Investor Presentaiton

Aggregate Portfolio Characteristics Quarter Ended September 30, 2023 PORTFOLIO COMPOSITION • • • As of September 30, 2023, the Fund's assets totaled $1.046 billion. The Fund's long assets were approximately 73.25% commercial real estate (debt & equity) and 26.75% non-real estate related assets invested across debt securities, public and private equity, and structured products. The real estate assets by type were approximately 34.31% private equity, 29.67% debt, and 9.26% public equity securities, as a percentage of the Fund's long assets. The real estate assets were comprised of Multifamily (16.50%), Self Storage (15.56%), Single Family Rental (15.46%), Life Science (11.86%), and the balance in industrial, hotel, and development, as a percentage of the Fund's long assets. ASSET CLASS (% OF LONG ASSETS) Other 1.32% Public Stocks 0.57% Loans & Bonds 4.70% CLOS 5.91% Private Equity 14.25% REAL ESTATE COMPOSITION (% OF LONG ASSETS) Retail 0.06% Development 4.30% Industrial 4.69% Hotel 4.83% 73.25% Life Science 11.86% Single Family Rental 15.46% NEXPOINT REAL ESTATE BY ASSET TYPE (% OF LONG ASSETS) Public Stocks 9.26% Multifamily 16.50% Self Storage 15.56% Debt 29.67% Commercial Real Estate 73.25% 73.25% Private Equity 34.31% NOVEMBER 2023 5

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