Company: NREF
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001786248-25-000010
Chunk: 166

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 6
Chunk 166
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 CAP is the $1.6 million carrying value. The Company's maximum exposure to loss of value for the Private REIT investment is the fair value of the Company's $26.7 million Private REIT common stock investment.

7. CMBS Structured Pass-Through Certificates

As of March 31, 2025, the Company held thirteen CMBS interest only strips ("CMBS I/O Strips") at fair value. The CMBS I/O Strips consist of interest only tranches of Freddie Mac structured pass-through certificates with underlying portfolios of fixed-rate mortgage loans secured primarily by stabilized multifamily properties. Multifamily structured credit risk notes ("MSCR Notes") are unguaranteed securities designed to transfer to investors a portion of the credit risk associated with eligible multifamily mortgages linked to a reference pool. Mortgage backed securities receive principal and interest on floating-rate loans secured by SFR, multifamily and self-storage properties. 

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The following table presents the CMBS I/O Strips as of March 31, 2025 (in thousands):InvestmentInvestment DateCarrying ValueProperty TypeInterest RateCurrent Yield (1)Maturity DateCMBS I/O StripsCMBS I/O Strip5/18/2020$1,337 Multifamily2.02 %18.22 %1/25/2030CMBS I/O Strip8/6/202013,787 Multifamily2.98 %21.59 %6/25/2030CMBS I/O Strip4/28/20214,004 Multifamily1.59 %21.48 %1/25/2030CMBS I/O Strip5/27/20212,878 Multifamily3.38 %21.46 %5/25/2030CMBS I/O Strip6/7/2021312 Multifamily2.31 %29.17 %11/25/2028CMBS I/O Strip6/11/20211,565 Multifamily1.13 %17.96 %5/25/2029CMBS I/O Strip6/21/2021914 Multifamily1.20 %19.60 %5/25/2030CMBS I/O Strip8/10/20211,855 Multifamily1.89 %21.81 %4/25/2030CMBS I/O Strip