Financial Data and Key Metrics Changes - For Q4 2024, the company reported net income of $0.43 per diluted share, down from $0.73 per diluted share in Q4 2023, attributed to unrealized losses on common stock investments and changes in net assets on CMBS VIEs [10] - Interest income decreased by $15.4 million to $32.3 million in Q4 2024 from $47.7 million in Q4 2023 [10] - Earnings available for distribution were $0.83 per diluted common share in Q4, compared to $0.44 per diluted common share in the same period of 2023 [11] - Cash available for distribution was $0.47 per diluted common share in Q4, down from $0.51 per diluted common share in Q4 2023 [12] - For the full year 2024, net income was $1.02 per diluted share, up from $0.60 per diluted share in 2023 [14] Business Line Data and Key Metrics Changes - The portfolio consists of 83 investments with an outstanding balance of $1.1 billion, allocated across various sectors including 15.5% single-family rental, 49.7% multifamily, and 31% life sciences [16] - The collateral on the portfolio is 76.5% stabilized with a loan-to-value ratio of 59.2% and a weighted average DSCR of 1.32 times [18] Market Data and Key Metrics Changes - Multifamily fundamentals are improving, with Q4 starts at 37,000 units, the lowest since Q4 2011, indicating a potential inflection point as supply wanes [21] - The company is actively underwriting $300 million of opportunities in life sciences, particularly in infrastructure and pharmaceutical manufacturing [24] Company Strategy and Development Direction - The company is optimistic about growth in 2025, particularly in the multifamily sector and life sciences, with plans to capitalize on construction financing and high-quality mezzanine opportunities [20][25] - The company is exploring multiple avenues for funding growth, including A-note warehouses and bond-rated deals [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying credit profile of the portfolio and expects new lease growth to turn positive in the second half of the year [20] - The company is seeing increased activity in life sciences and advanced manufacturing, driven by reshoring trends [24] Other Important Information - The company paid a regular dividend of $0.50 per share in Q4 and has declared the same for Q1 2025 [12] - The debt-to-equity ratio stands at 1.39 times, with $799.3 million of debt outstanding [18] Q&A Session Summary Question: Can you talk about the returns on new investments and how they compare to other things in your pipeline? - Management indicated that Freddie K deals are expected to yield in the 8% to 9% range, with low to mid-teens type of return when leveraging [32] Question: Can you provide an update on life science investments and performance? - Management highlighted a $220 million commitment in Massachusetts, with a loan-to-cost attachment point of roughly 25% and a stabilized debt yield of over 30% [35] Question: Any updates on loan performance, particularly delinquent or defaulted loans? - Management noted a few watch list loans but emphasized overall strong portfolio performance with minimal delinquency [40] Question: Is the Cambridge deal purely speculative? - Management confirmed it is a speculative development but mentioned ongoing preleasing activity with significant interest [49][46]

NYSE:NREF 1Q 2022 FINANCIAL SUPPLEMENT 4Q 2024 Financial Supplement February 27, 2025 CONTACT NEXPOINT REAL ESTATE FINANCE (NYSE:NREF) 300 Crescent Court, Suite 700 Dallas, Texas 75201 (w) nref.nexpoint.com INVESTOR RELATIONS Kristen Griffith (e) kgriffith@nexpoint.com 28 APRIL 2022 NYSE:NR EF Cautionary Statements FORWARD LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's curren ...

NexPoint Real Estate Finance, Inc. (NYSE:NREF) Q4 2024 Earnings Conference Call February 27, 2025 11:00 AM ET Company Participants Kristen Griffith – Investor Relations Matt McGraner – Executive Vice President and Chief Investment Officer Paul Richards – Executive Vice President and Chief Financial Officer Conference Call Participants Stephen Laws – Raymond James Jade Rahmani – KBW Operator Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like t ...

Group 1: Earnings Performance - NexPoint reported quarterly earnings of $0.83 per share, exceeding the Zacks Consensus Estimate of $0.78 per share, and up from $0.44 per share a year ago, representing an earnings surprise of 6.41% [1] - The company posted revenues of $21.69 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 90.11%, compared to revenues of $3.83 million a year ago [2] - Over the last four quarters, NexPoint has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - NexPoint shares have increased by approximately 3.3% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.61 on revenues of $10.1 million, and for the current fiscal year, it is $2.44 on revenues of $40.77 million [7] - The estimate revisions trend for NexPoint is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [6] Group 3: Industry Context - The REIT and Equity Trust industry, to which NexPoint belongs, is currently in the bottom 34% of over 250 Zacks industries, suggesting that the outlook for the industry can significantly impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - NREF reported net income attributable to common stockholders of $8.4 million, or $0.43 per diluted share for Q4 2024[2] - For Q1 2025, net income attributable to common stockholders is estimated to be between $8.0 million and $10.4 million[7] - Guidance for Q1 2025 EAD per diluted common share is $0.45 at the midpoint[9] - Guidance for Q1 2025 CAD per diluted common share is $0.50 at the midpoint[10] Cash Distribution - Cash available for distribution (CAD) for Q4 2024 was $10.9 million, or $0.47 per diluted common share[2] - CAD is calculated by adjusting EAD for amortization and depreciation, providing insight into the company's current ability to pay distributions[20] Investment Portfolio - The total portfolio outstanding is $1.2 billion, composed of 83 investments, with multifamily representing 49.7% of the investment portfolio[8] Debt Metrics - The weighted-average loan to value (LTV) is 59.2% and the debt service coverage ratio (DSCR) is 1.32x[8] - During Q4 2024, NREF redeemed a mortgage-backed security with an outstanding principal balance of $9.5 million[8] - The company funded $16.7 million on a loan that pays a monthly coupon of SOFR + 900 bps during the quarter[8] Earnings Adjustments - EAD is defined as net income attributable to common stockholders, adjusted for certain GAAP items, and includes the dilutive effect of non-controlling interests[18] - Starting Q3 2023, EAD has been adjusted to exclude income/losses from equity method investments, focusing on distributable earnings[18] - EAD and CAD per diluted common share will be based on adjusted weighted average common shares outstanding starting Q2 2024[21] Shareholder Considerations - The adjusted weighted average common shares outstanding - diluted excludes the dilutive effect of potential redemptions of Series B Preferred shares[21] - Series B Preferred redemptions are capped at 2% monthly, 5% quarterly, and 20% annually, with sufficient liquidity maintained for cash cover[21] - The company intends to avoid settling Series B Preferred redemptions in common stock when the stock price is below book value[21] Reporting Standards - EAD and CAD should not be considered alternatives to GAAP net income or cash flows from operating activities[20] - The computation of EAD and CAD may not be comparable to those reported by other REITs[20] - Adjusted weighted average common shares outstanding - diluted should not be considered an alternative to GAAP measures[22]

Core Viewpoint - NexPoint Real Estate Finance, Inc. reported strong financial results for Q4 2024, highlighting resilience in earnings amid challenging credit market conditions [1][2]. Financial Performance - Net income attributable to common stockholders for Q4 2024 was $8.4 million, equating to $0.43 per diluted share [1]. - Cash available for distribution for the same period was $10.9 million, or $0.47 per diluted common share [1]. - Earnings available for distribution (EAD) for Q4 2024 was reported at $19.5 million, with EAD per diluted common share at $0.83 [13]. Portfolio Overview - The total portfolio of the company stands at $1.2 billion, comprising 83 investments across various sectors including single-family rental (15.5%), multifamily (49.7%), and life sciences (31.0%) [7]. - The weighted-average loan to value (LTV) ratio is 59.2%, and the debt service coverage ratio (DSCR) is 1.32x [7]. Future Guidance - For Q1 2025, the company projects EAD per diluted common share guidance at $0.455, with net income estimates ranging from $12.9 million to $15.3 million [6]. - Cash available for distribution per diluted common share guidance for Q1 2025 is set at $0.505 [9]. Management Commentary - The Chief Investment Officer emphasized the company's proactive approach in capital deployment during a time when traditional lenders are facing credit issues, aiming to create long-term value for shareholders [2].

Core Viewpoint - NexPoint Real Estate Finance, Inc. has announced the final income allocations for its 2024 dividend distributions across its common stock and preferred stocks, detailing the amounts and tax implications for shareholders [1][2]. Dividend Distribution Summary Common Shares - Total dividend distribution per share for 2024 is $2.00000, with $1.81376 classified as taxable ordinary income and $0.18624 as return of capital [1]. - Each quarterly dividend is $0.50000, with the taxable ordinary income per share consistently at $0.45344 across all distributions [1]. Series A Preferred Shares - Total dividend distribution per share for 2024 is $2.12500, entirely classified as taxable ordinary income [1]. - Each quarterly dividend is $0.53125, with no return of capital [1]. Series B Preferred Shares - Total dividend distribution per share for 2024 is $2.25000, also entirely classified as taxable ordinary income [2]. - Each monthly dividend is $0.18750, with no return of capital [2]. Company Overview - NexPoint Real Estate Finance, Inc. is a publicly traded Real Estate Investment Trust (REIT) focused on various real estate financing activities, including first-lien mortgage loans, mezzanine loans, and multifamily properties [3]. - The company's common stock and Series A Preferred Stock are listed on the New York Stock Exchange under the symbols "NREF" and "NREF-PRA," respectively [3].

Core Viewpoint - NexPoint Real Estate Finance, Inc. is set to discuss its fourth quarter and full year 2024 financial results in a conference call scheduled for February 27, 2025 [1] Group 1: Conference Call Details - The conference call will take place at 11:00 a.m. ET (10:00 a.m. CT) [1] - Access to the call can be made via phone by dialing 888-660-4430 for domestic callers and +1 646-960-0537 for international callers, using passcode Conference ID: 6891136 [2] - A live audio webcast will be available on the Company's website, and a replay will be accessible for 60 days after the call [2][3] Group 2: Financial Results Announcement - The Company plans to issue a press release with the fourth quarter and full year 2024 financial results before the market opens on February 27, 2025 [3] Group 3: Company Overview - NexPoint Real Estate Finance, Inc. is a publicly traded REIT listed on the NYSE under the symbols "NREF" and "NREF-PRA" [4] - The Company focuses on originating, structuring, and investing in various financial instruments including first-lien mortgage loans, mezzanine loans, and multifamily properties [4]

Group 1: Stock Recommendations - Two Harbors Investments Corp (TWO) is a Real Estate Investment Trust focusing on residential mortgage-backed securities and mortgage loans, with a Zacks Consensus Estimate for next year’s earnings increasing by 3.7% over the last 60 days [1] - NexPoint Real Estate Finance (NREF) is a real estate investment trust that invests in first mortgage loans and commercial mortgage-backed securities, with a Zacks Consensus Estimate for current year earnings increasing nearly 17% over the last 60 days [3] - RITHM CAP CP (RITM) provides capital and services to the real estate and financial services industries, with a Zacks Consensus Estimate for current year earnings increasing nearly 3.2% over the last 60 days [4] Group 2: Dividend Yields - Two Harbors Investments Corp (TWO) has a dividend yield of 16.2%, significantly higher than the industry average of 11.2% [2] - NexPoint Real Estate Finance (NREF) has a dividend yield of 13.4%, also above the industry average of 11.2% [4] - RITHM CAP CP (RITM) has a dividend yield of 9.4%, compared to the industry average of 0.0% [4]

Core Viewpoint - Investors are encouraged to consider NexPoint (NREF) due to solid improvements in earnings estimates and positive short-term price momentum [1][7] Estimate Revisions - The upward trend in earnings estimate revisions indicates growing analyst optimism regarding NexPoint's earnings prospects, which is expected to positively influence its stock price [2] - For the current quarter, NexPoint is projected to earn $0.66 per share, reflecting a year-over-year increase of 50%, with a 60.87% rise in the Zacks Consensus Estimate over the last 30 days [4] - For the full year, the expected earnings per share is $1.47, showing a year-over-year decline of 20.54%, but the consensus estimate has increased by 26.8% due to positive revisions [5] Zacks Rank - NexPoint currently holds a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts on upward earnings estimate revisions, which historically correlates with stock outperformance [3][6] - Stocks with Zacks Rank 1 and 2 have shown significant outperformance compared to the S&P 500 [6] Stock Performance - The stock has gained 6.5% over the past four weeks, driven by favorable estimate revisions and potential earnings growth prospects [7]