00017862482025Q3false12/31P3Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesnref:metropolitan_areaxbrli:purenref:securitynref:loannref:stripnref:unitnref:subsidiarynref:notenref:extensionnref:segment00017862482025-01-012025-09-300001786248us-gaap:CommonStockMember2025-01-012025-09-300001786248us-gaap:SeriesAPreferredStockMember2025-01-012025-09-3000017862482025-11-1200017862482025-09-3000017862482024-12-310001786248us-gaap:RelatedPartyMember2025-09-300001786248us-gaap:RelatedPartyMember2024-12-310001786248srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2025-09-300001786248srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-12-310001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248nref:CMBSStructuredPassThroughCertificatesMember2025-09-300001786248nref:CMBSStructuredPassThroughCertificatesMember2024-12-310001786248srt:SubsidiariesMember2025-09-300001786248srt:SubsidiariesMember2024-12-310001786248nref:MortgageLoansMember2025-09-300001786248nref:MortgageLoansMember2024-12-3100017862482025-07-012025-09-3000017862482024-07-012024-09-3000017862482024-01-012024-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-07-012025-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-07-012024-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-09-300001786248nref:CMBSStructuredPassThroughCertificatesMember2025-07-012025-09-300001786248nref:CMBSStructuredPassThroughCertificatesMember2024-07-012024-09-300001786248nref:CMBSStructuredPassThroughCertificatesMember2025-01-012025-09-300001786248nref:CMBSStructuredPassThroughCertificatesMember2024-01-012024-09-300001786248us-gaap:CommonStockMember2025-07-012025-09-300001786248us-gaap:CommonStockMember2024-07-012024-09-300001786248us-gaap:CommonStockMember2025-01-012025-09-300001786248us-gaap:CommonStockMember2024-01-012024-09-300001786248nref:MSCRNotesMember2025-07-012025-09-300001786248nref:MSCRNotesMember2024-07-012024-09-300001786248nref:MSCRNotesMember2025-01-012025-09-300001786248nref:MSCRNotesMember2024-01-012024-09-300001786248us-gaap:MortgageBackedSecuritiesMember2025-07-012025-09-300001786248us-gaap:MortgageBackedSecuritiesMember2024-07-012024-09-300001786248us-gaap:MortgageBackedSecuritiesMember2025-01-012025-09-300001786248us-gaap:MortgageBackedSecuritiesMember2024-01-012024-09-300001786248us-gaap:RelatedPartyMember2025-07-012025-09-300001786248us-gaap:RelatedPartyMember2025-01-012025-09-300001786248us-gaap:RelatedPartyMember2024-07-012024-09-300001786248us-gaap:RelatedPartyMember2024-01-012024-09-300001786248us-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001786248us-gaap:SeriesAPreferredStockMember2024-07-012024-09-300001786248us-gaap:SeriesAPreferredStockMember2024-01-012024-09-300001786248us-gaap:SeriesBPreferredStockMember2025-07-012025-09-300001786248us-gaap:SeriesBPreferredStockMember2024-07-012024-09-300001786248us-gaap:SeriesBPreferredStockMember2025-01-012025-09-300001786248us-gaap:SeriesBPreferredStockMember2024-01-012024-09-300001786248nref:RedeemableNoncontrollingInterestsMember2025-07-012025-09-300001786248nref:RedeemableNoncontrollingInterestsMember2024-07-012024-09-300001786248nref:RedeemableNoncontrollingInterestsMember2025-01-012025-09-300001786248nref:RedeemableNoncontrollingInterestsMember2024-01-012024-09-3000017862482024-01-012024-03-310001786248us-gaap:PreferredStockMember2024-12-310001786248us-gaap:CommonStockMember2024-12-310001786248us-gaap:AdditionalPaidInCapitalMember2024-12-310001786248us-gaap:RetainedEarningsMember2024-12-310001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NoncontrollingInterestMember2024-12-310001786248srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2024-12-310001786248us-gaap:CommonStockMember2025-01-012025-09-300001786248us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NoncontrollingInterestMember2025-01-012025-09-300001786248us-gaap:SeriesAPreferredStockMemberus-gaap:RetainedEarningsMember2025-01-012025-09-300001786248us-gaap:RetainedEarningsMember2025-01-012025-09-300001786248us-gaap:PreferredStockMember2025-09-300001786248us-gaap:CommonStockMember2025-09-300001786248us-gaap:AdditionalPaidInCapitalMember2025-09-300001786248us-gaap:RetainedEarningsMember2025-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NoncontrollingInterestMember2025-09-300001786248srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2025-09-300001786248us-gaap:PreferredStockMember2025-06-300001786248us-gaap:CommonStockMember2025-06-300001786248us-gaap:AdditionalPaidInCapitalMember2025-06-300001786248us-gaap:RetainedEarningsMember2025-06-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NoncontrollingInterestMember2025-06-300001786248srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2025-06-3000017862482025-06-300001786248us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NoncontrollingInterestMember2025-07-012025-09-300001786248us-gaap:SeriesAPreferredStockMemberus-gaap:RetainedEarningsMember2025-07-012025-09-300001786248us-gaap:RetainedEarningsMember2025-07-012025-09-300001786248us-gaap:PreferredStockMember2023-12-310001786248us-gaap:CommonStockMember2023-12-310001786248us-gaap:AdditionalPaidInCapitalMember2023-12-310001786248us-gaap:RetainedEarningsMember2023-12-310001786248us-gaap:TreasuryStockCommonMember2023-12-310001786248us-gaap:TreasuryStockPreferredMember2023-12-310001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NoncontrollingInterestMember2023-12-310001786248srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2023-12-3100017862482023-12-310001786248us-gaap:CommonStockMember2024-01-012024-09-300001786248us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NoncontrollingInterestMember2024-01-012024-09-300001786248us-gaap:TreasuryStockCommonMember2024-01-012024-09-300001786248us-gaap:TreasuryStockPreferredMember2024-01-012024-09-300001786248us-gaap:SeriesAPreferredStockMemberus-gaap:RetainedEarningsMember2024-01-012024-09-300001786248us-gaap:RetainedEarningsMember2024-01-012024-09-300001786248us-gaap:PreferredStockMember2024-09-300001786248us-gaap:CommonStockMember2024-09-300001786248us-gaap:AdditionalPaidInCapitalMember2024-09-300001786248us-gaap:RetainedEarningsMember2024-09-300001786248us-gaap:TreasuryStockCommonMember2024-09-300001786248us-gaap:TreasuryStockPreferredMember2024-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NoncontrollingInterestMember2024-09-300001786248srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2024-09-3000017862482024-09-300001786248us-gaap:PreferredStockMember2024-06-300001786248us-gaap:CommonStockMember2024-06-300001786248us-gaap:AdditionalPaidInCapitalMember2024-06-300001786248us-gaap:RetainedEarningsMember2024-06-300001786248us-gaap:TreasuryStockCommonMember2024-06-300001786248us-gaap:TreasuryStockPreferredMember2024-06-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NoncontrollingInterestMember2024-06-300001786248srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2024-06-3000017862482024-06-300001786248us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001786248us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NoncontrollingInterestMember2024-07-012024-09-300001786248us-gaap:SeriesAPreferredStockMemberus-gaap:RetainedEarningsMember2024-07-012024-09-300001786248us-gaap:RetainedEarningsMember2024-07-012024-09-300001786248srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2025-01-012025-09-300001786248srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-01-012024-09-300001786248nref:CMBSStructuredPassThroughCertificatesMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2025-01-012025-09-300001786248nref:CMBSStructuredPassThroughCertificatesMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-01-012024-09-300001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-09-300001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-09-300001786248nref:NexPointRealEstateFinanceOperatingPartnershipLPMember2025-01-012025-09-300001786248nref:NexPointRealEstateFinanceOperatingPartnershipLPMembernref:ClassAOPUnitsMember2025-01-012025-09-300001786248nref:SevenSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-09-300001786248nref:SevenSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248nref:SubordinateTrancheOneSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-09-300001786248nref:SubordinateTrancheTwoSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-09-300001786248nref:SubordinateTrancheOneSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248nref:GeneralReserveMember2025-09-300001786248nref:GeneralReserveMember2024-09-300001786248nref:SpecificReserveMember2025-09-300001786248nref:SpecificReserveMember2024-09-300001786248nref:MortgageLoansMember2025-09-300001786248nref:MortgageLoansMember2025-01-012025-09-300001786248nref:MezzanineLoanMember2025-09-300001786248nref:MezzanineLoanMember2025-01-012025-09-300001786248nref:PreferredEquityMember2025-09-300001786248nref:PreferredEquityMember2025-01-012025-09-300001786248nref:PromissoryNoteMember2025-09-300001786248nref:PromissoryNoteMember2025-01-012025-09-300001786248us-gaap:RevolvingCreditFacilityMember2025-09-300001786248us-gaap:RevolvingCreditFacilityMember2025-01-012025-09-300001786248nref:MortgageLoansMember2024-12-310001786248nref:MortgageLoansMember2024-01-012024-12-310001786248nref:MezzanineLoanMember2024-12-310001786248nref:MezzanineLoanMember2024-01-012024-12-310001786248nref:PreferredEquityMember2024-12-310001786248nref:PreferredEquityMember2024-01-012024-12-310001786248nref:PromissoryNoteMember2024-12-310001786248nref:PromissoryNoteMember2024-01-012024-12-310001786248us-gaap:RevolvingCreditFacilityMember2024-12-310001786248us-gaap:RevolvingCreditFacilityMember2024-01-012024-12-3100017862482024-01-012024-12-310001786248nref:LoansReceivableHeldForInvestmentMember2024-12-310001786248nref:LoansReceivableHeldForInvestmentMember2023-12-310001786248nref:LoansReceivableHeldForInvestmentMember2025-01-012025-09-300001786248nref:LoansReceivableHeldForInvestmentMember2024-01-012024-09-300001786248nref:LoansReceivableHeldForInvestmentMember2025-09-300001786248nref:LoansReceivableHeldForInvestmentMember2024-09-300001786248nref:RiskRating1Member2025-09-300001786248nref:RiskRating2Member2025-09-300001786248nref:RiskRating3Member2025-09-300001786248nref:RiskRating4Member2025-09-300001786248nref:RiskRating5Member2025-09-300001786248nref:RiskRating1Member2024-12-310001786248nref:RiskRating2Member2024-12-310001786248nref:RiskRating3Member2024-12-310001786248nref:RiskRating4Member2024-12-310001786248nref:RiskRating5Member2024-12-310001786248stpr:MA2025-09-300001786248stpr:MA2024-12-310001786248stpr:TX2025-09-300001786248stpr:TX2024-12-310001786248stpr:GA2025-09-300001786248stpr:GA2024-12-310001786248stpr:MD2025-09-300001786248stpr:MD2024-12-310001786248stpr:CA2025-09-300001786248stpr:CA2024-12-310001786248stpr:VA2025-09-300001786248stpr:VA2024-12-310001786248stpr:FL2025-09-300001786248stpr:FL2024-12-310001786248nref:Other21StatesMember2025-09-300001786248nref:Other21StatesMember2024-12-310001786248srt:MultifamilyMember2025-09-300001786248srt:MultifamilyMember2024-12-310001786248nref:SingleFamilyRentalMember2025-09-300001786248nref:SingleFamilyRentalMember2024-12-310001786248nref:LifeScienceMember2025-09-300001786248nref:LifeScienceMember2024-12-310001786248nref:SelfStorageMember2025-09-300001786248nref:SelfStorageMember2024-12-310001786248nref:MarinaMember2025-09-300001786248nref:MarinaMember2024-12-310001786248stpr:TXus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248stpr:TXus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248stpr:COus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248stpr:COus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248stpr:CAus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248stpr:CAus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248stpr:FLus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248stpr:FLus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248stpr:WAus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248stpr:WAus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248stpr:GAus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248stpr:GAus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248stpr:NYus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248stpr:NYus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248stpr:NCus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248stpr:NCus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248nref:Other28StatesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248nref:Other32StatesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248srt:MultifamilyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248srt:MultifamilyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248nref:ManufacturedHousingMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248nref:ManufacturedHousingMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248nref:NexpointStoragePartnersMember2025-09-300001786248nref:PrivateREITMember2025-09-300001786248nref:NexpointStoragePartnersMember2024-12-310001786248nref:PrivateREITMember2025-09-300001786248nref:PrivateREITMember2024-12-310001786248us-gaap:CommonStockMembernref:NexpointStoragePartnersMember2025-07-012025-09-300001786248us-gaap:CommonStockMembernref:NexpointStoragePartnersMember2024-07-012024-09-300001786248us-gaap:CommonStockMembernref:NexpointStoragePartnersMember2025-01-012025-09-300001786248us-gaap:CommonStockMembernref:NexpointStoragePartnersMember2024-01-012024-09-300001786248us-gaap:CommonStockMembernref:PrivateREITMember2025-07-012025-09-300001786248us-gaap:CommonStockMembernref:PrivateREITMember2024-07-012024-09-300001786248us-gaap:CommonStockMembernref:PrivateREITMember2025-01-012025-09-300001786248us-gaap:CommonStockMembernref:PrivateREITMember2024-01-012024-09-300001786248nref:ResmarkForneyGatewayHoldingsLLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300001786248nref:RidgeviewPlaceMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300001786248nref:CapitalAcquisitionPartnerMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-3000017862482023-11-092023-11-090001786248nref:IQHQInc.Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300001786248us-gaap:SeriesEPreferredStockMember2025-01-022025-01-020001786248nref:IQHQInc.Memberus-gaap:SeriesEPreferredStockMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300001786248us-gaap:SeriesDPreferredStockMembernref:LifeScienceMember2025-09-300001786248us-gaap:SeriesDPreferredStockMembernref:LifeScienceMember2024-12-310001786248us-gaap:SeriesEPreferredStockMembernref:LifeScienceMember2025-09-300001786248us-gaap:SeriesEPreferredStockMembernref:LifeScienceMember2024-12-310001786248us-gaap:WarrantMembernref:LifeScienceMember2025-09-300001786248us-gaap:WarrantMembernref:LifeScienceMember2024-12-310001786248us-gaap:PreferredStockMember2025-07-012025-09-300001786248us-gaap:PreferredStockMember2024-07-012024-09-300001786248us-gaap:PreferredStockMember2025-01-012025-09-300001786248us-gaap:PreferredStockMember2024-01-012024-09-300001786248us-gaap:WarrantMember2025-07-012025-09-300001786248us-gaap:WarrantMember2024-07-012024-09-300001786248us-gaap:WarrantMember2025-01-012025-09-300001786248us-gaap:WarrantMember2024-01-012024-09-300001786248nref:NexPointStoragePartnersIncNSPMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300001786248nref:ResmarkForneyGatewayHoldingsLLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300001786248nref:ResmarkTheBrookLLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300001786248nref:PrivateREITMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300001786248nref:RidgeviewPlaceMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300001786248nref:CapitalAcquisitionPartnersLLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300001786248nref:CapitalAcquisitionPartnersLLCMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripOneMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripOneMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripTwoMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripTwoMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripThreeMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripThreeMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripFourMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripFourMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripFiveMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripFiveMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripSixMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripSixMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripSevenMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripSevenMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripEightMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripEightMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripNineMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripNineMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripTenMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripTenMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripElevenMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripElevenMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripTwelveMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripTwelveMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripThirteenMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripThirteenMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripFourteenMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripFourteenMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripsMember2025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripsMember2025-01-012025-09-300001786248srt:MultifamilyMembernref:CMBSIOStripOneMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripOneMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripTwoMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripTwoMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripThreeMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripThreeMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripFourMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripFourMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripFiveMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripFiveMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripSixMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripSixMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripSevenMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripSevenMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripEightMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripEightMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripNineMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripNineMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripTenMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripTenMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripElevenMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripElevenMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripTwelveMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripTwelveMember2024-01-012024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripsMember2024-12-310001786248srt:MultifamilyMembernref:CMBSIOStripsMember2024-01-012024-12-310001786248us-gaap:CommercialMortgageBackedSecuritiesMember2025-07-012025-09-300001786248us-gaap:CommercialMortgageBackedSecuritiesMember2024-07-012024-09-300001786248us-gaap:CommercialMortgageBackedSecuritiesMember2025-01-012025-09-300001786248us-gaap:CommercialMortgageBackedSecuritiesMember2024-01-012024-09-300001786248nref:CharlotteNCMember2021-12-310001786248nref:HudsonMontfordMember2025-07-222025-07-220001786248nref:NexpointMontfordLLCMember2025-07-220001786248nref:NexPointRealEstateFinanceOperatingPartnershipLPMember2025-07-222025-07-220001786248nref:AtlantaGAMember2023-10-100001786248nref:AlexanderAtTheDistrictMemberus-gaap:LandMember2025-09-300001786248nref:AlexanderAtTheDistrictMemberus-gaap:BuildingAndBuildingImprovementsMember2025-09-300001786248nref:AlexanderAtTheDistrictMembernref:ConstructionInProgressIncludingNettingMember2025-09-300001786248nref:AlexanderAtTheDistrictMembernref:FurnitureFixturesAndEquipmentMember2025-09-300001786248nref:AlexanderAtTheDistrictMember2025-09-300001786248us-gaap:LandMember2025-09-300001786248us-gaap:BuildingAndBuildingImprovementsMember2025-09-300001786248nref:ConstructionInProgressIncludingNettingMember2025-09-300001786248nref:FurnitureFixturesAndEquipmentMember2025-09-300001786248nref:HudsonMontfordMemberus-gaap:LandMember2024-12-310001786248nref:HudsonMontfordMemberus-gaap:BuildingAndBuildingImprovementsMember2024-12-310001786248nref:HudsonMontfordMembernref:ConstructionInProgressIncludingNettingMember2024-12-310001786248nref:HudsonMontfordMembernref:FurnitureFixturesAndEquipmentMember2024-12-310001786248nref:HudsonMontfordMember2024-12-310001786248nref:AlexanderAtTheDistrictMemberus-gaap:LandMember2024-12-310001786248nref:AlexanderAtTheDistrictMemberus-gaap:BuildingAndBuildingImprovementsMember2024-12-310001786248nref:AlexanderAtTheDistrictMembernref:ConstructionInProgressIncludingNettingMember2024-12-310001786248nref:AlexanderAtTheDistrictMembernref:FurnitureFixturesAndEquipmentMember2024-12-310001786248nref:AlexanderAtTheDistrictMember2024-12-310001786248us-gaap:LandMember2024-12-310001786248us-gaap:BuildingAndBuildingImprovementsMember2024-12-310001786248nref:ConstructionInProgressIncludingNettingMember2024-12-310001786248nref:FurnitureFixturesAndEquipmentMember2024-12-310001786248nref:MultifamilyPropertyIncludingNettingMembernref:RentalIncomeMember2025-07-012025-09-300001786248nref:MultifamilyPropertyIncludingNettingMembernref:RentalIncomeMember2024-07-012024-09-300001786248nref:MultifamilyPropertyIncludingNettingMembernref:RentalIncomeMember2025-01-012025-09-300001786248nref:MultifamilyPropertyIncludingNettingMembernref:RentalIncomeMember2024-01-012024-09-300001786248nref:MultifamilyPropertyIncludingNettingMember2025-07-012025-09-300001786248nref:MultifamilyPropertyIncludingNettingMember2024-07-012024-09-300001786248nref:MultifamilyPropertyIncludingNettingMember2025-01-012025-09-300001786248nref:MultifamilyPropertyIncludingNettingMember2024-01-012024-09-300001786248nref:FacilityMembernref:MizuhoMembernref:MasterRepurchaseAgreementsCollateralizedByCMBSMember2025-09-300001786248nref:FacilityMembernref:MizuhoMembernref:MasterRepurchaseAgreementsCollateralizedByCMBSMember2025-01-012025-09-300001786248nref:CollateralMembernref:MizuhoMembernref:MasterRepurchaseAgreementsCollateralizedByCMBSMember2025-09-300001786248nref:CollateralMembernref:MizuhoMembernref:MasterRepurchaseAgreementsCollateralizedByCMBSMember2025-01-012025-09-300001786248nref:FacilityMembernref:FreddieMacMembernref:AssetSpecificFinancingMember2025-09-300001786248nref:FacilityMembernref:FreddieMacMembernref:AssetSpecificFinancingMember2025-01-012025-09-300001786248nref:CollateralMembernref:FreddieMacMembernref:AssetSpecificFinancingMember2025-09-300001786248nref:CollateralMembernref:FreddieMacMembernref:AssetSpecificFinancingMember2025-01-012025-09-300001786248nref:FacilityMembernref:FreddieMacMembernref:MezzanineLoanMember2025-09-300001786248nref:FacilityMembernref:FreddieMacMembernref:MezzanineLoanMember2025-01-012025-09-300001786248nref:CollateralMembernref:FreddieMacMembernref:MezzanineLoanMember2025-09-300001786248nref:CollateralMembernref:FreddieMacMembernref:MezzanineLoanMember2025-01-012025-09-300001786248nref:FacilityMembernref:MultifamilyPropertyDebtDue2024Member2025-09-300001786248nref:FacilityMembernref:MultifamilyPropertyDebtDue2024Member2025-01-012025-09-300001786248nref:CollateralMembernref:MultifamilyPropertyDebtDue2024Member2025-09-300001786248nref:CollateralMembernref:MultifamilyPropertyDebtDue2024Member2025-01-012025-09-300001786248nref:FacilityMembernref:CommonStockInvestmentsMember2025-09-300001786248nref:FacilityMembernref:CommonStockInvestmentsMember2025-01-012025-09-300001786248nref:CollateralMembernref:CommonStockInvestmentsMember2025-09-300001786248nref:FacilityMembernref:The750PercentSeniorNotesDue2025Memberus-gaap:UnsecuredDebtMember2025-09-300001786248nref:FacilityMembernref:The750PercentSeniorNotesDue2025Memberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001786248nref:FacilityMembernref:The575PercentSeniorNotesDue2026Memberus-gaap:UnsecuredDebtMember2025-09-300001786248nref:FacilityMembernref:The575PercentSeniorNotesDue2026Memberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001786248nref:FacilityMembernref:The750PercentSeniorNotesDue2027Memberus-gaap:UnsecuredDebtMember2025-09-300001786248nref:FacilityMembernref:The750PercentSeniorNotesDue2027Memberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001786248nref:FacilityMember2025-09-300001786248nref:FacilityMember2025-01-012025-09-300001786248nref:CollateralMember2025-09-300001786248nref:CollateralMember2025-01-012025-09-3000017862482020-04-150001786248srt:MinimumMembernref:MizuhoMember2025-01-012025-09-300001786248srt:MaximumMembernref:MizuhoMember2025-01-012025-09-300001786248nref:FacilityMembernref:MultifamilyPropertyDebtDue2024Member2024-11-062024-11-060001786248nref:FacilityMembernref:MultifamilyPropertyDebtDue2026Memberus-gaap:SubsequentEventMember2025-11-062025-11-060001786248us-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-10-150001786248nref:OPNotesMemberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-10-150001786248nref:FacilityMembernref:MizuhoMembernref:MasterRepurchaseAgreementsCollateralizedByCMBSMember2024-12-310001786248nref:FacilityMembernref:MizuhoMembernref:MasterRepurchaseAgreementsCollateralizedByCMBSMember2024-01-012024-12-310001786248nref:CollateralMembernref:MizuhoMembernref:MasterRepurchaseAgreementsCollateralizedByCMBSMember2024-12-310001786248nref:CollateralMembernref:MizuhoMembernref:MasterRepurchaseAgreementsCollateralizedByCMBSMember2024-01-012024-12-310001786248nref:FacilityMembernref:FreddieMacMembernref:AssetSpecificFinancingMember2024-12-310001786248nref:FacilityMembernref:FreddieMacMembernref:AssetSpecificFinancingMember2024-01-012024-12-310001786248nref:CollateralMembernref:FreddieMacMembernref:AssetSpecificFinancingMember2024-12-310001786248nref:CollateralMembernref:FreddieMacMembernref:AssetSpecificFinancingMember2024-01-012024-12-310001786248nref:FacilityMembernref:FreddieMacMembernref:MezzanineLoanMember2024-12-310001786248nref:FacilityMembernref:FreddieMacMembernref:MezzanineLoanMember2024-01-012024-12-310001786248nref:CollateralMembernref:FreddieMacMembernref:MezzanineLoanMember2024-12-310001786248nref:CollateralMembernref:FreddieMacMembernref:MezzanineLoanMember2024-01-012024-12-310001786248nref:FacilityMembernref:MultifamilyPropertyDebtDue2028Member2024-12-310001786248nref:FacilityMembernref:MultifamilyPropertyDebtDue2028Member2024-01-012024-12-310001786248nref:CollateralMembernref:MultifamilyPropertyDebtDue2028Member2024-12-310001786248nref:CollateralMembernref:MultifamilyPropertyDebtDue2028Member2024-01-012024-12-310001786248nref:FacilityMembernref:MultifamilyPropertyDebtDue2024Member2024-12-310001786248nref:FacilityMembernref:MultifamilyPropertyDebtDue2024Member2024-01-012024-12-310001786248nref:CollateralMembernref:MultifamilyPropertyDebtDue2024Member2024-12-310001786248nref:CollateralMembernref:MultifamilyPropertyDebtDue2024Member2024-01-012024-12-310001786248nref:FacilityMembernref:CommonStockInvestmentsMember2024-12-310001786248nref:FacilityMembernref:CommonStockInvestmentsMember2024-01-012024-12-310001786248nref:CollateralMembernref:CommonStockInvestmentsMember2024-12-310001786248nref:FacilityMembernref:PromissoryNoteMember2024-12-310001786248nref:FacilityMembernref:PromissoryNoteMember2024-01-012024-12-310001786248nref:CollateralMembernref:PromissoryNoteMember2024-12-310001786248nref:CollateralMembernref:PromissoryNoteMember2024-01-012024-12-310001786248nref:FacilityMembernref:The750PercentSeniorNotesDue2025Memberus-gaap:UnsecuredDebtMember2024-12-310001786248nref:FacilityMembernref:The750PercentSeniorNotesDue2025Memberus-gaap:UnsecuredDebtMember2024-01-012024-12-310001786248nref:FacilityMembernref:The575PercentSeniorNotesDue2026Memberus-gaap:UnsecuredDebtMember2024-12-310001786248nref:FacilityMembernref:The575PercentSeniorNotesDue2026Memberus-gaap:UnsecuredDebtMember2024-01-012024-12-310001786248nref:FacilityMembernref:The750PercentSeniorNotesDue2027Memberus-gaap:UnsecuredDebtMember2024-12-310001786248nref:FacilityMembernref:The750PercentSeniorNotesDue2027Memberus-gaap:UnsecuredDebtMember2024-01-012024-12-310001786248nref:FacilityMember2024-12-310001786248nref:FacilityMember2024-01-012024-12-310001786248nref:CollateralMember2024-12-310001786248nref:CollateralMember2024-01-012024-12-310001786248srt:MinimumMembernref:MizuhoMember2024-01-012024-12-310001786248srt:MaximumMembernref:MizuhoMember2024-01-012024-12-310001786248nref:MultifamilyPropertyDebtDue2028Member2024-12-310001786248nref:MultifamilyPropertyDebtDue2028Member2024-01-012024-12-3100017862482019-07-120001786248nref:CreditFacilityMembernref:FreddieMacMember2019-07-122019-07-120001786248nref:CreditFacilityMembernref:FreddieMacMember2019-07-120001786248nref:CreditFacilityMembernref:FreddieMacMember2020-02-110001786248nref:MasterRepurchaseAgreementsCollateralizedByCMBSMembernref:MizuhoMember2025-09-300001786248nref:TheThird575PercentSeniorNotesMember2025-09-300001786248nref:SingleFamilyRentalMembernref:DebtInstrumentOneMembernref:SeniorLoanMember2025-09-300001786248nref:SingleFamilyRentalMembernref:DebtInstrumentTwoMembernref:SeniorLoanMember2025-09-300001786248nref:SingleFamilyRentalMembernref:DebtInstrumentThreeMembernref:SeniorLoanMember2025-09-300001786248nref:SingleFamilyRentalMembernref:DebtInstrumentFourMembernref:SeniorLoanMember2025-09-300001786248nref:SingleFamilyRentalMembernref:DebtInstrumentFiveMembernref:SeniorLoanMember2025-09-300001786248nref:SingleFamilyRentalMembernref:DebtInstrumentSixMembernref:SeniorLoanMember2025-09-300001786248nref:SingleFamilyRentalMembernref:DebtInstrumentSevenMembernref:SeniorLoanMember2025-09-300001786248nref:SingleFamilyRentalMembernref:DebtInstrumentEightMembernref:SeniorLoanMember2025-09-300001786248nref:SingleFamilyRentalMembernref:DebtInstrumentNineMembernref:SeniorLoanMember2025-09-300001786248nref:SingleFamilyRentalMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentOneMembernref:WilmingtonDeMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentTwoMembernref:WhiteMarshMdMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentThreeMembernref:PhiladelphiaPaMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentFourMembernref:DaytonaBeachFlMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentFiveMembernref:LaurelMdMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentSixMembernref:TempleHillsMdMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentSevenMembernref:TempleHillsMdMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentEightMembernref:LakewoodNjMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentNineMembernref:NorthAuroraIlMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentTenMembernref:RosedaleMdMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentElevenMembernref:CockeysvilleMdMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentTwelveMembernref:LaurelMdMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentThirteenMembernref:VancouverWaMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentFourteenMembernref:TylerTxMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentSixteenMembernref:AtlantaGAMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:DebtInstrumentSeventeenMembernref:DesMoinesIAMembernref:SeniorLoanMember2025-09-300001786248srt:MultifamilyMembernref:MezzanineLoanPortfolioMembernref:SeniorLoanMember2025-09-300001786248nref:SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember2024-12-310001786248nref:SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember2023-12-310001786248nref:SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember2025-01-012025-09-300001786248nref:SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember2024-01-012024-09-300001786248nref:SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember2025-09-300001786248nref:SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember2024-09-300001786248us-gaap:RecourseMember2025-09-300001786248us-gaap:NonrecourseMember2025-09-300001786248us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMember2025-09-300001786248us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2025-09-300001786248us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2025-09-300001786248us-gaap:EquityMethodInvestmentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001786248us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300001786248us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300001786248us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300001786248us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001786248us-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001786248us-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel1Member2025-09-300001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel2Member2025-09-300001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2025-09-300001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248nref:CMBSStructuredPassThroughCertificatesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001786248nref:CMBSStructuredPassThroughCertificatesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300001786248nref:CMBSStructuredPassThroughCertificatesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300001786248nref:CMBSStructuredPassThroughCertificatesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300001786248nref:CMBSStructuredPassThroughCertificatesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001786248us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel1Member2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel2Member2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2025-09-300001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300001786248us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMember2024-12-310001786248us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-12-310001786248us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2024-12-310001786248us-gaap:EquityMethodInvestmentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001786248us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001786248us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001786248us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310001786248us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001786248us-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001786248us-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel1Member2024-12-310001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel2Member2024-12-310001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2024-12-310001786248us-gaap:MortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248nref:CMBSStructuredPassThroughCertificatesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001786248nref:CMBSStructuredPassThroughCertificatesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001786248nref:CMBSStructuredPassThroughCertificatesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001786248nref:CMBSStructuredPassThroughCertificatesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310001786248nref:CMBSStructuredPassThroughCertificatesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310001786248us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001786248us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel1Member2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel2Member2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2024-12-310001786248us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001786248nref:NexpointStoragePartnersMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputCapRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputCapRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputCapRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:SeriesDPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:SeriesDPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:SeriesDPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:SeriesDPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:SeriesEPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:SeriesEPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:SeriesEPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:SeriesEPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300001786248nref:PrivateREITMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300001786248nref:PrivateREITMembernref:MeasurementInputNAVPerShareMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-09-300001786248nref:PrivateREITMembernref:MeasurementInputNAVPerShareMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-09-300001786248nref:PrivateREITMembernref:MeasurementInputNAVPerShareMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:FairValueInputsLevel3Membernref:ValuationTechniqueNAVApproachMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberus-gaap:FairValueInputsLevel3Membernref:ValuationTechniqueNAVApproachMembersrt:MinimumMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberus-gaap:FairValueInputsLevel3Membernref:ValuationTechniqueNAVApproachMembersrt:MaximumMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberus-gaap:FairValueInputsLevel3Membernref:ValuationTechniqueNAVApproachMembersrt:WeightedAverageMember2025-09-300001786248nref:NexpointStoragePartnersMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-12-310001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputCapRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputCapRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputCapRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001786248nref:NexpointStoragePartnersMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001786248nref:IQHQInc.Memberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-12-310001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310001786248nref:IQHQInc.Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310001786248nref:PrivateREITMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2024-12-310001786248nref:PrivateREITMembernref:MeasurementInputNAVPerShareMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2024-12-310001786248nref:PrivateREITMembernref:MeasurementInputNAVPerShareMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001786248nref:PrivateREITMembernref:MeasurementInputNAVPerShareMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2024-12-310001786248nref:NexpointStoragePartnersMemberus-gaap:EquitySecuritiesMember2024-12-310001786248nref:NexpointStoragePartnersMemberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001786248nref:NexpointStoragePartnersMemberus-gaap:EquitySecuritiesMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMemberus-gaap:SeriesDPreferredStockMember2024-12-310001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMemberus-gaap:SeriesDPreferredStockMember2025-01-012025-09-300001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMemberus-gaap:SeriesDPreferredStockMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMemberus-gaap:SeriesEPreferredStockMember2024-12-310001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMemberus-gaap:SeriesEPreferredStockMember2025-01-012025-09-300001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMemberus-gaap:SeriesEPreferredStockMember2025-09-300001786248nref:PrivateREITMemberus-gaap:EquitySecuritiesMember2024-12-310001786248nref:PrivateREITMemberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001786248nref:PrivateREITMemberus-gaap:EquitySecuritiesMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMember2024-12-310001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMember2025-09-300001786248nref:NexpointStoragePartnersMemberus-gaap:EquitySecuritiesMember2023-12-310001786248nref:NexpointStoragePartnersMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001786248nref:NexpointStoragePartnersMemberus-gaap:EquitySecuritiesMember2024-09-300001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMember2023-12-310001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001786248nref:IQHQInc.Memberus-gaap:EquitySecuritiesMember2024-09-300001786248nref:PrivateREITMemberus-gaap:EquitySecuritiesMember2023-12-310001786248nref:PrivateREITMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001786248nref:PrivateREITMemberus-gaap:EquitySecuritiesMember2024-09-300001786248us-gaap:SeriesBPreferredStockMember2025-09-300001786248us-gaap:SeriesAPreferredStockMember2020-07-242020-07-240001786248us-gaap:SeriesAPreferredStockMember2020-07-240001786248us-gaap:SeriesBPreferredStockMember2023-11-022023-11-020001786248us-gaap:SeriesBPreferredStockMember2023-11-020001786248us-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2025-10-012025-10-010001786248us-gaap:SeriesBPreferredStockMembernref:DealerManagerMember2023-11-022025-09-300001786248nref:NexPointSecuritiesMembernref:DealerManagerMember2023-11-022025-09-300001786248us-gaap:SeriesBPreferredStockMember2024-01-012024-12-3100017862482020-03-0900017862482020-03-092020-03-0900017862482020-03-092022-03-0900017862482021-03-032021-03-0300017862482024-05-292024-05-2900017862482023-02-2200017862482023-02-222023-02-220001786248nref:LTIP2020Member2020-01-312020-01-310001786248nref:LTIP2020Member2024-01-262024-01-260001786248us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMembernref:LTIP2020Member2025-01-012025-09-300001786248us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMembernref:LTIP2020Member2025-01-012025-09-300001786248nref:LTIP2020Memberus-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membernref:OfficersAndOtherEmployeesMember2021-02-222021-02-220001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membersrt:DirectorMember2021-02-222021-02-220001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membernref:GeneralPartnerOfSubsidiaryMember2021-11-082021-11-080001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membernref:OfficersAndOtherEmployeesMember2022-02-212022-02-210001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membersrt:DirectorMember2022-02-212022-02-210001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membernref:OfficersAndOtherEmployeesMember2023-04-042023-04-040001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membersrt:DirectorMember2023-04-042023-04-040001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membernref:OfficersAndOtherEmployeesMember2024-03-132024-03-130001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membersrt:DirectorMember2024-03-132024-03-130001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membernref:OfficersAndOtherEmployeesMember2025-04-032025-04-030001786248us-gaap:RestrictedStockUnitsRSUMembernref:LTIP2020Membersrt:DirectorMember2025-04-032025-04-030001786248us-gaap:RestrictedStockUnitsRSUMember2024-12-310001786248us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300001786248us-gaap:RestrictedStockUnitsRSUMember2025-09-300001786248us-gaap:RestrictedStockUnitsRSUMembernref:SharebasedPaymentArrangementVestingInFebruaryMember2025-09-300001786248us-gaap:RestrictedStockUnitsRSUMembernref:ShareBasedPaymentArrangementVestingInMarchMember2025-09-300001786248us-gaap:RestrictedStockUnitsRSUMembernref:ShareBasedPaymentArrangementVestingInAprilMember2025-09-300001786248us-gaap:RestrictedStockUnitsRSUMembernref:ShareBasedPaymentArrangementVestingInFebruaryThroughAprilMember2025-09-300001786248nref:AtthemarketOfferingMember2022-03-150001786248nref:The2022AtTheMarketProgramATMMember2022-03-152025-09-300001786248nref:The2022AtTheMarketProgramATMMember2025-09-3000017862482021-12-310001786248nref:OPUnitsMembernref:OPUnitsHeldByNoncontrollingInterestMember2025-09-300001786248nref:NexpointRealEstateAdvisorsVIILPMember2025-01-012025-09-300001786248nref:ContributionAgreementMembernref:BuffaloPointeMembernref:NexPointRealEstateFinanceOperatingPartnershipLPMember2020-05-292020-05-290001786248nref:ContributionAgreementMembernref:BuffaloPointeMembernref:NexPointRealEstateFinanceOperatingPartnershipLPMember2020-05-290001786248nref:ContributionAgreementMembernref:BuffaloPointeMembernref:NexPointRealEstateFinanceOperatingPartnershipLPMember2025-09-302025-09-300001786248nref:ContributionAgreementMembernref:BuffaloPointeMember2025-09-300001786248nref:ContributionAgreementMembernref:BuffaloPointeMember2025-01-012025-09-300001786248srt:MaximumMembernref:NexpointRealEstateAdvisorsVIILPMember2025-01-012025-09-300001786248nref:REITSubAndTheCoGuarantorsMember2022-12-080001786248nref:REITSubAndTheCoGuarantorsMember2023-02-150001786248nref:REITSubAndTheCoGuarantorsMember2023-12-080001786248nref:REITSubAndTheCoGuarantorsMember2025-09-300001786248nref:FacilityMembernref:The750PercentSeniorNotesDue2027Memberus-gaap:UnsecuredDebtMember2022-10-180001786248us-gaap:RedeemablePreferredStockMember2025-01-012025-09-300001786248nref:NexPointSecuritiesMemberus-gaap:SeriesBPreferredStockMember2023-11-020001786248us-gaap:SeriesBPreferredStockMembernref:DealerManagerMembernref:NexPointSecuritiesMember2025-01-012025-09-300001786248nref:NexPointSecuritiesMembernref:DealerManagerMember2025-01-012025-09-300001786248nref:SFROPNoteMember2024-03-280001786248nref:SFROPNoteMember2025-03-122025-03-120001786248nref:SFROPNoteMember2024-07-100001786248nref:SFROPNoteMember2024-07-102024-12-310001786248nref:SFROPNoteMember2025-04-292025-04-290001786248nref:IQHQInc.Member2025-07-310001786248nref:IQHQInc.Member2025-08-240001786248nref:IQHQInc.Member2025-09-240001786248nref:SFROPNoteMember2025-09-300001786248nref:TheNexBankLoanMember2025-09-3000017862482024-02-292024-02-2900017862482024-03-010001786248nref:ClassACMBSMember2024-03-012024-03-010001786248nref:ClassE1CMBSMember2024-03-012024-03-010001786248nref:ClassE2CMBSMember2024-03-012024-03-0100017862482024-05-0800017862482024-05-082024-05-0800017862482024-09-2700017862482024-11-140001786248nref:TheNexBankLoanMember2024-04-292024-04-290001786248nref:TheNexBankLoanMember2024-04-290001786248nref:TheNexBankLoanMember2025-09-302025-09-300001786248nref:PhoenixAZMember2023-03-140001786248nref:PhoenixAZMember2025-09-300001786248srt:MinimumMember2023-03-140001786248srt:MaximumMember2023-03-1400017862482023-03-140001786248nref:NexPointRealEstateFinanceIncMembernref:PreferredEquityInvestmentReturnTrancheTwoMember2023-03-140001786248nref:PreferredEquityInvestmentReturnTrancheOneMember2023-03-142023-03-140001786248nref:NexPointRealEstateFinanceIncMembernref:PreferredEquityInvestmentReturnTrancheOneMember2023-03-140001786248nref:PreferredEquityIssuerMembernref:PreferredEquityInvestmentReturnTrancheOneMember2023-03-140001786248nref:PreferredEquityIssuerMembernref:PreferredEquityInvestmentReturnTrancheTwoMember2023-03-140001786248nref:MultifamilyPropertyIncludingNettingMembernref:RichmondVirginiaMember2023-02-100001786248nref:MultifamilyPropertyIncludingNettingMembernref:ForneyTexasMember2023-02-100001786248nref:MultifamilyPropertyIncludingNettingMembernref:ForneyTexasMember2025-04-042025-04-040001786248nref:MultifamilyPropertyIncludingNettingMembernref:ForneyTexasMember2025-01-012025-09-300001786248nref:MultifamilyPropertyIncludingNettingMembernref:RichmondVirginiaMember2025-04-042025-04-040001786248nref:MultifamilyPropertyIncludingNettingMembernref:RichmondVirginiaMember2025-01-012025-09-300001786248nref:IQHQInc.Membernref:IQHQInc.Member2024-07-100001786248nref:SFROPNoteMember2025-08-250001786248nref:IQHQInc.Member2025-04-292025-04-290001786248nref:IQHQInc.Member2024-07-100001786248nref:IQHQInc.Member2025-09-300001786248nref:IQHQAlewifeHoldingsLLCMember2024-01-260001786248nref:AlewifeLoanMember2024-05-100001786248nref:AlewifeLoanMember2025-01-020001786248nref:AlewifeLoanMembersrt:MinimumMember2024-05-100001786248nref:AlewifeSeniorLoanMemberus-gaap:SeniorLoansMember2025-09-300001786248nref:AlewifeMezzanineLoanMemberus-gaap:SeniorLoansMember2025-09-300001786248nref:AlewifeLoanMemberus-gaap:SeniorLoansMember2025-01-012025-09-300001786248nref:AlewifeSeniorLoanMembernref:OSLMemberus-gaap:SeniorLoansMember2025-09-300001786248nref:AlewifeSeniorLoanMembernref:OSLMemberus-gaap:SeniorLoansMember2025-01-012025-09-300001786248nref:AlewifeMezzanineLoanMemberus-gaap:SeniorLoansMember2025-01-012025-09-300001786248nref:AlewifeMezzanineLoanMember2025-09-300001786248nref:IQHQInc.Membernref:ConvertiblePromissoryNoteMember2024-05-230001786248nref:IQHQInc.Member2024-05-230001786248nref:IQHQInc.Membersrt:MinimumMember2024-05-232024-05-230001786248nref:IQHQInc.Membersrt:MaximumMember2024-05-232024-05-230001786248nref:NexPointRealEstateFinanceIncMember2024-05-230001786248nref:IQHQInc.Member2024-05-230001786248nref:IQHQInc.Membernref:RevolvingLoanMember2024-12-310001786248nref:IQHQInc.Membernref:RevolvingLoanMember2025-09-300001786248nref:IQHQInc.Memberus-gaap:LineOfCreditMember2025-01-012025-09-300001786248nref:IQHQInc.Member2024-12-310001786248nref:IQHQInc.Membernref:ConvertiblePromissoryNoteMember2024-12-310001786248nref:IQHQInc.Membernref:SubscriptionAgreementsMember2024-12-310001786248nref:IQHQInc.Membersrt:MinimumMember2025-01-012025-09-300001786248nref:IQHQInc.Membersrt:MaximumMember2025-01-012025-09-300001786248nref:IQHQInc.Membernref:IQHQInc.Member2025-09-300001786248nref:MezzanineLoanUnfundedCommitmentMember2025-09-300001786248nref:MezzanineLoanUnfundedCommitmentMember2024-12-310001786248nref:PreferredEquityPurchaseCommitmentMember2025-09-300001786248nref:PreferredEquityPurchaseCommitmentMember2024-12-310001786248nref:CommonEquityPurchaseCommitmentMember2025-09-300001786248nref:CommonEquityPurchaseCommitmentMember2024-12-310001786248nref:PreferredStockPurchaseCommitmentMember2025-09-300001786248nref:PreferredStockPurchaseCommitmentMember2024-12-310001786248us-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2025-10-010001786248us-gaap:SeriesGPreferredStockMemberus-gaap:SubsequentEventMember2025-10-082025-10-080001786248us-gaap:SeriesGPreferredStockMemberus-gaap:SubsequentEventMember2025-10-080001786248nref:SeniorUnsecuredNotesDue2026Memberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-10-100001786248nref:OPNotesMemberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-10-100001786248nref:SeniorUnsecuredNotesDue2025Memberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-10-100001786248nref:OPNotesMemberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-10-152025-10-150001786248us-gaap:SubsequentEventMember2025-10-282025-10-280001786248us-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2025-10-310001786248us-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2025-10-312025-10-310001786248us-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2025-11-112025-11-110001786248us-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2025-11-110001786248us-gaap:SeriesCPreferredStockMemberus-gaap:SubsequentEventMember2025-11-042025-11-040001786248us-gaap:SeriesCPreferredStockMemberus-gaap:SubsequentEventMember2025-11-040001786248nref:LurinRealEstateMezzLILLCMembernref:PalisadesMezzanineLoanMemberus-gaap:SubsequentEventMember2025-11-062025-11-060001786248nref:CPWMezzLILLCMembernref:CenterPointeMezzanineLoanMemberus-gaap:SubsequentEventMember2025-11-102025-11-100001786248nref:CPWMezzLILLCMembernref:CenterPointeMezzanineLoanMemberus-gaap:SubsequentEventMember2025-10-232025-10-230001786248nref:CPWMezzLILLCMembernref:CenterPointeMezzanineLoanMemberus-gaap:SubsequentEventMember2025-11-13

__________________________________

__________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of November 12, 2025, the registrant had 17,721,828 shares of its common stock, par value $0.01 per share, outstanding.

This quarterly report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. In particular, statements relating to our liquidity and capital resources, our performance and results of operations contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including market conditions and demographics) are forward-looking statements. We caution investors that any forward-looking statements presented in this quarterly report are based on management’s then-current beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “would,” “result,” the negative version of these words and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements.

Some of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

•Our loans and investments expose us to risks similar to and associated with debt-oriented real estate investments generally;

•Macroeconomic trends including inflation and high interest rates may continue to, and other trends such as tariffs may, adversely affect our financial condition and results of operations;

•Commercial real estate-related investments that are secured, directly or indirectly, by real property are subject to delinquency, foreclosure and loss, which could result in losses to us;

•Fluctuations in interest rate and credit spreads could reduce our ability to generate income on our loans and other investments, including our ability to estimate allowances for credit losses, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments;

•Risks associated with the ownership of real estate;

•Our loans and investments are concentrated in terms of type of interest, geography, asset types and sponsors and may continue to be so in the future;

•We have a substantial amount of indebtedness which may limit our financial and operating activities and may adversely affect our ability to incur additional debt to fund future needs;

•We may not replicate the historical results achieved by other entities managed or sponsored by affiliates of NexPoint Advisors, L.P. (our “Sponsor”), members of the management team of NexPoint Real Estate Advisors VII, L.P. (our “Manager”) or their affiliates;

•We are dependent upon our Manager and its affiliates to conduct our day-to-day operations; thus, adverse changes in their financial health or our relationship with them could cause our operations to suffer;

•Our Manager and its affiliates face conflicts of interest, including significant conflicts created by our Manager’s compensation arrangements with us, including compensation which may be required to be paid to our Manager if our management agreement is terminated, which could result in decisions that are not in the best interests of our stockholders;

•We pay substantial fees and expenses to our Manager and its affiliates, which payments increase the risk that you will not earn a profit on your investment;

•If we fail to qualify as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes, cash available for distributions (“CAD”) to be paid to our stockholders could decrease materially, which would limit our ability to make distributions to our stockholders;

•Risks associated with pandemics, including unpredictable variants and the future outbreak of other highly infectious or contagious diseases;

•Risks associated with the Highland Capital Management, L.P. bankruptcy, including related litigation and potential conflicts of interest; and

•Any other risks included under Part I, Item1A, "Risk Factors," of our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 27, 2025 (our "Annual Report").

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date of this quarterly report. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.

(1) Includes credit allowance of $25.9 million and $0.8 million, respectively
(2) Includes credit allowance of $0.1 million and $0.6 million, respectively

(1)     Includes $25.0 million related to accelerated amortization of the premium associated with the prepayment on a senior loan in the first quarter of 2024.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY