NexPoint Diversified Real Estate Trust (NYSE:NXDT) disclosed changes to its executive team in a recent SEC filing. The real estate investment trust announced the resignation of Brian Mitts as Chief Financial Officer, Executive VP-Finance, Treasurer, and Assistant Secretary, effective December 31, 2024. Mitts will continue to serve on the Board of Trustees following his resignation.
As part of his departure, Mitts has entered into a Separation Agreement with NexPoint and its affiliates. Under the terms of the agreement, he will receive two payments of $200,000 in 2025 and a subsidized COBRA premium for a year. Additionally, the vesting conditions for his outstanding restricted share units have been revised to include his service as a director or trustee.
Following Mitts's resignation, NexPoint appointed Paul Richards as the new Chief Financial Officer and other executive roles starting January 1, 2025. Richards, 36, has a background with NexPoint's advisor since 2017 and has held various positions within the affiliate companies.
On the same day, David Willmore was named Chief Accounting Officer, Assistant Treasurer, and Assistant Secretary, effective January 1, 2025. Willmore, 39, has been with NexPoint's advisor since 2021 and has served in senior finance roles at affiliated companies.
InvestingPro Insights
As NexPoint Diversified Real Estate Trust (NYSE:NXDT) undergoes executive changes, investors may find additional context from recent financial data and expert insights valuable. According to InvestingPro, NXDT has maintained dividend payments for 18 consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given the company's current dividend yield of 10.36%, which may be attractive to income-focused investors.
However, it's important to note that NXDT's financial health presents a mixed picture. The company's revenue growth has been strong, with a 43.54% increase over the last twelve months as of Q3 2024, and an impressive 88.55% growth in the most recent quarter. Despite this top-line growth, an InvestingPro Tip highlights that NXDT has not been profitable over the last twelve months, with a negative P/E ratio of -3.92.
For investors seeking a more comprehensive analysis, InvestingPro offers 6 additional tips that could provide deeper insights into NXDT's financial position and future prospects. These additional tips could be particularly useful in light of the recent executive changes and their potential impact on the company's strategic direction.
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