Investment in Operating Partnership (Tables)

6 Months Ended

Jun. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Summary of Investment in Operating Partnership

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

amortizes/accretes the basis difference on a straight-line basis consistent with the lives of the underlying assets. The net accretion of the basis difference was $5 for the year ended December 31, 2024.

Summary of Share of Operating Partnership's Loss

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	)

Summary of Financial Information of 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	)