Company: NREF
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001437749-25-010694
Chunk: 46

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 46
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 Extra Space Storage, LP ("Extra Space") pursuant to which REIT Sub and the Co-Guarantors guaranteed obligations with respect to accrued dividends on NSP with respect to NSP’s newly created Series D Preferred Stock and two promissory notes in an aggregate principal amount of approximately $64.2 million issued to Extra Space. The guaranties by REIT Sub and the Co-Guarantors are capped at $97.6 million, which cap amount will be reduced as the guaranteed obligations of NSP are paid. Each of REIT Sub and the Co-Guarantors generally guaranteed the foregoing obligations of NSP up to the cap amount on a pro rata basis with respect to its percentage ownership of NSP’s common stock. On February 15, 2023, NSP paid down approximately $15.0 million of these promissory notes, resulting in an aggregate principal amount of approximately $49.2 million. On December 8, 2023, NSP paid down the remaining principal balance of $49.2 million. The NSP Series D preferred stock remains outstanding as of December 31, 2024. As of December 31, 2024, the outstanding NSP Series D Preferred Stock accrued dividends was $11.6 million and the Company and NXDT are jointly and severally liable for 85.9% of the guaranteed amount equal to $10.0 million.

NXDT Promissory Note

On April 19, 2024, the Company, through a subsidiary, borrowed $6.5 million from NexPoint Diversified Real Estate Trust Operating Partnership, L.P. ("NXDT OP"), the operating partnership of NXDT, and issued $6.5 million aggregate amount of a 7.54% note to NXDT OP maturing on April 19, 2029. Interest is payable in kind and the note is interest only during its term. On June 4, 2024 the Company paid down $0.6 million in principal. On September 11, 2024 the Company extinguished the note and paid down the remaining outstanding principal balance of $5.9 million plus accrued interest.

Cellipont

On May 17, 2023, the Company, through one of the subsidiary partnerships of the OP, committed to purchase $4.2 million of the preferred units with respect to a life sciences property development located in Houston, Texas, of which $0.0 million was unfunded as of December 31