Management Change/Compensation (Form 8-K)

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 18, 2025, Keith D. Lampi resigned as Chief Executive Officer and as a member and chairman of the board of directors (the "Board") of IPC Alternative Real Estate Income Trust, Inc. (the "Company"), effective as of October 20, 2025. Mr. Lampi's resignation was not due to any disagreement with the Company, its advisor or any of its and their affiliates. The Board would like to thank Mr. Lampi for his years of service and wish him well in his future endeavors.

In connection with Mr. Lampi's resignation, Ella S. Neyland, a member of the Board, accepted the role of Interim Chief Executive Officer of Inland Real Estate Investment Corporation ("IREIC"), the Company's sponsor, and its subsidiary Inland Private Capital Corporation. Ms. Neyland remains on the Board, and has been appointed as Chair of the Board, effective as of October 20, 2025.

The Board has appointed Denise Kramer, the Company's now-former Chief Operating Officer, Lead Portfolio Manager, as the Company's Chief Executive Officer, effective as of October 20, 2025. Ms. Kramer's biography is set forth below.

As result of Ms. Neyland's acceptance of an officer position with IREIC, she no longer qualifies as an independent director of the Company. Accordingly, Ms. Neyland stepped down from the audit committee, affiliate transaction committee and nominating and corporate governance committee of the Board. In light of Ms. Neyland no longer qualifying as independent, and in order to continue to have a majority of independent directors on the Board, Anthony Chereso, a member of the Board, resigned from the Board effective October 20, 2025, on a temporary basis. The Board expects him to return to the Board once a new independent director is appointed.

Ms. Kramer, 47, serves as the Company's Chief Executive Officer and as Chief Executive Officer of IPC Alternative Real Estate Advisor, LLC, the Company's external advisor, roles she has held since October 2025. Prior to her appointment as Chief Executive Officer, Ms. Kramer served as the Company's Chief Operating Officer, Lead Portfolio Manager from June 2023 through October 2025. Ms. Kramer also serves as the Chief Executive Officer and a director of InPoint Commercial Real Estate Income, Inc. ("InPoint"), positions she has held since December 2024, and as the President of InPoint's advisor, Inland InPoint Advisor, LLC, a position she has held since January 2022. In addition, Ms. Kramer has served as Senior Vice President, Investment Product Management of IREIC since December 2022. Ms. Kramer began her career with Inland in 2016, serving as Senior Vice President, Investment Product Research for Inland Securities Corporation, Inland's managing broker dealer. Prior to joining Inland, Ms. Kramer served as Director of Investment Research at Advisor Group from January 2010 to August 2016. Ms. Kramer has a B.A. in accounting from the University of Maine and a Master's degree in finance from Northeastern University. She holds Series 7 and 66 licenses with FINRA, and is a CFA Charterholder.

There are no family relationships between Ms. Kramer or Ms. Neyland and any director or executive officer of the Company and there are no transactions between either of them and the Company that would be required to be reported under Item 404(a) of Regulation S-K.