SUPPLEMENTAL INFORMATION UNAUDITED FOURTH QUARTER 2025 Forward-Looking Statements This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act o ...

Core Viewpoint - NexPoint Real Estate Finance, Inc. reported stable earnings and cash available for distribution, focusing on high-quality investments in resilient sectors such as life sciences, self-storage, and workforce rental housing [3][4][7]. Financial Performance - For the quarter ended September 30, 2025, the company reported net income attributable to common stockholders of $35.0 million, or $1.14 per diluted share [1]. - Cash available for distribution was $12.1 million, or $0.53 per diluted common share [2]. - The company anticipates fourth quarter 2025 earnings available for distribution (EAD) per diluted common share guidance at $0.48 at the midpoint [6]. Investment Portfolio - The total portfolio is valued at $1.1 billion, consisting of 88 investments, with allocations of 15.9% in single-family rentals, 47.3% in multifamily, 33.9% in life sciences, 1.8% in self-storage, and 1.1% in marinas as of September 30, 2025 [7]. - The weighted-average loan to value (LTV) ratio is 54.9%, and the debt service coverage ratio (DSCR) is 1.41x [7]. Capital Allocation and Strategy - The company continues to deploy capital into high-quality investments, maintaining a disciplined approach to capital allocation [3]. - During the third quarter, the company purchased $42.5 million of preferred stock and funded $6.5 million on a loan with a monthly coupon of SOFR + 900 bps [7]. Dividends and Stock Offering - A fourth quarter dividend of $0.50 per common share was announced on October 28, 2025 [7]. - The company raised $65.7 million in gross proceeds from a Series B preferred stock offering during the quarter [7].

Financial Highlights - The Partnership reported a net loss of $7.1 million or $0.35 per Beneficial Unit Certificate (BUC) for the three months ended June 30, 2025 [5] - Cash Available for Distribution (CAD) was $5.7 million or $0.25 per BUC [5] - Total assets amounted to $1.48 billion, with total Mortgage Revenue Bond (MRB) and Governmental Issuer Loan (GIL) investments at $1.13 billion [5] Investment and Financing Activity - The Partnership extended the maturity date for its corporate credit lines and increased total borrowing capacity by $30 million [3] - An additional capital commitment of approximately $60 million was received for the BlackRock construction lending joint venture from a second institutional investor [3] - Advances and acquisitions of various investments totaled approximately $47.6 million, while redemptions and sales totaled approximately $70.6 million [6] Revenue and Expenses - Total revenues for the second quarter of 2025 were $23.6 million, compared to $22.0 million in the same period of 2024, reflecting an increase of approximately 7.4% [15] - Total expenses for the second quarter of 2025 were $29.3 million, compared to $17.9 million in the same period of 2024, indicating a significant increase [15] - The provision for credit losses was $9.1 million for the second quarter of 2025, compared to $19.7 thousand in the same period of 2024 [15] Distribution Information - A regular quarterly distribution of $0.30 per BUC was declared in June 2025 and paid on July 31, 2025 [2] - The distribution was made to BUC holders of record as of the close of trading on June 30, 2025 [2] Management Insights - The CEO emphasized a focus on lending associated with low-income housing tax credit projects [3] - The Partnership's investment strategy includes acquiring additional mortgage revenue bonds and leveraging attractive financing structures available in the securities market [10]

Core Viewpoint - NexPoint Real Estate Finance, Inc. reported strong financial results for Q2 2025, highlighting resilience in earnings amid challenging credit conditions in the market [2][3]. Financial Performance - Net income attributable to common stockholders for Q2 2025 was $12.3 million, or $0.54 per diluted share [1][14]. - Cash available for distribution for the same period was $10.6 million, or $0.46 per diluted common share [1][14]. Investment Strategy - The company remains disciplined and opportunistic in its investment approach, focusing on capital deployment in a complex credit landscape [2]. - NREF's total portfolio is valued at $1.1 billion, consisting of 86 investments across various sectors, including single-family rentals, multifamily, and life sciences [9]. Future Guidance - For Q3 2025, the company projects earnings available for distribution per diluted common share to be $0.425 at the midpoint [8]. - Cash available for distribution per diluted common share guidance for Q3 2025 is set at $0.505 at the midpoint [10]. Portfolio Composition - As of June 30, 2025, the investment portfolio is composed of 15.5% single-family rental, 49.5% multifamily, and 32.7% life sciences, among other sectors [9]. - The weighted-average loan to value (LTV) ratio is 58.5%, with a debt service coverage ratio (DSCR) of 1.44x [9]. Recent Transactions - During Q2 2025, NREF purchased $39.5 million of preferred stock and funded $6.5 million on a loan with a monthly coupon of SOFR + 900 bps [9]. - The company also acquired a $15.3 million CMBS I/O strip with a bond equivalent yield of 7.24% [9]. Conference Call - A conference call is scheduled for July 31, 2025, to discuss the financial results for Q2 2025 [11].

Financial Performance - The company achieved a record annual Total Adjusted EBITDDA of $653 million, surpassing the 2020 record[10] - Cash Available for Distribution (CAD) was $84.4 million for the trailing twelve months ended June 30, 2025[7] - The company has a strong liquidity position with $395 million available[12] - Net debt to enterprise value is 24.1%[12] Segment Results - Total Adjusted EBITDDA for Q2 2025 was $52.0 million, a decrease of $11.4 million from Q1 2025[17, 18] - Timberlands Adjusted EBITDDA was $39.6 million in Q2 2025[12] - Wood Products Adjusted EBITDDA was $1.7 million in Q2 2025[12] - Real Estate Adjusted EBITDDA was $22.7 million in Q2 2025[12] Timberlands - Northern Timberlands sawlog price increased to $136 per ton in Q2 2025 from $124 per ton in Q1 2025[27] - Southern Timberlands sawlog harvest volume increased to 671 thousand tons in Q2 2025 from 654 thousand tons in Q1 2025[34] Wood Products - Lumber shipment volume increased to 303 MMBF in Q2 2025 from 290 MMBF in Q1 2025[12, 47] - Average lumber price decreased 1% to $450 per MBF in Q2 2025[42] Real Estate - 7,457 rural acres were sold in Q2 2025 at an average price of $3,108 per acre[12, 50] - 18 residential lots were sold in Q2 2025 at an average price of $102,222 per lot[12, 50]

Core Insights - Greystone Housing Impact Investors LP reported financial results for the first quarter of 2025, highlighting a net income of $3.3 million and Cash Available for Distribution (CAD) of $7.1 million [2][6][19]. Financial Highlights - The Partnership's net income per Beneficial Unit Certificate (BUC) was $0.11, while CAD per BUC was $0.31 [6][19]. - Total assets reached $1.54 billion, with total Mortgage Revenue Bond (MRB) and Governmental Issuer Loan (GIL) investments amounting to $1.18 billion [6][19]. - Unrealized losses on interest rate derivatives were approximately $3.9 million, impacting net income but not cash earnings [2][6]. Distribution Information - A quarterly distribution of $0.37 per BUC was declared and paid on April 30, 2025, to BUC holders of record as of March 31, 2025 [3][19]. Management Commentary - The CEO emphasized ongoing evaluation of investment opportunities despite market volatility and highlighted the successful issuance of Series B Preferred Units as a source of low-cost capital [4][19]. Recent Investment and Financing Activity - The Partnership sold a property for gross proceeds of approximately $17.1 million, expecting to recognize investment income of about $1.8 million in the second quarter of 2025 [5][19]. - Advanced funds on MRB and GIL investments totaled $60.6 million, with redemptions and paydowns amounting to approximately $102.7 million [7][19]. Investment Portfolio Updates - All MRB and GIL investments are current on contractual principal and interest payments, with no requests for forbearance as of March 31, 2025 [13][19]. - Six joint venture equity investment properties completed construction, with three achieving 90% occupancy [13][19].

Financial Highlights - Net income attributable to common stockholders in 1Q 2025 was $165 million, or $070 per diluted common share[14] - Cash Available for Distribution (CAD) in 1Q 2025 was $045 per diluted common share[15] - Book Value per diluted common share increased by 15% to $1722[24] - A dividend of $050 per common share was paid for 1Q 2025[13] Portfolio Composition - The total portfolio principal was $12 billion[15] - The portfolio is composed of 85 investments[15] - The weighted average Loan-to-Value (LTV) of the portfolio is 587%[40] - The weighted average Debt Service Coverage Ratio (DSCR) of the portfolio is 146x[40] Capitalization - The debt to equity ratio was 133x as of March 31, 2025[17] - $447 million of Series B Preferred stock was raised by selling 18 million shares[17] - Outstanding Repo Financing equates to 754% advance rate on CMBS B-Piece and IO Strips Portfolio[18]