OAK BROOK, Ill. – InPoint Commercial Real Estate Income, Inc. (“InPoint” or the “Company”), a commercial mortgage real estate investment trust, announced that the Company’s Board of Directors (the “Board”) took decisive action in response to the COVID-19 pandemic. On March 24, 2020, the Board unanimously approved a suspension of the Company’s public offering (the “Offering”), share repurchase plan (“SRP”), distributions and distribution reinvestment plan (“DRP”).

“The temporary closure of non-essential businesses in order to limit the spread of this virus has had an unprecedented impact on every type of commercial real estate. These closures, and the unemployment we are seeing as a result, are already adversely affecting the ability of commercial and residential tenants to pay rent. In turn, this raises the risks that the property owners to whom we have made loans may be unable, for some period of time, to make scheduled mortgage payments in full when due,” said Mitchell Sabshon, chief executive officer of InPoint. “These circumstances make it difficult for us to accurately determine the true value of our assets and, as a result, confidently calculate an accurate net asset value (“NAV”) per share of our common stock. Accordingly, the Board acted quickly and responsively to suspend the Offering and take decisive steps to protect our Company and the capital of our stockholders,” added Mr. Sabshon. 

InPoint has sourced and originated $661 million in first mortgage loans.

“These prudent decisions were made in the long-term best interests of the stockholders and the Company,” said Don MacKinnon, president of InPoint. “InPoint’s executive team collectively has decades of experience, has navigated previous economic cycles and is focused intently on this rapidly changing situation.”

While it is extremely difficult to predict when market conditions will enable an accurate calculation of the Company’s NAV, the Board believes that this is a temporary market disruption. The Company will continue to closely monitor this situation in order to determine an appropriate time to resume the Offering, the SRP, the payment of distributions and the DRP.

About InPoint Commercial Real Estate Income, Inc.
InPoint Commercial Real Estate Income, Inc. is a commercial mortgage real estate investment trust that seeks to originate, acquire and manage a diversified credit portfolio secured by commercial real estate properties primarily within the United States.

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Forward-Looking Statements
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