$NREF
NexPoint Real Estate Finance, Inc.

2021 Q1 Form 10-Q Financial Statement

#000143774921010468 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $35.06M $35.70M -$18.13M
YoY Change -293.38%
Cost Of Revenue $7.830M $7.890M $3.990M
YoY Change 96.24%
Gross Profit $27.23M $27.81M -$22.11M
YoY Change -223.16%
Gross Profit Margin 77.67% 77.9%
Selling, General & Admin $2.040M $1.550M $540.0K
YoY Change 277.78%
% of Gross Profit 7.49% 5.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit 0.0%
Operating Expenses $3.372M $1.590M $1.199M
YoY Change 181.23%
Operating Profit $23.86M $26.22M -$23.31M
YoY Change -202.36%
Interest Expense $6.497M $3.331M
YoY Change 95.05%
% of Operating Profit 27.23%
Other Income/Expense, Net $22.29M -$24.92M
YoY Change -189.43%
Pretax Income $25.07M $26.22M -$22.87M
YoY Change -209.62%
Income Tax
% Of Pretax Income
Net Earnings $25.07M $10.19M -$6.353M
YoY Change -494.62%
Net Earnings / Revenue 71.51% 28.54%
Basic Earnings Per Share $1.67 -$1.22
Diluted Earnings Per Share $1.26 $2.010M -$1.22
COMMON SHARES
Basic Shares Outstanding 5.023M 5.113M 5.223M
Diluted Shares Outstanding 19.20M 5.223M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.90M $30.20M $200.0K
YoY Change 7350.0%
Cash & Equivalents $14.92M $30.24M $197.0K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $14.90M $30.20M $200.0K
YoY Change 7350.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.782B $6.009B $2.687B
YoY Change 115.22%
Other Assets $600.0K $3.200M
YoY Change
Total Long-Term Assets $5.945B $6.146B $2.715B
YoY Change 118.97%
TOTAL ASSETS
Total Short-Term Assets $14.90M $30.20M $200.0K
Total Long-Term Assets $5.945B $6.146B $2.715B
Total Assets $5.960B $6.176B $2.715B
YoY Change 119.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.800M $1.800M $1.600M
YoY Change 137.5%
Accrued Expenses $2.800M $2.300M $900.0K
YoY Change 211.11%
Deferred Revenue
YoY Change
Short-Term Debt $162.2M $161.5M $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $168.8M $165.6M $2.500M
YoY Change 6652.0%
LONG-TERM LIABILITIES
Long-Term Debt $5.372B $5.607B $2.396B
YoY Change 124.16%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.372B $5.607B $2.396B
YoY Change 124.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $168.8M $165.6M $2.500M
Total Long-Term Liabilities $5.372B $5.607B $2.396B
Total Liabilities $5.540B $5.772B $2.399B
YoY Change 130.96%
SHAREHOLDERS EQUITY
Retained Earnings $9.218M $3.485M -$7.510M
YoY Change -222.74%
Common Stock $137.9M $138.1M $91.95M
YoY Change 49.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $287.0K
Shareholders Equity $134.4M $128.2M $83.10M
YoY Change
Total Liabilities & Shareholders Equity $5.960B $6.176B $2.715B
YoY Change 119.5%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $25.07M $10.19M -$6.353M
YoY Change -494.62%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities $9.076M $11.87M $5.145M
YoY Change 76.4%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $71.41M $41.85M $30.94M
YoY Change 130.8%
Cash From Investing Activities $71.41M $41.85M $30.94M
YoY Change 130.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 -$90.61M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$98.47M -38.21M -35.88M
YoY Change 174.41%
NET CHANGE
Cash From Operating Activities $9.076M 11.87M 5.145M
Cash From Investing Activities $71.41M 41.85M 30.94M
Cash From Financing Activities -$98.47M -38.21M -35.88M
Net Change In Cash -$17.98M 15.51M 197.0K
YoY Change -9228.93%
FREE CASH FLOW
Cash From Operating Activities $9.076M $11.87M $5.145M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
16000
CY2021Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><div style="display: inline; font-style: italic;">Other Matters</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:25pt;">During the&nbsp;<div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021,</div> an adjustment was made in accordance with ASC Topic <div style="display: inline; font-style: italic; font: inherit;">250,</div> Accounting for Changes and Error Corrections, to correct an immaterial error to the <div style="display: inline; font-style: italic; font: inherit;">Q1</div> <div style="display: inline; font-style: italic; font: inherit;">2020</div> consolidated statement of cash flows. This resulted in an increase of approximately <div style="display: inline; font-style: italic; font: inherit;">$28.2</div> million in investing cash inflows with a corresponding increase in financing cash outflows for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020. </div>Additionally, for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>the supplemental disclosures of non-cash investing and financing activities omitted non-cash increases in mortgage loans held in variable interest entities and non-cash increases in bonds payable from consolidated VIE's of approximately <div style="display: inline; font-style: italic; font: inherit;">$48.0</div> million related to the consolidation of variable interest entities resulting from contributions of CMBS B-pieces in connection with the Formation Transaction. There was <div style="display: inline; font-style: italic; font: inherit;">no</div> impact to the Consolidated Balance Sheets, the Consolidated Statements of Operations or the Consolidated Statements of Stockholders' Equity.</div></div></div>
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
91948000
CY2021Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
CY2020Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
302000
CY2021Q1 us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
834000
CY2020Q1 us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
455000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
25070000
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-22868000
CY2021Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
124000
CY2020Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
212000
CY2021Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-65000
CY2020Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
CY2020Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
275670000
CY2021Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
285587000
CY2021Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
766000
CY2020Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
419000
CY2021Q1 us-gaap Repayments Of Subordinated Short Term Debt
RepaymentsOfSubordinatedShortTermDebt
CY2020Q1 us-gaap Repayments Of Subordinated Short Term Debt
RepaymentsOfSubordinatedShortTermDebt
95000000
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
570000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
134367000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
128243000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
83099000
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
3230000
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9218000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3485000
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
161465000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
391000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
CY2021Q1 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
162168000
CY2020Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000
CY2020Q1 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P2Y
CY2021Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4800000
CY2021Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
16476000
CY2020Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
327422
CY2021Q1 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
4195000
CY2020Q4 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
4784000
CY2021Q1 us-gaap Treasury Stock Preferred Shares
TreasuryStockPreferredShares
355000
CY2020Q4 us-gaap Treasury Stock Preferred Shares
TreasuryStockPreferredShares
355000
CY2021Q1 us-gaap Treasury Stock Preferred Value
TreasuryStockPreferredValue
8567000
CY2020Q4 us-gaap Treasury Stock Preferred Value
TreasuryStockPreferredValue
8567000
CY2021Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
286987
CY2021Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
327422
CY2021Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
15829000
CY2021Q1 us-gaap Trading Securities Debt
TradingSecuritiesDebt
38923000
CY2020Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
38984000
CY2021Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
14.61
CY2021Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
286987
CY2020Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-26901000
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q1 us-gaap Unsecured Debt
UnsecuredDebt
35025000
CY2020Q4 us-gaap Unsecured Debt
UnsecuredDebt
34960000
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><div style="display: inline; font-style: italic;">Use of Estimates and Assumptions</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:25pt;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. Estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:25pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:25pt;">As a result of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic, the Company has received and <div style="display: inline; font-style: italic; font: inherit;"> may </div>continue to receive forbearance requests and <div style="display: inline; font-style: italic; font: inherit;"> may </div>experience difficulty making new investments or redeploying proceeds from repayments of our existing investments, meeting financial covenants in the Company's debt obligations or accessing debt and equity capital on attractive terms, or at all. In addition, reduced economic activity <div style="display: inline; font-style: italic; font: inherit;"> may </div>cause certain borrowers underlying the Company's real estate related assets and senior loans to become delinquent or default on their loans, or seek to defer payment on, or refinance, their loans. The Company is&nbsp;closely monitoring the impact of the&nbsp;COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div>&nbsp;pandemic on all aspects of our business. From inception through&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>,&nbsp;there have been <div style="display: inline; font-style: italic; font: inherit;">two</div>&nbsp;forbearance requests approved in the Company's CMBS&nbsp;B-Piece&nbsp;portfolio, representing&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">0.9%</div></div> of the Company's consolidated unpaid principal balance outstanding. Additionally, there were <div style="display: inline; font-style: italic; font: inherit;">nine</div> forbearance requests approved in the Company's&nbsp;SFR Loan book. However, as of <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, these loans were <div style="display: inline; font-style: italic; font: inherit;">no</div> longer in forbearance. Despite these forbearance requests, the master servicers continued to make payments to the Company&nbsp;for the portion of our CMBS&nbsp;B-Piece&nbsp;and SFR Loans that requested forbearance, and were approved by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), during the entire forbearance period. These agreed upon forbearance requests include both principal and interest payments for <div style="display: inline; font-style: italic; font: inherit;">three</div> months, with an option to the borrower to extend an additional <div style="display: inline; font-style: italic; font: inherit;">three</div> months, and require the borrower to repay Freddie Mac within <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months of the end of the forbearance period. For additional information regarding the risks to the Company related to the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic, or any other future pandemic, see "Item <div style="display: inline; font-style: italic; font: inherit;">1A.</div> Risk Factors" of our Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> February 25, 2021.</div></div></div></div></div></div></div></div></div></div></div>
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19199000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5223000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5023000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5223000
CY2021Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
389000
CY2020Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock

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