Material Agreement (Form 8-K)

November 17, 2025

Dear Stockholder:

As we have previously disclosed, our board of directors has been reviewing strategic alternatives including the sale of Inland Real Estate Income Trust, Inc. (we or the Company). The board retained a financial advisor and through the financial advisor engaged in discussions with potential purchasers. Based on this engagement and subsequent follow-up review and discussion, the board has decided not to pursue the sale of the Company at this time. The board has asked our business manager to evaluate the Company's business plan and related strategy and to consider and present alternatives and enhancements to this plan and strategy for board review. The goal is to increase assets and cash flow on an accretive basis as well as enhance our capital (primarily equity) and provide liquidity to stockholders over time.

To address upcoming debt maturities, the Company has closed on an amendment to its credit facility agreement that both extends the term of the agreement and increases the amount that may be drawn under the facility. We expect to repay maturing indebtedness secured by certain of our properties by drawing on the credit facility.

Further, on November 5, 2025, our board increased the size of the board from six to seven members and appointed Anthony Chereso, the chief executive officer and president of Inland, as a Class II director of the Company, effective immediately, and to serve until the 2026 Annual Meeting of stockholders.

Finally, the Company anticipates publishing an estimate of per share net asset value, or NAV, as of September 30, 2025, to assist broker-dealers in satisfying their obligations to report values on customer account statements. We are targeting publishing the NAV during the second week of December. Please visit our website at inland-investments.com/inland-income-trust/2025-nav or simply scan the QR code below to obtain the new NAV as soon as it is available.

We appreciate your investment and remain steadfast in our belief that the Company's future is solid. Should you have any questions, please do not hesitate to contact your financial professional or our Investor Services team at 866-My-Inland (866-694-6526).

Sincerely,

INLAND REAL ESTATE INCOME TRUST, INC.

Mark Zalatoris

President and Chief Executive Officer