Company: NREF
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001786248-25-000010
Chunk: 176

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 6
Chunk 176
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, 2025 and 2024, the activity related to the carrying value of the master repurchase agreements, secured financing agreements and unsecured financing were as follows (in thousands):For the Three Months Ended March 31,20252024Balances as of January 1,$795,688 $1,268,212 Principal borrowings45,119 57,425 Principal repayments(13,116)(486,159)Principal repayments on mortgages payable(86)(61)Loss on extinguishment of debt45 — Accretion of discounts411 366 Amortization of deferred financing costs12 12 Balances as of March 31,$828,073 $839,795 

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Schedule of Debt MaturitiesThe aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2025 are as follows (in thousands):YearRecourseNon-recourseTotal2025(1)$175,000 $287,163 $462,163 2026190,000 9,284 199,284 20276,500 — 6,500 202832,480 66,185 98,665 2029— 35,823 35,823 Thereafter— 29,070 29,070 $403,980 $427,525 $831,505 (1)The transactions in place in the master repurchase agreement with Mizuho have a one-month to two-month tenor and are expected to roll accordingly.

10. Fair Value of Financial Instruments

Derivative Financial Instruments and Hedging ActivitiesIn the normal course of business, our operations are exposed to market risks, including the effect of changes in interest rates. We may enter into derivative financial instruments to offset this underlying market risk. There have been no significant changes in our policy and strategy from what was disclosed in the financial statements included in our Annual Report.Financial Instruments Carried at Fair ValueSee Notes 2, 4, 5 and 7 for additional information.Financial Instruments Not Carried at Fair ValueThe fair values of cash and cash equivalents, accrued interest and dividends, accounts payable and other accrued liabilities and accrued interest payable approximated their carrying values because of the short-term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to