Amendment to Annual Report (Form 10-K/A)

This Amendment No. 1 on Form 10-K/A (this "Amendment") amends the Annual Report on Form 10-K of IPC Alternative Real Estate Income Trust, Inc. (the "Company") for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (the "SEC") on March 19, 2025 (the "Original Filing"). This Amendment is being filed solely to provide a corrected version of PricewaterhouseCoopers LLP's ("PwC") report on the financial statements of the Company that includes a statement PwC inadvertently omitted from the previously filed version that confirms PwC did not audit the Company's internal control over financial reporting. In accordance with rules adopted by the SEC, the Company is not required to have an audit of its internal control over financial reporting. These changes do not in any way change the conclusions expressed by PwC in the original report, or any other disclosure included in the Original Filing.

This Amendment consists solely of the preceding cover page, this explanatory note, Part II, Item 8. "Financial Statements and Supplementary Data," in its entirety, Part IV. Item 15. "Exhibits and Financial Statement Schedules," in its entirety, the signature page, and new certifications.

As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, this Amendment includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from the Company's principal executive officer and principal financial officer, dated as of the filing date of this Amendment.

This Amendment speaks as of the date of the Original Filing, does not reflect events that may have occurred after the date of the Original Filing and does not modify or update in any way the disclosures made in the Original Filing, except as described above. This Amendment should be read in conjunction with the Original Filing and with the Company's subsequent filings with the SEC.