NexPoint Real Estate Finance, Inc. (NYSE:NREF) Q3 2020 Earnings Conference Call October 29, 2020 11:00 AM ET Company Participants Jackie Graham ??? Investor Relations Brian Mitts ??? Executive Vice President and Chief Financial Officer Matt McGraner ??? Executive Vice President and Chief Investment Officer Matt Goetz ??? Senior Vice President-Investments & Asset Management Paul Richards ??? Vice President-Originations & Investments Conference Call Participants Stephen Laws ??? Raymond James Amanda Sweitzer ...

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 September 30, 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 ...

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 June 30, 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 I ...

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 ...