InPoint Commercial Real Estate Income, Inc 8-K, filed Apr 28, 2021
InPoint Commercial Real Estate Income, Inc. (ICR-PA)
About this 8-K
InPoint Commercial Real Estate Income, Inc filed this 8-K on April 28, 2021.
Items reported
- Item 2.02: Financial results
- 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): April 28, 2021
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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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 2.02.Results of Operations and Financial Condition
The information in Item 7.01 is incorporated by reference into this Item 2.02 and is deemed to have been furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such act, nor shall any of such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 7.01. Regulation FD Disclosure.
Furnished as Exhibit 99.1 to this Current Report is information regarding the status of the investment portfolio of InPoint Commercial Real Estate Income, Inc. (“we” or the “Company”) as of March 31, 2021. The information contained in Exhibit 99.1 is incorporated into this Item 7.01 disclosure 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 Q1 2021 InPoint Portfolio Information
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: |
April 28, 2021 |
By: |
/s/ Mitchell A. Sabshon |
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Mitchell A. Sabshon |
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Chief Executive Officer |
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1 Portfolio Highlights – Q1 2021 Average Leverage Ratio3 $3-$47.7 Million 1.5 Years Average Investment1 Balance Weighted average of the loan-to-values at origination based on current loan balance Portfolio Size1 $488.9 Million $15.3 Million Range of Investment Balances Investments1 32 Average First Mortgage Term2 69.5% Past performance is not a guarantee of future results. Based on the par value of investments as of 3/31/2021. Subject to change without notice. 1 Portfolio size, average investment balance and investments include our ground lease interest in the Renaissance Chicago O’Hare Suites Hotel in addition to our debt investments. 2 Weighted average 1st mortgage term remaining based on the maturity date assuming no options to extend are exercised. See our most recent 10-Q filed with the SEC for maximum maturities assuming all extensions are exercised. 3 Weighted average of the loan to values at origination, based on current loan balance as of 3/31/21. Exhibit 99.1
2 Debt Investments: Floating vs. Fixed Rate Fixed Rate Floating Rate Based on the par value of investments as of 3/31/2021. Subject to change without notice. Portfolio Composition
3 All Investments by Type REO First Mortgage Credit Loan Based on the par value of investments as of 3/31/2021. Subject to change without notice. First mortgage loans finance commercial real estate properties and are loans that generally have the highest priority lien among the loans in a foreclosure proceeding on the collateral securing the loan. The senior position does not protect against default, and losses may still occur. Credit loans, also called mezzanine loans, are secured by one or more direct or indirect ownership interests in an entity that directly or indirectly owns real estate. CMBS or commercial mortgage-backed securities, are securities collateralized (bundled and sold as bonds) by loans secured by commercial real estate property. REO, which stands for "real estate owned," represents real estate we have acquired through foreclosure, deed-in-lieu of foreclosure, or purchase. Portfolio Composition
4 Loans by Region Southwest West Southeast Mid Atlantic Rocky Mountain Based on the par value of investments as of 3/31/2021. Loans by Region does not include REO. Subject to change without notice. Portfolio Composition
Loans by Property Type 5 Multifamily Office Retail Hospitality 1% Mixed Use Based on the par value of investments as of 3/31/2021. Loans by Property Type does not include REO. Subject to change without notice. Portfolio Composition