Company: NREF
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001786248-25-000004
Chunk: 345

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1C
Chunk 345
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 $2.97 18.0 %(31.0)%Weighted-average common shares outstanding - basic17,402 17,199 14,686 1.2 %17.1 %Weighted-average common shares outstanding - diluted17,40217,19922,4761.2 %(23.5)%Shares attributable to potential redemption of Series B Preferred5,947 — — N/AN/AAdjusted weighted-average common shares outstanding - diluted (3)23,34923,00122,4761.5 %2.3 %

(1)Starting in the third quarter of 2023, the Company has adjusted EAD to remove the (income) / loss from equity method investments as it does not represent distributable earnings. Prior periods have been updated to reflect this adjustment. We will include income from equity method investments to the extent that we receive cash distributions and upon realizing gains and/or losses.

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

(3)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. Prior periods have not been updated to reflect this adjustment because the 

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dilutive effect of potential Series B Preferred redemptions were immaterial to prior periods. In the year ended December 31, 2024, the adjusted weighted average common shares outstanding - diluted for the first quarter 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):

December 31, 2024 December 31, 2023Common stockholders' equity$295,624 $309,832 Shares of common stock outstanding at period end17,46117,232Book value per share of common stock$16.93 $17.98 

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 below (in thousands, except per share data):

December 31, 2024December 31