Company: NREF
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001786248-25-000004
Chunk: 476

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9A
Chunk 476
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 weighted average common shares outstanding - diluted for the first quarter does not exclude the dilutive effect of the potential redemption of Series B Preferred Stock for common shares.

Book Value per Share / Unit

The following table calculates our book value per share (in thousands, except per share data):

December 31, 2024 December 31, 2023Common stockholders' equity$295,624 $309,832 Shares of common stock outstanding at period end17,46117,232Book value per share of common stock$16.93 $17.98 

Due to the large noncontrolling interest in the OP (see Note 13 to our consolidated financial statements for more information), we believe it is useful to also look at book value on a combined basis as shown in the table below (in thousands, except per share data):

December 31, 2024December 31, 2023Common stockholders' equity$295,624 $309,832 Redeemable noncontrolling interests in the OP86,164 89,471 Total equity$381,788 $399,303 Redeemable OP Units at period end5,0385,038Shares of common stock outstanding at period end17,46117,232Combined shares of common stock and redeemable OP Units22,49922,270Combined book value per share / unit$16.97 $17.93 

Our Portfolio

Our portfolio consists of senior loans, CMBS B-Pieces, CMBS I/O Strips, mezzanine loans, preferred equity investments, common equity investments, preferred stock, multifamily properties, promissory notes, revolving credit facilities and stock warrants with a combined unpaid principal balance of $1.2 billion as of December 31, 2024 and assumes the CMBS Entities’ assets and liabilities are not consolidated. The following table sets forth additional information relating to our portfolio as of December 31, 2024 (dollars in thousands):

 Investment (1)InvestmentDate CurrentPrincipalAmount Net Equity (2)LocationProperty TypeCouponCurrent Yield (3)RemainingTerm (4)(years) Senior Loans1Senior Loan2/11/2020$8,164 $1,174 VariousSingle-family5.35 %5.27 %3.092Senior Loan2/11/20205,135 638 VariousSingle-family5.24 %5.02 %3.