$NREF
NexPoint Real Estate Finance, Inc.

2020 Q4 Form 10-Q Financial Statement

#000156459020049327 Filed on October 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3
Revenue $35.70M $20.52M
YoY Change
Cost Of Revenue $7.890M $7.340M
YoY Change
Gross Profit $27.81M $13.17M
YoY Change
Gross Profit Margin 77.9% 64.18%
Selling, General & Admin $1.550M $1.650M
YoY Change
% of Gross Profit 5.57% 12.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.590M $2.888M
YoY Change
Operating Profit $26.22M $10.28M
YoY Change
Interest Expense $6.102M
YoY Change
% of Operating Profit 59.35%
Other Income/Expense, Net $10.04M
YoY Change
Pretax Income $26.22M $11.54M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $10.19M $11.54M
YoY Change
Net Earnings / Revenue 28.54% 56.24%
Basic Earnings Per Share $0.54
Diluted Earnings Per Share $2.010M $0.52
COMMON SHARES
Basic Shares Outstanding 5.113M 5.261M
Diluted Shares Outstanding 5.550M

Balance Sheet

Concept 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.20M $18.00M
YoY Change
Cash & Equivalents $30.24M $17.96M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $30.20M $18.00M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.009B $6.104B
YoY Change
Other Assets $3.200M
YoY Change
Total Long-Term Assets $6.146B $6.148B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $30.20M $18.00M
Total Long-Term Assets $6.146B $6.148B
Total Assets $6.176B $6.166B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.800M $2.300M
YoY Change
Accrued Expenses $2.300M $1.200M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $161.5M $160.2M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $165.6M $163.7M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $5.607B $5.613B
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.607B $5.613B
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $165.6M $163.7M
Total Long-Term Liabilities $5.607B $5.613B
Total Liabilities $5.772B $5.777B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $3.485M -$3.709M
YoY Change
Common Stock $138.1M $137.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $128.2M $123.9M
YoY Change
Total Liabilities & Shareholders Equity $6.176B $6.166B
YoY Change

Cashflow Statement

Concept 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income $10.19M $11.54M
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $11.87M $9.120M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $41.85M -$88.73M
YoY Change
Cash From Investing Activities $41.85M -$88.73M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -38.21M 96.61M
YoY Change
NET CHANGE
Cash From Operating Activities 11.87M 9.120M
Cash From Investing Activities 41.85M -88.73M
Cash From Financing Activities -38.21M 96.61M
Net Change In Cash 15.51M 17.00M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $11.87M $9.120M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
NexPoint Real Estate Finance, Inc.
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 700
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2020-09-30
dei Amendment Flag
AmendmentFlag
false
dei Entity Central Index Key
EntityCentralIndexKey
0001786248
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Document Type
DocumentType
10-Q
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Local Phone Number
LocalPhoneNumber
628-4100
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
84-2178264
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
75201
dei Entity Shell Company
EntityShellCompany
false
dei Entity Address Address Line1
EntityAddressAddressLine1
300 Crescent Court
dei Entity Address City Or Town
EntityAddressCityOrTown
Dallas
dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
dei City Area Code
CityAreaCode
(972)
dei Document Transition Report
DocumentTransitionReport
false
CY2020Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
5113403
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity File Number
EntityFileNumber
001-39210
CY2019Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000
CY2020Q3 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
265155000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
CY2020Q3 us-gaap Trade And Loans Receivables Held For Sale Net Not Part Of Disposal Group
TradeAndLoansReceivablesHeldForSaleNetNotPartOfDisposalGroup
36527000
CY2019Q4 us-gaap Trade And Loans Receivables Held For Sale Net Not Part Of Disposal Group
TradeAndLoansReceivablesHeldForSaleNetNotPartOfDisposalGroup
CY2020Q3 nref Preferred Stock
PreferredStock
41517000
CY2019Q4 nref Preferred Stock
PreferredStock
CY2020Q3 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
927632000
CY2019Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
CY2020Q3 us-gaap Nontrade Receivables
NontradeReceivables
6838000
CY2019Q4 us-gaap Nontrade Receivables
NontradeReceivables
CY2020Q3 nref Mortgage Loans Held In Variable Interest Entities At Fair Value
MortgageLoansHeldInVariableInterestEntitiesAtFairValue
5094579000
CY2019Q4 nref Mortgage Loans Held In Variable Interest Entities At Fair Value
MortgageLoansHeldInVariableInterestEntitiesAtFairValue
CY2020Q3 nref Cmbs Structured Pass Through Certificates At Fair Value
CMBSStructuredPassThroughCertificatesAtFairValue
39845000
CY2019Q4 nref Cmbs Structured Pass Through Certificates At Fair Value
CMBSStructuredPassThroughCertificatesAtFairValue
CY2020Q3 us-gaap Other Assets
OtherAssets
749000
CY2019Q4 us-gaap Other Assets
OtherAssets
CY2020Q3 us-gaap Assets
Assets
6165651000
CY2019Q4 us-gaap Assets
Assets
CY2020Q3 nref Secured Financing Agreements Fair Value Disclosure
SecuredFinancingAgreementsFairValueDisclosure
786939000
CY2019Q4 nref Secured Financing Agreements Fair Value Disclosure
SecuredFinancingAgreementsFairValueDisclosure
CY2020Q3 nref Master Repurchase Agreements
MasterRepurchaseAgreements
160212000
CY2019Q4 nref Master Repurchase Agreements
MasterRepurchaseAgreements
CY2020Q3 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
2336000
CY2019Q4 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
CY2020Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
1201000
CY2019Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
CY2020Q3 nref Bonds Payable Held In Variable Interest Entities At Fair Value
BondsPayableHeldInVariableInterestEntitiesAtFairValue
4825943000
CY2019Q4 nref Bonds Payable Held In Variable Interest Entities At Fair Value
BondsPayableHeldInVariableInterestEntitiesAtFairValue
CY2020Q3 us-gaap Liabilities
Liabilities
5776631000
CY2019Q4 us-gaap Liabilities
Liabilities
CY2020Q3 us-gaap Preferred Stock Value
PreferredStockValue
16000
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q3 us-gaap Common Stock Value
CommonStockValue
53000
CY2019Q4 us-gaap Common Stock Value
CommonStockValue
CY2020Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
137787000
CY2019Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
CY2020Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3709000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
CY2020Q3 us-gaap Treasury Stock Preferred Value
TreasuryStockPreferredValue
8567000
CY2019Q4 us-gaap Treasury Stock Preferred Value
TreasuryStockPreferredValue
CY2020Q3 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
1715000
CY2019Q4 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
123865000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
CY2020Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6165651000
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000
CY2020Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1645000
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1645000
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5350000
CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
874000
CY2020Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5236489
us-gaap Profit Loss
ProfitLoss
7946000
CY2020Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
874000
CY2020Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
377000
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2019Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q3 us-gaap Treasury Stock Preferred Shares
TreasuryStockPreferredShares
355000
CY2020Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
113511
CY2020Q3 us-gaap Interest Income Operating
InterestIncomeOperating
10492000
us-gaap Interest Income Operating
InterestIncomeOperating
26899000
CY2020Q3 us-gaap Interest Expense
InterestExpense
6102000
us-gaap Interest Expense
InterestExpense
14649000
CY2020Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
4390000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
12250000
CY2020Q3 nref Change In Net Assets Related To Variable Interest Entities
ChangeInNetAssetsRelatedToVariableInterestEntities
8920000
nref Change In Net Assets Related To Variable Interest Entities
ChangeInNetAssetsRelatedToVariableInterestEntities
-1207000
CY2020Q3 nref Change In Unrealized Gain On Cmbs Structured Pass Through Certificates
ChangeInUnrealizedGainOnCMBSStructuredPassThroughCertificates
-200000
nref Change In Unrealized Gain On Cmbs Structured Pass Through Certificates
ChangeInUnrealizedGainOnCMBSStructuredPassThroughCertificates
101000
CY2020Q3 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
-14000
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
279000
CY2020Q3 us-gaap Investment Income Dividend
InvestmentIncomeDividend
1305000
us-gaap Investment Income Dividend
InvestmentIncomeDividend
3557000
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
10039000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2172000
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1167000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2361000
CY2020Q3 us-gaap Loan Portfolio Expense
LoanPortfolioExpense
1241000
us-gaap Management Fee Expense
ManagementFeeExpense
1027000
CY2020Q3 us-gaap Operating Expenses
OperatingExpenses
2888000
us-gaap Operating Expenses
OperatingExpenses
6476000
CY2020Q3 us-gaap Profit Loss
ProfitLoss
11541000
CY2020Q3 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
7805000
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
5293000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2862000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1779000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5261000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5253000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5550000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5379000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.54
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.4000
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.0198
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
86297000
CY2020Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-459000
CY2020Q3 nref Preferred Stock Issued During Period Value New Issues
PreferredStockIssuedDuringPeriodValueNewIssues
46081000
CY2020Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
252000
CY2020Q3 nref Preferred Stock Repurchased During Period Value
PreferredStockRepurchasedDuringPeriodValue
8571000
CY2020Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
874000
CY2020Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
874000
CY2020Q3 us-gaap Dividends Common Stock
DividendsCommonStock
2220000
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
123865000
us-gaap Loan Portfolio Expense
LoanPortfolioExpense
3088000
CY2020Q3 us-gaap Management Fee Expense
ManagementFeeExpense
480000
CY2020Q3 us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
0.5313
us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
0.5313
us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
8571000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1716000
us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
7500000
nref Payments To Acquire Cmbs Structured Pass Through Certificates At Fair Value
PaymentsToAcquireCMBSStructuredPassThroughCertificatesAtFairValue
40200000
nref Noncash Or Part Noncash Contribution Form Noncontrolling Interest
NoncashOrPartNoncashContributionFormNoncontrollingInterest
2797735000
us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
3616000
nref Payments To Acquire Cmbs Securitizations Held In Variable Interest Entities At Fair Value
PaymentsToAcquireCMBSSecuritizationsHeldInVariableInterestEntitiesAtFairValue
150320000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-110112000
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
2539724000
nref Consolidation Of Mortgage Loans And Bonds Payable Held In Variable Interest Entities
ConsolidationOfMortgageLoansAndBondsPayableHeldInVariableInterestEntities
3179620000
us-gaap Dividends Sharebased Compensation Stock
DividendsSharebasedCompensationStock
121000
us-gaap Dividends Stock
DividendsStock
1254000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1825000
nref Distributions To Bondholders Of Variable Interest Entities
DistributionsToBondholdersOfVariableInterestEntities
76495000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
160379000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
167000
us-gaap Proceeds From Subordinated Short Term Debt
ProceedsFromSubordinatedShortTermDebt
86000000
us-gaap Repayments Of Subordinated Short Term Debt
RepaymentsOfSubordinatedShortTermDebt
181000000
us-gaap Dividends Preferred Stock Stock
DividendsPreferredStockStock
874000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
0
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
91488000
nref Preferred Stock Issued During Period Value New Issues
PreferredStockIssuedDuringPeriodValueNewIssues
46081000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
292000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1716000
nref Preferred Stock Repurchased During Period Value
PreferredStockRepurchasedDuringPeriodValue
8571000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
874000
us-gaap Dividends Preferred Stock
DividendsPreferredStock
874000
us-gaap Dividends Common Stock
DividendsCommonStock
5488000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5620000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
1549000
us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
-11130000
nref Vesting Of Stock Based Compensation
VestingOfStockBasedCompensation
292000
us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
4477000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
749000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
1201000
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
1341000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
21034000
nref Proceeds From Payments Received On Mortgage Loans Held In Variable Interest Entities
ProceedsFromPaymentsReceivedOnMortgageLoansHeldInVariableInterestEntities
82671000
us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
5237000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5367000
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
13548000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
11783000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
107042000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
17964000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17964000
us-gaap Interest Paid Net
InterestPaidNet
16499000
nref Loans Held For Investment Number Of Loans
LoansHeldForInvestmentNumberOfLoans
32
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates and Assumptions</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.&nbsp;&nbsp;Estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since being reported in December 2019, COVID-19 has spread globally, including to every state in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The COVID-19 pandemic has had, and another pandemic in the future could have, repercussions across regional and global economies and financial markets. The outbreak of COVID-19 in many countries has significantly adversely impacted global economic activity and has contributed to significant volatility and negative pressure in financial markets. The global impact of the outbreak has evolved rapidly and, as cases of COVID-19 were identified in additional countries, many countries, including the United States, reacted by instituting quarantines, mandating business and school closures and restricting travel. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of the recent spike in COVID-19 cases in the United States, certain states and cities have reinstituted restrictive quarantines, restrictions on travel, &#8220;shelter in place&#8221; rules, restrictions on the types of business that may continue to operate, and/or restrictions on the types of construction projects that may continue. Management expects that additional states and cities will implement similar restrictions if the current trend continues and cannot predict when such restrictions will expire. As a result, the COVID-19 pandemic has negatively impacted, and will likely continue to negatively impact, almost every industry directly or indirectly and may adversely impact our performance or the value of underlying real estate collateral relating to the Company&#8217;s investments, increase the default risk applicable to borrowers and make it relatively more difficult for the Company to generate attractive risk-adjusted returns. The extent to which COVID-19 impacts the Company will depend on future developments, which are highly uncertain and cannot be predicted, including additional actions taken to contain COVID-19 or treat its impact, among others. The COVID-19 outbreak, and future pandemics, could materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance.&nbsp;&nbsp;COVID-19 may also negatively and materially impact estimates and assumptions used by the Company including, but not limited to, fair value estimates and estimates of an allowance for loan losses. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">We are closely monitoring the impact of the&#160;COVID-19&#160;pandemic on all aspects of our business. As of September 30, 2020, there have been two forbearance requests approved in our CMBS&#160;B-Piece&#160;portfolio, representing 0.8% of our consolidated unpaid principal balance outstanding. Additionally, there were nine forbearance requests approved in our SFR loan book. However, as of September 30, 2020, these loans were no longer in forbearance. Despite these forbearance requests, the master servicers continued to make payments to us for the portion of our CMBS&#160;B-Piece&#160;and SFR Loans that requested forbearance, and were approved by Freddie Mac, during the entire forbearance period. These agreed upon forbearance requests include both principal and interest payments for three months, with an option to the borrower to extend an additional three months, and require the borrower to repay Freddie Mac within twelve months of the end of the forbearance period.</font></p>
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
15.11
CY2020Q3 us-gaap Line Of Credit
LineOfCredit
786939000
nref Loans Held For Investment Weighted Average Fixed Rate
LoansHeldForInvestmentWeightedAverageFixedRate
1.0000
CY2020Q3 nref Loans Held For Investment Weighted Average Coupon
LoansHeldForInvestmentWeightedAverageCoupon
0.0503
nref Conversion Ratio Of Operating Partnership Unit To Common Stock
ConversionRatioOfOperatingPartnershipUnitToCommonStock
1.00
CY2020Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0244
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
160212000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
24343000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
5834000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Other Matters</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">During the second quarter of 2020, immaterial errors were identified on the Q1 2020 consolidated statement of cash flows relating to the consolidation of the Company&#8217;s CMBS trusts where the Company is the primary beneficiary.&nbsp;&nbsp;The correction of these errors would result in an increase of approximately $28.2 million in investing cash inflows with a corresponding increase in financing cash outflows in the March 31, 2020 consolidated statement of cash flows.&nbsp;&nbsp;Additionally, for the three-month period ended March 31, 2020, the supplemental disclosures of non-cash investing and financing activities omitted non-cash increases in mortgage loans held in VIEs and non-cash increases in bonds payable from consolidated VIEs of approximately $48.0 million related to the consolidation of VIEs resulting from contributions of CMBS B-pieces in connection with the Formation Transaction. These errors have been corrected in the year-to-date cash flow information for 2020.&nbsp;&nbsp;As a result, the table in Note 2 presenting the contributed assets and liabilities has also been corrected to reflect increases of approximately $48.0 million to both the mortgage loans held in VIEs and bonds payable held in VIEs.&nbsp;&nbsp;There was no impact to total contributions.&nbsp;&nbsp;There was also no impact to the Consolidated Balance Sheets, the Consolidated Statement of Operations or the Consolidated Statements of Stockholders&#8217; Equity.&nbsp;&nbsp;These errors have been corrected in the year-to-date cash flow information for 2020</font>.</p>
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
756762000
nref Minimum Percentage Of Distributed Taxable Income To Qualify As Reit
MinimumPercentageOfDistributedTaxableIncomeToQualifyAsREIT
0.90
CY2020Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2020Q3 nref Loans Held For Investment Face Amount
LoansHeldForInvestmentFaceAmount
897957000
CY2020Q3 nref Loan Held For Investment Carrying Value
LoanHeldForInvestmentCarryingValue
964159000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
947151000
CY2020Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000
CY2020Q1 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2022-03-09
CY2020Q1 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P2Y
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2019-06-07
CY2020Q3 us-gaap Other Than Temporary Impairment Losses Investments Heldtomaturity Securities
OtherThanTemporaryImpairmentLossesInvestmentsHeldtomaturitySecurities
0
us-gaap Other Than Temporary Impairment Losses Investments Heldtomaturity Securities
OtherThanTemporaryImpairmentLossesInvestmentsHeldtomaturitySecurities
0
nref Loans Held For Investment Weighted Average Useful Life
LoansHeldForInvestmentWeightedAverageUsefulLife
P7Y6M10D
nref Mortgage Loans Held For Investment Contributions From Noncontrolling Interests In The Op
MortgageLoansHeldForInvestmentContributionsFromNoncontrollingInterestsInTheOP
967202000
us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
7500000
srt Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
1987000
nref Mortgage Loans On Real Estate From Redemption Of Mezzanine Loan Net
MortgageLoansOnRealEstateFromRedemptionOfMezzanineLoanNet
3221000
us-gaap Mortgage Loans On Real Estate Amortization Of Premium
MortgageLoansOnRealEstateAmortizationOfPremium
5056000
nref Mortgage Loans On Real Estate Provision On Loan Loss
MortgageLoansOnRealEstateProvisionOnLoanLoss
-279000
CY2020Q3 nref Unamortized Premiums On Loans Held For Investment
UnamortizedPremiumsOnLoansHeldForInvestment
66500000
nref Loans Held For Investment Percentage Of Loan Portfolio
LoansHeldForInvestmentPercentageOfLoanPortfolio
1.0000
CY2020Q3 nref Percentage Of Loans Held For Investment
PercentageOfLoansHeldForInvestment
1.0000
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
113511
CY2020Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
289000
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
126000
nref Contributions From Redeemable Noncontrolling Interests On Operating Partnership
ContributionsFromRedeemableNoncontrollingInterestsOnOperatingPartnership
273410000
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
5293000
nref Distributions To Redeemable Noncontrolling Interests On Operating Partnership
DistributionsToRedeemableNoncontrollingInterestsOnOperatingPartnership
13548000
us-gaap Payment For Management Fee
PaymentForManagementFee
100000
us-gaap Units Of Partnership Interest Description
UnitsOfPartnershipInterestDescription
Pursuant to the OP’s limited partnership agreement and the Buffalo Pointe Contribution Agreement, the BP Contributors have the right to cause our OP to redeem their OP Units for cash or, at our election, shares of our common stock on a one-for-one basis, subject to adjustment, as provided and subject to the limitations in our OP’s limited partnership agreement, provided the OP Units have been outstanding for at least one year and our stockholders have approved the issuance of shares of common stock to the BP Contributors.
CY2020Q3 nref Equity Contribution Amount
EquityContributionAmount
227000000
CY2020Q3 nref Termination Fee Payable
TerminationFeePayable
9400000

Files In Submission

Name View Source Status
0001564590-20-049327-index-headers.html Edgar Link pending
0001564590-20-049327-index.html Edgar Link pending
0001564590-20-049327.txt Edgar Link pending
0001564590-20-049327-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
nref-10q_20200930.htm Edgar Link pending
nref-20200930.xml Edgar Link completed
nref-20200930.xsd Edgar Link pending
nref-20200930_cal.xml Edgar Link unprocessable
nref-20200930_def.xml Edgar Link unprocessable
nref-20200930_lab.xml Edgar Link unprocessable
nref-20200930_pre.xml Edgar Link unprocessable
nref-ex101_131.htm Edgar Link pending
nref-ex103_130.htm Edgar Link pending
nref-ex311_7.htm Edgar Link pending
nref-ex312_6.htm Edgar Link pending
nref-ex321_8.htm Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R52.htm Edgar Link pending
R53.htm Edgar Link pending
R54.htm Edgar Link pending
R55.htm Edgar Link pending
R56.htm Edgar Link pending
R57.htm Edgar Link pending
R58.htm Edgar Link pending
R59.htm Edgar Link pending
R6.htm Edgar Link pending
R60.htm Edgar Link pending
R61.htm Edgar Link pending
R62.htm Edgar Link pending
R63.htm Edgar Link pending
R64.htm Edgar Link pending
R65.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending