INPOINT COML REAL ESTATE INCOME INC has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, including total assets of $727,868,000 and total liabilities of $482,314,000 as of September 30, 2024. Stockholders’ equity was reported at $245,554,000.
The report indicates a decrease in commercial mortgage loans to $639,985,000 from $722,003,000 at the end of 2023, with the reduction attributed to loan repayments and foreclosures.
Net income for the quarter was $615,000, down from $4,992,000 in the same quarter the previous year. The company attributes the decrease to a higher provision for credit losses.
Interest income for the quarter was $14,760,000, compared to $17,428,000 in the previous year, reflecting the impact of loans placed on nonaccrual status.
The company reported total operating expenses of $3,209,000 for the quarter, compared to $5,567,000 in the previous year, with the decrease primarily due to the sale of a hotel property in 2023.
Cash provided by operating activities was $13,402,000, while cash used in investing and financing activities was $55,812,000 and $64,536,000, respectively.
The filing also notes that the company acquired legal title to two office properties through foreclosure during the quarter, which were recorded at a fair value of $24,035,000.
INPOINT COML REAL ESTATE INCOME INC continues to focus on managing its portfolio of commercial real estate loans, with a reported net asset value attributable to common stock of $166,939,000 as of September 30, 2024.
The company does not anticipate any changes to its dividend policy and continues to pay an annualized distribution rate of $1.25 per common share.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the INPOINT COML REAL ESTATE INCOME INC quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.