# EDGAR Filing Document

**Accession Number:** 0001786248
**File Stem:** 0001437749-25-032287
**Filing Date:** 2025-10
**Character Count:** 23928
**Document Hash:** 517b5365d4d54d990bf488624fdb3986
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-032287.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001437749-25-032287

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NexPoint Real Estate Finance, Inc.
- **CENTRAL INDEX KEY:** 0001786248
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 842178264
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39210
- **FILM NUMBER:** 251432278

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-276-6300

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

?xml version='1.0' encoding='ASCII'? nref20251030_8k.htm

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM 8-K**

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the** 

**Securities Exchange Act of 1934** 

**Date of report (Date of earliest event reported):** October 30, 2025

## NEXPOINT REAL ESTATE FINANCE, INC.
**(Exact Name Of Registrant As Specified In Charter)** 

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| | | |
|:---|:---|:---|
| **Maryland** | **001-39210** | **84-2178264** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

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**300 Crescent Court, Suite 700**

**Dallas, Texas 75201**

**(Address of Principal Executive Offices) (Zip Code)** 

Registrant's telephone number, including area code: **(214) 276-6300**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| **Common Stock, par value $0.01 per share** | **NREF** | **New York Stock Exchange; NYSE Texas** |
| **8.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share** | **NREF-PRA** | **New York Stock Exchange** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.** 

The following information is intended to be furnished under Item 2.02 of Form 8-K, "Results of Operations and Financial Condition." This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "<u>Exchange Ac</u>t"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing. On October 30, 2025, NexPoint Real Estate Finance, Inc. (the "<u>Company</u>") issued a press release and detailed presentation announcing its financial results for the Company's third quarter ended September 30, 2025. The full text of the press release and detailed presentation are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively, to this report.

**Item 9.01. Financial Statements and Exhibits.** 

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 99.1 | [<u>Press Release of NexPoint Real Estate Finance, Inc. dated October 30, 2025</u>](ex_879543.htm) |
| 99.2 | [Presentation of <u>NexPoint Real Estate Finance, Inc. dated</u> October 30, 2025](ex_879544.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| NEXPOINT REAL ESTATE FINANCE, INC. | NEXPOINT REAL ESTATE FINANCE, INC. |
| By: | /s/ Paul Richards |
| Name:<br> Title: | Paul Richards<br> Chief Financial Officer, Executive<br> VP-Finance, Assistant Secretary and Treasurer |

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Date: October 30, 2025

## Exhibit 99.1

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| | |
|:---|:---|
| ![nref.jpg](nref.jpg) | **Exhibit 99.1** |

---

**Contact:** 

Kristen Griffith

Investor Relations

<u>IR@nexpoint.com</u>

Media: <u>pro-nexpoint@prosek.com</u>

**NREF Announces Third Quarter 2025 Results, Provides Fourth Quarter 2025 Guidance**

Dallas, TX, Thursday, October 30, 2025 – NexPoint Real Estate Finance, Inc. ("NREF" or the "Company") (NYSE: NREF) today reported its financial results for the quarter ended September 30, 2025.

NREF reported net income attributable to common stockholders of $35.0 million, or 1.14 per diluted share<sup>1</sup>, for the three months ended September 30, 2025.

NREF reported cash available for distribution<sup>2</sup> of $12.1 million, or $0.53 per diluted common share<sup>2</sup>, for the three months ended September 30, 2025.

"NREF continued to deliver stable earnings and cash available for distribution while continuing to deploy capital into high-quality investments across our portfolio. Our disciplined approach to capital allocation—centered on life sciences, self-storage, and workforce rental housing—positions us to capitalize on dislocations and generate durable value. These sectors remain resilient and well-aligned with long-term demographic and structural demand drivers," said Matthew McGraner, Chief Investment Officer.

**Third Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Outstanding total portfolio of $1.1 billion, composed of 88 investments<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• Single-family rental ("SFR"), multifamily, life sciences, self-storage and marinas represent 15.9%, 47.3%, 33.9%, 1.8% and 1.1% of the Company's investment portfolio, respectively as of September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;• Weighted-average loan to value ("LTV")<sup>4</sup>and debt service coverage ratio ("DSCR") on our senior loans, CMBS, CMBS I/O strips, preferred equity, and mezzanine investments are 54.9% and 1.41x<sup>3</sup>, respectively

&nbsp;&nbsp;&nbsp;&nbsp;• During 3Q 2025, NREF purchased $42.5MM of preferred stock

&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company funded $6.5MM on a loan that pays a monthly coupon of SOFR + 900 bps.

&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company sold a multifamily property for $60.0MM that resulted in a $3.7MM gain.

&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company raised $65.7MM in gross proceeds from the Series B preferred stock offering.

&nbsp;&nbsp;&nbsp;&nbsp;• On October 28, 2025 NREF announced a fourth quarter dividend of $0.50 per common share

<sup>1</sup> Weighted-average shares outstanding - diluted assumes vesting of all outstanding unvested restricted stock units and the conversion of all redeemable non-controlling interests.

<sup>2</sup> Earnings available for distribution ("EAD"), cash available for distribution ("CAD") and adjusted weighted average common shares outstanding - diluted are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of these non-GAAP measures, see the "Reconciliations of Non-GAAP Financial Measures" and "Non-GAAP Financial Measures" sections of this release.

<sup>3</sup> As of September 30, 2025; and excluding the common stock and revolving credit facility investments and the remaining net assets related to the Hudson Montford multifamily property after its sale and the Alexander at the District multifamily property. CMBS B-Pieces reflected on an unconsolidated basis. 

<sup>4</sup> Loan to value is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value. For our CMBS B-Pieces, LTV is based on the weighted-average LTV of the underlying loan pool.

<sup>5</sup> Net income attributable to common stockholders in 4Q 2025 is estimated to be between $8.3MM and $10.6MM. See reconciliations below.

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| | |
|:---|:---|
| ![nref.jpg](nref.jpg) | **Exhibit 99.1** |

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**Looking Ahead: Fourth Quarter 2025 Guidance**

*Earnings Available for Distribution<sup>2</sup>*

● 4Q 2025 EAD per diluted common share guidance is $0.48<sup>5</sup> at the midpoint

---

| | | | |
|:---|:---|:---|:---|
|  | **Low** | **Mid** | **High** |
|  | **December 31,** <br> **2025** | **December 31,** <br> **2025** | **December 31,** <br> **2025** |
| **Net income** | $17766 | $18900 | $20034 |
| **Net (income) loss attributable to Series A Preferred stockholders** | (874) | (874) | (874) |
| **Net (income) loss attributable to Series B Preferred stockholders** | (8559) | (8559) | (8559) |
| **Net income attributable to common stockholders** | $8333 | $9467 | $10601 |
| **Adjustments** |  |  |  |
| Amortization of stock-based compensation | 1513 | 1513 | 1513 |
| **EAD** | $9846 | $10980 | $12114 |
| **Weighted average common shares outstanding** – **basic** | 17722 | 17722 | 17722 |
| **Weighted average common shares outstanding** – **diluted** | 43854 | 43854 | 43854 |
| **Shares attributable to potential redemption of Series B Preferred** | (20999) | (20999) | (20999) |
| **Adjusted weighted average common shares outstanding** – **diluted (1)** | 22855 | 22855 | 22855 |
| **EPS per Weighted Average Share** – **diluted** | $0.39 | $0.41 | $0.44 |
| **EAD per diluted common share** | $0.43 | $0.48 | $0.53 |
| **EPS Dividend Coverage Ratio** | 0.78 | 0.82 | 0.88 |
| **EAD Dividend Coverage Ratio** | 0.86 | 0.96 | 1.06 |

---

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| | |
|:---|:---|
| ![nref.jpg](nref.jpg) | **Exhibit 99.1** |

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*Cash Available for Distribution<sup>2</sup>*

● 4Q 2025 CAD per diluted common share guidance is $0.50<sup>5</sup> at the midpoint

---

| | | | |
|:---|:---|:---|:---|
|  | **Low** | **Mid** | **High** |
|  | **December 31,** <br> **2025** | **December 31,** <br> **2025** | **December 31,** <br> **2025** |
| **EAD** | $9846 | $10980 | $12114 |
| **Adjustments** |  |  |  |
| Amortization of premiums | 2493 | 2493 | 2493 |
| Accretion of discounts | (2674) | (2674) | (2674) |
| Amortization and depreciation | 584 | 584 | 584 |
| **CAD** | $10249 | $11383 | $12517 |
| **Weighted average common shares outstanding** – **basic** | 17722 | 17722 | 17722 |
| **Weighted average common shares outstanding** – **diluted** | 43854 | 43854 | 43854 |
| **Shares attributable to potential redemption of Series B Preferred** | (20999) | (20999) | (20999) |
| **Adjusted weighted average common shares outstanding** – **diluted (1)** | 22855 | 22855 | 22855 |
| **EPS per Weighted Average Share** – **diluted** | $0.39 | $0.41 | $0.44 |
| **CAD per diluted common share** | $0.45 | $0.50 | $0.55 |
| **EPS Dividend Coverage Ratio** | 0.78 | 0.82 | 0.88 |
| **CAD Dividend Coverage Ratio** | 0.90 | 1.00 | 1.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted weighted average common shares outstanding – diluted does not include the dilutive effect of the potential redemption of Series B Preferred Stock for common shares.

**Conference Call Details**

The Company is scheduled to host a conference call on Thursday, October 30, 2025, at 11:00 a.m. ET (10:00 a.m. CT), to discuss third quarter 2025 financial results.

The conference call can be accessed live over the phone by dialing 888-660-4430 or +1 646-960-0537 and entering Conference ID 6891136. A live audio webcast of the call will be available online at the Company's website, https://nref.nexpoint.com (under "Resources"). An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.

A replay of the conference call will also be available through Thursday, November 13, 2025, by dialing 1 800- 770- 2030 or, for international callers, +1 609-800-9099 and entering passcode 6891136.

For additional commentary and portfolio information, please view NREF's earning supplement, which was posted on the Company's website, <u>http://nref.nexpoint.com</u>.

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**Reconciliations of Non-GAAP Financial Measures**

The following table provides a reconciliation of Earnings Available for Distribution and Cash Available for Distribution to GAAP net income attributable to common stockholders and Adjusted Weighted Average Common Shares Outstanding – diluted to Weighted Average Common Shares Outstanding - diluted (in thousands, except per share amounts):

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| **Net income (loss) attributable to common stockholders** | $35032 | 16116 |
| **Net income (loss) attributable to redeemable noncontrolling interests** | 7782 | 3940 |
| **Adjustments** |  |  |
| Amortization of stock-based compensation | 1504 | 1411 |
| Provision for (reversal of) credit losses | 15680 | (298) |
| Equity in (income) losses of equity method investments | (12) | 1105 |
| Unrealized (gains) or losses (1) | (48343) | (4660) |
| **EAD** | $11643 | $17614 |
| **EAD per diluted common share** | $0.51 | $0.75 |
| **Adjustments** |  |  |
| Amortization of premiums | $3750 | 4093 |
| Accretion of discounts | (4055) | (7071) |
| Depreciation and amortization of real estate investments | 620 | 1099 |
| Amortization of deferred financing costs | 137 | 12 |
| **CAD** | $12095 | $15747 |
| **CAD per diluted common share** | $0.53 | $0.67 |
| **Weighted-average common shares outstanding** – **basic** | 17722 | 17461 |
| **Weighted-average common shares outstanding** – **diluted** | 43854 | 30468 |
| **Shares attributable to potential redemption of Series B Preferred** | (20999) | (7049) |
| **Adjusted weighted-average common shares outstanding** – **diluted** | 22855 | 23420 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unrealized gains represent the net change in unrealized gains on investments held at fair value.

**About NexPoint Real Estate Finance, Inc.**

NexPoint Real Estate Finance, Inc., is a publicly traded REIT, with its common stock and 8.50% Series A Cumulative Redeemable Preferred Stock listed on the New York Stock Exchange, primarily focused on originating, structuring and investing in first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties and common equity investments, as well as multifamily and single-family commercial mortgage-backed securities securitizations, promissory notes, revolving credit facilities and stock warrants. More information about the Company is available at <u>http://nref.nexpoint.com</u>.

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**Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "should" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the Company's business, strategy and industry in general, fourth quarter 2025 guidance, including net income, net income attributable to common stockholders, EAD, CAD, EAD and CAD per diluted common share and related coverage ratios and related assumptions and estimates, the Company's intent to not settle Series B Preferred redemptions in shares of common stock when the Company's common stock price is below book value and the Company's approach to capital allocation positioning it to capitalize on dislocations and generate durable value and the life sciences, self-storage and workforce rental housing sectors remaining resilient and aligned with long-term demographic and structural demand drivers. They are not guarantees of future results and forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in our filings with the Securities and Exchange Commission (the "SEC"), particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company's Annual Report on Form 10-K and the Company's other filings with the SEC for a more complete discussion of risks and other factors that could affect any forward-looking statement. The statements made herein speak only as of the date of this press release and except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.

**Non-GAAP Financial Measures**

This press release contains non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this press release are EAD, CAD, EAD and CAD per diluted common share and adjusted weighted average common shares outstanding - diluted.

EAD is defined as net income (loss) attributable to our common stockholders computed in accordance with GAAP, including realized gains and losses not otherwise included in net income (loss), excluding any unrealized gains or losses or other similar non-cash items that are included in net income (loss) for the applicable reporting period, regardless of whether such items are included in other comprehensive income (loss), or in net income (loss) and adding back amortization of stock-based compensation. The Company also adjusts EAD to remove the income/(losses) from equity method investments as they represent changes in the equity value of our investment rather than distributable earnings. The Company will include income from equity method investments to the extent that we receive cash distributions and upon realizing gains and/or losses. Net income (loss) attributable to common stockholders may also be adjusted for the effects of certain GAAP adjustments and transactions that may not be indicative of our current operations. In addition, EAD in this press release includes the dilutive effect of non-controlling interests. We use EAD to evaluate our performance and to assess our long-term ability to pay distributions. We believe providing EAD as a supplement to GAAP net income (loss) to our investors is helpful to their assessment of our performance and our long-term ability to pay distributions. We also use EAD as a component of the management fee paid to our external manager. EAD does not represent net income or cash flows from operating activities and should not be considered as an alternative to GAAP net income, an indication of our GAAP cash flows from operating activities, a measure of our liquidity or an indication of funds available for our cash needs. Our computation of EAD may not be comparable to EAD reported by other REITs.

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We calculate CAD by adjusting EAD by adding back amortization of premiums, depreciation and amortization of real estate investment and amortization of deferred financing costs and by removing accretion of discounts. We use CAD to evaluate our performance and our current ability to pay distributions. We also believe that providing CAD as a supplement to GAAP net income (loss) to our investors is helpful to their assessment of our performance and our current ability to pay distributions. CAD does not represent net income or cash flows from operating activities and should not be considered as an alternative to GAAP net income, an indication of our GAAP cash flows from operating activities, a measure of our liquidity or an indication of funds available for our cash needs. Our computation of CAD may not be comparable to CAD reported by other REITs.

EAD per diluted common share and CAD per diluted common share are based on adjusted weighted average common shares outstanding – diluted. Adjusted weighted average common shares outstanding - diluted is calculating by subtracting the dilutive effect of potential redemptions of Series B Preferred shares for shares of our common stock from weighted average common shares outstanding - diluted. We believe providing adjusted weighted average common shares outstanding - diluted to our investors is helpful in their assessment of our performance without the potential dilutive effective of the Series B Preferred shares. We have the right to redeem the Series B Preferred shares for cash or shares of our common stock. Additionally, Series B Preferred redemptions are capped at 2% of the outstanding Series B Preferred shares per month, 5% per quarter and 20% per year. The Company maintains sufficient liquidity to pay cash to cover any redemptions up to the quarterly redemption cap. Further, it is the Company's intent to not settle Series B Preferred redemptions in shares of common stock when the Company's common stock price is below book value.

Adjusted weighted average common shares outstanding – diluted should not be considered as an alternative to the GAAP measure. Our computation of adjusted weighted average common shares outstanding – diluted may not be comparable to adjusted weighted average common shares outstanding - diluted reported by other companies.

## Exhibit 99.2

**Exhibit 99.2**

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