Investment in Operating Partnership (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Summary of Contributions to Operating Partnership

The following table details the Company’s contributions to the Operating Partnership during the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026 (1)		2025		2026 (1)(2)		2025
Amount contributed	$	484	$	2,179	$	1,606	$	3,338
Units received:
Class T		6,789		37,506		19,851		57,648
Class D		73		16,397		293		19,321
Class I		6,317		37,229		35,113		61,957
Class X-1		7,452		—		13,923		—

(1)

On May 1, 2026, the Company consolidated the Operating Partnership. The table represents contributions prior to May 1, 2026.

(2)

Includes $27 for the issuance of Class I OP Units corresponding to the restricted share grants by the Company to its independent directors during the six months ended June 30, 2026.

Summary of Investment in Operating Partnership

The Company’s investment in the Operating Partnership as of April 30, 2026 was as follows:


				Carrying Amount
	Ownership Percentage (1)			April 30, 2026 (2)
Class T OP Units		3.2	%	$	3,758
Class D OP Units		0.4	%		454
Class I OP Units		6.4	%		7,263
Class X-1 OP Units		0.3	%		417
Total		10.3	%	$	11,892

(1)

Represents OP Units held by the Company as a percentage of total OP Units outstanding at the Operating Partnership. As of April 30, 2026, the Operating Partnership had issued Class A OP Units, Class T OP Units, Class D OP Units, Class I OP Units and Class X-1 OP Units and 97.8% of the Class T OP Units, 100.0% of the Class D OP Units, 80.7% of the Class I OP Units and 100% of the Class X-1 OP Units were held by the Company.

(2)

Excludes $1,352 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 amortized/accreted the basis difference on a straight-line basis consistent with the lives of the underlying assets. The net amortization of the basis difference was $3 and $11 for the three and six months ended June 30, 2026, respectively, and is included within loss from equity method investment in Operating Partnership in the accompanying statements of operations and comprehensive income (loss).

The Company’s investment in the Operating Partnership as of December 31, 2025 was as follows:


				Carrying Amount
	Ownership Percentage (1)			December 31, 2025 (2)
Class T OP Units		2.9	%	$	3,587
Class D OP Units		0.4	%		472
Class I OP Units		5.8	%		6,863
Class X-1 OP Units		0.1	%		99
Total		9.2	%	$	11,021

(1)

Represents OP Units held by the Company as a percentage of total OP Units outstanding at the Operating Partnership. As of December 31, 2025, the Operating Partnership had issued Class A OP Units, Class T OP Units, Class D OP Units, Class I OP Units and Class X-1 OP Units, and 97.6% of the Class T OP Units, 100% of the Class D OP Units, 79.1% of the Class I OP Units and 100% of the Class X-1 OP Units were held by the Company.

(2)

Excludes $1,022 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 amortized/accreted the basis difference on a straight-line basis consistent with the lives of the underlying assets. The net amortization of the basis difference was $11 for the year ended December 31, 2025.

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, 2026 and 2025 was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026 (1)			2025			2026 (1)			2025
IPC Alternative Real Estate Operating Partnership, LP	$	(100	)	$	(173	)	$	(463	)	$	(311	)

(1)

On May 1, 2026, the Company consolidated the Operating Partnership. The table represents the results of operations prior to May 1, 2026.

Summary of Financial Information of Operating Partnership

The following table provides the summarized balance sheet of the Operating Partnership as of April 30, 2026 and December 31, 2025:


	April 30, 2026		December 31, 2025
Total assets	$	426,383	$	431,720
Total liabilities	$	320,063	$	317,506
Total partners’ capital	$	106,320	$	114,214

The following table provides the summarized income statement of the Operating Partnership for the period from April 1, 2026 to April 30, 2026 and for the period from January 1, 2026 to April 30, 2026.


	Period from April 1, 2026 to April 30, 2026			Period from January 1, 2026 to April 30, 2026
Total revenues	$	2,890		$	11,520
Net loss	$	(870	)	$	(4,431	)

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


	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
Total revenues	$	8,450		$	16,845
Net loss	$	(2,898	)	$	(6,018	)