NexPoint Real Estate Finance, a mortgage REIT focused on single-family and multifamily commercial debt, announced terms for its IPO on Monday.
The Dallas, TX-based company plans to raise $100 million by offering 5 million shares at a price range of $19 to $21. The sponsor intends to purchase $5 million worth of shares in the offering. At the midpoint of the proposed range, the REIT would command a fully diluted market value of $353 million, including $253 million worth of redeemable LP units. The company ended the quarter with pro forma assets of $2.8 billion and debt of $2.45 billion.
NexPoint Real Estate Finance was formed in 2019 and booked $34 million in pro forma revenue for the 12 months ended December 31, 2019. It plans to list on the NYSE under the symbol NREF. Raymond James, Keefe Bruyette Woods and Baird are the joint bookrunners on the deal. It is expected to price on Thursday, February 6, 2020.
