InPoint (NYSE: ICR) amends filing to update December 2025 NAV

Rhea-AI Filing Summary

InPoint Commercial Real Estate Income, Inc. filed an amended report to update its net asset value (NAV) figures as of December 31, 2025, reflecting additional information received after an earlier disclosure. Total net asset value attributable to common stock was $143,012 (with amounts shown in thousands), based on 10,120 thousand outstanding common shares, resulting in an aggregate NAV per share of $14.1316.

The NAV is driven primarily by $350,881 in commercial mortgage loans and $98,877 in real estate owned, plus $79,106 in cash and cash equivalents and restricted cash, partially offset by $223,397 of repurchase agreements on commercial mortgage loans, $47,009 of loan participations sold, $23,891 of a mortgage loan payable, and $88,133 of preferred stock. By share class, NAV per share ranged from $14.1205 for Class P shares to $14.3016 for Class T shares, with Class A, Class D, and Class I all clustered around $14.17–$14.19 per share.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 15, 2026

InPoint Commercial Real Estate Income, Inc.

(Exact name of Registrant as Specified in Its Charter)

Maryland			001-40833	32-0506267
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
2901 Butterfield Road
Oak Brook, Illinois				60523
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (800) 826-8228

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:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
6.75% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share		ICR PR A		New York Stock Exchange

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. ☐

Explanatory Note.

On January 15, 2026, InPoint Commercial Real Estate Income, Inc. (the “Company,” “we,” “our”) filed a Current Report on Form 8-K (the “Initial 8-K”) to disclose its net asset value (“NAV”) calculation. The Company is filing this amended Report on Form 8-K (the “Amended 8-K”) to update the total net asset value attributable to common stock and NAV per share for December 31, 2025 due to additional information that became available subsequent to the Company’s filing of the Initial 8-K. The changes to the total net asset value attributable to common stock and NAV per share for December 31, 2025, and the related components, are the only changes made to the information disclosed under Item 8.01 in the Initial 8-K.

Item 8.01 Other Events.

Determination of December 31, 2025 NAV per Share

The Company calculates 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 the 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 December 31, 2025.

Our total net asset value attributable to all classes of our common stock in the aggregate is presented in the following table. The following table provides a breakdown of the major components of our total net asset value attributable to common stock as of December 31, 2025 ($ and shares in thousands, except per share data):
 

Components of NAV		December 31, 2025
Commercial mortgage loans		$	350,881
Real estate owned			98,877
Cash and cash equivalents and restricted cash			79,106
Other assets			4,916
Repurchase agreements - commercial mortgage loans			(223,397	)
Loan participations sold			(47,009	)
Mortgage loan payable			(23,891	)
Due to related parties			(1,221	)
Distributions payable			(1,051	)
Interest payable			(2,644	)
Accrued stockholder servicing fees (1)			(272	)
Other liabilities			(3,150	)
Preferred stock			(88,133	)
Net asset value attributable to common stock		$	143,012
Number of outstanding shares			10,120
Aggregate NAV per share		$	14.1316

(1)Stockholder servicing fees only apply to Class T, Class S, and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrued the full cost of the stockholder servicing fee as an offering cost at the time we sold Class T, Class S, and Class D shares. As of December 31, 2025, we had accrued under GAAP $645 of stockholder servicing fees payable to Inland Securities Corporation (the “Dealer Manager”) related to the Class T and Class D shares sold. As of December 31, 2025, we had not sold any Class S shares and, therefore, we had not accrued any stockholder servicing fees payable to the Dealer Manager related to Class S shares. Our public offering officially terminated on November 1, 2025. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers.

The following table provides our total NAV attributable to common stock and NAV for each class of common stock in each case as of December 31, 2025 ($ and shares in thousands, except per share data):

NAV Per Share		Class P				Class A				Class T				Class S				Class D				Class I				Total
Net asset value attributable to common stock		$	120,911			$	10,568			$	4,152			$	—			$	682			$	6,700			$	143,012
Number of outstanding shares			8,563				746				290				—				48				473				10,120
NAV per share as of December 31, 2025		$	14.1205			$	14.1682			$	14.3016			$	—			$	14.1942			$	14.1701			$	14.1316

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.

			INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
Date:	January 23, 2026	By:	/s/ Catherine L. Lynch
			Catherine L. Lynch Chief Financial Officer

FAQ

Why did InPoint (ICR) file this amended report?

The company filed an amended report to update the total net asset value attributable to common stock and NAV per share for December 31, 2025 after additional information became available following its initial disclosure.

What is InPoint (ICR)'s total NAV attributable to common stock as of December 31, 2025?

As of December 31, 2025, InPoint reported net asset value attributable to common stock of $143,012 (with dollar amounts presented in thousands).

What is InPoint (ICR)'s NAV per share as of December 31, 2025?

The aggregate NAV per share was $14.1316 as of December 31, 2025, based on 10,120 thousand outstanding common shares.

How many common shares of InPoint (ICR) were outstanding at December 31, 2025?

There were 10,120 thousand outstanding common shares as of December 31, 2025, across all classes of common stock.

Which assets and liabilities most affect InPoint (ICR)'s NAV?

Major positive components include $350,881 in commercial mortgage loans, $98,877 in real estate owned, and $79,106 in cash and cash equivalents and restricted cash. Key offsets include $223,397 of repurchase agreements on commercial mortgage loans, $47,009 in loan participations sold, a $23,891 mortgage loan payable, and $88,133 of preferred stock.

How does NAV per share differ by class of InPoint (ICR) common stock?

As of December 31, 2025, NAV per share was $14.1205 for Class P, $14.1682 for Class A, $14.3016 for Class T, $14.1942 for Class D, and $14.1701 for Class I. No Class S shares were outstanding.

What are stockholder servicing fees and how do they affect InPoint (ICR)'s NAV?

Stockholder servicing fees apply to Class T, Class S, and Class D shares and are recognized as a monthly reduction of NAV as the fees are paid. Under GAAP, the company had accrued $645 of such fees payable to the Dealer Manager for Class T and Class D shares as of December 31, 2025.