InPoint Commercial Real Estate Income, Inc.
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
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FY2024 · Filed Mar 14, 2025
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Schedule IV – Mortgage Loans on Real Estate
| Type of Loan (1) | Principal Balance (2) | Carrying Amount (2) | Property Type | Cash Coupon (2) | Periodic Payment Terms (3) | Maximum Maturity (4) |
|---|---|---|---|---|---|---|
| First Mortgage Loan 1 | $13,450 | $12,714 | Office | SOFR+4.70% | I/O | 4/9/23 (5) |
| First Mortgage Loan 2 | 46,725 | 45,741 | Office | SOFR+2.75% | I/O | 7/9/26 |
| First Mortgage Loan 3 | 2,862 | 1,932 | Office | SOFR+4.20% | I/O | 11/9/26 (6) |
| First Mortgage Loan 4 | 13,626 | 12,582 | Office | SOFR+3.10% | I/O | 10/9/25 (7) |
| First Mortgage Loan 5 | 23,078 | 21,334 | Office | SOFR+2.90% | I/O | 10/9/26 (8) |
| First Mortgage Loan 6 | 9,850 | 9,825 | Retail | SOFR+3.50% | I/O | 3/9/25 |
| First Mortgage Loan 7 | 16,135 | 16,099 | Multifamily | SOFR+3.10% | I/O | 6/9/26 |
| First Mortgage Loan 8 | 25,696 | 25,617 | Multifamily | SOFR+2.90% | I/O | 11/9/26 |
| First Mortgage Loan 9 | 24,331 | 24,040 | Multifamily | SOFR+3.05% | I/O | 12/9/25 (9) |
| First Mortgage Loan 10 | 25,625 | 25,181 | Multifamily | SOFR+2.85% | I/O | 12/9/26 |
| First Mortgage Loan 11 | 39,217 | 39,067 | Multifamily | SOFR+3.05% | I/O | 12/9/26 |
| First Mortgage Loan 12 | 25,656 | 25,634 | Multifamily | SOFR+3.20% | I/O | 1/9/27 |
| First Mortgage Loan 13 | 38,933 | 38,680 | Multifamily | SOFR+3.40% | I/O | 1/9/27 (10) |
| First Mortgage Loan 14 | 15,496 | 15,469 | Industrial | SOFR+3.55% | I/O | 10/9/25 |
| First Mortgage Loan 15 | 14,998 | 14,934 | Multifamily | SOFR+3.30% | I/O | 2/9/27 |
| First Mortgage Loan 16 | 30,000 | 29,978 | Mixed Use | SOFR+3.04% | I/O | 3/9/27 |
| First Mortgage Loan 17 | 29,277 | 29,179 | Multifamily | SOFR+3.40% | I/O | 3/9/27 |
| First Mortgage Loan 18 | 17,096 | 16,909 | Industrial | SOFR+3.30% | I/O | 4/9/27 (11) |
| First Mortgage Loan 19 | 15,159 | 14,667 | Multifamily | SOFR+3.25% | I/O | 4/9/27 |
| First Mortgage Loan 20 | 20,525 | 20,272 | Multifamily | SOFR+3.40% | I/O | 5/9/26 |
| First Mortgage Loan 21 | 51,373 | 50,858 | Multifamily | SOFR+3.45% | I/O | 6/9/27 |
| First Mortgage Loan 22 | 27,905 | 26,879 | Multifamily | SOFR+3.90% | I/O | 9/9/27 |
| First Mortgage Loan 23 | 22,290 | 22,226 | Multifamily | SOFR+3.90% | I/O | 12/9/27 |
| Credit Loan 1 | 7,500 | 7,476 | Office | 9.20% | I/O | 10/11/27 |
| Credit Loan 2 | 5,880 | 1,880 | Office | 10.00% | I/O | 10/6/24 (12) |
| $562,683 | $549,173 | |||||
| ____________ | ||||||
(1)
(2)
Cash coupon is the stated rate on the loan. Credit Loan 2 is on nonaccrual basis as of December 31, 2024. First Mortgage Loan 5 is paying interest at a 4.0% fixed current rate and accruing the remaining amount as payment-in-kind. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. As of December 31, 2024, the weighted average SOFR floor for these loans was 0.68%. An 80% undivided senior interest in each of First Mortgage Loans 1 and 5, which includes the right to receive priority interest payments at a rate of SOFR+2.00%, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20% undivided subordinate interest in each of these loans.
(3)
I/O = interest only, P/I = principal and interest.
(4)
Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date.
(5)
The loan matured on April 9, 2023 and is currently accruing default interest. The Company is negotiating an extension to allow the borrower to obtain long-term financing or bridge financing to pay-off the existing loan. The property securing the loan is class A office and was 92% occupied as of December 31, 2024. The Company has reviewed the loan and based on the estimated LTV recorded a $0.8 million asset-specific CECL reserve as of December 31, 2024.
(6)
The loan matures on November 9, 2026 and the borrower has been marketing the property for sale. The borrower sold one property securing the loan and paid down the principal balance of $5.1 million in order to receive an extension on the loan. The Company has reviewed the loan and based on the estimated LTV recorded a $0.9 million asset-specific CECL reserve as of December 31, 2024.
(7)
The loan matures on October 9, 2025. The Company has reviewed the loan and based on the estimated LTV recorded a $1.1 million asset-specific CECL reserve as of December 31, 2024.
Schedule IV – Mortgage Loans on Real Estate
(8)
The loan matures on October 9, 2025. In February 2025, the Company was notified that the borrower was delinquent on paying the property manager and, as a result, the Company notified the borrower that they were in default of the loan agreement. The Company began foreclosure procedures in March 2025 pending resolution by the borrower. The Company has an allocated CECL reserve of $1.8 million on the loan as of December 31, 2024.
(9)
The loan matures on December 9, 2025. The Company has reviewed the loan and based on the estimated LTV recorded a $0.2 million asset-specific CECL reserve as of December 31, 2024.
(10)
The loan matured on January 9, 2025. The Company had an agreement with the borrower to extend the loan pending the borrower making an equity infusion to pay down the loan. The borrower was unable to make the required payment to the Company. The Company will proceed with the foreclosure process. The Company has an allocated CECL reserve of $0.3 million on the loan as of December 31, 2024.
(11)
The loan matures on April 9, 2025 and the Company has been negotiating an extension with the borrower. The Company has reviewed the loan and based on the estimated LTV recorded a $0.2 million asset-specific CECL reserve as of December 31, 2024.
(12)
The loan matured on October 6, 2024. The borrower is current on all debt service payments. The property is occupied by a single tenant that is possibly exiting the property at the end of its lease. The Company has negotiated with the borrower a possible repayment at an amount less than the outstanding balance. The Company has recorded a $4.0 million asset-specific CECL reserve on this loan as of December 31, 2024. The loan was placed on nonaccrual status effective July 1, 2024.
Reconciliation of Commercial Mortgage Loans, At Cost:
The following table reconciles commercial mortgage loans, at cost for the years ended:
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Balance at January 1, | $722,003 | $842,278 | $665,498 |
| Adoption of ASU 2016-13 | — | (4,787) | — |
| Balance at beginning of period after adoption | 722,003 | 837,491 | 665,498 |
| Additions during period: | |||
| Loan fundings | 10,217 | 23,073 | 300,576 |
| Amortization of deferred fees and expenses | 600 | 865 | 616 |
| Deductions during period: | |||
| Collections of principal | (123,778) | (107,520) | (120,240) |
| Sale of loan (1) | (12,749) | (17,433) | — |
| Transfer on foreclosure to real estate owned (2) | (53,887) | — | — |
| Provision for credit losses | (2,481) | (16,957) | (3,588) |
| Net fees capitalized into carrying value of loans | (1,184) | (999) | (584) |
| Charge-offs (1)(2) | 10,432 | 3,483 | — |
| Balance at December 31, | $549,173 | $722,003 | $842,278 |
(1)
The Company soldone loan during 2024 andone loan during 2023. See Note 4 and Note 5 for further information.
(2)
The Company acquiredone multifamily andtwo office properties during 2024. See Note 13 for further information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.