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28 APRIL 2022 NYSE:NREF 1Q 2022 FINANCIAL SUPPLEMENT 3Q 2025 FinancialSupplement NYSE:NREF CONTACTNEXPOINT REAL ESTATE FINANCE(NYSE:NREF)300 Crescent Court, Suite 700Dallas, Texas 75201(w) nref.nexpoint.com October 30, 2025 INVESTOR RELATIONSKristen Griffith(e) kgriffith@nexpoint.com
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2 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 identified by words such as "anticipate", "believe", "estimate", "expect," "intend", "may", "should" , "target" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the Company’s businessand industry in general, guidance for financial results forthe fourth quarter of 2025, including the Company's estimated net income, earnings per share, earnings available for distribution (“EAD”), cash available for distribution (“CAD”), EAD per diluted common share, CAD per diluted common share, dividend coverage ratios, including the CAD T-12 coverage ratio and related assumptions and estimates, portfolio commentary, including the resiliency of SFR and life science demand and the Company's intent to not settle Series B preferred redemptions in shares of common stock when the Company's common stock price is below book value. They are not guarantees of future results and forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in our filings with the Securities and Exchange Commission (the “SEC”), particularly those described in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Readers should not place undue reliance on any forward- looking statements and are encouraged to review the Company’s Annual Reports on Form 10-K and the Company's other filings with the SEC for a more complete discussion of risks and other factors that could affect any forward-looking statement. The statements made hereinspeak only as of the date of this presentation and except as required by law, the Company does not undertake any obligationto publicly update or revise any forward-looking statements. NON-GAAP FINANCIAL MEASURES This presentation contains non-GAAP financial measures. A“non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statementsof income, balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are EAD, CAD, EAD and CAD per diluted common share, and adjusted weighted average common shares outstanding - diluted. EAD is defined as the net income (loss) attributable to our common stockholders computed in accordance with GAAP, including realized gains and losses not otherwise included in net income (loss), excluding any unrealized gains or losses or other similar non-cash items that are included in net income (loss) for the applicable reporting period, regardless of whether such items are includedin other comprehensive income (loss), or in net income (loss) and adding back amortizationof stock-based compensation. The Company also adjusts EAD to remove the (Income)/Losses from equity method investments as they represent changes in the equity value of our investments rather than distributable earnings. The Company will include income from equity method investments to the extent that we receive cash distributions and upon realizing gains and/or losses. Net income (loss) attributable to common stockholders may also be adjusted for the effects of certain GAAP adjustments and transactions that may not be indicative ofour current operations. In addition, EAD in this presentation includes the dilutive effect of non-controlling interests. We use EAD to evaluate our performance and to assess our long-term ability to pay distributions. We believe providing EAD as a supplement to GAAP net income (loss) to our investors is helpful to their assessment of our performance and our long-term ability to pay distributions. We also use EAD as a component of the management fee paid to our external manager. EAD does not represent net income or cash flows from operating activities and should not be considered as an alternative to GAAP net income, an indication of our GAAP cash flows from operating activities, a measure of our liquidity or an indication of funds available for our cash needs. Our computation of EAD may not be comparable to EAD reported by other REITs. We calculate CAD by adjusting EAD by adding back amortization of premiums, depreciation and amortization of real estateinvestment and amortization of deferred financing costs and by removing accretion of discounts. We use CAD to evaluate our performance and our current ability to pay distributions. We also believe that providing CAD as a supplement to GAAP net income (loss) to our investors is helpful to their assessment of our performance and our current ability to paydistributions. CAD does not represent net income or cash flows from operating activities and should not be considered asan alternative to GAAP net income, an indication of our GAAP cash flows from operating activities, a measure of our liquidity or an indication of funds available for our cash needs. Our computation of CAD may not be comparable to CAD reported by other REITs. Adjusted weighted average common shares outstanding - diluted is calculating by subtracting the dilutive effect of potential redemptions of Series B preferred shares for shares of our common stock from weighted average common shares outstanding - diluted. We believe providing adjusted weighted average common shares outstanding - diluted to our investors is helpful in their assessment ofour performance without the potential dilutive effect of the Series B preferred shares.We have the right to redeem the Series B preferred shares for cash or shares of our common stock. Additionally, Series B preferred redemptions are capped at 2% of the outstanding Series B preferred shares per month,5% per quarter and 20% per year. The Company maintains sufficient liquidity to pay cash to cover any redemptions up to the quarterly redemption cap. Further, it is the Company's intent to not settle Series B preferred redemptions in shares of common stock when the Company's stock price is below book value. Adjusted weighted average common shares outstanding - diluted should not be considered as an alternative to the GAAP measures. Our computation of adjusted weighted average common shares outstanding - diluted may not be comparable to similar measures reported by other companies. Starting in Q2 2024, EAD and CAD per diluted common share are based on adjusted weighted average common shares outstanding - diluted. Prior period EAD and CAD per diluted common sharehave not been updated to reflect this adjustment as the dilutive effect ofpotential Series B Preferred redemptions were immaterial to prior periods. ADDITIONAL INFORMATION For additional information, see our filings with the SEC. Our filings with the SEC are available on our website, nref.nexpoint.com, under the “Financials" tab. 2023 dividend coverage amounts exclude special dividend amounts.
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3 NexPoint Real Estate Finance 11.9% I N S I D E R O W N E R S H I P 3 15.0% I M P L I E D D I V I D E N D Y I E L D 2 29.4% D I S C O U N T T O B O O K 1 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 investments in real estate sectors where senior management has operating expertise, including multifamily, single-family rental (”SFR”), self-storage and life science sectors in the top 50 metropolitan statistical areas. The Company targets lending or investing in stabilized properties or properties with “light- transitional” business plans. NREF is externally managed by NexPoint Real Estate AdvisorsVII, L.P. (“NREA”), an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor with extensive real estate experience. Company Overview 1. BASED ON SEPTEMBER 30, 2025, BOOK VALUE INCLUDIN G REDEEMABLE NON-CONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AS REPORTED BY THE COMPANY IN THIS PRESENTATION AND THE SHARE PRICE AS OF CLOSE OF TRADING OCTOBER 29, 2025 2. IMPLIED DIVIDEND YIELD IS CALCULATED USING THE 3Q DIVIDEND OF $0.50 PER COMMON SHARE, ANNUALIZED, DIVIDED BY THE SHARE PRICE AS OF CLOSE OF TRADING ON OCTOBER 29, 2025 3. INCLUDES NON-CONTROLLING INTERESTS. EXCLUDES OWNE RSHIP BY FUNDS ADVISED OR MANAGED BY AFFILIATES OF OUR ADVISER EXCEPT TO THE EXTENT OF OUR MANAGEMENT'S PECUNIARY INTEREST THEREIN AS OF THE CLOSE OF TRADING OCTOBER 29, 2025 4. BLOOMBERG. TOTAL RETURN, INCLUDING DIVIDENDS, AS OF CLOSE OF TRADING OCTOBER 29, 2025 NREF Total Return vs Peers 4
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4 $6.5MM L O A N D R A W Funded $6.5MM on a loan. The loan pays a monthly coupon of SOFR+900bps 3Q 2025 Highlights FINANCIAL PORTFOLIO CAPITALIZATION $50.9MM N E T I N C O M E I N 3 Q 2 0 2 5 Net income attributable to common stockholders of $35.0MM or $1.14 per diluted common share $12.1MM 3 Q 2 0 2 5 C A S H A V A I L A B L E F O R D I S T R I B U T I O N $0.53 per diluted common share 1 $428.5MM B O O K V A L U E $18.83 per common share, including redeemable non-controlling interests in the Operating Partnership and excluding Series A and Series B Preferred Stock 3Q 2025 Dividend P A I D O N S E P T E M B E R 3 0 , 2 0 2 5 Paid a 3Q 2025 dividend of $0.50 per common share on September 30, 2025 3.5 Years W E I G H T E D A V E R A G E R E M A I N I N G T E R M 4 $65.7MM S E R I E S B P R E F E R R E D Raised $65.7MM of Series B Preferred in the amount of 2.7MM shares $1.1B O U T S T A N D I N G T O T A L P O R T F O L I O Composed of 88 investments 2 0.93X D E B T T O E Q U I T Y R A T I O As of September 30, 2025 $60.0MM R E A L E S T A T E P R O P E R T Y Sold a multifamily property for $60.0MM, which resulted in a gain of $3.7MM 1. CASH AVAILABLE FOR DISTRIBUTION PER DILUTED SHARE ASSUMES VESTING OF ALL OUTSTANDING UNVESTED RESTRICTED STOCK UNITS AND CONVERSION OF ALL REDEEMABLE NON-CONTROLLING INTERESTS. THE ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED USED TO CALCULATE CAD PER DILUTED COMMON SHARE DOES NOT INCLUDE DILUTIVE EFFECT OF POTENTIAL REDEMPTION OF SERIES B PREFERRED SHARES FOR COMMON STOCK. SEE “RECONCILIATIONS” SLIDE 2. AS OF SEPTEMBER 30, 2025, AND CMBS B-PIECES REFLE CTED ON AN UNCONSOLIDATED BASIS 3. SERIES B COVERAGE IS CALCULATED BY TAKING THE NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS OF $35.0MM OR CASH AVAILABLE FOR DISTRIBUTION OF $12.1MM FOR 3Q 2025 DIVIDED BY THE NREF SERIES B PREFERRED DIVIDENDS OF $7.2MM FOR THE QUARTER. 4. AS OF SEPTEMBER 30, 2025, AND EXCLUDING THE COMMO N STOCK AND REVOLVING CREDIT FACILITY INVESTMENTS AND THE REMAINING NET ASSETS RELATED TO THE HUDSON MONTFORD MULTIFAMILY PROPERTY AFTER ITS SALE AND THE ALEXANDER AT THE DISTRICT MULTIFAMILY PROPERTY $42.5MM P U R C H A S E D P R E F E R R E D S T O C K Purchased $42.5MM of Preferred Stock 4.88X and 1.69X N E T I N C O M E A N D C A D S E R I E S B C O V E R A G E , R E S P E C T I V E L Y 3 As of September 30, 2025
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5 3Q 2025 Earnings And Book Value Earnings and Book Value • Net interest income of $12.5MM, an increase of $0. 4MM compared to 2Q 2025 • Net income of $50.9MM, with net income attributabl e to common stockholders of $35.0MM, or $1.14 per diluted common share; compared to a net income of $22.3MM, with net income attributable to common stockholders of $12.3MM, or $0.54 per diluted common share in 2Q 2025 • Earnings available for distribution of $11.6MM, or $0.51 1 per diluted common share; compared to $0.43 per diluted common share in 2Q 2025 • BV per diluted common share including redeemable N CI in the Operating Partnership increased 8.2% to $18.83/share, compared to $17.40/share at the end of 2Q 2025 0.7% (6.9)% 2.7% 1. EARNINGS AVAILABLE FOR DISTRIBUTION PER DILUTED C OMMON SHARE ASSUMES VESTING OF ALL OUTSTANDING UNVESTED RESTRICTED STOCK UNITS AND CONVERSION OF ALL REDEEMABLE NON-CONTROLLING INTERESTS. THE ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED USED TO CALCULATE EAD PER DILUTED COMMON SHARE DOES NOT INCLUDE DILUTIVE EFFECT OF POTENTIAL REDEMPTION OF SERIES B PREFERRED SHARES FOR COMMON STOCK. SEE “RECONCILIATIONS” SLIDE (1.1)% 0.1% 1.5% 8.2% 1.0%
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6 1. EPS ASSUMES VESTING OF ALL OUTSTANDING UNVESTED R ESTRICTED STOCK UNITS AND CONVERSION OF ALL REDEEMABLE NON-CONTROLLING INTERESTS, AND DILUTIVE EFFECT OF POTENTIAL REDEMPTION OF ALL OUTSTANDING SERIES B PREFERRED SHARES FOR COMMON STOCK. 2. EAD AND CAD PER DILUTED COMMON SHARE ASSUMES VEST ING OF ALL OUTSTANDING UNVESTED RESTRICTED STOCK UNITS AND CONVERSION OF ALL REDEEMABLE NON-CONTROLLING INTERESTS. ADDITIONALLY, STARTING IN Q2, 2024, THE ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED USED TO CALCULATE EAD AND CAD PER DILUTED COMMON SHARE DOES NOT INCLUDE DILUTIVE EFFECT OF POTENTIAL REDEMPTION OF SERIES B PREFERRED SHARES FOR COMMON STOCK. SEE “RECONCILIATIONS” SLIDE 3. NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS IN 4Q 2025IS ESTIMATED TO BE BETWEEN $8.3 MM AND $10.6 MM. EPS, EAD, CAD AND GUIDANCE E P S / E A D / C A D • Earnings per diluted share for 3Q 2025 is $1.14, compared to earnings per diluted share of $0.54 reported in 2Q 2025 • 3Q 2025 EAD per diluted common share 2 is $0.51, an increase of 17.4% compared to 2Q 2025 reported EAD per diluted common share • 3Q 2025 CAD per diluted common share 2 is $0.53, an increase of 15.2% compared to 2Q 2025 reported CAD per diluted common share G U I D A N C E • 4Q 2025 EAD per diluted common share 2 guidance is $0.48 3 at the mid-point • 4Q 2025 CAD per diluted common share 2 guidance is $0.50 3 at the mid-point Earnings per Share (EPS) 1, EAD 2 and CAD 2 2.6% (50.2)% 62.8% 15.2% (5.8)% (64.0)% (5.7)% 130.0% 10.6% (53.3)% 10.4% 5.1% (30.1)% 111.1% 17.4% (4.6)% (22.9)% 5.0%
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7 Dividend and Coverage Dividend and EPS/EAD/CAD Coverage 3 Q 2 0 2 5 D I V I D E N D : • 3Q dividend of $0.50 per common share was paid on September 30, 2025 • 3Q 2025 EPS dividend coverage is 2.28x • 3Q 2025 EAD dividend coverage is 1.02x • 3Q 2025 CAD dividend coverage is 1.06x 4 Q 2 0 2 5 D I V I D E N D : • 4Q 2025 dividend of $0.50 per common share declare d by the Board of Directors to be paid on December 31, 2025 • 4Q 2025 estimated EPS dividend coverage of 0.82x • 4Q 2025 estimated EAD dividend coverage of 0.96x • 4Q 2025 estimated CAD dividend coverage of 1.00x 4Q 2025 Est 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 Dividend/Share $ 0.41 $ 1.14 $ 0.54 $ 0.70 $ 0.43 $ 0.92 EPS 0.82x 2.28x 1.08x 1.40x 0.86x 1.84x EPS Coverage $ 0.48 $ 0.51 $ 0.43 $ 0.41 $ 0.83 $ 0.75 EAD/Common Share 0.96x 1.02x 0.86x 0.83x 1.66x 1.50 xEAD Coverage $ 0.50 $ 0.53 $ 0.46 $ 0.45 $ 0.47 $ 0.67 CAD/Common Share 1.00x 1.06x 0.92x 0.90x 0.94x 1.34x CAD Coverage 0.97x 0.95x 1.08x 1.12x 1.19x 1.21x CAD T-12 Coverage 1 Dividend and EPS/EAD/CAD Coverage NOTE: EPS, EAD PER COMMON SHARE AND CAD PER COMMON SHARE ON THIS SLIDE ARE PER DILUTED SHARE. 1. CAD T-12 COVERAGE IS CALCULATED BY (A) ADDING CAD/COMMON S HARE FOR THE FOUR QUARTERS INCLUDED IN THE TRAILING TWELVE MONTH PERIOD AND (B) DIVIDING THE SUM BY THE DIVIDENDS PAID PER SHARE FOR THE APPLICABLE TWELVE MONTH PERIOD. FOR RECONCILIATIONS OF CAD/COMMON SHARE, SEE THE RECONCILIATION SLIDES INCLUDED HEREIN. ESTIMATED 4Q 2025 CAD T-12 COVERAGE INCLUDES ESTIMATED 4Q 2025 CAD/COMMON SHARE BASED ON THE MIDPOINT OF THE RANGE.
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8 Portfolio Commentary Defensive Portfolio Characteristics 3.5 Y E A R S A V E R A G E R E M A I N I N G T E R M 3 87.4% O F P O R T F O L I O S T A B I L I Z E D 3 54.9% W E I G H T E D A V G L O A N T O V A L U E 3 1.41x W E I G H T E D A V G D S C R 3 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 stock warrants in short-duration lease-term assets (multifamily, SFR, self-storage, life sciences, marina) that are geographically diverse in the United States. The portfolio has minimal exposure to constructionloans, no heavy transitional loans, and no for-sale loans. MULTIFAMILY SINGLE-FAMILY RENTAL SELF-STORAGE • Historically low losses for Freddie Mac debt issuances sec ured by multifamily assets, including periods of market stress • Aggregate losses in Freddie Mac’s origination history have averaged 3 bps per year dating back to 2009 1 • Since 2009 and through August 2025, there have been $109.4MM in aggregate losses on $603.9B of combined issuance 1 • Although this is a relatively new asset class that was institutionalized in the wake of the global financial crisis, we believe SFR will exhibit r esiliency akin to multifamily • Current portfolio of SFR loans is capitalized by a secured c redit facility with Freddie Mac, is matched in both duration and structure of theunderlying loans, has 2.0 years of average weighted term to maturity, and a 262 bps interest rate spread 2 • Subject to Freddie Mac forbearance program to help mitigat e cash flow interruptions to the bondholders • Storage fundamentals have weakened as rates have increased causing slowdown in the housing market, which is traditionally a large demanddriver for storage. However, historically, self-storage has outperformed other real estate asset types during economic downturns LIFE SCIENCES • Secular demand growth can be reliably estimated by looking into past performance over the last 10-15 years • As biotech and pharmaceutical companies bring manufactur ing and R&D operations closer to home to mitigate supply chain risks, demand for specialized life science real estate is accelerating 1. FREDDIE MAC; AUGUST 2025 2. AS OF SEPTEMBER 30, 2025 3. AS OF SEPTEMBER 30, 2025, AND EXCLUDING THE COMMO N STOCK AND REVOLVING CREDIT FACILITY INVESTMENTS AND THE REMAINING NET ASSETS RELATED TO THE HUDSON MONTFORD MULTIFAMILY PROPERTY AFTER ITS SALE AND THE ALEXANDER AT THE DISTRICT MULTIFAMILY PROPERTY
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9 Portfolio Commentary 1 1. AS OF SEPTEMBER 30, 2025, AND EXCLUDING COMMON ST OCK AND REVOLVING CREDIT FACILITY INVESTMENTS AND THE REMAINING NET ASSETS RELATED TO THE HUDSON MONTFORD MULTIFAMILY PROPERTY AFTER ITS SALE AND THE ALEXANDER AT THE DISTRICT MULTIFAMILY PROPERTY Geographic and Asset Type Exposure 1 $1.1B CURRENT PRINCIPAL 1 54.9% WEIGHTED AVG LTV 1 GA 8% FL 4% TX 16% MD 4% CA 5% LESS THAN 4.0% OF TOTAL OUTSTANDING PRINCIPAL BALANCE MA 28%
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10 3 Q 2 0 2 5 P O R T F O L I O
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11 3Q 2025 Portfolio DSCR Loan to Value Remaining Term 4Coupon 3Net Equity 2Current Principal Investment Date Property Type Location Investment 1# Senior Loans 52.1 % 2.3 5.4 % $ 1,081 $ 7,688 2/11/2020 Single-family VariousSenior Loan 1 51.1 % 3.0 5.2 % 588 5,056 2/11/2020 Single-family Various Senior Loan 2 33.5 % 0.2 4.7 % 3,303 31,793 2/11/2020 Single-family Various Senior Loan 3 69.6 % 3.0 6.1 % 1,041 9,253 2/11/2020 Single-family Various Senior Loan 4 66.5 % 3.1 5.6 % 3,692 34,835 2/11/2020 Single-family Various Senior Loan 5 66.2 % 3.2 6.0 % 617 5,447 2/11/2020 Single-family Various Senior Loan 6 51.2 % 3.3 5.9 % 1,028 8,380 2/11/2020 Single-family Various Senior Loan 7 65.8 % 3.4 5.5 % 797 6,268 2/11/2020 Single-family Various Senior Loan 8 63.2 % 0.4 4.7 % 1,283 10,523 2/11/2020 Single-family Various Senior Loan 9 55.0 % 2.1 5.3 % $ 13,430 $ 119,243 Total Senior Loan CMBS B-Pieces 60.1 % 0.4 7.2 % $ 3,142 $ 13,202 (5) 2/11/2020 Multifamily Various CMBS B-Piece 1 65.6 % 1.2 6.1 % 6,984 28,581 (5) 2/11/2020 Multifamily VariousCMBS B-Piece 2 63.2 % 1.7 13.5 % (2,277) 15,910 (5) 7/30/2020 Multifamily Various CMBS B-Piece 3 70.7 % 5.4 10.6 % 3,727 14,714 (5) 4/20/2021 Multifamily Various CMBS B-Piece 4 77.4 % 1.3 — % 24,631 108,303 (5) 6/30/2021 Multifamily VariousCMBS B-Piece 5 58.3 % 13.2 4.9 % 5,321 25,532 (5) 5/2/2022 Multifamily VariousCMBS B-Piece 6 62.8 % 3.8 9.6 % 13,497 53,691 (5) 7/28/2022 Multifamily Various CMBS B-Piece 7 58.9 % 3.3 5.9 % 6,660 30,869 (5) 2/22/2024 Multifamily VariousCMBS B-Piece 8 57.1 % 3.5 5.6 % 7,566 31,931 (5) 4/24/2024 Multifamily VariousCMBS B-Piece 9 66.9 % 3.3 5.1 % $ 69,251 $ 322,733 Total CMBS B-Piece CMBS I/O Strips 69.6 % 4.3 2.0 % $ 283 $ 17,590 (6) 5/18/2020 Multifamily Various CMBS I/O Strip 1 69.0 % 4.7 3.0 % 3,116 108,643 (6) 8/6/2020 Multifamily VariousCMBS I/O Strip 2 63.7 % 4.3 1.6 % 852 63,181 (6) 4/28/2021 Multifamily Various CMBS I/O Strip 3 66.1 % 4.7 3.4 % 650 20,000 (6) 5/27/2021 Multifamily Various CMBS I/O Strip 4 $s IN 0,000s EXCEPT PER SHARE DATA
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12 3Q 2025 Portfolio DSCR Loan to Value Remaining Term 4Coupon 3Net Equity 2Current Principal Investment Date Property Type Location Investment 1# 66.0 % 3.2 2.3 % 60 4,266 (6) 6/7/2021 Multifamily Various CMBS I/O Strip 5 64.1 % 3.7 1.7 % 515 85,340 (6) 6/11/2021 Multifamily Various CMBS I/O Strip 6 60.3 % 4.7 — % 274 19,384 (6) 6/24/2021 Multifamily Various CMBS I/O Strip 7 73.4 % 4.6 1.9 % 362 25,000 (6) 8/10/2021 Multifamily Various CMBS I/O Strip 8 64.7 % 5.8 3.1 % 262 6,942 (6) 8/11/2021 Multifamily Various CMBS I/O Strip 9 61.3 % 5.3 2.6 % 43 1,625 (6) 8/24/2021 Multifamily Various CMBS I/O Strip 10 63.0 % 4.7 1.9 % 641 34,625 (6) 9/1/2021 Multifamily Various CMBS I/O Strip 11 61.7 % 6.0 3.0 % 760 20,902 (6) 9/11/2021 Multifamily Various CMBS I/O Strip 12 48.1 % 9.2 5.7 % 1,440 15,000 (6) 1/16/2025 Multifamily VariousCMBS I/O Strip 13 58.6 % 8.6 5.7 % 1,352 15,327 (6) 4/15/2025 Multifamily VariousCMBS I/O Strip 14 63.4 % 4.8 2.4 % $ 10,610 $ 437,825 Total CMBS IO Strip Mezzanine Loans 74.9 % 1.7 11.0 % $ 5,000 $ 5,000 6/12/2020 Multifamily Houston, TX Mezzanine 1 89.3 % 3.6 7.5 % 2,213 5,470 10/20/2020 Multifamily Wilmington, DE Mezzanine 2 84.8 % 5.8 7.4 % 4,245 10,380 10/20/2020 Multifamily White Marsh, MD Mezzanine 3 89.4 % 3.7 7.6 % 5,783 14,253 10/20/2020 Multifamily Philadelphia, PA Mezzanine 4 81.5 % 3.0 7.8 % 1,492 3,700 10/20/2020 Multifamily Daytona Beach, FL Mezzanine 5 84.9 % 5.5 7.7 % 4,904 12,000 10/20/2020 Multifamily Laurel, MDMezzanine 6 83.1 % 5.8 7.3 % 1,227 3,000 10/20/2020 Multifamily Temple Hills, MD Mezzanine 7 78.6 % 5.8 7.2 % 614 1,500 10/20/2020 Multifamily Temple Hills, MD Mezzanine 8 81.1 % 3.6 7.3 % 2,241 5,540 10/20/2020 Multifamily Lakewood, NJ Mezzanine 9 71.0 % 3.3 7.5 % 2,757 6,829 10/20/2020 Multifamily North Aurora, IL Mezzanine 10 83.3 % 5.8 7.4 % 1,480 3,620 10/20/2020 Multifamily Rosedale, MD Mezzanine 11 84.3 % 5.8 7.4 % $ 3,930 $ 9,610 10/20/2020 Multifamily Cockeysville, MD Mezzanine 12 80.3 % 5.8 7.4 % 3,022 7,390 10/20/2020 Multifamily Laurel, MD Mezzanine 13 75.5 % 3.4 7.7 % 481 1,190 10/20/2020 Multifamily Las Vegas, NV Mezzanine 14 80.3 % 3.8 6.9 % 1,340 3,310 10/20/2020 Multifamily Atlanta, GAMezzanine 15 $s IN 0,000s EXCEPT PER SHARE DATA
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13 3Q 2025 Portfolio DSCR Loan to Value Remaining Term 4Coupon 3Net Equity 2Current Principal Investment Date Property Type Location Investment 1# 81.6 % 3.1 7.9 % 1,162 2,880 10/20/2020 Multifamily Des Moines, IA Mezzanine 16 83.8 % 3.1 7.9 % 1,618 4,010 10/20/2020 Multifamily Urbandale, IA Mezzanine 17 92.8 % 3.2 — % 12,537 12,600 11/18/2021 Multifamily Irving, TX Mezzanine 18 87.1 % 0.3 15.3 % 8,125 8,136 (7) 12/29/2021 Multifamily Rogers, AR Mezzanine 19 95.2 % 0.1 — % 4,497 4,500 6/9/2022 Multifamily Rogers, AR Mezzanine 20 N/A 0.8 10.6 % 3,298 3,573 8/1/2025 Self-Storage Beacon, NY Mezzanine 21 20.4 % 1.4 14.0 % 101,999 101,999 1/26/2024 Life Science Cambridge, MA Mezzanine 22 45.6 % 2.7 10.2 % $ 173,965 $ 230,490 Total Mezzanine Preferred Equity 89.3 % 4.6 11.0 % $ 12,735 $ 12,735 5/29/2020 Multifamily Houston, TX Preferred Equity 1 N/A 1.0 10.0 % 22,020 22,054 9/29/2021 Life Science Holly Springs, NC Preferred Equity 2 52.0 % 6.4 10.5 % 11,377 11,377 12/28/2021 Multifamily Las Vegas, NV Preferred Equity 3 N/A 1.0 10.0 % 35,168 35,181 1/14/2022 Life Science Vacaville, CA Preferred Equity 4 N/A 4.9 14.2 % 3,879 3,903 4/7/2022 Self-Storage Beaumont, TX Preferred Equity 5 N/A 4.9 13.5 % 4,454 4,480 6/8/2022 Self-Storage Temple, TX Preferred Equity 6 99.6 % 1.8 11.0 % 9,966 10,000 7/1/2022 Self-Storage Medley, FLPreferred Equity 7 81.8 % 0.2 — % 8,500 8,500 8/10/2022 Multifamily Plano, TX Preferred Equity 8 78.2 % — — % 8,998 9,000 9/30/2022 Multifamily Fort Worth, TX Preferred Equity 9 65.5 % 1.0 10.0 % 8,108 8,063 10/19/2022 Life Science Woodbury, MN Preferred Equity 10 N/A 2.5 11.0 % 29,462 29,450 2/10/2023 Multifamily Forney, TX Preferred Equity 11 N/A 1.5 11.0 % 28,975 28,970 2/24/2023 Multifamily Richmond, VA Preferred Equity 12 N/A 1.6 13.5 % 20,820 20,945 5/16/2023 Single-family Phoenix, AZ Preferred Equity 13 47.8 % 0.2 13.0 % 4,154 4,192 5/17/2023 Life Science Houston, TX Preferred Equity 14 68.8 % 3.1 13.0 % 7,473 7,500 6/28/2024 Marina Knoxville, TN Preferred Equity 15 N/A 9.9 13.0 % 5,427 5,428 3/19/2025 Marina Kuttawa, KY Preferred Equity 16 84.0 % 2.5 14.0 % 1,200 1,200 1/31/2025 Multifamily Houston, TXPreferred Equity 17 $s IN 0,000s EXCEPT PER SHARE DATA
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14 3Q 2025 Portfolio $s IN 0,000s EXCEPT PER SHARE DATA DSCR Loan to Value Remaining Term 4Coupon 3Net Equity 2Current Principal Investment Date Property Type Location Investment 1# 62.7 % 2.3 9.0 % 1,483 1,490 10/5/2022 Multifamily Kirkland, WAPreferred Equity 18 75.1 % 2.2 10.3 % $ 224,199 $ 224,468 Total Preferred Equity Revolving Credit Facility N/A 2.3 13.5 % $ 137,901 $ 148,600 12/31/2024 Life Science Various Revolving Credit Facility 1 Common Equity N/A N/A N/A $ 26,010 N/A 11/6/2020 Self-Storage N/A Common Stock 1 N/A N/A N/A 25,555 N/A 4/14/2022 Ground Lease N/A Common Stock 2 N/A N/A N/A — N/A 2/10/2023 Multifamily Forney, TX Common Equity 3 N/A N/A N/A — N/A 2/24/2023 Multifamily Richmond, VA Common Equity 4 N/A N/A N/A — N/A 9/8/2023 Multifamily Atlanta, GA Common Equity 5 N/A N/A N/A — N/A 7/8/2025 Multifamily Irving, TX Common Equity 6 N/A N/A N/A 1,660 N/A 4/9/2024 Multifamily Various Membership Interest 7 N/A N/A N/A $ 53,225 N/A Total Common Equity Real Estate N/A N/A N/A $ 188 N/A (8) 12/31/2021 Multifamily Charlotte, NC Real Estate 1 N/A N/A N/A (1,566) N/A (9) 10/10/2023 Multifamily Atlanta, GA Real Estate 2 N/A N/A N/A $ (1,378) N/A Total Real Estate Preferred Stock N/A N/A 10.5 % $ 18,703 N/A 11/9/2023 Life Science Various Preferred Stock 1 N/A N/A 16.5 % 137,013 N/A 1/2/2025 Life Science Various Preferred Stock 2 N/A N/A 15.8 % $ 155,716 N/A Total Preferred Stock Promissory Note N/A 0.8 15.0 % $ 12,500 $ 12,500 7/10/2024 Single-family Various Promissory Note 1 N/A 1.0 8.0 % 3,000 $ 3,000 9/30/2025 Multifamily Las Vegas, NVPromissory Note 2 N/A 0.8 13.7 % $ 15,500 $ 15,500 Total Promissory Notes Stock Warrant N/A N/A N/A $ 116,228 N/A 5/23/2024 Life Science Various Stock Warrant 1 1.41x 54.9 % 3.5 9.9 % $ 968,647 $ 1,498,859 Portfolio Total
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15 3Q 2025 Portfolio 1. Our total portfolio represents the current princi pal amount of the consolidated SFR Loans, CMBS I/O Strips, mezzanine loans, preferred equity, common s tock investments, multifamily property, promissory notes, revolving credit facilities and s tock warrants as well as the net equity of our CMBS B-Piece investments. 2. Net equity represents the carrying value less bor rowings collateralized by the investment. 3. The weighted average coupon is weighted on the cu rrent principal balance. 4. The weighted-average life is weighted on current principal balance and assumes no prepayments. The m aturity date for preferred equity investments represents the maturity date of the senior mortgage, as the preferred equity investments require repayment upon the sale or refinancing of the as set. 5. The CMBS B-Pieces are shown on an unconsolidated basis reflecting the value of our investments. 6. The number shown represents the notional value on which interest is calculated for the CMBS I/O Strips. CMBS I/O Strips receive no principal payments and the notional value decreases as the underlying loans are paid off. 7. The mezzanine loan was extended to January 9, 202 6. 8. Real Estate is a 204-unit multifamily property th e Company sold on July 22, 2025. The Company must include the net assets still owed in its financial s tatements pursuant to applicable accounting standards. 9. Real Estate is a 280-unit multifamily property.
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16 F I N A N C I A L S
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17 June 30, 2025 September 30, 2025 For the three months ended $ 22,838 $ 22,853 Interest income (10,769) (10,356) Interest expense 12,069 12,497 Net interest income 19,473 46,717 Other income (loss) (9,271) (8,352) Total operating expenses 22,271 50,862 Net income (loss) (874) (874) Net (income) loss attributable to Series A Preferred stockholders (5,675) (7,174) Net (income) loss attributable to Series B Preferred stockholders (3,437) (7,782) Net (income) loss attributable to redeemable noncontrolling interests 12,285 35,032 Net income (loss) attributable to common stockholders 39,460 43,854 Weighted-average common shares outstanding - diluted $ 0.54 $ 1.14 Earnings (loss) per share outstanding - diluted Financials $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Income Statement Balance Sheet December 31, 2024 September 30, 2025 $ 295,624 $ 334,499 Common stockholders' equity 86,164 93,989 Redeemable noncontrolling interests in the OP $ 381,788 $ 428,488 Total equity 5,038 5,038 Redeemable OP units 17,461 17,722 Common shares outstanding $ 16.97 $ 18.83 Combined book value per share Book Value December 31, 2024 September 30, 2025 $ 3,877 $ 17,921 Cash and cash equivalents 3,176 3,640 Restricted cash 121,836 64,310 Net operating real estate investments 497,544 583,646 Loans, held-for-investment, net 57,389 51,566 Common stock investments, at fair value 1,504 1,660 Equity method investments 263,395 122,176 Mortgage loans, held-for-investment, net 18,949 155,715 Preferred stock investments, at fair value 41,208 60,703 Accrued interest and dividends 4,343,359 4,054,259 Mortgage loans held in variable interest entities, at fair value 34,979 42,334 CMBS structured pass-through certificates, at fair value 27,400 116,228 Stock warrant investments, at fair value 1,457 3,916 Accounts receivable and other assets $ 5,416,073 $ 5,278,074 Total Assets 235,769 176,752 Secured financing agreements, net 243,454 257,605 Master repurchase agreements 221,001 222,217 Unsecured notes, net 95,464 63,500 Mortgages payable, net 9,458 11,889 Accounts payable and other accrued liabilities 10,020 15,327 Accrued interest payable 4,029,214 3,755,809 Bonds payable held in variable interest entities, at fair value $ 4,844,380 $ 4,503,099 Total Liabilities 149,045 305,564 Redeemable Series B Preferred Stock 86,164 93,989 Redeemable NCI in the Operating Partnership 336,484 375,423 Total Stockholders' Equity $ 5,416,073 $ 5,278,075 Total Liabilities and Stockholders’ Equity
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18 Reconciliations $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED High Mid Low December. 31, 2025 December. 31, 2025 December. 31, 2025 For the three months ended $ 20,034 $ 18,900 $ 17,766 Net income $ (874) $ (874) $ (874) Net (income) loss attributable to Series A preferre d stockholders $ (8,559) $ (8,559) $ (8,559) Net (income) loss attributable to Series B preferre d stockholders 10,601 9,467 8,333 Net income attributable to common stockholders Adjustments: 1,513 1,513 1,513 Amortization of stock-based compensation $ 12,114 $ 10,980 $ 9,846 EAD 17,722 17,722 17,722 Weighted average common shares outstanding - basic 43,854 43,854 43,854 Weighted average common shares outstanding - diluted (20,999) (20,999) (20,999) Shares attributable to potential redemption of Series B preferred 22,855 22,855 22,855 Adjusted weighted average common shares outstanding - diluted (1) $ 0.44 $ 0.41 $ 0.39 EPS per Weighted Average Share - diluted $ 0.53 $ 0.48 $ 0.43 EAD per diluted common share (1) 0.88 x 0.82 x 0.78 x EPS Dividend Coverage Ratio 1.06 x 0.96 x 0.86 x EAD Dividend Coverage Ratio (1) Reconciliation of 4Q 2025 Net Income to EAD High Mid Low December. 31, 2025 December. 31, 2025 December. 31, 2025 For the three months ended $ 12,114 $ 10,980 $ 9,846 EAD Adjustments: 2,493 2,493 2,493 Amortization of premiums (2,674) (2,674) (2,674) Accretion of discounts 584 584 584 Amortization and depreciation $ 12,517 $ 11,383 $ 10,249 CAD 17,722 17,722 17,722 Weighted average common shares outstanding - basic 43,854 43,854 43,854 Weighted average common shares outstanding - diluted (20,999) (20,999) (20,999) Shares attributable to potential redemption of Series B preferred 22,855 22,855 22,855 Adjusted weighted average common shares outstanding - diluted (1) $ 0.44 $ 0.41 $ 0.39 EPS per Weighted Average Share - diluted $ 0.55 $ 0.50 $ 0.45 CAD per diluted common share (1) 0.88 x 0.82 x 0.78 x EPS Dividend Coverage Ratio 1.10 x 1.00 x 0.90 x CAD Dividend Coverage Ratio (1) Reconciliation of 4Q 2025 EAD to CAD 1. EAD PER DILUTED COMMON SHARE, CAD PER DILUTED COM MON SHARE AND THE RELATED COVERAGE RATIOS ARE BASED ON ADJUSTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED. ADJUSTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED DOES NOT INCLUDE THE DILUTIVE EFFECT OF THE POTENTIAL REDEMPTION OF SERIES B PREFERRED STOCK FOR COMMON SHARES.
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19 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 $ 13,635 $ (14,286) $ 7,488 $ 16,116 $ 8,376 $ 16,518 $ 12,286 $ 35,032 Net income (loss) attributable to common stockholders 3,346 (1,894) 2,275 3,940 2,448 4,163 3,437 7,782 Net income (loss) attributable to redeemable noncontrolling interests Adjustments: 1,017 1,798 1,454 1,411 1,410 1,283 1,688 1,504 Amortization of stock-based compensation (1,937) (420) (2) (298) (3) 3,625 5,284 15,680 Provision for (reversal of) credit losses, net — 2,000 892 1,105 (46) (53) 1,017 (12) Equity in (income) losses of equity method investments (5,960) 1,351 3,852 (4,660) 7,346 (15,862) (13,706) (48,343) Unrealized (gains) or losses $ 10,101 $ (11,451) $ 15,959 $ 17,614 $ 19,532 $ 9,674 $ 10,006 $11,643 Earnings Available for Distribution 17,232 17,264 17,422 17,461 17,461 17,516 17,712 17,722 Weighted average common shares outstanding, basic 23,155 24,862 27,788 30,468 33,535 36,049 39,460 43,854 Weighted average common shares outstanding, diluted N/A N/A 4,357 7,048 10,116 12,652 16,408 20,999 Shares attributable to potential redemption of Series B Preferred 23,155 24,862 23,431 23,420 23,420 23,397 23,052 22,855 Adjusted weighted average common shares outstanding - diluted 1 $ 0.74 $ (0.83) $ 0.40 $ 0.74 $ 0.43 $ 0.70 $ 0.54 $ 1.14 EPS per diluted weighted average share $ 0.44 $ (0.46) $ 0.68 $ 0.75 $ 0.83 $ 0.41 $ 0.43 $ 0.51 EAD per diluted common share 1 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 Dividend per common share 1.48x (1.66)x 0.80x 1.48x 0.86x 1.40x 1.08x 2.28x EPS dividend coverage ratio 0.88x (0.92)x 1.36x 1.50x 1.66x 0.83x 0.86x 1.02x EAD dividend coverage ratio 1 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 - DILUTED. ADJUSTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED DOES NOT INCLUDE THE DILUTIVE EFFECT OF THE POTENTIAL REDEMPTION OF SERIES B PREFERRED STOCK FOR COMMON SHARES. PRIOR PERIOD EAD AND CAD PER DILUTED COMMON SHARE HAVE NOT BEEN UPDATED TO REFLECT THIS ADJUSTMENT AS THE DILUTIVE EFFECT OF POTENTIAL SERIES B PREFERRED REDEMPTIONS WERE IMMATERIAL TO PRIOR PERIODS.
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20 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 $ 10,101 $ (11,451) $ 15,959 $ 17,614 $ 19,531 $ 9,674 $ 10,006 $11,643 Earnings Available for Distribution Adjustments: 4,432 27,874 1,682 4,093 2,803 2,262 2,558 3,750 Amortization of premiums (3,767) (3,880) (3,693) (7,071) (12,553) (2,540) (2,561) (4,055) Accretion of discounts 1,035 2,318 1,082 1,099 1,114 1,079 614 620 Amortization and depreciation (41) 12 12 12 11 12 12 137 Amortization of deferred financing costs $ 11,760 $ 14,873 $ 15,042 $ 15,747 $ 10,906 $ 10,487 $ 10,629 $ 12,095 Cash Available for Distribution 17,232 17,264 17,422 17,461 17,461 17,516 17,712 17,722 Weighted average common shares outstanding, basic 23,155 24,862 27,788 30,468 33,535 36,049 39,460 43,854 Weighted average common shares outstanding, diluted N/A N/A 4,357 7,048 10,116 12,652 16,408 20,999 Shares attributable to potential redemption of Series B Preferred 23,155 24,862 23,431 23,420 23,420 23,397 23,052 22,855 Adjusted weighted average common shares outstanding - diluted 1 $ 0.74 $ (0.83) $ 0.40 $ 0.74 $ 0.43 $ 0.70 $ 0.54 $ 1.14 EPS per diluted weighted average share $ 0.51 $ 0.60 $ 0.64 $ 0.67 $ 0.47 $ 0.45 $ 0.46 $ 0.53 CAD per diluted common share 1 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 Dividend per common share 1.48x (1.66)x 0.80x 1.48x 0.86x 1.40x 1.08x 2.28x EPS dividend coverage ratio 1.02x 1.20x 1.28x 1.34x 0.94x 0.90x 0.92x 1.06x CAD dividend coverage ratio 1 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. ADJUSTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED DOES NOT INCLUDE THE DILUTIVE EFFECT OF THE POTENTIAL REDEMPTION OF SERIES B PREFERRED STOCK FOR COMMON SHARES. PRIOR PERIOD EAD AND CAD PER DILUTED COMMON SHARE HAVE NOT BEEN UPDATED TO REFLECT THIS ADJUSTMENT AS THE DILUTIVE EFFECT OF POTENTIAL SERIES B PREFERRED REDEMPTIONS WERE IMMATERIAL TO PRIOR PERIODS.