Company: NREF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052000
Chunk: 197

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 6
Chunk 197
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 for the Company's Level 3 common and preferred stock assets carried at fair value on the Consolidated Balance Sheets for the nine months ended September 30, 2025:Balances as of December 31, 2024AdditionsChange in Unrealized Gains/(Losses)Balances as of September 30, 2025NexPoint Storage Partners$30,467 $— $(4,457)$26,010 IQHQ Series D Preferred Stock18,949 — (247)18,702 IQHQ Series E Preferred Stock— 81,656 55,357 137,013 Private REIT26,922 — (1,366)25,556 IQHQ Warrants27,400 55,356 33,472 116,228 

36

The table below reflects a summary of changes for the Company's Level 3 common and preferred stock assets carried at fair value on the Consolidated Balance Sheets for the nine months ended September 30, 2024:Balances as of December 31, 2023AdditionsChange in Unrealized Gains/(Losses)Balances as of September 30, 2024NexPoint Storage Partners$33,129 $— $2,553 $35,682 IQHQ, Inc.14,776 3,506 303 18,585 Private REIT28,400 — (906)27,494 Other Financial Instruments Carried at Fair ValueRedeemable noncontrolling interests in the OP and the 9.00% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (the "Series B Preferred Stock") have redemption features and are marked to their redemption value if such value exceeds the carrying value. The redemption values are based on the fair value of the Company’s common stock at the redemption date, and therefore, are calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, the redeemable noncontrolling interests in the OP and the Series B Preferred Stock are classified as Level 2 if they are adjusted to their redemption value. As of September 30, 2025, the redeemable noncontrolling interests in the OP and the Series B Preferred Stock are valued at their carrying value on the Consolidated Balance Sheets.

11. Stockholders’