NexPoint Real Estate Finance, Inc. 8-K

What Happened
NexPoint Real Estate Finance Operating Partnership, L.P. (the OP), the operating partnership of NexPoint Real Estate Finance, Inc., announced on January 16, 2026 that it made a $16.7 million loan to NexPoint Storage Partners Operating Company, LLC (NSP OC). The loan was made under a promissory note (the “NSP Note”) that allows NSP OC to borrow up to $40 million in aggregate; $16.7 million was outstanding as of January 16, 2026. The NSP Note bears interest at 14% per year, payable in kind, is interest-only during the term and matures on January 16, 2031.

Key Details

• Principal available/ outstanding: up to $40.0 million total capacity; $16.7 million outstanding as of Jan 16, 2026.
• Interest and term: 14% per annum, payable in kind (PIK), interest-only, maturity Jan 16, 2031.
• Security and subordination: secured by a first-priority lien on specified income streams and related deposit accounts of NSP OC and certain related subsidiaries (including identified base rent, asset management fees and disposition fees); subordinated in payment priority to NSP’s outstanding Series D Preferred Stock, which is mandatorily redeemable Dec 8, 2028 (with up to two one-year extensions). No payments or prepayments (other than PIK interest) may be made without consent of the Series D holder unless the Series D has been fully redeemed.
• Third-party participation and related-party facts: The Ohio State Life Insurance Company agreed to buy $5.0 million principal of the NSP Note at par plus accrued interest before the end of Q2 2026. As of Jan 16, 2026, NexPoint Real Estate Finance, Inc. owned ~25.4% of NexPoint Storage Partners’ common stock; the OP owned ~95.4% of NSP’s Series G preferred. The Company has guaranteed certain NSP obligations, capped at $97.6 million. OSL may be deemed an affiliate of the Manager through common beneficial ownership.

Why It Matters
This is a material related-party financing that increases the OP/Company’s exposure to NexPoint Storage Partners through a secured, high‑yield (14% PIK) loan structure. Investors should note the loan’s PIK interest, long maturity (2031), and subordination to NSP’s Series D preferred stock (redeemable in 2028), which affect payment priority and cash flow timing. The $5.0M anticipated purchase by OSL reduces the OP’s immediate exposure but does not eliminate the Company’s economic and credit ties to NSP, including the $97.6M guarantee cap disclosed in the filing.