The chief executive officer of InPoint Commercial Real Estate Income Inc., a commercial mortgage non-traded real estate investment trust, announced his resignation from the company.
Mitchell A. Sabshon informed the REIT of his intentions to resign last week. Effective Nov. 30, 2024, Sabshon will also resign his post as chairman of the board of directors. According to the statement, he is resigning for personal reasons and not due to any disagreement with the company’s management, board, or any of the company’s operations, policies, or practices.
In turn, the board appointed Donald MacKinnon as the company’s next president and chairman of the board, and Denise C. Kramer – president of the REIT’s adviser, Inland InPoint Advisor – as the REIT’s next CEO, and as a member of the REIT’s board – all effective Dec. 1, 2024.
Kramer has served as president of the adviser since December 2021. She also has served as the chief operating officer, lead portfolio manager of IPC Alternative Real Estate Income Trust Inc. since June 2023 and as senior vice president, investment product management of Inland Real Estate Investment Corporation, IPC’s sponsor, since December 2022.
Prior to her current role with Inland Real Estate Investment Corporation, Kramer served as senior vice president, investment product research for Inland Securities Corporation, Inland Real Estate Investment Corporation’s affiliated broker-dealer. Prior to August 2016, Kramer was director of investment research at Advisor Group from January 2010 to August 2016.
Kramer has a bachelor’s degree in accounting from the University of Maine and a master’s degree in finance from Northeastern University. She holds FINRA Series 7 and 66 licenses.
As of Oct. 31, 2024, the REIT’s net asset value attributable to common stock was approximately $166.6 million, a 0.18% decrease from Sept. 30’s $166.9 million. Its number of outstanding shares at the end of October was 10.1 million.
Last month, the REIT told stockholders not to accept a mini-tender offer from West 4 Capital LP, an unaffiliated third party. West 4 offered to purchase up to 375,000 shares of the REIT’s Class P common stock at $7.65 per share. In a letter, the company said the amount offered by West 4 was approximately 53.6% lower than InPoint’s Sept. 30, 2024, Class P estimated net asset value per share price of $16.4883.
InPoint Commercial Real Estate Income seeks to originate, acquire, and manage a diversified credit portfolio secured by commercial real estate properties primarily within the United States. The REIT launched its private offering in October 2016.
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