NexPoint Real Estate Finance, Inc.

Hello, everyone. Thank you for joining us, and welcome to the NextPoint Real Estate Finance Quarter 2, 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Kristen Griffith, Investor Relations. Kristen, please go ahead.

Thank you. Good day, everyone, and welcome to NextPoint Real Estate Finance conference call to review the company results for the second quarter ended June 30th, 2026. On the call today are Paul Richards, Executive Vice President and Chief Financial Officer, and Matt McGraner, 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 meaning of the Private Securities Litigation Reform Act of 1995 that are based on the management's current expectations, assumptions, and beliefs. Listeners should not place undue 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, 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 Q3 before turning it over to Matt for a deeper dive on the portfolio and macro lending environment. For the second quarter, we reported a net income of 29 cents per diluted share compared to 54 cents for Q2 2025. The earnings available for distribution was 46 cents per diluted share in Q2 compared to 43 cents per diluted share in the same period of 2025. Cash available for distribution was 58 cents per diluted share in Q2 compared to 46 cents per diluted share in the same period of 2025. We paid a regular dividend of $0.50 per share in the second quarter, which was 1.16 times covered by cash available for distribution. On July 27, 2026, the board declared a dividend of $0.50 per share payable for the third quarter of 2026. Book value per diluted share decreased by 1.9% from Q1 2026 to $18.60 per diluted share, primarily driven by a small unrealized loss on our stock portfolio, turning to new investments during the quarter. We have continued to originate new investments across our target asset classes, funded through a combination of retained operating cash flow, proceeds from our Series C preferred offering, and additional capacity under our secure financing facilities, reflecting our continued ability to identify and execute attractive opportunities that drive returns for our shareholders. We funded a $20.2 million preferred equity investment in a multifamily property that pays a monthly coupon of 14%, a $42.6 million mezzanine loan secured by Life Science Property at a 14% coupon, and funded an additional $31.9 million on other existing commitments in the quarter. I want to highlight what remains in our view the most important development year to date. We closed a $375 million drawable term loan facility with Mizuho Capital Markets, which we used to repay our $180 million, 5.75% senior unsecured notes after May 1st maturity. As of today, there are $362.2 million outstanding on the facility. Concurrently, we entered into a TRS or total return swap with Mizuho, which reduces the effect of our net interest costs to SOPR plus 245. The transaction removed the largest near-term liability overhang on our balance sheet and replaced fixed-rate unsecured debt with a floating-rate asset-based financing structure that better aligns with our preference to have additional balance sheet flexibility in terms of pre-payment ability and provides a back-leveraged solution to enhance returns on new investments. Combined with the $22.6 million we raised in our Series C preferred, we head into the back half of 2026 with what we believe to be one of the cleanest, most flexible capital structures in the commercial mortgage rate sector. Moving to the portfolio and balance sheet. Our portfolio is comprised of 85 investments with a total outstanding balance of $1.1 billion. Our investments are allocated across sectors are as follows. 39.4% life sciences, 37.6% multifamily, 15.1% single-family rental, 4.2% storage, 2.1% industrial, and 1.6% marina. Our fixed income portfolio is allocated across investments as follows. 27.8% preferred equity investments, 24.9% MES loans, 17.5% CMBSB pieces, 17.3% revolving credit facilities, 6.2% senior loans, 4% IO strips, and 2.2% promissory notes. The assets collateralizing our investments are allocated geographically as follows. 31.2% Massachusetts, 16% Texas, 6% Florida, 4.6% Georgia, 5.2% California, 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 science. The collateral in our portfolio is 80.3% stabilized with a 63.4% loan to value and a weighted average DSCR of 1.39 times. We have $836.6 million of debt outstanding with a weighted average cost of 6.3% that has a weighted average maturity of 2.6 years. Our secure debt is collateralized by $1.4 billion of collateral with a weighted average maturity of 2.7 years and a debt to equity ratio of 0.88 times. Moving to guidance for the third 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, $0.55 per diluted share at the midpoint with a range of $0.50 on the low end and $0.60 on the high end. And with that, I'd like to turn it over to Matt for a detailed discussion of the portfolio and the current market environment. Matt.