Nexpoint Real Estate Finance, Inc. · NYSE:NREF
Nexpoint Real Estate Finance — Q4 2025 Earnings Presentation
19 slides from Nexpoint Real Estate Finance's earnings presentation, Feb 26, 2026
Slide 1: 4Q 2025 Financial Supplement
NYSE:NREF 4Q 2025 Financial Supplement February 26, 2026 CONTACT NEXPOINT REAL ESTATE FINANCE INVESTOR RELATIONS (NYSE:NREF) Kristen Griffith 300 Crescent Court, Suite 700 (e) kgriffith@nexpoint.com Dallas, Texas 75201 (w) nref.nexpoint.com
Slide 2: Cautionary Statements
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 current expectations, assumptions and beliefs. Forward-looking statements can often be id
Slide 3: NexPoint Real Estate Finance Company Overview
NexPoint Real Estate Finance Company Overview NexPoint Real Estate Finance, Inc. (“NREF” or the “Company”) is a publicly traded mortgage REIT, with its shares of common stock and 8.50% Series A Cumulative Redeemable Preferred Stock listed on the New York Stock Exchange. The Company concentrates on i
Slide 4: 4Q 2025 Highlights
4Q 2025 Highlights $434.6MM 4Q 2025 Dividend $26.1MM $12.2MM BOOK VALUE NET INCOME PAID ON 4 Q 2025 CASH $19.10 per common share, including IN 4 Q 2025 FINANCIAL redeemable non-controlling interests DECEMBER 31, 2025 Net income attributable to common AVAILABLE FOR Paid a 4Q 2025 dividend of $0.50 DI
Slide 5: 4Q 2025 Earnings and Book Value
4Q 2025 Earnings And Book Value Earnings and Book Value • Net interest income of $11.1MM, a decrease of $1.4MM compared to 3Q 2025 • Net income of $26.1MM, with net income attributable to common stockholders of $13.6MM, or $0.52 per diluted common share; compared to a net income of $50.9MM, with net
Slide 6: EPS, EAD and CAD Guidance
Earnings per Share (EPS)1, EAD2 and CAD2 111.1 % EPS, EAD, CAD AND GUIDANCE 10.4 % 62.8 % EPS/EAD/CAD (22.9)% 17.5 % (54.4)% • Earnings per diluted share for 4Q 2025 (6.1)% is $0.52, compared to earnings per (41.9)% (50.2)% 5.0 % (16.5)% 36.5 % diluted share of $1.14 reported in 3Q 2025 • 4Q 2025 EA
Slide 7: Dividend and Coverage
Dividend and Coverage Dividend and EPS/EAD/CAD Coverage 4Q 2025 DIVIDEND: • 4Q dividend of $0.50 per common share was paid on December 31, 2025 • 4Q 2025 EPS dividend coverage is 1.04x • 4Q 2025 EAD dividend coverage is 0.96x • 4Q 2025 CAD dividend coverage is 1.06x 1Q 2026 DIVIDEND: • 1Q 2026 divid
Slide 8: Portfolio Commentary
Portfolio Commentary Defensive Portfolio Characteristics The current portfolio consists of senior loans, CMBS B-Pieces, CMBS I/O Strips, mezzanine debt, preferred equity, common stock investments, multifamily properties, promissory notes, preferred stock investments, revolving credit facilities and
Slide 9: Portfolio Commentary: Geographic and Asset Type Exposure
Portfolio Commentary1 Geographic and Asset Type Exposure1 MA 24% $1.2B CURRENT PRINCIPAL1 MD 4% CA 7% GA 6% TX 16% FL LESS THAN 4.0% OF TOTAL OUTSTANDING PRINCIPAL BALANCE 6% 63.6% WEIGHTED AVG LTV1 1. AS OF DECEMBER 31, 2025, AND EXCLUDING COMMON STOCK AND REVOLVING CREDIT FACILITY INVESTMENTS, THE
Slide 10: 4Q 2025 Portfolio
4Q 2025 PORTFOLIO 10
Slide 11: 4Q 2025 Portfolio: Senior Loans
4Q 2025 Portfolio $s IN 0,000s EXCEPT PER SHARE DATA # Investment (1) Location Property Type Investment Date Current Principal Amount Net Equity (2) Coupon (3) Remaining Term (4) Loan to Value DSCR Senior Loans 1 Senior Loan Various Single-family 2/11/2020 $ 7,422 $ 1,036 5.4 % 2.1 50.3 % 2 Senior L
Slide 12: 4Q 2025 Portfolio: Mezzanine Loans
4Q 2025 Portfolio $s IN 0,000s EXCEPT PER SHARE DATA # Investment (1) Location Property Type Investment Date Current Principal Amount Net Equity (2) Coupon (3) Remaining Term (4) Loan to Value DSCR Mezzanine Loans 1 Mezzanine Houston, TX Multifamily 6/12/2020 $ 5,000 $ 5,000 11.0 % 1.4 74.9 % 2 Mezz
Slide 13: 4Q 2025 Portfolio: Common Equity and Preferred Stock
4Q 2025 Portfolio $s IN 0,000s EXCEPT PER SHARE DATA # Investment (1) Location Property Type Investment Date Current Principal Amount Net Equity (2) Coupon (3) Remaining Term (4) Loan to Value DSCR Common Equity 1 Common Stock N/A Self-Storage 11/6/2020 N/A $ 24,761 N/A N/A N/A 2 Common Stock N/A Gr
Slide 14: Financials
FINANCIALS 14
Slide 15: Income Statement and Balance Sheet
Financials Financials $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Income Statement Balance Sheet December 31, December 31, 2025 2024 December 31, September 30, For the three months ended Cash and cash equivalents $ 31,114
Slide 16: Reconciliation of 1Q 2026 Net Income to EAD
Reconciliations $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of 1Q 2026 Net Income to EAD 1. EAD PER DILUTED COMMON SHARE, CAD PER DILUTED COMMON SHARE AND THE RELATED COVERAGE RATIOS ARE BASED ON ADJUSTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED. ADJUSTED
Slide 17: Reconciliation of 1Q 2026 EAD to CAD
Reconciliations $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of 1Q 2026 EAD to CAD 1. EAD PER DILUTED COMMON SHARE, CAD PER DILUTED COMMON SHARE AND THE RELATED COVERAGE RATIOS ARE BASED ON ADJUSTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED. ADJUSTED WEIGHTE
Slide 18: Reconciliation of Net Income (Loss) to Earnings Available for Distribution
Reconciliations $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of Net Income (Loss) to Earnings Available for Distribution 1. STARTING IN Q2 2024, EAD PER DILUTED COMMON SHARE AND THE RELATED COVERAGE RATIO ARE BASED ON ADJUSTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Slide 19: Reconciliation of Earnings Available for Distribution to CAD
Reconciliations $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of Earnings Available for Distribution to CAD 1. STARTING IN Q2 2024, CAD PER DILUTED COMMON SHARE AND THE RELATED COVERAGE RATIO ARE BASED ON ADJUSTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED. AD
NexPoint Real Estate Finance — Q4 2025 Earnings Presentation on 6ix