NexPoint Real Estate Finance, Inc.
For the period ended Dec 31, 2024. Filed Mar 27, 2025.
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FY2024 · Filed Mar 27, 2025
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Item 1B.
(in thousands, except per share amounts)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Net interest income | |||
| Interest income (1) | $72,507 | $68,358 | $77,988 |
| Interest expense | (44,371) | (51,560) | (40,255) |
| Total net interest income | 28,136 | 16,798 | 37,733 |
| Other income (loss) | |||
| Change in net assets related to consolidated CMBS variable interest entities | 36,669 | 38,213 | 10,239 |
| Change in unrealized gain (loss) on CMBS structured pass-through certificates | 1,925 | 1,533 | (12,664) |
| Change in unrealized gain (loss) on common stock investments | (4,140) | (16,736) | (5,196) |
| Change in unrealized gain (loss) on preferred stock investments | 667 | 266 | — |
| Change in unrealized gain (loss) on MSCR Notes | (13) | 65 | (53) |
| Change in unrealized gain (loss) on mortgage backed securities | 763 | 467 | (1,230) |
| Reversal of (provision for) credit losses | 723 | (4,299) | (169) |
| Dividend income | 2,009 | 193 | — |
| Other income | 748 | 1,520 | 399 |
| Realized gain | 691 | — | (1,084) |
| Loss on extinguishment of debt | (488) | — | 17 |
| Gain on deconsolidation of variable interest entity | — | 1,490 | — |
| Equity in income (losses) of equity method investments | (3,951) | (2,564) | — |
| Revenues from consolidated real estate owned | 8,864 | 5,144 | 12,402 |
| Total other income (loss) | 44,467 | 25,292 | 2,661 |
| Operating expenses | |||
| General and administrative expenses | 12,812 | 9,204 | 7,243 |
| Loan servicing fees | 1,585 | 4,187 | 4,388 |
| Management fees | 3,867 | 3,281 | 3,151 |
| Expenses from consolidated real estate owned | 18,377 | 6,678 | 11,398 |
| Total operating expenses | 36,641 | 23,350 | 26,180 |
| Net income | 35,962 | 18,740 | 14,214 |
| Net (income) loss attributable to Series A preferred stockholders | (3,496) | (3,496) | (3,512) |
| Net (income) loss attributable to Series B preferred stockholders | (8,003) | (80) | — |
| Net (income) loss attributable to redeemable noncontrolling interests | (6,770) | (4,765) | (4,969) |
| Net (income) loss attributable to redeemable noncontrolling interests in subsidiaries | — | — | (2,499) |
| Net income attributable to common stockholders | $17,693 | $10,399 | $3,234 |
| Weighted-average common shares outstanding - basic (2) | 17,402 | 17,199 | 14,686 |
| Weighted-average common shares outstanding - diluted | 17,402 | 17,199 | 14,686 |
| Earnings (loss) per share outstanding - basic | $1.02 | $0.60 | $0.22 |
| Earnings (loss) per share outstanding - diluted | $1.02 | $0.60 | $0.22 |
| Dividends declared per common share | $2.0000 | $2.7400 | $2.0000 |
(1)Includes $25.0 million related to accelerated amortization of the premium associated with the prepayment on a senior loan in the first quarter of 2024.
(2)Diluted EPS calculations were higher than basic EPS and thus anti-dilutive for the years ended December 31, 2024, 2023, and 2022, respectively. As such, the Company is presenting diluted EPS as equal to basic EPS for the years ended December 31, 2024, 2023, and 2022, respectively.
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