Alpine Income Property Trust, Inc.

Good day and thank you for standing by. Welcome to the Alpine Q1, 2026 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jenna McKinney, Director of Finance, please go ahead.

Thank you. Joining me and participating on the call this morning are John Albright, President and Chief Executive Officer, Philip Mays, Chief Financial Officer, and other members of the executive team who will be available to answer questions during the call. As a reminder, many of our comments today are considered forward-looking statements under federal securities laws. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's Form 10-K, Form 10-Q, and other SEC filings. You can find our SEC reports, earnings release, and most recent investor presentation which contain reconciliations of the non-GAAP financial measures we use on our website at www.alpinereit.com. With that, I will turn the call over to John.

Thank you, Jenna, and good morning, everyone. We are pleased to report a strong first quarter in 2026, building on a record level of investment activity we achieved in 2025. We continue to execute our investment strategy by seeking to assemble a high-quality portfolio of single-tenant, Net lease properties lease to investment-rated tenants in addition to originating commercial loans with attractive risk-adjusted returns secured by high-quality real estate with strong experience sponsors. During the quarter, we acquired a retail property in downtown Aspen, Colorado for $10 million. This acquisition was structured as a 50-year absolute triple net master lease and initial cap rate of 8.5% with 1.25% annual rent escalators. With regards to the property dispositions, we continue to selectively prune our portfolio, selling three non-investment grade rated lease properties for $5.8 million and a weighted average exit cap of 7.4%. As a result of our combined first quarter property transactions, our property portfolio consists of 125 properties totaling 4.3 million square feet across 31 states with a 99.5% occupancy in a waltz of 9.3 years. 50% of our ABR is generated from investment-grade rated tenants with Lowe's, Dick's Sporting Goods, Walmart, and Best Buy, representing four of our top five tenants. Additionally, during the quarter, we originated a $32 million first mortgage loan, of which $8.6 million was funded at close. The loan carries a 24-month term with an initial interest rate of 13% inclusive of a 1.5% paid in kind interest, stepping down to an 11.5% current pay rate upon the borrower meeting certain conditions. The loan will fund the development of a 101,000 square foot retail center with national investment grade rated tenants and three out parcels. The retail center is located in the Atlanta MSA is shadow anchored by a 128,500 square foot target currently in development and is adjacent to an existing Publix, creating a strong and varied merchandising mix. Further, with regards to our commercial loan portfolio, we closed and funded the $31.8 million phase two of our first mortgage loan investment secured by a luxury residential development located in Austin, Texas metropolitan area. The A1 participation that was previously announced contributed an additional $10.8 million towards this funding. Accordingly, net of the A1 participation, our combined investment in phase one and phase two of this loan was $40 million at quarter end. Reflecting this quarter's loan activity, including two loan repayments totaling $7.2 million in January, Our commercial loan portfolio totaled $160.4 million with a weighted average current yield, including PIC, interest of 13.5% at quarter end. We have sought to originate loan investments that complement our property portfolio and increase the overall yield earned on our total assets. Notably, our loan portfolio has now grown to our targeted level of approximately 20% of our total undepreciated asset value. However, as noted previously, timing of funding and repayments of loan investments may cause the relative size of loan portfolio to vary quarter to quarter. Looking forward, we have a highly attractive pipeline of investment opportunities, including high-quality properties, net lease, investment-grade tenants, and attractive loan opportunities. Given this robust pipeline and our recently completed investment activity, We utilize both our common and preferred ATM programs this quarter, raising a combined $36.2 million of equity. Furthermore, we are raising our 2026 outlook for investment volume by $100 million and increasing guidance for FFO and FFO per diluted share to new ranges that imply approximately 12% growth at the midpoints. And with that, I'll turn the call over to Phil.