Alpine Income Property Trust (PINE) is a small-cap net lease REIT that owns 127 single-tenant, freestanding commercial properties across 32 states, primarily leased to retail tenants. Under a net lease structure, tenants pay base rent plus most or all property-level costs — taxes, insurance, maintenance, and capex — making PINE's cash flows relatively predictable. Top tenants include Lowe's, Dick's Sporting Goods, Walmart, and Bass Pro Shops, with roughly 51% of annualized base rent coming from investment-grade tenants. PINE actively recycles its portfolio, selling weaker credits like Walgreens and dollar store chains to redeploy into higher-quality or higher-yielding assets. Beyond property ownership, PINE runs a secondary business originating commercial real estate loans — construction loans, mortgage notes, and sale-leaseback financings — which carry higher unlevered yields than stabilized net lease properties and often include rights of first refusal to acquire the underlying assets. PINE is externally managed by a subsidiary of CTO Realty Growth, paying a base management fee of 1.5% per annum on total equity. PINE is structured as a REIT and must distribute at least 90% of taxable income, though its AFFO payout ratio of roughly 62-65% leaves retained cash for reinvestment. PINE pursues a "barbell" acquisition strategy, balancing longer-duration investment-grade properties for stability against higher-yielding non-investment-grade properties for growth.