false000169001200016900122024-01-232024-01-23

 

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 23, 2024

 

 

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.

For the year ended December 31, 2023, InPoint Commercial Real Estate Income, Inc. (the "Company") paid common stock cash distributions of approximately $12.6 million and preferred stock cash distributions of approximately $6.0 million. For income tax purposes for the common stock distributions, 53.2% were treated as ordinary dividends and 46.8% were treated as nondividend distributions (which are treated for income tax purposes as a return of capital to the extent of a stockholder's basis in its shares and thereafter as capital gain). For income tax purposes for the preferred stock distributions, all of the distributions were treated as ordinary dividends. The following table denotes the nature of the Company's monthly cash distributions paid in 2023 for income tax purposes only. Stockholders are advised to consult with their tax advisors about the specific tax treatment of distributions paid by the Company in 2023. All amounts are stated in dollars per share.

Record Date(s)

 

Distribution Payment Date

 

Total Cash Distributions

 

 

Ordinary Dividend

 

 

Capital Gain

 

 

Nondividend Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class P Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

January 19, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

January 31, 2023

 

February 21, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

February 28, 2023

 

March 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

March 31, 2023

 

April 18, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

April 30, 2023

 

May 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

May 31, 2023

 

June 20, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

June 30, 2023

 

July 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

July 31, 2023

 

August 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

August 31, 2023

 

September 19, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

September 30, 2023

 

October 18, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

October 31, 2023

 

November 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

November 30, 2023

 

December 19, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

January 19, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

January 31, 2023

 

February 21, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

February 28, 2023

 

March 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

March 31, 2023

 

April 18, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

April 30, 2023

 

May 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

May 31, 2023

 

June 20, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

June 30, 2023

 

July 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

July 31, 2023

 

August 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

August 31, 2023

 

September 19, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

September 30, 2023

 

October 18, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

October 31, 2023

 

November 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

November 30, 2023

 

December 19, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class D Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

January 19, 2023

 

$

0.1000

 

 

$

0.0532

 

 

$

—

 

 

$

0.0468

 

January 31, 2023

 

February 21, 2023

 

$

0.1000

 

 

$

0.0532

 

 

$

—

 

 

$

0.0468

 

February 28, 2023

 

March 17, 2023

 

$

0.1004

 

 

$

0.0534

 

 

$

—

 

 

$

0.0470

 

March 31, 2023

 

April 18, 2023

 

$

0.1001

 

 

$

0.0533

 

 

$

—

 

 

$

0.0468

 

April 30, 2023

 

May 17, 2023

 

$

0.1002

 

 

$

0.0533

 

 

$

—

 

 

$

0.0469

 

May 31, 2023

 

June 20, 2023

 

$

0.1001

 

 

$

0.0533

 

 

$

—

 

 

$

0.0468

 

June 30, 2023

 

July 17, 2023

 

$

0.1004

 

 

$

0.0534

 

 

$

—

 

 

$

0.0470

 

July 31, 2023

 

August 17, 2023

 

$

0.1005

 

 

$

0.0535

 

 

$

—

 

 

$

0.0470

 

August 31, 2023

 

September 19, 2023

 

$

0.1005

 

 

$

0.0535

 

 

$

—

 

 

$

0.0470

 

September 30, 2023

 

October 18, 2023

 

$

0.1006

 

 

$

0.0536

 

 

$

—

 

 

$

0.0470

 

October 31, 2023

 

November 17, 2023

 

$

0.1005

 

 

$

0.0535

 

 

$

—

 

 

$

0.0470

 

November 30, 2023

 

December 19, 2023

 

$

0.1006

 

 

$

0.0536

 

 

$

—

 

 

$

0.0470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

January 19, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

January 31, 2023

 

February 21, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

February 28, 2023

 

March 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

March 31, 2023

 

April 18, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

April 30, 2023

 

May 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

May 31, 2023

 

June 20, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

June 30, 2023

 

July 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

July 31, 2023

 

August 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

August 31, 2023

 

September 19, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

September 30, 2023

 

October 18, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

October 31, 2023

 

November 17, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

November 30, 2023

 

December 19, 2023

 

$

0.1042

 

 

$

0.0555

 

 

$

—

 

 

$

0.0487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class T Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

January 19, 2023

 

$

0.0900

 

 

$

0.0479

 

 

$

—

 

 

$

0.0421

 

January 31, 2023

 

February 21, 2023

 

$

0.0900

 

 

$

0.0479

 

 

$

—

 

 

$

0.0421

 

February 28, 2023

 

March 17, 2023

 

$

0.0914

 

 

$

0.0487

 

 

$

—

 

 

$

0.0427

 

March 31, 2023

 

April 18, 2023

 

$

0.0903

 

 

$

0.0481

 

 

$

—

 

 

$

0.0422

 

April 30, 2023

 

May 17, 2023

 

$

0.0907

 

 

$

0.0483

 

 

$

—

 

 

$

0.0424

 

May 31, 2023

 

June 20, 2023

 

$

0.0903

 

 

$

0.0481

 

 

$

—

 

 

$

0.0422

 

June 30, 2023

 

July 17, 2023

 

$

0.0912

 

 

$

0.0486

 

 

$

—

 

 

$

0.0426

 

July 31, 2023

 

August 17, 2023

 

$

0.0916

 

 

$

0.0488

 

 

$

—

 

 

$

0.0428

 

August 31, 2023

 

September 19, 2023

 

$

0.0915

 

 

$

0.0487

 

 

$

—

 

 

$

0.0428

 

September 30, 2023

 

October 18, 2023

 

$

0.0920

 

 

$

0.0490

 

 

$

—

 

 

$

0.0430

 

October 31, 2023

 

November 17, 2023

 

$

0.0916

 

 

$

0.0488

 

 

$

—

 

 

$

0.0428

 

November 30, 2023

 

December 19, 2023

 

$

0.0920

 

 

$

0.0490

 

 

$

—

 

 

$

0.0430

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A Cumulative Redeemable Preferred Stock:

 

 

 

 

 

 

 

 

 

 

 

 

March 15, 2023

 

March 30, 2023

 

$

0.4219

 

 

$

0.4219

 

 

$

—

 

 

$

—

 

June 15, 2023

 

June 30, 2023

 

$

0.4219

 

 

$

0.4219

 

 

$

—

 

 

$

—

 

September 15, 2023

 

September 29, 2023

 

$

0.4219

 

 

$

0.4219

 

 

$

—

 

 

$

—

 

December 15, 2023

 

December 29, 2023

 

$

0.4219

 

 

$

0.4219

 

 

$

—

 

 

$

—

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, 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 23, 2024

By:

/s/ Catherine L. Lynch

 

 

 

Catherine L. Lynch
Chief Financial Officer

 

v3.23.4
Document And Entity Information
Jan. 23, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 23, 2024
Entity Registrant Name InPoint Commercial Real Estate Income, Inc.
Entity Central Index Key 0001690012
Entity Emerging Growth Company true
Entity File Number 001-40833
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 32-0506267
Entity Address, Address Line One 2901 Butterfield Road
Entity Address, City or Town Oak Brook
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60523
City Area Code (800)
Local Phone Number 826-8228
Entity Information, Former Legal or Registered Name N/A
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Ex Transition Period true
Title of 12(b) Security 6.75% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share
Trading Symbol ICR PR A
Security Exchange Name NYSE
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