MeritValue

InPoint Commercial Real Estate Income, Inc.

ICR-PAdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

InPoint Commercial Real Estate Income, Inc. earns about 12% on invested capital, and has bought back 12% of its shares over 5 years. The applicable estimate puts fair value near $10.11 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$28.3M1$38M2$38.8M3$24.4M3$23M3
Net income$9.87M4$10.2M5−$4.44M6$12.7M6−$1.57M6
Operating cash flow$11.6M7$18.5M8$16.2M9$18M9$11.4M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$57.3M10$29.4M11$54.1M12$64.5M13$76.6M13
Diluted shares11.5M10.6M10.1M10.1M10.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$223.6
your share of equity
Profit it earned you last year
−$1.56
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $223.6 of net worth that earned you −$1.56 last year.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 7%FY22 13%FY23 15%FY24 19%FY25 7%

It earned an average 12% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−12% shares · 5y

Share count is down 12% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$10.11
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$9.87M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-032205 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-039459 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001690012-26-000002 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-032205 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-039459 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001690012-26-000002 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-032205 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-039459 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001690012-26-000002 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-010947 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-032205 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-039459 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001690012-26-000002 (CashAndCashEquivalentsAtCarryingValue)