InPoint Commercial Real Estate Income, Inc 8-K, filed Nov 6, 2020
InPoint Commercial Real Estate Income, Inc. (ICR-PA)
About this 8-K
InPoint Commercial Real Estate Income, Inc filed this 8-K on November 6, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 6, 2020
INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Maryland (State or other jurisdiction |
000-55782 (Commission File |
32-0506267 (I.R.S. Employer |
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2901 Butterfield Road Oak Brook, Illinois |
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60523 |
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(Address of principal executive offices) |
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(Zip Code) |
(800) 826-8228
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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:
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Written communications pursuant to Rule 425 under the Securities Act |
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Soliciting material pursuant to Rule 14a‑12 under the Exchange Act |
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Pre‑commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act |
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Pre‑commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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None |
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None |
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None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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 7.01. Regulation FD Disclosure.
Furnished as Exhibit 99.1 to this Current Report is a letter being sent by InPoint Commercial Real Estate Income, Inc. (the “Company”) to the Company’s stockholders. A copy of the form of letter to the Company’s stockholders is incorporated into this Item 7.01 by reference.
The information furnished under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filings made by the Company pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 InPoint Commercial Real Estate Income, Inc. Letter to Stockholders
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: |
November 6, 2020 |
By: |
/s/ Mitchell A. Sabshon |
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Mitchell A. Sabshon |
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Chief Executive Officer |
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Exhibit 99.1
November 6, 2020
Dear Fellow Stockholder:
On October 30, 2020, the Board of Directors of InPoint Commercial Real Estate Income, Inc. (“we,” the “Company” or “InPoint”) authorized a distribution in a gross amount equal to $0.075 per share for stockholders of record as of October 31, 2020. The distribution, representing an approximate 4.17 percent annualized distribution rate based on InPoint’s aggregate net asset value (“NAV”) per share as of September 30, 2020, will be paid on or about November 18, 2020.
While our work to stabilize the portfolio over the past few months has allowed for increased distribution rates and NAVs, we are operating with heightened caution as COVID-19 case counts have recently grown rapidly. The United States may be facing renewed and enhanced actions to mitigate the spread of the virus.
The InPoint team continues to actively manage its portfolio and prudently oversee stockholders’ capital during these ongoing challenging times. As of September 30, 2020, 81 percent of our first mortgage loans were concentrated in multifamily, office and industrial property types, real estate sectors that have been relatively stable amid the pandemic. The first mortgage loans within InPoint’s portfolio are performing in accordance with their current terms, and we are engaged with borrowers to understand the impacts of COVID-19 on their respective properties. In addition, the Company has remained focused on reducing its exposure to the commercial mortgage backed securities (“CMBS”) market and, to that end, has completed the sale of all of the CMBS positions that were on its books on or after June 30, 2020, reducing overall portfolio risk.
Thank you for your trust as we move into a new phase with amplified potential for adverse effects on economic and market conditions. We remain steadfast in our prudent approach and will continue to provide updates. We hope that you and yours remain healthy and safe. If you have questions, feel free to contact your financial advisor or Inland Investor Services at 800-826-8228.
InPoint Commercial Real Estate Income, Inc.
Mitchell Sabshon
Chief Executive Officer
Certain statements in this letter constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Words such as “may,” “could,” “should,” “expect,” “intend,” “plan,” “goal,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “variables,” “potential,” “continue,” “expand,” “maintain,” “create,” “strategies,” “likely,” “will,” “would” and variations of these terms and similar expressions indicate forward-looking statements. These forward-looking statements reflect the intent, belief or current expectations of our management based on their knowledge and understanding of the business and industry, the economy and other future conditions. These statements are not factual or guarantees of future performance, and we caution stockholders not to place undue reliance on them. Actual results may differ materially from those expressed or forecasted in forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to those in the Risk Factors section in our most recent Annual Report on Form 10-K and in subsequent filings on Form 10-Q as filed with the Securities and Exchange Commission and made available on our website. Forward-looking statements reflect our management’s view only as of the date of this letter and may ultimately prove to be incorrect. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results except as required by applicable law. We intend for these forward-looking statements to be covered by the applicable safe harbor provisions created by Section 27A of the Securities Act and Section 21E of the Exchange Act.