InPoint Commercial Real Estate Income is a non-traded REIT focused on lending against commercial real estate. Its core product is floating-rate first mortgage loans on commercial properties such as office buildings, multifamily housing, and hotels, though InPoint also makes subordinate and mezzanine loans and may invest in CRE securities and net lease equity. InPoint originates loans directly rather than buying them in secondary markets. The business model centers on net interest income — the spread between interest earned on CRE loans and the cost of borrowings. Because loans are primarily floating rate, income rises and falls with benchmark rates. InPoint is externally managed with no employees of its own; an affiliate of Inland Real Estate Investment Corporation serves as Advisor, while Sound Point CRE acts as Sub-Advisor, sourcing and negotiating loans in exchange for fees. As a REIT, InPoint must distribute substantially all taxable income to shareholders, limiting its ability to retain capital. InPoint has raised capital through stock offerings to fund originations, but suspended its public offering, share repurchase plan, and distribution reinvestment plan in early 2023 amid investor redemption pressure. The loan portfolio has contracted from $549M to $348M, partly due to loan defaults and foreclosures that have moved properties onto the balance sheet as real estate owned. Management is focused on selling these assets and redeploying proceeds into new loans, with a stated goal of pursuing a future strategic transaction such as a merger, listing, or sale.