NexPoint Real Estate Finance, Inc. NREF

NexPoint Real Estate Finance, Inc. (the "Company", "we", "our", "NREF") is a commercial mortgage REIT incorporated in Maryland on June 7, 2019 that has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). The Company is focused on originating, structuring and investing in first-lien mortgage loans ("senior loans"), mezzanine loans, preferred equity, convertible notes, multifamily properties and common equity investments, as well as multifamily and single-family rental ("SFR") commercial mortgage backed securities securitizations ("CMBS securitizations"), promissory notes, revolving credit facilities and stock warrants, or our target assets. We primarily focus on investments in real estate sectors where our senior management team has operating expertise, including in the multifamily, SFR, self-storage, industrial and life science sectors predominantly in the top 50 metropolitan statistical areas ("MSAs"). The Company also lends to redevelopment and development projects in special situations where there is strong sponsorship and clear and visible cost basis detachment points and exit options. Substantially all of the Company's business is conducted through NexPoint Real Estate Finance Operating Partnership, L.P. (the "OP"), the Company's operating partnership. As of December 31, 2025, the Company held approximately 86.56% of the common limited partnership units in the OP ("OP Units") which represents 100% of the Class A OP Units, and the OP owned all of the common limited partnership units ("SubOP Units") of its three subsidiary partnerships (collectively, the "Subsidiary OPs") (see Note 13 to our consolidated financial statements).