Group 1 - Pearl Gray is a proprietary investment fund and independent market research firm focusing on Fixed-Income and Capital Flows [1] - The firm also provides analysis on equity REITs, Investment Fund Appraisal, and Bank Risk Analysis for its Seeking Alpha readers [1] Group 2 - The content published by Pearl Gray is independent analysis and does not constitute financial advice [1][3] - Readers are encouraged to consult a registered financial advisor before making investment decisions [3]

Core Viewpoint - Alpine Income Property Trust, Inc. reported significant investment and disposition activities for Q4 and the full year of 2025, highlighting a strong performance in acquisitions and structured investments, as well as a notable portfolio update [1]. Transaction Activity - In Q4 2025, the Company completed investments totaling $142.1 million with a weighted average initial cash yield of 11.7% [7]. - For the full year 2025, total investments reached $277.7 million, achieving a new annual record with a weighted average initial cash yield of 10.3% [7]. - The Company originated two new structured investments amounting to $33.5 million, both with an initial yield of 12.0% [7]. Dispositions - In Q4 2025, the Company sold five net lease properties for a total of $15.3 million at a weighted average exit cash cap rate of 8.1% [7]. - Full year 2025 disposition activity totaled $82.8 million, including $67.5 million from income-producing asset sales at a weighted average exit cash cap rate of 8.0% [7]. Year-End Portfolio Update - As of December 31, 2025, the Company's property portfolio was 99.4% occupied, with a weighted average remaining lease term of 8.4 years [7]. - 51% of the annualized base rent was attributable to investment grade rated tenants, with Walmart becoming the fourth largest tenant [7].

Core Insights - The article emphasizes the importance of high-yield investments, particularly in the current market environment where growth stocks are dominating attention, as evidenced by the S&P 500 reaching an all-time high [2]. Group 1: Investment Focus - The company iREIT+HOYA Capital specializes in income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1]. - The investment group offers research on various financial instruments including REITs, ETFs, closed-end funds, preferred stocks, and dividend champions, targeting dividend yields up to 10% [2]. Group 2: Market Context - The current market conditions are seen as favorable for layering into high-yield investments, suggesting a strategic opportunity for investors to focus on defensive stocks with a medium- to long-term horizon [2].

Core Insights - The article emphasizes the importance of high-yield investments, particularly in the current market environment where growth stocks are dominating attention, and the S&P 500 has reached new all-time highs [2]. Group 1: Investment Focus - The company iREIT+HOYA Capital specializes in income-producing asset classes, aiming to provide sustainable portfolio income, diversification, and inflation hedging [1]. - The investment group offers research on various financial instruments including REITs, ETFs, closed-end funds, preferred stocks, and dividend champions, targeting dividend yields of up to 10% [2]. Group 2: Market Context - The current market conditions are seen as favorable for layering into high-yield investments, as the focus on growth stocks may overlook opportunities in income-generating assets [2].

Core Insights - The article highlights Roberts Berzins' extensive experience in financial management, particularly in shaping financial strategies for top-tier corporates and executing large-scale financings [1] - Berzins has played a significant role in institutionalizing the REIT framework in Latvia, aimed at enhancing the liquidity of pan-Baltic capital markets [1] - His contributions also include developing national SOE financing guidelines and frameworks to channel private capital into affordable housing [1] - Berzins holds a CFA Charter and an ESG investing certificate, and has experience with the Chicago Board of Trade, indicating a strong background in finance [1] - He is actively involved in thought-leadership activities to support the development of capital markets in the Baltic region [1]

Core Viewpoint - Alpine Income Property Trust, Inc. (PINE) is showing potential for a bullish breakout due to a recent "golden cross" in its moving averages, indicating a key level of support has been reached [1][2]. Technical Analysis - A "golden cross" occurs when a stock's short-term moving average (50-day) crosses above its long-term moving average (200-day), suggesting a bullish trend may be forthcoming [2]. - The successful formation of a golden cross involves three stages: the stock price bottoms out, the shorter moving average crosses above the longer one, and the stock maintains upward momentum [3]. Performance Metrics - PINE shares have increased by 11.8% over the past four weeks, indicating positive momentum [4]. - The company currently holds a 2 (Buy) rating on the Zacks Rank, suggesting strong potential for further gains [4]. Earnings Outlook - There have been no cuts to earnings estimates for the current quarter, with four revisions upward in the past 60 days, indicating a positive earnings outlook [4]. - The Zacks Consensus Estimate for earnings has also increased, reinforcing the bullish sentiment around PINE [4][6].

Core Viewpoint - Alpine Income Property Trust, Inc. has reported significant investment and disposition activities for the fourth quarter of 2025, highlighting a robust portfolio and strategic acquisitions aimed at enhancing cash yields and tenant quality [1]. Transaction Activity - The company completed $244.2 million in acquisition and structured investment transactions year-to-date 2025, achieving a weighted average initial cash yield of 10.1% [5]. - Disposition activities for the year totaled $52.2 million in income-producing asset sales, with a weighted average exit cash cap rate of 8.0% [6]. - In the fourth quarter, the company acquired eight properties for a total of $39.8 million, with a weighted average going-in cash cap rate of 6.9% and an average remaining lease term of 4.4 years [5]. - Notable acquisitions include a property leased to Sam's Club in Houston, Texas, and a three-property portfolio in Richmond, Virginia, which includes a Walmart Supercenter [5]. - The company originated three new structured investments totaling $47.5 million with a weighted average initial cash yield of 16.1% [5]. Preferred Equity Offering - On November 5, 2025, the company announced a public offering of 2,000,000 shares of its 8.00% Series A Cumulative Redeemable Preferred Stock, raising gross proceeds of $50 million [7]. Portfolio Overview - As of December 1, 2025, the company's property portfolio was 99.4% occupied, with a weighted average remaining lease term of 8.4 years, and 50% of annualized base rent attributable to investment-grade rated tenants [6].

Core Insights - The article expresses a bullish outlook on Alpine Income Property Trust, Inc. (NYSE: PINE), highlighting a significant long position taken in the retirement income portfolio [1]. Group 1: Company Overview - Alpine Income Property Trust, Inc. is positioned positively in the market, with the author having opened a substantial long position recently [1]. Group 2: Analyst Background - The analyst, Roberts Berzins, has over a decade of experience in financial management, focusing on corporate financial strategies and large-scale financings [1]. - Berzins has contributed to institutionalizing the REIT framework in Latvia, aiming to enhance liquidity in pan-Baltic capital markets [1]. - His work includes developing national SOE financing guidelines and frameworks to channel private capital into affordable housing [1].

Core Viewpoint - The article expresses a bullish outlook on Alpine Income Property Trust, Inc. (NYSE: PINE), highlighting a significant long position taken in the retirement income portfolio shortly after the article's publication [1]. Group 1: Company Overview - Alpine Income Property Trust, Inc. is positioned positively in the market, with the author having opened a significant long position in the company [1]. - The company is associated with a professional who has extensive experience in financial management and has contributed to the development of financial strategies for top-tier corporates [1]. Group 2: Industry Context - The article references efforts to institutionalize the REIT framework in Latvia, which aims to enhance the liquidity of pan-Baltic capital markets [1]. - There is a focus on developing national SOE financing guidelines and frameworks to channel private capital into affordable housing, indicating a broader industry trend towards improving housing stock availability [1].

Core Insights - REITs are ideal for investors focused on capital preservation and sustainable returns, particularly as wealth grows and compounding dividends become significant [1] - Realty Income Corp. and Alpine Income Property Trust are highlighted as attractive long-term investments for those with substantial cash [2] Realty Income - Realty Income is a REIT that provides access to real estate's wealth-generating power, requiring a high percentage of profits to be returned to shareholders, resulting in a growing dividend payout [3] - The current market cap of Realty Income is $52 billion, with a dividend yield of 5.68% and a gross margin of 48.14% [4] - The company focuses on stable sectors like grocery and convenience stores, reducing risk through triple-net leases, which transfer property-level operating expenses to tenants [5] - Realty Income's dividend yield of 5.74% is significantly higher than the S&P 500's average of 1.2%, benefiting from lower interest rates that make borrowing cheaper for expansion [6] Alpine Income - Alpine Income Property Trust, with a market cap of $250 million, is a smaller alternative to Realty Income, focusing on single-tenant commercial properties [7] - The company prioritizes publicly traded clients like Lowe's and Walmart, which have higher credit ratings and stable cash flows, and also utilizes triple-net leases to mitigate risks [8] - In Q3, Lowe's and Dick's Sporting Goods accounted for 22% of Alpine Income's annualized base rent, indicating some client concentration risk, but management is actively expanding through acquisitions [9] - Alpine Income offers a higher dividend yield of 6.67%, with potential for growth, making it an attractive long-term investment [11] Investment Comparison - Realty Income is suited for safety-focused investors due to its size and track record, while Alpine Income is riskier but offers greater growth potential for those willing to take on more risk [12]