Company: NREF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001786248-25-000016
Chunk: 229

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 6
Chunk 229
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Shares attributable to potential redemption of Series B Preferred(14,530)(3,121)365.6 %Adjusted weighted-average common shares outstanding - diluted (2)22,819 23,278 (2.0)%

(1)Unrealized gains are the net change in unrealized loss on investments held at fair value applicable to common stockholders.

(2)Starting in the second quarter of 2024, EAD per diluted common share, CAD per diluted common share and adjusted weighted average common shares outstanding - diluted do not include the dilutive effect of the potential redemption of Series B Preferred Stock for common shares. Periods prior to the second quarter of 2024 have not been updated to reflect this adjustment because the dilutive effect of potential Series B Preferred redemptions were immaterial to prior periods. For the three months ended March 31, 2024, the adjusted weighted average common shares outstanding - diluted 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):

June 30, 2025December 31, 2024Common stockholders' equity$307,333 $295,624 Shares of common stock outstanding at period end17,722 17,461Book value per share of common stock$17.34 $16.93 

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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):

June 30, 2025December 31, 2024Common stockholders' equity$307,333 $295,624 Redeemable noncontrolling interests in the OP88,727 86,164 Total equity$396,060 $381,788 Redeemable OP Units at period end5,038 5,038Shares of common stock outstanding at period end17,722 17,461Combined shares of common stock and redeemable OP Units22,760 22,499Combined book value per share / unit$17.40 $16.97 

Our Portfolio

Our portfolio consists of SFR Loans, CMBS B-Pieces, CMBS I/O Strips, mezzanine loans, preferred equity investments