Inpoint Coml Real Estate Income Inc · OTC:ICRP
Inpoint Coml Real Estate Income — InPoint Commercial Real Estate Income — Corporate Update (July 2020)
13 slides from Inpoint Coml Real Estate Income's corporate update, Jul 20, 2020
Slide 1: InPoint Management and Portfolio Update
InPoint Management and Portfolio Update July 20, 2020 Exhibit 99.2
Slide 2: Disclaimer and Forward Looking Statements
Disclaimer and Forward Looking Statements For Institutional Use Only. Not for distribution to the public. This presentation is neither an offer to sell nor a solicitation of an offer to buy securities. Important Note Regarding Risks and Forward-Looking Statements: Certain statements in this communic
Slide 3: On Today's Call
Mitchell Sabshon President & CEO Inland Real Estate Investment Corporation Andrew Winer Portfolio Manager Sound Point Capital Management, LP Don MacKinnon Portfolio Manager Sound Point Capital Management, LP On Today’s Call
Slide 4: InPoint Investment Strategy
InPoint Investment Strategy InPoint launched in 2016 with an income and preservation of capital investment strategy Performed exactly as expected through February 2020, up until the U.S. economy reacted to the global Coronavirus pandemic in March 2020 Why did we suspend public offering? The speed an
Slide 5: Assets & Liability Summary
3/13/20 Par Balance Net Borrowed 1st Mortgages $530,281,401 $360,685,419 Mezzanine $26,500,000 0 CMBS $156,799,972 $113,147,959 REO* 0 0 Cash $42,044,513 0 Total $755,625,886 $473,833,378 6/30/20 Par Balance Net Borrowed 1st Mortgages $463,512,363 $327,994,863 Mezzanine $16,500,000 0 CMBS $92,993,70
Slide 6: Summary of Portfolio Changes: March – June
Summary of Portfolio Changes: March 13 – June 30 1st Mortgages No new loans have been closed since 2/28/2020 Two loans paid off prior to maturity Only one first mortgage loan defaulted; deed-in-lieu proceedings in process Credit Loans One $10 mil loan sold for 96.75% to provide liquidity to the port
Slide 7: Investments by Loan Type as of 6/30/20
West Mid Atlantic Office Southwest West Southeast Mid Atlantic Multifamily Hospitality Investments by Loan Type as of 6/30/20* Loan Type Par Balance % of Balance Avg LTV Levered Yield Mezz 16,500,000 2.8% 76.0% 12.5% CMBS 92,993,701 15.6% 53.9% 16.3% 1st Mortgage 463,512,363 77.6% 70.4% 14.4% REO* 2
Slide 8: Investment Overview as of 6/30/20
Investments by Region West Mid Atlantic Investments by Property Type Office Southwest West Southeast Mid Atlantic Rocky Mountain Multifamily Hospitality* Retail Mixed Use 1% Great Lakes Investment Overview as of 6/30/20* *Based on the par value of investments as of 6/30/2020. Investments by Region a
Slide 9: Net Asset Value (NAV) Determination
Class A Class T Class D Class I Class P NAV as of February 29, 2020 $25.0577 $25.0568 $25.0529 $25.0577 $25.0019 NAV as of June 30, 2020 $21.4868 $21.4857 $21.4818 $21.4874 $21.4379 Net Asset Value (NAV) Determination
Slide 10: Primary driver of the NAV change
Primary driver of the NAV Change was the net loss from 3/13/20 to 6/30/20: Realized loss on CMBS $19.3M 6% Unrealized loss on CMBS $18.7M 6% Loan Loss Reserve $5.8M 2% Total NAV Impact$43.8M 14% We believe some of the unrealized loss on CMBS and some of the Loan Loss Reserve may be recoverable, whic
Slide 11: Looking Ahead
The top five CRE mortgage REITs are trading at a 45-65% discount to their pre-covid-19 values Upside potential of CMBS Portfolio Future 1st Mortgage loans will focus primarily on multifamily, industrial and office sectors Opportunity in CRE mortgage market as CRE prices have adjusted downward and ca
Slide 12: What to Expect in the Near Future
Management expects to recommend to the Board of Directors the authorization of a cash distribution for stockholders as of July 31, 2020, to be payable in August 2020 Please keep in mind that we cannot guarantee that our Board will authorize a cash distribution. Declaration of distributions is within
Slide 13: Thank You for Joining Us
Thank You for Joining Us
InPoint Commercial Real Estate Income — Corporate Update (July 2020) on 6ix