Company: NREF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052000
Chunk: 23

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 23
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 of the portfolio, the Company assesses the risk factors of each loan and assign a risk rating based on a variety of factors. Loans are rated “1” through “5,” from least risk to greatest risk, respectively. See Note 2 for a more detailed discussion of the risk factors and ratings. The following tables allocate the principal balance and net book value of the loan portfolio based on our internal risk ratings (dollars in thousands):September 30, 2025Risk RatingNumber of LoansCarrying Value% of Loan Portfolio 1—$— — 2—— — 347689,063 97.63 %425,713 0.81 %5311,046 1.56 %52$705,822 100.00 %Risk RatingDecember 31, 2024Number of LoansCarrying Value% of Loan Portfolio1—$— — 2—— — 349739,960 97.24 %4220,979 2.76 %5—— — 51$760,939 100.00 %Our loan portfolio had a weighted-average risk rating of 3.0 as of September 30, 2025, and 3.0 as of December 31, 2024.

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The following tables present the carrying value of the loan portfolio by the Company's internal risk rating and year of origination as of September 30, 2025 and December 31, 2024 (dollars in thousands):September 30, 2025Carrying Value by Year of Origination (1)Risk RatingNumber ofLoansOutstanding Face Amount20252024202320222021PriorTotal Carrying Value1—$— $— $— $— $— $— $— $— 2—— — — — — — — — 347702,201 9,516 259,628 82,294 65,526 41,100 230,999 689,063 426,000 — — — 4,268 — 1,445 5,713 5330,100 — — — 4,811 6,235 — 11,046 52$738,301 $9,516 $259,628 $82,294 $74,605 $47,335 $232