April 22, 2024
Finance

NexPoint Real Estate Finance, Inc. (NYSE:NREF) Q4 2023 Earnings Call Transcript


NexPoint Real Estate Finance, Inc. (NYSE:NREF) Q4 2023 Earnings Call Transcript February 29, 2024

NexPoint Real Estate Finance, Inc. misses on earnings expectations. Reported EPS is $0.44 EPS, expectations were $0.45. NREF isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexPoint Real Estate Finance Fourth Quarter 2023 Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Kristen Thomas, Investor Relations. Please go ahead.

Kristen Thomas: Thank you. Good day, everyone. And welcome to NexPoint Real Estate Finance conference call to review the company’s results for the fourth quarter ended December 31, 2023. On the call today are Brian Mitts, Executive Vice President and Chief Financial Officer; Matt McGraner, Executive Vice President and Chief Investment Officer; and Paul Richards, Vice President of Originations and Investment. As a reminder, this call is being broadcast through the company’s website at nref.nexpoint.com. Before we begin, I would like to remind everyone that this conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the management’s current expectations, assumptions, and beliefs.

A senior banker signing a loan document, emphasizing the company's ability to finance mortgages.A senior banker signing a loan document, emphasizing the company's ability to finance mortgages.

A senior banker signing a loan document, emphasizing the company’s ability to finance mortgages.

Listeners should not place undue reliance on any forward-looking statements and are encouraged to review the company’s annual report on Form 10-K and the company’s other filings with the SEC for a more complete discussion of risks and other factors that could affect the forward-looking statements. The statements made during this conference call speak only as of today’s date and as — and except as required by law, NREF does not undertake any obligation to publicly update or revise any forward-looking statements. This conference call also includes analysis of non-GAAP financial measures. For a more complete discussion of these non-GAAP financial measures, see the company’s presentation filed earlier today. I would now like to turn the call over to Brian.

Please go ahead, Brian.

Brian Mitts: Thank you, Kristen. I appreciate everyone joining us this morning. I’m going to briefly discuss our quarterly and year-to-date results, and then we’ll go through some portfolio metrics, talk about the balance sheet a little bit and then we’ll provide guidance for the next quarter, then I’ll turn it over to Matt and Paul to discuss the portfolio in a little more depth and the macro lending environment. So starting with our fourth quarter results, they were as follows. Reported net income of $0.74 per diluted share, compared to net loss of $0.17 per diluted share for the fourth quarter of 2022. The increase was largely driven by mark-to-market adjustments on our common stock investments and changes in our net assets related to our consolidated CMBS VIEs. Net interest income increased to $3.8 million for the fourth quarter of 2023 from $0.3 million in the fourth quarter of 2022.

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