Alpine Income Property Trust, Inc.

In August 2022, the SEC adopted final pay-versus-performance rules that require registrants to disclose information reflecting the relationship between executive compensation actually paid by a registrant and the registrant’s financial performance. The rules implement a requirement mandated by the Dodd-Frank Act. Disclosure pursuant to such rules is not included herein because we are externally managed by the Manager and do not have any employees. Our president and chief executive officer and each of our other executive officers, each of whom is an executive officer of CTO, do not receive cash compensation from us for serving as our executive officers. As employees of CTO, our president and chief executive officer and each of our other executive officers are compensated under compensation arrangements made with CTO. Pursuant to the Management Agreement, the Manager is not entitled to be reimbursed for wages, salaries and benefits of CTO’s officers and employees provided to the Company through the Manager and we do not determine what our executive officers are paid by our Manager.

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