InPoint Commercial Real Estate Income, Inc 8-K, filed Mar 16, 2023
InPoint Commercial Real Estate Income, Inc. (ICR-PA)
About this 8-K
InPoint Commercial Real Estate Income, Inc filed this 8-K on March 16, 2023.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 8.01 Other Events.
Determination of February 28, 2023 NAV per Share
InPoint Commercial Real Estate Income, Inc. (the “Company,” “we,” “our”) calculates net asset value (“NAV”) per share in accordance with the valuation guidelines that have been approved by its board of directors (the “Board”). Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.inland-investments.com/inpoint. The “Net Asset Value Calculation and Valuation Guidelines” section of our prospectus for our public offering (SEC Registration No. 333-264540), as supplemented, contains details regarding how our NAV is determined. Inland InPoint Advisor, LLC, our Advisor, is ultimately responsible for determining our NAV. We have included a breakdown of the components of total net asset value attributable to common stock and NAV per share for February 28, 2023.
Our total net asset value attributable to all classes of our common stock in the aggregate is presented in the following table. As of February 28, 2023, we had not sold any Class S shares of common stock in our public offering. As previously announced, on January 30, 2023, our Board unanimously approved the suspension of the sale of shares in the primary portion of our public offering and through our amended and restate distribution reinvestment plan. The following table provides a breakdown of the major components of our total net asset value attributable to common stock as of February 28, 2023 ($ and shares in thousands, except per share data):
Components of NAV |
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February 28, 2023 |
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Commercial mortgage loans (1) |
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$ |
818,312 |
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Real estate owned, net |
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19,000 |
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Cash and cash equivalents and restricted cash |
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24,012 |
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Other assets |
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7,438 |
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Repurchase agreements - commercial mortgage loans |
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(481,609 |
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Credit facility payable |
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(18,380 |
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Loan participations sold |
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(78,196 |
) |
Reserve for expected future losses on real estate owned (2) |
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(1,311 |
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Due to related parties |
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(2,226 |
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Distributions payable |
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(1,050 |
) |
Interest payable |
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(1,008 |
) |
Accrued stockholder servicing fees (3) |
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(168 |
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Other liabilities |
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(4,675 |
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Preferred stock |
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(87,085 |
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Net asset value attributable to common stock |
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$ |
193,054 |
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Number of outstanding shares |
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10,114 |
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Aggregate NAV per share |
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$ |
19.0878 |
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The following table provides our total NAV attributable to common stock and NAV for each class of common stock in each case as of February 28, 2023 ($ and shares in thousands, except per share data):
NAV Per Share |
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Class P |
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Class A |
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Class T |
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Class S |
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Class D |
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Class I |
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Total |
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Net asset value attributable to common stock |
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$ |
163,346 |
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$ |
14,268 |
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$ |
5,569 |
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$ |
— |
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$ |
918 |
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$ |
8,940 |
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$ |
193,054 |
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Number of outstanding shares |
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8,563 |
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746 |
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290 |
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— |
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48 |
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467 |
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10,114 |
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NAV per share as of February 28, 2023 |
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$ |
19.0763 |
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$ |
19.1283 |
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$ |
19.1792 |
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$ |
— |
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$ |
19.1195 |
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$ |
19.1253 |
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$ |
19.0878 |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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INPOINT COMMERCIAL REAL ESTATE INCOME, INC. |
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Date: |
March 16, 2023 |
By: |
/s/ Catherine L. Lynch |
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Catherine L. Lynch |