Company: NREF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052000
Chunk: 130

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1A
Chunk 130
---
rying Value by Year of Origination (1)Risk RatingNumber ofLoansOutstanding Face Amount20242023202220212020PriorTotal Carrying Value1—$— $— $— $— $— $— $— $— 2—— — — — — — — — 349750,031 284,958 94,446 74,658 38,067 19,812 228,019 739,960 4221,100 — — 8,479 12,500 — — 20,979 5—— — — — — — — — 51$771,131 $284,958 $94,446 $83,137 $50,567 $19,812 $228,019 $760,939 (1)Represents the date a loan was originated or acquired. The following tables present the geographies and property types of collateral underlying the Company’s loans held-for-investment as a percentage of the loans’ face amounts.GeographySeptember 30, 2025December 31, 2024Massachusetts17.66 %22.68 %Texas17.54 %16.39 %Georgia11.09 %8.68 %Maryland8.22 %8.61 %California6.09 %8.55 %Virginia5.89 %5.15 %Florida4.28 %5.15 %Other (21 and 21 states each at <4%)29.23 %24.79 %100.00 %100.00 %

19

Collateral Property TypeSeptember 30, 2025December 31, 2024Multifamily36.31 %34.57 %Single Family Rental29.36 %26.57 %Life Science28.29 %34.98 %Self-Storage3.80 %2.73 %Marina2.24 %1.15 %100.00 %100.00 %

4. CMBS Trusts

As of September 30, 2025, the Company consolidated all of the CMBS Entities that it determined are VIEs and for which the Company is the primary beneficiary. The Company elected the fair-value measurement alternative in accordance with ASU