During the three months ended June 30, 2025, the Company contributed $2,179 to the Operating Partnership and received 37,506 Class T OP Units, 16,397 Class D OP Units and 37,229 Class I OP Units. During the three months ended June 30, 2024, the Company contributed $206 to the Operating Partnership and received 3,862 Class T OP Units and 4,193 Class I OP Units. During the six months ended June 30, 2025, the Company contributed $3,338 to the Operating Partnership and received 57,648 Class T OP Units, 19,321 Class D OP Units and 61,957 Class I OP Units. During the six months ended June 30, 2024, the Company contributed $366, which included $60 for the issuance of Class I OP Units corresponding to the restricted share grants by the Company to its independent directors, to the Operating Partnership and received 3,862 Class T OP Units and 10,610 Class I OP Units. In determining whether the Company has a controlling financial interest in the Operating Partnership, the Company considered whether the Operating Partnership is a variable interest entity and whether the Company is the primary beneficiary. Even though the Company has the power to direct the most significant activities impacting the economic performance of the Operating Partnership, the Company lacks the obligation to absorb losses or the right to receive benefits of the Operating Partnership that could potentially be significant to the Operating Partnership. As such, the Company’s investment in the Operating Partnership is accounted for using the equity method of accounting. Management evaluates reconsideration events as they occur. Reconsideration events include, among other criteria, changes in the capital balances of the Operating Partnership.

As of both June 30, 2025 and December 31, 2024, the Operating Partnership owned 30 medical outpatient properties totaling 746,601 square feet, four self-storage properties totaling 250,755 square feet and one student housing property with 406 student housing beds. The properties owned as of June 30, 2025 and December 31, 2024 are located in 12 states. The Operating Partnership has no employees.

The Company’s investment in the Operating Partnership as of June 30, 2025 was as follows:


				Carrying Amount
	Ownership Percentage (1)			June 30, 2025 (2)
Class T OP Units		1.3	%	$	1,670
Class D OP Units		0.4	%		453
Class I OP Units		4.3	%		5,190
Total		6.0	%	$	7,313

(1)

Represents OP Units held by the Company as a percentage of total OP Units outstanding at the Operating Partnership. As of June 30, 2025, the Operating Partnership had issued Class A OP Units, Class T OP Units, Class D OP Units and Class I OP Units, and 94.7% of the Class T OP Units, 100.0% of the Class D OP Units and 73.3% of the Class I OP Units were held by the Company.

(2)

Excludes $(272) of net basis difference. The basis difference originated from the difference between the contributions the Company made for its ownership interest in the Operating Partnership, which were based on fair value, and the book value of the Company’s share of the underlying total partners’ capital of the Operating Partnership. The Company amortizes/accretes the basis difference on a straight-line basis consistent with the lives of the underlying assets. The net amortization of the basis difference was less than $1 and $1 for the three and six months ended June 30, 2025, respectively, and is included within loss from equity method investment in Operating Partnership in the accompanying statements of operations and comprehensive loss.

The Company’s investment in the Operating Partnership as of December 31, 2024 was as follows:


				Carrying Amount
	Ownership Percentage (1)			December 31, 2024 (2)
Class T OP Units		0.4	%	$	469
Class D OP Units		0.0	%		50
Class I OP Units		3.3	%		4,159
Total		3.7	%	$	4,678

(1)

Represents OP Units held by the Company as a percentage of total OP Units outstanding at the Operating Partnership. As of December 31, 2024, the Operating Partnership had issued Class A OP Units, Class T OP Units, Class D OP Units and Class I OP Units, and 82.9% of the Class T OP Units, 100% of the Class D OP Units and 67.5% of the Class I OP Units were held by the Company.

(2)

Excludes $98 of net basis difference. The basis difference originated from the difference between the contributions the Company made for its ownership interest in the Operating Partnership, which were based on fair value, and the book value of the Company’s share of the underlying total partners’ capital of the Operating Partnership. The Company

Profits and losses of the Operating Partnership are allocated to its unitholders in proportion to their ownership of the OP Units. The Company’s share of the Operating Partnership’s loss for the three and six months ended June 30, 2025 and 2024 was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
IPC Alternative Real Estate Operating Partnership, LP	$	(173	)	$	(82	)	$	(311	)	$	(132	)

The amounts reflected in the following tables reflect the financial information of the Operating Partnership.

The following table provides the summarized balance sheet of the Operating Partnership as of June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
Total assets	$	440,190	$	452,955
Total liabilities	$	318,270	$	320,238
Total partners’ capital	$	121,920	$	132,717

The following table provides the summarized income statement of the Operating Partnership for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Total revenues	$	8,450		$	8,223		$	16,845		$	15,501
Net loss	$	(2,898	)	$	(3,616	)	$	(6,018	)	$	(6,207	)