The following is a summary of the NexPoint Real Estate Finance, Inc. (NREF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• NexPoint Real Estate Finance reported a net loss of $0.83 per share in Q1 2024 as compared to a net income of $0.37 per share in Q1 2023.

• Net interest income decreased to negative $12.8 million, primarily due to accelerated premium amortization on a pre-paid loan of $508.7 million.

• Earnings available for distribution were negative $0.46 per share in Q1 2024 compared with a positive $0.52 per share in Q1 2023.

• Cash available for distribution increased to $0.60 per share in Q1 2024 from $0.55 per share in Q1 2023.

• Book value per share decreased by 14.8% from Q1 2023 and by 6.9% from Q4 2023 to $16.69 per share.

Business Progress:

• In Q1 2024, the company contributed to six preferred equity investments valued at $11.5 million and originated a loan of $44.6 million.

• NexPoint sold 1.2 million shares of its Series B cumulative redeemable preferred stock, generating net proceeds of $27.7 million.

• The firm has projected its earnings and cash available for distribution for Q2 2024 to be between $0.40 to $0.50 per share and $0.35 to $0.45 per share, respectively.

• The portfolio of the company consists of 90 investments with a total outstanding balance of $1.2 billion, largely allocated to multi-family and single-payment rentals.

• NexPoint purchased new SFR ABS paper worth around $44 million and anticipates high cash flow and returns in the low to mid-double-digit range.

• The company is deploying the continuous Series B preferred capital at a rate of approximately $15 to $25 million per month and expects to continue this capital deployment plan throughout the year.

More details: NexPoint Real Estate Finance IR

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