NexPoint Real Estate Finance, Inc.

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the NextPoint Real Estate Finance first quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers and marks, 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, please 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 first quarter ended March 31st, 2026. 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 webcrafted through the company's website, at nref.nextpoint.com. Before we begin, I would like to remind everyone that this conference call 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. Listeners should not place a new reliance on any forward-looking statements and are encouraged to review the company's annual report on Form 10-K and the company's other filings with the SEC for a more complete discussion of risk, 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, except as required by law, NREF does not undertake any obligation to publicly update or revise any forward-looking statements. This conference call also includes an 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 good morning, everyone. I'll walk through our quarterly results, cover the balance sheet, and provide guidance for Q2 before turning it over to Matt for a deeper dive on the portfolio and macro lending environment. For the first quarter, we reported net income of $0.42 per diluted share compared to $0.70 for Q1 2025. The decrease was driven by small mark-to-mark declines on preferred stock and warrants, as well as a decrease in the change in net assets related to consolidated CMBS VIEs. Earnings available for distribution was $0.43 per diluted share in Q1 compared to $0.41 per diluted share in the same time period of 2025. Cash available for distribution was $0.58 per diluted share in Q1 compared to $0.45 per diluted share in the same period of 2025. We paid a regular dividend of $0.50 per share in the first quarter, which is 1.16 times covered by cash available for distribution. On April 28, 2026, the board declared a dividend of $0.50 per share payable for the second quarter of 2026. Book value per share decreased slightly by 0.3% from Q4 2025 to $18.96 per diluted share, primarily driven by unrealized losses under preferred stock investments and stock warrants. Turning to new investments during the quarter, the company funded over $30 million on two loans that both pay a monthly coupon in the mid-teens. I want to highlight what is, in our view, the most important development of the quarter and, frankly, of this week. We have successfully refinanced $180 million of senior unsecured notes that were maturing on May 1st. We replaced those 5.75% fixed rate notes with a new $242 million total return swap facility priced at SOFR plus 375 basis points with a three-year term and one-year extension option. This transaction does several things. First, it removes the largest near-term liability overhang on our balance sheet. Second, the floating rate structure aligns with our floating rate asset base and gives us refi optionality as the curve evolves. Third, the upside gives us approximately $45 million of incremental capacity to deploy into our pipeline at the double-digit coupons we are seeing today. And fourth, the facility allows for back-lever optionality on eligible positions, which expands our origination capacity without requiring additional unsecured note issuances. We engaged more than 20 counterparties across bank and non-bank channels to optimize the structure. And the SOFR plus 375 pricing came inside comparable mortgage rate executions in the high-yield, baby bond, and terminal markets. Importantly, we did this without diluting common shareholders at a discount to book. Combined with the $21.1 million we raised in our Series C preferred and the re-REMEC execution I'll discuss in a moment, we head into the back half of 26 with one of the cleanest, most flexible capital structures in the commercial mortgage rate sector. Capital recycling and book value accretion. We executed a re-remix of our Frems 2017 K62 BPs during the quarter. We sold the BPs to Mizuho at 92.7, having purchased it at 68.69 in 2021 and reinvested into the HRR tranche of the new structure at an 18.5% yield. That single transaction generated 46 per share of book value appreciation, reduced repo financing by $75 million, and is expected to drive approximately $0.34 per share of annual cat accretion going forward. This is the kind of execution that does not happen by accident, and it speaks to the value we extract from a portfolio of seasoned, well-written, structured credit positions. Moving to the portfolio and balance sheet. Our portfolio is comprised of 90 investments with a total outstanding balance of $1.1 billion. Our investments are allocated across sectors as follows. 39.4% multifamily, 35.9% life sciences, 17.1 single family rental, 3.9% storage, 1.6% marina, and 2.1% industrial. Our fixed income portfolio is allocated across investments as follows. 19% CMVBPs, 22% MED loans, 24.5% PREF equity investments, 15.6 revolving credit facilities, 10.1% senior loans, 4.2% Iowa strips, and 4.6 promissory notes. The assets collateralizing our investments are allocated geographically as follows. 28.7% Massachusetts, 17.6% Texas, 5.9% Florida, 4.9% Georgia, 5.2% California, and 4.7% Maryland, with the remainder across states with less than 4% exposure, reflecting our heavy preference to Sunbelt markets, with Massachusetts and California exposure heavily weighted towards life sciences. The collateral on our portfolio is 81.2% stabilized with 59.9 loan to value and a weighted average DSCR of one spot, three, two times. We have 665.2 million of debt outstanding with a weighted average cost of 5.2% and has a weighted average maturity of 0.8 years. Our secure debt is collateralized by 571.3 million of collateral with a weighted average of 3.8 years and a debt to equity ratio of 0.7 times. Moving to our guidance for the second quarter. Earnings available for distribution, $0.43 per diluted share at the midpoint with a range of $0.38 on the low end and $0.48 on the high end. Cash available for distribution, $0.54 per diluted share at the midpoint with a range of $0.49 on the low end and $0.59 on the high end. With that, I'd like to turn it over to Matt for a detailed discussion of the portfolio in the current market environment. Matt?