# EDGAR Filing Document

**Accession Number:** 0001959961
**File Stem:** 0001193125-26-201188
**Filing Date:** 2026-5
**Character Count:** 24963
**Document Hash:** 3390233a573bad388588b7015154dbad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-201188.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-201188

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260501

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IPC Alternative Real Estate Income Trust, Inc.
- **CENTRAL INDEX KEY:** 0001959961
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 871302380
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-272750
- **FILM NUMBER:** 26931871

**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 Private Capital Alternative Assets Fund, LLC
- **DATE OF NAME CHANGE:** 20221227

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** May 01, 2026<br>

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IPC Alternative Real Estate Income Trust, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Maryland | 333-272750 | 87-1302380 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 2901 Butterfield Road |  |  |
| Oak Brook**,** Illinois |  | 60523 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (630) 218-8000<br>

N/A<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| None | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

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## Item 2.01 Completion of Acquisition or Disposition of Assets.
IPC Alternative Real Estate Income Trust, Inc. (the "Company") is the sole general partner of IPC Alternative Real Estate Operating Partnership, LP (the "Operating Partnership"). As previously disclosed, the Company expects to invest its capital and all of the proceeds raised in its offerings in the Operating Partnership in exchange for units of the Operating Partnership ("OP Units") and to hold no assets other than OP Units. As a result, it expects to consolidate the Operating Partnership. Effective May 1, 2026, following the contribution of capital raised as a result of the May 1, 2026 closing in its public offering, the Company determined that its investment in the Operating Partnership was significant to the Operating Partnership, as determined in accordance with generally accepted accounting principles. As a result, effective May 1, 2026 the Company will consolidate the Operating Partnership and present the results of operations on a consolidated basis.

As of December 31, 2025, the Operating Partnership had total assets of $431.7 million and its real property portfolio consisted of 35 properties totaling approximately 746,601 square feet of medical outpatient properties, 250,755 square feet of self-storage properties and one student housing property with 406 student housing beds.

## Item 9.01 Financial Statements and Exhibits.
**(a) Financial statements of businesses or funds acquired.**

The audited consolidated financial statements of the Operating Partnership as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, of partners' capital and of cash flows for each of the two years in the period ended December 31, 2025, including the related notes are filed as Exhibit 99.1 hereto and incorporated herein by reference.

**(b) Pro forma financial information.**

The unaudited pro forma consolidated financial information of the Company with respect to the consolidation of the Operating Partnership is filed as Exhibit 99.2 and incorporated herein by reference.

**(d) Exhibits.**

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| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | [<u>Audited consolidated financial statements of the Operating Partnership (incorporated by reference to pages 126 through 155 of the Annual Report on Form 10-K filed by the Company on March 18, 2026)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001959961/000195996126000004/ck0001959961-20251231.htm#audit_opinion_op_successor) |
| 99.2 | [<u>Unaudited pro forma consolidated financial information of the Company, which includes the unaudited pro forma consolidated balance sheet as of December 31, 2025 and the unaudited pro forma consolidated statement of operations for the year ended December 31, 2025</u>](ck0001959961-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC. |
| Date: | May 1, 2026 | By:  | /s/ Jerry Kyriazis |
|  |  |  | Jerry Kyriazis<br>*Chief Financial Officer* |

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## Exhibit 99.2

# IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.

# **Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
| Unaudited Pro Forma Consolidated Balance Sheet as of December 31, 2025 | F-3 |
| Notes to the Unaudited Pro Forma Consolidated Balance Sheet as of December 31, 2025 | F-5 |
| Unaudited Pro Forma Consolidated Statement of Operations for the year ended December 31, 2025 | F-6 |
| Notes to the Unaudited Pro Forma Consolidated Statement of Operations for the year ended December 31, 2025 | F-7 |

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**Unaudited Pro Forma Consolidated Financial Statements of IPC Alternative Real Estate Income Trust, Inc.**

On May 1, 2026, IPC Alternative Real Estate Income Trust, Inc. (the "Company") plans to consolidate IPC Alternative Real Estate Operating Partnership, LP and subsidiaries ("ALT REIT OP"), through a step acquisition which will be accounted for as a business combination using the acquisition method of accounting. Prior to the step acquisition, ALT REIT OP has been accounted for as an equity-method investment. The consolidation will be considered a significant acquisition.

The Unaudited Pro Forma Consolidated Financial Statements ("pro forma financial statements") give effect to the proposed acquisition and consolidation of ALT REIT OP by the Company. The Unaudited Pro Forma Consolidated Balance Sheet as of December 31, 2025 gives effect to the ALT REIT OP acquisition and consolidation as if it had been consummated on December 31, 2025 and includes historical data as reported by the separate companies as well as transaction accounting and consolidation adjustments attributable to the ALT REIT OP acquisition and consolidation. The Unaudited Pro Forma Consolidated Statement of Operations for the year ended December 31, 2025 gives effect to the ALT REIT OP acquisition and consolidation as if it had been consummated on January 1, 2025 and includes historical data as reported by the separate companies as well as transaction accounting and consolidation adjustments attributable to the ALT REIT OP acquisition and consolidation.

The transaction accounting pro forma adjustments reflecting the pending consolidation of the ALT REIT OP are based upon the acquisition method of business combination accounting in accordance with generally accepted accounting principles and upon the assumptions set forth in the notes included in this section. The pro forma consolidated financial statements have been prepared based on available information, using estimates and assumptions that management believes are reasonable. These estimates and assumptions affect reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are preliminary and have been prepared solely for the purposes of developing this unaudited pro forma consolidated financial information. The pro forma consolidated financial statements are presented for illustrative purposes only and do not purport to reflect the results the consolidated entity may achieve in future periods or the historical results that would have been obtained had the Company and ALT REIT OP been a consolidated entity during the relevant period.

The assumptions used and adjustments made in preparing the pro forma consolidated financial statements are described in the notes hereto, which should be read in conjunction with the unaudited pro forma consolidated financial statements. The unaudited pro forma consolidated financial statements and related notes contained herein should be read in conjunction with the historical financial statements and related notes of the Company and ALT REIT OP.

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**IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.**

**UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET**

**DECEMBER 31, 2025**

(Dollar amounts in thousands, except per share amounts)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **IPC Alternative Real Estate Income Trust, Inc. Historical (a)** | **IPC Alternative Real Estate Operating Partnership, LP Historical (b)** | **Transaction Accounting / Consolidating Pro Forma Adjustments** | **Notes** | **Pro Forma Consolidated IPC Alternative Real Estate Income Trust, Inc.** |
| **<u>ASSETS</u>** |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |
| Investment properties held and used: |  |  |  |  |  |
| &nbsp;&nbsp;Land | $— | $56953 | $12870 | (c) | $69823 |
| &nbsp;&nbsp;Building and other improvements |  | 381726 | (63387) | (c) | 318339 |
| &nbsp;&nbsp;Total |  | 438679 | (50517) |  | 388162 |
| &nbsp;&nbsp;Less: accumulated depreciation |  | (55596) | 55596 | (c) |  |
| Net investment properties held and used |  | 383083 | 5079 |  | 388162 |
| Cash and cash equivalents |  | 8753 |  |  | 8753 |
| Restricted cash |  | 413 |  |  | 413 |
| Investment in Operating Partnership | 11021 |  | (11021) | (d) |  |
| Distributions receivable from Operating Partnership | 55 |  | (55) | (e) |  |
| Receivable from Operating Partnership | 250 |  | (250) | (e) |  |
| Accounts and rent receivable |  | 5462 | (5221) | (f) | 241 |
| Acquired lease intangible assets, net |  | 26121 | 14169 | (c), (q) | 40290 |
| Finance lease right-of-use asset, net |  | 1995 | (382) | (g) | 1613 |
| Operating lease right-of-use assets, net |  | 3334 | 1653 | (h) | 4987 |
| Other assets |  | 2559 | 1374 | (i) | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $11326 | $431720 | $5346 |  | $448392 |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Mortgage loans payable, net | $— | $270872 | $2452 | (j) | $273324 |
| Credit facility payable |  | 8000 |  |  | 8000 |
| Accounts payable and accrued expenses |  | 3005 |  |  | 3005 |
| Finance lease liability |  | 2890 | (1210) | (k) | 1680 |
| Operating lease liability |  | 1762 | (706) | (l) | 1056 |
| Distributions payable | 55 | 624 | (55) | (e) | 624 |
| Redemptions payable |  | 459 |  |  | 459 |
| Acquired lease intangible liabilities, net |  | 27316 | (13700) | (c), (q) | 13616 |
| Due to related parties | 250 | 505 | (250) | (e) | 505 |
| Other liabilities |  | 2073 |  |  | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 305 | 317506 | (13469) |  | 304342 |
| Commitments and contingencies |  |  |  |  |  |
| **Equity:** |  |  |  |  |  |
| Preferred stock, $0.01 par value per share, 100,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 |  |  |  |  |  |
| Common stock, Class T shares, $0.01 par value per share, 400,000,000 shares authorized, 192,706 shares issued and outstanding as of December 31, 2025 | 2 |  |  |  | 2 |
| Common stock, Class S shares, $0.01 par value per share, 400,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 |  |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| Common Stock, Class D shares, $0.01 par value per share, 400,000,000 shares authorized, 24,711 shares issued and outstanding as of December 31, 2025 |  |  |  |  |
| Common Stock, Class I shares, $0.01 par value per share, 400,000,000 shares authorized, 382,195 shares issued and outstanding as of December 31, 2025 | 3 |  |  | 3 |
| Common Stock, Class X-1 shares, $0.01 par value per share, 200,000,000 shares authorized, 18,222 shares issued and outstanding as of December 31, 2025 |  |  |  |  |
| Common Stock, Class X-2 shares, $0.01 par value per share, 200,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 |  |  |  |  |
| Common Stock, Class A shares, $0.01 par value per share, 100,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 |  |  |  |  |
| General Partner |  |  |  |  |
| Limited Partners |  | 112109 | (112109) (m) |  |
| Additional paid-in capital | 13032 |  |  | 13032 |
| Accumulated deficit | (1685) |  | 3478<br> (n) | 1793 |
| Accumulated other comprehensive (loss) income | (331) | 2105 | (1774) (o) |  |
| Noncontrolling interests |  |  | 129220<br> (p) | 129220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 11021 | 114214 | 18815 | 144050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $11326 | $431720 | $5346 | $448392 |

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**IPC Alternative Real Estate Income Trust, Inc.**

**Notes to Unaudited Pro Forma Consolidated Balance Sheet**

**as of December 31, 2025**

(Dollar amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**Reflects the historical audited balance sheet of the Company as of December 31, 2025, which is included in the Company's Annual Report on Form 10-K, filed with the SEC on March 18, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Reflects the historical audited consolidated balance sheet of ALT REIT OP as of December 31, 2025, which is included in the Company's Annual report on Form 10-K, filed with the SEC on March 18, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**Represents the initial estimates of the step up in fair value for the investment properties to reflect the allocation of the purchase price to identifiable net assets acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**Represents the elimination of the Company's equity method investment in ALT REIT OP upon consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**Represents the elimination of intercompany balances and transactions between the Company and ALT REIT OP upon consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)**Represents the removal of ALT REIT OP's historical straight-line rent receivable balance, as lease accounting is reset upon acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)**Includes an adjustment of $(786) related to remeasurement of finance lease right-of-use asset upon acquisition and an adjustment of $404 related to allocation of purchase price to finance lease intangibles upon acquisition. The Company amortizes the finance lease intangibles on a straight-line basis over the estimated useful life. As of December 31, 2025, the remaining useful life for finance lease intangibles was approximately 81 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)**Includes an adjustment of $(543) related to remeasurement of operating lease right-of-use assets upon acquisition and an adjustment of $2,196 related to allocation of purchase price to operating lease intangibles upon acquisition. The Company amortizes the operating lease intangibles on a straight-line basis over the estimated useful lives. As of December 31, 2025, the weighted average remaining useful life for operating lease intangibles was approximately 71 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**Represents the adjustment for fair value of derivatives upon acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)**Represents the adjustment of ALT REIT OP's mortgage loans payable balances to fair value upon acquisition and the write-off of related unamortized debt issuance costs and unamortized loan discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)**Represents the adjustment for the remeasurement of the finance lease liability upon acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)**Represents the adjustment for the remeasurement of the operating lease liability upon acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)**Represents the elimination of historical limited partners' capital of ALT REIT OP upon consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)**Represents the gain recorded for the step up in fair value of the Company's investment in ALT REIT OP upon acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)**Represents the removal of accumulated other comprehensive income of the Company and ALT REIT OP as the accumulated other comprehensive income is reset to zero upon acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)**This adjustment records noncontrolling interest representing the portion of ALT REIT OP not owned by the Company upon consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)**The Company amortizes the acquired lease intangible assets and acquired lease intangible liabilities on a straight-line basis over the estimated useful lives. As of December 31, 2025, the weighted average remaining useful lives for acquired lease intangible assets and acquired lease intangible liabilities were approximately 11 years and approximately 26 years, respectively.

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**IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.**

**UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

(Dollar amounts in thousands, except per share amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **IPC Alternative Real Estate Income Trust, Inc. Historical (a)** | **IPC Alternative Real Estate Operating Partnership, LP Historical (b)** | **Transaction Accounting / Consolidating Pro Forma Adjustments** | **Pro Forma Consolidated IPC Alternative Real Estate Income Trust, Inc.** |
| **Revenues:** |  |  |  |  |
| Rental revenue | $— | $34165 | $(172) (c) | $33993 |
| Other property revenue |  | 339 |  | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues |  | 34504 | (172) | 34332 |
| **Expenses:** |  |  |  |  |
| Property operating expenses |  | 5620 | 69<br> (d) | 5689 |
| Real estate tax expense |  | 1824 |  | 1824 |
| General and administrative expenses |  | 4163 |  | 4163 |
| Advisor management fee |  | 787 |  | 787 |
| Depreciation and amortization |  | 17978 | 2994<br> (e) | 20972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | 30372 | 3063 | 33435 |
| **Other Income (Expense):** |  |  |  |  |
| Loss from equity method investment in Operating Partnership | (769) |  | 769<br> (f) |  |
| Interest expense |  | (15335) | 1148<br> (g) | (14187) |
| Interest and other income |  | 4 |  | 4 |
| **Net loss** | (769) | (11199) | (1318) | (13286) |
| Net loss attributable to noncontrolling interests |  |  | 11918<br> (h) | 11918 |
| **Net loss attributable to common stockholders** | $(769) | $(11199) | $10600 | $(1368) |
| Net loss per common share, basic and diluted | $(2.05) | $— | $(0.16) (i) | $(2.21) |
| Weighted average number of common shares outstanding, basic and diluted | 375495 |  | 242339<br> (j) | 617834 |

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**IPC Alternative Real Estate Income Trust, Inc.**

**Notes to Unaudited Pro Forma Consolidated Statement of Operations**

**for the year ended December 31, 2025**

(Dollar amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Reflects the audited results of operations of the Company for the year ended December 31, 2025, which are included in the Company's Annual Report on Form 10-K, filed with the SEC on March 18, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Reflects the audited results of operations of ALT REIT OP for the year ended December 31, 2025, which are included in the Company's Annual Report on Form 10-K, filed with the SEC on March 18, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company recognizes rental revenue for operating leases on a straight-line basis over the life of the related lease, including any rent steps or abatement provisions. An adjustment in the amount of $1,549 is made to reflect rental revenue on a straight-line basis as if the Company had acquired ALT REIT OP as of January 1, 2025. In addition, the Company records acquired above-market and below-market leases at their fair value and recognizes the related amortization over the weighted average lives of the related leases as an adjustment to rental revenue. As such, an adjustment in the amount of $(1,721) is made to reflect rental revenue as if the Company had acquired ALT REIT OP as of January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Reflects (i) cumulative impact of $3 related to ground lease rent expense, interest expense on ground lease liabilities and amortization of right-of-use assets and (ii) $66 of additional amortization expense resulting from the fair-value adjustment of ground lease intangibles. The Company amortizes ground lease intangibles over the life of the lease, including extensions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Reflects the increase in depreciation and amortization expense during the year ended December 31, 2025 as if the Company had acquired ALT REIT OP as of January 1, 2025. The Company records depreciation and amortization on a straight-line basis over the estimated useful lives, ranging between 6 months and 40 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Reflects the elimination of the loss from equity method investment in ALT REIT OP upon consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Includes an adjustment to remove $1,691 of amortization of loan fees and mortgage discount as if the Company had acquired ALT REIT OP as of January 1, 2025. Also, includes an additional $543 related to the adjustment for derivatives amortization into interest expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Reflects the allocation of a portion of the consolidated net loss to noncontrolling interests based on the ownership percentage in ALT REIT OP not owned by the Company upon consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Reflects the increase in net loss per common share to illustrate the impact of consolidation of ALT REIT OP, giving effect to transaction accounting pro forma adjustments and the elimination of intercompany activity, after the allocation of net loss to noncontrolling interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Reflects the increase to weighted average common shares outstanding assuming the consolidation occurred at the beginning of the period.

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