ICRP discloses servicing fee treatment and $645 accrual

Rhea-AI Filing Summary

InPoint Commercial Real Estate Income, Inc. discloses how it accounts for stockholder servicing fees for its share classes. The company recognizes the servicing fee as a monthly reduction to NAV for Class T, Class S, and Class D shares, but under GAAP it records the full cost as an offering expense when those shares are sold. As of August 31, 2025, the company had accrued $645 in stockholder servicing fees payable to Inland Securities Corporation (the Dealer Manager) related to Class T and Class D shares. No Class S shares were sold as of that date, so no accrual was recorded for Class S. The Dealer Manager does not retain these fees; they are paid to participating and servicing broker-dealers for ongoing shareholder services.

Positive

• GAAP-compliant accrual of full servicing fees at the time of sale
• Transparency about the $645 accrual and treatment across share classes
• Dealer Manager does not retain fees; amounts are passed to participating broker-dealers

Negative

• NAV reduction occurs monthly which slightly lowers reported NAVs for affected share classes
• No Class S sales as of August 31, 2025, limiting distribution options for that share class

Insights

Fund Accounting Analyst

Accounting treatment aligns NAV practice with GAAP accruals; amounts disclosed are immaterial.

The company recognizes servicing fees differently for NAV purposes versus GAAP: NAV is reduced monthly as fees are paid, while GAAP requires accruing the full offering cost at sale. This dual treatment is common in funds that report both NAV to investors and GAAP financials to auditors.

The disclosed accrual of $645 as of August 31, 2025 is small and unlikely to affect reported performance materially, but it is a useful operational detail for reconciliations between NAV and GAAP statements. Monitor future share sales for any meaningful increase in accrued offering costs over the next reporting periods.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

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Accepted by SEC EDGAR 09/15/2025 - 04:18 PM Learn about SEC filing dates

FAQ

What servicing fee accounting does InPoint (ICRP) use?

The company reduces NAV monthly for servicing fees for Class T, Class S, and Class D shares and separately accrues the full cost under GAAP when those shares are sold.

How much was accrued for stockholder servicing fees as of August 31, 2025 for ICRP?

The company had accrued $645 payable to Inland Securities Corporation as of August 31, 2025.

Did InPoint record servicing fees for Class S shares by August 31, 2025?

No. The filing states no Class S shares were sold and therefore no servicing fee accrual was recorded for Class S as of August 31, 2025.

Who ultimately receives the servicing fees disclosed by ICRP?

The Dealer Manager does not retain these fees; they are retained by or reallowed to participating and servicing broker-dealers that provide ongoing shareholder services.

Does the servicing accrual materially affect InPoint's financials?

The disclosed accrual of $645 is small and appears immaterial to overall reported results as of August 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): September 15, 2025

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 August 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 August 31, 2025.

Our total net asset value attributable to all classes of our common stock in the aggregate is presented in the following table. As of August 31, 2025, 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 restated 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 August 31, 2025 ($ and shares in thousands, except per share data):
 

Components of NAV		August 31, 2025
Commercial mortgage loans		$	426,816
Real estate owned			102,895
Cash and cash equivalents and restricted cash			41,507
Due from related parties			1,023
Other assets			5,083
Repurchase agreements - commercial mortgage loans			(271,305	)
Loan participations sold			(47,141	)
Due to related parties			(1,419	)
Distributions payable			(1,052	)
Interest payable			(2,578	)
Accrued stockholder servicing fees (1)			(255	)
Other liabilities			(2,912	)
Preferred stock			(88,889	)
Net asset value attributable to common stock		$	161,773
Number of outstanding shares			10,118
Aggregate NAV per share		$	15.9886

(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 accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class T, Class S, and Class D shares. As of August 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 August 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. 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 August 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		$	136,802			$	11,956			$	4,693			$	—			$	771			$	7,549			$	161,773
Number of outstanding shares			8,563				746				290				—				48				471				10,118
NAV per share as of August 31, 2025		$	15.9763			$	16.0288			$	16.1629			$	—			$	16.0508			$	16.0292			$	15.9886

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:	September 15, 2025	By:	/s/ Catherine L. Lynch
			Catherine L. Lynch Chief Financial Officer