Nexpoint Real Estate Finance, Inc. · NYSE:NREF
Nexpoint Real Estate Finance — Q1 2024 Earnings Presentation
20 slides from Nexpoint Real Estate Finance's earnings presentation, May 2, 2024
Slide 1: 1Q 2024 Financial Supplement
28 APRIL 2022 NYSE:NR EF NYSE:NREF 1Q 2024 Financial 1Q 2022 FINANCIAL Supplement SUPPLEMENT May 2, 2024 CONTACT NEXPOINT REAL ESTATE FINANCE INVESTOR RELATIONS (NYSE:NREF) Kristen Thomas 300 Crescent Court, Suite 700 (p) 214.908.1854 Dallas, Texas 75201 (e) kthomas@nexpoint.com (w) nref.nexpoint.co
Slide 2: Cautionary Statements
Cautionary Statements FORWARD LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be id
Slide 3: Company Overview
NexPoint Real Estate Finance Company Overview NexPoint Real Estate Finance, Inc. (“NREF” or the “Company”) is a publicly traded mortgage REIT, with its shares of common stock and 8.50% Series A Cumulative Redeemable Preferred Stock listed on the New York Stock Exchange. The Company concentrates on i
Slide 4: 1Q 2024 Highlights
1Q 2024 Highlights $372.8MM 1Q 2024 Dividend $(14.6)MM $14.9MM B O O K V A L U E $16.69 per common share, including P A I D O N M A R C H 2 8 , N E T L O S S 1 1 Q 2 0 2 4 C A S H 2 0 2 4 I N 1 Q 2 0 2 4 A V A I L A B L E F O R FINANCIAL redeemable non-controlling interests in Paid a 1Q 2024 dividen
Slide 5: 1Q 2024 Earnings And Book Value
1Q 2024 Earnings And Book Value Earnings and Book Value (4.2)% • Net Income (Loss) attributable to common stockholders, EPS, and EAD include (3.1)% (2.2)% (1.8)% $25.0 million in losses related to accelerated amortization of the premium (7.4)% 0.7% (6.9)% associated with the prepayment on a senior l
Slide 6: Net Income (Loss), EAD and CAD
Net Income (Loss), EAD and CAD 182.2% NET INCOME, EAD, CAD (3.8)% (10.8)% (14.0)% 2.3% 150.6% 197.8% AND GUIDANCE NET INCOME/EAD/CAD • Net income (loss) per diluted common share for 1Q 2024 is $(0.83), compared to (204.5)% net income of $0.74 per diluted common share reported in 4Q 2023 (372.7)% (21
Slide 7: Dividend and Coverage
Dividend and Coverage Dividend and Net Income/EAD/CAD Coverage 1Q 2024 DIVIDEND: • 1Q dividend of $0.50 per common share was paid on March 28, 2024 • 1Q 2024 Net Income dividend coverage is (1.66)x • 1Q 2024 EAD dividend coverage is (0.92)x 0.93x • 1Q 2024 CAD dividend coverage is 1.20x 2Q 2024 DIVI
Slide 8: Portfolio Commentary
Portfolio Commentary Defensive Portfolio Characteristics The current portfolio consists of senior loans, CMBS B-Pieces, CMBS I/O Strips, mezzanine debt, preferred equity, MSCR notes, mortgage backed securities, multifamily properties and common stock investments in short-duration lease-term assets 5
Slide 9: Portfolio Commentary
Portfolio Commentary1 WA Geographic and Asset Type Exposure1 4% $1.2B MD CURRENT 5% PRINCIPAL1 CO 4% CA 8% GA 6% TX 19% FL LESS THAN 4.0% OF TOTAL OUTSTANDING PRINCIPAL BALANCE 9% 68.5% WEIGHTED AVG LTV1 1. AS OF MARCH 31, 2024, AND EXCLUDING COMMON STOCK INVESTMENTS, PREFERRED STOCK INVESTMENT AND
Slide 10: Portfolio
PORTFOLIO 10
Slide 11: Portfolio
Portfolio $s IN 0,000s EXCEPT PER SHARE DATA # Investment1 Location Property Type Investment Date Current Principal Net Equity2 Coupon3 Remaining Term4 Loan to Value DSCR 1 Senior loan Various Single-family 2/11/2020 $ 8,508 $ 1,246 5.4 % 3.8 57.7 % 2 Senior loan Various Single-family 2/11/2020 9,98
Slide 12: Portfolio
Portfolio $s IN 0,000s EXCEPT PER SHARE DATA # Investment1 Location Property Type Investment Date Current Principal Net Equity2 Coupon3 Remaining Term4 Loan to Value DSCR 1 CMBS I/O Strip Various Multifamily 5/18/2020 $ 17,590 (6) $ 512 2.0 % 22.5 68.7 % 2 CMBS I/O Strip Various Multifamily 8/6/2020
Slide 13: Portfolio
Portfolio $s IN 0,000s EXCEPT PER SHARE DATA # Investment1 Location Property Type Investment Date Current Principal Net Equity2 Coupon3 Remaining Term4 Loan to Value DSCR 13 Mezzanine Laurel, MD Multifamily 10/20/2020 $ 7,390 $ 3,053 7.4 % 7.3 80.3 % 14 Mezzanine Tyler, TX Multifamily 10/20/2020 2,1
Slide 14: Portfolio
Portfolio $s IN 0,000s EXCEPT PER SHARE DATA # Investment1 Location Property Type Investment Date Current Principal Net Equity2 Coupon3 Remaining Term4 Loan to Value DSCR 1 MSCR Note Various Multifamily 5/25/2022 4,000 2,010 14.8 % 28.2 61.1 % 2 MSCR Note Various Multifamily 5/25/2022 5,000 2,236 11
Slide 15: Portfolio footnotes
Portfolio 1. Our total portfolio represents the current principal amount of the consolidated SFR Loans, CMBS I/O Strips, mezzanine loans, preferred equity, multifamily property, MSCR Notes and mortgage- backed securities as well as the net equity of our CMBS B-Piece investments. 2. Net equity repres
Slide 16: Financials
FINANCIALS 16
Slide 17: Financials
Financials $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Income Statement Balance Sheet For the three months ended March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Interest income $ (1,574) $ 16,884 Cash and cash equivalents $ 13,483 $ 13,824 Interest expense (11,240)
Slide 18: Reconciliations
Reconciliations $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of 2Q 2024 Net Income to EAD Reconciliation of 2Q 2024 EAD to CAD Low Mid High Low Mid High For the three months ended Jun. 30, 2024 Jun. 30, 2024 Jun. 30, 2024 For the three months ended Jun. 30, 2024 Jun. 3
Slide 19: Reconciliations
Reconciliations $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of Net Income (Loss) to Earnings Available for Distribution 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 3Q 2022 2Q 2022 Net income (loss) attributable to common stockholders (14,286) $ 13,635 $ (15,550) $
Slide 20: Reconciliations
Reconciliations $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of Earnings Available for Distribution to CAD 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 3Q 2022 2Q 2022 Earnings Available for Distribution $ (11,451) $ 10,101 $ 9,820 $ 11,546 $ 11,881 $ 9,591 $ 9,165
NexPoint Real Estate Finance — Q1 2024 Earnings Presentation on 6ix