NexPoint Real Estate Finance Inc
For the period ended Dec 31, 2023. Filed Mar 22, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 22, 2024
NREF$13.52+0.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 3.
(in thousands)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 · 2022 · 2021 | |||
| Cash flows from operating activities | |||
| Net income | $18,740 | $14,214 | $83,472 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization of premiums | 15,301 | 20,840 | 15,769 |
| Accretion of discounts | (13,877) | (13,312) | (9,196) |
| Depreciation and amortization of real estate investment | 2,465 | 2,895 | — |
| Amortization of deferred financing costs | (45) | 48 | — |
| Change in fair value on interest rate caps included in other assets | (1,675) | — | — |
| Net cash received (paid) on interest rate caps | (440) | — | — |
| Provision for (reversal of) credit losses, net | 4,299 | 169 | 189 |
| Net change in unrealized (gain) loss on investments held at fair value | 16,820 | 44,765 | (43,503) |
| Realized Losses | — | 1,084 | 257 |
| Equity in (income) losses of unconsolidated equity method ventures | 2,564 | — | — |
| Gain on deconsolidation of variable interest entity | (1,490) | — | — |
| Stock-based compensation expense | 4,411 | 3,286 | 2,023 |
| Payment in kind income | (8,990) | (715) | (91) |
| Gain on extinguishment of debt | — | (17) | — |
| Changes in operating assets and liabilities: | |||
| Accrued interest and dividends receivable | (4,319) | (10,247) | (3,241) |
| Accounts receivable and other assets | (354) | (433) | 352 |
| Accrued interest payable | 338 | 2,914 | 1,674 |
| Accounts payable, accrued expenses and other liabilities | (2,192) | 310 | 1,593 |
| Net cash provided by operating activities | 31,556 | 65,801 | 49,298 |
| Cash flows from investing activities | |||
| Proceeds from payments received on mortgage loans held in variable interest entities | 717,966 | 1,223,322 | 841,953 |
| Proceeds from payments received on mortgage loans held for investment | 97,259 | 178,990 | 62,991 |
| Proceeds from payments received on bridge loan | — | 13,500 | 32,759 |
| Proceeds from payments received on mortgage backed securities | 546 | 518 | — |
| Originations of bridge loan | — | (13,434) | (32,595) |
| Originations of loans, held-for-investment, net | (92,701) | (110,502) | (117,727) |
| Purchases of preferred stock | (14,510) | — | — |
| Purchases of equity method investments | (2,564) | — | — |
| Purchases of CMBS structured pass-through certificates, at fair value | — | (4,542) | (39,061) |
| Sale of CMBS securitizations held in variable interest entities, at fair value | 44,783 | — | — |
| Sale of CMBS structured pass-through certificates, at fair value | — | 6,962 | 3,921 |
| Purchases of CMBS securitizations held in variable interest entities, at fair value | — | (115,276) | (204,574) |
| Purchases of MSCR notes, at fair value | — | (10,365) | — |
| Purchases of mortgage backed securities, at fair value | (5,733) | (33,926) | — |
| Increase in Cash in connection with VIE consolidation | 1,814 | — | — |
| Decrease in Cash in connection with VIE deconsolidation | (4,992) | — | — |
| Acquisitions of real estate investments | — | (184,552) | (29,789) |
| Additions to real estate investments | (526) | (117) | — |
| Net cash provided by investing activities | 741,342 | 950,578 | 517,878 |
| Cash flows from financing activities | |||
| Principal repayments on borrowings under secured financing agreements | (38,327) | (98,341) | (54,227) |
| Distributions to bondholders of variable interest entities | (668,898) | (1,131,916) | (781,210) |
| Borrowings under master repurchase agreements | 55,239 | 130,629 | 153,844 |
| Principal repayments on borrowings under master repurchase agreements | (82,745) | (85,933) | (28,985) |
| Proceeds received on borrowings under secured financing agreements | — | 89,634 | — |
| Proceeds received from unsecured notes offering | 13,557 | 40,674 | 132,813 |
| Repurchase of unsecured notes | — | (4,829) | (304) |
| Borrowings under bridge facility | — | 55,000 | 20,000 |
| Bridge facility payments | — | (55,000) | (20,000) |
| Proceeds from the issuance of common stock through public offering, net of offering costs | — | 11,499 | 50,795 |
| Proceeds from the issuance of common stock | — | 156,491 | 32,393 |
| Redemption of redeemable noncontrolling interests in the OP | — | (156,491) | (32,393) |
| Proceeds from the issuance of series B preferred stock through public offering, net of offering costs | 8,599 | — | — |
| Proceeds from the issuance of subsidiary preferred membership units through private offering, net of offering costs | — | — | 95 |
| Proceeds received from mortgages payable | 416 | ||
| Principal repayments on mortgages payable | (22) | — | — |
| Payments for taxes related to net share settlement of stock-based compensation | (797) | (495) | (323) |
| Dividends paid to common stockholders | (47,950) | (29,652) | (14,164) |
| Dividends paid to series A preferred stockholders | (3,496) | (3,512) | (3,508) |
| Dividends paid to series B preferred stockholders | (80) | — | — |
| Distributions to redeemable noncontrolling interests in the OP | (12,092) | (14,277) | (22,241) |
| Contributions from noncontrolling interests | — | 67,255 | — |
| Net cash used in financing activities | (776,596) | (1,029,264) | (567,415) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (3,698) | (12,885) | (239) |
| Cash, cash equivalents and restricted cash, beginning of year | 20,347 | 33,232 | 33,471 |
| Cash, cash equivalents and restricted cash, end of year | $16,649 | $20,347 | $33,232 |
| Supplemental Disclosure of Cash Flow Information | |||
| Interest paid | 51,337 | 35,416 | 27,546 |
| Supplemental Disclosure of Noncash Investing and Financing Activities | |||
| Adjustment to loans, held for investment, net on deconsolidation of real estate | 36,022 | — | — |
| Adjustment to real estate investments, net on deconsolidation of real estate | (185,732) | — | — |
| Adjustment to accrued interest and dividends on deconsolidation of real estate | 2,049 | — | — |
| Adjustment to accounts receivable and other assets on deconsolidation of real estate | (799) | — | — |
| Adjustment to mortgages payable, net on deconsolidation of real estate | 89,012 | — | — |
| Adjustment to accounts payable and accrued liabilities on deconsolidation of real estate | 705 | — | — |
| Adjustment to accrued interest payable on deconsolidation of real estate | 1,087 | — | — |
| Adjustment to noncontrolling interest in subsidiary on deconsolidation of real estate | 64,434 | — | — |
| Adjustment to retained earnings on deconsolidation of real estate | 1,490 | — | — |
| Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate | (297) | — | — |
| Increase in dividends payable upon vesting of restricted stock units | 1,081 | 1,187 | — |
| Deconsolidation of mortgage loans and bonds payable held in variable interest entities | (448,396) | — | — |
| Consolidation of mortgage loans and bonds payable held in variable interest entities | — | 1,244,826 | 2,946,224 |
| Conversion of convertible notes to common stock | — | 25,000 | — |
| Adjustment to loans, held for investment, net on consolidation of real estate | (9,685) | — | — |
| Adjustment to real estate investments, net on consolidation of real estate | 69,000 | — | — |
| Adjustment to accounts receivable and other assets on consolidation of real estate | 445 | — | — |
| Adjustment to mortgages payable, net on consolidation of real estate | (63,084) | — | — |
| Adjustment to accrued interest payable on consolidation of real estate | (972) | — | — |
| Adjustment to accounts payable and accrued liabilities on consolidation of real estate | (2,436) | — | — |
| Consolidation of noncontrolling interest in CMBS variable interest entities | — | — | 7,175 |
| Increase in dividends payable upon vesting of restricted stock units | — | — | 531 |
| Other assets acquired from acquisitions | — | — | 14 |
| Liabilities assumed from acquisitions | — | — | 47 |
| Assumed debt on acquisitions | — | — | 32,480 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.