NYSE:NREF 4Q 2025 Financial Supplement February 26, 2026 CONTACT NEXPOINT REAL ESTATE FINANCE (NYSE:NREF) 300 Crescent Court, Suite 700 Dallas, Texas 75201 (w) nref.nexpoint.com INVESTOR RELATIONS Kristen Griffith (e) kgriffith@nexpoint.com 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-looki ...

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]