NexPoint Real Estate Advisors announced that Paul Richards will succeed Brian Mitts as chief financial officer, among other positions. Mitts is stepping away from his day-to-day role and will resign from all his positions effective Dec. 31.

“Brian has been an invaluable member of the leadership team who played an integral role in growing the NexPoint real estate platform into what it is today,” NREA Chief Investment Officer Matthew McGraner said in a statement. “On behalf of the entire NexPoint team, I want to thank Brian for his years of service to the firm and his help positioning NexPoint for the future as we continue that growth.”

The company said that Mitts was involved in NexPoint’s founding in 2012.

In the more than 12 years Mitts spent at the firm, he helped NexPoint list several public REITs and grow the real estate business into a multibillion-dollar platform operating across asset classes and property sectors.

“It’s been a privilege to be a part of building the NexPoint real estate business,” Mitts said in a statement. “I’m grateful for the chance to serve alongside such a strong, dynamic team for years, who are well-equipped to capture the significant opportunities ahead for the business. I look forward to working with Paul and the rest of the NexPoint leadership team to ensure a smooth transition.”

REIT leadership

The firm said that Mitts will remain on through the end of the year to support the transition, including through Nareit’s REITworld Annual Conference. After leaving NexPoint, Mitts will continue to serve in his current board roles.

Richards has been at NexPoint for more than 10 years, serving in key leadership positions for multiple public REITs.

With significant capital markets and financing experience, Richards has executed on more than $4 billion in debt financings across the real estate platform advised by NexPoint and its affiliates and has been instrumental in a range of equity offerings, special situations, and other capital markets initiatives totaling over $3 billion and spanning multiple real estate sectors.

“Paul has clearly demonstrated his qualifications for this role, playing a major part in NexPoint’s most significant financing and capital markets transactions throughout the last several years,” McGraner said. “We are glad to have him elevated across the organization and continue this work in a broader leadership role.”

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