Compared against all funds.
1Y return
−0.3%
7th pctile · behind most peersas of 2026-03-18computed from net asset value per share and distributions, which the manager determines
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$140.2M
as of 2026-03-18
Net expenses
not stated yet
Repurchase
2% Monthly (share repurchase plan, limited to 2% of NAV per month and 5% per quarter)
1 of 293 peers matchLevel 3
not stated yet
Last offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Entity-level expenses$5.0M
Sponsor fees at the property level$0.7M
Average net asset value$140.2M
Fixed costs as a share of net assets3.50%
This fund's cost was corrected to 3.5% on review of its filings. A fuller explanation follows.
Sales loadnone
Total drag per year3.50%
This is the cost for class I. It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.
The figure above is the ongoing cost. For the period the filing covers it was 4.73%.
Based on fiscal year2025 annual figures from the 10-K (year ended 12/31/2025), converted from dollars using average NAV of about $141.2M (NAV $142.2M at 12/31/.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
This issuer reports costs in dollars rather than as an expense ratio. The figure above is 5.0M of entity-level expenses plus 0.7M of sponsor fees charged at the property level against 140.2M of average net assets. Property operating costs, depreciation and mortgage interest sit in the returns, not here. Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Special Limited Partner receives 12.5% of Total Return on Class T, S, D and I OP Units subject to a 5% hurdle, a catch-up and a high-water mark loss carryforward (10.0% on Class X-1 units, none on Class X-2); no performance participation was accrued as of December 31, 2025.) apply only to returns earned. How this is calculated
Against all funds
Total drag
89th pctile · pricier than most
1Y return
7th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual figures from the 10-K (year ended 12/31/2025), converted from dollars using average NAV of about $141.2M (NAV $142.2M at 12/31/2024 and $140.2M at 12/31/2025 from the monthly NAV-per-share and unit tables). Class I class-specific 1.25% advisory rate applied per the Advisory Agreement. Interim 6/30/2026 10-Q shows general and administrative costs running higher (annualized 3.7% of NAV) and a $871K performance allocation accrued, which is excluded..
Open the filing on sec.gov (0001959961-26-000004)Size and leverage
Net assets$141.8M?
Borrowings$270.0M?
Investments held35?
Started2023-06-12?
What the manager charges
Management feeof net assets1.25%?
Performance fee12.5% of Total Return on Class T/S/D/I OP Units subject to a 5% hurdle and loss carryforward (high-water mark) with a 100% catch-up; 10.0% of Class X-1 Total Return subject to the same 5% hurdle; 12.5% of Class A Total Return subject to a 5% hurdle; no performance allocation on Class X-2. Accrued monthly, paid annually in cash or Class I OP Units.?
Hurdle5.00%?
High water markYes?
Expense cap2.00%?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersmonthly?
Share of the fund offered2.00%?
Early repurchase fee5.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income53.00%?
Return of your own capital100.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position23.90%?
Top ten76.90%?
MostlyHealthcare / medical outpatient (80.6% of gross asset value)?
Who is involved
AdviserIPC Alternative Real Estate Advisor, LLC?
AuditorPricewaterhouseCoopers LLP?
ValuedNAV calculated monthly; each property appraised by an independent third-party appraisal firm within the first full calendar quarter after acquisition and no less frequently than annually thereafter, with monthly updates by the independent valuation advisor?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class T | 2.10% | 3.50% | - | - |
| Class S | 2.10% | 3.50% | - | - |
| Class D | 1.50% | 1.50% | - | - |
| Class I | 1.25% | 0.00% | - | - |
| Class X-1 (private offering) | 1.00% | 0.00% | - | - |
| Class X-2 (private offering, none outstanding) | 0.75% | 0.00% | - | - |
| Class A OP Units (legacy DST contributors, ~89% of NAV) | 0.50% | 0.00% | - | - |
Also worth knowing
- Effective May 1, 2026 the Company began consolidating the Operating Partnership through a step acquisition and recognized a $2,140 thousand gain on change in control; before that date it used equity-method accounting.
- Class A OP Units held by legacy DST contributors were $125.2 million of the $140.2 million total NAV at 12/31/2025 and pay a 0.50% advisory fee, versus 1.25% for Class T/S/D/I, so the entity-wide blended fee accrual understates what a new investor pays.
- On August 6, 2026 the affiliate revolving credit facility was increased from $22.5 million to $40.0 million and extended to November 30, 2027; $14.0 million was drawn at June 30, 2026.
- All 2025 and 2024 distributions were 100% return of capital for tax purposes, and only 53% of first-half 2026 distributions were funded by operating cash flow.
- Ongoing cost by share class (my calculation from disclosed rates): Class T 5.6% (6.8% with the 3.5% load spread over 3 years); Class D 5.0%; Class I 4.7%; Class X-1 4.5%; Class X-2 4.2%; Class A OP Units 4.0% percent per year (The advisory fee and distribution fee are class-specific accruals, so the cost an investor bears depends entirely on the class bought; the entity-wide blended fee of 0.56% of NAV is not available to any new investor.)
- Affiliate property management fees charged at the property level: 744 thousands of dollars, FY2025 (0.53% of NAV) (These sponsor fees are paid to affiliates of the adviser on top of the advisory fee and are not covered by it, so they add directly to the cost of ownership.)
- Ongoing distribution (servicing) fees paid to affiliated dealer manager: 883 thousands of dollars, FY2025 (0.63% of NAV) (Trailing servicing fees of 0.85% a year on Class T and 0.25% on Class D continue until an 8.75% cap is reached, materially raising the cost of the commission-bearing classes.)
- Performance participation accrued in 2026 (excluded from drag): 871 thousands of dollars accrued as of June 30, 2026 (0.61% of NAV) (No performance allocation was accrued in 2025, but the first half of 2026 accrued 0.61% of net asset value, which would be an additional contingent cost if returns hold.)
- General and administrative run rate rising: $2,616 for the six months ended June 30, 2026 versus $2,136 for the same period of 2025; $4,163 for full-year 2025 thousands of dollars (Annualized 2026 overhead is about 3.7% of net asset value versus 2.9% in 2025, so the largest single cost component is trending up on a flat asset base.)
- Capital raised versus cost of raising it: $8.1 million equity raised in 2025 at about $1.3 million of costs, roughly 17% of capital raised percent of capital raised (Fundraising is very small relative to the fixed cost of running a public non-traded REIT, which is why fixed overhead is a large percentage of net asset value.)
- Scale of the offering actually sold: $14.8 million gross raised in the Public Offering; $1.2 billion still available US dollars (Until the asset base grows, fixed entity-level costs will keep the percentage cost of ownership high; growth in net asset value would dilute overhead per dollar invested.)
- Debt profile and interest cost (excluded from drag): $270.0 million of mortgage debt at a 5.14% weighted average rate, 2.0 years weighted average to maturity, plus $14.0 million drawn on the affiliate credit facility at 4.25% US dollars / percent (Interest is roughly 10.9% of net asset value and consumes most of property cash flow; near-term maturities were extended in 2026 to 2027-2029.)
Liquidity terms
Repurchase frequency
Repurchase percentage of shares outstanding2%
Valuation
Independent valuation firmunchanged, 6 filingsEngaged, name in filing
Structure
Legal structurechanged · Mar 2026Maryland corporation; REIT
Use of derivativeschanged · Mar 2026yes
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
No repurchase offer filings on record yet.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.