Company: NREF
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001786248-25-000004
Chunk: 125

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 125
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 of Operations and records cash interest received from the trusts and cash interest paid to bondholders of the CMBS not beneficially owned by the Company as investing and financing cash flows, respectively.The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands):Trust's AssetsDecember 31, 2024December 31, 2023Mortgage loans held in variable interest entities, at fair value$4,343,359 $5,677,763 Accrued interest receivable3,877 3,902 Trust's LiabilitiesBonds payable held in variable interest entities, at fair value(4,029,214)(5,289,997)Accrued interest payable(3,212)(3,220)The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands):For the Year Ended December 31,202420232022Net interest earned$33,327 $27,035 $35,523 Realized gain10,548 13,592 344 Unrealized loss(7,206)(2,414)(25,627)Change in net assets related to consolidated CMBS variable interest entities$36,669 $38,213 $10,240 

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Table of Contents

The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance:GeographyDecember 31, 2024December 31, 2023Texas16.54 %15.85 %Colorado10.99 %7.74 %California9.26 %8.69 %Washington9.24 %7.75 %Florida7.65 %14.07 %Georgia5.16 %4.00 %New York4.87 %*North Carolina4.74 %4.17 %Arizona3.15 %4.05 %New Jersey*4.02 %Other (33 and 32 states each at <4%)28.40 %29.66 %100.00 %100.00 %*Included in “Other.”Collateral Property TypeDecember 31, 2024December 31, 2023Multifamily99.57 %97.45 %Manufactured Housing0.43 %2.55 %100.00 %