InPoint Commercial Real Estate Income (OTC: ICR-PA) is a non-traded commercial real estate finance company that originates and manages first mortgage loans secured by commercial real estate. It makes money primarily through net interest income, the spread between interest earned on commercial mortgage loans and interest paid on borrowings such as repurchase agreements and loan participations sold, with secondary revenue from owned real estate properties. As of the 10-K filed March 13, 2026, the portfolio held 15 commercial mortgage loans with a principal balance of $350,675 thousand and net book value of $347,893 thousand (as of December 31, 2025), down from 25 loans totaling $562,683 thousand at December 31, 2024. The company is structured as a REIT, is externally managed by an Advisor and sub-advised by Sound Point CRE, and does not trade on a national exchange. CEO Denise C. Kramer signed the filing dated March 13, 2026.

Revenue model

Net interest income from commercial mortgage loans (interest income of $37,992 thousand less interest expense of $23,952 thousand, producing net interest income of $14,040 thousand for the year ended December 31, 2025) plus revenue from real estate owned ($8,966 thousand, year ended December 31, 2025). The company pays an external advisory fee ($3,108 thousand, year ended December 31, 2025).

Products and services

Commercial mortgage loans (first mortgage loans on commercial real estate); real estate owned (REO) properties including multifamily (Arbor Mist, Kansas City, MO, acquired May 1, 2025) and office (Parkview, Charlotte, NC, acquired July 2, 2025); Series A Cumulative Redeemable Preferred Stock; Class P common stock; Distribution Reinvestment Plan (DRP) for stockholders.

Customers and end markets

Commercial real estate borrowers across property types including multifamily and office. End markets include commercial real estate lending markets in the United States. No individual customer concentration data disclosed in the excerpts.

Value-chain role

Non-traded REIT that acts as a direct lender originating first mortgage loans on commercial real estate. Investment sourcing and management are delegated to an external Advisor and Sound Point CRE as Sub-Advisor. The company is a capital provider in the commercial real estate debt capital stack, sitting between equity sponsors and senior bank lenders.

Geographic exposure

United States commercial real estate markets. Specific REO properties identified in Kansas City, MO and Charlotte, NC (as of the 10-K filed March 13, 2026). Broader geographic loan portfolio distribution not detailed in the excerpts.

Source: SEC 10-K, filed 2026-03-13

Industry: Real Estate Investment Trusts