Company: NREF
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001786248-25-000004
Chunk: 387

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1C
Chunk 387
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 evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company’s auditor since 2019.

Dallas, TexasMarch 27, 2025

F-2

Table of Contents

NEXPOINT REAL ESTATE FINANCE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

December 31, 2024December 31, 2023ASSETSCash and cash equivalents$3,877 $13,824 Restricted cash3,176 2,825 Real estate investments, net121,836 126,551 Loans, held-for-investment, net ($28,036 and $22,989 with related parties, respectively) (1)497,544 328,460 Common stock investments, at fair value ($30,467 and $33,129 with related parties, respectively)57,389 61,529 Equity method investments ($1,504 and $0 with related parties, respectively)1,504 — Mortgage loans, held-for-investment, net (2)263,395 676,420 Preferred stock investments, at fair value18,949 14,776 Accrued interest and dividends41,208 22,033 Mortgage loans held in variable interest entities, at fair value4,343,359 5,677,763 CMBS structured pass-through certificates, at fair value34,979 41,212 MSCR Notes, at fair value— 10,378 Mortgage backed securities, at fair value— 38,270 Stock warrant investments27,400 — Accounts receivable and other assets1,457 4,312 TOTAL ASSETS$5,416,073 $7,018,353 LIABILITIES AND STOCKHOLDERS' EQUITYLiabilities:Secured financing agreements, net ($9,869 and $0 with related parties, respectively)$235,769 $649,558 Master repurchase agreements243,454 303,514 Unsecured notes, net ($6,500 and $6,500 with related parties, respectively)221,001 219,483 Mortgages payable, net95,464 95,