Company: NREF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001786248-25-000016
Chunk: 24

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 24
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vestment as a percentage of the loans’ face amounts.GeographyJune 30, 2025December 31, 2024Massachusetts25.43 %22.68 %Texas16.34 %16.39 %Georgia11.00 %8.68 %Maryland8.57 %8.61 %California5.64 %8.55 %Virginia5.35 %5.15 %Florida4.49 %5.15 %Other (21 and 21 states each at <4%)23.18 %24.79 %100.00 %100.00 %

16

Collateral Property TypeJune 30, 2025December 31, 2024Life Science35.20 %34.98 %Multifamily33.52 %34.57 %Single Family Rental27.11 %26.57 %Self-Storage2.96 %2.73 %Marina1.21 %1.15 %100.00 %100.00 %

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 CM