CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 22,643	$ 31,114
Restricted cash	2,604	3,240
Net Operating Real Estate Investments	112,939	113,879
Common stock investments	52,860	49,104
Equity method investments ($1,768 and $1,714 with related parties, respectively)	1,768	1,714
Mortgage loans, held-for-investment, net	108,903	121,239
Preferred stock investments, at fair value	157,966	157,893
Accrued interest and dividends, net	47,305	54,009
Stock warrant investments, at fair value	136,739	141,186
Accounts receivable and other assets	332	551
TOTAL ASSETS	5,234,645	5,321,197
Liabilities:
Secured financing agreements, net	163,600	176,141
Master repurchase agreements	164,614	258,038
Unsecured notes, net	230,618	229,112
Mortgages payable, net	106,151	106,151
Accounts payable and other accrued liabilities	14,518	13,699
Accrued interest payable	16,971	13,795
Bonds payable held in variable interest entities, at fair value	3,688,881	3,692,390
Total Liabilities	4,385,353	4,489,326
Redeemable noncontrolling interests in the OP	82,508	82,235
Stockholders' Equity:
Common stock, value, outstanding	187	186
Additional paid-in capital	404,733	404,207
Retained earnings (accumulated deficit)	(16,279)	(16,519)
Total Stockholders' Equity	388,752	387,985
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	5,234,645	5,321,197
Series A Preferred Stock
Stockholders' Equity:
Preferred stock, value, outstanding	16	16
Redeemable Series B Preferred Stock
Liabilities:
Redeemable Preferred stock	358,767	359,783
Redeemable Series C Preferred Stock
Liabilities:
Redeemable Preferred stock	19,265	1,868
CMBS Structured Pass Through Certificates
ASSETS
CMBS structured pass-through certificates, at fair value	38,176	40,427
Variable Interest Entity, Primary Beneficiary
ASSETS
Loans and leases receivable, net amount	3,873,034	3,987,281
Consolidated Entity, Excluding Consolidated VIE
ASSETS
Loans and leases receivable, net amount	679,376	619,560
Noncontrolling interest in Subsidiary
Stockholders' Equity:
Stockholders' equity attributable to noncontrolling interest	$ 95	$ 95

NexPoint Real Estate Finance, Inc. 10-Q