NexPoint Real Estate Finance, Inc.

For the period ended Dec 31, 2024. Filed Mar 27, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 27, 2025

NREF$13.52+0.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. 2

Our Portfolio

Our portfolio consists of senior loans, CMBS B-Pieces, CMBS I/O Strips, mezzanine loans, preferred equity investments, common equity investments, preferred stock, multifamily properties, promissory notes, revolving credit facilities and stock warrants with a combined unpaid principal balance of $1.2 billion as of December 31, 2024 and assumes the CMBS Entities’ assets and liabilities are not consolidated. The following table sets forth additional information relating to our portfolio as of December 31, 2024 (dollars in thousands):

Investment (1) · InvestmentDate · CurrentPrincipalAmount · Net Equity (2) · Location · Property Type · Coupon · Current Yield (3) · RemainingTerm (4)(years)
Senior Loans
1	Senior Loan	2/11/2020	$8,164		$1,174	Various	Single-family	5.35%	5.27%	3.09
2	Senior Loan	2/11/2020	5,135		638	Various	Single-family	5.24%	5.02%	3.75
3	Senior Loan	2/11/2020	31,793		3,558	Various	Single-family	4.74%	4.69%	0.75
4	Senior Loan	2/11/2020	9,336		1,133	Various	Single-family	6.10%	5.82%	3.75
5	Senior Loan	2/11/2020	35,316		4,090	Various	Single-family	5.55%	5.26%	3.84
6	Senior Loan	2/11/2020	5,496		670	Various	Single-family	5.99%	5.70%	3.92
7	Senior Loan	2/11/2020	8,496		1,102	Various	Single-family	5.88%	5.64%	4.01
8	Senior Loan	2/11/2020	6,359		846	Various	Single-family	5.46%	5.27%	4.17
9	Senior Loan	2/11/2020	10,523		1,347	Various	Single-family	4.72%	4.67%	1.16
10	Senior Loan	1/26/2024	140,283	(5)	139,324	Cambridge, MA	Life Sciences	14.00%	14.10%	2.11
	Total		260,901		153,882			9.99%	9.96%	2.41
CMBS B-Pieces

CMBS I/O Strips
1	CMBS B-Piece	2/11/2020		13,319	(6)	3,681	Various	Multifamily	9.25%	9.25%	1.15
2	CMBS B-Piece	2/11/2020		28,581	(6)	7,965	Various	Multifamily	7.00%	7.00%	1.90
3	CMBS B-Piece	7/30/2020		16,310	(6)	4,905	Various	Multifamily	8.02%	8.02%	2.48
4	CMBS B-Piece	4/20/2021		16,900	(6)	5,045	Various	Multifamily	11.10%	11.10%	6.16
5	CMBS B-Piece	6/30/2021		108,303	(6)	27,562	Various	Multifamily	—%	8.84%	2.00
6	CMBS B-Piece	5/2/2022		29,248	(6)	7,869	Various	Multifamily	5.12%	5.48%	13.91
7	CMBS B-Piece	7/28/2022		61,891	(6)	18,281	Various	Multifamily	10.10%	10.10%	4.57
8	CMBS B-Piece	2/22/2024		30,869	(6)	7,817	Various	Multifamily	5.90%	6.74%	4.07
9	CMBS B-Piece	4/24/2024		31,931	(6)	8,785	Various	Multifamily	5.59%	6.44%	4.23
	Total			337,352		91,910			5.27%	8.30%	4.09
1	CMBS I/O Strip	5/18/2020		17,590	(7)	422	Various	Multifamily	2.02%	16.62%	5.07
2	CMBS I/O Strip	8/6/2020		108,643	(7)	4,302	Various	Multifamily	2.98%	20.73%	5.48
3	CMBS I/O Strip	4/28/2021		63,736	(7)	1,063	Various	Multifamily	1.59%	20.52%	5.07
4	CMBS I/O Strip	5/27/2021		20,000	(7)	952	Various	Multifamily	3.38%	20.56%	5.40
5	CMBS I/O Strip	6/7/2021		4,266	(7)	100	Various	Multifamily	2.31%	27.43%	3.90
6	CMBS I/O Strip	6/11/2021		92,986	(7)	365	Various	Multifamily	0.61%	9.13%	4.40
7	CMBS I/O Strip	6/24/2021		24,418	(7)	526	Various	Multifamily	1.15%	19.71%	5.40
8	CMBS I/O Strip	8/10/2021		25,000	(7)	575	Various	Multifamily	1.89%	20.89%	5.32
9	CMBS I/O Strip	8/11/2021		6,942	(7)	353	Various	Multifamily	3.10%	17.20%	6.57
10	CMBS I/O Strip	8/24/2021		1,625	(7)	57	Various	Multifamily	2.61%	18.42%	6.07
11	CMBS I/O Strip	9/1/2021		34,625	(7)	866	Various	Multifamily	1.92%	19.72%	5.48
12	CMBS I/O Strip	9/11/2021		20,902	(7)	927	Various	Multifamily	2.95%	17.01%	6.74
	Total			420,733		10,508			1.96%	17.64%	5.21
Mezzanine Loans
1	Mezzanine	6/12/2020		7,500		7,500	Houston, TX	Multifamily	11.00%	11.00%	0.50
2	Mezzanine	10/20/2020		5,470		2,229	Wilmington, DE	Multifamily	7.50%	7.36%	4.33
3	Mezzanine	10/20/2020		10,380		4,267	White Marsh, MD	Multifamily	7.42%	7.25%	6.50
4	Mezzanine	10/20/2020		14,253		5,826	Philadelphia, PA	Multifamily	7.59%	7.44%	4.42
5	Mezzanine	10/20/2020		3,700		1,503	Daytona Beach, FL	Multifamily	7.83%	7.69%	3.75
6	Mezzanine	10/20/2020		12,000		4,930	Laurel, MD	Multifamily	7.71%	7.54%	6.25
7	Mezzanine	10/20/2020		3,000		1,233	Temple Hills, MD	Multifamily	7.32%	7.15%	6.59
8	Mezzanine	10/20/2020		1,500		617	Temple Hills, MD	Multifamily	7.22%	7.06%	6.59
9	Mezzanine	10/20/2020		5,540		2,257	Lakewood, NJ	Multifamily	7.33%	7.19%	4.33
10	Mezzanine	10/20/2020		6,829		2,778	North Aurora, IL	Multifamily	7.53%	7.39%	4.01
11	Mezzanine	10/20/2020		3,620		1,488	Rosedale, MD	Multifamily	7.42%	7.25%	6.50
12	Mezzanine	10/20/2020		9,610		3,950	Cockeysville, MD	Multifamily	7.42%	7.25%	6.50
13	Mezzanine	10/20/2020		7,390		3,038	Laurel, MD	Multifamily	7.42%	7.25%	6.50
14	Mezzanine	10/20/2020		2,135		867	Tyler, TX	Multifamily	7.74%	7.60%	3.75
15	Mezzanine	10/20/2020		1,190		485	Las Vegas, NV	Multifamily	7.71%	7.56%	4.17
16	Mezzanine	10/20/2020		3,310		1,349	Atlanta, GA	Multifamily	6.91%	6.78%	4.50
17	Mezzanine	10/20/2020		2,880		1,171	Des Moines, IA	Multifamily	7.89%	7.75%	3.84
18	Mezzanine	10/20/2020		4,010		1,630	Urbandale, IA	Multifamily	7.89%	7.75%	3.84
19	Mezzanine	11/18/2021		12,600		12,523	Irving, TX	Multifamily	15.32%	15.41%	3.92
20	Mezzanine	12/29/2021	(8)	7,760		7,752	Rogers, AR	Multifamily	15.32%	15.33%	0.30
21	Mezzanine	6/9/2022		4,500		4,493	Rogers, AR	Multifamily	15.37%	15.39%	0.44

Preferred Equity
22	Mezzanine	10/5/2022		4,030		4,005		Kirkland, WA		Multifamily		15.37%		15.47%		3.00
	Total			133,207		75,891						9.41%		9.31%		4.35
1	Preferred Equity	5/29/2020	(9)	12,735		12,735		Houston, TX		Multifamily		11.00%		11.00%		5.33
2	Preferred Equity	9/29/2021		19,011		18,980		Holly Springs, NC		Life Science		10.00%		10.02%		0.75
3	Preferred Equity	12/28/2021		11,377		11,377		Las Vegas, NV		Multifamily		10.50%		10.50%		7.17
4	Preferred Equity	1/14/2022		32,676		32,656		Vacaville, CA		Life Science		10.00%		10.01%		0.75
5	Preferred Equity	4/7/2022		3,903		3,876		Beaumont, TX		Self-Storage		14.32%		14.42%		5.67
6	Preferred Equity	6/8/2022		4,000		3,971		Temple, TX		Self-Storage		13.60%		13.70%		5.67
7	Preferred Equity	7/1/2022		9,000		8,952		Medley, FL		Self-Storage		11.00%		11.06%		2.50
8	Preferred Equity	8/10/2022		8,500		8,479		Plano, TX		Multifamily		14.46%		14.50%		0.69
9	Preferred Equity	9/30/2022		9,000		8,973		Fort Worth, TX		Multifamily		14.37%		14.41%		0.75
10	Preferred Equity	10/19/2022		12,316		12,331		Woodbury, MN		Life Science		10.00%		9.99%		0.75
11	Preferred Equity	2/10/2023		27,595		27,585		Forney, TX		Multifamily		11.00%		11.00%		3.25
12	Preferred Equity	2/24/2023		26,704		26,677		Richmond, VA		Multifamily		11.00%		11.01%		2.22
13	Preferred Equity	4/6/2023		20,188		20,244		Temecula, CA		Life Science		17.50%		17.45%		0.75
14	Preferred Equity	5/16/2023		16,126		16,001		Phoenix, AZ		Single-family		13.50%		13.61%		2.32
15	Preferred Equity	5/17/2023		4,192		4,152		Houston, TX		Life Science		13.00%		13.12%		0.98
16	Preferred Equity	6/28/2024		7,100		7,067		Knoxville, TN		Marina		13.00%		13.06%		3.83
	Total			224,423		224,056						11.92%		11.94%		2.27
Common Equity
1	Common Stock	11/6/2020		N/A	30,467		N/A		Self-Storage		N/A		N/A		N/A
2	Common Stock	4/14/2022		N/A	26,922		N/A		Ground Lease		N/A		N/A		N/A
3	Common Equity	2/10/2023		N/A	—		Forney, TX		Multifamily		N/A		N/A		N/A
4	Common Equity	2/24/2023		N/A	—		Richmond, VA		Multifamily		N/A		N/A		N/A
5	Common Equity	9/8/2023		N/A	—		Atlanta, GA		Multifamily		N/A		N/A		N/A
6	Common Equity	5/8/2024		N/A	—		Kirkland, WA		Multifamily		N/A		N/A		N/A
7	Membership Interest	4/9/2024		N/A	1,504		Various		Multifamily		N/A		N/A		N/A
	Total				58,893
Preferred Stock
1	Preferred Stock	11/9/2023		N/A	18,949		Various		Life Science		10.50%		N/A		N/A
Real Estate
1	Real Estate	12/31/2021	(10)	N/A	26,909		Charlotte, NC		Multifamily		N/A		N/A		N/A
2	Real Estate	10/10/2023	(11)	N/A	1,728		Atlanta, GA		Multifamily		N/A		N/A		N/A
	Total				28,637
Promissory Notes
1	Promissory Note	3/28/2024		500		500		Various		Single-family		12.50%		12.50%		0.24
2	Promissory Note	7/10/2024		3,500		3,500		Various		Single-family		15.00%		15.00%		0.52
	Total			4,000		4,000						14.69%		14.69%		0.49
Revolving Credit Facility
1	Revolving Credit Facility	12/31/2024		148,600		135,136		Various		Life Science		13.50%		13.50%		3.00

Stock Warrants
1	Stock Warrant	5/23/2024	N/A	27,400	Various	Life Sciences	N/A	N/A	N/A

(1)Our total portfolio represents the current principal amount of the consolidated senior loans, CMBS I/O Strips, mezzanine loans, preferred equity, multifamily properties, promissory notes, revolving credit facilities and stock warrants as well as the net equity of our CMBS B-Piece investments.

(2)Net equity represents the carrying value less borrowings collateralized by the investment.

(3)Current yield is the annualized income earned divided by the cost basis of the investment.

(4)The weighted-average life is weighted on current principal balance and assumes no prepayments. The maturity date for preferred equity investments represents the maturity date of the senior mortgage, as the preferred equity investments require repayment upon the sale or refinancing of the asset.

(5)The Company reclassified this investment from a mezzanine loan to senior loan effective April 1, 2024 because there was and as of December 31, 2024 there is, no senior mortgage on the property collateralized by the loan.

(6)The CMBS B-Pieces are shown on an unconsolidated basis reflecting the value of our investments.

(7)The number shown represents the notional value on which interest is calculated for the CMBS I/O Strips. CMBS I/O Strips receive no principal payments and the notional value decreases as the underlying loans are paid off.

(8)On January 9, 2025, the mezzanine loan term was extended to April 9, 2025.

(9)The Company, through the Subsidiary OPs, invested $0.7 million on March 1, 2024, $0.3 million on June 30, 2024, $0.1 million on September 20, 2024 and approximately $0.1 million on October 28, 2024 in this preferred equity investment.

(10)Real Estate is a 204-unit multifamily property. As of December 31, 2024, the property was 95.6% occupied, with effective rent per occupied unit of $1,801 per month.

(11)Real Estate is a 280-unit multifamily property. As of December 31, 2024, the property was 93.9% occupied with effective rent per occupied unit of $1,637 per month.

The following table details overall statistics for our portfolio as of December 31, 2024 (dollars in thousands):

	TotalPortfolio	Floating RateInvestments	Fixed RateInvestments	Common EquityInvestments	Real Estate Investments	Stock Warrant Investments
Number of investments	83	20	53	7	2	1
Principal balance (1)	$1,153,218	$435,382	$717,836	N/A	N/A	N/A
Carrying value	$1,335,263	$433,161	$693,973	$58,893	$121,836	$27,400
Weighted-average cash coupon	7.16%	10.32%	5.24%	N/A	N/A	N/A
Weighted-average all-in yield	9.94%	12.37%	8.42%	N/A	N/A	N/A

(1)Cost is used in lieu of principal balance for CMBS I/O Strips.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.