NexPoint Real Estate Finance, Inc. (NREF): debt financing — NexPoint Real Estate Finance subsidiary guarantees $64.2M in NSP obligations to Extra Space; cap $97.6M

NexPoint Real Estate Finance, Inc.

REIT Sub and co-guarantors guarantee NSP's Series D Preferred and two notes totaling ~$64.2M issued to Extra Space.
Guarantees capped at $97.6M, reducing as NSP pays obligations.
REIT Sub's maximum liability under the guaranties is approximately $83.8M.
Guaranty is pro rata based on each entity's ownership percentage of NSP common stock.

item 1.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NexPoint Real Estate Finance, Inc. incurred guarantee of approximately $64.2 million with Extra Space.

Instrument: guarantee
Principal: approximately $64.2 million
Counterparty: Extra Space
Event: incurrence

Exact text from the filing

On December 8, 2022 and in connection with a restructuring of NexPoint Storage Partners, Inc. (“NSP”), NexPoint Real Estate Finance, Inc. through its indirect majority owned subsidiary NREF OP IV REIT Sub, LLC (“REIT Sub”), together with NexPoint Diversified Real Estate Trust, Highland Income Fund and NexPoint Real Estate Strategies Fund (collectively, the “Co-Guarantors”), as guarantors, entered into a Sponsor Guaranty Agreement in favor of Extra Space pursuant to which REIT Sub and the Co-Guarantors guaranteed obligations of 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.

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NexPoint Real Estate Finance, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-22-028928

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