Alpine Income Property Trust
PINE on NYSE. Alpine Income Property Trust rents buildings to businesses and lends money to property owners. Market value $309m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-69.93 of spare cash last year. A savings account pays about $4.
You pay 28.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 2 cents a year. Above 10 is good.
Quality score: 59 of 100. Price score: 14 of 100. Our list needs 70 on quality and 60 on price.
$17.75 a share, 35% above its 1-year low
Over the past year the price has ranged from $13.10 to $21.99.
Dividend: 5.7% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $30m | $45m | $46m | $52m | $61m |
| Operating margin | |||||
| Operating margin | 50.3% | 96.2% | 28.8% | 26.8% | 21.7% |
| Debt to equity | |||||
| Debt to equity | 1.36 | 1.02 | 1.10 | 1.19 | 1.35 |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.01bn | 0.01bn | 0.02bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.35× equity
- Revenue growth, five yearsStrong, 25.8% a year
- Buying back its own sharesNo, 48% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $20 million last quarter, up 35% on a year ago.
- Profit: $4 million, after a loss of $2 million a year ago.
- It keeps 34 cents of each $1 of sales as operating profit, up from 23 cents a year earlier.
- 19% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $365 million more than cash, up from $348 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $13m |
| December 2024 | $14m |
| March 2025 | $14m |
| June 2025 | $15m |
| September 2025 | $15m |
| December 2025 | $17m |
| March 2026 | $18m |
| June 2026 | $20m |
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | -$958,000 |
| March 2025 | -$1m |
| June 2025 | -$2m |
| September 2025 | -$1m |
| December 2025 | $1m |
| March 2026 | $2m |
| June 2026 | $4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 February 2026
- Next quarterly (estimated, 10-Q)
- 22 October 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 146 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $623,630
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Heartland AdvisorsBill Nasgovitz | $9m | 0.4% | Added |
| LSV Asset ManagementJosef Lakonishok | $830,000 | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $623,630 | <0.1% | |
| GMOJeremy Grantham | $261,057 | <0.1% | New |
Largest holders overall
- BlackRock$28mAdded
- Sound Income Strategies$26mAdded
- Vanguard Capital Management$14mAdded
- TWO Sigma Investments, LP$14mAdded
- Invesco$10mAdded
- Heartland Advisors$9mAdded
- Geode Capital Management$8mAdded
- State Street$7mAdded
- Pacific Ridge Capital Partners$5m
- Gabelli Funds$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- BlackRock, Inc.Passive investor5.9%−1.2 ptsSince 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 5.9%−1.2 pts | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $260,659.
- Richardson Andrew CDirectorSold
- Date
- 28 July 2026
- Shares
- 2,000
- Price
- $20.28
- Value
- $40,567
- Richardson Andrew CDirectorSold
- Date
- 25 June 2026
- Shares
- 2,832
- Price
- $19.96
- Value
- $56,527
- Richardson Andrew CDirectorSold
- Date
- 26 May 2026
- Shares
- 1,500
- Price
- $19.39
- Value
- $29,085
- Richardson Andrew CDirectorSold
- Date
- 22 May 2026
- Shares
- 500
- Price
- $18.87
- Value
- $9,435
- Richardson Andrew CDirectorSold
- Date
- 8 May 2026
- Shares
- 3,000
- Price
- $19.35
- Value
- $58,050
- Richardson Andrew CDirectorSold
- Date
- 31 March 2026
- Shares
- 2,750
- Price
- $18.14
- Value
- $49,885
- Richardson Andrew CDirectorSold
- Date
- 11 December 2025
- Shares
- 1,000
- Price
- $17.11
- Value
- $17,110
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 July 2026 | Richardson Andrew C Director | Sold | 2,000 | $20.28 | $40,567 |
| 25 June 2026 | Richardson Andrew C Director | Sold | 2,832 | $19.96 | $56,527 |
| 26 May 2026 | Richardson Andrew C Director | Sold | 1,500 | $19.39 | $29,085 |
| 22 May 2026 | Richardson Andrew C Director | Sold | 500 | $18.87 | $9,435 |
| 8 May 2026 | Richardson Andrew C Director | Sold | 3,000 | $19.35 | $58,050 |
| 31 March 2026 | Richardson Andrew C Director | Sold | 2,750 | $18.14 | $49,885 |
| 11 December 2025 | Richardson Andrew C Director | Sold | 1,000 | $17.11 | $17,110 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Feb 2026, plus the 10-Q filed 23 Jul 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 28.6× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.