Skip to main content

NexPoint Real Estate Finance Inc

For the period ended Dec 31, 2023. Filed Mar 22, 2024.

View on SEC.gov

About 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 exhibits

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 premiums15,30120,84015,769
Accretion of discounts(13,877)(13,312)(9,196)
Depreciation and amortization of real estate investment2,4652,895—
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, net4,299169189
Net change in unrealized (gain) loss on investments held at fair value16,82044,765(43,503)
Realized Losses—1,084257
Equity in (income) losses of unconsolidated equity method ventures2,564——
Gain on deconsolidation of variable interest entity(1,490)——
Stock-based compensation expense4,4113,2862,023
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 payable3382,9141,674
Accounts payable, accrued expenses and other liabilities(2,192)3101,593
Net cash provided by operating activities31,55665,80149,298
Cash flows from investing activities
Proceeds from payments received on mortgage loans held in variable interest entities717,9661,223,322841,953
Proceeds from payments received on mortgage loans held for investment97,259178,99062,991
Proceeds from payments received on bridge loan—13,50032,759
Proceeds from payments received on mortgage backed securities546518—
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 value44,783——
Sale of CMBS structured pass-through certificates, at fair value—6,9623,921
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 consolidation1,814——
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 activities741,342950,578517,878
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 agreements55,239130,629153,844
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 offering13,55740,674132,813
Repurchase of unsecured notes—(4,829)(304)
Borrowings under bridge facility—55,00020,000
Bridge facility payments—(55,000)(20,000)
Proceeds from the issuance of common stock through public offering, net of offering costs—11,49950,795
Proceeds from the issuance of common stock—156,49132,393
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 costs8,599——
Proceeds from the issuance of subsidiary preferred membership units through private offering, net of offering costs——95
Proceeds received from mortgages payable416
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 year20,34733,23233,471
Cash, cash equivalents and restricted cash, end of year$16,649$20,347$33,232
Supplemental Disclosure of Cash Flow Information
Interest paid51,33735,41627,546
Supplemental Disclosure of Noncash Investing and Financing Activities
Adjustment to loans, held for investment, net on deconsolidation of real estate36,022——
Adjustment to real estate investments, net on deconsolidation of real estate(185,732)——
Adjustment to accrued interest and dividends on deconsolidation of real estate2,049——
Adjustment to accounts receivable and other assets on deconsolidation of real estate(799)——
Adjustment to mortgages payable, net on deconsolidation of real estate89,012——
Adjustment to accounts payable and accrued liabilities on deconsolidation of real estate705——
Adjustment to accrued interest payable on deconsolidation of real estate1,087——
Adjustment to noncontrolling interest in subsidiary on deconsolidation of real estate64,434——
Adjustment to retained earnings on deconsolidation of real estate1,490——
Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate(297)——
Increase in dividends payable upon vesting of restricted stock units1,0811,187—
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—1,244,8262,946,224
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 estate69,000——
Adjustment to accounts receivable and other assets on consolidation of real estate445——
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
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.