Company: NREF
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001786248-25-000004
Chunk: 279

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 279
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 value for CAP is the $1.5 million carrying value.

7. CMBS Structured Pass-Through Certificates, MSCR Notes and Mortgage Backed Securities

As of December 31, 2024, the Company held twelve CMBS I/O Strips  at fair value. The CMBS I/O Strips consist of interest only tranches of Freddie Mac structured pass-through certificates with underlying portfolios of fixed-rate mortgage loans secured primarily by stabilized multifamily properties. MSCR Notes are unguaranteed securities designed to transfer to investors a portion of the credit risk associated with eligible multifamily mortgages linked to a reference pool. Mortgage backed securities receive principal and interest on floating-rate loans secured by SFR, multifamily and self-storage properties.The following table presents the CMBS I/O Strips as of December 31, 2024 (dollars in thousands):InvestmentInvestment DateCarrying ValueProperty TypeInterest RateCurrent Yield (1)Maturity DateCMBS I/O StripsCMBS I/O Strip5/18/2020$1,395 Multifamily2.02 %16.62 %1/25/2030CMBS I/O Strip8/6/202014,188 Multifamily2.98 %20.73 %6/25/2030CMBS I/O Strip4/28/20214,175 Multifamily1.59 %20.52 %1/25/2030CMBS I/O Strip5/27/20212,972 Multifamily3.38 %20.56 %5/25/2030CMBS I/O Strip6/7/2021330 Multifamily2.31 %27.43 %11/25/2028CMBS I/O Strip6/11/20211,581 Multifamily0.61 %9.13 %5/25/2029CMBS I/O Strip6/21/20211,001 Multifamily1.15 %19.71 %5/25/2030CMBS I/O Strip8/10/20211,925 Multifamily1.89 %20.89 %4/25/2030CMBS I/O Strip8/11/20211,104 Multifamily3.10 %17.20 %7/25/2031CMBS I/O Strip8/24/2021199