NexPoint Real Estate Finance, Inc.

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the next point, real estate finance Q3 2025 earning call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Kristen Griffith, Investor Relations. Please go ahead.

Thank you. Good day, everyone, and welcome to Nextpoint Real Estate Finance conference call to review the company's results for the third quarter ended September 30, 2025. On the call today are Paul Richards, Executive Vice President and Chief Financial Officer, and Matt McGrainer, Executive Vice President and Chief Investment Officer. As a reminder, this call is being webcast through the company's website at nrep.nextpoint.com. Before we begin, I would like to remind everyone that this conference call contains forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions, and beliefs. Listeners should not place undue reliance on any forward-looking statements and are encouraged to view the company's annual report on Form 10-K and the company's other filings with the SEC for a more complete discussion of risks and other factors that could affect the forward-looking statements. The statements made during this conference call speak only as of today's date and accept as required by law. NREF does not undertake any obligation to publicly update or revise any forward-looking statements. This conference call also includes and analysis of non-GAAP financial measures. For a more complete discussion of these non-GAAP financial measures, see the company's presentation that was filed earlier today. I would now like to turn the call over to Paul Richards. Please go ahead, Paul.

Thanks, Kristen, and welcome everyone joining us this morning. I'm going to briefly discuss our quarterly results, move to our balance sheet, and lastly provide guidance for the next quarter before turning it over to Matt for a detailed commentary on the portfolio and the macro lending environment. Third quarter results are as follows. For the third quarter, we reported a net income of $1.12 per diluted share compared to net income of 74 cents per diluted share for the third quarter 2024. The increase in net income for the quarter was due to an increase in unrealized gains on preferred stock and stock warrant investments between the third quarter 2025 and the third quarter 2024. Earnings available for distribution was 51 cents per diluted share in Q3 compared to 75 cents per diluted share in the same period of 2024. Cash available for distribution was $0.53 per diluted share in Q3 compared to $0.67 per diluted share in the same period of 2024. We paid a regular dividend, $0.50 per share in the third quarter, and the Board has declared a dividend of $0.50 per share payable for the fourth quarter of 2025. Our dividend in the third quarter was 1.06 times covered by cash available for distribution. Book value per share increased 8% from Q2 2025 to $18.79 per dilute share, with an increase being primarily due to unrealized gain on our preferred stock investment and stock warrants. During the quarter, we funded $42.5 million on a life science preferred. During the quarter, the company funded $6.5 million on a loan that pays a monthly coupon of SOFR plus 900 basis points. The company sold a multifamily property for $60 million that resulted in a $3.7 million gain and raised $65.7 million in gross proceeds from the Series B preferred stock raise. On October 27, 2025, Enron announced a fourth quarter dividend of $0.50 per common share. Moving to the portfolio and balance sheet. Our portfolio is comprised of 88 investments with a total outstanding balance of $1.1 billion. Our investments are allocated across sectors as follows. 47.3% multifamily, 33.9% life sciences, 15.9% single-family rental, 1.8% storage, and 1.1% marina. Our fixed income portfolio is allocated across investments as follows. 27% CMBSB pieces, 26.5% NES loans, 18.6% preferred equity investments, 12.4% revolving credit facilities, 10% senior loans, 4.2% I.O. strips, and 1.3% promissory notes. The assets collateralizing our investments are allocated geographically as follows. 28.1% Massachusetts, 15.5% Texas, 8% Georgia, 5.3% California, 4.2% Maryland, 4.4% Florida, with the remainder across states with less than 4% exposure, reflecting our heavy preference for Sunbelt markets, with Massachusetts and California exposure heavily weighted towards life science. The collateral on our portfolio is 87.4% stabilized with 54.9% loan-to-value and a weighted average DSCR of 1.41 times. We have $720.9 million of debt outstanding with a weighted average cost of 5.3%. Our debt is collateralized by $633.2 million of collateral with a weighted average maturity of 3.9 years and a debt-to-equity ratio of 0.93 times. After the quarter, we paid off our $36.5 million senior unsecured notes with the new senior unsecured note offering of $45 million. The coupon on the new notes is 7.875%, a slight increase in the 7.5% notes we issued in October of 2020 when interest rates were near 0%. The new notes carry a term of two years with the prepayment options providing flexibility in this declining rate environment. We're pleased with this execution and look forward to terming out the remaining senior unsecured notes in the first half of 26. Lastly, we have been making great strides in our Series B preferred race, which has almost hit the $400 million offering limit. Given the heightened demand, we are now in the process of launching a Series C preferred, which will be a $200 million offering at an 8% coupon, where we will continue to deploy capital at 400 basis point plus spreads at the cost of this capital, moving to guidance for the fourth quarter. We are guiding in earnings available for distribution and cash available for distribution as follows. Earnings available for distribution of 48 cents per diluted share at a midpoint with a range of 43 cents on the low end and $0.53 on the high end. Cash is available for distribution of $0.50 per diluted share at the midpoint with a range of $0.45 on the low end and $0.55 on the high end. Now I would like to turn it over to Matt for a detailed discussion of the portfolio and markets.