InPoint Commercial Real Estate Income, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
ICR-PA$19.75+0.8%Stored close · as of Nov 9, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001690012-26-000009
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001690012-26-000011
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 28 previous paragraphs and 49 current paragraphs.
25 unchanged; 3 reworded; 20 added; 0 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
Our evaluation of strategic options may not result in a strategic transaction or other action, and any strategic transaction or other action that we pursue may not enhance stockholder value or provide liquidity to our common stockholders.
Current report
Our Board of Directors and management are evaluating a range of strategic options intended to maximize stockholder value and potentially provide our investors with access to some level of liquidity. We intend to engage an investment bank to assist us in evaluating the strategic alternatives available to us. There can be no assurance that the evaluation process will result in our pursuing or completing any particular transaction or other action, nor can there be any assurance as to the timing, structure, terms or completion of any such transaction or other action, if pursued.
Current report
The evaluation and pursuit of strategic alternatives may involve significant costs, divert management’s attention and other resources from our ongoing business, and expose us to additional risks and uncertainties. Market conditions, changes in interest rates, conditions in the commercial real estate and capital markets, the composition and performance of our portfolio, financing availability and other factors may adversely affect the alternatives available to us or the terms on which a transaction could be completed.
Current report
In addition, any strategic alternative we pursue may involve the sale or financing of a material portion of our assets, a merger or other business combination, changes to our capital structure, the issuance of additional debt or equity securities, the assumption or repayment of indebtedness, or other transactions that could materially change our business, investment portfolio, leverage, liquidity or risk profile. The value ultimately realized by our common stockholders in any such transaction may differ materially from our then-current NAV per share and could be less than the value of their investment.
Current report
If we do not complete a strategic transaction or other liquidity event, holders of our common stock may continue to have limited or no ability to dispose of their shares. Even if we complete a transaction intended to provide liquidity, there can be no assurance regarding the amount, timing or form of liquidity ultimately available to our stockholders or that the transaction will increase the value of their investment.
Current report
Foreclosures have increased, and may continue to increase, our direct ownership of real estate, exposing us to risks that differ from those associated with our commercial mortgage lending business.
Current report
We have acquired, and may continue to acquire, real property through foreclosure or other enforcement of remedies following borrower defaults. As our portfolio of real estate owned increases, a greater portion of our assets and operating results may become subject to risks inherent in owning and operating real estate rather than originating and holding commercial mortgage loans.
Current report
Properties that we acquire through foreclosure may require significant additional capital expenditures, leasing costs, tenant improvements or other investments and may generate less cash flow than anticipated. We also may incur property operating expenses, taxes, insurance and other carrying costs while attempting to stabilize or dispose of such properties. Market conditions could make it difficult to sell such properties promptly or at prices that equal or exceed our carrying value or our investment in the related loan prior to foreclosure.
Current report
Our ownership of foreclosed properties may therefore reduce our liquidity and the capital available for new loan originations, and could result in impairment charges or realized losses. In addition, managing an increased portfolio of directly owned real estate could require greater management resources and increase our exposure to the risks associated with owning and operating real property, including tenant, leasing, property-management and environmental risks.
Current report
We have reduced distributions on our common stock, and future distributions may be reduced further or suspended. The amount and source of distributions we may pay to our stockholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to pay distributions to our stockholders.
Current report
Our ability to pay distributions to any of our stockholders may be adversely affected by a number of factors, including the risk factors described in our Annual Report on Form 10-K and this Quarterly Report on Form 10-Q. In September 2026, our Board reduced the annualized gross distribution rate on our common stock in order to more closely align distributions with portfolio earnings, preserve capital and enhance our financial flexibility. There can be no assurance that we will maintain the current distribution rate or that we will increase distributions in the future.
Current report
Our Board makes determinations regarding distributions based upon, among other factors, our financial performance, debt service obligations, debt covenants and capital expenditure requirements. Among the factors that could impair our ability to pay distributions to our stockholders are:
Current report
our inability to realize attractive risk-adjusted returns on our investments;
Current report
unanticipated expenses or reduced revenues that reduce our cash flow or non-cash earnings;
Current report
defaults in our investment portfolio or decreases in the value of our investments;
Current report
increases in the dividend rate on our Series A Preferred Stock, including the increases that became effective in September 2026 and any further increases pursuant to the terms of the Series A Preferred Stock, including, subject to certain exceptions, in connection with a Change of Control or Downgrade Event; and
Current report
As a result, we may not be able to pay distributions to our stockholders at any given time in the future, and the level of any distributions we make to our common stockholders have decreased and may not be maintained over time.
Current report
The reduction in our distribution rate has reduced the return realized by our common stockholders. If our earnings, cash flows, liquidity, financing requirements, debt obligations, capital needs, portfolio performance or other circumstances adversely affect our available liquidity, our Board may further reduce or suspend distributions. Any further reduction or suspension of distributions could materially and adversely affect the return realized by our common stockholders.
Current report
Further, effective September 30, 2026, the dividend rate on our Series A Preferred Stock increased from 6.75% to 7.75% per annum of the $25.00 liquidation preference. In addition, as a result of a ratings downgrade in September 2026, the dividend rate increased by an additional 0.25%, resulting in a total dividend rate of 8.00% per annum. These increased dividend obligations increase the amount of cash required to pay dividends on our Series A Preferred Stock and may have a material adverse effect on our financial condition, liquidity and results of operations, including our ability to maintain our current distribution payment level to common stockholders, and our ability to pay distributions to our stockholders, if any.
Reworded paragraphs (3)
Previous wording
Additionally, CRE securities such as CMBS and CRE CLOs may be subject to particular risks, including lack of standardized terms and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. The value of CRE securities may change due to shifts in the market’s perception of issuers and regulatory or tax changes adversely affecting the CRE debt market as a whole. Additional risks may be presented by the type and use of a particular commercial property, as well as the general risks relating to the net operating income from and value of any commercial property. The exercise of remedies and successful realization of liquidation proceeds relating to CRE securities may be highly dependent upon the performance of the servicer or special servicer. Expenses of enforcing the underlying mortgage loan (including litigation expenses) and expenses of protecting the properties securing the loan may be substantial. Consequently, in the event of a default or loss on one or more loans contained in a securitization, we may not recover a portion or all of our investment. Ratings for CRE securities can also adversely affect their value.
Current wording
Additionally, CRE securities such as CMBS and CRE CLOs may be subject to particular risks, including lack of standardized terms and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. The value of CRE securities may change due to shifts in the market’s perception of issuers and regulatory or tax changes adversely affecting the CRE debt market as a whole. Additional risks may be presented by the type and use of a particular commercial property, as well as the general risks relating to the net operating income from and value of any commercial property. The exercise of remedies and successful realization of liquidation proceeds relating to CRE securities may be highly dependent upon the performance of the servicer or special servicer.
Previous wording
During the six months ended June 30, 2026, we repurchased no shares of our common stock.
Current wording
During the nine months ended September 30, 2026, we repurchased no shares of our common stock.
Previous wording
Subject to certain exceptions, we may not redeem our Series A Preferred Stock until on or after September 22, 2026. Preferred stockholders may only convert their Series A Preferred Shares into Class I common stock if there is a Change of Control and we do not redeem the shares within 120 days of the Change of Control event. For the six months ended June 30, 2026, there were no redemptions of our Series A Preferred Stock and no conversions of our Series A Preferred Stock to common stock.
Current wording
Subject to certain exceptions, prior to September 22, 2026, we could not redeem the Series A Preferred Stock, except in limited circumstances relating to maintaining our qualification as a REIT and in connection with a Change of Control. On and after September 22, 2026, we may, at our option, redeem the Series A Preferred Stock, in whole or from time-to-time in part, at a price of $25.00 per share of Series A Preferred Stock plus an amount equal to accrued and unpaid dividends (whether or not declared), if any. For the nine months ended September 30, 2026, there were no redemptions of our Series A Preferred Stock, and no conversions of our Series A Preferred Stock to common stock.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Expenses of enforcing the underlying mortgage loan (including litigation expenses) and expenses of protecting the properties securing the loan may be substantial. Consequently, in the event of a default or loss on one or more loans contained in a securitization, we may not recover a portion or all of our investment. Ratings for CRE securities can also adversely affect their value.