NOTE 21. BUSINESS SEGMENT DATA

The Company operates in two primary business segments: income properties and commercial loans and investments.

Our income property operations consist of lease income from income producing properties and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 71% and

82% of our identifiable assets as of December 31, 2025 and 2024, respectively, and 80.4%, 88.1%, and 98.5% of our consolidated revenues for the years ended December 31, 2025, 2024, and 2023, respectively. Our commercial loans and investment operations accounted for 25% and 15% of our identifiable assets as of December 31, 2025 and 2024, respectively, and 18.8%, 11.0%, and 1.4% of our consolidated revenues for the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025, our commercial loans investment portfolio consisted of 18 commercial loan investments, of which three are related to properties acquired through a sale-leaseback transaction whereby the tenant has a future repurchase right.

The Company’s CODM evaluates segment performance based on total revenues less direct costs of revenues when making decisions about allocating capital to the segments. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skill.

Information about the Company’s operations in different segments for the year ended December 31, 2025 is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	48,657	$	—	$	48,657
Interest Income from Commercial Loans and Investments		—		11,350		11,350
Total Revenues for Reportable Segments		48,657		11,350		60,007

Reconciliation to Consolidated Revenues
Other Revenues						525
Total Consolidated Revenues					$	60,532

Operating Expenses:
Real Estate Expenses		7,956		—		7,956
Total Revenues Less Direct Costs of Revenues		40,701		11,350		52,051
Provision for Impairment		6,615		801		7,416
Depreciation and Amortization		27,383		—		27,383
Total Revenues Less Operating Expenses for Reportable Segments		6,703		10,549		17,252
Gain on Disposition of Assets		2,070		—		2,070
Net Income From Operations for Reportable Segments		8,773		10,549		19,322

Reconciliation to Consolidated Net Loss
Other Revenues						525
General and Administrative Expenses						(6,709)
Investment and Other Income						242
Interest Expense						(16,265)
Consolidated Net Loss					$	(2,885)

Information about the Company’s operations in different segments for the year ended December 31, 2024 is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	46,005	$	—	$	46,005
Interest Income from Commercial Loans and Investments		—		5,761		5,761
Total Revenues for Reportable Segments		46,005		5,761		51,766

Reconciliation to Consolidated Revenues
Other Revenues						461
Total Consolidated Revenues					$	52,227

Operating Expenses:
Real Estate Expenses		7,793		—		7,793
Total Revenues Less Direct Costs of Revenues		38,212		5,761		43,973
Provision for Impairment		1,141		552		1,693
Depreciation and Amortization		25,594		—		25,594
Total Revenues Less Operating Expenses for Reportable Segments		11,477		5,209		16,686
Gain on Disposition of Assets		3,443		—		3,443
Net Income From Operations for Reportable Segments		14,920		5,209		20,129

Reconciliation to Consolidated Net Income
Other Revenues						461
General and Administrative Expenses						(6,575)
Investment and Other Income						247
Interest Expense						(12,008)
Consolidated Net Income					$	2,254

Information about the Company’s operations in different segments for the year ended December 31, 2023 is as follows (in thousands):


	Income Properties		Commercial Loans and Investments		Total
Revenues:
Lease Income	$	44,967	$	—	$	44,967
Interest Income from Commercial Loans and Investments		—		637		637
Total Revenues for Reportable Segments		44,967		637		45,604

Reconciliation to Consolidated Revenues
Other Revenues						40
Total Consolidated Revenues					$	45,644

Operating Expenses:
Real Estate Expenses		6,580		—		6,580
Total Revenues Less Direct Costs of Revenues		38,387		637		39,024
Provision for Impairment		2,864		356		3,220
Depreciation and Amortization		25,758		—		25,758
Total Revenues Less Operating Expenses for Reportable Segments		9,765		281		10,046
Gain on Disposition of Assets		9,334		—		9,334
Net Income From Operations for Reportable Segments		19,099		281		19,380

Reconciliation to Consolidated Net Income
Other Revenues						40
General and Administrative Expenses						(6,301)
Loss on Extinguishment of Debt						23
Investment and Other Income						289
Interest Expense						(10,165)
Consolidated Net Income					$	3,266

Capital expenditures of each segment as of December 31, 2025, 2024, and 2023 are as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Capital Expenditures:
Income Properties	$	108,548	$	74,524	$	84,465
Commercial Loans and Investments		135,913		57,851		35,419
Total Capital Expenditures	$	244,461	$	132,375	$	119,884

Identifiable assets of each segment as of December 31, 2025 and 2024 are as follows (in thousands):


	As of
	December 31, 2025		December 31, 2024
Identifiable Assets:
Income Properties	$	505,273	$	497,765
Commercial Loans and Investments		182,397		92,358
Other Revenue		47		17
Corporate and Other		28,157		14,855
Total Assets	$	715,874	$	604,995

Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Corporate and other assets consist primarily of cash and restricted cash as well as the interest rate swaps.

Historical Timeline

Fiscal Year	Filed
2025	Feb 5, 2026	Showing above
2024	Feb 6, 2025

2023	Feb 8, 2024

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Alpine Income Property Trust, Inc. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures