InPoint Commercial Real Estate Income Recommends Shareholders Reject Tender Offer
The board of InPoint Commercial Real Estate Income Inc., a commercial mortgage non-traded real estate investment trust, made a filing with the Securities and Exchange Commission announcing an unsolicited tender offer from SCM Special Fund 3 LP, an affiliate of Mackenzie Capital Management LP.
The board recommended stockholders ignore the offer.
Mackenzie Capital is offering to purchase up to 200,000 shares of Class P, A, T, D and I common stock at a price of $5.00 per share. InPoint says the shares are approximately 71% lower than InPoint’s most recent estimated net asset values of Class P ($17.38), A ($17.43), T ($17.48), D ($17.42) and I ($17.42) common stock.
On LODAS Markets, previously known as Realto, shares of InPoint Commercial Real Estate most recently reached $12.50 in “indications of interest,” non-binding orders placed by qualified buyers to indicate their interest to buy at a specific price.
As The DI Wire reported in February 2023, InPoint suspended its continuous public offering and share repurchase plan in connection with its preferred stock offering and its amended and restated distribution reinvestment plan.
InPoint is advised by an affiliate of Inland Real Estate Investment Corporation and sub-advised by an affiliate of Sound Point Capital Management LP. Inland Securities Corporation serves as the dealer manager.
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