Company: NREF
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001786248-25-000004
Chunk: 8

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9C
Chunk 8
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 error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company’s auditor since 2019.

Dallas, TexasMarch 27, 2025

F-2

Table of Contents

NEXPOINT REAL ESTATE FINANCE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

December 31, 2024December 31, 2023ASSETSCash and cash equivalents$3,877 $13,824 Restricted cash3,176 2,825 Real estate investments, net121,836 126,551 Loans, held-for-investment, net ($28,036 and $22,989 with related parties, respectively) (1)497,544 328,460 Common stock investments, at fair value ($30,467 and $33,129 with related parties, respectively)57,389 61,529 Equity method investments ($1,504 and $0 with related parties, respectively)1,504 — Mortgage loans, held-for-investment, net (2)263,395 676,420 Preferred stock investments, at fair value18,949 14,776 Accrued interest and dividends41,208 22,033 Mortgage loans held in variable interest entities, at fair value4,343,359 5,677,763 CMBS structured pass-through certificates, at fair value34,979 41,212 MSCR Notes, at fair value— 10,378 Mortgage backed securities, at fair value—