PINE earnings analysis
What we found in PINE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Alpine reported Q1 2026 total revenue of $18,406,000, up $4,200,000 or 29.6% versus Q1 2025, driven by a $3,457,000 (150.2%) increase in interest income from commercial loans and investments. FFO and AFFO per diluted share were $0.53 (up from $0.44), GAAP net income attributable to Alpine was $2,185,000 (versus a $1,179,000 loss prior year). Liquidity was bolstered by ATM proceeds (net $31.6M common, $4.6M preferred) but leverage and interest expense increased (revolver outstanding $161.5M; interest expense $4,353,000).
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue growth
- Total revenues rose to $18,406,000 in Q1 2026, up $4,200,000 or 29.6% from $14,206,000 in Q1 2025.
- Commercial loans driving income
- Interest income from commercial loans and investments increased to $5,758,000 from $2,301,000, a $3,457,000 (150.2%) increase versus Q1 2025.
- FFO / AFFO per share improved
- FFO attributable to common stockholders per diluted share was $0.53 and AFFO per diluted share was $0.53 for the three months ended March 31, 2026, up from $0.44 per diluted share in Q1 2025.
- GAAP profitability returned
- Net income (loss) attributable to Alpine Income Property Trust, Inc. was $2,185,000 in Q1 2026 versus a net loss of $1,179,000 in Q1 2025 (improvement of $3,364,000).
- Equity raised via ATM programs
- During Q1 2026 the Company sold 1,661,724 shares under the 2022 ATM for gross proceeds of $32,100,000 (net $31,600,000) and 186,238 shares under the 2025 Preferred ATM for gross proceeds of $4,700,000 (net $4,600,000), generating net proceeds of $31,600,000 and $4,600,000 respectively.
- Commercial loan portfolio scale / acquisition activity
- Commercial loans and investments carrying value totaled $217,200,000 as of March 31, 2026; the Company also acquired one sale‑leaseback property for $10,000,000 during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising interest expense and leverage
- Interest expense increased to $4,353,000 in Q1 2026 from $3,592,000 in Q1 2025 (increase of $761,000 or 21.2%); the Revolving Facility had an outstanding balance of $161,500,000 and $200,000,000 in term loans outstanding as of March 31, 2026.
- High portion of cash is restricted
- Cash totaled $27,000,000 as of March 31, 2026, of which $24,400,000 was restricted cash (leaving approximately $2,600,000 unrestricted).
- Impairment reserve remains
- Provision for impairment was $508,000 in Q1 2026 (down from $2,031,000 in Q1 2025), showing improvement but still representing credit loss risk on commercial loans and investments.
- Lower gains on dispositions
- Gain on disposition of assets was $97,000 in Q1 2026 compared with $1,151,000 in Q1 2025, reducing one-time upside to earnings from property sales.
- No material change to risk factors
- The filing states: 'As of March 31, 2026, there have been no material changes in our risk factors from those set forth ... in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.'
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.53
- Operating margin
- 35.95355875666798%
- Segment
- Lease Income: $12,602,000 (Q1 2026) vs $11,826,000 (Q1 2025), increase $776,000 or 6.6%
- Segment
- Interest Income from Commercial Loans and Investments: $5,758,000 (Q1 2026) vs $2,301,000 (Q1 2025), increase $3,457,000 or 150.2%
- Segment
- Other Revenue: $46,000 (Q1 2026) vs $79,000 (Q1 2025), decrease $33,000 or (41.8%)
What they said about what is next.
This 10-Q does not provide explicit numeric forward guidance. MD&A states the Company 'believes we will have sufficient liquidity' and discloses available sources including $47.8 million availability under the 2022 ATM Program, $28.2 million availability under the 2025 Preferred Stock ATM Program, and $81.2 million of available capacity on the $250.0 million Revolving Facility. (For the Company’s updated 2026 AFFO/FFO and investment volume guidance, see the 8‑K filed April 23, 2026.)
The filing reads better than the one before it.
What came before.
- 10-Q · July 24, 2025
- Alpine Income Property Trust, Inc. reported a revenue increase of 19% year-over-year to $14.86 million for Q2 2025, supported by growth in lease and interest income. Despite a positive EPS surprise with reported EPS of…
- 10-K · February 6, 2025
- Alpine Income Property Trust (PINE) presents a concentrated, high-quality U.S. net-lease portfolio (134 properties, 3.9 million gross rentable sq ft) with 98% occupancy and a long weighted average remaining lease term…
- 10-Q · July 18, 2024
- Alpine (PINE) reported Q2 revenue of $12,490 (in thousands), up from $11,348 in Q2 2023 (+10.1%), driven by a new commercial loans interest stream. Net income attributable to PINE was $204 (in thousands) vs $80 in Q2…
- 10-K · February 8, 2024
- Alpine Income Property Trust (PINE) is an externally managed net-lease REIT owning 138 properties (3.8 million rentable sq ft) that are 99% occupied with a weighted average remaining lease term of 7.0 years. The…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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