Company: NREF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001786248-25-000016
Chunk: 131

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1A
Chunk 131
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mark Forney Gateway Holdings, LLCCommon EquityMultifamilyEquity Method98.0%VIEResmark The Brook Holdings, LLCCommon EquityMultifamilyEquity Method98.0%VIEPrivate REITCommon StockGround leaseFair Value6.3%VIESK ApartmentsCommon EquityMultifamilyEquity Method12.3%VIECapital Acquisitions Partners, LLCMembership InterestsMultifamilyEquity Method79.1%VIEThe Company's maximum exposure to loss of value for the NSP investment is the fair value of the Company's $24.7 million NSP common stock investment. The Company's maximum exposure to loss of value for CAP is the $1.5 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 $26.1 million Private REIT common stock investment.

7. CMBS Structured Pass-Through Certificates

As of June 30, 2025, the Company held fourteen 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. The following table presents the CMBS I/O Strips as of June 30, 2025 (in thousands):InvestmentInvestment DateCarrying ValueProperty TypeInterest RateCurrent Yield (1)Maturity DateCMBS I/O StripsCMBS I/O Strip5/18/2020$1,288 Multifamily2.02 %19.32 %1/25/2030CMBS I/O Strip8/6/202013,168 Multifamily2.98 %22.51 %6/25/2030CMBS I/O Strip4/28/20213,853 Multifamily1.59 %22.47 %1/25/2030CMBS I/O Strip5/27/20212,788 Multifamily3.38 %22.41 %5/25/2030CM