the commercial loans and investments consisted of the following at September 30, 2026 and December 31, 2025 (in thousands).


		As of
		September 30, 2026			December 31, 2025
Current Face Amount		$	235,780		$	170,946
Unaccreted Origination Fees			(2,001)			(1,684)
CECL Reserve			(2,358)			(1,709)
Total Commercial Loans and Investments		$	231,421		$	167,553

- Definition

The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage.

+ References + Details

BUSINESS SEGMENT DATA - Commercial Loans and Investments (Details)	Sep. 30, 2026 property loan
Segment Reporting, Descriptive Information
Number of commercial loan investments \| loan	16
Number of real estate properties purchased as a sale type transaction	1
Number of properties acquired as a sale-leaseback transaction	4

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands		9 Months Ended
	Feb. 04, 2026	Sep. 30, 2026	Dec. 31, 2025
Long-term Debt
Long-term debt, gross		$ 398,500
Long-term debt, weighted average interest rate, at point in time (as a percent)		4.48%
Truist Bank Credit Agreement, Senior Unsecured Revolving Credit Facility
Long-term Debt
Long-term debt, gross		$ 198,500	$ 178,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Long-term debt, weighted average interest rate, at point in time (as a percent)		4.96%
Line of credit facility, maximum borrowing capacity	$ 250,000	$ 250,000
Truist Bank Credit Agreement, Senior Unsecured Revolving Credit Facility \| Minimum
Long-term Debt
Debt instrument, variable rate spread (as a percent)	1.25%	1.25%
Truist Bank Credit Agreement, Senior Unsecured Revolving Credit Facility \| Maximum
Long-term Debt
Debt instrument, variable rate spread (as a percent)	2.20%	2.20%
Truist Bank Credit Agreement, 2029 Senior Unsecured Term Loan Credit Facility
Long-term Debt
Long-term debt, gross		$ 100,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Long-term debt, weighted average interest rate, at point in time (as a percent)		4.66%
Line of credit facility, maximum borrowing capacity	$ 100,000	$ 100,000
Truist Bank Credit Agreement, 2029 Senior Unsecured Term Loan Credit Facility \| Minimum
Long-term Debt
Debt instrument, variable rate spread (as a percent)	1.25%	1.25%
Truist Bank Credit Agreement, 2029 Senior Unsecured Term Loan Credit Facility \| Maximum
Long-term Debt
Debt instrument, variable rate spread (as a percent)		1.90%
Truist Bank Credit Agreement, 2031 Senior Unsecured Term Loan Credit Facility
Long-term Debt
Long-term debt, gross		$ 100,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Long-term debt, weighted average interest rate, at point in time (as a percent)		3.35%
Line of credit facility, maximum borrowing capacity	$ 100,000	$ 100,000
Truist Bank Credit Agreement, 2031 Senior Unsecured Term Loan Credit Facility \| Minimum
Long-term Debt
Debt instrument, variable rate spread (as a percent)		1.25%
Truist Bank Credit Agreement, 2031 Senior Unsecured Term Loan Credit Facility \| Maximum
Long-term Debt
Debt instrument, variable rate spread (as a percent)	1.90%	1.90%

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

LONG-TERM DEBT

NOTE 13. LONG-TERM DEBT

As of September 30, 2026, the Company’s outstanding indebtedness, at face value, was as follows. See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.


	Face Value Debt (in thousands)		Stated Interest Rate	Wtd. Avg. Rate as of September 30, 2026	Maturity Date
Revolving Facility⁽¹⁾	$	198,500	SOFR + [1.25% - 2.20%]	4.96%	February 2030
2029 Term Loan⁽²⁾		100,000	SOFR + [1.25% - 1.90%]	4.66%	February 2029
2031 Term Loan⁽³⁾		100,000	SOFR + [1.25% - 1.90%]	3.35%	February 2031
Total Debt/Weighted-Average Rate	$	398,500		4.48%

(1)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the applicable spread on $100 million of the outstanding balance on the Revolving Facility (hereinafter defined).

(2)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread on the $100 million 2029 Term Loan (hereinafter defined) balance.

(3)	As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the applicable spread on the $100 million 2031 Term Loan (hereinafter defined) balance.

Credit Facility. On February 4, 2026, the Company, the Operating Partnership, as borrower (the “Borrower”), and certain subsidiaries of the Borrower entered into an Amended and Restated Credit Agreement with Truist Bank, N.A., as administrative agent, and certain other lenders named therein (the “Amended and Restated Credit Agreement”). The Amended and Restated Credit Agreement provides for a $250 million senior unsecured revolving credit facility (the “Revolving Facility”), a $100 million senior unsecured term loan credit facility maturing in 2029 (the “2029 Term Loan”), and a $100 million senior unsecured term loan credit facility maturing in 2031 (the “2031 Term Loan” and, together with the Revolving Facility and the 2029 Term Loan, the “Facilities”). On February 4, 2026, in connection with the Borrower’s entry into the Amended and Restated Credit Agreement, the Borrower repaid all obligations outstanding under its previous credit agreement with KeyBank National Association, dated as of September 30, 2022, among the Company, as parent guarantor, the Borrower, certain subsidiaries of the Borrower, KeyBank National Association, as administrative agent, and certain other lenders named therein (as amended, the “Prior Credit Agreement”). As a result, the Prior Credit Agreement was terminated and the obligations thereunder were discharged.

The terms of the Amended and Restated Credit Agreement include, among other things:

●

the origination of the Revolving Facility in the amount of $250 million which matures on February 4, 2030, with two six-month extension options;

●

indebtedness under the Revolving Facility accrues at a rate ranging from SOFR plus 125 basis points to SOFR plus 220 basis points, based on the Company’s total indebtedness as a percentage of the Company’s total asset value, as defined in the Amended and Restated Credit Agreement. The Company may utilize daily simple SOFR or term SOFR, at its election. The Revolving Facility also accrues a fee of 15 or 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity;

●

the origination of the 2029 Term Loan in the amount of $100 million that matures on February 4, 2029;

●

the origination of the 2031 Term Loan in the amount of $100 million that matures on February 4, 2031;

●

indebtedness outstanding under the 2029 Term Loan and the 2031 Term Loan accrues at a rate ranging from SOFR plus 125 basis points to SOFR plus 190 basis points, based on the Company’s total indebtedness as a percentage of the Company’s total asset value, as defined in the Amended and Restated Credit Agreement. The Company may utilize daily simple SOFR or term SOFR, at its election;

●

an accordion feature which allows for total borrowings under the Facilities, in the aggregate, to be increased to an amount not to exceed $750 million; and

●

the amendment of certain financial covenants.

As of September 30, 2026, the commitment level under the Revolving Facility was $250.0 million and the Company had an outstanding balance of $198.5 million. The available borrowing capacity under the Revolving Facility, subject to borrowing base restrictions, was $51.5 million as of September 30, 2026.

The Company is subject to customary restrictive covenants under the Amended and Restated Credit Agreement, including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. The Amended and Restated Credit Agreement also contains financial covenants covering the Company, including but not limited to, tangible net worth and fixed charge coverage ratios. The Company was in compliance with all of its debt covenants as of September 30, 2026.

Long-term debt as of September 30, 2026 and December 31, 2025 consisted of the following (in thousands):


	September 30, 2026					December 31, 2025
	Total			Due Within One Year		Total			Due Within One Year
Revolving Facility	$	198,500		$	—	$	178,000		$	—
2026 Term Loan		—			—		100,000			100,000
2027 Term Loan		—			—		100,000			—
2029 Term Loan		100,000			—		—			—
2031 Term Loan		100,000			—		—			—
Financing Costs, net of Accumulated Amortization		(1,824)			—		(261)			—
Total Long-Term Debt	$	396,676		$	—	$	377,739		$	100,000

Payments applicable to reduction of principal amounts as of September 30, 2026 will be required as follows (in thousands):


Year Ending December 31,	Amount
Remainder of 2026	$	—
2027		—
2028		—
2029		100,000
2030		198,500
2031		100,000
2032 and Thereafter		—
Total Long-Term Debt - Face Value	$	398,500

The carrying value of long-term debt as of September 30, 2026 consisted of the following (in thousands):


	Total
Current Face Amount	$	398,500
Financing Costs, net of Accumulated Amortization		(1,824)
Total Long-Term Debt	$	396,676

In addition to the $1.8 million of financing costs, net of accumulated amortization included in the table above, as of September 30, 2026, the Company also had financing costs, net of accumulated amortization related to the Revolving Facility of $2.3 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Revolving Facility and are included in interest expense in the consolidated statements of operations.

The following table reflects a summary of interest expense incurred and paid during the three and nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Interest Expense	$	4,044	$	3,703	$	11,588	$	10,856
Interest Expense from Obligation Under Participation Agreement		481		10		1,301		375
Amortization of Deferred Financing Costs to Interest Expense		303		197		871		591
Total Interest Expense	$	4,828	$	3,910	$	13,760	$	11,822

Total Interest Paid	$	4,538	$	4,279	$	13,595	$	10,962

PROPERTY PORTFOLIO - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2026	$ 11,817
2027	45,883
2028	40,936
2029	35,200
2030	30,207
2031	26,769
2032 and Thereafter (Cumulative)	95,502
Total	$ 286,314

STOCK-BASED COMPENSATION (Details) - Share-Based Payment Arrangement $ in Millions							9 Months Ended
	Oct. 01, 2026 shares	Jul. 01, 2026 shares	Apr. 01, 2026 shares	Oct. 01, 2025 shares	Jul. 01, 2025 shares	Apr. 01, 2025 shares	Sep. 30, 2026 USD ($) D shares	Sep. 30, 2025 USD ($) shares
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, shares issued in period, calculation input, common stock, trailing average closing price, days, number \| D							20
Stock compensation expense \| $							$ 0.3	$ 0.3
Granted (in shares)		4,782	5,060	6,472	6,276	5,806	15,102	18,554
Subsequent Event
Stock-Based Compensation
Granted (in shares)	5,260

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

OPERATING LAND LEASES (Tables)

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Summary of operating land leases


	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Operating Cash Outflows	$	86		$	76		$	242		$	222
Weighted Average Remaining Lease Term		26.4			22.2			26.4			22.2
Weighted Average Discount Rate		5.3	%		4.3	%		5.3	%		4.3	%

Schedule of minimum future lease payments under non-cancelable operating land leases


Year Ending December 31,
Remainder of 2026	$	98
2027		402
2028		402
2029		402
2030		402
2031		284
2032 and Thereafter		5,479
Total Lease Payments	$	7,469
Imputed Interest		(3,321)
Operating Leases – Liability	$	4,148

COMMERCIAL LOANS AND INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2026

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule of commercial loans and investments

The Company’s commercial loans and investments were comprised of the following at September 30, 2026 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Construction Loan – Wawa Land Development – Greenwood, IN		July 2023		July 2027		$	16,700		$	14,944		$	14,918		10.00%
Construction Loan – Wawa Land Development – Antioch, TN		October 2023		October 2026			7,425			7,421			7,439		10.25%
Sale-Leaseback – Bradenton Beach, FL		August 2024		August 2029 ⁽¹⁾			9,608			9,452			9,452		8.30%
Sale-Leaseback – Anna Maria, FL		August 2024		August 2029 ⁽¹⁾			16,408			16,141			16,141		8.30%
Sale-Leaseback – Long Boat Key, FL		August 2024		August 2029 ⁽¹⁾			5,408			5,321			5,321		8.30%
Construction Loan – Cornerstone Exchange – Daytona Beach, FL		May 2025		April 2027			23,905			10,306			10,246		10.00%
Mortgage Note – Industrial – Fremont, CA		August 2025		August 2027			24,000			24,000			23,863		11.00%
Mortgage Note – Luxury Residential Development – Austin, TX ⁽²⁾		October 2025		October 2028			61,250			59,717			58,811		16.00%	⁽³⁾
Construction Loan – Mixed-Use Development – Lake Toxaway, NC		October 2025		October 2027			13,500			11,279			11,206		16.00%	⁽⁴⁾
Construction Loan – Costco Mixed-Use Development – Atlanta, GA		October 2025		November 2027			4,500			2,452			2,427		11.00%
Redevelopment Loan – Mixed-Use Redevelopment – Denver, CO		December 2025		December 2028			13,500			9,364			9,212		12.00%	⁽⁵⁾
Mortgage Note – Mixed-Use Development – Herndon, VA		December 2025		September 2028			20,000			20,307			20,143		12.00%	⁽⁶⁾
Sale-Leaseback – Aspen, CO		January 2026		June 2027 ⁽¹⁾			10,000			9,995			9,995		8.39%
Construction Loan – Retail Development – Covington, GA		March 2026		April 2028			32,000			10,118			9,888		13.00%	⁽⁷⁾
Construction Loan – Retail Development – Lexington, KY		May 2026		June 2028			40,000			8,718			8,471		10.00%
Sales-Type Lease – Denver, CO		June 2026		September 2039			16,257			16,246			16,246		8.11%
						$	314,461		$	235,780		$	233,779
CECL Reserve													(2,358)
Total Commercial Loans and Investments												$	231,421

(1)	The maturity date reflects the date the tenant’s repurchase right first becomes exercisable pursuant to the lease agreement.

(2)	As of September 30, 2026, after adjusting for the A-1 participation interests, as described in Note 12, “Obligation Under Participation Agreement”, the Company’s net remaining investment, at face value, in the 2025 Mortgage Note is $41.2 million.

(3)	The coupon rate is comprised of 12.00% cash interest and 4.00% paid-in-kind.

(4)	The coupon rate is comprised of 13.00% cash interest and 3.00% paid-in-kind.

(5)	The coupon rate is comprised of 9.00% cash interest and 3.00% paid-in-kind.

(6)	The coupon rate is comprised of 10.00% cash interest and 2.00% paid-in-kind.

(7)	The coupon rate is comprised of 11.50% cash interest and 1.50% paid-in-kind.

The Company’s commercial loans and investments were comprised of the following at December 31, 2025 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Construction Loan – Wawa Land Development – Greenwood, IN		July 2023		July 2026		$	14,800		$	9,144		$	9,165		9.50%
Construction Loan – Wawa Land Development – Antioch, TN		October 2023		October 2026			7,425			6,309			6,317		10.25%
Construction Loan – Retail Outparcels – Lawrenceville, GA		January 2024		January 2026			7,200			1,099			1,095		11.25%
Construction Loan – Wawa Land Development – Mount Carmel, OH		June 2024		September 2026			6,127			6,127			6,127		11.50%
Sale-Leaseback – Bradenton Beach, FL		August 2024		August 2029 ⁽¹⁾			9,608			9,519			9,519		8.30%
Sale-Leaseback – Anna Maria, FL		August 2024		August 2029 ⁽¹⁾			16,408			16,256			16,256		8.30%
Sale-Leaseback – Long Boat Key, FL		August 2024		August 2029 ⁽¹⁾			5,408			5,358			5,358		8.30%
Mortgage Note – At Home Plaza – North Canton, OH		March 2025		March 2028			6,200			6,200			6,200		8.65%
Construction Loan – Retail Land Development – Stuart, FL		March 2025		March 2027			15,500			7,084			6,987		10.00%
Construction Loan – Cornerstone Exchange – Daytona Beach, FL		May 2025		April 2027			23,905			6,886			6,747		10.00%
Mortgage Note – Old Time Pottery – Orange Park, FL		June 2025		June 2028			4,000			4,000			4,000		8.00%
Mortgage Note – Industrial – Fremont, CA		August 2025		August 2027			24,000			24,000			23,751		11.00%
Mortgage Note – Commercial Building – Reno, NV		September 2025		September 2027			4,000			4,000			4,000		8.00%
Mortgage Note – Luxury Residential Development – Austin, TX ⁽²⁾		October 2025		October 2028			29,500			28,627			28,070		17.00%	⁽³⁾
Construction Loan – Mixed-Use Development – Lake Toxaway, NC		October 2025		October 2027			13,500			6,938			6,813		16.00%	⁽⁴⁾
Construction Loan – Costco Mixed-Use Development – Atlanta, GA		October 2025		November 2027			4,500			879			838		11.00%
Redevelopment Loan – Mixed-Use Redevelopment – Denver, CO		December 2025		December 2028			13,500			8,519			8,317		12.00%	⁽⁵⁾
Mortgage Note – Mixed-Use Development – Herndon, VA		December 2025		September 2028			20,000			20,001			19,702		12.00%	⁽⁶⁾
						$	225,581		$	170,946		$	169,262
CECL Reserve													(1,709)
Total Commercial Loans and Investments												$	167,553

(1)	The maturity date reflects the date the tenant’s repurchase right first becomes exercisable pursuant to the lease agreement.

(2)	As of December 31, 2025, after adjusting for the A-1 participation interests, as described in Note 12, "Obligation Under Participation Agreement", the Company's net remaining investment, at face value, in the 2025 Mortgage Note is $18.6 million.

(3)	The coupon rate is comprised of 13.00% cash interest and 4.00% paid-in-kind.

(4)	The coupon rate is comprised of 13.00% cash interest and 3.00% paid-in-kind.

(5)	The coupon rate is comprised of 9.00% cash interest and 3.00% paid-in-kind.

(6)	The coupon rate is comprised of 10.00% cash interest and 2.00% paid-in-kind.

Schedule of carrying value of the commercial loans and investments


		As of
		September 30, 2026			December 31, 2025
Current Face Amount		$	235,780		$	170,946
Unaccreted Origination Fees			(2,001)			(1,684)
CECL Reserve			(2,358)			(1,709)
Total Commercial Loans and Investments		$	231,421		$	167,553

INTANGIBLE ASSETS AND LIABILITIES - Net Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Amortization of Deferred Charges
Amortization Expense	$ 2,623	$ 2,052	$ 7,792	$ 6,648
Accretion to Properties Revenue	(256)	(176)	(733)	(422)
Net Amortization of Intangible Assets and Liabilities	$ 2,367	$ 1,876	$ 7,059	$ 6,226

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 18
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

BUSINESS SEGMENT DATA - Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues:
Lease Income	$ 12,812	$ 12,122	$ 38,051	$ 35,970
Interest Income from Commercial Loans and Investments	7,611	2,320	20,700	7,358
Total Revenues	20,460	14,563	58,868	43,632
Real Estate Expenses	2,095	1,891	6,482	6,030
Provision for Impairment and Adjustment to CECL Reserve	(76)	1,915	809	6,749
Depreciation and Amortization	6,881	6,597	20,901	20,609
Total Revenues Less Operating Expenses	10,909	12,098	34,088	38,496
Gain (Loss) on Disposition of Assets	272	(46)	369	2,043
Net Income From Operations	9,823	2,419	25,149	7,179
Income Properties
Revenues:
Lease Income	12,812	12,122	38,051	35,970
Real Estate Expenses	2,095	1,891	6,482	6,030
Provision for Impairment and Adjustment to CECL Reserve		1,975	161	6,615
Depreciation and Amortization	6,881	6,597	20,901	20,609
Gain (Loss) on Disposition of Assets	272	(46)	369	2,043
Commercial Loans and Investments
Revenues:
Interest Income from Commercial Loans and Investments	7,611	2,320	20,700	7,358
Provision for Impairment and Adjustment to CECL Reserve	(76)	(60)	648	134
Operating Segments
Revenues:
Lease Income			38,051	35,970
Interest Income from Commercial Loans and Investments			20,700	7,358
Total Revenues	20,423	14,442	58,751	43,328
Real Estate Expenses			6,482	6,030
Total Revenues Less Direct Costs of Revenues	18,328	12,551	52,269	37,298
Provision for Impairment and Adjustment to CECL Reserve			809	6,749
Depreciation and Amortization			20,901	20,609
Total Revenues Less Operating Expenses	11,523	4,039	30,559	9,940
Gain (Loss) on Disposition of Assets			369	2,043
Net Income From Operations	11,795	3,993	30,928	11,983
Operating Segments \| Income Properties
Revenues:
Total Revenues	12,812	12,122	38,051	35,970
Total Revenues Less Direct Costs of Revenues	10,717	10,231	31,569	29,940
Total Revenues Less Operating Expenses	3,836	1,659	10,507	2,716
Net Income From Operations	4,108	1,613	10,876	4,759
Operating Segments \| Commercial Loans and Investments
Revenues:
Total Revenues	7,611	2,320	20,700	7,358
Total Revenues Less Direct Costs of Revenues	7,611	2,320	20,700	7,358
Total Revenues Less Operating Expenses	7,687	2,380	20,052	7,224
Net Income From Operations	7,687	2,380	20,052	7,224
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Revenues:
Total Revenues	$ 37	$ 121	$ 117	$ 304

PROPERTY PORTFOLIO - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Lease Income
Lease Payments	$ 11,449	$ 10,628	$ 33,261	$ 31,443
Variable Lease Payments	1,363	1,494	4,790	4,527
Total Lease Income	$ 12,812	$ 12,122	$ 38,051	$ 35,970

BUSINESS SEGMENT DATA - General Information (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting, Descriptive Information
Number of operating segments	2	2	2	2

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	9 Months Ended
	Sep. 30, 2026
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset, finite-lived, acquired, weighted-average amortization period	8 years 7 months 6 days
Intangible liability, below market in-place leases, finite-lived, acquired, weighted-average amortization period	8 years 7 months 6 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

INTERIM FINANCIAL INFORMATION

The results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026.

PRINCIPLES OF CONSOLIDATION

SEGMENT REPORTING

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

REAL ESTATE

LONG-LIVED ASSETS

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

ASSETS HELD FOR SALE

SALES OF REAL ESTATE

PROPERTY LEASE REVENUE

SALES-TYPE LEASES

COMMERCIAL LOANS AND INVESTMENTS

Investments in commercial loans and investments held for investment are recorded at historical cost, net of unaccreted origination costs and current expected credit losses (“CECL”) reserve.

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS

OPERATING LAND LEASE EXPENSE

CASH AND CASH EQUIVALENTS

RESTRICTED CASH

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE MEASUREMENTS

●

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

●

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income (loss) attributable to the Company for the period by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is determined based on the assumption that the OP Units issued are redeemed for shares of our common stock on a one-for-one basis.

INCOME TAXES

CONCENTRATION OF CREDIT RISK

As of September 30, 2026 and December 31, 2025, 14% of the Company’s income property portfolio, based on square footage, was located in the state of Texas.

RECLASSIFICATIONS

RECENT ACCOUNTING DEVELOPMENTS

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Stock Transactions, Parenthetical Disclosure
Preferred Stock Dividends (in dollars per share)	$ 0.5		$ 1.5
Common Stock Dividends (in dollars per share)	$ 0.32	$ 0.285	$ 0.92	$ 0.855

BUSINESS SEGMENT DATA - Concentration Risk (Details) - Product Concentration Risk	9 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Assets, Total \| Income Properties
Concentration Risk
Concentration risk (as a percent)	66.00%		71.00%
Assets, Total \| Commercial Loans and Investments
Concentration Risk
Concentration risk (as a percent)	31.00%		25.00%
Revenue Benchmark \| Income Properties
Concentration Risk
Concentration risk (as a percent)	65.00%	82.00%
Revenue Benchmark \| Commercial Loans and Investments
Concentration Risk
Concentration risk (as a percent)	35.00%	17.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

+ References + Details

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accounts Payable	$ 98	$ 9
Accrued Expenses	4,133	2,416
Tenant Security Deposits	159	124
Due to CTO	1,483	1,350
Interest Rate Swaps		171
Loan Reserves	6,626	715
Operating Leases - Liability	4,148	3,092
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$ 16,647	$ 7,877
Other Liability, Related Party, Type	Related party	Related party
Derivative Liability, Statement of Financial Position		Total Accounts Payable, Accrued Expenses, and Other Liabilities

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Parent	Preferred Stock	Common Stock	Additional Paid-in Capital	Dividends in Excess of Net Income	Accumulated Other Comprehensive Income	Noncontrolling Interest	Total
Balance at Dec. 31, 2024	$ 253,027		$ 147	$ 261,831	$ (15,722)	$ 6,771	$ 23,468	$ 276,495
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	(4,130)				(4,130)		(353)	(4,483)
Common Stock Repurchases	8,798		5	8,793				8,798
Common Stock Issuances to Directors	195			195				195
Payment of Equity Issuance Costs	(71)			(71)				(71)
Common Stock Dividends	(12,215)				(12,215)		(1,046)	(13,261)
Other Comprehensive Income (Loss)	(4,479)					(4,479)	(381)	(4,860)
Balance at Sep. 30, 2025	223,529		142	253,162	(32,067)	2,292	21,688	245,217
Balance at Dec. 31, 2024	253,027		147	261,831	(15,722)	6,771	23,468	276,495
Balance at Dec. 31, 2025	279,876	$ 21	148	313,690	(35,276)	1,293	21,380	301,256
Balance at Jun. 30, 2025	229,845		142	253,067	(26,721)	3,357	22,242	252,087
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	(1,310)				(1,310)		(113)	(1,423)
Common Stock Issuances to Directors	95			95				95
Common Stock Dividends	(4,036)				(4,036)		(349)	(4,385)
Other Comprehensive Income (Loss)	(1,065)					(1,065)	(92)	(1,157)
Balance at Sep. 30, 2025	223,529		142	253,162	(32,067)	2,292	21,688	245,217
Balance at Dec. 31, 2025	279,876	21	148	313,690	(35,276)	1,293	21,380	301,256
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	11,064				11,064		797	11,861
Common Stock Issuances to Directors	285			285				285
Stock Issuance, Net of Equity Issuance Costs	69,468	4	31	69,433				69,468
Preferred Stock Dividends	(3,554)				(3,554)			(3,554)
Common Stock Dividends	(15,923)				(15,923)		(1,126)	(17,049)
Other Comprehensive Income (Loss)	6,159					6,159	432	6,591
Balance at Sep. 30, 2026	347,375	25	179	383,408	(43,689)	7,452	21,483	368,858
Balance at Jun. 30, 2026	337,291	24	176	375,337	(41,394)	3,148	21,252	358,543
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	4,688				4,688		324	5,012
Common Stock Issuances to Directors	95			95				95
Stock Issuance, Net of Equity Issuance Costs	7,980	1	3	7,976				7,980
Preferred Stock Dividends	(1,245)				(1,245)			(1,245)
Common Stock Dividends	(5,738)				(5,738)		(390)	(6,128)
Other Comprehensive Income (Loss)	4,304					4,304	297	4,601
Balance at Sep. 30, 2026	$ 347,375	$ 25	$ 179	$ 383,408	$ (43,689)	$ 7,452	$ 21,483	$ 368,858

INTANGIBLE ASSETS AND LIABILITIES - Intangible Lease Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived, after Accumulated Amortization
Sub-total Intangible Lease Assets	$ 84,617	$ 77,779
Accumulated Amortization	(36,729)	(28,854)
Sub-total Intangible Lease Assets - Net	47,888	48,925
Leases, Acquired-in-Place
Intangible Asset, Finite-Lived, after Accumulated Amortization
Sub-total Intangible Lease Assets	61,974	56,614
Above Market Leases
Intangible Asset, Finite-Lived, after Accumulated Amortization
Sub-total Intangible Lease Assets	1,824	1,708
Lease Agreements
Intangible Asset, Finite-Lived, after Accumulated Amortization
Sub-total Intangible Lease Assets	$ 20,819	$ 19,457

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Preferred Stock
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	8.00%	8.00%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, shares issued (in shares)	2,489,747	2,083,328
Preferred stock, shares outstanding (in shares)	2,489,747	2,083,328
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	17,935,407	14,783,419
Common stock, shares outstanding (in shares)	17,935,407	14,783,419

RELATED PARTY MANAGEMENT COMPANY

9 Months Ended

Sep. 30, 2026

RELATED PARTY MANAGEMENT COMPANY

NOTE 19. RELATED PARTY MANAGEMENT COMPANY

We are externally managed by the Manager, a wholly owned subsidiary of CTO. Subsequent to the IPO, through September 30, 2026, CTO has, directly and indirectly through a wholly owned subsidiary, purchased an aggregate of 431,912 shares of PINE common stock in the open market including (i) 109,081 shares purchased during the year ended December 31, 2025 for $1.6 million, or an average price per share of $14.24, (ii) 29,807 shares purchased during the year ended December 31, 2024 for $0.4 million, or an average price per share of $14.97, (iii) 129,271 shares purchased during the year ended December 31, 2023 for $2.1 million, or an average price per share of $16.21, (iv) 155,665 shares purchased during the year ended December 31, 2022 for $2.7 million, or an average price per share of $17.57 and (v) 8,088 shares purchased during the year ended December 31, 2021 for $0.1 million, or an average price per share of $17.65.

As of September 30, 2026, CTO owns, directly and indirectly through wholly owned subsidiaries, in the aggregate, 1,223,854 OP Units and 1,247,702 shares of PINE common stock, inclusive of (i) 394,737 shares of common stock totaling $7.5 million issued in connection with a private placement that closed concurrently with the IPO, (ii) 421,053 shares of common stock totaling $8.0 million issued in connection with the IPO, and (iii) 431,912 shares of common stock totaling $7.0 million purchased by CTO, directly and indirectly through a wholly owned subsidiary, subsequent to the IPO. The aggregate 1,223,854 OP Units and 1,247,702 shares of PINE common stock held by CTO represent an investment totaling $42.9 million, or 12.9% of PINE’s combined total of 19,159,261 shares of outstanding common stock and OP Units, as of September 30, 2026.

Management Agreement

On November 26, 2019, the Operating Partnership and PINE entered into a management agreement with the Manager (the “Management Agreement”). Pursuant to the terms of the Management Agreement, our Manager manages, operates, and administers our day-to-day operations, business and affairs, subject to the direction and supervision of the Board and in accordance with the investment guidelines approved and monitored by the Board. We pay our Manager a base management fee equal to 0.375% per quarter of our “total equity” (as defined in the Management Agreement and based on a 1.5% annual rate), calculated and payable in cash, quarterly in arrears. Our Manager has waived a portion of the base management fee attributable to the inclusion of the net cash proceeds from the issuance of the Series A Preferred Stock in our “total equity” (the “Incremental Equity Base”), such that the base management fee rate on the Incremental Equity Base is equal to 0.75% per annum (0.1875% per quarter), instead of 1.50% per annum (0.375% per quarter) as provided in the Management Agreement.

Our Manager has the ability to earn an annual incentive fee based on our total stockholder return exceeding an 8% cumulative annual hurdle rate (the “Outperformance Amount”) subject to a high-water mark price. We would pay our Manager an incentive fee with respect to each annual measurement period in the amount of the greater of (i) $0.00 and (ii) the product of (a) 15% multiplied by (b) the Outperformance Amount multiplied by (c) the weighted average shares. No incentive fee was due for the year ended December 31, 2025.

On July 18, 2024, the Operating Partnership and PINE entered into an amendment (the “Amendment”) to the Management Agreement with the Manager. The Amendment extended the expiration date of the initial term of the Management Agreement from November 26, 2024 to January 31, 2025, and on that date the term of the Management Agreement automatically renewed for a one-year term. The current term of the Management Agreement expires on January 31, 2027, and the Management Agreement will automatically renew for an unlimited number of successive one-year periods thereafter, unless the Management Agreement is not renewed or is terminated in accordance with its terms.

Our independent directors review our Manager’s performance and the management fees annually, and the Management Agreement may be terminated annually upon the affirmative vote of two-thirds of our independent directors or upon a determination by the holders of a majority of the outstanding shares of our common stock, based upon (i) unsatisfactory performance by the Manager that is materially detrimental to us or (ii) a determination that the management fees payable to our Manager are not fair, subject to our Manager’s right to prevent such termination due to unfair fees by accepting a reduction of management fees agreed to by two-thirds of our independent directors. We may also terminate the Management Agreement for cause at any time, without the payment of any termination fee, with 30 days’ prior written notice from the Board.

We pay directly or reimburse our Manager for certain expenses, if incurred by our Manager. We do not reimburse any compensation expenses incurred by our Manager or its affiliates. Expense reimbursements to our Manager are made in cash on a quarterly basis following the end of each quarter. In addition, we pay all of our operating expenses, except those specifically required to be borne by our Manager pursuant to the Management Agreement.

The Company incurred management fee expenses totaling $1.4 million and $4.1 million during the three and nine months ended September 30, 2026, respectively. The Company also paid dividends on the common stock and OP Units owned by affiliates of the Manager in the amount of $0.8 million and $2.3 million for the three and nine months ended September 30, 2026, respectively. The Company incurred management fee expenses totaling $1.1 million and $3.3 million during the three and nine months ended September 30, 2025, respectively. The Company also paid dividends on the common stock and OP Units owned by affiliates of the Manager in the amount of $0.7 million and $2.1 million for the three and nine months ended September 30, 2025, respectively.

The following table represents amounts due to CTO (in thousands):


		As of
Description		September 30, 2026			December 31, 2025
Management Fee due to CTO		$	1,440		$	1,142
Other			43			208
Total ⁽¹⁾		$	1,483		$	1,350

(1)	Included in accrued expenses, see Note 11, “Accounts Payable, Accrued Expenses, and Other Liabilities”.

ROFO Agreement

On November 26, 2019, PINE also entered into an Exclusivity and Right of First Offer Agreement with CTO (the “ROFO Agreement”). During the term of the ROFO Agreement, CTO will not, and will cause each of its affiliates (which for purposes of the ROFO Agreement will not include our company and our subsidiaries) not to, acquire, directly or indirectly, a single-tenant, net leased property, unless CTO has notified us of the opportunity and we have affirmatively rejected the opportunity to acquire the applicable property or properties.

The terms of the ROFO Agreement do not restrict CTO or any of its affiliates from providing financing for a third party’s acquisition of single-tenant, net leased properties or from developing and owning any single-tenant, net leased property.

Pursuant to the ROFO Agreement, neither CTO nor any of its affiliates (which for purposes of the ROFO Agreement does not include our company and our subsidiaries) may sell to any third party any single-tenant, net leased property that was owned by CTO or any of its affiliates as of the closing date of the IPO or that is developed and owned by CTO or any of its affiliates after the closing date of the IPO, without first offering us the right to purchase such property.

The term of the ROFO Agreement will continue for so long as the Management Agreement with our Manager is in effect.

On April 6, 2021, the Company entered into a purchase and sale agreement with a certain subsidiary of CTO for the purchase of one net lease property for $11.5 million. The acquisition was completed on April 23, 2021.

On April 2, 2021, the Company entered into a purchase and sale agreement with certain subsidiaries of CTO for the purchase of six net lease properties (the “CMBS Portfolio”). The terms of the purchase and sale agreement, as amended on April 20, 2021, provided a total purchase price of $44.5 million for the CMBS Portfolio. The acquisition of the CMBS Portfolio was completed on June 30, 2021.

On January 5, 2022, the Company entered into a purchase and sale agreement with a certain subsidiary of CTO for the purchase of one net lease property for $6.9 million. The acquisition was completed on January 7, 2022.

The entry into these purchase and sale agreements, and subsequent completion of the related acquisitions, are a result of the Company exercising its right to purchase the aforementioned properties under the ROFO Agreement.

Conflicts of Interest

Conflicts of interest may exist or could arise in the future with CTO and its affiliates, including our Manager, the individuals who serve as our executive officers and executive officers of CTO, any individual who serves as a director of our company and as a director of CTO and any limited partner of the Operating Partnership. Conflicts may include, without limitation: conflicts arising from the enforcement of agreements between us and CTO or our Manager; conflicts in the amount of time that executive officers and employees of CTO, who are provided to us through our Manager, will spend on our affairs versus CTO’s affairs; and conflicts in future transactions that we may pursue with CTO and its affiliates. We do not generally expect to enter into joint ventures with CTO, but if we do so, the terms and conditions of our joint venture investment will be subject to the approval of a majority of disinterested directors of the Board.

In addition, we are subject to conflicts of interest arising out of our relationships with our Manager. Pursuant to the Management Agreement, our Manager is obligated to supply us with our senior management team. However, our Manager is not obligated to dedicate any specific CTO personnel exclusively to us, nor are the CTO personnel provided to us by our Manager obligated to dedicate any specific portion of their time to the management of our business. Additionally, our Manager is a wholly owned subsidiary of CTO. All of our executive officers are executive officers and employees of CTO and one of our officers (John P. Albright) is also a member of CTO’s board of directors. As a result, our Manager and the CTO personnel it provides to us may have conflicts between their duties to us and their duties to, and interests in, CTO.

We may acquire, sell, or finance net leased properties that would potentially fit the investment criteria for our Manager or its affiliates. Similarly, our Manager or its affiliates may acquire, sell, or finance net leased properties that would potentially fit our investment criteria. Although such acquisitions or dispositions could present conflicts of interest, we nonetheless may pursue and consummate such transactions. Additionally, we may engage in transactions directly with our Manager or its affiliates, including the purchase and sale of all or a portion of a portfolio of assets. If we acquire a net leased property from CTO or one of its affiliates or sell a net leased property to CTO or one of its affiliates, the purchase price we pay to CTO or one of its affiliates or the purchase price paid to us by CTO or one of its affiliates may be higher or lower, respectively, than the purchase price that would have been paid to or by us if the transaction were the result of arm’s length negotiations with an unaffiliated third party.

In deciding whether to issue additional debt or equity securities, we will rely, in part, on recommendations made by our Manager. While such decisions are subject to the approval of the Board, our Manager is entitled to be paid a base management fee that is based on our “total equity” (as defined in the Management Agreement). As a result, our Manager may have an incentive to recommend that we issue additional equity securities at dilutive prices.

All of our executive officers are executive officers and employees of CTO. These individuals and other CTO personnel provided to us through our Manager devote as much time to us as our Manager deems appropriate. However, our executive officers and other CTO personnel provided to us through our Manager may have conflicts in allocating their time and services between us, on the one hand, and CTO and its affiliates, on the other. During a period of prolonged economic weakness or another economic downturn affecting the real estate industry or at other times when we need focused support and assistance from our Manager and the CTO executive officers and other personnel provided to us through our Manager, we may not receive the necessary support and assistance we require or that we would otherwise receive if we were self-managed.

Additionally, the ROFO Agreement does contain exceptions to CTO’s exclusivity for opportunities that include only an incidental interest in single-tenant, net leased properties. Accordingly, the ROFO Agreement will not prevent CTO from pursuing certain acquisition opportunities that otherwise satisfy our then-current investment criteria.

Our directors and executive officers have duties to our company under applicable Maryland law in connection with their management of our company. At the same time, PINE GP has fiduciary duties, as the general partner, to the Operating Partnership and to the limited partners under Delaware law in connection with the management of the Operating Partnership. These duties as a general partner to the Operating Partnership and its partners may come into conflict with the duties of our directors and executive officers to us. Unless otherwise provided for in the relevant partnership agreement, Delaware law generally requires a general partner of a Delaware limited partnership to adhere to fiduciary duty standards under which it owes its limited partners the highest duties of loyalty and care and which generally prohibits such general partner from taking any action or engaging in any transaction as to which it has a conflict of interest. The partnership agreement provides that in the event of a conflict between the interests of our stockholders on the one hand and the limited partners of the Operating Partnership on the other hand, PINE GP will endeavor in good faith to resolve the conflict in a manner not adverse to either our stockholders or the limited partners; provided, however, that so long as we own a controlling interest in the Operating Partnership, any such conflict that we, in our sole and absolute discretion, determine cannot be resolved in a manner not adverse to either our stockholders or the limited partners of the Operating Partnership shall be resolved in favor of our stockholders, and we shall not be liable for monetary damages for losses sustained, liabilities incurred or benefits not derived by the limited partners in connection with such decisions.

Revenue Sharing Agreement

On December 4, 2023, CTO entered into an asset management agreement to manage a portfolio of real estate assets. The Company entered into a revenue sharing agreement with CTO whereby the Company receives a share of the asset management fees, disposition management fees, leasing commissions, and other fees related to CTO’s management and administration of the portfolio (the “Revenue Sharing Agreement”). The Company’s share of the fees under the Revenue Sharing Agreement is based on fees earned by CTO associated with the single tenant properties within the portfolio.

The Company recognized less than $0.1 million and $0.1 million of revenue pursuant to the Revenue Sharing Agreement during the three and nine months ended September 30, 2026, respectively, which is included in other revenue on the Company’s consolidated statements of operations. The Company recognized $0.1 million and $0.3 million of revenue pursuant to the Revenue Sharing Agreement during the three and nine months ended September 30, 2025, respectively, which is included in other revenue on the Company’s consolidated statements of operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

SHARE REPURCHASES

9 Months Ended

Sep. 30, 2026

Class of Stock Disclosures [Abstract]

SHARE REPURCHASES

NOTE 17. SHARE REPURCHASES

In February 2025, the Board approved a common stock repurchase program (the “Common Stock Repurchase Program”). Pursuant to the Common Stock Repurchase Program, the Company may repurchase shares of its common stock for a total purchase price of up to $10.0 million. Shares may be purchased under the Common Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The Common Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended.

The Company was not active under the Common Stock Repurchase Program during the nine months ended September 30, 2026. Under the Common Stock Repurchase Program, the Company repurchased 546,390 shares of its common stock on the open market for a total cost of $8.8 million, or an average price per share of $16.07, during the nine months ended September 30, 2025. As of September 30, 2026, $1.2 million remained available for repurchases under the Common Stock Repurchase Program.

OPERATING LAND LEASES

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

OPERATING LAND LEASES

NOTE 9. OPERATING LAND LEASES

The Company is the lessee under operating land leases for certain of its properties. FASB ASC Topic 842, Leases, requires a lessee to recognize right-of-use assets and lease liabilities that arise from leases, whether qualifying as an operating or finance lease. As of September 30, 2026 and December 31, 2025, the Company’s right-of-use assets totaled $9.0 million and $3.0 million, respectively, and the corresponding lease liabilities totaled $4.1 million and $3.1 million, respectively, which balances are reflected within other assets and accounts payable, accrued expenses, and other liabilities, respectively, on the consolidated balance sheets. The right-of-use assets and lease liabilities are measured based on the present value of the lease payments utilizing discount rates estimated to be equal to that which the Company would pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment.

The Company’s operating land leases do not include variable lease payments and generally provide renewal options, at the Company’s election, to extend the terms of the respective leases. Renewal option periods are included in the calculation of the right-of-use assets and corresponding lease liabilities when it is reasonably certain that the Company, as lessee, will exercise the option to extend the lease.

Amortization of right-of-use assets for operating land leases is recognized on a straight-line basis over the term of the lease and is included within real estate expenses in the consolidated statements of operations. Amortization totaled $0.1 million and less than $0.1 million during the three months ended September 30, 2026 and 2025, respectively. Amortization totaled $0.3 million and $0.1 million during the nine months ended September 30, 2026 and 2025, respectively.

The following table reflects a summary of operating land leases, under which the Company is the lessee, for the three and nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Operating Cash Outflows	$	86		$	76		$	242		$	222
Weighted Average Remaining Lease Term		26.4			22.2			26.4			22.2
Weighted Average Discount Rate		5.3	%		4.3	%		5.3	%		4.3	%

Minimum future lease payments under non-cancelable operating land leases, having remaining terms in excess of one year subsequent to September 30, 2026, are summarized as follows (in thousands):


Year Ending December 31,
Remainder of 2026	$	98
2027		402
2028		402
2029		402
2030		402
2031		284
2032 and Thereafter		5,479
Total Lease Payments	$	7,469
Imputed Interest		(3,321)
Operating Leases – Liability	$	4,148

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

NOTE 18. STOCK-BASED COMPENSATION

Under the Company’s non-employee director compensation policy, each non-employee member of the Board receives a portion of their annual retainer fee in shares of Company common stock, and a portion in cash; and, with respect to the cash portion, each director may elect to receive such portion in shares of Company common stock rather than cash. The number of shares issued to the directors is calculated quarterly by dividing (i) the amount of the quarterly retainer fee payment due to such director by (ii) the 20-day trailing average closing price of the Company’s common stock as of the last business day of the quarter for which such payment applied, rounded down to the nearest whole number of shares. During the nine months ended September 30, 2026, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.3 million, or 15,102 shares, of which 5,060 were issued on April 1, 2026, 4,782 shares were issued on July 1, 2026, and 5,260 shares were issued on October 1, 2026. During the nine months ended September 30, 2025, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.3 million, or 18,554 shares, of which 5,806 were issued on April 1, 2025, 6,276 shares were issued on July 1, 2025, and 6,472 shares were issued on October 1, 2025.

LONG-TERM DEBT - Credit Facility (Details) - USD ($)		9 Months Ended
LONG-TERM DEBT - Credit Facility (Details) - USD ($)	Feb. 04, 2026	Sep. 30, 2026	Dec. 31, 2025
Long-term Debt
Long-term debt, gross		$ 398,500,000
Truist Bank Credit Agreement
Long-term Debt
Debt instrument, issuance date	Feb. 04, 2026
Line of credit facility, accordion feature, maximum borrowing capacity	$ 750,000,000
Truist Bank Credit Agreement, Senior Unsecured Revolving Credit Facility
Long-term Debt
Line of credit facility, maximum borrowing capacity	$ 250,000,000	$ 250,000,000
Line of credit facility, extension options, quantity	2
Line of credit facility, extension option, period	6 months
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Line of credit facility, unused capacity, commitment fee, minimum fee or maximum fee, threshold, percentage (as a percent)	50.00%
Long-term debt, gross		$ 198,500,000	$ 178,000,000
Line of credit facility, remaining borrowing capacity		$ 51,500,000
Truist Bank Credit Agreement, Senior Unsecured Revolving Credit Facility \| Minimum
Long-term Debt
Debt instrument, variable rate spread (as a percent)	1.25%	1.25%
Line of credit facility, unused capacity, commitment fee percentage (as a percent)	0.15%
Truist Bank Credit Agreement, Senior Unsecured Revolving Credit Facility \| Maximum
Long-term Debt
Debt instrument, variable rate spread (as a percent)	2.20%	2.20%
Line of credit facility, unused capacity, commitment fee percentage (as a percent)	0.25%
Truist Bank Credit Agreement, 2029 Senior Unsecured Term Loan Credit Facility
Long-term Debt
Line of credit facility, maximum borrowing capacity	$ 100,000,000	$ 100,000,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Debt instrument, maturity date	Feb. 04, 2029
Long-term debt, gross		$ 100,000,000
Truist Bank Credit Agreement, 2029 Senior Unsecured Term Loan Credit Facility \| Minimum
Long-term Debt
Debt instrument, variable rate spread (as a percent)	1.25%	1.25%
Truist Bank Credit Agreement, 2029 Senior Unsecured Term Loan Credit Facility \| Maximum
Long-term Debt
Debt instrument, variable rate spread (as a percent)		1.90%
Truist Bank Credit Agreement, 2031 Senior Unsecured Term Loan Credit Facility
Long-term Debt
Line of credit facility, maximum borrowing capacity	$ 100,000,000	$ 100,000,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Debt instrument, maturity date	Feb. 04, 2031
Long-term debt, gross		$ 100,000,000
Truist Bank Credit Agreement, 2031 Senior Unsecured Term Loan Credit Facility \| Minimum
Long-term Debt
Debt instrument, variable rate spread (as a percent)		1.25%
Truist Bank Credit Agreement, 2031 Senior Unsecured Term Loan Credit Facility \| Maximum
Long-term Debt
Debt instrument, variable rate spread (as a percent)	1.90%	1.90%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net Income (Loss)	$ 5,012	$ (1,423)	$ 11,861	$ (4,483)
Other Comprehensive Income (Loss)
Cash Flow Hedging Derivative - Interest Rate Swaps	4,601	(1,157)	6,591	(4,860)
Total Other Comprehensive Income (Loss)	4,601	(1,157)	6,591	(4,860)
Total Comprehensive Income (Loss)	9,613	(2,580)	18,452	(9,343)
Less: Comprehensive Loss (Income) Attributable to Noncontrolling Interest
Net Loss (Income) Attributable to Noncontrolling Interest	(324)	113	(797)	353
Other Comprehensive Loss (Income) Attributable to Noncontrolling Interest	(297)	92	(432)	381
Comprehensive Loss (Income) Attributable to Noncontrolling Interest	(621)	205	(1,229)	734
Comprehensive Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ 8,992	$ (2,375)	$ 17,223	$ (8,609)

INTANGIBLE ASSETS AND LIABILITIES - Future Accretion to Property Revenue (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ (354)
2027	(1,447)
2028	(1,183)
2029	(835)
2030	(520)
2031	(452)
2032 and Thereafter	(319)
Total	$ (5,110)

OPERATING LAND LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Assets and Liabilities, Lessee
Operating Leases - Right-of-Use Asset	$ 8,987	$ 3,025
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other Assets	Other Assets
Operating Lease, Liability
Operating Leases - Liability	$ 4,148	$ 3,092
Operating Lease, Liability, Statement of Financial Position	Accounts Payable, Accrued Expenses, and Other Liabilities	Accounts Payable, Accrued Expenses, and Other Liabilities

PROPERTY PORTFOLIO (Tables)

9 Months Ended

Sep. 30, 2026

Real Estate [Abstract]

Schedule of components of leasing revenue


	Three Months Ended					Nine Months Ended
	September 30, 2026		September 30, 2025			September 30, 2026		September 30, 2025
Lease Income
Lease Payments	$	11,449	$	10,628		$	33,261	$	31,443
Variable Lease Payments		1,363		1,494			4,790		4,527
Total Lease Income	$	12,812	$	12,122		$	38,051	$	35,970

Schedule of minimum future base rental revenue on non-cancelable leases


Year Ending December 31,		Amounts
Remainder of 2026		$	11,817
2027			45,883
2028			40,936
2029			35,200
2030			30,207
2031			26,769
2032 and Thereafter (Cumulative)			95,502
Total		$	286,314

FAIR VALUE OF FINANCIAL INSTRUMENTS - Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2026	Feb. 04, 2026
Truist Bank Credit Agreement, 2029 Senior Unsecured Term Loan Credit Facility
Long-term Debt
Line of credit facility, maximum borrowing capacity	$ 100.0	$ 100.0
Truist Bank Credit Agreement, 2031 Senior Unsecured Term Loan Credit Facility
Long-term Debt
Line of credit facility, maximum borrowing capacity	$ 100.0	$ 100.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk - Revenues (Details) - Revenue Benchmark - Customer Concentration Risk	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Lowe's
Concentration Risk
Concentration risk (as a percent)	13.00%	11.00%
Dick's Sporting Goods
Concentration Risk
Concentration risk (as a percent)	10.00%	11.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

+ References + Details

EQUITY - Shelf Registration (Details) - USD ($) $ in Millions	Sep. 24, 2026	Sep. 27, 2023
Shelf Registration, 2023 Registration Statement
Sale of Stock
Sale of stock, aggregate offering price, maximum		$ 350.0
Shelf Registration, 2026 Registration Statement
Sale of Stock
Sale of stock, aggregate offering price, maximum	$ 400.0

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025
Financial Instruments, Financial Assets, Balance Sheet Groupings
Restricted Cash	$ 19,139	$ 34,410	$ 5,455
Commercial Loans and Investments	231,421	167,553
Financial Liabilities Fair Value Disclosure
Obligation Under Participation Agreement	18,519	10,000
Reported Value Measurement \| Fair Value, Inputs, Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings
Cash and Cash Equivalents	11,722	4,589
Restricted Cash	19,139	34,410
Reported Value Measurement \| Fair Value, Inputs, Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings
Commercial Loans and Investments	231,421	167,553
Financial Liabilities Fair Value Disclosure
Obligation Under Participation Agreement	18,519	10,000
Long-Term Debt	396,676	377,739
Estimate of Fair Value Measurement \| Fair Value, Inputs, Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings
Cash and Cash Equivalents	11,722	4,589
Restricted Cash	19,139	34,410
Estimate of Fair Value Measurement \| Fair Value, Inputs, Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings
Commercial Loans and Investments	241,007	179,214
Financial Liabilities Fair Value Disclosure
Obligation Under Participation Agreement	18,873	10,222
Long-Term Debt	$ 390,613	$ 376,286

COMMON STOCK AND EARNINGS PER SHARE - General Information (Details)	Sep. 30, 2026
Earnings Per Share [Abstract]
Operating Partnership Units, redeemable, common stock, ratio	1

OPERATING LAND LEASES - Summary of Operating Land Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Cash Flow, Operating Activities, Lessee
Operating Cash Outflows	$ 86	$ 76	$ 242	$ 222
Weighted Average Remaining Lease Term	26 years 4 months 24 days	22 years 2 months 12 days	26 years 4 months 24 days	22 years 2 months 12 days
Weighted Average Discount Rate	5.30%	4.30%	5.30%	4.30%

BUSINESS SEGMENT DATA - Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting, Income (Loss) before Income Tax
Net Income From Operations	$ 9,823	$ 2,419	$ 25,149	$ 7,179
Other Revenue	37	121	117	304
General and Administrative Expenses	(2,009)	(1,695)	(5,896)	(5,108)
Investment and Other Income	17	68	472	160
Interest Expense	(4,828)	(3,910)	(13,760)	(11,822)
Net Income (Loss)	5,012	(1,423)	11,861	(4,483)
Operating Segments
Segment Reporting, Income (Loss) before Income Tax
Net Income From Operations	$ 11,795	$ 3,993	$ 30,928	$ 11,983

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Long-term debt, gross	$ 398,500
Financing Costs, net of Accumulated Amortization	(1,824)	$ (261)
Total Long-Term Debt	$ 396,676	$ 377,739

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

LONG-TERM DEBT - Due Within One Year (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Long-Term Debt, Rolling Maturity
Long-term debt, maturities, repayments of principal in next rolling 12 months	$ 100,000
Truist Bank Credit Agreement, 2026 Term Loan
Long-Term Debt, Rolling Maturity
Long-term debt, gross, maturities, repayments of principal in next rolling 12 months	$ 100,000

EQUITY - Common Stock ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2026	Sep. 30, 2025
Sale of Stock
Proceeds from issuance of common stock, net of stock issuance costs		$ 69,468	$ (71)
ATM Program, Common Stock, 2022 ATM Program
Sale of Stock
Stock issued during period, shares, new issues (in shares)	335,457	3,136,532
Proceeds from issuance of common stock, gross	$ 6,700	$ 60,800
Sale of stock, price per share, weighted average (in dollars per share)	$ 20.01	$ 19.38
Proceeds from issuance of common stock, net of stock issuance costs	$ 6,600	$ 59,900
Payments of stock issuance costs	$ 100	$ 900

- Definition

Number of new stock issued during the period.

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+ Details

OBLIGATION UNDER PARTICIPATION AGREEMENT

9 Months Ended

Sep. 30, 2026

Obligation Under Participation Agreement [Abstract]

OBLIGATION UNDER PARTICIPATION AGREEMENT

NOTE 12. OBLIGATION UNDER PARTICIPATION AGREEMENT

As discussed in Note 2, “Summary of Significant Accounting Policies,” the Company follows the guidance in FASB ASC Topic 860, Transfers and Servicing when accounting for participation in commercial loans and investments. ASC 860 states, if the sale of a participation does not have all of the characteristics of a participating interest, it does not achieve sale accounting and is treated as a secured borrowing and accordingly, the original commercial loan investment remains on the Company’s consolidated balance sheets and the proceeds are recorded as an obligation under participation agreement.

As described in Note 4, “Commercial Loans and Investments”, the Company’s 2025 Loan Participation Sale for $10.0 million and 2026 Loan Participation Sale for $10.8 million at a 10.0% interest rate did not achieve sale accounting. As of September 30, 2026, the Company’s obligation under participation agreement had a face value of $18.5 million, and the carrying value of the loan that is associated with this obligation under participation agreement was $18.3 million, net of a CECL reserve of $0.2 million. As of December 31, 2025, the Company’s obligation under participation agreement had a face value of $10.0 million, and the carrying value of the loan that is associated with this obligation under participation agreement was $9.9 million, net of a CECL reserve of $0.1 million.

RELATED PARTY MANAGEMENT COMPANY - General Information (Details)						3 Months Ended		9 Months Ended		12 Months Ended					82 Months Ended
	Jul. 18, 2024	Jan. 05, 2022 USD ($) property	Apr. 20, 2021 USD ($)	Apr. 06, 2021 USD ($) property	Nov. 26, 2019 USD ($) shares	Sep. 30, 2026 USD ($) shares	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) shares	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2026 USD ($) shares	Apr. 02, 2021 property
Related Party Transaction
Stock Issuance, Net of Equity Issuance Costs						$ 7,980,000		$ 69,468,000
Other Revenues						37,000	$ 121,000	117,000	$ 304,000
Revenue Sharing Agreement
Related Party Transaction
Other Revenues							100,000	$ 100,000	300,000
Revenue Sharing Agreement \| Maximum
Related Party Transaction
Other Revenues						100,000
CTO Realty Growth, Inc. and Certain of its Subsidiaries
Related Party Transaction
Number of properties sold \| property		1		1												6
Sales price of property		$ 6,900,000	$ 44,500,000	$ 11,500,000
Affiliated Entity
Related Party Transaction
Stock issued during period, shares, new issues (in shares) \| shares										109,081	29,807	129,271	155,665	8,088	431,912
Stock Issuance, Net of Equity Issuance Costs										$ 1,600,000	$ 400,000	$ 2,100,000	$ 2,700,000	$ 100,000	$ 7,000,000
Average price per share \| $ / shares										$ 14.24	$ 14.97	$ 16.21	$ 17.57	$ 17.65
Partners' capital account, units issued (in shares) \| shares								1,223,854
Affiliated Entity \| Revenue Sharing Agreement
Related Party Transaction
Incentive fee										$ 0
Affiliated Entity \| Management Agreement
Related Party Transaction
Quarterly base management fee (as a percent)					0.375%			0.1875%
Annual base management fee (as a percent)					1.50%			0.75%
Cumulative annual hurdle rate (as a percent)					8.00%
Incentive fee					$ 0
Multiplying factor of outperformance amount with weighted average shares (as a percent)					15.00%
Management agreement renewal term	1 year
Voting rights (as a percent)					66.67%
Notice period					30 days
Payment of management fees						1,400,000	1,100,000	$ 4,100,000	3,300,000
Payment of dividend						$ 800,000	$ 700,000	$ 2,300,000	$ 2,100,000
Affiliated Entity \| Private Placement
Related Party Transaction
Stock issued during period, shares, new issues (in shares) \| shares					394,737
Stock Issuance, Net of Equity Issuance Costs					$ 7,500,000
Affiliated Entity \| IPO
Related Party Transaction
Stock issued during period, shares, new issues (in shares) \| shares					421,053
Stock Issuance, Net of Equity Issuance Costs					$ 8,000,000
Affiliated Entity \| Subsidiaries
Related Party Transaction
Stock issued during period, shares, new issues (in shares) \| shares								1,247,702
Cash investment								$ 42,900,000
Percentage of outstanding common stock								12.90%
Shares of common stock outstanding \| shares						19,159,261		19,159,261							19,159,261