MeritValue

Alpine Income Property Trust, Inc.

PINEdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Alpine Income Property Trust, Inc. earns about 3% on equity, but has diluted owners by 38% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.94 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$30.1M1$45.2M2$45.6M3$52.2M3$60.5M3
Net income$9.96M4$29.7M5$2.92M6$2.07M6−$2.66M6
Operating cash flow$17.2M7$24.7M8$23.2M9$23.4M9$25.8M9
Capital expenditure$223.4M10$189.1M11$119.9M12$132.4M12$244.5M12
Free cash flow (derived)−$206.2M7−$164.5M8−$96.7M9−$109M9−$218.7M9
Total debt$267.7M13$267.1M14$275.7M15$301.5M16$477.7M17
Cash & equivalents$8.85M18$9.02M19$4.02M20$1.58M20$4.59M20
Diluted shares11.2M13.7M15.6M15.1M15.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$179.96
your share of equity
Profit it earned you last year
−$1.71
Free cash flow it threw off
−$140.63
Debt you’d be carrying
$307.18

10 shares is a claim on $179.96 of net worth that earned you −$1.71 and generated −$140.63 of cash last year, against $307.18 of debt.

iii. Is this a good business?
Moat signal · return on equity
3% avg · 5y
FY21 5%FY22 11%FY23 1%FY24 1%FY25 -1%

It earned an average 3% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+38% shares · 5y

Share count is up 38% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 78% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$1.94
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.92M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-000899 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-000687 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-010910 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-000899 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-000687 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-010910 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-000899 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-000687 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-010910 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-000899 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-000687 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-010910 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-001074 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-000899 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-000687 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-010910 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001104659-26-010910 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001558370-24-000899 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001558370-25-000687 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001104659-26-010910 (CashAndCashEquivalentsAtCarryingValue)