Form of Letter to Stockholders (Form 8-K)

July 11, 2025

Dear InPoint Stockholder:

We are pleased to provide an update on InPoint Commercial Real Estate Income, Inc. ("InPoint" or the "Company"). As part of our ongoing commitment to deliver attractive current income, InPoint has declared a distribution of $0.1042 per share for stockholders of record as of June 30, 2025. This distribution, payable on or about July 17, 2025, represents an annualized yield of 7.81%1.

Economic Update

Economic conditions remain dynamic. The phrase "higher for longer" is even more applicable to interest rates today than it was at the end of 2024. The market lost some momentum following the April 2 "Liberation Day" tariff announcement, and the Federal Reserve appears to be in a wait-and- see posture as it evaluates the broader impact of the tariff scenario. Market volatility has become the new normal in 2025, presenting headwinds across certain areas of commercial real estate (CRE).

While Green Street's Commercial Property Price Index reports that property values have risen more than 4% over the past twelve months, values remain down more than 17% from the 2022 peak2. However, overall CRE market conditions have shown signs of improvement. We do not anticipate significant decreases in overall valuations in the coming quarters, but we also do not expect market conditions to worsen in the near term. This stabilization of property values is expected to create a more predictable underwriting environment for lenders.

CRE transaction volume in the first quarter of 2025 was up approximately 12% compared to the first quarter of 2024, although the current levels are still 4% below the average for the last ten years3. Nonetheless, as market activity levels begin to recover, current borrowers looking to sell their properties may see enhanced disposition opportunities, and borrowers approaching loan maturity may benefit from greater pricing visibility to support refinancing efforts.

Portfolio Overview

As of March 31, 2025, InPoint's portfolio consisted of 25 loans with an aggregate outstanding principal balance of approximately $563 million. Our portfolio is diversified across both property type and geographic region. Multifamily loans accounted for 67% of the portfolio, office loans comprised 20%, and industrial loans made up 6%. Regionally, 35% of the portfolio was located in the Southeast, another 35% in the Southwest, 13% in the West, and 10% in the Mid-Atlantic.

In addition to our loan investments, we held three real estate owned assets with a total fair market value of $44 million: two office properties in Dallas, TX, and one multifamily property in Portland, OR. On May 1, 2025, we also foreclosed on a multifamily property in Kansas City, MO, which had previously served as collateral for a $39.5 million senior mortgage loan. Our near-term focus is on enhancing the operating performance of these owned assets in preparation for sale when we determine market conditions are most favorable.

1 Based on the Class P net asset value of $16.00 per share as of May 31, 2025. See disclosures below.

2 Green Street Commercial Property Price Index, June 5, 2025

3 Green Street Debt Insights, June 16, 2025

Positioning for Strategic Opportunities

As we look to the future, we are positioning the InPoint portfolio in order to attempt to pursue a strategic transaction once capital market conditions become more favorable. Importantly, we are monitoring for signs of lower interest rates, improved access to both debt and equity capital, and a more meaningful increase in CRE transaction volume, among other factors. These factors are crucial in creating an environment where asset valuations are more stable and potential buyers or partners can underwrite risk with greater confidence. Our goal is to maximize stockholder value and potentially provide access to some liquidity.

At the asset level, we continue to work with borrowers to ensure they remain committed to their properties, often through additional escrowed capital for tenant improvements, leasing commissions, and interest rate protections. In parallel, we are taking a prudent and strategic approach to loan modifications and extensions, striking a balance between risk management and our long-term objective of stable income.

We remain committed to transparency and disciplined portfolio management. If you have any questions about this update or your investment in InPoint, please contact your financial professional or Inland Investor Services at 866-MY-INLAND (866-694-6526).

Sincerely,

InPoint Commercial Real Estate Income, Inc.

Denise Kramer, CFA

Chief Executive Officer