Company: NREF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001786248-25-000016
Chunk: 43

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 43
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 4,343,359 — 4,343,359 CMBS structured pass-through certificates, at fair value34,979 — 34,979 — 34,979 Stock warrant investments27,400 — — 27,400 27,400 Accounts receivable and other assets1,457 1,184 273 — 1,457 Total Assets$5,294,237 $49,445 $4,378,611 $873,145 $5,301,201 LiabilitiesSecured financing agreements, net$235,769 $— $— $250,285 $250,285 Master repurchase agreements243,454 — — 243,454 243,454 Unsecured notes, net221,001 — 213,457 — 213,457 Mortgages payable, net95,464 — — 92,157 92,157 Accounts payable and other accrued liabilities9,458 9,458 — — 9,458 Accrued interest payable10,020 10,020 — — 10,020 Bonds payable held in variable interest entities, at fair value4,029,214 — 4,029,214 — 4,029,214 Total Liabilities$4,844,380 $19,478 $4,242,671 $585,896 $4,848,045 

32

The significant unobservable inputs used in the fair value measurement of the Company’s investments are the discount rate and terminal capitalization rate. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. Management elected the fair value option to account for the Company's Level 3 assets as of June 30, 2025 (in thousands):CarryingValueValuation TechniqueUnobservable InputsRangeWeighted Average (1)NexPoint Storage Partners$24,703 Discounted cash flowTerminal cap rate4.88% - 5.38%5.13 %Discount rate7.00% - 9.00%8.00 %IQHQ Series D Preferred Stock18,949 Discounted cash flowDiscount rate15.50% - 17.50%16.50 %IQHQ Series E Preferred Stock94,513 Discounted cash