InPoint (NYSE: ICR) reports $14.35 NAV per share and class detail

Rhea-AI Filing Summary

InPoint Commercial Real Estate Income, Inc. reports its net asset value per share as of December 31, 2025, calculated under board-approved valuation guidelines. Total net asset value attributable to all classes of common stock was $145,242 ($ and shares in thousands), based on 10,120 thousand outstanding shares, resulting in an aggregate NAV per share of $14.3519.

The portfolio was primarily composed of commercial mortgage loans of $353,111, real estate owned of $98,877, and cash, cash equivalents and restricted cash of $79,106, offset by repurchase agreements on commercial mortgage loans of $223,397 and preferred stock of $88,133, along with other liabilities.

By share class, NAV attributable to common stock was $122,796 for Class P, $10,733 for Class A, $4,217 for Class T, $692 for Class D, and $6,805 for Class I, with class-level NAV per share ranging from $14.3407 to $14.5246. The company notes that its public offering terminated on November 1, 2025 and that no Class S shares had been sold as of December 31, 2025.

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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): 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. ☐

Item 8.01 Other Events.

Determination of December 31, 2025 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 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		$	353,111
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		$	145,242
Number of outstanding shares			10,120
Aggregate NAV per share		$	14.3519

(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		$	122,796			$	10,733			$	4,217			$	—			$	692			$	6,805			$	145,242
Number of outstanding shares			8,563				746				290				—				48				473				10,120
NAV per share as of December 31, 2025		$	14.3407			$	14.3892			$	14.5246			$	—			$	14.4155			$	14.3911			$	14.3519

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 15, 2026	By:	/s/ Catherine L. Lynch
			Catherine L. Lynch Chief Financial Officer

FAQ

What NAV per share did InPoint (ICR) report as of December 31, 2025?

As of December 31, 2025, InPoint Commercial Real Estate Income, Inc. reported an aggregate net asset value per common share of $14.3519, based on total net asset value attributable to common stock of $145,242 ($ and shares in thousands) and 10,120 thousand outstanding shares.

What was InPoint's total net asset value attributable to common stock?

As of December 31, 2025, InPoint's total net asset value attributable to all classes of common stock was $145,242 ($ and shares in thousands). This was allocated across 10,120 thousand common shares, resulting in the reported aggregate NAV per share.

How is InPoint's portfolio allocated for NAV purposes?

For the December 31, 2025 NAV, InPoint's portfolio included $353,111 in commercial mortgage loans, $98,877 in real estate owned, and $79,106 in cash and cash equivalents and restricted cash, plus other assets of $4,916, offset by liabilities such as $223,397 in repurchase agreements on commercial mortgage loans and $88,133 of preferred stock.

What were the NAV per share figures by class for InPoint common stock?

As of December 31, 2025, NAV per share by class was $14.3407 for Class P, $14.3892 for Class A, $14.5246 for Class T, $14.4155 for Class D, and $14.3911 for Class I. The aggregate NAV per share across all classes was $14.3519.

How many InPoint common shares were outstanding at December 31, 2025?

InPoint reported 10,120 thousand outstanding common shares as of December 31, 2025, across all classes combined. This share count was used to calculate the aggregate NAV per share of $14.3519.

Did InPoint have any Class S shares outstanding at December 31, 2025?

No. The company stated that as of December 31, 2025 it had not sold any Class S shares, so there was no NAV or share count reported for Class S common stock. The public offering officially terminated on November 1, 2025.

How are stockholder servicing fees treated in InPoint's NAV calculation?

Stockholder servicing fees apply to Class T, Class S, and Class D shares. For NAV, InPoint recognizes these fees as a reduction of NAV monthly as they are paid. Under GAAP, the company accrued $645 of stockholder servicing fees payable to Inland Securities Corporation related to Class T and Class D shares sold as of December 31, 2025.