Financial Highlights - Net income was $193 million, with net income attributable to common stockholders of $53 million, or $100 per diluted common share[11] - Core earnings were $19 million, or $037 per diluted common share[11] - Book value was $3377 million, or $1833 per common share, including redeemable non-controlling interests in the Operating Partnership, a 344% increase over 1Q 2020 book value on a per share basis[11] - A 2Q 2020 dividend of $040 per common share was paid on June 30, 2020, and a 3Q 2020 dividend of $040 per common share was announced to be paid on September 30, 2020[11] Portfolio Composition - The outstanding total portfolio was $137 billion, comprised of 45 investments[11] - SFR and multifamily represent 971% of the portfolio, with the remainder being self-storage[11] - Weighted average loan to value ("LTV") and debt service coverage ratio ("DSCR") on SFR, CMBS, preferred and mezz investments are 669% and 194x[11] Capitalization - Debt to book value ratio of 251x[11] - As of August 6, 2020, outstanding repo financing is estimated to be $1577 million, which equates to 488% advance rate on the CMBS B-Piece and IO Strip portfolio[11] - On July 24, 2020, NREF closed its Series A Cumulative Redeemable Preferred Stock (NYSE:NREF PRA) offering netting the Company $461 million of cash[11] Portfolio Performance - Net interest income increased by 414% over 1Q 2020, reaching $46 million[13] - Book Value per common share increased 344% to $1833[13] - As of August 5, 2020, forbearances granted in the CMBS B-Piece portfolio and SFR loan book represented 20% of the total investment portfolio on a consolidated basis[11, 20]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-39210 NexPoint Real Estate Finance, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or other Jurisdiction of ...