Management also highlighted a decline in payment-in-kind (PIK) income as a share of total investment income to 9% in fourth-quarter 2025 from 15.3% in fourth-quarter 2024. Bantwal said 5.5% of total investment income in the quarter came from PIK introduced through loan modifications or amendments, “the vast majority of which relates to the legacy portfolio.”Non-accruals decreased slightly year-over-year to 1.9% of fair value, down from 2.0% (and below a post-integration high of 3.4%).First-lien exposure ros ...

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 ...