Alpine Income Property Trust (PINE)
Market Price (5/20/2026): $19.04 | Market Cap: $296.0 MilSector: Financials | Industry: Diversified Capital Markets
Alpine Income Property Trust (PINE)
Market Price (5/20/2026): $19.04Market Cap: $296.0 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 6.2%, FCF Yield is 8.2% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Real Estate Investment Strategies. Themes include Single-Tenant Net Lease Properties. | Weak multi-year price returns2Y Excs Rtn is -3.2%, 3Y Excs Rtn is -26% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 123% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 420x Key risksPINE key risks include [1] high financial leverage with a net debt to EBITDA ratio significantly above industry norms and [2] a heavy concentration of its rental income from a few major tenants. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 6.2%, FCF Yield is 8.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Real Estate Investment Strategies. Themes include Single-Tenant Net Lease Properties. |
| Weak multi-year price returns2Y Excs Rtn is -3.2%, 3Y Excs Rtn is -26% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 123% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 420x |
| Key risksPINE key risks include [1] high financial leverage with a net debt to EBITDA ratio significantly above industry norms and [2] a heavy concentration of its rental income from a few major tenants. |
Qualitative Assessment
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1. Strong Financial Performance Exceeded Expectations. Alpine Income Property Trust reported a significant earnings beat for Q4 2025 on February 5, 2026, with non-GAAP EPS of $0.54, substantially surpassing the analyst consensus estimate of $0.0204. This was followed by a return to profitability in Q1 2026, as reported on April 23, 2026, with total revenues rising to $18.4 million from $14.2 million in the prior year, primarily driven by growth in interest income from commercial loans and investments. Net income improved to $2.4 million from a net loss of $1.3 million year-over-year, and diluted EPS reached $0.07 compared to a loss of $0.08 in the same period last year.
2. Increased Dividend Payout to Shareholders. The company's board approved a 5.3% increase in its quarterly common stock dividend, raising it to $0.30 per share. This increased dividend, paid on March 31, 2026, signaled confidence in the company's stable cash flows and commitment to shareholder returns.
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Stock Movement Drivers
Fundamental Drivers
The 10.2% change in PINE stock from 1/31/2026 to 5/19/2026 was primarily driven by a 12.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.34 | 19.11 | 10.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 65 | 12.7% |
| P/S Multiple | 4.3 | 4.6 | 7.3% |
| Shares Outstanding (Mil) | 14 | 16 | -8.9% |
| Cumulative Contribution | 10.2% |
Market Drivers
1/31/2026 to 5/19/2026| Return | Correlation | |
|---|---|---|
| PINE | 10.2% | |
| Market (SPY) | 6.3% | 19.9% |
| Sector (XLF) | -3.9% | 9.4% |
Fundamental Drivers
The 34.4% change in PINE stock from 10/31/2025 to 5/19/2026 was primarily driven by a 30.9% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.22 | 19.11 | 34.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 65 | 12.7% |
| P/S Multiple | 3.5 | 4.6 | 30.9% |
| Shares Outstanding (Mil) | 14 | 16 | -8.9% |
| Cumulative Contribution | 34.4% |
Market Drivers
10/31/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| PINE | 34.4% | |
| Market (SPY) | 8.2% | 15.3% |
| Sector (XLF) | -1.6% | 9.6% |
Fundamental Drivers
The 32.6% change in PINE stock from 4/30/2025 to 5/19/2026 was primarily driven by a 128.6% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.41 | 19.11 | 32.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 54 | 65 | 19.9% |
| Net Income Margin (%) | 2.1% | 1.1% | -48.6% |
| P/E Multiple | 183.8 | 420.2 | 128.6% |
| Shares Outstanding (Mil) | 15 | 16 | -5.9% |
| Cumulative Contribution | 32.6% |
Market Drivers
4/30/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| PINE | 32.6% | |
| Market (SPY) | 33.8% | 16.3% |
| Sector (XLF) | 6.4% | 12.7% |
Fundamental Drivers
The 45.6% change in PINE stock from 4/30/2023 to 5/19/2026 was primarily driven by a 7275.5% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.12 | 19.11 | 45.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 46 | 65 | 42.1% |
| Net Income Margin (%) | 70.8% | 1.1% | -98.5% |
| P/E Multiple | 5.7 | 420.2 | 7275.5% |
| Shares Outstanding (Mil) | 14 | 16 | -9.9% |
| Cumulative Contribution | 45.6% |
Market Drivers
4/30/2023 to 5/19/2026| Return | Correlation | |
|---|---|---|
| PINE | 45.6% | |
| Market (SPY) | 83.3% | 26.3% |
| Sector (XLF) | 61.7% | 33.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PINE Return | 41% | 1% | -5% | 6% | 7% | 15% | 77% |
| Peers Return | 24% | -4% | -2% | 6% | 9% | 11% | 52% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| PINE Win Rate | 67% | 42% | 50% | 50% | 42% | 80% | |
| Peers Win Rate | 62% | 52% | 42% | 57% | 58% | 68% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| PINE Max Drawdown | -14% | -22% | -27% | -13% | -20% | -11% | |
| Peers Max Drawdown | -12% | -24% | -27% | -16% | -12% | -10% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: O, NNN, WPC, ADC, EPRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/19/2026 (YTD)
How Low Can It Go
| Event | PINE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.6% | -9.5% |
| % Gain to Breakeven | 15.7% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.1% | -6.7% |
| % Gain to Breakeven | 28.3% | 7.1% |
| Time to Breakeven | 456 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.3% | -24.5% |
| % Gain to Breakeven | 27.0% | 32.4% |
| Time to Breakeven | 97 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.8% | -33.7% |
| % Gain to Breakeven | 148.5% | 50.9% |
| Time to Breakeven | 330 days | 140 days |
In The Past
Alpine Income Property Trust's stock fell -8.5% during the 2025 US Tariff Shock. Such a loss loss requires a 9.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | PINE | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.1% | -6.7% |
| % Gain to Breakeven | 28.3% | 7.1% |
| Time to Breakeven | 456 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.3% | -24.5% |
| % Gain to Breakeven | 27.0% | 32.4% |
| Time to Breakeven | 97 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.8% | -33.7% |
| % Gain to Breakeven | 148.5% | 50.9% |
| Time to Breakeven | 330 days | 140 days |
In The Past
Alpine Income Property Trust's stock fell -8.5% during the 2025 US Tariff Shock. Such a loss loss requires a 9.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Alpine Income Property Trust (PINE)
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Here are 1-2 brief analogies for Alpine Income Property Trust (PINE):
- A Vanguard fund for commercial buildings: Imagine it's like a mutual fund (similar to one offered by Vanguard or Fidelity) that specializes in owning the physical buildings for individual stores and businesses (like a standalone CVS or Starbucks), where the tenants handle almost all property expenses and maintenance.
- The McDonald's of commercial landlords: Similar to how McDonald's owns much of the real estate for its own franchisees, PINE owns the buildings for a diverse portfolio of other well-known businesses (like a standalone Starbucks or Walgreens), and those businesses pay rent and are responsible for nearly all property expenses.
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- Single-Tenant Net Lease Services: Providing high-quality commercial real estate properties to single tenants under net lease agreements.
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Alpine Income Property Trust (PINE) is a real estate investment trust that acquires, owns, and operates single-tenant net leased commercial properties. Therefore, its major customers are the companies that lease its properties.
Based on recent company disclosures, Alpine Income Property Trust's major customers (tenants) include:
- LA Fitness
- Walgreens (NYSE: WBA)
- Dollar Tree / Family Dollar (NASDAQ: DLTR)
- Lowe's (NYSE: LOW)
- CVS (NYSE: CVS)
- Advance Auto Parts (NYSE: AAP)
- Royal Farms
- Home Depot (NYSE: HD)
- Dick's Sporting Goods (NYSE: DKS)
- Kohl's (NYSE: KSS)
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- CTO Realty Growth, Inc. (NYSE: CTO)
- RSM US LLP
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HTMLJohn P. Albright President and Chief Executive Officer; Director
Mr. Albright has served as President and Chief Executive Officer of Alpine Income Property Trust and as a director since its formation in August 2019. He also serves as President, Chief Executive Officer, and Director of CTO Realty Growth, Inc. (“CTO”) since 2011, which is the parent company of Alpine Income Property Trust’s external manager. Prior to joining CTO, Mr. Albright was the Co-Head and Managing Director of Archon Capital, a Goldman Sachs Company.
Philip R. Mays Senior Vice President, Chief Financial Officer and Treasurer
Mr. Mays joined Alpine Income Property Trust in June 2024. He most recently served as Chief Financial Officer of Shadowbox Studios. Before that, he was Chief Financial Officer and Executive Vice President of Cedar Realty Trust, Inc., a NYSE-listed retail REIT, from June 2011 to September 2021. His departure from Cedar Realty Trust coincided with the company exploring strategic alternatives, and preceded the announcement of Cedar's sale by six months. Prior to Cedar Realty Trust, Mr. Mays was Chief Accounting Officer and Vice President of Finance of Federal Realty Investment Trust, also a NYSE-listed retail REIT, from May 2005 to June 2011. He also served seven years as a Senior Manager at Ernst & Young LLP, where he supervised audits for real estate, construction, and hospitality clients, including public REITs. Mr. Mays also serves as Senior Vice President, Chief Financial Officer, and Treasurer of CTO Realty Growth, Inc.
Steven R. Greathouse Senior Vice President, Investments
Mr. Greathouse has served as Senior Vice President, Investments of Alpine Income Property Trust since its formation in August 2019. He has held the same role at CTO Realty Growth, Inc. since January 2012. Previously, Mr. Greathouse was the Director of Finance at N3 Real Estate, a single-tenant triple net property developer, and a Senior Associate, Merchant Banking-Investment Management for Morgan Stanley and Crescent Real Estate Equities.
Daniel E. Smith Senior Vice President, General Counsel and Corporate Secretary
Mr. Smith has served as Senior Vice President, General Counsel and Corporate Secretary of Alpine Income Property Trust since its formation in August 2019. He has also served in the same capacity for CTO Realty Growth, Inc. since October 2014. His prior experience includes serving as Vice President-Hospitality and Vice President and Associate General Counsel at Goldman Sachs & Co., and several positions, including Senior Vice President and General Counsel, at Crescent Real Estate Equities.
Lisa M. Vorakoun Senior Vice President and Chief Accounting Officer
Ms. Vorakoun has served as Senior Vice President and Chief Accounting Officer of Alpine Income Property Trust since July 2017. She initially joined the company in 2013 as Controller. Earlier in her career, she managed audit clients in various industries at James Moore & Co.
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Alpine Income Property Trust (PINE) faces several key risks:
- Financial Health and High Leverage: The company has been noted for its poor financial strength, indicated by a Beneish M-Score of -1.6, which suggests possible financial manipulation. Additionally, a debt-to-equity ratio of 1.57 points to a relatively high leverage position. The Altman Z-Score of 0.68 places Alpine Income Property Trust in the distress zone, implying potential financial instability.
- Tenant Concentration and Quality: A significant risk stems from tenant concentration, particularly with top tenants being heavily oriented towards goods, making them more susceptible to economic recessions and the impact of e-commerce. Notably, Walgreens, identified as the company's fourth-largest tenant, is described as a "well-known basket case," further highlighting the risk associated with a less-than-optimal tenant roster.
- Exposure to Real Estate Market Fluctuations and Interest Rate Changes: As a real estate investment trust (REIT), Alpine Income Property Trust is inherently exposed to the cyclical nature of real estate market fluctuations and changes in interest rates. These external factors can significantly impact property valuations, rental income, and the cost of borrowing for future acquisitions or refinancing existing debt.
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The addressable market for Alpine Income Property Trust (PINE), a real estate investment trust specializing in single-tenant net leased commercial income properties, is the U.S. single-tenant net lease market.
The annual investment volume in the U.S. net lease market, which serves as a key indicator of its size, reached $51.4 billion in 2025. Another report indicated a total sales volume of $44.6 billion for the year ending in Q1 2025. Earlier data showed a volume of $33.3 billion year-to-date as of Q3 2025.
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Expected Drivers of Future Revenue Growth for Alpine Income Property Trust (PINE)
Alpine Income Property Trust (PINE) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic property acquisitions, capital recycling, expansion of its commercial loan portfolio, and organic rent escalations.
- Strategic Property Acquisitions and New Investments: The company actively pursues new acquisitions of net lease properties and originates first mortgage investments. For example, in Q4 2023, PINE acquired 14 net lease properties for $82.9 million and originated two first mortgage investments totaling $30.8 million. More recently, in Q1 2024, the company originated a $7.2 million loan investment for a retail development and acquired land under a CVS for $1 million. Management anticipates an increase in acquisition volumes in the latter half of 2024 and guides for $70 million to $100 million in new investments for 2026.
- Capital Recycling and Portfolio Enhancement: PINE focuses on "high-grading" its portfolio by selling lower-performing or non-core assets and reinvesting the proceeds into higher-yielding, investment-grade properties with longer lease terms. This strategy aims to improve the overall quality and return profile of its real estate holdings. For instance, in 2024, the company completed over $130 million in investments at an 8.7% yield, while selectively pruning its portfolio with over $75 million in dispositions at a 7.1% cap rate. This approach also includes reducing exposure to troubled tenants and increasing the weighted average remaining lease term.
- Growth in Commercial Loan and Structured Investment Portfolio: Interest income generated from its commercial loan and structured investment portfolio is an increasingly significant revenue driver. The company's Q1 2024 results, for example, benefited from an 11.7% increase in total revenues, primarily attributable to this loan portfolio. Alpine Income Property Trust explicitly states that its revenue is supplemented by interest income from its growing commercial loan and structured investment portfolio, with the CEO reaffirming a commitment to maintaining a robust commercial loan portfolio.
- Organic Rent Growth through Lease Escalations: Built-in rent escalations within existing lease agreements provide a steady, albeit modest, source of revenue growth. While anticipated to be around 1% per year, these contractual increases contribute incrementally to the company's total revenue across its portfolio of net-leased commercial properties.
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Share Repurchases
- Alpine Income Property Trust's Board of Directors approved a new common stock repurchase program for up to $10 million in February 2025.
- During the year ended December 31, 2025, the company repurchased 546,390 shares of common stock for a total cost of $8.8 million, at an average price of $16.07 per share.
- As of June 30, 2025, approximately $1.2 million remained authorized under the common stock buyback program.
Share Issuance
- In November 2025, Alpine Income Property Trust completed a public offering of 2 million shares of Series A preferred stock, generating gross proceeds of $50 million and net proceeds of $48.1 million.
- During the fourth quarter of 2025 and early first quarter of 2026, the company issued over 116,000 shares of Series A preferred stock through its ATM program, resulting in approximately $2.8 million in net proceeds.
- Also during Q4 2025 and early Q1 2026, over 918,000 shares of common stock were issued under its ATM program, yielding approximately $15.5 million in net proceeds.
Outbound Investments
- Alpine Income Property Trust achieved a record $277.7 million in total investment activity for the full year 2025, which included property acquisitions and structured investments.
- In the fourth quarter of 2025, the company completed $142.1 million in acquisitions and structured investments, including new first mortgage loan commitments, at a weighted average initial cash yield of 11.7%.
- The company originated two new structured investments in 2025 totaling $33.5 million in loan commitments with a weighted average initial cash yield of 12.0%, including a $20 million first mortgage loan for a mixed-use development in Virginia and a $13.5 million first mortgage loan commitment for a mixed-use redevelopment in Colorado.
Capital Expenditures
- Alpine Income Property Trust's total investment activity, encompassing acquisitions and structured investments, reached a record $277.7 million in 2025.
- For 2026, management anticipates $70 million to $100 million in new investments, representing the company's planned capital deployment.
- During the second quarter of 2025, the company completed the renovation of a Bass Pro Shops property, ensuring continuous rental payments throughout the process.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Alpine Income Property Trust Earnings Notes | 12/16/2025 | |
| How Low Can Alpine Income Property Trust Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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| 04302026 | EEFT | Euronet Worldwide | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04242026 | HOMB | Home BancShares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.5% | 1.5% | 0.0% |
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 7.1% | 7.1% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 3.9% | 3.9% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -4.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.47 |
| Mkt Cap | 8.8 |
| Rev LTM | 843 |
| Op Inc LTM | 476 |
| FCF LTM | 587 |
| FCF 3Y Avg | 550 |
| CFO LTM | 587 |
| CFO 3Y Avg | 550 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.8% |
| Rev Chg 3Y Avg | 15.3% |
| Rev Chg Q | 14.8% |
| QoQ Delta Rev Chg LTM | 3.5% |
| Op Inc Chg LTM | 19.1% |
| Op Inc Chg 3Y Avg | 21.1% |
| Op Mgn LTM | 50.5% |
| Op Mgn 3Y Avg | 49.0% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 69.5% |
| CFO/Rev 3Y Avg | 69.8% |
| FCF/Rev LTM | 69.5% |
| FCF/Rev 3Y Avg | 69.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 8.8 |
| P/S | 9.6 |
| P/Op Inc | 17.5 |
| P/EBIT | 18.6 |
| P/E | 36.6 |
| P/CFO | 13.6 |
| Total Yield | 7.4% |
| Dividend Yield | 5.0% |
| FCF Yield 3Y Avg | 7.5% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.9% |
| 3M Rtn | -3.6% |
| 6M Rtn | 11.6% |
| 12M Rtn | 14.8% |
| 3Y Rtn | 31.6% |
| 1M Excs Rtn | -7.4% |
| 3M Excs Rtn | -8.4% |
| 6M Excs Rtn | 2.9% |
| 12M Excs Rtn | -8.6% |
| 3Y Excs Rtn | -50.3% |
Price Behavior
| Market Price | $19.11 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 11/22/2019 | |
| Distance from 52W High | -5.4% | |
| 50 Days | 200 Days | |
| DMA Price | $18.98 | $16.60 |
| DMA Trend | up | up |
| Distance from DMA | 0.7% | 15.1% |
| 3M | 1YR | |
| Volatility | 21.3% | 21.5% |
| Downside Capture | 34.77 | 0.86 |
| Upside Capture | 6.73 | 35.73 |
| Correlation (SPY) | 26.3% | 17.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.29 | 0.57 | 0.43 | 0.34 | 0.32 | 0.42 |
| Up Beta | 0.38 | 0.37 | 0.80 | 0.54 | 0.67 | 0.42 |
| Down Beta | 5.93 | 1.31 | 0.54 | 0.15 | 0.11 | 0.41 |
| Up Capture | 23% | 34% | 45% | 65% | 27% | 17% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 20 | 32 | 70 | 129 | 378 |
| Down Capture | -182% | 63% | -0% | -5% | 9% | 66% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 6 | 20 | 29 | 51 | 116 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PINE | |
|---|---|---|---|---|
| PINE | 34.6% | 21.5% | 1.29 | - |
| Sector ETF (XLF) | 0.6% | 14.6% | -0.18 | 12.2% |
| Equity (SPY) | 25.0% | 12.1% | 1.55 | 16.6% |
| Gold (GLD) | 40.0% | 26.8% | 1.23 | 1.7% |
| Commodities (DBC) | 49.4% | 18.5% | 2.03 | -12.3% |
| Real Estate (VNQ) | 9.7% | 13.4% | 0.45 | 52.9% |
| Bitcoin (BTCUSD) | -25.6% | 41.9% | -0.59 | 7.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PINE | |
|---|---|---|---|---|
| PINE | 8.5% | 24.2% | 0.31 | - |
| Sector ETF (XLF) | 8.7% | 18.6% | 0.35 | 35.7% |
| Equity (SPY) | 14.2% | 17.0% | 0.65 | 30.3% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 7.1% |
| Commodities (DBC) | 11.0% | 19.4% | 0.45 | 7.2% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 50.0% |
| Bitcoin (BTCUSD) | 9.4% | 55.6% | 0.38 | 9.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PINE | |
|---|---|---|---|---|
| PINE | 4.2% | 39.3% | 0.29 | - |
| Sector ETF (XLF) | 12.5% | 22.2% | 0.52 | 39.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 34.2% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 5.9% |
| Commodities (DBC) | 8.4% | 17.9% | 0.38 | 16.4% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 47.2% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 16.6% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 0.9% | -4.4% | |
| 2/5/2026 | 6.3% | 8.8% | 5.2% |
| 10/23/2025 | -0.9% | 3.9% | 20.0% |
| 7/24/2025 | -1.2% | -2.8% | 5.2% |
| 4/24/2025 | -4.9% | -5.3% | -8.5% |
| 2/6/2025 | -5.7% | -4.1% | -4.9% |
| 10/17/2024 | 4.5% | 3.3% | -0.2% |
| 7/18/2024 | 0.1% | 2.3% | 3.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 11 | 9 |
| # Negative | 10 | 14 | 15 |
| Median Positive | 1.8% | 3.0% | 5.2% |
| Median Negative | -2.1% | -3.1% | -3.0% |
| Max Positive | 6.3% | 8.8% | 20.0% |
| Max Negative | -12.8% | -12.6% | -18.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-K |
| 09/30/2024 | 10/17/2024 | 10-Q |
| 06/30/2024 | 07/18/2024 | 10-Q |
| 03/31/2024 | 04/18/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 10/19/2023 | 10-Q |
| 06/30/2023 | 07/20/2023 | 10-Q |
| 03/31/2023 | 04/20/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-K |
| 09/30/2022 | 10/20/2022 | 10-Q |
| 06/30/2022 | 07/21/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 0.72 | 0.74 | 0.76 | -2.6% | Lowered | Guidance: 0.76 for 2026 | |
| 2026 FFO Attributable to Common Stockholders per Diluted Share | 2.09 | 2.11 | 2.13 | 1.0% | Raised | Guidance: 2.09 for 2026 | |
| 2026 AFFO Attributable to Common Stockholders per Diluted Share | 2.11 | 2.13 | 2.15 | 1.0% | Raised | Guidance: 2.11 for 2026 | |
| 2026 Investment Volume | 170.00 Mil | 185.00 Mil | 200.00 Mil | 117.6% | Raised | Guidance: 85.00 Mil for 2026 | |
| 2026 Disposition Volume | 30.00 Mil | 45.00 Mil | 60.00 Mil | 0 | Affirmed | Guidance: 45.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income per Diluted Share | 0.74 | 0.76 | 0.78 | ||||
| 2026 FFO Attributable to Common Stockholders per Diluted Share | 2.07 | 2.09 | 2.11 | 13.9% | Higher New | Actual: 1.83 for 2025 | |
| 2026 AFFO Attributable to Common Stockholders per Diluted Share | 2.09 | 2.11 | 2.13 | 15.0% | Higher New | Actual: 1.83 for 2025 | |
| 2026 Investment Volume | 70.00 Mil | 85.00 Mil | 100.00 Mil | -60.5% | Lower New | Actual: 215.00 Mil for 2025 | |
| 2026 Disposition Volume | 30.00 Mil | 45.00 Mil | 60.00 Mil | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Richardson, Andrew C | Direct | Sell | 5112026 | 19.35 | 3,000 | 58,036 | 278,109 | Form | |
| 2 | Richardson, Andrew C | Direct | Sell | 4022026 | 18.14 | 2,750 | 49,877 | 298,248 | Form | |
| 3 | Richardson, Andrew C | Direct | Sell | 12122025 | 17.11 | 1,000 | 17,110 | 310,718 | Form | |
| 4 | Greathouse, Steven Robert | SVP & Chief Investment Officer | Direct | Buy | 9112025 | 14.88 | 672 | 9,999 | 170,049 | Form |
| 5 | Richardson, Andrew C | Direct | Sell | 8292025 | 15.00 | 1,000 | 15,000 | 269,520 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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