Company: NREF
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001786248-25-000004
Chunk: 226

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 226
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CMBS structured pass-through certificates, at fair value41,212 — 41,212 — 41,212 MSCR Notes, at fair value10,378 — 10,378 — 10,378 Mortgage backed securities, at fair value38,270 — 38,270 — 38,270 Accounts receivable and other assets4,312 1,560 2,752 — 4,312 Total Assets$6,891,802 $40,242 $5,770,375 $1,077,281 $6,887,898 LiabilitiesSecured financing agreements, net$649,558 $— $— $666,423 $666,423 Master repurchase agreements303,514 — — 303,514 303,514 Unsecured notes, net219,483 — 199,859 — 199,859 Mortgages payable, net95,657 — — 95,470 95,470 Accounts payable and other accrued liabilities6,428 6,428 — — 6,428 Accrued interest payable8,209 8,209 — — 8,209 Bonds payable held in variable interest entities, at fair value5,289,997 — 5,289,997 — 5,289,997 Total Liabilities$6,572,846 $14,637 $5,489,856 $1,065,407 $6,569,900 The significant unobservable inputs used in the fair value measurement of the Company’s investment in NSP are the discount rate and terminal capitalization rate. Significant increases (decreases) in any of those inputs in isolation could 

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result in a significantly lower (higher) fair value measurement. The Company's investment in the Private REIT was transferred out of level 2 to level 3 due to a lack of observable market data for the three months ended December 31, 2023. The following is a summary of significant unobservable inputs used in the fair valuation of the Company's Level 3 assets carried at fair value on the Consolidated Balance Sheets as of December 31, 2024 (dollars in thousands):CarryingValueValuation TechniqueUnobservable InputsRangeWeighted Average (1)NexPoint Storage