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

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): November 1926, 2025

IPC Alternative Real Estate Income Trust, Inc.

(Exact name of Registrant as Specified in Its Charter)


Maryland	333-272750	87-1302380
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer 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

    

N/A

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

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:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

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. ☒

Item 18.01 EntryOther into a Material Definitive AgreementEvents.

OnDistribution ~~November~~to ~~19,~~Stockholders ~~2025,~~of ~~IPC~~Record ~~Alternative Real Estate Operating Partnership, LP (the “Operating Partnership”), an entity for which IPC Alternative Real Estate Income Trust, Inc. (the “Company”) acts~~ as general partner, as borrower, entered into a Second Modification to Loan Documents Agreement (the “Second Credit Facility Amendment”) with Inland Private Capital Corporation (“IPC”), an affiliate of ~~the~~November ~~Company’s sponsor~~30, ~~as lender.~~ 2025

The ~~Second~~Board ~~Credit~~of ~~Facility~~Directors ~~Amendment amends (i) the revolving credit facility loan agreement dated as~~ of ~~October 27, 2023 between the Operating Partnership and~~ IPC ~~(as~~Alternative ~~amended~~Real byEstate ~~that~~Income ~~certain Modification to Loan Documents Agreement dated November 26~~Trust, ~~2024,~~Inc. (the “~~Credit Agreement~~Company”) ~~and~~has ~~(ii)~~authorized ~~the~~a ~~revolving~~distribution ~~promissory~~for ~~note~~each ~~dated~~class as of ~~October~~its ~~27,~~common ~~2023~~stock made by the Operating Partnership payable to IPC (as amended by that certain Modification to Loan Documents Agreement dated November 26, 2024, the “Promissory Note,” and together with the Credit Agreement, the “Credit Facility”) to provide that the maturity date of the Credit Facility is November 30, 2026 (as may be amended, modified, extended or renewed, but not accelerated, in ~~IPC’s sole discretion) or~~ the ~~date~~amount ~~IPC~~per ~~declares~~share ~~obligations~~set ~~under~~forth ~~the Credit Facility, or the obligations become, due and payable after the occurrence of an event of default~~below.

The Second Credit Facility Amendment contains representations, warranties and covenants that are customary for agreements of this type.


November 30, 2025 Record Date
	Gross Distribution		Distribution Fee		Net Distribution
Class T Common Stock	$	0.1042	$	0.0163	$	0.0879
Class D Common Stock	$	0.1042	$	0.0048	$	0.0994
Class I Common Stock	$	0.1042	N/A		$	0.1042

As of November 26, 2025, the Company had no outstanding shares of Class S, Class X-1, Class X-2 or Class A ~~copy~~common stock. The net distributions for each class of common stock (which represent the ~~Second~~gross ~~Credit~~distribution ~~Facility~~less ~~Amendment~~any isdistribution ~~attached~~fees asfor ~~Exhibit~~the ~~10.1~~applicable class of common stock) are payable to ~~this~~stockholders ~~Current~~of ~~Report~~record of the Company as of November 30, 2025 and will be paid on ~~Form~~or ~~8-K~~about December 3, 2025. These distributions will be paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan.

~~Item 9.01 Financial Statements and Exhibits.~~SIGNATURES

(d) Exhibits
Exhibit No.		Description
10.1		Second Modification to Loan Documents Agreement, dated November 19, 2025, by and between IPC Alternative Real Estate Operating Partnership, LP and Inland Private Capital Corporation
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.

SIGNATURES


			IPC Alternative Real Estate Income Trust, Inc.

Date:	November 26, 2025	By:	/s/ Jerry Kyriazis
			Jerry Kyriazis Chief Financial Officer

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.

			IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.
Date:	November 24, 2025	By:	/s/ Jerry Kyriazis
			Jerry KyriazisChief Financial Officer

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