Company: NREF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052000
Chunk: 29

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 29
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 Science137,013 — 137,013 — WarrantsIQHQ, Inc.5/23/2024Life Science43,859,625 13,699,840 116,228 27,400 The following table presents “Change in unrealized gain (loss) on preferred stock and warrant investments” (in thousands): For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024Change in unrealized gain on preferred stock investments$24,929 $201 $55,110 $303 Change in unrealized gain on warrants25,458 — 33,472 — Change in unrealized gain on preferred stock and warrant investments$50,387 $201 $88,582 $303 

6. Unconsolidated Variable Interest Entities

Unconsolidated VIEsThe Company continually reassesses whether it remains the primary beneficiary for VIEs consolidated under the VIE model.As of September 30, 2025, the Company has accounted for the following investments as unconsolidated VIEs:

23

EntitiesInstrumentAsset TypeAccounting TreatmentPercentage Ownership as of September 30, 2025Relationship as of September 30, 2025Unconsolidated Entities:NexPoint Storage Partners, Inc.Common StockSelf-storageFair Value25.5%VIEResmark Forney Gateway Holdings, LLCCommon EquityMultifamilyEquity Method98.0%VIEResmark The Brook Holdings, LLCCommon EquityMultifamilyEquity Method98.0%VIEPrivate REITCommon StockGround leaseFair Value6.3%VIERidgeview PlaceCommon EquityMultifamilyEquity Method6.0%VIECapital Acquisitions Partners, LLCMembership InterestsMultifamilyEquity Method79.1%VIEThe Company's maximum exposure to loss of value for the NSP investment is the fair value of the Company's $26.0 million NSP common stock investment. The Company's maximum exposure to loss of value for CAP is the $1.7 million carrying value. The Company's maximum exposure to loss of value for the Private REIT investment is the fair value of the Company's $25.6 million Private REIT common stock investment.

7. CMBS Structured Pass-Through Certificates

As of September 30, 2025, the Company held fourteen CMBS interest only strips ("CMBS I/O Strips")