# EDGAR Filing Document

**Accession Number:** 0001528985
**File Stem:** 0001193125-25-214755
**Filing Date:** 2025-9
**Character Count:** 129202
**Document Hash:** b4d25454fc7d117b06c5bfc1b7af26df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-214755.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001193125-25-214755

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251119

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Inland Real Estate Income Trust, Inc.
- **CENTRAL INDEX KEY:** 0001528985
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 453079597
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55146
- **FILM NUMBER:** 251336389

**BUSINESS ADDRESS:**
- **STREET 1:** 2901 BUTTERFIELD ROAD
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523
- **BUSINESS PHONE:** 6302188000

**MAIL ADDRESS:**
- **STREET 1:** 2901 BUTTERFIELD ROAD
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Inland Monthly Income Trust, Inc.
- **DATE OF NAME CHANGE:** 20120130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Inland Core Assets Real Estate Trust, Inc.
- **DATE OF NAME CHANGE:** 20110830

?xml version='1.0' encoding='ASCII'? DEF 14A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a)

of the Securities Exchange Act of 1934

(Amendment No. ____)

Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐

☐ Preliminary Proxy Statement

☐ **Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))**

☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material under Section 240.14a-12

---

| |
|:---|
| Inland Real Estate Income Trust, Inc. |
| (Name of Registrant as Specified In Its Charter) |
| (Name of Person(s) Filing Proxy Statement, if other than the Registrant) |

---

---

| | |
|:---|:---|
| Payment of Filing Fee (Check the appropriate box): | Payment of Filing Fee (Check the appropriate box): |
| ☒ | No fee required. |
| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(l) and 0-11. |

---

------

**INLAND REAL ESTATE INCOME TRUST, INC.**

**NOTICE OF ANNUAL MEETING OF STOCKHOLDERS AND PROXY STATEMENT**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;November 19, 2025 |
| &nbsp;&nbsp;Time: | &nbsp;&nbsp;**2:00 p.m. Central Time** |
| &nbsp;&nbsp;Place: | &nbsp;&nbsp;2901 Butterfield Road |
|  | &nbsp;&nbsp;Oak Brook, Illinois 60523  |

---

------

Inland Real Estate Income Trust, Inc.

2901 Butterfield Road

Oak Brook, Illinois 60523

(866) 694-6526

**Notice of Annual Meeting of Stockholders** 

**to be held November 19, 2025**

Dear Stockholder:

Our annual stockholders' meeting will be held on November 19, 2025, at 2:00 p.m. Central Time, at our principal executive offices located at 2901 Butterfield Road in Oak Brook, Illinois 60523. At our annual meeting, we will ask you to consider and vote upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.a proposal to elect two Class I directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.a proposal to ratify the selection of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.a proposal to adopt a non-binding advisory resolution approving the executive compensation for certain of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.a proposal to adopt a non-binding resolution approving the frequency of the "Say on Pay" vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.any other business that may be properly presented at the annual meeting and any postponement or adjournment thereof.

If you were a stockholder of record at the close of business on September 23, 2025, you may vote at the annual meeting and any postponements or adjournments thereof. We are using the "Notice and Access" method of providing proxy materials to stockholders via the Internet. This process provides stockholders with a convenient and quick way to access the proxy materials and vote while lowering our costs. We expect to begin mailing a Notice of Internet Availability of Proxy Materials (the "Notice") on or about September 30, 2025 and will post our proxy materials on the website referenced in the Notice and in our proxy statement. As will be more fully described in any Notice, stockholders may choose to access our proxy materials on the website or you may request to receive a printed set of our proxy materials.

**Regardless of whether you plan to attend the meeting and vote in person, we urge you to have your vote recorded as early as possible. Stockholders have the following three options for submitting their votes by proxy: (1) via the Internet; (2) by telephone; or (3) by mail, if a paper proxy card has been provided to you.**

**<u>Your vote is very important! Your immediate response will help avoid potential delays and may save us significant additional expenses associated with soliciting stockholder votes.</u>**

By order of the Board of Directors,

![img66889490_0.jpg](img66889490_0.jpg)

Cathleen M. Hrtanek

Secretary

September 24, 2025

------

 **Table of Contents**

---

| | |
|:---|:---|
|  | <u>Page</u> |
| [<u>INFORMATION ABOUT THE ANNUAL MEETING</u>](#toc_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Important Notice Regarding the Availability of Proxy Materials</u>](#toc_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Information About Attending the Annual Meeting</u>](#toc_3) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Information About Voting</u>](#toc_4) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Information Regarding Tabulation of the Vote</u>](#toc_5) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Quorum Requirement</u>](#toc_6) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Information About Vote Necessary for Action to be Taken</u>](#toc_7) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Broker Non-Votes</u>](#toc_8) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Costs of Proxies</u>](#toc_9) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Other Matters</u>](#toc_10) | 5 |
| [<u>STOCK OWNERSHIP</u>](#toc_11) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Stock Owned by Certain Beneficial Owners and Management</u>](#toc_12) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Interest of Certain Persons in Matters to Be Acted On</u>](#toc_13) | 6 |
| [<u>BOARD OF DIRECTORS AND CORPORATE GOVERNANCE PRINCIPLES</u>](#toc_14) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Board of Directors</u>](#toc_15) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Nominees for Class I Directors</u>](#toc_16) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Continuing Directors</u>](#toc_17) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Independence</u>](#toc_18) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Board Leadership Structure and Risk Oversight</u>](#toc_19) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Independent Director Compensation</u>](#toc_20) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Meetings of the Board of Directors, Committees and Stockholders</u>](#toc_21) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Committees of our Board of Directors</u>](#toc_22) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Communicating with Directors</u>](#toc_23) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Non-Retaliation Policy</u>](#toc_24) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Anti-Hedging Policy</u>](#toc_25) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Insider Trading Policy</u>](#toc_26) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Code of Ethics</u>](#toc_27) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>EXECUTIVE OFFICERS AND EXECUTIVE COMPENSATION</u>](#toc_28) | 16 |
| [<u>COMPENSATION DISCUSSION AND ANALYSIS</u>](#toc_29) | 17 |
| [<u>COMPENSATION COMMITTEE REPORT</u>](#toc_30) | 18 |
| [<u>COMPENSATION TABLES</u>](#toc_31) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Summary Compensation Table</u>](#toc_32) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Grants of Plan-Based Awards for Fiscal Year 2024</u>](#toc_33) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Outstanding Equity Awards at Fiscal Year-End</u>](#toc_34) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Potential Payments Upon Termination or Change-in-Control</u>](#toc_35) | 20 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Pay Ratio</u>](#toc_36) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Policies and Practices Related to the Grant of Certain Equity Awards</u>](#toc_37) | 20 |
| [<u>COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION</u>](#toc_38) | 21 |
| [<u>DELINQUENT SECTION 16(a) REPORTS</u>](#toc_39) | 22 |
| [<u>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</u>](#toc_40) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Business Management Agreement</u>](#toc_41) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Real Estate Management Agreement</u>](#toc_42) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Other Fees and Expense Reimbursements</u>](#toc_43) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Policies and Procedures with Respect to Related Party Transactions</u>](#toc_44) | 25 |
| [<u>AUDIT COMMITTEE REPORT</u>](#toc_45) | 26 |
| [<u>PROPOSAL NO. 1 – ELECTION OF Class I DIRECTORS</u>](#toc_46) | 27 |
| [<u>PROPOSAL NO. 2 – RATIFY SELECTION OF KPMG LLP</u>](#toc_47) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Fees to Independent Registered Public Accounting Firm</u>](#toc_48) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Approval of Services and Fees</u>](#toc_49) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>PROPOSAL NO. 3 — NON-BINDING ADVISORY VOTE ON NAMED EXECUTIVE OFFICER COMPENSATION</u>](#toc_50) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>PROPSAL NO. 4 — NON-BINDING ADVISORY RESOLUTION ON THE FREQUENCY OF THE NON-BINDING ADVISORY RESOLUTION REGARDING THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS</u>](#toc_51) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>STOCKHOLDER PROPOSALS FOR 2026 ANNUAL MEETING</u>](#toc_52) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Director Candidates Proposed by Stockholders</u>](#toc_53) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Other Stockholder Proposals</u>](#toc_54) | 32 |

---

------

*This proxy statement contains information related to the annual meeting of stockholders to be held November 19, 2025, beginning at 2:00 p.m. Central Time, at our principal executive offices located at 2901 Butterfield Road, Oak Brook, Illinois 60523, and at any postponements or adjournments thereof.*

**INFORMATION ABOUT THE ANNUAL MEETING**

The board of directors of Inland Real Estate Income Trust, Inc. (referred to herein as the "Company," "we," "our" or "us"), a Maryland corporation, is soliciting your vote for the 2025 annual meeting of stockholders. At the meeting, you will be asked to consider and vote upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.a proposal to elect two Class I directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.a proposal to ratify the selection of KPMG LLP ("KPMG") as our independent registered public accounting firm for the fiscal year ending December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.a proposal to adopt a non-binding advisory resolution approving the executive compensation for certain of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.a proposal to adopt a non-binding resolution approving the frequency of the "Say on Pay" vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.any other business that may be properly presented at the annual meeting and any postponement or adjournment thereof.

The board of directors recommends that you vote "FOR" each of the first three proposals and for a frequency of "ONE YEAR" on proposal four.

## *Important Notice Regarding the Availability of Proxy Materials* 
**Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting to be Held on November 19, 2025.** This proxy statement and our Annual Report on Form 10-K for the year ended December 31, 2024 (our "Annual Report") are available at <u>www.proxyvote.com</u>. Pursuant to rules adopted by the Securities and Exchange Commission (the "SEC"), we are providing stockholders with access to our proxy materials over the Internet by mailing a Notice of Internet Availability of Proxy Materials (the "Notice") instead of mailing paper copies of the proxy materials to each stockholder. This allows us to provide our stockholders with the information they need while lowering our costs. On or about September 30, 2025, we will begin mailing the Notice containing instructions on how to access our proxy materials over the Internet and to authorize your proxy online. The Notice is not a proxy and cannot be marked or submitted to vote your shares. All stockholders receiving the Notice will have the ability to request a paper copy of the proxy materials by mail by following the instructions provided on the Notice. In addition, the Notice contains instructions for electing to receive proxy materials by e-mail. If you own shares of common stock in more than one account, such as individually and jointly with your spouse, you may have received more than one Notice. Please make sure to vote all your shares.

**You will not receive paper copies of the proxy materials, including our Annual Report, unless you request the materials by following the instructions on the Notice or on the website referred to in the Notice. If requested by stockholders, we also will provide copies of exhibits to our Annual Report for a reasonable fee.**

The SEC has adopted a rule concerning the delivery of documents filed by us with the SEC, including proxy statements and annual reports, that allows us to, among other things, send a single set of any proxy statement, annual report, notices or information statement to any household at which two or more stockholders reside if they share the same address. This procedure is referred to as "Householding." This rule benefits both you and us by reducing the volume of duplicate information received at your household and helps us reduce expenses. Each stockholder subject to Householding will continue to have a separate stockholder identification number and receive a separate proxy card or voting instruction card.

------

Upon written or oral request, we will promptly have a separate copy of our Annual Report and this Proxy Statement delivered to a stockholder at a shared address to which a single copy was previously delivered. If you have any questions about this Proxy Statement or the annual meeting or if you received a single set of disclosure documents for this year, but you would prefer to receive your own copy, you may direct requests for separate copies by calling **(800) 579-1639** or email us a request to **sendmaterial@materialnotice.com*.*** You may also visit the following website to request materials: www.**materialnotice.com** **.** 

We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements and other information we file with the SEC on the website maintained by the SEC at *www.sec.gov*. Our SEC filings also are available to the public at the SEC's Public Reference Room located at 100 F Street, N.E., Washington, DC 20549. You also may obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Washington, DC 20549. Please call the SEC at (800) SEC-0330 for further information regarding the public reference facilities.

## *Information about Attending the Annual Meeting* 
We welcome your attendance at the annual meeting of stockholders. If you plan on attending the meeting, please contact us at 866-694-6526, so that we can arrange for sufficient space to accommodate all attendees.

If your shares are held by a broker, bank or other nominee, you must follow the instructions provided by your broker, bank or other nominee to vote your shares and you may not vote your shares in person at the meeting unless you obtain a legal proxy. Beneficial holders who want to attend and vote in person at the Annual Meeting will need to obtain a legal proxy, in PDF or Image (gif, jpg, or png) file format, from the organization that holds their shares giving the right to vote their shares in person at the Annual Meeting and by presenting it with their ballot during the meeting.

## *Information about Voting* 
Holders of our common stock at the close of business on September 23, 2025 (the "Record Date") are entitled to receive notice of and to vote their shares at the annual meeting. As of the Record Date, there were 36,117,282 shares of our common stock outstanding. Each share of common stock is entitled to one vote on each matter properly brought before the meeting.

Your vote is needed to ensure that the proposals can be acted upon. **<u>Your vote is very important, even if you own a small number of shares. Your immediate response will help avoid potential delays and may save the Company significant additional expense associated with soliciting stockholder votes</u>**.

You may vote in person or by granting us a proxy to vote on the proposals. A proxy is a person who votes the shares of stock of another person who cannot attend a meeting. The term "proxy" also refers to the proxy card or other method of appointing a proxy. By submitting your proxy to us, you are appointing each of Jerry Kyriazis and Cathleen M. Hrtanek as your proxy, and you are giving each of them permission to vote your shares of the Company's common stock at the annual meeting.

You may authorize a proxy in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•via the Internet, by following the instructions and using the control number or QR barcode provided on the proxy card or the Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•via telephone, by calling (800) 690-6903 and following the instructions provided on the proxy card provided to you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•via mail, if you received a printed set of proxy materials, by completing, signing, dating and returning the paper proxy card provided to you in the envelope enclosed therewith, if it is received by us no later than November 18, 2025.

------

You can authorize a proxy via the Internet or by telephone at any time prior to 11:59 p.m., Eastern Time, on November 18, 2025, the day before the annual meeting. For those stockholders with Internet access, we encourage you to authorize a proxy to vote your shares via the Internet, because it is quick, convenient and reduces our costs. Authorizing a proxy to vote your shares by following the instructions on the enclosed proxy card prior to the meeting date will ensure that your vote is recorded immediately and avoid postal delays that my cause your proxy to arrive late in which case your vote will not be counted. If you mail proxy cards, please sign, date and return each proxy card to guarantee that all your shares of common stock are voted.

If you return your proxy card but do not indicate how your shares should be voted, they will be voted: (1) "**FOR**" the election of Gwen Henry and Bernard J. Michael as Class I directors to serve until our 2028 annual meeting and until their respective successors are duly elected and qualify; (2) "**FOR**" the ratification of the selection of KPMG as our independent registered public accounting firm for the fiscal year ending December 31, 2025; (3) "**FOR**" the proposal to adopt a non-binding resolution approving the executive compensation for certain of our named executive officers; and (4) "**ONE YEAR**" for the proposal regarding the frequency of the "Say on Pay" resolution. If you grant us a proxy, you may nevertheless revoke your proxy at any time before it is exercised by: (1) sending written notice that must be received by us no later than November 18, 2025 at Inland Real Estate Income Trust, Inc., 2901 Butterfield Road, Oak Brook, Illinois 60523, Attention: Ms. Judith Fu, Vice President, Administration; (2) providing us with a later-dated proxy received by us no later than November 18, 2025; or (3) attending the annual meeting in person and voting your shares. Merely attending the annual meeting, without further action, will not revoke your proxy.

*Street Name Stockholders*. If you are the beneficial owner of shares (that is, you held your shares in "street name" through an intermediary such as a broker, bank or other nominee) as of the close of business on the Record Date, you will receive instructions from your broker, bank or other nominee as to how to vote your shares or submit a proxy to have your shares voted. Please use the voting forms and instructions provided by your broker, bank or other nominee. In most cases, you will be able to do this by following the instructions on the enclosed proxy card or possibly by telephone depending on the broker's procedures. **You should instruct your broker, bank or other nominee how to vote your shares by following the directions provided by your broker, bank or other nominee.**

If you are the beneficial owner of your shares but not a registered stockholder, you should contact your broker, bank or other nominee to change your vote or revoke your proxy.

## *Information Regarding Tabulation of the Vote* 
This solicitation of proxies is made by and on behalf of our board of directors. Under applicable regulations of the SEC, each of our directors and director nominees, and certain of our officers, may solicit proxies and are "participants" in this proxy solicitation on behalf of the board. We have also engaged Broadridge Investor Communication Solutions, Inc. ("Broadridge") located at 51 Mercedes Way, Edgewood, New York 11717, to solicit proxies on our behalf. In addition, Broadridge will tabulate all votes cast at the annual meeting and will act as the inspector of election.

## *Quorum Requirement* 
There must be a quorum present for stockholders to act at the annual meeting. The presence, in person or by proxy, of stockholders entitled to cast a majority of all votes entitled to be cast at the annual meeting will constitute a quorum. If you submit a properly executed proxy card, even if you abstain from voting or do not give instructions for voting, then your shares will be considered present for purposes of establishing a quorum.

## *Information about Vote Necessary for Action to be Taken* 
*<u>Proposal No. 1</u>.* With regard to the election of Gwen Henry and Bernard J. Michael as Class I directors to serve until our 2028 annual meeting and until their respective successors are duly elected and qualify, you may: (i) vote "FOR ALL" of the nominees; (ii) withhold your vote for all of the nominees by voting "WITHHOLD ALL," or (iii) vote for all of the nominees except for certain nominee(s) by voting "FOR ALL" and striking a line through that nominee(s') name(s) or number(s) on the proxy card or, if voting electronically, making individual selections on the electronic proxy card. A plurality of all the votes of shares of common stock cast at the annual meeting, assuming a

------

quorum is represented, is required to elect each nominee for director. Withheld votes will be counted for purposes of establishing a quorum and as a vote cast at the annual meeting but will have no effect on the result of the vote for a nominee if there is at least one vote "FOR" that nominee. For purposes of this proposal, broker non-votes, if any, will not be counted as votes cast and will have no effect on the result of the vote but will be considered present for the purpose of determining the presence of a quorum.

*<u>Proposal No. 2</u>.* Regarding the proposal relating to the ratification of the selection of KPMG as our independent registered public accounting firm for the fiscal year ending December 31, 2025, you may vote "FOR" or "AGAINST" the proposal, or you may "ABSTAIN" from voting on the proposal. A majority of the votes cast at the annual meeting, assuming a quorum is represented, is required to ratify this proposal. Abstentions will not be counted as votes cast but will be counted for purposes of establishing a quorum.

<u>Proposal No. 3</u>. *Non-binding resolution approving the executive compensation for certain of our named executive officers*. This proposal requires the affirmative vote of a majority of all the votes cast on the proposal at a meeting at which a quorum is present. For purposes of this proposal, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote on this proposal but will be considered present for purposes of determining the presence of a quorum.

<u>Proposal No. 4</u>. *Non-binding resolution approving the frequency of the Say on Pay vote*. This proposal requires the affirmative vote of a majority of all the votes cast on the proposal at a meeting at which a quorum is present, although we will take under advisement the choice (every year, two years or three years) that receives the most votes even if less than a majority of the votes cast. For purposes of this proposal, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote on this proposal but will be considered present for purposes of determining the presence of a quorum. Because the Say on Frequency proposal is an advisory vote, the vote on this proposal is not binding on the board, the compensation committee or the Company.

**Our board of directors (including all the independent directors) unanimously approved each of the proposals at its meeting on September 8, 2025 and recommends that you vote "FOR" each of the first three proposals and for a frequency of "ONE YEAR" on proposal four.**

## *Broker Non-Votes* 
A "broker non-vote" occurs when a broker holding stock on behalf of a beneficial owner submits a proxy but does not vote on a particular proposal, for example, because the broker does not have discretionary power with respect to that proposal and has not received instructions from the beneficial owner. Brokers are not allowed to exercise their voting discretion with respect to the election of directors or for the approval of other matters which applicable exchange rules determine to be "non-routine," without specific instructions from the beneficial owner. Proposal No. 2 regarding ratification of KPMG is the only matter that is considered routine for these purposes.

## *Costs of Proxies* 
The Company will bear all costs and expenses incurred in connection with soliciting proxies. Our directors and executive officers, as well as certain employees of our business manager, IREIT Business Manager & Advisor, Inc. (referred to herein as the "Business Manager"), also may solicit proxies by mail, personal contact, letter, telephone, facsimile or other electronic means. These individuals will not receive any additional compensation for these activities but may be reimbursed by us for their reasonable out-of-pocket expenses. In addition, the Company has engaged Broadridge to solicit proxies on its behalf. We expect to pay Broadridge aggregate fees, costs and expenses of approximately $91,000 for soliciting proxies plus other fees and expenses for other services related to this proxy statement including disseminating broker search cards; distributing proxy materials; operating online and telephone voting systems; and receiving executed proxies. We will reimburse brokers and other custodians, nominees and fiduciaries for their reasonable out-of-pocket expenses to the extent they forward proxy materials to our stockholders.

------

## *Other Matters* 
We are not aware of any other matters to be presented at the annual meeting. Generally, no business aside from the items discussed in this proxy statement may be carried out at the meeting. If, however, any other matter properly comes before the annual meeting as determined by the chair of the meeting, your proxies are authorized to act on the proposal at their discretion.

------

# STOCK OWNERSHIP

## *Stock Owned by Certain Beneficial Owners and Management* 
Based on a review of filings with the SEC, the following table reflects the amount of common stock beneficially owned (unless otherwise indicated) by: (1) persons that beneficially own more than 5% of the outstanding shares of our common stock; (2) our directors and each nominee for director; (3) our officers; and (4) our directors and officers as a group. All information is as of September 23, 2025.

---

| | |
|:---|:---|
| **Name and Address of Beneficial Owner and Nature of Beneficial Ownership**<sup>(1)</sup> | **Amount**<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Catherine L. Lynch Director and Chairperson of the Board<sup>(3)</sup> | 970<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Lee A. Daniels, Lead Independent Director<sup>(4)</sup> | 11978<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Stephen L. Davis, Independent Director<sup>(5)</sup> | 9832<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Gwen Henry, Independent Director<sup>(6)</sup> | 10303<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Bernard J. Michael, Independent Director<sup>(7)</sup> | 9809<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark E. Zalatoris, Director, President and Chief Executive Officer | —<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Jerry Kyriazis, Chief Financial Officer and Treasurer | —<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Judith Fu, Vice President<sup>(8)</sup> | 642<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Cathleen M. Hrtanek, Secretary<sup>(9)</sup> | 222<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitchell A. Sabshon, Former President and Chief Executive Officer<sup>(10)</sup> | 2654<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Daniel Zatloukal, Senior Vice President | —<br> \* |
| All officers and directors as a group (11 persons) | 46410<br> \* |

---

\* Less than 1%

(1)The business address of each person listed in the table is c/o Inland Real Estate Income Trust, Inc., 2901 Butterfield Road, Oak Brook, Illinois 60523. The footnotes below include the nature of the ownership of the corresponding beneficial owner.

(2)All fractional ownership amounts have been rounded to the nearest whole number.

(3)Ms. Lynch shares voting and dispositive power with her husband over all the shares they own.

(4)Includes 3,288 unvested restricted shares. Mr. Daniels has sole voting and investment power over all the shares he beneficially owns.

(5)Includes 3,288 unvested restricted shares. Mr. Davis has sole voting and investment power over all the shares he beneficially owns.

(6)Includes 3,288 unvested restricted shares. Ms. Henry shares voting and dispositive power with her husband over all the shares they own.

(7)Includes 3,288 unvested restricted shares. Mr. Michael has sole voting and investment power over all the shares he beneficially owns.

(8)Ms. Fu has sole voting and investment power over all shares she beneficially owns.

(9)Ms. Hrtanek has sole voting and investment power over all the shares she beneficially owns.

(10)Mr. Sabshon has sole voting and investment power over all of the shares that he beneficially owns.

## *Interest of Certain Persons in Matters to Be Acted On* 
No director, executive officer, nominee for election as a director or associate of any director, executive officer or nominee has any substantial interest, direct or indirect, through security holdings or otherwise, in any matter to be acted upon at the annual meeting.

------

# BOARD OF DIRECTORS AND CORPORATE GOVERNANCE PRINCIPLES

## *Board of Directors* 
In accordance with our charter, our board of directors is divided into three classes. Each director serves until the annual meeting of stockholders held in the third year following the year of his or her election and until that person's successor is duly elected and qualifies. At this year's annual meeting, two persons will be elected to serve as Class I directors until our 2028 annual meeting and until their successors are duly elected and qualify. The number of directors in each class may be changed from time to time by the board to reflect matters such as an increase or decrease in the number of directors so that each class, to the extent possible, will have the same number of directors. Our bylaws state that the number of directors may not be less than one, which is the minimum number required by Maryland General Corporation Law, or more than 15. The number of directors on the board is currently fixed at six, of which four are independent.

Our corporate governance guidelines require a majority of our directors to be "independent directors" as that term is defined in the rules of the New York Stock Exchange (the "NYSE") and the applicable rules of the SEC. A director of the Company may resign at any time by delivering his or her resignation to the board, the chairman of the board or the secretary. Any resignation will take effect immediately upon its receipt or at such a later time specified in the resignation. The acceptance of a resignation will not be necessary to make it effective unless otherwise stated in the resignation.

The table set forth below lists the names, ages and certain other information about Gwen Henry and Bernard J. Michael, each of whom is a Class I director and a nominee for election as a Class I director at the annual meeting, and each of the other continuing members of our board:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I Director Nominees** | **Class** | **Age** | **Position** | **Director Since** | **Current Term Expires\*** | **Expiration of Term For Which Nominated\*** |
| Gwen Henry | I | 84 | Independent Director, Audit Committee Chair | 2012 | 2025 | 2028 |
| Bernard J. Michael | I | 65 | Independent Director, Compensation Committee Chair | 2014 | 2025 | 2028 |
| **Continuing Directors** | **Class** | **Age** | **Position** | **Director Since** | **Current Term Expires\*** |  |
| Stephen L. Davis | II | 67 | Independent Director, Nominating and Corporate Governance Committee Chair | 2012 | 2026 |  |
| Mark E. Zalatoris | II | 68 | Director, President and Chief Executive Officer | 2024 | 2026 |  |
| Lee A. Daniels | III | 82 | Lead Independent Director | 2012 | 2027 |  |
| Catherine L. Lynch | III | 66 | Director, Chair of the Board | 2025 | 2027 |  |

---

\*Each director will remain in office regardless of their term until a successor is duly elected and qualifies or the person resigns or is removed.

The following sets forth the principal occupation and business of each nominee and each continuing director, as well as the specific experience, qualifications, attributes and skills that led to the board's conclusion that the nominee is well-qualified to serve as a director. All ages are stated as of January 1, 2025. As used herein, "Inland" refers to some or all the entities that are a part of The Inland Real Estate Group of Companies, Inc., which is comprised of separate and independent legal entities, such as the Company's original sponsor Inland Real Estate Investment Corp. ("IREIC"), some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof.

------

## *Nominees for Class I Directors* 
***Gwen Henry, 84.*** Independent director since February 2012. Ms. Henry serves as chairperson of the audit committee and is a member of the nominating and corporate governance committee and the compensation committee. Ms. Henry currently has served as the treasurer of DuPage County, Illinois since December 2006. In this position, Ms. Henry is responsible for the custody and distribution of DuPage County funds. In addition, from April 1981 to 2019, Ms. Henry was a partner at Dugan & Lopatka, a regional accounting firm, and a member of the firm's controllership and consulting services practice, where she specialized in financial consulting and tax and business planning for privately-held companies. Since December 2009, Ms. Henry has served as a board member of the Illinois Municipal Retirement Fund, a $55 billion fund which has investments exceeding $1.5 billion allocated to real estate. She currently serves as chair of the Fund's investment committee and is a member of the audit committee and the legislative committee.

Ms. Henry previously served as a commissioner of the DuPage County Forest Preserve from December 2002 to November 2006 and as chair to the special committee responsible for the DuPage County Budget from December 2002 to November 2004 and was a member of the DuPage County finance committee from November 1996 to November 2002. Ms. Henry also has held several board and chair positions for organizations including as treasurer of the Marianjoy Rehabilitation Hospital from June 2002 to May 2008, chairperson of the board of the Central DuPage Health System from October 1995 to September 1999, and director of the Central DuPage Hospital Foundation from October 2002 to 2016. She was elected and served as Mayor of the City of Wheaton, Illinois from March 1990 to December 2002. Ms. Henry received her bachelor's degree from the University of Kansas. She is a certified public accountant, a designated certified public funds investment manager and a certified public finance administrator.

Our board believes that Ms. Henry's over 35 years of public accounting experience, coupled with her governmental and board experience, makes her well qualified to serve as a member of our board of directors.

***Bernard J. Michael, 65.*** Independent director since September 2014. Mr. Michael has served as the chairperson of the compensation committee since its formation, is a member of the audit committee and, since September 2017, has been a member of the nominating and corporate governance committee. Mr. Michael founded AWH Partners, LLC, a privately held real estate investment, development and management firm. He served as managing partner of the firm until 2018 and owns a minority interest in the firm. Under Mr. Michael's leadership, AWH acquired more than $1.4 billion of hotel investments and was managing or completed hotel redevelopment projects totaling more than $300 million. In early 2012, AWH acquired Lane Hospitality, which it rebranded as Spire Hospitality, a top-tier national hospitality platform formed in 1980. Mr. Michael also served as the chairman and chief executive officer and president of the Center for Jewish History, a not-for-profit museum and archive in New York, until 2024.

Mr. Michael has over 25 years of experience as a practicing lawyer specializing in real estate with a focus on sophisticated real estate transactions across all asset classes for some of the world's largest property owners, developers and lenders. Mr. Michael was the founder and senior partner of Michael, Levitt & Rubenstein, LLC, a law firm focusing on real estate sales, acquisitions, development, leasing and financing. Mr. Michael and his team worked on some of the largest transactions in New York City, including the development of Time Warner Center and the Hudson Yards projects for The Related Companies. In addition, Mr. Michael and his firm represented developers on major multi-family, retail, office and hospitality projects in China, Saudi Arabia, and in most major cities across the United States.

Prior to forming Michael, Levitt & Rubenstein LLC, Mr. Michael was a partner in the real estate group at Proskauer Rose, LLP. Prior to that, Mr. Michael was an attorney at Weil, Gotschal & Manges and Shea & Gould. Mr. Michael is a graduate of Brown University and New York University School of Law.

Our board believes that Mr. Michael's prior business experience and his leadership qualities make him well qualified to serve as a member of our board of directors.

------

## *Continuing Directors* 
***Lee A. Daniels, 82.*** Independent director since February 2012 and lead independent director since September 2017. Mr. Daniels serves as a member of the nominating and corporate governance committee, the audit committee and the compensation committee. Mr. Daniels served on the board of Kite Realty Group from 2014 to 2021 and the board of Inland Diversified Real Estate Trust, Inc., an entity formed and sponsored by affiliates of the Business Manager, from its inception in 2008 until its merger with Kite in 2014.

In February 2007, Mr. Daniels founded Lee Daniels & Associates, LLC, a consulting firm for government and community relations. Prior to that, Mr. Daniels was an equity partner at the Chicago law firm of Bell Boyd & Lloyd from 1992 to 2006, an equity partner at Katten, Muchin & Zavis from 1982 to 1991, and an equity partner at Daniels & Faris from 1967 to 1982. Mr. Daniels served as Special Assistant Attorney General for the State of Illinois from 1971 to 1974. He served as a member of the Illinois House of Representatives from 1975 to 2007, was the Republican Leader from 1983 to 1995 and 1998 to 2003, and was Speaker of the Illinois House of Representatives from 1995 to 1997.

Mr. Daniels served on the board of directors of Haymarket Center, a nonprofit behavioral health treatment center located in Chicago, Illinois from 2010 through 2024, and as its chairman of the board from 2014 through 2024. He served as the chair of the Presidential Search Committee for the College of DuPage from 2015 to 2016. He previously served on the board of Elmhurst Memorial Healthcare from 1981 to 2013, the board of governors from 1990 to 2013, and the board of the Elmhurst Memorial Hospital Foundation from 1980 to 1984 and in 2013. Mr. Daniels also served on the board of Suburban Bank and Trust Company of Elmhurst from 1994 to 1996, the board of Elmhurst Federal Savings and Loan Association from 1991 to 1994, and the board of DuPage Easter Seals from 1970 to 1973.

Mr. Daniels received his bachelor's degree from the University of Iowa and his law degree from the University of Illinois at Chicago Law School (f/k/a/ The John Marshall Law School). He received a Distinguished Alumni Award from both The John Marshall Law School and the University of Iowa, and an Honorary Doctor of Laws from Elmhurst College.

Our board believes that Mr. Daniels' depth of knowledge and experience, based on his over 50 years of legal practice and his service as a board member of other entities including other real estate investment trusts make him well qualified to serve as a member of our board of directors.

***Stephen L. Davis, 67.*** Independent director since February 2012. Mr. Davis serves as a member of the audit committee and the compensation committee as well as the chairperson of the nominating and corporate governance committee. Mr. Davis served on board of Heska Corporation from August 2020 until July 2023 and was a member of its audit committee and chair of its corporate governance committee in each case from February 2021 until July 2023. Mr. Davis also served on the board of PMI Energy Solutions, LLC from 2013 until 2023. Additionally, Mr. Davis served on the board of the Trust Company of Illinois from 2016 until 2022. Mr. Davis has over 30 years of experience in real estate development and has been the chairman of The Will Group, Inc., a construction-related company founded in 1986. In his position with The Will Group, Mr. Davis was instrumental in the construction of the Kennedy King College campus, located in Chicago, Illinois, and the coordination of the "Plan for Transformation" for Altgeld Gardens, a public housing development located in Chicago, Illinois. Since October 2003, Mr. Davis has overseen property management operations for several properties owned by his family-owned real estate trust, including a $28 million industrial development in Chicago's North Lawndale community.

Mr. Davis served as commissioner of aviation and chair of the board of the DuPage County Airport Authority overseeing management of the DuPage County Airport, Prairie Landing Golf Course and the 500-acre DuPage County Business Park from March 2005 until 2022. From 2006 to 2016, Mr. Davis served as a director of Wheaton Bank & Trust, and a member of its loan committee responsible for reviewing and analyzing residential and commercial loan portfolios, developer credentials and viability, home builders and commercial and industrial loans. Mr. Davis obtained his bachelor's degree from the University of Tennessee.

------

Our board believes that Mr. Davis's real estate development experience, his experience as a director of another public company and his leadership qualities makes him well qualified to serve as a member of our board of directors.

***Catherine L. Lynch, 66.*** Director and chairperson of the board since May 2025, Ms. Lynch served as our chief financial officer between April 2014 and May 2025 and treasurer between April 2018 and May 2025. Ms. Lynch joined IREIC in 1989 and has been a director of the Business Manager since August 2011. She has been a director of The Inland Group, LLC since June 2012 and has served as the treasurer and secretary (since January 1995), the chief financial officer (since January 2011) and a director (since April 2011) of IREIC and as a director (since July 2000) and chief financial officer and secretary (since June 1995) of Inland Securities Corporation. She also served as the chief financial officer of Inland Residential Properties Trust ("IRPT") and the IRPT business manager from December 2013 until October 2019 and treasurer of the IRPT business manager from December 2013 to October 2014. Ms. Lynch also serves as the chief financial officer and treasurer (since October 2016) of InPoint Commercial Real Estate Income, Inc. ("InPoint") and as the chief financial officer and treasurer of the InPoint advisor (since August 2016). Ms. Lynch also has served as a director of Inland Private Capital Corporation ("IPC") since May 2012. Ms. Lynch served as the treasurer of Inland Capital Markets Group, Inc. from January 2008 until October 2010, as a director and treasurer of Inland Investment Advisors, LLC from June 1995 to December 2014 and as a director and treasurer of Inland Institutional Capital, LLC from May 2006 to December 2014. Ms. Lynch worked for KPMG Peat Marwick LLP from 1980 to 1989. Ms. Lynch received her bachelor's degree in accounting from Illinois State University. Ms. Lynch is a member of the Illinois CPA Society. Ms. Lynch also is registered with the Financial Industry Regulatory Authority, Inc. ("FINRA") as a financial operations principal.

Our board believes that the depth and variety of Ms. Lynch's experience, especially the experience gained in her roles with various Inland-related entities, make her well qualified to serve as a member of our board of directors.

***Mark E. Zalatoris, 68.*** Director, president and chief executive officer since February 2024. Since 2018, Mr. Zalatoris has been the lead independent director of Parkway Bancorp and its wholly-owned subsidiary, Parkway Bank. Mr. Zalatoris also served in multiple positions at IRC Retail Centers, a real estate investment trust ("REIT") formed and sponsored by affiliates of the Business Manager, including as a member of the board of directors. He served as chief executive officer and president from 2008 to 2017; executive vice president and chief operating officer from 2004 to 2008; and senior vice president, chief financial officer and treasurer from 2000 to 2004. IRC Retail Centers was also listed on the NYSE from 2004 to 2016 when the entity completed a cash-out merger with a third party. Mr. Zalatoris earned his undergraduate degree from University of Illinois, Urbana-Champaign and his Master of Accounting Science degree from University of Illinois, Urbana-Champaign.

Our board believes that Mr. Zalatoris' extensive finance and real estate experience, including previously serving as the chief executive officer of a publicly-traded REIT, make him well qualified to serve as a member of our board of directors.

## *Independence* 
Our business is managed under the direction and oversight of our board. As required by our Corporate Governance Guidelines, a majority of our board must be comprised of "independent directors" satisfying the director independence standards of the NYSE and applicable regulations promulgated by the SEC. The NYSE standards state that to qualify as an independent director, among other things, the board of directors must affirmatively determine that the director has no material relationship with the Company either directly or as a partner, stockholder or officer of an organization that has a relationship with the Company. The board annually reviews the relationships that each director has with the Company either directly or as a partner, stockholder or officer of an organization that has a relationship with the Company. Following the annual review, only those directors who the board affirmatively determine have no material relationship with the Company either directly or as a partner, stockholder or officer of an organization that has a relationship with the Company will be considered independent directors, subject to additional qualifications prescribed by the NYSE.

After reviewing any relevant transactions or relationships between each director, or any of his or her family members, and the Company, our management and our independent registered public accounting firm, and considering

------

each director's direct and indirect association with IREIC, the Business Manager or any of their affiliates, the board has determined that Messrs. Daniels, Davis and Michael and Ms. Henry qualify as independent directors.

## *Board Leadership Structure and Risk Oversight* 
Our board has separated the roles of the president and chair of the board to recognize the difference between the two roles. Mr. Zalatoris, in his role as our president and chief executive officer, is responsible for establishing the strategic direction for the Company and for providing the day-to-day leadership of the Company. Ms. Lynch, as chair of the board, organizes the work of the board and ensures that the board has access to sufficient information to carry out its functions. Ms. Lynch presides over meetings of the board of directors and stockholders, establishes the agenda for each meeting and oversees the distribution of information to directors.

Mr. Daniels currently serves as our "lead independent director." Although each board member is apprised of developments impacting our business, the lead independent director coordinates the activities of the independent directors and serves as the principal liaison between the independent directors and the chair of the board.

Mr. Daniels, in his capacity as lead independent director presides at board meetings if the chairperson of the board is absent; establishes board meeting agendas in collaboration with the chairperson of the board and the various committee chairs and recommends matters for the board and committees to consider; advises the chairperson of the board as to the quality, quantity and timeliness of the information submitted to the directors; calls meetings of the independent directors or calls for executive sessions during board meetings; and presides at meetings of the independent directors or executive sessions of the board in the absence of the chair. The lead independent director also performs such other responsibilities as the board may determine.

Our board believes that having a lead independent director with the duties and responsibilities described above provides the same independent leadership, oversight, and benefits to the Company and the board that would be provided by having an independent chair of the board. Our board, including our independent directors, is responsible for approving all material transactions. Each transaction between us and the Business Manager or its affiliates must be approved by the affirmative vote of a majority of our directors, including a majority of our independent directors, not otherwise interested in the transaction. In addition, each board member is kept apprised of our business and developments impacting our business and has complete and open access to the members of our management team, the Business Manager and our real estate manager, Inland Commercial Real Estate Services LLC (our "Real Estate Manager").

Our board oversees risk management for the Company through: (1) the board's review and discussion of regular periodic reports to the board of directors and its committees, including management reports and studies on existing market conditions, leasing activity and property operating data, as well as actual and projected financial results, and various other matters relating to our business; (2) requiring approval by the board of material transactions, including, among others, acquisitions and dispositions of properties, financings and our agreements with the Business Manager, our Real Estate Manager and the ancillary service providers; (3) reports from the audit committee; and (4) its review and discussion of regular periodic reports from our independent registered public accounting firm and other outside consultants or advisors regarding various areas of potential risk, including, among others, those relating to the qualification of the Company as a REIT for tax purposes and our internal control over financial reporting.

------

## *Independent Director Compensation* 
The following table summarizes compensation earned by the independent directors for the year ended December 31, 2024 (Dollar amounts in thousands). We do not compensate any director serving on our board that is not independent.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name | **Fees Earned<br>or Paid in<br>Cash** | **Stock<br>Awards**<sup>(1)</sup> | **Options<br>Awards** | **Non-Equity<br>Incentive Plan<br>Compensation** | **Change in Pension Value and Nonqualified Deferred Compensation Earnings** | **All Other<br>Compensation**<sup>(2)</sup> | **Total<br>Compensation** |
| Lee A. Daniels | $115 | $40 | $— | $— | $— | $4 | $159 |
| Stephen L. Davis | $105 | $40 | $— | $— | $— | $4 | $149 |
| Gwen Henry | $115 | $40 | $— | $— | $— | $4 | $159 |
| Bernard J. Michael | $106 | $40 | $— | $— | $— | $4 | $150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents the value of 2,086 restricted shares granted to each independent director on November 6, 2024. The number of restricted shares granted was calculated based on the estimated per share NAV as of December 31, 2023. See "Stock Compensation below."

&nbsp;&nbsp;&nbsp;&nbsp;(2)Represents the value of distributions received during the year ended December 31, 2024 on all restricted shares held through December 31, 2024.

***Cash Compensation***

We pay our independent directors an annual fee for serving on our board. This fee was increased effective June 1, 2024 to $90,000. The annual fee was previously $50,000. Prior to June 1, 2024, we also paid a fee to each independent director of $2,000 for each board meeting attended in-person or by video conference and $750 for each meeting of the board attended by telephone. We also paid a fee to each independent director of $1,400 for each committee of the board attended in person or by video and $550 for each meeting of each committee of the board attended by telephone. On May 7, 2024, the board eliminated all per-meeting fees. Effective June 1, 2024, we pay the chairperson of the nominating and corporate governance committee of our board an annual fee of $15,000 (increased from $8,500), the chairperson of the audit committee of our board an annual fee of $20,000 (increased from $13,200), the chairperson of the compensation committee of our board an annual fee of $15,000 and the lead independent director an annual fee of $20,000 (increased from $5,000).

Each independent director may elect to receive payment of all or a portion of his or her fee in the form of unrestricted shares in lieu of cash pursuant to our employee and director restricted share plan adopted and approved in 2016 (the "RSP") and may elect to defer the receipt of all or a portion of his or her fee pursuant to our director deferred compensation plan. We do not compensate any director that is not otherwise "independent."

***Stock Compensation***

Under the RSP, we may grant awards of restricted shares and restricted share units to directors, officers and employees (if we ever have employees) of us, our affiliate or the Business Manager. As a matter of policy, we grant awards of restricted stock to the persons serving as independent directors on the day of our annual meeting. For example, each independent director serving on the board at the time last year's annual meeting held on November 6, 2024 was completed was granted an award of restricted shares of common stock having a fair market value as of the date of grant equal to $40,000. For purposes of estimating fair market value, we used the Company's per share NAV which was previously estimated by the board as of December 21, 2023. This NAV has not been updated since that time, represented a snapshot in time of value, was based on several assumptions and estimates, all of which will likely change over time. Restricted shares and restricted share units issued to independent directors pursuant to these grants vest over a three-year period following the respective date of grant in increments of 33-1/3% per annum, subject to their continued service as directors until each vesting date and become fully vested earlier upon a liquidity event or upon the termination of a director by reason of his or her death or disability. The total number of common shares

------

granted under the RSP may not exceed 5.0% of our outstanding shares of common stock on a fully diluted basis at any time (adjusted to reflect any increase or decrease in the number of outstanding shares resulting from a stock split, stock dividend, reverse stock split or similar change in our capitalization).

We may also grant other awards of restricted shares under terms that provide for vesting over a specified period or upon attaining pre-established performance objectives. These awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient's employment or service as a director for any reason other than death or disability or, if applicable, the termination of the business management agreement with the Business Manager. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares vest. Holders of restricted shares have the right to vote the shares and receive distributions on the shares prior to the restrictions lapsing. As of December 31, 2024, there were 13,153 unvested restricted shares outstanding under the RSP.

The following table sets forth information regarding securities authorized for issuance under the RSP as of December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of Securities to<br>be Issued Upon Exercise<br>of Outstanding<br>Options, Warrants<br>and Rights** | **Weighted Average<br>Exercise Price of<br>Outstanding<br>Options, Warrants<br>and Rights** | **Number of Securities Remaining Available<br>for Future Issuance Under Equity<br>Compensation Plans (Excluding Securities<br>Reflected in Column (a))** |
|  | (a) | (b) | (c) |
| Equity Compensation Plans <br>&nbsp;&nbsp;&nbsp;&nbsp;approved by security holders |  |  | 1769592 |
| Equity Compensation Plans not<br> approved by security holders |  |  |  |
| Total |  |  | 1769592 |

---

***Deferred Compensation Plan***

Our independent directors may elect to defer receipt of all or a portion of their cash and stock compensation. Eligible cash compensation that is deferred is credited to a book entry account established for each participant in an amount equal to the amount deferred, and restricted share units are issued under the RSP in lieu of all or a portion of stock compensation otherwise payable in restricted shares. A participant has a fully vested right to his or her cash deferral amounts, and the deferred share unit awards will vest on the same terms and schedule as the underlying eligible stock compensation would have otherwise been subject if granted in restricted shares. Unless otherwise determined by the board, while restricted share units are unvested, participants will be credited with dividend equivalents equal in value to those declared and paid on shares of Company common stock, on all restricted share units granted to them. These dividend equivalents will be regarded as having been reinvested in restricted share units, and will only be paid to the extent the underlying restricted share units vest. Payment of restricted share units will be made, to the extent vested, in shares of Company common stock, unless otherwise determined by the board. Except as otherwise determined by the board, account balances will not be credited with interest or any other credits, although the Company may permit an account to be credited with earnings with respect to restricted share units. Our board may amend, suspend or terminate the plan permitting deferred compensation at any time so long as doing so does not substantially impair the rights of any participant under the plan.

## *Meetings of the Board of Directors, Committees and Stockholders* 
During the year ended December 31, 2024, our board met eleven times, the audit committee met four times, the nominating and corporate governance committee met nine times and the compensation committee met one time. With the exception of Mr. Goodwin, who passed away in January 2024, Mr. Sabshon, who resigned effective January 31, 2024, and Mr. Davis, each of our directors attended 100% of the aggregate amount of the meetings of the board during the period for which he or she was a director, and any committee on which he or she served, in 2024. Mr. Davis

------

attended approximately 96% of the aggregate amount of the meetings of the board during the period for which he was a director, and any committee on which he served, in 2024. Directors are encouraged to attend the annual meeting of stockholders. All of the persons that were directors at the time of the 2024 Annual Meeting of Stockholders attended the meeting.

## *Committees of our Board of Directors* 
***Audit Committee.*** Our board has an audit committee comprised of our independent directors. Ms. Henry serves as the chairperson of this committee. Our board determined that Ms. Henry qualifies as an "audit committee financial expert" as defined by the SEC. Our audit committee met four times during the year ended December 31, 2024. The audit committee assists the board in fulfilling its oversight responsibility relating to, among other things: (1) the integrity of our financial statements; (2) our compliance with legal and regulatory requirements; (3) the qualifications and independence of our independent registered public accounting firm; and (4) the performance of our internal audit function and independent registered public accounting firm. The report of the committee is included in this proxy statement. The committee operates pursuant to a written charter adopted by the board. A copy of the charter is available on our website at www.inland-investments.com/inland-income-trust under the "Corporate Governance" tab.

***Nominating and Corporate Governance Committee*.** Our board has a nominating and corporate governance committee comprised of our independent directors. Mr. Davis serves as the chair of this committee. Our nominating and corporate governance committee met nine times during the year ended December 31, 2024. The nominating and corporate governance committee is responsible for, among other things: (1) identifying individuals qualified to serve on the board and the nominating and corporate governance committee and recommending to the board a slate of director nominees for election by the stockholders at the annual meeting; (2) periodically reevaluating any corporate governance policies and principles adopted by the board, including recommending any amendments thereto if appropriate; and (3) overseeing an annual evaluation of the board. The nominating and corporate governance committee is also responsible for considering director nominees submitted by stockholders.

The committee considers all qualified candidates identified by members of the committee, by other members of the board of directors, by the Business Manager and by stockholders. In recommending candidates for director positions, the committee considers many factors and evaluates each candidate considering, among other things, the candidate's knowledge, experience, judgment and skills such as an understanding of the real estate industry or financial industry or accounting or financial management expertise. Other considerations include the candidate's independence from conflict with the Company, the Business Manager and IREIC, our sponsor, and the ability of the candidate to devote an appropriate amount of effort to board duties. The committee also focuses on people who are actively engaged in their occupations or professions or are otherwise regularly involved in business or the academic community. The committee considers diversity in its broadest sense, including people diverse in geography, gender and ethnicity as well as representing diverse experiences, skills and backgrounds. The committee evaluates each individual candidate by considering all these factors, favoring active deliberation rather than the use of rigid formulas to assign relative weights to these factors. The committee operates pursuant to a written charter adopted by the board. A copy of the charter is available on our website at www.inland-investments.com/inland-income-trust under the "Corporate Governance" tab.

***Compensation Committee.*** Our board has a compensation committee comprised of our independent directors. Our compensation committee met one time during the year ended December 31, 2024. The committee is responsible for reviewing and approving all forms of compensation for the Company's independent directors, reviewing and determining, at least annually, that the compensation the Company contracts to pay to the Business Manager is reasonable in relation to the nature and quality of services performed or to be performed, and reviewing and determining the compensation paid directly by the Company to its president and chief executive officer. The report of the committee is included in this proxy statement. The committee operates pursuant to a written charter adopted by the board. A copy of the charter is available on our website at www.inland-investments.com/inland-income-trust under the "Corporate Governance" tab.

------

## *Communicating with Directors* 
Stockholders wishing to communicate with our board and its members may send communications by letter or e-mail to our corporate secretary, who will review and forward all correspondence to the appropriate person or persons for a response.

## *Non-Retaliation Policy* 
Our non-retaliation policy, also known as our "whistleblower" policy, prohibits us or any of our agents such as the Business Manager from retaliating or taking any adverse action against our employees (if we have employees), or the employees of the Business Manager or its affiliates, for raising a concern regarding items such as accounting, internal controls or auditing matters. These persons may raise their concerns by contacting our compliance officer, Cathleen M. Hrtanek, at (630) 218-8000. In addition, confidential complaints involving the Company's accounting, auditing, and internal auditing controls and disclosure practices may be raised anonymously via email or mail as described in our non-retaliation policy. A complete copy of our non-retaliation policy may be found on our website at www.inland-investments.com/inland-income-trust under the "Corporate Governance" tab.

## *Anti-Hedging Policy* 
The insider trading policy of IREIC and its affiliated entities, including our Business Manager and Real Estate Manager, prohibits officers, directors and employees of these entities, including our executive officers, from engaging, without the prior written consent of the applicable employer, in hedging or monetization transactions such as zero-cost collars and forward sale contracts that allow a person to lock in a portion of the value of his or her shares in any Inland entity or any entity sponsored by or advised by IREIC or by any of its direct or indirect subsidiaries. This includes our securities such as shares of our common stock. Because there is no established public trading market for our common stock and we do not have any employees, the Company itself has not separately adopted any specific practices or policies regarding the ability of our directors, officers or employees to purchase financial instruments or otherwise engage in transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of our common stock or any other securities that we might issue.

## *Insider Trading Policy* 
We have adopted policies and procedures governing the purchase, sale and other dispositions of our securities by our directors, officers and employees that are reasonably designed to promote compliance with insider trading laws, rules and regulations and the listing standards applicable to the Company. The foregoing summary of our insider trading policies and procedures does not purport to be complete and is qualified by reference to our Insider Trading Policy, a copy of which is attached to our Annual Report as Exhibit 19.1.

## *Code of Ethics* 
Our board has adopted a code of ethics applicable to our directors, officers and employees (if we ever have employees) which is available on our website at www.inland-investments.com/inland-income-trust. In addition, printed copies of the code of ethics are available to any stockholder, without charge, by writing us at 2901 Butterfield Road, Oak Brook, Illinois 60523, Attention: Investor Services.

Any waivers of the provisions of the code of ethics for executive officers or directors may be granted only in exceptional circumstances by our board or a committee of our board. Any waivers will be promptly disclosed to the extent required by law. Any amendments to the code of ethics must also be approved by our board. If we make any substantive amendments to the code of ethics or grant any waiver, including any implicit waiver, from a provision of the code of ethics to our chief executive officer, chief financial officer, chief accounting officer or controller or persons performing similar functions, we may, rather than filing a Current Report on Form 8-K, satisfy the disclosure requirement by posting such information on our website as necessary.

------

# EXECUTIVE OFFICERS AND EXECUTIVE COMPENSATION
The board of directors annually elects our officers. These officers may be terminated at any time. Information about each of our officers, except for Mr. Zalatoris, whose biography is included above, follows. All ages are stated as of January 1, 2025.

***Jerry Kyriazis, 56.*** Our chief financial officer and treasurer since May 2025. Mr. Kyriazis is the senior vice president, director of Portfolio Finance for IREIC, the Company's sponsor, serving several Inland entities, including the Company, InPoint and IPC Alternative Real Estate Income Trust, Inc. ("ALT REIT"). Mr. Kyriazis has served as the chief financial officer of ALT REIT and its advisor since June 2023 and October 2022, respectively, as the chief financial officer and treasurer of MH Ventures Fund III, LLC and its business manager since their inception in September 2022, and as the chief financial officer and treasurer of MH Ventures Fund II, Inc. and its business manager since their inception in September 2020. Prior to joining Inland in 2018, Mr. Kyriazis served as director of financial reporting and accounting policy for Citadel LLC (a global hedge fund manager) from 2007 to 2018. He served as vice president, finance and chief accounting officer for Trizec Properties, Inc. from 2002 to 2007 and as vice president, controller for LaSalle Hotel Properties) from 1998 to 2000. Mr. Kyriazis worked for PricewaterhouseCoopers LLP from 1990 to 1998. Mr. Kyriazis received his MBA from the J.L. Kellogg Graduate School of Management at Northwestern University. Mr. Kyriazis received his bachelor's degree in accounting from Northern Illinois University. Mr. Kyriazis is a certified public accountant and a member of the American Institute of Certified Public Accountants and the Illinois CPA Society.

***Daniel Zatloukal, 44.*** Our senior vice president since December 2021, Mr. Zatloukal also serves as executive vice president and head of asset and portfolio management for all investment programs sponsored by IREIC, positions he has held since 2015. He also serves as senior vice president of IPC, an affiliate of IREIC, a position he has held since 2014. In his role as executive vice president for IREIC, Mr. Zatloukal is responsible for overseeing the asset management function for IREIC and all of its affiliates. In addition, Mr. Zatloukal has been an executive vice president of ALT REIT since its inception in June 2023. Mr. Zatloukal was president of Inland Investment Real Estate Services, Inc. from October 2015 through June 2017 and was responsible for overseeing IREIC's real estate services group, which includes property management, leasing and asset management for commercial and residential portfolios owned or managed by IREIC and its affiliates. Prior to rejoining Inland at IPC in 2013, Mr. Zatloukal served as vice president of capital markets at Jones Lang LaSalle in Atlanta. Mr. Zatloukal received his bachelor's degree in finance from the University of Illinois at Urbana-Champaign.

***Judith Fu, 63.*** Our vice president of administration since December 2021, and the vice president of the Business Manager since January 2022. Ms. Fu joined Inland in 2005 and currently serves as senior vice president, chief of staff of The Inland Real Estate Group, LLC, a position she has held since September 2024. As chief of staff of The Inland Real Estate Group, LLC, Ms. Fu provides organizational support to its executive management team. Prior to serving in this role, Ms. Fu served as a senior vice president of IREIC from August 2018 to September 2024. Ms. Fu also served as chief compliance officer for the registered investment advisor subsidiaries of Inland Mortgage Corporation from August 2008 to August 2010. In 2010, Ms. Fu began working for IREIC as the executive assistant to its then chief executive officer. While holding this position, she also acted as the chief compliance officer for Inland Institutional Capital Partners from March 2012 to September 2014. Ms. Fu holds FINRA Series 24, 63, 65 and 7 licenses and previously was a licensed managing real estate broker in the State of Illinois. Ms. Fu has a bachelor's of science degree from Loyola University Chicago.

***Cathleen M. Hrtanek*, 48*.*** Our corporate secretary since August 2011. Ms. Hrtanek also served as the secretary of the Business Manager from August 2011 to December 2024. Ms. Hrtanek joined Inland in 2005 and is currently chief operating officer of The Inland Real Estate Group, LLC, a position she assumed in May 2024 after most recently holding the titles of associate general counsel and senior vice president. Ms. Hrtanek has served as a director of Inland Securities Corporation and IPC, and a director of IPC Alternative Real Estate Advisor, LLC, since February 2024. Ms. Hrtanek serves as a director or manager of numerous other affiliates of The Inland Real Estate Group, LLC, including as a manager of our Real Estate Manager since May 2024. Ms. Hrtanek has served as the secretary of InPoint since March 2022, its assistant secretary from August 2016 to March 2022 and secretary of its advisor from August 2016 to December 2024. Ms. Hrtanek also served as the secretary of Inland Diversified Real Estate Trust, Inc. from September 2008 to July 2014 and its business manager from September 2008 to March 2016, as the secretary of IPC from August 2009 to May 2017, and as the secretary of Inland Venture Partners, LLC and its sponsored funds and

------

their respective advisors until December 2024. Prior to joining Inland, Ms. Hrtanek was employed by Wildman Harrold Allen & Dixon LLP in Chicago, Illinois starting in September 2001. Ms. Hrtanek has been admitted to practice law in the State of Illinois and holds a bachelor's degree in political science and French from the University of Notre Dame and a J.D. from Loyola University Chicago School of Law.

## *COMPENSATION DISCUSSION AND ANALYSIS* 
This Compensation Discussion and Analysis ("CD&A") outlines our executive compensation awarded to the officers set forth in the summary compensation tables included herein, referred to as our "named executive officers" or "NEOs" during the fiscal year ended December 31, 2024. We are externally-managed by our Business Manager and do not employ any of our NEOs. Mr. Zalatoris is neither an employee of the Company nor the Business Manager or its affiliates. He serves as our president and chief executive officer, pursuant to an agreement dated as of January 19, 2024, as amended (the "Agreement"). Under the Agreement, we pay Mr. Zalatoris an annual fee (payable pro rata monthly) equal to $350,000 per year, but, as described below, we net this fee against amounts due under the agreement we have with our Business Manager, which governs the amounts we are required to pay to the Business Manager. Mr. Zalatoris is not paid any incentive compensation or granted any compensation in the form of restricted stock or options by the Company. Because all amounts paid to Mr. Zalatoris reduce, on a dollar-for-dollar basis, amounts due to the Business Manager, we do not incur or pay any "net" compensation. The amount payable to Mr. Zalatoris was agreed upon between Mr. Zalatoris and representatives of the Business Manager and subsequently approved by our independent directors upon the Business Manager agreeing to the dollar-for-dollar offset noted above. The compensation committee did not separately evaluate the compensation amount including by benchmarking against the compensation paid by similar entities.

The compensation committee is responsible for reviewing any additional compensation that we may pay to Mr. Zalatoris or any of our other executive officers. The compensation committee is also responsible for approving any stock-based awards that may be made in the future to Mr. Zalatoris or any of our other executive officers. See "Board of Directors and Corporate Governance Principles – Committees of our Board of Directors – Compensation Committee" for additional discussion.

Our other executive officers are officers of IREIC or one or more of its affiliates and are compensated by those entities, in part, for services rendered to us. We do not have agreements with any of our executive officers regarding their compensation and did not otherwise determine the compensation earned by, or paid to, by the Business Manager. We neither compensate nor reimburse either the Business Manager or the Real Estate Manager for any compensation paid by these entities to the other individuals serving as our executive officers, or as executive officers of the Business Manager or the Real Estate Manager. The fees we pay to the Business Manager and Real Estate Manager under the business management agreement or the real estate management agreement, respectively, are described in more detail under "Certain Relationships and Related Transactions."

------

# COMPENSATION COMMITTEE REPORT
*The compensation committee of the Board has furnished the following report during the year ended December 31, 2024. The report is not deemed to be "soliciting material" or "filed" with the SEC or subject to the SEC's proxy rules or to the liabilities of Section 18 of the Exchange Act, and the report shall not be deemed to be incorporated by reference into any prior or subsequent filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act except to the extent that the Company specifically incorporates it by reference into any such filing.*

To the Directors of Inland Real Estate Income Trust, Inc.:

We have reviewed and discussed the "Compensation Discussion and Analysis" required by Item 402(b) of Regulation S-K of the Securities Exchange Act of 1934, as amended, with management.

Based on the review and discussions described above, we recommended to the Board of Directors of Inland Real Estate Income Trust, Inc. (the "Company") that the "Compensation Discussion and Analysis" be included in the Company's proxy statement.

<u>The Compensation Committee</u>

Bernard J. Michael, Chair

Lee A. Daniels

Stephen L. Davis

Gwen Henry

------

# COMPENSATION TABLES

## *Summary Compensation Table* 
The following table summarizes the compensation of the Company's NEOs for each of the fiscal years ended December 31, 2024, 2023, and 2022, respectively, as applicable. For purposes of this table, the Company's NEOs for 2024 were two individuals that served as its president and chief executive officer during 2024 and one individual that served as its principal financial officer during the same year. As noted herein, the Company: (1) sets off amounts paid to its president and chief executive officer against amounts owed to its Business Manager; (2) does not compensate any person, including persons serving as its principal financial officer; and (3) does not reimburse its Business Manager for any compensation paid by that entity to persons serving as executive officers of, or otherwise providing services to, the Company. Prior to entering into the Agreement with Mr. Zalatoris, we did not pay or reimburse any person or entity for serving as our president and chief executive officer. The summary of compensation for fiscal year 2024 is reflected in the table below. In accordance with rules promulgated by the SEC, certain columns relating to information that is not applicable have been omitted from the following tables.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary** | **Bonus** | **Stock Award** | **Non-Equity Incentive Plan Compensation** | **All Other<br>Compensation** | **Total** |
| Mark E. Zalatoris, President and Chief Executive Officer | 2024 | $— | $— | $— | $— | $323000 | $323000 |
|  | 2023 | $— | $— | $— | $— | $— | $— |
|  | 2022 | $— | $— | $— | $— | $— | $— |
| Catherine L. Lynch, Treasurer and Chief Financial Officer<sup>(1)</sup> | 2024 | $— | $— | $— | $— | $— | $— |
|  | 2023 | $— | $— | $— | $— | $— | $— |
|  | 2022 | $— | $— | $— | $— | $— | $— |
| Mitchell A. Sabshon, Former President and Chief Executive Officer<sup>(2)</sup> | 2024 | $— | $— | $— | $— | $— | $— |
|  | 2023 | $— | $— | $— | $— | $— | $— |
|  | 2022 | $— | $— | $— | $— | $— | $— |

---

(1)Ms. Lynch served in these positions until May 2025, at which time Jerry Kyriazis became the chief financial officer and treasurer.

(2)Mr. Sabshon served in these positions until he resigned effective January 31, 2024.

------

## *Grants of Plan-Based Awards for Fiscal Year 2024* 
We did not grant any equity awards to our NEOs during the fiscal year ended December 31, 2024.

## *Outstanding Equity Awards at Fiscal Year-End* 
There are no equity awards held by any of our NEOs as of December 31, 2024.

## *Potential Payments Upon Termination or Change-in-Control* 
We are not obligated to pay any cash severance or other benefits in any change in control of the Company. We have not issued any equity awards to the NEOs, including any with severance benefits or equity award acceleration, as applicable.

## *Pay Ratio* 
As described hereinabove, we do not have any employees. Although we pay our president and chief executive officer, Mr. Zalatoris, under the Agreement, we offset the amount we pay Mr. Zalatoris against the amount we pay the Business Manager on a dollar-for-dollar basis. Given that we do not have employees, we thus cannot calculate a ratio of the fees paid to Mr. Zalatoris to a median employee.

## *Policies and Practices Related to the Grant of Certain Equity Awards* 
In response to Item 402(x)(1) of Regulation S-K, we have not granted new awards of stock options, stock appreciation rights, or similar option-like instruments within four business days before or one business day after the release of a Quarterly Report on Form 10-Q, Annual Report on Form 10-K, or Current Report on Form 8-K that discloses material nonpublic information. Accordingly, we have no specific policy or practice on the timing of awards of such options in relation to the disclosure of material nonpublic information by us. If we decide to grant new awards of options, the board will evaluate the appropriate steps to take in relation to the foregoing.

------

# COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
We have no employees and except for payments made to Mr. Zalatoris pursuant to the Agreement, we do not otherwise compensate our executive officers. See the discussion under "Compensation Discussion and Analysis" above for additional detail regarding compensation and the discussion under "Certain Relationships and Related Transactions" above for disclosure regarding related party transactions.

------

# DELINQUENT SECTION 16(a) REPORTS
Section 16(a) of the Exchange Act requires our directors and executive officers, and persons who own more than ten percent of our Common Stock to file reports of ownership and changes of ownership with the SEC. Copies of all filed reports are required to be furnished to us. Based solely upon a review of Forms 3, 4 and 5 and amendments thereto furnished to us during and with respect to fiscal year 2024, as well as written representations by our directors and executive officers, we believe that each person filed the reports required by Section 16(a) of the Exchange Act with respect to fiscal year 2024 on a timely basis.

------

# Certain Relationships and Related Transactions
The following summarizes the material transactions between the Company and various affiliates of IREIC, including the Business Manager and Real Estate Manager, that have occurred since January 1, 2024, or are currently proposed or anticipated. IREIC is an indirect wholly-owned subsidiary of The Inland Group, LLC. Please see the biographical information of our directors and executive officers elsewhere in this proxy statement for information regarding their relationships to Inland, including IREIC and The Inland Group, LLC.

## *Business Management Agreement* 
The Business Manager provides services to us pursuant to the Fourth Amended and Restated Business Management Agreement which became effective February 1, 2024 (the "BMA"). Importantly, under the BMA, we are permitted to engage a person not affiliated with or employed by the Business Manager to serve as president and chief executive officer of the Company. If we do so, the business management fee described below is reduced by the amount of any payment made to the third-party as compensation for serving as the Company's president and chief executive officer. As noted elsewhere in this proxy statement, Mr. Zalatoris serves as our president and chief executive officer. For the year ended December 31, 2024 and the six months ended June 30, 2025, the fee payable to the Business Manager was reduced in an amount equal to $0.3 million and $0.2 million, respectively, equal to the payments made to Mr. Zalatoris during these periods. The foregoing description is qualified by reference to the BMA in its entirety, a copy of which is included with our Annual Report as exhibit 10.24.

The term of the BMA expires on March 31, 2027 unless renewed. We are required to pay an annual fee to the Business Manager equal to 0.55% of "average invested assets" reduced by amounts paid to the person serving as president and chief executive officer. The fee is payable quarterly in an amount equal to 0.1375% of our average invested assets as of the last day of the immediately preceding quarter. The Business Manager may, in its sole discretion, waive or defer until a later date some or all the fee in any quarter. We are not required to pay interest on any fees that are waived or deferred. The Business Manager did not waive or defer any of the fee during the year ended December 31, 2024 or the six months ended June 30, 2025. The term "average invested assets" means, for any period, the average of the aggregate book value of our assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter.

If a "triggering event" occurs during the term of the BMA, we are required to pay the Business Manager a subordinated incentive fee equal to 10% of the amount by which: (1) the "liquidity amount" (as defined below) exceeds (2) the "aggregate invested capital," plus the total distributions required to be paid to our stockholders in order to pay them a 7% per annum cumulative, pre-tax non-compounded return on the aggregate invested capital, all measured as of the triggering event. If this return threshold is not satisfied at the time of the applicable triggering event, the fee is required to be paid at the time of any future triggering event if the return requirements have been satisfied. To date a "triggering event" has not occurred.

A "triggering event" means any sale of assets (excluding the sale of marketable securities) in which the net sales proceeds are specifically identified and distributed to our stockholders, or any liquidity event, such as a listing or any merger, reorganization, business combination, share exchange or acquisition, in which our stockholders receive cash or the securities of another issuer that are listed on a national securities exchange. "Aggregate invested capital" means the aggregate original issue price paid for the shares of our common stock, before reduction for organization and offering expenses, reduced by any distribution of sale or financing proceeds. The "liquidity amount" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in the case of the sale of our assets, the net sales proceeds realized by us from the sale of assets since inception and distributed to stockholders, in the aggregate, plus the total amount of any other distributions paid by us from inception until the date that the liquidity amount is determined.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in the case of a listing or any merger, reorganization, business combination, share exchange, acquisition or other similar transaction in which our stockholders receive cash or the securities of another issuer that are listed on a national securities exchange, as full or partial consideration for their shares, the "market value" of the shares, plus the total distributions paid by us from inception until the date that the liquidity amount is determined. "Market value" means the value determined as follows: (1) in the case of the listing of our shares, or the common stock of our subsidiary, on a national securities exchange, by taking the average closing price over the period of 30 consecutive trading days during which our shares, or the shares of the common stock of our subsidiary, as applicable, are eligible for trading, beginning on the 180th day after the applicable listing, multiplied by the number of our shares, or the shares of the common stock of our subsidiary, as applicable, outstanding on the date of measurement; or (2) in the case of the receipt by our stockholders of securities of another entity that are trading on a national securities exchange prior to, or that become listed concurrent with, the consummation of the liquidity event, as follows: (a) in the case of shares trading before consummation of the liquidity event, the value ascribed to the shares in the transaction giving rise to the liquidity event, multiplied by the number of those securities issued to our stockholders in respect of the transaction; and (b) in the case of shares which become listed concurrent with the closing of the transaction giving rise to the liquidity event, the average closing price over the period of 30 consecutive trading days during which the shares are eligible for trading, beginning on the 180th day after the applicable listing, multiplied by the number of those securities issued to our stockholders in respect of the transaction. In addition, any distribution of cash consideration received by our stockholders in connection with any liquidity event will be added to the market value determined in accordance with clause (1) or (2).

If the BMA is terminated prior to March 31, 2027 as a result of an "internalization" completed in accordance with the transition process set forth in the agreement, the Business Manager, or its successor or designee, will continue to be entitled to receive the subordinated incentive fee, on a prorated basis based on the duration of the Business Manager's service to us equal to the product of: (1) the amount of the fee to which the Business Manager otherwise would have been entitled had the agreement not been terminated; and (2) the quotient of the number of days elapsed from the effective date of the agreement through the closing of the internalization, and the number of days elapsed from the effective date of the agreement through the date of the closing of the applicable triggering event. An internalization is a process by which we would become internally- or self-managed by, among other things, hiring our own employees.

As described further below, we also reimburse the Business Manager for certain expenses it incurs on our behalf and have agreed to indemnify the Business Manager and the Business Manager's officers, directors, employees and agent to the fullest extent permitted by law.

For the year ended December 31, 2024, the Business Manager was entitled to a business management fee of approximately $9.0 million, all of which was paid. For the six months ended June 30, 2025, the Business Manager was entitled to a business management fee of approximately $4.5 million, all of which was paid.

## *Real Estate Management Agreement* 
The Real Estate Manager and its affiliates manage or oversee each of our real properties under an agreement that requires us to pay the Real Estate Manager a monthly management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other type of property. The Real Estate Manager determines, in its sole discretion, the amount of the management fee payable in connection with a particular property, subject to these limits. For each property that is managed directly by the Real Estate Manager or its affiliates, we pay the Real Estate Manager a separate leasing fee based upon prevailing market rates applicable to the geographic market of that property. If we engage our Real Estate Manager to provide construction management services for a property, we also pay a separate construction management fee based upon prevailing market rates applicable to the geographic market of that property. We also reimburse our Real Estate Manager and its affiliates for property-level expenses that they pay or incur on our behalf, including the salaries, bonuses and benefits of persons performing services for our Real Estate Manager and its affiliates (excluding the executive officers of our Real Estate Manager). For the year ended December 31, 2024, we incurred real estate management fees, property operating

------

expenses, construction management fees and leasing fees in an aggregate amount equal to approximately $8.6 million. For the six months ended June 30, 2025, we incurred real estate management fees, property operating expenses, construction management fees and leasing fees in an aggregate amount equal to approximately $4.5 million.

## *Other Fees and Expense Reimbursements* 
We reimburse the Business Manager, Real Estate Manager and entities affiliated with each of them, such as Inland Real Estate Acquisitions, LLC and its affiliates, as well as third parties, for any investment-related expenses they pay in connection with selecting, evaluating or acquiring any investment in real estate assets, regardless of whether we acquire a particular real estate asset. Examples of reimbursable expenses include but are not limited to legal fees and expenses, travel and communications expenses, costs of appraisals, accounting fees and expenses, third-party broker or finder's fees, title insurance expenses, survey expenses, property inspection expenses and other closing costs. We do not reimburse acquisition expenses in connection with an investment in marketable securities, except that we may reimburse expenses incurred on our behalf and payable to a third party, such as third-party brokerage commissions. We did not incur any acquisition expenses during the year ended December 31, 2024 or the six months ended June 30, 2025.

We reimburse IREIC, the Business Manager and their respective affiliates, including the service providers, for any expenses that they pay or incur on our behalf in providing services to us, including all expenses and the costs of salaries and benefits of persons performing services for these entities on our behalf (except for the salaries and benefits of persons who also serve as one of our executive officers or as an executive officer of the Business Manager or its affiliates) and expenses ultimately paid to third parties. Expenses include, but are not limited to: expenses incurred in connection with any sale of assets or any contribution of assets to a joint venture; expenses incurred in connection with any liquidity event; taxes and assessments on income or real property and taxes; premiums and other associated fees for insurance policies including director and officer liability insurance; expenses associated with investor communications including the cost of preparing, printing and mailing annual reports, proxy statements and other reports required by governmental entities; administrative service expenses charged to, or for the benefit of, us by third parties; audit, accounting and legal fees charged to, or for the benefit of, us by third parties; transfer agent and registrar's fees and charges paid to third parties; and expenses relating to any offices or office facilities maintained solely for our benefit that are separate and distinct from our executive offices. During the year ended December 31, 2024, IREIC, the Business Manager and their respective affiliates incurred on our behalf approximately $1.6 million of these expenses, of which approximately $0.2 million had not been reimbursed by us as of December 31, 2024. During the six months ended June 30, 2025, IREIC, the Business Manager and their respective affiliates incurred on our behalf approximately $0.8 million of these expenses, of which approximately $0.3 million had not been reimbursed by us as of June 30, 2025.

For more information on the related party transactions, including the fees paid to related parties, see "Note 12 – Transactions with Related Parties" in the notes to consolidated financial statements in Part IV - Item 15 of our Annual Report.

## *Policies and Procedures with Respect to Related Party Transactions* 
Our "First Amended and Restated Related Party Transactions Policy" effective January 11, 2022, prohibits the following transactions by us with IREIC-affiliated entities (each, an "Affiliated Transaction") unless a majority of the independent directors, not otherwise interested in the transaction, acting as a group, determines in accordance with Section 2-419 of the Maryland General Corporation Law, or any successor provision thereto, that the Affiliated Transaction is fair and reasonable to the Company: (1) purchasing properties from, or selling properties to, any IREIC-affiliated entities (excluding circumstances where an entity affiliated with IREIC, such as Inland Real Estate Acquisitions, Inc., enters into a purchase agreement to acquire a property and then assigns the purchase agreement to the Company); (2) making loans to, or borrowing money from, any IREIC-affiliated entities (excluding expense advancements under existing agreements and the deposit of monies in any banking institution affiliated with IREIC); and (3) investing in joint ventures with any IREIC-affiliated entities.

The First Amended and Restated Related Party Transactions Policy does not impact agreements or relationships between us and IREIC and its affiliates that already existed when it was adopted by our board in January 2022. The policy may only be amended upon the vote of a majority of the independent directors.

------

# AUDIT COMMITTEE REPORT
*The following Audit Committee Report does not constitute "soliciting material" and should not be deemed "filed" with the SEC or incorporated by reference into any other filing we make under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent we specifically incorporate this Report by reference therein.*

The Company's management is responsible for the financial reporting process, preparing consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"), and designing and implementing a system of internal controls and procedures designed to ensure compliance with GAAP and applicable laws and regulations. Our independent registered public accounting firm is responsible for auditing our year-end financial statements. The audit committee is responsible for monitoring and reviewing these procedures and processes. The audit committee is comprised of four independent directors whose independence has been determined by the board of directors based on the standards set forth in the audit committee's charter. The board has determined that Ms. Henry qualifies as an "audit committee financial expert" as defined by the SEC. The members of the audit committee are not professionally engaged in the practice of accounting or auditing, and do not provide any expert or other special assurance as to our financial statements concerning compliance with laws, regulations or GAAP or as to the independence of the registered public accounting firm. The audit committee relies in part, without independent verification, on the information provided to it and on the representations made by management and the independent registered public accounting firm that the financial statements have been prepared in conformity with GAAP.

During the year ended December 31, 2024, the audit committee met four times. At these meetings, the members of the audit committee met with representatives of the Company's management and with the Company's independent registered public accounting firm, KPMG. The committee discussed numerous items at these meetings including KPMG's responsibilities to the Company and its audit plan for the year ended December 31, 2024.

The audit committee also has reviewed and discussed the Company's audited consolidated financial statements as of and for the year ended December 31, 2024 with the Company's management. Management advised the committee that the financial statements reviewed were prepared in accordance with GAAP and reviewed significant accounting and disclosure issues with the committee.

The audit committee also discussed with KPMG the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board ("PCAOB") and the SEC. The audit committee obtained a formal written statement from KPMG, describing all relationships between KPMG and the Company that might bear on KPMG's independence. In addition, the audit committee discussed any relationships that may have an impact on KPMG's objectivity and independence and reviewed audit and non-audit fees paid to KPMG and the written disclosures and letter from KPMG to the committee, as required by the PCAOB Ethics and Independence Rule 3526, *Communication with Audit Committees Concerning Independence*. The audit committee has concluded that KPMG is independent from the Company.

Based on the review and discussions with management and KPMG described above, the audit committee recommended to the board of directors that the audited consolidated financial statements be included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, be filed with the SEC.

<u>The Audit Committee</u> <br> Gwen Henry, ChairLee A. DanielsStephen L. DavisBernard J. Michael

------

# PROPOSAL NO. 1 – ELECTION OF Class I DIRECTORS
Our board of directors is comprised of six members, four of whom are independent directors. At the Annual Meeting, two Class I directors will be elected to serve until our 2028 annual meeting and until their successors are duly elected and qualify. Each director serves until the annual meeting of stockholders held in the third year following the year of their election and until their successors are duly elected and qualify. The number of directors in each class may be changed from time to time by the Board to reflect matters such as an increase or decrease in the number of directors so that each class, to the extent possible, will have the same number of directors.

The Board of Directors has nominated Gwen Henry and Bernard J. Michael as nominees for election as Class I directors at the annual meeting, to serve until our 2028 annual meeting and until their successors are duly elected and qualify. Ms. Henry and Mr. Michael each currently serve as Class I directors of the Company.

If you return a proxy card but do not indicate how your shares should be voted, they will be voted "FOR" the election of Ms. Henry and Mr. Michael as Class I directors. We know of no reason why any nominee will be unable to serve if elected. If any nominee is unable to serve, your proxy may vote for another nominee proposed by the board, or the board may reduce the number of directors to be elected. If any director resigns, is removed, dies or is otherwise unable to serve out his or her term, or if the board increases the number of directors, the board may fill the vacancy until the next annual meeting of stockholders.

**RECOMMENDATION OF THE BOARD:** The board recommends that you vote "FOR" the election of Gwen Henry and Bernard J. Michael as Class I Directors to serve until the Company's 2028 annual meeting and until their successors are duly elected and qualify.

------

# PROPOSAL NO. 2 – RATIFY SELECTION OF KPMG LLP
The audit committee has selected KPMG LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2025. Although ratification is not required by our charter, our bylaws or otherwise, our board is submitting the selection of KPMG to our stockholders for ratification because we value our stockholders' views on our independent registered public accounting firm and as a matter of good corporate practice. The audit committee will consider the outcome of this vote in its decision to appoint an independent registered public accounting firm but is not bound by our stockholders' vote. Even if the selection of KPMG is ratified, the audit committee may change the appointment at any time during the year if it determines a change would be in the best interests of the Company and our stockholders. If you return a proxy card but do not indicate how your shares should be voted, they will be voted "FOR" the appointment of KPMG.

Representatives of KPMG will attend the annual meeting. These representatives will have an opportunity to make a statement if they desire to do so and will be available to respond to appropriate stockholder questions.

## *Fees to Independent Registered Public Accounting Firm* 
The following table presents fees for professional services rendered by KPMG for the audit of our annual financial statements for the years ended December 31, 2024 and 2023, together with fees for audit-related services and tax services rendered by KPMG for the years ended December 31, 2024 and 2023, respectively (dollar amounts in thousands).

---

| | | |
|:---|:---|:---|
| **Description** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** |
| Audit fees<sup>(1)</sup> | $725 | $697 |
| Audit-related fees |  |  |
| Tax fees<sup>(2)</sup> | 127 | 129 |
| All other fees |  |  |
| Total | $852 | $826 |
| ____________ |  |  |

---

(1) Audit fees consist of fees incurred for the audit of our annual financial statements and the review of our financial statements included in our quarterly reports on Form 10-Q.

(2) Tax fees are comprised of tax compliance and tax consulting fees incurred and billed during the respective years.

## *Approval of Services and Fees* 
Our audit committee has reviewed and approved all the fees charged by KPMG and actively monitors the relationship between audit and non-audit services provided by KPMG. The audit committee concluded that all services rendered by KPMG during the years ended December 31, 2024 and 2023, respectively, were consistent with maintaining KPMG's independence. Accordingly, the audit committee has approved all the services provided by KPMG. As a matter of policy, the Company will not engage its primary independent registered public accounting firm for non-audit services other than "audit-related services" as defined by the SEC, certain tax services and other permissible non-audit services except as specifically approved by the chairperson of the audit committee and presented to the full committee at its next regular meeting. The Company also follows limits on hiring partners of, and other professionals employed by, KPMG to ensure that the SEC's auditor independence rules are satisfied.

The audit committee must pre-approve any engagements to render services provided by the Company's independent registered public accounting firm and the fees charged for these services including an annual review of audit fees, audit-related fees, tax fees and other fees with specific dollar value limits for each category of service. During the year, the audit committee will periodically monitor the levels of fees charged by KPMG and compare these fees to the amounts previously approved. The audit committee also will consider on a case-by-case basis and, if appropriate, approve specific engagements that are not otherwise pre-approved. Any proposed engagement that does not fit within the definition of a pre-approved service may be presented to the chairperson of the audit committee for approval.

------

**RECOMMENDATION OF THE BOARD:** The board recommends that you vote "FOR" the ratification of the selection of KPMG as our independent registered public accounting firm for the fiscal year ending December 31, 2025.

------

# PROPOSAL NO. 3 — NON-BINDING ADVISORY VOTE ON NAMED EXECUTIVE OFFICER COMPENSATION
Pursuant to Section 14A of the Exchange Act, we are providing our stockholders with the opportunity to vote on a non-binding, advisory resolution regarding the compensation paid to certain named executive officers, as disclosed in this proxy statement. In evaluating this proposal, stockholders should note that, as described elsewhere in this proxy statement, we offset any amounts paid to our president and chief executive officers against amounts payable to our Business Manager. Further, we do not pay our other executive officers any compensation or reimburse any third party for amounts they pay to any person serving as one of our named executive officers. This proposal is non-binding and the vote will neither impact the Agreement with our president and chief executive officers nor the terms and conditions of the BMA. The compensation committee may consider the vote to the extent there are future discussions of executive officer compensation. Approval of this non-binding advisory resolution requires an affirmative vote of a majority of the votes cast on the proposal. For a discussion of our compensation policies and goals, see "Executive Compensation — Compensation Discussion and Analysis."

In accordance with Section 14A of the Exchange Act, we are asking stockholders to approve, on a non-binding, advisory basis, the following resolution at the annual meeting:

"RESOLVED, that the compensation of the Company's named executive officers, as disclosed in this proxy statement pursuant to the compensation disclosure rules of the SEC, including the Compensation Discussion and Analysis, compensation tables and related narrative discussion, is hereby approved on a non-binding, advisory basis."

***Vote Required****.* If a quorum is present, the outcome of this vote will be determined by the affirmative vote of a majority of all the votes cast on the proposal at the Annual Meeting.

**RECOMMENDATION OF THE BOARD:** The Board recommends that you vote "FOR" the adoption of this non-binding advisory resolution.

------

# PROPOSAL NO. 4 — NON-BINDING ADVISORY RESOLUTION ON THE FREQUENCY OF THE NON-BINDING ADVISORY RESOLUTION REGARDING THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS
The Board requests your non-binding advisory vote on the frequency of the non-advisory vote on the compensation of our named executive officers as reflected in Proposal No. 3. We are asking our stockholders by means of this non-binding advisory vote, whether we should ask stockholders to vote, on a non-advisory basis, on executive compensation every year, every two years or every three years. This vote is advisory and will not be binding on the Board or the Company. Further, this vote will not impact on the amounts paid to the Business manager, Real Estate manager or any of their affiliates. The Board of Directors and the compensation committee will review and consider the voting results when determining the frequency of future advisory votes on the compensation paid to our named executive officers.

The Board believes that an advisory vote taken every year on executive compensation is appropriate. Except for the amounts paid to Mr. Zalatoris which reduce the payments due under the BMA, we do no compensate our named executive officers or reimburse the Business Manager or its affiliates for the amount they pay to our named executive officers for services rendered to us.

Stockholders are being asked to vote on the following resolution:

"RESOLVED, that the Company's stockholders advise the Company to include a non-binding, advisory vote on the compensation of the Company's named executive officers pursuant to Section 14A of the Exchange Act every:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• two years; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• three years."

In voting on this resolution, you should mark your proxy for one year, two years or three years based on your preference as to the frequency with which an advisory vote on executive compensation should be held. If you have no preference, you should abstain. If no voting specification is made on a properly returned or voted proxy card, the proxies named on the proxy card will vote FOR a frequency of "one year" for future advisory votes regarding executive compensation.

***Vote Required.*** If a quorum is present, the outcome of this vote will be determined by the affirmative vote of a majority of all the votes cast on the proposal at the Annual Meeting, although we will take under advisement the choice (every year, two years or three years) that receives the most votes even if less than a majority of the votes cast.

**RECOMMENDATION OF THE BOARD:** The board recommends that you vote for a frequency of "ONE YEAR" with respect to the foregoing resolution.

------

# STOCKHOLDER PROPOSALS FOR 2026 ANNUAL MEETING
We have not received any stockholder proposals for inclusion in this year's proxy statement. Stockholders may nominate director candidates and make proposals to be considered at our annual meeting to be held in 2026.

## *Director Candidates Proposed by Stockholders* 
Nominations for director positions by the Company are made by our board based upon the recommendation of the nominating and corporate governance committee. With respect to nominations of directors by stockholders, for the nominations to be considered at an annual meeting of stockholders, notice of the nominations must be submitted in accordance with the procedures specified in Section 9 of Article II of our bylaws, which generally requires that the stockholder send certain information about the candidate to our corporate secretary not later than 5:00 p.m., Central Time, on the 120th day and not earlier than 5:00 p.m., Central Time, on the 150th day prior to the first anniversary of the mailing date of our proxy statement for the preceding year's annual meeting. For our annual meeting to be held in 2026, assuming that the meeting date is not advanced or delayed by more than 30 days from the first anniversary of the date of the 2025 annual meeting, a stockholder must provide written notice of a director nomination not earlier than 5:00 p.m., Central Time, on May 3, 2026, and not later than 5:00 p.m., Central Time, on June 2, 2026, to our corporate secretary, c/o Inland Real Estate Income Trust, Inc., 2901 Butterfield Road, Oak Brook, Illinois 60523. In the event that the date of the 2026 annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the 2025 annual meeting, notice by a stockholder to be timely must be delivered not earlier than 5:00 p.m., Central Time, on the one 150th day prior to the 2026 annual meeting and not later than 5:00 p.m., Central Time, on the later of the 120th day prior to the 2026 annual meeting or the 10th day following the day on which public announcement of the date of the 2026 meeting is first made by the Company pursuant to the Company's bylaws. A copy of our bylaws may be obtained by written request to our corporate secretary at the same address.

In addition to satisfying the foregoing requirements under our bylaws, the deadline for stockholders to provide notice of a solicitation of proxies pursuant to Rule 14a-19 under the Exchange Act for our next annual meeting in support of director nominees other than the Company's nominees is September 20, 2026.

## *Other Stockholder Proposals* 
Stockholders intending to present any other proposal for action by the stockholders at an annual meeting are subject to the same notice provisions under our bylaws as discussed above. Accordingly, for our annual meeting to be held in 2026, assuming that the meeting date is not advanced or delayed by more than 30 days from the first anniversary of the date of the 2025 annual meeting, for a stockholder proposal to be considered at the annual meeting a stockholder must provide written notice of a proposal not earlier than 5:00 p.m., Central Time, on May 3, 2026 and not later than 5:00 p.m., Central Time, on June 2, 2026.

Rule 14a-8 requires that notice of a stockholder proposal requested to be included in our proxy materials pursuant to that rule must generally be furnished to our corporate secretary not later than 120 days prior to the anniversary of the mailing date of our proxy statement for the previous year's annual meeting. For our annual meeting to be held in 2026, stockholder proposals to be considered for inclusion in the proxy statement under Rule 14a-8 must be received by our corporate secretary no later than June 2, 2026.

Each of these stockholder proposals should be submitted in writing and addressed to our corporate secretary, c/o Inland Real Estate Income Trust, Inc., 2901 Butterfield Road, Oak Brook, Illinois 60523.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;==================================================<br>YOUR VOTE IS IMPORTANT. YOUR IMMEDIATE <br>RESPONSE WILL SAVE US THE EXPENSE OF<br>FURTHER REQUESTS FOR PROXIES.<br>==================================================<br>

------

![img66889490_1.jpg](img66889490_1.jpg)

INLAND REAL ESTATE INCOME TRUST, INC. 2901 BUTTERFIELD ROAD OAK BROOK, IL 60523 SCAN TO VIEW MATERIALS & VOTE VOTE BY INTERNET - <u>www.proxyvote.com</u> or scan the QR Code above. Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 p.m. Eastern Time the day before the meeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until 11:59 p.m. Eastern Time the day before the meeting date. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. A proxy card returned via mail must be received by the company no later than the day before the meeting date. TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: V80073-P38170 KEEP THIS PORTION FOR YOUR RECORDS THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. DETACH AND RETURN THIS PORTION ONLY INLAND REAL ESTATE INCOME TRUST, INC. THE BOARD OF DIRECTORS RECOMMENDS YOU VOTE "FOR" EACH OF THE FOLLOWING PROPOSALS. For All Withhold All For All Except To withhold authority to vote for any individual nominee(s), mark "For All Except" and write the number(s) of the nominee(s) on the line below. 1. To elect two Class I director nominees listed in the Proxy Statement: Class I Nominees: 01) GWEN HENRY 02) BERNARD J. MICHAEL 2. To ratify the appointment of KPMG LLP as the Company's independent registered public accounting firm for the year ending December 31, 2025. For Against Abstain 3. To adopt a non-binding advisory resolution approving the executive compensation for certain of our named executive officers. For Against Abstain THE BOARD OF DIRECTORS RECOMMENDS YOU VOTE 1 YEAR ON THE FOLLOWING PROPOSAL. 4. To adopt a non-binding resolution approving the frequency of the "Say on Pay" vote. 1 Year 2 Years 3 Years Abstain Please sign exactly as your name or names appear(s) hereon. For joint accounts, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian or in another representative capacity, please give your full title. If a corporation or partnership, please sign in the name of the corporation or partnership by an authorized officer or person. Signature [PLEASE SIGN WITHIN BOX] Date Signature (Joint Owners) Date

------

![img66889490_2.jpg](img66889490_2.jpg)

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:The Notice, Proxy Statement and Annual Report are available at <u>www.proxyvote.com</u>. V80074-P38170 INLAND REAL ESTATE INCOME TRUST, INC.REVOCABLE PROXY FOR ANNUAL MEETING OF STOCKHOLDERS – NOVEMBER 19, 2025 THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned stockholder of Inland Real Estate Income Trust, Inc., a Maryland corporation (the "Company"), hereby appoints Jerry Kyriazis and Cathleen M. Hrtanek as proxies for the undersigned, and each of them, each with full power of substitution in each of them, to attend the annual meeting of stockholders to be held at the principal executive offices of the Company located at 2901 Butterfield Road, Oak Brook, Illinois 60523 on November 19, 2025, at 2:00 p.m. central time, or any adjournments or postponements thereof, to cast on behalf of the undersigned all votes that the undersigned is entitled to cast at such meeting and otherwise to represent the undersigned at the meeting with all powers possessed by the undersigned if personally present at the meeting. The undersigned hereby acknowledges receipt of the Company's Notice of Annual Meeting of Stockholders and the accompanying Proxy Statement, the terms of each of which are incorporated by reference, and revokes any proxy heretofore given with respect to such meeting. THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF THIS PROXY IS EXECUTED BUT NO INSTRUCTION IS GIVEN, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST "FOR" EACH OF THE NOMINEES FOR DIRECTOR, "FOR" PROPOSAL NUMBER 2,"FOR" PROPOSAL NUMBER 3 AND "1 YEAR" ON PROPOSAL NUMBER 4. THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST IN THE DISCRETION OF THE PROXY HOLDER ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

------