Company: NREF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001786248-25-000016
Chunk: 170

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 5
Chunk 170
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4. CMBS Trusts

As of June 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 2014-13 for each of the trusts and carries the fair values of the trust’s assets and liabilities at fair value in its Consolidated Balance Sheets, recognizes changes in the trust’s net assets, including changes in fair-value adjustments and net interest earned, in its Consolidated Statements of Operations and records cash interest received from the trusts and cash interest paid to bondholders of the CMBS not beneficially owned by the Company as investing and financing cash flows, respectively.The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust's AssetsJune 30, 2025December 31, 2024Mortgage loans held in variable interest entities, at fair value$4,186,717 $4,343,359 Accrued interest receivable3,013 3,877   Trust's LiabilitiesBonds payable held in variable interest entities, at fair value(3,883,947)(4,029,214)Accrued interest payable(2,401)(3,212)The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands):For the Three Months Ended June 30,For the Six Months Ended June 30,2025202420252024Net interest earned$5,720 $13,500 $11,839 $18,860 Realized gain (loss)(130)2,322 (84)6,198 Unrealized gain (loss)(4,801)(2,906)(3,882)(3,726)Change in net assets related to consolidated CMBS variable interest entities$789 $12,916 $7,873 $21,332 

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Table of Contents

The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance:GeographyJune 30, 2025December 31, 2024Texas17.22 %16.54 %Colorado9.82 %10.99 %Washington9.61 %9.24 %California8.69 %9.26 %Florida7.98