[Form 4] InPoint Commercial Real Estate Income, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Feinstein Norman, a director of InPoint Commercial Real Estate Income, Inc. (ICRP), reported transactions dated 09/18/2025. He was granted 623.8614 shares of Class I common stock under the issuer's Employee and Director Restricted Share Plan at a price of $0; these restricted shares vest in three equal installments of 33-1/3% on 09/18/2026, 09/18/2027 and 09/18/2028, with full vesting upon a liquidity event or the reporting person’s death or disability. Following the transaction he beneficially owns 3,843.8164 Class I shares (including DRP-acquired shares). He disposed of 800 Class P shares and reports 4,000 Class P shares held indirectly by the Aspen Holdings Profit Sharing Plan. The form is signed by an attorney-in-fact on 09/19/2025.

Positive

• Director alignment: Grant of 623.8614 restricted Class I shares aligns the director’s interests with shareholders through multi-year vesting.
• Clear vesting terms: Vesting schedule and acceleration on liquidity event or death/disability are explicitly disclosed.
• Transparency: Filing discloses inclusion of shares acquired via the DRP and indirect holdings through a profit-sharing plan.

Negative

• No cash consideration: Shares were issued at $0, which increases outstanding equity without direct cash inflow.
• Potential dilution: Issuance of director shares increases share count, though the disclosed amount appears modest.

Insights

Financial Analyst

TL;DR: Director received restricted shares to align incentives; holdings modest, no cash consideration.

The reported grant of 623.8614 Class I restricted shares at no cash cost is a routine director compensation event that increases the reporting person’s stake to 3,843.8164 shares when combined with prior DRP holdings. Vesting across three years with acceleration on liquidity or death/disability is standard for retention and alignment. The disposal of 800 Class P shares and continued indirect ownership of 4,000 Class P shares via a profit-sharing plan reflect non-operational adjustments to personal holdings rather than corporate financing changes. Overall, the transactions are internal governance and compensation activity with limited immediate balance-sheet impact on the issuer.

Corporate Governance Expert

TL;DR: Grant structure is typical for non-employee directors and implements multi-year retention incentives.

The issuance under the Restricted Share Plan with a three-year cliff schedule split into equal annual vesting installments aligns with common governance practices to retain board members and link compensation to long-term outcomes. The grant at $0 denotes equity compensation rather than a purchase, and the inclusion of DRP shares in the beneficial total is disclosed clearly. Indirect holdings via a profit-sharing plan are properly reported, and the filing includes the required signature by an attorney-in-fact. No material governance red flags are evident from the disclosed items alone.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Feinstein Norman

(Last) (First) (Middle)

2901 BUTTERFIELD ROAD

(Street)

OAK BROOK IL 60523

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
InPoint Commercial Real Estate Income, Inc. [ N/A ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class I Common Stock	09/18/2025		A		623.8614(1)	A	$0	3,843.8164(2)	D
Class P Common Stock								800	D
Class P Common Stock								4,000	I	By Aspen Holdings Profit Sharing Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares of common stock were granted to the reporting person under the Issuer's Employee and Director Restricted Share Plan. These shares were issued on account of the reporting person's service as a non-employee director of the Issuer and without additional consideration. The shares become vested in equal installments of 33-1/3% on September 18, 2026, September 18, 2027 and September 18, 2028, subject to the reporting person's continued service to the Issuer, provided that 100% of any then unvested shares becomes fully vested upon the consummation of a liquidity event or the reporting person's death or disability.

2. Includes shares of common stock previously acquired through the Issuer's distribution reinvestment plan (DRP).

	/s/ Catherine L. Lynch, Attorney-in-fact	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed the Form 4 for ICRP and what role does the reporting person hold?

The Form 4 was filed for Feinstein Norman, who is reported as a director of InPoint Commercial Real Estate Income, Inc. (ICRP).

What securities were acquired on 09/18/2025 according to the ICRP Form 4?

The reporting person was granted 623.8614 Class I common shares under the issuer's Restricted Share Plan on 09/18/2025 at a price of $0.

What is the vesting schedule for the restricted shares reported in the ICRP Form 4?

The restricted shares vest in equal installments of 33-1/3% on 09/18/2026, 09/18/2027, and 09/18/2028, with full vesting upon a liquidity event or death/disability.

How many Class I shares does the reporting person own after the transaction?

Following the reported grant, the reporting person beneficially owns 3,843.8164 Class I shares, which includes shares acquired through the DRP.

Were there any dispositions reported on the Form 4 for ICRP?

Yes, the filing reports a disposition of 800 Class P common shares and also discloses 4,000 Class P common shares held indirectly by the Aspen Holdings Profit Sharing Plan.