<SEC-DOCUMENT>0001415889-25-024304.txt : 20250911
<SEC-HEADER>0001415889-25-024304.hdr.sgml : 20250911
<ACCEPTANCE-DATETIME>20250911180012
ACCESSION NUMBER:		0001415889-25-024304
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250911
FILED AS OF DATE:		20250911
DATE AS OF CHANGE:		20250911

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Greathouse Steven Robert
		CENTRAL INDEX KEY:			0001728277
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39143
		FILM NUMBER:		251309528

	MAIL ADDRESS:	
		STREET 1:		PO BOX 10809
		CITY:			DAYTONA BEACH
		STATE:			FL
		ZIP:			32120

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alpine Income Property Trust, Inc.
		CENTRAL INDEX KEY:			0001786117
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		369 N. NEW YORK AVE.
		STREET 2:		SUITE 201
		CITY:			WINTER PARK
		STATE:			FL
		ZIP:			32789
		BUSINESS PHONE:		407-904-3324

	MAIL ADDRESS:	
		STREET 1:		369 N. NEW YORK AVE.
		STREET 2:		SUITE 201
		CITY:			WINTER PARK
		STATE:			FL
		ZIP:			32789
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-09112025_060907.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-09-11</periodOfReport>

    <issuer>
        <issuerCik>0001786117</issuerCik>
        <issuerName>Alpine Income Property Trust, Inc.</issuerName>
        <issuerTradingSymbol>PINE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001728277</rptOwnerCik>
            <rptOwnerName>Greathouse Steven Robert</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1104 N. WILLIAMSON BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 140</rptOwnerStreet2>
            <rptOwnerCity>DAYTONA BEACH</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>32114</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>SVP &amp; Chief Investment Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-09-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>672</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.88</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11428</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Mr. Greathouse also serves as the Senior Vice President &amp; Chief Investment Officer of CTO Realty Growth, Inc. (&quot;CTO&quot;). Mr. Greathouse disclaims beneficial ownership of all equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), this filing shall not be deemed an admission that Mr. Greathouse is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Daniel E. Smith, attorney-in-fact for Steven R. Greathouse</signatureName>
        <signatureDate>2025-09-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
