Company: NREF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052000
Chunk: 284

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 2
Chunk 284
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0.95 44.2 %AdjustmentsAmortization of premiums8,570 33,649 (74.5)%Accretion of discounts(9,156)(14,644)37.5 %Depreciation and amortization of real estate investments2,313 4,499 -48.6 %Amortization of deferred financing costs161 36 347.2 %CAD$33,210 $45,662 (27.3)%CAD per Diluted Common Share (2)$1.45 $1.96 (26.0)%Weighted-average common shares outstanding - basic17,651 17,383 1.5 %Weighted-average common shares outstanding - diluted39,628 27,673 43.2 %Shares attributable to potential redemption of Series B Preferred(16,710)(4,348)(284.3)%Adjusted weighted-average common shares outstanding - diluted (2)22,918 23,325 (1.7)%

(1)Unrealized gains are the net change in unrealized loss on investments held at fair value applicable to common stockholders.

(2)Starting in the second quarter of 2024, EAD per diluted common share, CAD per diluted common share and adjusted weighted average common shares outstanding - diluted do not include the dilutive effect of the potential redemption of Series B Preferred Stock for common shares. Periods prior to the second quarter of 2024 have not been updated to reflect this adjustment because the dilutive effect of potential Series B Preferred redemptions were immaterial to prior periods. For the three months ended March 31, 2024, the adjusted weighted average common shares outstanding - diluted does not exclude the dilutive effect of the potential redemption of Series B Preferred Stock for common shares.

Book Value per Share / Unit

The following table calculates our book value per share (in thousands, except per share data):

September 30, 2025December 31, 2024Common stockholders' equity$334,499 $295,624 Shares of common stock outstanding at period end17,722 17,461Book value per share of common stock$18.87 $16.93 

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Due to the large noncontrolling interest in the OP (see Note 13 to our consolidated financial statements for more information), we believe it is useful to also look at book value on a combined basis as shown in the table