Alpine: The Truth Hurts, But Not As Much To Sell

Alpine Income Property Trust, Inc. remains a worthy Hold after a strong rally, but its 5.8% dividend yield is less compelling than before. PINE's Q2 2026 AFFO per share rose 31% YoY, driven by a growing real estate private credit portfolio now accounting for 36% of income. The portfolio is split between high-quality real estate and higher-risk private credit loans yielding 13.2%, with a net debt/EBITDA of 6.4x. I recommend holding PINE but suggest trimming or redirecting dividends if portfolio concentration is high due to elevated credit risk.

In April 2023, I wrote my first article on Alpine Income Property Trust, Inc. ( PINE ). It was a bullish one. I argued that PINE is a bet to take, which is likely to reward investors