InPoint Commercial Real Estate Income Inc., a commercial mortgage non-traded real estate investment trust, announced the company has temporarily suspended its continuous public offering and share repurchase plan in connection with its preferred stock offering and it’s amended and restated distribution reinvestment plan, as of Feb. 10, 2023.
InPoint said the suspension was in light of the pace of fundraising in their current public offering and the amount of monthly redemption requests pursuant to their share repurchase plan, which are currently in excess of such fundraising.
The board of directors unanimously approved that the primary offering, share repurchase plan, and distribution reinvestment plan will remain suspended unless and until they approve their resumption. In connection, InPoint says the board has decided to evaluate strategic alternatives available to the company.
The board previously authorized and approved a share repurchase program (the “Series A Preferred Repurchase Program”) in which they were permitted to repurchase up to the lesser of one million shares or $15 million of the outstanding shares of their 6.75% Series A Cumulative Redeemable Preferred Stock through Dec. 31, 2022, which was later extended through Dec. 31, 2023. On Jan. 30, 2023, the board unanimously approved the termination of the Series A Preferred Repurchase Program.
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.