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
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, | |||
|---|---|---|---|
| 2024 · 2023 · 2022 | |||
| Cash flows from operating activities | |||
| Net income | $35,962 | $18,740 | $14,214 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization of premiums | 36,452 | 15,301 | 20,840 |
| Accretion of discounts | (27,197) | (13,877) | (13,312) |
| Depreciation and amortization of real estate investment | 5,613 | 2,465 | 2,895 |
| Amortization of deferred financing costs | 47 | (45) | 48 |
| Change in fair value on interest rate caps included in other assets | (2,479) | (1,675) | — |
| Net cash received (paid) on interest rate caps | 605 | (440) | — |
| Provision for (reversal of) credit losses | (723) | 4,299 | 169 |
| Net change in unrealized (gain) loss on investments held at fair value | 7,889 | 16,820 | 44,765 |
| Net realized (gain) loss | (11,230) | — | 1,084 |
| Equity in (income) losses of unconsolidated equity method ventures | 3,951 | 2,564 | — |
| Gain on deconsolidation of variable interest entity | — | (1,490) | — |
| Stock-based compensation expense | 6,073 | 4,411 | 3,286 |
| Payment in kind income | (14,486) | (8,990) | (715) |
| Loss (gain) on extinguishment of debt | 488 | — | (17) |
| Changes in operating assets and liabilities: | |||
| Accrued interest and dividends receivable | (19,184) | (4,319) | (10,247) |
| Accounts receivable and other assets | 4,636 | (354) | (433) |
| Accrued interest payable | 1,811 | 338 | 2,914 |
| Accounts payable, accrued expenses and other liabilities | 1,056 | (2,192) | 310 |
| Net cash provided by operating activities | 29,284 | 31,556 | 65,801 |
| Cash flows from investing activities | |||
| Proceeds from payments received on mortgage loans held in variable interest entities | 625,063 | 717,966 | 1,223,322 |
| Proceeds from payments received on mortgage loans held for investment | 555,485 | 97,259 | 178,990 |
| Proceeds from payments received on bridge loan | — | — | 13,500 |
| Proceeds from payments received on mortgage backed securities | 82,977 | 546 | 518 |
| Originations of bridge loan | — | — | (13,434) |
| Originations of mortgage loans, held-for-investment, net | (138,993) | — | (110,502) |
| Originations of loans, held-for-investment, net | (167,987) | (92,701) | — |
| Purchases of preferred stock | (3,506) | (14,510) | — |
| Purchases of equity method investments | (10,892) | (2,564) | |
| Distributions of equity method investments | 5,437 | — | — |
| Purchases of stock warrant investments | (27,400) | — | (4,542) |
| Purchases of CMBS securitizations held in variable interest entities, at fair value | (53,576) | — | (115,276) |
| Sales of CMBS securitizations held in variable interest entities, at fair value | 124,167 | 44,783 | |
| Sale of CMBS structured pass-through certificates, at fair value | — | — | 6,962 |
| Purchases of MSCR notes, at fair value | — | — | (10,365) |
| Purchases of mortgage backed securities, at fair value | (44,396) | (5,733) | (33,926) |
| Sale of MSCR notes, at fair value | 11,060 | — | — |
| 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) |
| Additions to real estate investments | (902) | (526) | (117) |
| Net cash provided by investing activities | 956,537 | 741,342 | 950,578 |
| Cash flows from financing activities | |||
| Borrowings under secured financing agreements | 120,012 | — | — |
| Principal repayments on borrowings under secured financing agreements | (534,189) | (38,327) | (98,341) |
| Distributions to bondholders of variable interest entities | (603,711) | (668,898) | (1,131,916) |
| Borrowings under master repurchase agreements | 101,194 | 55,239 | 130,629 |
| Principal repayments on borrowings under master repurchase agreements | (161,254) | (82,745) | (85,933) |
| Proceeds received on borrowings under secured financing agreements | — | — | 89,634 |
| Proceeds received from unsecured notes offering | — | 13,557 | 40,674 |
| Proceeds received from unsecured promissory note | 6,500 | — | — |
| Principal repayment on unsecured promissory note | (6,500) | — | — |
| Repurchase of unsecured notes | — | — | (4,829) |
| Borrowings under bridge facility | 19,900 | — | 55,000 |
| Bridge facility repayments | (20,000) | — | (55,000) |
| Proceeds from the issuance of common stock through public offering, net of offering costs | — | — | 11,499 |
| Proceeds from the issuance of common stock | — | — | 156,491 |
| Redemption of redeemable noncontrolling interests in the OP | — | — | (156,491) |
| Proceeds from the issuance of Series B preferred stock through public offering, net of offering costs | 140,446 | 8,599 | — |
| Proceeds received from mortgages payable | — | 416 | |
| Principal repayments on mortgages payable | (240) | (22) | — |
| Payments for taxes related to net share settlement of stock-based compensation | (1,154) | (797) | (495) |
| Dividends paid to common stockholders | (34,845) | (47,950) | (29,652) |
| Dividends paid to Series A preferred stockholders | (3,496) | (3,496) | (3,512) |
| Dividends paid to Series B preferred stockholders | (8,003) | (80) | — |
| Distributions to redeemable noncontrolling interests in the OP | (10,077) | (12,092) | (14,277) |
| Contributions from noncontrolling interests | — | — | 67,255 |
| Net cash used in financing activities | (995,417) | (776,596) | (1,029,264) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (9,596) | (3,698) | (12,885) |
| Cash, cash equivalents and restricted cash, beginning of year | 16,649 | 20,347 | 33,232 |
| Cash, cash equivalents and restricted cash, end of year | $7,053 | $16,649 | $20,347 |
| Supplemental Disclosure of Cash Flow Information | |||
| Interest paid | 42,560 | 51,337 | 35,416 |
| 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 | 1,975 | 1,081 | 1,187 |
| Consolidation of mortgage loans and bonds payable held in variable interest entities | 1,276,923 | — | 1,244,826 |
| Consolidation of noncontrolling interest in CMBS variable interest entities | 3,255 | — | — |
| Deconsolidation of mortgage loans and bonds payable held in variable interest entities | (2,327,220) | (448,396) | — |
| 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) | — |
| Conversion of paid-in-kind interest into Series E Preferred Stock | 10,013 | — | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.