<SEC-DOCUMENT>0002044219-26-000002.txt : 20260102
<SEC-HEADER>0002044219-26-000002.hdr.sgml : 20260102
<ACCEPTANCE-DATETIME>20260102213004
ACCESSION NUMBER:		0002044219-26-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260102
FILED AS OF DATE:		20260102
DATE AS OF CHANGE:		20260102

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Wadleigh Brenna Andrea
		CENTRAL INDEX KEY:			0002044219
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39143
		FILM NUMBER:		26503725

	MAIL ADDRESS:	
		STREET 1:		1625 WILLOW GLEN COURT
		CITY:			KELLER
		STATE:			TX
		ZIP:			76248

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>form4-01022026_090101.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-01-02</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002044219</rptOwnerCik>
            <rptOwnerName>Wadleigh Brenna Andrea</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1140 N. WILLIAMSON BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 140</rptOwnerStreet2>
            <rptOwnerCity>DAYTONA BEACH</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>32114</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2026-01-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1773</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16.9175</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8149</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">These shares were issued to the Reporting Person as (i) the equity component of her Q4 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q4 2025 quarterly retainer fee of $12,500, pursuant to the Issuer's Non-Employee Director Compensation Policy (the &quot;Policy&quot;) adopted by the Issuer's board of directors on February 3, 2020 (last amended January 30, 2025). Pursuant to the Policy, the share price utilized to calculate the number of shares issued was the 20-day trailing average closing price as of the last business day of the calendar quarter, or $16.9175.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Daniel E. Smith, attorney-in-fact for Brenna A. Wadleigh</signatureName>
        <signatureDate>2026-01-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
