# EDGAR Filing Document

**Accession Number:** 0001959961
**File Stem:** 0000950170-25-095834
**Filing Date:** 2025-7
**Character Count:** 12972
**Document Hash:** 62bfb5b6053d47adad20f952759c2ddb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-095834.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0000950170-25-095834

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**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:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-272750
- **FILM NUMBER:** 251124263

**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

**Filed Pursuant to Rule 424(b)(3)**

**Registration No. 333-272750**

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

**SUPPLEMENT NO. 3 DATED JULY 15, 2025**

**TO THE PROSPECTUS DATED APRIL 4, 2025**

This prospectus supplement ("Supplement") is part of and should be read in conjunction with the prospectus of IPC Alternative Real Estate Income Trust, Inc., dated April 4, 2025 (as supplemented to date, the "Prospectus"). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. References herein to the "Company," "we," "us," or "our" refer to IPC Alternative Real Estate Income Trust, Inc. unless the context specifically requires otherwise.

The purposes of this Supplement are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to disclose the transaction price for each class of our common stock as of August 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to disclose the calculation of our June 30, 2025 NAV per share for all share classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to provide an update on the status of our Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to provide portfolio metrics regarding the status of the Operating Partnership's investments as of June 30, 2025.

**August 1, 2025 Transaction Price**

The transaction price for each share class of our common stock for subscriptions accepted as of August 1, 2025 (and repurchases as of July 31, 2025) is as follows:

---

| | |
|:---|:---|
|  | **Transaction<br>Price (per share)** |
| Class T | $23.3105 |
| Class S | $23.3945 |
| Class D | $23.4274 |
| Class I | $23.3945 |

---

As of the date of this Supplement, we had not sold any Class S shares. Until we sell shares of Class S common stock, the transaction price for Class S shares is based on NAV per share of our Class I shares as of June 30, 2025. We will separately compute the NAV per share for Class S shares once we have Class S shares outstanding. A detailed calculation of the NAV per share is set forth below. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. The repurchase price for each share class equals the transaction price of such class.

**June 30, 2025 NAV per Share**

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at *www.ipcaltreit.com* and is made available on our toll-free, automated telephone line at 866-MY-Inland (866-694-6526). Please refer to "Net Asset Value Calculation and Valuation Guidelines" in the Prospectus for a discussion of how our NAV is determined. The Advisor is ultimately responsible for determining our NAV. Transactions or events have occurred since June 30, 2025 that could have a material impact on our NAV per share, upon which our transaction price is based. We have included a breakdown of the components of total NAV and NAV per share for June 30, 2025 along with the immediately preceding month.

Our total NAV presented in the following tables shows the Company and the Operating Partnership on a combined basis and includes the NAV of the Company's common stockholders, as well as partnership interests of the Operating Partnership held by parties other than us.

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The following table provides a breakdown of the major components of our NAV as of June 30, 2025 (dollars and shares/units in thousands):

---

| | |
|:---|:---|
| **Components of NAV** | **As of<br>June 30, 2025** |
| Investments in real estate | $411640 |
| Cash and cash equivalents | 6758 |
| Restricted cash | 393 |
| Other assets | 7270 |
| Debt | (273149) |
| Other liabilities<sup>(1)</sup> | (14658) |
| Net asset value | $138254 |
| Total shares/units outstanding | 5878 |

---

<sup>(1)</sup> Includes accrued distribution fees. Distribution fees only apply to Class T shares and units, Class S shares and units and Class D shares and units. For purposes of calculating NAV, we recognize the distribution fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the distribution fee as an offering cost at the time we sell Class T shares and units, Class S shares and units, and Class D shares and units. As of June 30, 2025, we had accrued under GAAP $168 of distribution fees payable to Inland Securities Corporation (the "Dealer Manager") related to the Class T shares and units and Class D shares and units. As of June 30, 2025, we had not sold or issued any Class S shares or units, therefore, we had not accrued any distribution fees payable to the Dealer Manager related to such shares or units. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers.

The following table sets forth our NAV and NAV per share/unit by class as of June 30, 2025 (dollars and shares/units in thousands except per share/unit data):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAV Per Share/Unit** | **Class T <br>Shares/Units** | **Class D<br>Shares/Units** | **Class I <br>Shares/Units** | **Class A Units** | **Total** |
| Net asset value | $1940 | $506 | $8046 | $127762 | $138254 |
| Number of outstanding shares/units | 83 | 22 | 344 | 5429 | 5878 |
| NAV per share/unit as of June 30, 2025 | $23.3105 | $23.4274 | $23.3945 | $23.5336 |  |

---

Set forth below are the weighted averages of the key assumptions used by our independent valuation advisor in the discounted cash flow analysis used for the June 30, 2025 valuations, based on property type:

---

| | | |
|:---|:---|:---|
| **Property Type** | **Discount Rate** | **Exit Capitalization Rate** |
| Healthcare | 7.50% | 6.31% |
| Self-Storage | 8.17% | 6.42% |
| Education | 8.25% | 6.75% |

---

A change in these key assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our property investment values:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Property Type** | **Hypothetical Change** | **Healthcare** | **Self-Storage** | **Education** |
| Discount rate (weighted average) | 0.25% decrease | 1.83% | 1.93% | 1.80% |
|  | 0.25% increase | (1.85)% | (1.90)% | (1.80)% |
| Exit capitalization rate (weighted average) | 0.25% decrease | 2.28% | 2.40% | 2.03% |
|  | 0.25% increase | (2.18)% | (2.08)% | (2.03)% |

---

Our total NAV presented in the following tables shows the Company and the Operating Partnership on a combined basis and includes the NAV of the Company's common stockholders, as well as partnership interests of the Operating Partnership held by parties other than us.

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The following table provides a breakdown of the major components of our NAV as of May 31, 2025 (dollars and shares/units in thousands):

---

| | |
|:---|:---|
| **Components of NAV** | **As of<br>May 31, 2025** |
| Investments in real estate | $412920 |
| Cash and cash equivalents | 7421 |
| Restricted cash | 387 |
| Other assets | 7889 |
| Debt | (272996) |
| Other liabilities<sup>(1)</sup> | (15586) |
| Net asset value | $140035 |
| Total shares/units outstanding | 5854 |

---

<sup>(1)</sup> Includes accrued distribution fees. Distribution fees only apply to Class T shares and units, Class S shares and units and Class D shares and units. For purposes of calculating NAV, we recognize the distribution fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the distribution fee as an offering cost at the time we sell Class T shares and units, Class S shares and units, and Class D shares and units. As of May 31, 2025, we had accrued under GAAP $123 of distribution fees payable to the Dealer Manager related to the Class T shares and units and Class D shares and units. As of May 31, 2025, we had not sold or issued any Class S shares or units, therefore, we had not accrued any distribution fees payable to the Dealer Manager related to such shares or units. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers.

The following table sets forth our NAV and NAV per share/unit by class as of May 31, 2025 (dollars and shares/units in thousands except per share/unit data):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAV Per Share/Unit** | **Class T <br>Shares/Units** | **Class D<br>Shares/Units** | **Class I <br>Shares/Units** | **Class A Units** | **Total** |
| Net asset value | $1482 | $364 | $8031 | $130158 | $140035 |
| Number of outstanding shares/units | 63 | 15 | 337 | 5439 | 5854 |
| NAV per share/unit as of May 31, 2025 | $23.7166 | $23.8595 | $23.8064 | $23.9326 |  |

---

**Status of our Offering**

We are currently offering on a continuous basis up to $1.25 billion in shares of common stock, consisting of up to $1.0 billion in shares in our primary offering and up to $250 million in shares pursuant to our distribution reinvestment plan. As of the date of this Supplement, we had issued and sold in the Offering (i) 403,078 shares of our common stock (consisting of 246,185 Class I shares, 135,426 Class T shares and 21,467 Class D shares; no Class S shares were issued or sold as of such date) in the primary offering for total proceeds of $9.9 million and (ii) 2,199 shares of our common stock (consisting of 1,686 Class I shares, 333 Class T shares and 180 Class D shares) pursuant to our distribution reinvestment plan for a total value of $0.05 million. We intend to continue selling shares in the Offering on a monthly basis.

**Portfolio Metrics as of June 30, 2025**

Attached hereto as *Appendix A* are portfolio metrics regarding the status of our Operating Partnership's investments as of June 30, 2025.

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*Appendix A*

![img57345971_0.jpg](img57345971_0.jpg)

ALT REIT Portfolio Overview\* $412M Investments in Real Estate $138M Net Asset Value 35 Properties Healthcare Appraised Property Value $327,320,000 No. of Properties 30 Square Feet 746,601 Leased % 97.7% Student Housing Appraised Property Value $44,400,000 No. of Properties 1 Total Beds 406 Leased % 99.3% Self Storage Appraised Property Value $39,920,000 No. of Properties 4 No. of Units 2,362 Leased % 83.3%† † Leased % based on rentable square footage \*Data as of June 30, 2025. For more information on IPC Alternative Real Estate Income Trust, Inc.'s (ALT REIT) most recent estimated net asset value (NAV), including the assumptions, estimates and judgments used to determine the estimated NAV, see Supplement No. 3 to the prospectus of IPC Alternative Real Estate Income Trust, Inc., dated April 4, 2025, as filed with the SEC on July 15, 2025. Portfolio shown is that of the Operating Partnership of ALT REIT. ALT REIT is the general partner of the Operating Partnership but currently does not own a substantial economic interest in the Operating Partnership and therefore does not own a substantial interest in the underlying properties. As ALT REIT raises capital in its public offering, it will contribute the capital to the Operating Partnership in exchange for ownership interests in the form of Operating Partnership units such that we expect to eventually consolidate the Operating Partnership. Property Type by Investment Value Self Storage 10% Student Housing 11% Healthcare 79%

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