STOCK TITAN

NexPoint Real Estate (NYSE: NREF) cuts cost on $450M Mizuho loan

(Moderate)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

NexPoint Real Estate Finance, Inc. (NREF) amended its senior secured term loan facility with Mizuho Capital Markets LLC. The amendment increases the maximum borrowing capacity from $375.0 million to $450.0 million. As of August 17, 2026, $412.2 million was outstanding under the facility, which is full-term, interest-only, and matures on May 1, 2029, with two optional six‑month extensions.

The facility continues to bear interest at daily compounded SOFR, with a 2.0% floor, plus 4.0% per annum, and remains secured by pledged investment assets. Mandatory prepayments from repayments of pledged assets are now tiered at 100%, then 75%, then 50% as outstanding balances decline below $384.0 million and $300.0 million. NexPoint and Mizuho also amended and restated a Total Return Swap so that the referenced principal matches the facility, with a current reference amount of $412.2 million and maximum of $450.0 million. The company states this TRS amendment reduces its net interest cost, and it transferred about $144.3 million of cash collateral to Mizuho and will pay an upfront fee.

Positive

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Negative

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Filing Explained

The completed August 17 amendment adds collateral and preserves consent covenants; certain company-initiated swap terminations may require a make-whole payment.

The August 17, 2026 amendment added assets to NexPoint Real Estate Finance’s pledged collateral and reaffirmed covenants requiring commercially reasonable efforts to obtain consent from issuers or borrowers whose assets lacked confirmation for the pledge.

The amended Total Return Swap can be terminated in specified circumstances, and certain company-initiated early terminations may require a make-whole payment to Mizuho; the company also owes an upfront fee.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Facility maximum borrowing amount $450.0 million Senior secured term loan facility after August 17, 2026 amendment
Outstanding under Facility $412.2 million Balance under the Facility as of August 17, 2026
Interest rate spread SOFR floor 2.0% + 4.0% per annum Variable interest terms on the Facility
Facility maturity date May 1, 2029 Stated maturity, with two optional six‑month extensions
Reference Obligation Amount $412.2 million Facility principal referenced by the Total Return Swap after amendment
Maximum Reference Obligation Amount $450.0 million Maximum Facility principal referenced by the Total Return Swap
Cash collateral transferred $144.3 million Cash collateral transferred by NexPoint to Mizuho under TRS amendment
Mandatory prepayment thresholds $384.0 million and $300.0 million Tiered prepayment levels for repayments of Pledged Assets
Pledged Assets financial
"secured by certain investment assets and related collateral (the “Pledged Assets”)"
Total Return Swap financial
"relating to the Total Return Swap (the “TRS”) originally entered into"
A total return swap is a private contract where one party pays the full economic performance of an asset (income plus price changes) to another party, while receiving a set payment such as a fixed rate or short-term interest in return. It matters to investors because it lets someone gain or shed exposure to an asset’s gains or losses without owning it, offering a way to borrow, hedge, or take leveraged positions while relying on the other party to make payments.
Reference Obligation Amount financial
"the Facility principal referenced by the TRS (the “Reference Obligation Amount”)"
ISDA Master Agreements financial
"customary for transactions governed by ISDA Master Agreements"
make-whole financial
"Certain early terminations by the Company may require payment of make-whole"
A make-whole provision is a clause in a loan or bond that requires the borrower to pay an extra amount when repaying the debt early, intended to compensate lenders for the interest payments they will miss. It matters to investors because it changes the effective return and liquidity of a bond—reducing the incentive for borrowers to refinance and protecting holders from losing future income, much like reimbursing the remainder of a subscription if someone cancels early.

FAQ

What change did NREF make to its loan facility on August 17, 2026?

NREF amended its senior secured term loan facility with Mizuho, increasing the maximum borrowing capacity from $375.0 million to $450.0 million. The amendment also updates mandatory prepayment rules tied to repayments of Pledged Assets and reaffirms certain post‑closing covenants.

How much is currently outstanding under NREF (NREF) Mizuho facility?

As of August 17, 2026, NexPoint Real Estate Finance, Inc. had $412.2 million outstanding under its senior secured term loan facility with Mizuho Capital Markets LLC. The revised facility allows total borrowings of up to $450.0 million.

What are the interest terms and maturity of NREF’s amended facility?

The facility is full-term, interest-only and matures on May 1, 2029, with two optional six‑month extensions at NREF’s option. It bears interest at daily compounded SOFR, subject to a 2.0% floor, plus 4.0% per annum.

How did the Total Return Swap change for NREF (NREF)?

NexPoint and Mizuho amended and restated their Total Return Swap so the Reference Obligation Amount increased to $412.2 million, with a maximum of $450.0 million. NexPoint disclosed that this amendment reduces its net interest cost associated with the facility and the amendment.

What cash collateral did NREF post in connection with the TRS amendment?

In connection with the amended and restated Total Return Swap, NexPoint Real Estate Finance, Inc. transferred approximately $144.3 million of cash collateral to Mizuho. The company also will owe an upfront fee to Mizuho related to this TRS amendment.

What new mandatory prepayment tiers apply to NREF’s facility?

NREF must use 100% of repayments of Pledged Assets to prepay the facility until the balance is under $384.0 million, then 75% of such repayments until it is under $300.0 million, and then 50% of such repayments until the facility is fully repaid.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0001786248 0001786248 2026-08-17 2026-08-17 0001786248 nref:CommonStockParValue001PerShareCustomMember 2026-08-17 2026-08-17 0001786248 nref:SeriesACumulativeRedeemablePreferredStockParValue001PerShare850CustomMember 2026-08-17 2026-08-17
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 17, 2026
 
NexPoint Real Estate Finance, Inc.
(Exact name of registrant as specified in its charter)
 
Maryland
 
001-39210
 
84-2178264
(State or other jurisdiction
 
(Commission File Number)
 
(IRS Employer
of incorporation)
 
 
 
Identification No.)
 
300 Crescent CourtSuite 700
DallasTexas 75201
(Address of principal executive offices, including zip code)
 
214-276-6300
 
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
NREF
New York Stock Exchange, NYSE Texas
 
 
 
8.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
NREF-PRA
New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
 
Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 

 
Item 1.01 Entry into a Material Definitive Agreement.
 
As previously disclosed, on April 29, 2026, NexPoint Real Estate Finance, Inc. (the “Company”), entered into a loan agreement that provided for senior secured term loans in an amount of up to $375.0 million (the “Facility”) with Mizuho Capital Markets LLC (“Mizuho”), as lender. Borrowings under the Facility are secured by certain investment assets and related collateral (the “Pledged Assets”) pledged by the Company and certain subsidiaries of the Company. The Facility is full-term, interest only and matures on May 1, 2029, which maturity date can be extended twice, each for a six-month period, at the Company’s option. The Facility bears interest at a variable rate equal to the daily compounded secured overnight financing rate, subject to an interest rate floor of 2.0%, plus 4.0% per annum. As of August 17, 2026, there was $412.2 million outstanding under the Facility.
 
On August 17, 2026, the Company entered into a First Amendment to Loan Agreement and First Amendment to Security Agreement (the “Amendment”) pursuant to which the amount the Company could borrow under the Facility was increased to $450.0 million. Pursuant to the Amendment, the mandatory prepayment requirement with respect to repayments of Pledged Assets was amended to require the Company to use (1) 100% of such repayments to prepay the Facility until the amount outstanding under the Facility is less than $384.0 million, then (2) 75% of such subsequent repayments to prepay the Facility until the amount outstanding under the Facility is less than $300.0 million, and then (3) 50% of such subsequent repayments to prepay the Facility until the Facility is fully repaid. Pursuant to the Amendment, certain post-closing covenants were reaffirmed, requiring the Company to use commercially reasonable efforts to receive consent from any issuer or borrower of a Pledged Asset that did not provide confirmation that the Pledged Asset may be pledged upon the initial closing of the Facility. The Company also added additional assets as Pledged Assets pursuant to the Amendment.
 
Concurrent with the Amendment, the Company and Mizuho entered into an amended and restated Confirmation (the “TRS Amendment”) relating to the Total Return Swap (the “TRS”) originally entered into between them on April 29, 2026. Pursuant to the TRS Amendment, the Facility principal referenced by the TRS (the “Reference Obligation Amount”) was increased to $412.2 million, with a maximum Reference Obligation Amount increased to $450.0 million. The transaction has the effect of reducing the Company’s net interest cost associated with the Facility and the Amendment. Pursuant to the TRS Amendment, the Company has transferred approximately $144.3 million of cash collateral to Mizuho. The TRS may be terminated by the Company and/or Mizuho in certain circumstances, including those customary for transactions governed by ISDA Master Agreements. Certain early terminations by the Company may require payment of make-whole to Mizuho. The Company will owe an upfront fee to Mizuho in connection with the TRS Amendment.
 
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance sheet Arrangement of a Registrant.
 
The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.
 
Item 9.01 Financial Statements and Exhibits.
 
Exhibits
 
Exhibit No.
 
Description
10.1
 
First Amendment to Loan Agreement and First Amendment to Security Agreement, dated August 17, 2026, by and between NexPoint Real Estate Finance, Inc., as borrower, and Mizuho Capital Markets LLC, as lender.
 
 
 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document).
 

 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
NEXPOINT REAL ESTATE FINANCE, INC.
 
 
 
 
 
 
 
 
 
 
By:
/s/ Paul Richards
 
 
Name:
Paul Richards
 
 
Title:
Chief Financial Officer, Executive VP-Finance, Assistant Secretary and Treasurer
 
 
 
 
Date: August 20, 2026
 
 

Filing Exhibits & Attachments

5 documents