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Investor Presentaiton

NexPoint Real Estate Finance Top 10 Exposures 1. 2. 3. NexPoint Storage Partners NexPoint Homes NexPoint Real Estate Finance 4. EDS Legacy Partners 5. IQHQ 6. QuarterNorth Energy INVESTMENT BACKGROUND NexPoint Real Estate Finance, Inc. is an externally managed commercial mortgage real estate investment trust (REIT), with its shares of common stock listed on the New York Stock Exchange under the symbol "NREF." The REIT is primarily focused on investments in real estate sectors where its senior management team has operating expertise, including in the multifamily, single-family rental, self-storage, and life science sectors predominantly in the top 50 metropolitan statistical areas. The REIT targets lending or investing in properties that are stabilized or have a "light transitional" business plan, meaning a property that requires limited deferred funding to support leasing or ramp-up of operations and for which most capital expenditures are for value-add improvements 7. NexPoint Hospitality Trust • 8. CCS Medical 9. Freddie Mac 21K- F103 10. Easton Village Ventures INVESTMENT UPDATE In November, NREF reported its financial results for the quarter ended September 30, 2023. NREF reported a net loss of $17.0 million, or $0.90 per diluted share¹, for the three months ended September 30, 2023. NREF reported cash available for distribution² of $10.8 million, or $0.47 per diluted share, for the three months ended September 30, 2023. NREF's portfolio continues to provide stable and defensive yields despite a challenging commercial real estate environment. NREF announced an offering of up to 16,000,000 shares of NREF's 9.00% Series B Cumulative Redeemable Preferred Stock in November. Outstanding total portfolio of $1.6 billion, composed of 89 investments.3 Weighted-average loan to value ("LTV")³ and debt service coverage ratio ("DSCR") on the SFR, CMBS, CMBS IO strips, preferred, mezzanine, credit risk transfer, and mortgage-backed security investments are 69.0% and 1.77x3, respectively. As of November 15, 2023, there are no loans currently in forbearance in the portfolio. INVESTMENT HIGHLIGHTS Initial Investment % of HFRO Investment Investment Type Industry Life Sciences 4.6% 2020 7.76% $81.2M Common Stock Real Estate - Finance Multifamily 48.1% $1.6B Mortgage Back Securities 2.5% Mezz 8.4% 10 Strips 3.5% Current Principal³ Self-Storage 1.5% SFR 45.8% Preferred 10.9% 69.0% Weighted Avg LTV³ Senior Loan 42.8% 1. 2. CMBS B-Pieces 31.2% MSCR Notes 0.7% Weighted-average diluted shares outstanding assumes vesting of all outstanding unvested restricted stock units and the conversion of all redeemable non-controlling interests. Earnings available for distribution and cash available for distribution are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of earnings available for distribution and cash available for distribution to net income (loss) attributable to common stockholders, see the "Reconciliations of Non-GAAP Financial Measures" and "Non-GAAP Financial Measures" sections of NREF release. 3. As of September 30, 2023; CMBS B-Pieces reflected on an unconsolidated basis. NOVEMBER 2023 9
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