Company: NREF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001786248-25-000016
Chunk: 48

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 48
---
 stock units to its officers and other employees of the Manager and 22,650 restricted stock units to its directors, and on April 3, 2025, the Company granted 449,664 restricted stock units to its officers and other employees of the Manager and 33,108 restricted stock units to its directors. Compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award. Forfeitures are recognized as they occur. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of June 30, 2025:2025Number of UnitsWeighted AverageGrant Date Fair ValueOutstanding December 31, 2024920,076 $15.81 Granted482,772 14.66 Vested(363,852)(1)16.48 Forfeited(13,390)14.63 Outstanding June 30, 20251,025,606 $15.15 (1)Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 260,699 shares being issued as shown on the consolidated statements of stockholders' equity.The vesting schedule for the restricted stock units as of June 30, 2025 is as follows: Shares VestingFebruaryMarchAprilTotal202651,950105,667232,475390,0922027112,419105,66486,945305,0282028112,414105,665—218,0792029112,407——112,407Total389,190316,996319,4201,025,606As of June 30, 2025, total unrecognized compensation expense on restricted stock unit awards was approximately $13.9 million, and the expense is expected to be recognized over a weighted average vesting period of 1.5 years.At-The-Market-OfferingOn March 15, 2022, the Company, the OP and the Manager entered into separate equity distribution agreements (the “Equity Distribution Agreements”) with each of Raymond James & Associates, Inc. ("Raymond James"), Keefe, Bruyette & Woods, Inc., Robert W. Baird & Co. Incorporated and Virtu Americas LLC, pursuant to which the Company could issue 

35

and sell from time to time shares of the Company's common stock and Series A Preferred Stock having an aggregate sales price of up to $100.0 million (the “