{"url_path":"/sec/icrp/10-q/2026/item-2","section_key":"item-2","section_title":"Item 2 Unregistered Sales of Equity Securities and Use of Proceeds","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1690012/0001690012-26-000005-index.html","accession_number":"0001690012-26-000005","cik":"0001690012","ticker":"ICR-PA","issuer_name":"InPoint Commercial Real Estate Income, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1690012/0001690012-26-000005-index.html","primary_entity_key":"0001690012","primary_entity_name":"InPoint Commercial Real Estate Income, Inc."},"word_count":1128,"has_tables":true,"body_markdown":"Item 2. Unregistered Sales of Equity Securities and Use of Proceeds\n\nRecent Sales of Unregistered Equity Securities\n\nWe did not have any sales of unregistered securities during the period covered by this Quarterly Report on Form 10-Q.\n\nUse of Proceeds\n\nOn May 3, 2019, our 2019 Registration Statement on Form S-11 (File No. 333-230465) for our IPO of common stock of up to $2,350,000 in shares of Class A, Class T, Class S, Class D and Class I common stock, was declared effective under the Securities Act. The IPO terminated upon the commencement of the Second Public Offering. On April 28, 2022, we filed a Registration Statement on Form S-11 (File No. 333-264540) with the SEC, for our Second Public Offering, to register up to $2,200,000 in shares of common stock, which was declared effective by the SEC on November 2, 2022. Inland Securities Corporation served as our dealer manager for the Public Offerings. On January 30, 2023, the Board unanimously approved the suspension of the sale of shares in the primary portion of the Second Public Offering, effective immediately, and the suspension of the sale of shares pursuant to the DRP, effective as of February 10, 2023. The Second Public Offering terminated on November 1, 2025.\n\nAs of March 31, 2026, we had received net offering proceeds of $42.8 million from the IPO and Second Public Offering. The following table summarizes certain information about the Public Offerings’ proceeds ($ in thousands):\n\n \n\nClass A\nShares\n\n \n\nClass T\nShares\n\n \n\nClass S\nShares\n\n \n\nClass D\nShares\n\n \n\nClass I\nShares\n\n \n\nTotal\n\n \n\n Primary shares sold\n\n \n\n794,715\n\n \n\n \n\n464,881\n\n \n\n \n\n—\n\n \n\n \n\n53,815\n\n \n\n \n\n489,069\n\n \n\n \n\n1,802,480\n\n \n\n Gross proceeds from primary offerings\n\n$\n\n19,695\n\n \n\n$\n\n11,309\n\n \n\n$\n\n—\n\n \n\n$\n\n1,237\n\n \n\n$\n\n10,999\n\n \n\n$\n\n43,240\n\n \n\n Reinvestments of distributions\n\n \n\n619\n\n \n\n \n\n304\n\n \n\n \n\n—\n\n \n\n \n\n93\n\n \n\n \n\n658\n\n \n\n \n\n1,674\n\n \n\n Total gross proceeds\n\n \n\n20,314\n\n \n\n \n\n11,613\n\n \n\n \n\n—\n\n \n\n \n\n1,330\n\n \n\n \n\n11,657\n\n \n\n \n\n44,914\n\n \n\n Selling commissions and dealer manager fees\n\n \n\n1,142\n\n \n\n \n\n313\n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n1,455\n\n \n\n Stockholder servicing fees\n\n \n\n—\n\n \n\n \n\n547\n\n \n\n \n\n—\n\n \n\n \n\n98\n\n \n\n \n\n—\n\n \n\n \n\n645\n\n \n\n Total expenses\n\n \n\n1,142\n\n \n\n \n\n860\n\n \n\n \n\n—\n\n \n\n \n\n98\n\n \n\n \n\n—\n\n \n\n \n\n2,100\n\n \n\nNet offering proceeds (1)\n\n$\n\n19,172\n\n \n\n$\n\n10,753\n\n \n\n$\n\n—\n\n \n\n$\n\n1,232\n\n \n\n$\n\n11,657\n\n \n\n$\n\n42,814\n\n \n\n \n\n(1)\nExcludes company-level offering costs, net of reimbursements, of $4,637.\n\nWe primarily used the net offering proceeds from the Public Offerings to originate commercial real estate loans and purchase real estate securities on a levered basis, subject to our investment guidelines and to the extent consistent with maintaining our REIT qualification, and other general corporate purposes.\n\nOn September 15, 2021, our registration statement on Form S-11 (File No. 333-258802) for our Preferred Stock Offering of up to 3,500,000 shares of Series A Preferred Stock was declared effective under the Securities Act. Raymond James & Associates acted as representative of the underwriters. On September 22, 2021, we issued and sold 3,500,000 shares of our Series A Preferred Stock at a public offering price of $25.00 per share. In addition, on October 15, 2021, the underwriters partially exercised their over-allotment option and purchased an additional 100,000 shares of Series A Preferred Stock. The Series A Preferred Stock is listed on the New York Stock Exchange with the ticker symbol ICR PR A.\n\nAs of March 31, 2026, we received net offering proceeds of $86.3 million from our Preferred Stock Offering. The following table summarizes certain information about the proceeds from our Preferred Stock Offering ($ in thousands):\n\n \n\nSeries A\nPreferred Stock\n\n \n\n Primary shares sold\n\n \n\n3,600,000\n\n \n\n Gross proceeds from primary offering\n\n$\n\n90,000\n\n \n\n Underwriting discounts and commissions\n\n \n\n2,835\n\n \n\n Other expenses\n\n \n\n855\n\n \n\n Total expenses\n\n \n\n3,690\n\n \n\nNet offering proceeds\n\n$\n\n86,310\n\n \n\n \n\n45\n\n \n\nWe contributed the net proceeds from the Preferred Stock Offering to our Operating Partnership, which in turn used the net proceeds to originate first mortgage loans and acquire other targeted assets in a manner consistent with our investment strategies and investment guidelines and for general corporate purposes.\n\nRepurchases of Common Stock\n\nWe adopted an SRP, effective May 3, 2019 (currently suspended), whereby on a monthly basis, stockholders who have held our shares of common stock for at least one year may request that we repurchase all or any portion of their shares. Due to the illiquid nature of investments in real estate, we may not have sufficient liquid resources to fund repurchase requests. Because there is no public market for our shares, stockholders may have difficulty selling their shares if we choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month, in our discretion, or if our Board modifies, suspends or terminates the SRP.\n\nIn addition, we have established limitations on the amount of funds we may use for repurchases during any calendar month and quarter. We may repurchase fewer shares than have been requested in any particular month to be repurchased under our SRP, or none at all, in our discretion at any time. In addition, the total amount of aggregate repurchases of shares will be limited to no more than 2% of our aggregate NAV per month and no more than 5% of our aggregate NAV per calendar quarter.\n\nIn light of the pace of fundraising in the Second Public Offering and the amount of monthly redemption requests pursuant to the SRP, which were in excess of such fundraising, on January 30, 2023, our Board suspended the SRP. The SRP remains suspended unless and until such time as the Board approves its resumption.\n\nDuring the three months ended March 31, 2026, we repurchased no shares of our common stock.\n\nRepurchases of Series A Preferred Stock\n\nSubject 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 three months ended March 31, 2026, there were no redemptions of our Series A Preferred Stock and no conversions of our Series A Preferred Stock to common stock.\n\nOn August 11, 2022, the Board authorized and approved a share repurchase program (the “Series A Preferred Repurchase Program”) pursuant to which we were permitted to repurchase up to the lesser of 1,000,000 shares or $15 million of the outstanding shares of our Series A Preferred Stock through December 31, 2022. On November 10, 2022, the Board approved to extend the Series A Preferred Repurchase Program through December 31, 2023. Under the Series A Preferred Repurchase Program, repurchases of shares of our Series A Preferred Stock were to be made at management’s discretion from time to time through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws. On January 30, 2023, our Board terminated the Series A Preferred Repurchase Program."}