InPoint Commercial Real Estate Income, Inc. (InPoint) reported a net income attributable to common stockholders of $6.7 million, or $0.66 per share, for the year ended December 31, 2024. This included a $2.3 million provision for credit losses. The company declared gross distributions of $1.25 per common share during the year, representing a 7.6% annualized rate on the aggregate net asset value (NAV) of $16.35 per share as of December 31, 2024. Holders of Class D and Class T common stock received less due to stockholder servicing fees.
Compared to the year ended December 31, 2023, InPoint's financial performance showed a significant improvement. The 2023 net income was a loss of $10.4 million. This change was primarily driven by a decrease in the provision for credit losses, partially offset by a decrease in net interest income due to a smaller loan portfolio. The 2023 results also included a loss related to the sale of the Renaissance Chicago O’Hare Suites Hotel, which was not replicated in 2024. The company originated no new loans in 2024, focusing instead on liquidity management as several loans approached maturity.
During 2024, InPoint saw key operational developments. Eight loans totaling $110.9 million were paid off, one loan of $23.1 million was refinanced, and another loan of $12.7 million was sold at par. The company also funded $10.2 million on existing loans and foreclosed on two loans, acquiring three properties in the process. As of December 31, 2024, the investment portfolio consisted of $549.2 million in commercial mortgage loans held for investment, a 24% decrease from the previous year. One of the 25 loans was on non-accrual status.
InPoint's strategic focus is on positioning its portfolio for a potential future strategic alternative once capital market conditions improve. This aims to maximize stockholder value and potentially offer investors liquidity. The company acknowledges ongoing impacts from market conditions, including the commercial real estate market, access to capital, and high interest rates. Further updates will be provided as deemed appropriate or legally required. As of March 13, 2025, InPoint had 10,117,998 shares of common stock outstanding. There is no established public trading market for the company's common stock.
About InPoint Commercial Real Estate Income, Inc.
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