Business Context and Reporting Period
This Form 8-K filing by InPoint Commercial Real Estate Income, Inc. (InPoint) reports the determination of Net Asset Value (NAV) per share as of December 31, 2025. The report was filed on January 15, 2026. InPoint is a commercial real estate income company that invests primarily in commercial mortgage loans and real estate owned. The filing notes that the Company's public offering officially terminated on November 1, 2025.
Key Financial Metrics
As of December 31, 2025, the Company reported the following NAV components (in thousands, except per share data):
- Total Net Asset Value (Common Stock): $145,242
- Aggregate NAV per Share: $14.3519
- Outstanding Common Shares: 10,120
- Major Assets:
- Commercial mortgage loans: $353,111
- Real estate owned: $98,877
- Cash and cash equivalents: $79,106
- Major Liabilities:
- Repurchase agreements: $(223,397)
- Loan participations sold: $(47,009)
- Preferred stock: $(88,133)
- Mortgage loan payable: $(23,891)
Note: This filing does not provide revenue, profit, cash flow, or margin data as it is a NAV disclosure rather than an income statement or cash flow statement.
Material Changes and Class Breakdown
The filing provides a breakdown of NAV per share by class of common stock as of December 31, 2025:
| Class | NAV Attributable ($000s) | Shares Outstanding (000s) | NAV per Share |
|---|---|---|---|
| Class P | $122,796 | 8,563 | $14.3407 |
| Class A | $10,733 | 746 | $14.3892 |
| Class T | $4,217 | 290 | $14.5246 |
| Class S | $0 | 0 | N/A |
| Class D | $692 | 48 | $14.4155 |
| Class I | $6,805 | 473 | $14.3911 |
| Total | $145,242 | 10,120 | $14.3519 |
Class S shares had no outstanding balance or NAV as of the reporting date. The filing does not provide comparative data for the prior period to calculate material changes in NAV.
Management Commentary and Unusual Items
Stockholder Servicing Fees: The filing clarifies the treatment of stockholder servicing fees for Class T, Class S, and Class D shares. While GAAP requires accruing the full cost as an offering cost at the time of sale, the Company recognizes these fees as a reduction of NAV on a monthly basis as they are paid. As of December 31, 2025, the Company had accrued $645 (in thousands) of stockholder servicing fees payable to the Dealer Manager related to Class T and Class D shares. No fees were accrued for Class S shares as none were sold.
Public Offering Status: The Company confirmed that its public offering terminated on November 1, 2025. Consequently, the Dealer Manager does not retain fees; they are passed through to participating broker-dealers.
Valuation Methodology: NAV is determined by Inland InPoint Advisor, LLC, in accordance with Board-approved guidelines, and is updated monthly.
Key Facts for Investor Verification
- Verify the NAV per share of $14.3519 against the Company's website (www.inland-investments.com/inpoint) to ensure the most current data is reflected.
- Confirm the termination of the public offering on November 1, 2025, and its impact on future capital raising capabilities.
- Review the leverage ratio implied by the repurchase agreements ($223,397) relative to total assets to assess liquidity risk.
- Check the Class S share status, which currently has zero outstanding shares, to understand if this class remains available for future issuance.
- Validate the accrued stockholder servicing fees of $645 (in thousands) to ensure proper liability recognition.