Company: NREF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052000
Chunk: 131

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1A
Chunk 131
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2014-13 for each of the trusts and carries the fair values of the trust’s assets and liabilities at fair value in its Consolidated Balance Sheets, recognizes changes in the trust’s net assets, including changes in fair-value adjustments and net interest earned, in its Consolidated Statements of Operations and records cash interest received from the trusts and cash interest paid to bondholders of the CMBS not beneficially owned by the Company as investing and financing cash flows, respectively.The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands): Trust's AssetsSeptember 30, 2025December 31, 2024Mortgage loans held in variable interest entities, at fair value$4,054,259 $4,343,359 Accrued interest receivable2,911 3,877   Trust's LiabilitiesBonds payable held in variable interest entities, at fair value(3,755,809)(4,029,214)Accrued interest payable(2,310)(3,212)The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands):For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024Net interest earned$5,669 $7,780 $17,508 $26,640 Realized gain (loss)(429)4,291 (513)10,489 Unrealized gain (loss)(3,402)(1,871)(7,284)(5,597)Change in net assets related to consolidated CMBS variable interest entities$1,838 $10,200 $9,711 $31,532 

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The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance:GeographySeptember 30, 2025December 31, 2024Texas17.71 %16.54 %Colorado10.09 %10.99 %California8.91 %9.26 %Florida8.22 %7.65 %Washington7.57 %9.24 %Georgia5.54 %5.16 %New York5.22 %4.87 %North Carolina5.08 %4.74 %Other (28 and 32 states each at <4%)31.66 %