EXHIBIT 99.2

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-looking statements can often be identified by words such as "anticipate", "estimate", "expect," "intend," "may", "should" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the Company’s business and industry in general, investment activity, including unlevered IRRs, LTV’s and yields, pro forma capitalization and guidance for financial results for the fourth quarter of 2020, including the Company's estimated core earnings, dividend per common share and dividend coverage ratio for the fourth quarter of 2020. They are not guarantees of future results and forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including the ultimate geographic spread, duration and severity of the COVID-19 pandemic, and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or treat its impact, as well as those described in greater detail in our filings with the Securities and Exchange Commission, particularly those specifically described in our Registration Statement on Form S-11 and Quarterly Reports on Form 10-Q. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company's Registration Statement on Form S-11 and the Company's other filings with the SEC for a more complete discussion of risks and other factors that could affect any forward-looking statement. The statements made herein speak only as of the date of this presentation and except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements   NON-GAAP FINANCIAL MEASURES  This presentation contains non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flows of the Company. The non-GAAP financial measure used within this presentation is core earnings. Core earnings is defined as the net income (loss) attributable to our common stockholders computed in accordance with GAAP, including realized gains and losses not otherwise included in net income (loss), excluding any unrealized gains or losses or other similar non-cash items that are included in net income (loss) for the applicable reporting period, regardless of whether such items are included in other comprehensive income (loss), or in net income (loss) and adding back amortization of stock-based compensation. We use core earnings to evaluate our performance which excludes the effects of certain GAAP adjustments and transactions that we believe are not indicative of our current operations and loan performance. We believe providing core earnings as a supplement to GAAP net income (loss) to our investors is helpful to their assessment of our performance. We also use core earnings as a component of the management fee paid to our Manager. Core earnings should not be considered as an alternative or substitute to net income (loss). Our computation of core earnings may not be comparable to core earnings reported by other REITs.   ADDITIONAL INFORMATION For additional information, see our filings with the SEC. Our filings with the SEC are available on our website, www.nexpointfinance.com, under the "Investor Relations" tab.

NEXPOINT REAL ESTATE FINANCE NexPoint Real Estate Finance, Inc. (“NREF” or the “Company”) is a publicly traded mortgage REIT (“mREIT”), with its shares listed on the New York Stock Exchange. The company primarily concentrates on investments in real estate sectors where its senior management team has operating expertise, including in the multifamily, single-family rental (”SFR”), and self-storage, predominantly in the top 50 metropolitan statistical areas. The Company targets lending or investing in properties that are stabilized or have a “light-transitional” business plan. NREF is externally managed by NexPoint Real Estate Advisors VII, L.P. (“NREA”), an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor with extensive real estate and fixed income experience. Company Overview BASED ON SEPTEMBER 30, 2020 BOOK VALUE INCLUDING REDEEMABLE NCI IN THE OPERATING PARTNERSHIP AS REPORTED BY THE COMPANY AND THE SHARE PRICE AS OF CLOSE OF TRADING OCTOBER 28, 2020 IMPLIED DIVIDEND YIELD IS CALCULATED USING THE ANNOUNCED 4Q DIVIDEND OF $0.40 PER COMMON SHARE, ANNUALIZED, DIVIDED BY THE SHARE PRICE AS OF CLOSE OF TRADING ON OCTOBER 28, 2020 AS OF THE CLOSE OF TRADING OCTOBER 28, 2020 TOTAL RETURN, INCLUDING DIVIDENDS, AS OF CLOSE OF TRADING OCTOBER 28, 2020 8.6% INSIDER OWNERSHIP3 11.9% IMPLIED DIVIDEND YIELD2 27.4% DISCOUNT TO BOOK1 NREF Total Return4

3Q 2020 HIGHLIGHTS SEE “RECONCILIATIONS” SLIDE AS OF OCTOBER 28, 2020 LOAN TO VALUE IS GENERALLY BASED ON THE INITIAL LOAN AMOUNT DIVIDED BY THE AS –IS APPRAISED VALUE AS OF THE DATE THE LOAN WAS ORIGINATED OR BY THE CURRENT PRINCIPAL AMOUNT AS OF THE DATE OF THE MOST RECENT AS-IS APPRAISED VALUE. FOR OUR CMBS B-PIECES, LTV IS BASED ON THE WEIGHTED AVERAGE LTV OF THE UNDERLYING LOAN POOL. BASED ON ACTUAL COLLATERAL POSTED Net income of $11.5MM, with net income attributable to common stockholders of $2.9MM, or $0.52 per diluted common share Core earnings of $2.3MM, or $0.42 per diluted common share1 Book value of $351.5MM, or $18.48 per common share, including redeemable non-controlling interests in the Operating Partnership and excluding Series A Preferred Stock; a 0.82% increase over 2Q 2020 book value on a per share basis Paid a 3Q 2020 dividend of $0.40 per common share on September 30, 2020 Announced 4Q 2020 dividend of $0.40 per common share to be paid on December 31, 2020 Outstanding total portfolio of $1.46B, comprised of 62 investments2 SFR and multifamily represent 97.2% of our portfolio, with the remainder being self-storage Weighted average loan to value (“LTV”)3 and debt service coverage ratio (“DSCR”) on our SFR, CMBS, CMBS IO strips, preferred and mezz investments are 68.2% and 1.91x2 On July 30, 2020, we purchased a floating rate Freddie Mac K-Series B-Piece with a current yield of 1-Month LIBOR plus 900bps On August 6, 2020, we purchased a fixed rate Freddie Mac K-Series B-Piece and interest only strips, with an estimated current yield of approximately 6.6% On October 20, 2020, we purchased a portfolio of 18 mezzanine loans, collateralized by multifamily properties, for $99.9MM plus purchased accrued interest of $0.3 million with an estimated IRR of 17.3% As of October 23, 2020, there are no loans currently in forbearance in our portfolio vs 1 (CMBS) and 9 (SFR) loans that were in forbearance, representing 2.0% of our total investment portfolio on a consolidated basis, on August 5, 2020 PORTFOLIO As of September 30, 2020, the Company’s debt to book value ratio was 2.43x Secured credit facility, matched in structure and duration of the underlying SFR loans, with a weighted average remaining term of 7.6 years as of September 30, 2020 On July 24, 2020, NREF closed it’s Series A Cumulative Redeemable Preferred Stock (NYSE:NREF PRA) offering netting the Company $46.0MM of cash to deploy in highly accretive new investments On October 15, 2020, NREF issued $36.5MM in senior unsecured notes with an interest rate of 7.5% As of October 28, 2020, outstanding repo financing was $159.4MM, which equates to 49.7% advance rate on our CMBS B-Piece and IO Strip portfolio4 As of October 28, 2020, NREF had purchased 236,597 shares of its common stock through the Company’s share repurchase program at an average price of $14.72/share, representing an average discount to 3Q book value of 20.3%. CAPITALIZATION FINANCIAL

3Q 2020 FINANCIAL SNAPSHOT Net interest income of $4.4MM, a decrease of 4.3% over 2Q 2020 Net income of $11.5MM, with net income attributable to common stockholders of $2.9MM, or $0.52 per diluted common share; compared to net income attributable to common stockholders of $5.3MM, or $1.00 per diluted common share in 2Q 2020 Core earnings of $2.3MM, or $0.42 per diluted common share; compared to $0.37 per diluted common share in 2Q 2020 BV per common share including redeemable NCI in the Operating Partnership increased 0.82% to $18.48/share, from $18.33/share at the end of the second quarter 2020 $8.7MM net unrealized gain1 in 3Q 2020 due to mark-to-market movement in the CMBS B-Piece and CMBS IO Strips portfolios Earnings and Book Value (8.28%) 3.44% 0.82% NET UNREALIZED GAIN INCLUDES APPROXIMATLY $5.0 MILLION OF NET INTEREST INCOME FROM CONSOLIDATED CMBS TRUSTS AND APPROXIMATLY $3.7 MILLION OF UNREALIZED MARK TO MARKET GAINS.

3Q 2020 FINANCIAL SNAPSHOT NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS IN 4Q 2020 IS ESTIMATED TO BE $2.7MM AND $2.8MM AT THE MID-POINT, RESPECTIVELY. SEE “RECONCILIATIONS” SLIDES. NREF CLOSED ITS IPO ON FEBRUARY 11, 2020, AS SUCH, THE QUARTER OVER QUARTER CHANGE SHOWN IN 2Q 2020 IS CALCULATED USING 2Q 2020 CORE EARNINGS PER SHARE DIVIDED BY THE 1Q 2020 STUB PERIOD CORE EARNINGS PER SHARE 3Q dividend of $0.40/common share was paid September 30, 2020 3Q 2020 core earnings per diluted common share was $0.42, an increase of 13.5% over 2Q 2020 reported core earnings per diluted common share 3Q core earnings dividend coverage ratio was 1.05x 4Q 2020 core earnings per diluted common share is projected to be $0.51 at the mid-point1 , an estimated increase of 21.4% over 3Q 2020 reported core earnings per diluted common share 4Q 2020 dividend per common share of $0.40 to be paid on December 31, 2020 Estimated 4Q core earnings dividend coverage ratio is 1.28x Dividend and Core Earnings 0.93x Core Earnings/Share 1.05x 60.9%1 13.5% 1.05x 1.28x 0.93x 21.4%

PORTFOLIO COMMENTARY The current portfolio consists of senior loans, mezzanine debt, preferred equity and preferred stock investments in short-duration lease-term assets (multifamily, SFR, self-storage) that are geographically diverse in the United States. The portfolio has no exposure to construction loans, heavy transitional loans, land loans or for-sale loans. As of October 28, 2020, there are no loans currently in forbearance in our portfolio vs 1 (CMBS) and 9 (SFR) loans that were in forbearance, representing 2.0% of our total investment portfolio on a consolidated basis, on August 5, 2020. Defensive Portfolio Characteristics FREDDIE MAC; 2019 FREDDIE MAC; AUGUST 2020 SEPTEMBER (2020) SECURITIZATION FORBEARANCE REPORT – FREDDIE MAC AS OF SEPTEMBER 30, 2020 AS OF SEPTEMBER 30, 2020 AND EXCLUDING THE PREFERRED STOCK (JCAP SERIES A PREFERRED) 8.0 YEARS AVERAGE REMAINING TERM5 68.2% WEIGHTED AVERAGE LOAN TO VALUE5 1.9x WEIGHTED AVERAGE DSCR5 99.0% OF PORTFOLIO STABILIZED5 Historically low losses for Freddie Mac debt issuances secured by multifamily assets, including periods of market stress Annual defaults have breached 1.0% of loans outstanding only three times since 19941 Aggregate losses in Freddie Mac’s origination history have averaged 5 bps per year dating back to 19941 Since 2009 and through August 2020, there have been $18.8MM in losses on $383B of combined issuance2 As of September 25, 2020, $7.5B of outstanding UPB, representing 2.4% of total securitized UPB, have entered into forbearance3 MULTIFAMILY Although this is a relatively new asset class that was institutionalized in the wake of the global financial crisis, we believe SFR will exhibit resiliency akin to multifamily Current portfolio of SFR loans is capitalized by a secured credit facility with Freddie Mac, is matched in both duration and structure of the underlying loans, has 7.6 years of average weighted term to maturity and a 250 bps interest rate spread4 Subject to Freddie Mac forbearance program to help mitigate cash flow interruptions to the bondholders SINGLE-FAMILY RENTAL Limited human interaction and low costs should help the self-storage sector during current unprecedented times Historically, self-storage has outperformed other real estate asset types during economic downturns SELF-STORAGE

PORTFOLIO COMMENTARY AS OF SEPTEMBER 30, 2020 AND INCLUDING THE 18 MEZZANINE LOANS CLOSED OCTOBER 20, 2020 AS A % OF OUTSTANDING PRINCIPAL AS OF SEPTEMBER 30, 2020 INCLUDING THE 18 MEZZ LOANS CLOSED OCTOBER 20, 2020 AND EXCLUDING THE PREFERRED STOCK (JCAP SERIES A PREFERRED) Diverse geographic exposure with the majority of the portfolio located in the Southeast and Southwest Strategically focused on short-duration lease-term property types, with SFR and multifamily consisting of 58.9% and 38.3% of the portfolio, respectively1 Majority of the portfolio invested in first mortgages and CMBS B-Pieces1 Geographic and Asset Type Exposure $1.46B CURRENT PRINCIPAL1 GA 30% FL 19% TX 10% 3% MN LESS THAN 2.0% OF TOTAL 3% AL 3% AZ 3% NJ GEOGRAPHIC EXPOSURE2 68.2% WEIGHTED AVG LTV1 5% MD

PRO FORMA CAPITALIZATION ESTIMATED AS OF OCTOBER 28, 2020 AND GIVING EFFECT TO THE $59.9MM OF ADDITIONAL FREDDIE MAC FINANCING USED TO ACQUIRE THE 18 MEZZANINE LOANS , THE $36.5MM OF SENIOR UNSECURED NOTES ISSUED BY THE COMPANY AND PAYDOWN ON THE MASTER REPURCHASE AGREEMENTS OF APPROXIMATELY $824K AFTER SEPTEMBER 30, 2020. SEE “RECONCILIATIONS” SLIDES. AS OF SEPTEMBER 30, 2020. MARKET VALUE OF CMBS PORTFOLIO AS OF OCTOBER 28, 2020 $159.4MM REPO FINANCING1 $786.9MM SENIOR CREDIT FACILITY2 $1.04B TOTAL DEBT1 _____________________ 6.4 YEARS WEIGHTED AVERAGE TERM OF DEBT 84.7% OF TOTAL DEBT IS FIXED AND IS NOT SUBJECT TO MARK-TO-MARKET1 MOVEMENTS 15.3% OF TOTAL DEBT IS FLOATING AND IS SUBJECT TO MARK-TO-MARKET1 2.68x DEBT TO BOOK VALUE OF EQUITY 1 $86.3MM BOOK VALUE OF COMMON2 $265.2MM BOOK VALUE OF REDEEMABLE NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP1 $351.5M TOTAL BOOK VALUE OF EQUITY1 $161MM IMPLIED EQUITY VALUE IN CMBS PORTFOLIO 49.7% LTV1 $320MM MARKET VALUE OF CMBS PORTFOLIO3 REPO Financing on CMBS Portfolio $37.5MM BOOK VALUE OF SERIES A PREFERRED1 PERPETUAL AND CALLABLE AFTER YEAR 5 2.48% WEIGHTED AVERAGE COST OF DEBT1 $36.5MM UNSECURED NOTES1 $59.9MM MEZZ LOAN FINANCING1

RECENT TRANSACTION: FLOATING-RATE CMBS B-PIECE B-Piece Summary1 BASED ON JULY 1, 2020 CUT-OFF DATE. CALCULATED USING UNDERWRITTEN NET CASH FLOW INVESTMENT HAS A 0% FLOOR CALCULATED USING PROJECTED CASH FLOWS Payment Structure: Floating-rate with current pay Purchase Price/Par Value: $67MM / $67MM % of Securitization: 7.5% Current Yield3: 1-Month LIBOR + 9.0% Unlevered IRR4: 10.6% Expected Term to Maturity: 6.5 years Last First First Last Loss Position Cash Flows SAMPLE FREMF K- SERIES SECURITIZATION – PRO RATA PAY Collateral Pool Summary1 Underlying Pool Balance: $896 million Weighted Avg Mortgage Interest Rate: 1-Month LIBOR + 2.1% Interest Only DSCR2: 2.3x Average Loan to Value: 65.2% Number of Properties: 42 Number of Units: 9,435 Weighted Avg Occupancy: 95% Weighted Avg Rent/Unit: $1,166 Total Appraised Value: $1.4 billion Geographic Distribution: $896MM Floating Rate Pool of Mortgages Guaranteed Certificate Class A Unguaranteed Certificate Class D

RECENT TRANSACTION: FIXED-RATE CMBS INVESTMENT Collateral Pool Summary1 Underlying Pool Balance: $1.5B Weighted Avg Mortgage Interest Rate: 3.22% Interest Only DSCR4: 2.2x Average Loan to Value: 69.0% Number of Properties: 62 Number of Units: 13,071 Weighted Avg Occupancy: 93.1% Weighted Avg Rent/Unit: $1,467 Total Appraised Value: $2.1B Geographic Distribution1: Investment Summary1 Purchase Price Current Yield2 BEY3 LTV Term (Years) Tranche Structure Par Value $ % of Par D P/O $109MM $36MM 33% - 11.4% 69.0% 9.8 X2A I/O N/A $9MM N/A 13.0% 4.4% 56.2% 9.5 X2B I/O N/A $2MM N/A 14.0% 6.9% 69.0% 9.8 X3 I/O N/A $25MM N/A 13.3% 5.2% 69.0% 9.8 Total / Wtd. Avg. $72MM 6.6% 8.3% 67.4% 9.8 BASED ON AUGUST 1, 2020 CUT-OFF DATE. WEIGHTED AVERAGES BASED ON PURCHASE PRICE. CURRENT YIELD CALCULATED USING PURCHASE PRICE. CALCULATED USING THE SUM OF THE PROJECTED CASH FLOWS FOR EACH TRANCHE. CALCULATED USING UNDERWRITTEN NET CASH FLOW. $112M Balance Class D Tranche Breakdown1 Last First Loss Position Cash Flows SAMPLE FREMF K- SERIES SECURITIZATION – SEQUENTIAL PAY First Last $1.5B UNDERLYING POOL BALANCE $1.5B Floating Rate Pool of Mortgages Unguaranteed Certificate Class D Guaranteed Certificate Class A-1 and A-2 Guaranteed Certificate Class A-1 and A-2 $36MM Purchase Price Principal Only

RECENT TRANSACTION: MEZZANINE LOAN PORTFOLIO Collateral Pool Summary1 Investment Summary1 % LTV DSCR YIELD2 TERM (YEARS) First Mortgages $745MM 73.6% 1.6x 4.3% 9.6 Mezzanine $99MM 83.4% 1.4x 7.5% 9.6 Borrower Equity $168MM 100.0% N/A N/A N/A Total / Wtd. Avg. $1.01B 100.0% 1.4x 4.7% 9.5 NREF EQUITY $39MM 83.4% 1.4x 17.3% 9.5 Underlying Mezzanine Loan Balance: $98MM Weighted Avg Mezzanine Interest Rate: 7.5% Weighted Avg Blended Interest Rate 4.7% Interest Only DSCR3: 1.4x Average Loan to Value: 83.4% Number of Properties: 18 Number of Units: 6,640 Weighted Avg Occupancy: 93.6% Total Appraised Value: $1.0B Implied Cap Rate Through the Mezz5: 6.4% Geographic Distribution1: BASED ON JUNE 30, 2020 CUT-OFF DATE. WEIGHTED AVERAGES BASED ON PURCHASE PRICE. YIELD CALCULATED USING PURCHASE PRICE FOR NREF EQUITY BASED ON EXPECTED CASH FLOWS. CALCULATED USING MOST RECENT NET CASH FLOW AS OF JUNE 30, 2020. EXCLUSIVE OF TRANSACTION FEES AND PURCHSE PREMIUMS WHICH IS ESTIMATED TO BE ~$2.8MM. ASSUMES TTM NOMINAL NET OPERATING INCOME AS OF JUNE 30, 2020 DIVIDED BY TOTAL OF SENIOR MORTGAGE & MEZZANINE LOAN BALANCE $97.9m UNDERLYING BALANCE Tranche Breakdown1 Last First Loss Position First Last $1.01B Multifamily Appraised Value $745MM Pool of Mortgages $168MM Borrower Equity $99MM Mezzanine $39.9MM NREF Equity $59.9MM Seller Financing FOR ILLUSTRATIVE PURPOSES ONLY Cash Flows

APPENDICES INTENTIONALLY LEFT BLANK

APPENDIX: PORTFOLIO # Investment1 Location Property Type Investment Date Current Principal Net Equity2 Coupon3 Remaining Term4 Loan to Value DSCR 1 Senior Loan Various SFR 2/11/2020 $508,700 $83,514 4.65% 7.9 68.1% 2 Senior Loan Various SFR 2/11/2020 62,023 10,104 4.95% 8.4 65.0% 3 Senior Loan Various SFR 2/11/2020 51,362 8,213 4.74% 5.0 54.2% 4 Senior Loan Various SFR 2/11/2020 38,281 6,368 5.55% 8.1 73.1% 5 Senior Loan Various SFR 2/11/2020 17,272 2,871 5.61% 8.3 64.6% 6 Senior Loan Various SFR 2/11/2020 15,300 2,381 5.46% 3.1 55.8% 7 Senior Loan Various SFR 2/11/2020 12,291 2,019 5.54% 8.0 66.8% 8 Senior Loan Various SFR 2/11/2020 10,635 1,768 5.60% 8.2 73.3% 9 Senior Loan Various SFR 2/11/2020 10,552 1,726 5.30% 7.9 69.8% 10 Senior Loan Various SFR 2/11/2020 10,219 1,701 5.72% 8.2 65.5% 11 Senior Loan Various SFR 2/11/2020 10,611 1,692 5.35% 7.3 71.9% 12 Senior Loan Various SFR 2/11/2020 10,523 1,677 4.72% 5.4 63.2% 13 Senior Loan Various SFR 2/11/2020 9,621 1,595 6.10% 8.0 72.4% 14 Senior Loan Various SFR 2/11/2020 9,228 1,523 5.88% 8.3 56.4% 15 Senior Loan Various SFR 2/11/2020 8,257 1,372 5.85% 8.1 71.8% 16 Senior Loan Various SFR 2/11/2020 7,870 1,307 5.47% 8.3 56.2% 17 Senior Loan Various SFR 2/11/2020 7,744 1,268 5.34% 8.3 73.4% 18 Senior Loan Various SFR 2/11/2020 7,591 1,243 5.08% 7.8 56.4% 19 Senior Loan Various SFR 2/11/2020 6,807 1,111 5.46% 8.4 71.5% 20 Senior Loan Various SFR 2/11/2020 6,357 1,054 5.47% 8.1 73.2% 21 Senior Loan Various SFR 2/11/2020 6,676 1,045 4.83% 3.3 68.4% 22 Senior Loan Various SFR 2/11/2020 6,556 1,017 5.79% 2.9 57.3% 23 Senior Loan Various SFR 2/11/2020 5,760 954 5.99% 8.2 70.0% 24 Senior Loan Various SFR 2/11/2020 5,658 931 5.24% 8.0 57.2% 25 Senior Loan Various SFR 2/11/2020 5,594 865 5.33% 2.8 66.7% 26 Senior Loan Various SFR 2/11/2020 5,357 880 5.46% 8.3 73.4% 27 Senior Loan Various SFR 2/11/2020 4,736 773 5.35% 8.3 74.0% Total SFR 861,580 140,972 4.91% 7.6 66.8% $s IN 0,000s EXCEPT PER SHARE DATA *SEE FOOTNOTES ON FOLLOWING PAGE

APPENDIX: PORTFOLIO # Investment1 Location Property Type Investment Date Current Principal Net Equity2 Coupon3 Remaining Term4 Loan to Value DSCR 1 CMBS B-Piece Various Multifamily 2/11/2020 $74,4725 $33,895 6.15%6 5.4 65.4% 2 CMBS B-Piece Various Multifamily 2/11/2020 53,6235 27,548 6.15%6 6.2 65.6% 3 CMBS B-Piece Various Multifamily 4/23/2020 81,9995 26,817 3.62%7 9.4 63.8% 4 CMBS B-Piece Various Multifamily 7/30/2020 67,1615 30,221 9.15%8 6.7 65.2% 5 CMBS B-Piece Various Multifamily 8/6/2020 108,6435 15,743 NA 9.7 69.0% Total CMBS B-Pieces 385,8985 134,224 4.40% 7.8 66.1% 1 CMBS IO Strip Various Multifamily 4/15/2020 $8589 $305 3.52% 16.3 61.5% 2 CMBS IO Strip Various Multifamily 4/15/2020 7359 284 3.03% 17.2 65.3% 3 CMBS IO Strip Various Multifamily 5/18/2020 2,4619 854 2.09% 26.0 66.2% 4 CMBS IO Strip Various Multifamily 8/6/2020 8,9549 3,490 0.10% 9.7 69.0% 5 CMBS IO Strip Various Multifamily 8/6/2020 1,8899 726 0.10% 9.7 69.0% 6 CMBS IO Strip Various Multifamily 8/6/2020 24,8479 8,386 3.09% 27.7 69.0% Total CMBS IO Strip 39,744 14,045 2.22% 22.2 68.6% 1 Mezzanine Houston, TX Multifamily 6/12/2020 $7,500 7,500 11.00%10 2.8 79.3% 2 Mezzanine Philadelphia, PA Multifamily 10/20/2020 14,253 5,815 7.59% 8.7 89.4% 3 Mezzanine Laurel, MD Multifamily 10/20/2020 12,000 4,896 7.71% 10.5 84.9% 4 Mezzanine White Marsh, MD Multifamily 10/20/2020 10,380 4,235 7.42% 10.8 84.8% 5 Mezzanine Cockeysville, MD Multifamily 10/20/2020 9,610 3,921 7.42% 10.8 84.3% 6 Mezzanine Laurel, MD Multifamily 10/20/2020 7,390 3,015 7.42% 10.8 80.3% 7 Mezzanine North Aurora, IL Multifamily 10/20/2020 6,829 2,786 7.53% 8.3 71.0% 8 Mezzanine Lakewood, NJ Multifamily 10/20/2020 5,540 2,260 7.33% 8.6 81.1% 9 Mezzanine Wilmington, DE Multifamily 10/20/2020 5,470 2,232 7.50% 8.6 89.3% 10 Mezzanine Urbandale, IA Multifamily 10/20/2020 4,010 1,636 7.89% 8.1 79.2% 11 Mezzanine Daytona Beach, FL Multifamily 10/20/2020 3,700 1,510 7.83% 8.0 86.3% 12 Mezzanine Rosedale, MD Multifamily 10/20/2020 3,620 1,477 7.42% 10.8 83.3% 13 Mezzanine Atlanta, GA Multifamily 10/20/2020 3,310 1,350 6.91% 8.8 80.3% 14 Mezzanine Temple Hills, MD Multifamily 10/20/2020 3,000 1,224 7.32% 10.8 83.1% 15 Mezzanine Des Moines, IA Multifamily 10/20/2020 2,880 1,175 7.89% 8.1 81.6% $s IN 0,000s EXCEPT PER SHARE DATA *SEE FOOTNOTES ON FOLLOWING PAGE

APPENDIX: PORTFOLIO # Investment1 Location Property Type Investment Date Current Principal Net Equity2 Coupon3 Remaining Term4 Loan to Value DSCR 16 Mezzanine Tyler, TX Multifamily 10/20/2020 2,135 871 7.74% 8.0 83.1% 17 Mezzanine Temple Hills, MD Multifamily 10/20/2020 1,500 612 7.22% 10.8 78.6% 18 Mezzanine Las Vegas, NV Multifamily 10/20/2020 1,190 486 7.71% 8.4 75.5% 19 Mezzanine Vancouver, WA Multifamily 10/20/2020 1,082 441 8.70% 10.1 84.3% Total Mezzanine 105,399 47,442 7.78% 9.2 83.1% 1 Preferred Equity Jackson, MS Multifamily 2/11/2020 $5,056 $5,285 12.50% 7.2 75.6% 2 Preferred Equity Corpus Christi, TX Multifamily 2/11/2020 3,821 3,959 15.25% 1.8 56.1% 3 Preferred Equity Columbus, GA Multifamily 2/11/2020 10,000 9,783 11.50% 4.8 85.6% 4 Preferred Equity Houston, TX Multifamily 5/29/2020 10,000 10,000 11.00%11 9.6 84.4% Total Preferred Equity 28,877 29,027 12.00% 6.5 79.5% 1 Preferred Stock N/A Self-Storage 2/11/2020 $41,25411 $41,517 13.10% N/A N/A Portfolio Total $1,462,752 $407,227 5.57% 8.1 68.0% 2.01x $s IN 0,000s EXCEPT PER SHARE DATA OUR TOTAL PORTFOLIO REPRESENTS THE CURRENT PRINCIPAL AMOUNT OF THE CONSOLIDATED SFR LOANS, THE MEZZANINE LOAN, PREFERRED EQUITY, AND PREFFERED STOCK AS WELL AS THE NET EQUITY OF OUR CMBS B-PIECE INVESTMENTS. NET EQUITY REPREESENTS THE CARRYING VALUE LESS BORROWRINGS. THE WEIGHTED AVERAGE COUPON IS WEIGHTED ON THE CURRENT PRINCIPAL BALANCE. THE WEIGHTED AVERAGE LIFE IS WEIGHTED ON THE CURRENT PRINCIPAL BALANCE AND ASSUMES NO PREPAYMENTS. THE MATURITY DATE USED FOR PREFERRED EQUITY INVESTMENTS REPRESENTS THE MATURITY DATE OF THE SENIOR MORTGAGE, AS THE PREFERRED EQUITY INVESTMENTS HAVE NO STATED MATURITY DATE, AND REQUIRE REPAYMENT UPON THE SALE OR REFINANCING OF THE ASSET. THE CMBS B-PIECES ARE SHOWN ON AN UNCONSOLIDATED BASIS REFLECTING THE VALUE OF OUR INVESTMENTS. FLOATING RATE CMBS B-PIECE YIELDS 1M LIBOR PLUS 600 BPS. AS OF SEPTEMBER 30, 2020, 1M LIBOR WAS 0.1483%. FIXED RATE CMBS B-PIECE HAS A BOND EQUIVALENT YIELD OF APPROXIMATELY 10.75%, WAC OF 3.62% AND CURRENT YIELD OF 6.10%. FLOATING RATE CMBS B-PIECE YIELDS 1M LIBOR PLUS 900BPS. AS OF SEPTEMBER 30, 2020, 1M LIBOR WAS 0.1483% CURRENT PRINCIPAL FOR CMBS IO STRIPS ARE SHOWN AS CURRENT COST MEZZANINE INVESTMENT IS FIXED AND PAYS 6.5% CURRENT INTEREST, PAID MONTHLY, WITH THE REMAINING 4.50% ACCRUING AND DUE AT MATURITY PREFERRED STOCK CONSISTS OF JCAP SERIES A PREFERRED.

APPENDIX: 3Q 2020 FINANCIAL SUMMARY Balance Sheet Income Statement For the three months ended September 30, 2020 June 30, 2020 Interest income $10,492 $9,821 Interest expense 6,102 5,216 Net interest income 4,390 4,605 Other income (loss) 10,039 17,057 Total operating expenses 2,888 2,389 Net income 11,541 19,273 Preferred stock dividends 874 - Net income attributable to redeemable NCI 7,805 14,003 Net income attributable to common stockholders $2,862 $5,270 Weighted average common shares outstanding, diluted 5,550 5,292 Net income per share, diluted $0.52 $1.00 September 30, 2020 December 31, 2019 Cash and cash equivalents $17,964 $- Accrued interest and dividends 6,838 - Loans, held-for-investment, net 36,527 - Preferred stock 41,517 - Mortgage loans, held-for-investment, net 927,632 - Mortgage loans held in variable interest entities, at fair value 5,094,579 - CMBS structured pass through certificates, at fair value 39,845 - Other Assets 749 - Total Assets $6,165,651 $- Secured financing agreements, net $786,939 $- Master repurchase agreements 160,212 - Accounts payable and other accrued liabilities 2,336 - Accrued interest payable 1,201 - Bonds payable held in variable interest entities, at fair value 4,825,943 - Total Liabilities 5,776,631 - Redeemable NCI in the Operating Partnership 265,155 - Total Stockholders Equity 123,865 - Total Liabilities and Stockholders’ Equity $6,165,651 $- Common shares outstanding 5,236 - Redeemable Sub OP units 13,787 - Combined book value per share $18.48 $- $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED

APPENDIX: RECONCILIATIONS $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of Net Income (Loss) to Core Earnings 3Q 2020 2Q 2020 1Q 2020 Net income attributable to common stockholders $2,862 $5,270 $(6,353) Adjustments: Amortization of stock-based compensation 252 39 Loan loss provision, net (12) 23 59 Unrealized (gains) or losses (777) (3,387) 7,473 Core Earnings $2,325 $1,944 $1,179 Weighted average common shares outstanding, basic 5,261 5,263 5,223 Weighted average common shares outstanding, diluted 5,550 5,292 5,223 Core earnings per diluted weighted average share $0.42 $0.37 $0.23 Dividend per common share $0.40 $0.40 $0.22 Reconciliation of Debt to Equity1 Credit facility2 $786,939 Master repurchase agreements2 160,212 Additional seller financing for mezz portfolio 1 59,914 Senior unsecured notes1 36,500 Master repurchase agreements paydowns1 (824) Total debt $1,042,741 Series A preferred stock2 37,510 Redeemable NCI in the Operating Partnership2 265,155 Total stockholders equity2 86,355 Estimated Total Equity $351,510 Estimated Total Equity including Series A preferred stock $389,020 Debt to equity ratio 2.68x Debt to equity excluding Series A preferred 2.97x AS OF OCTOBER 28, 2020 AND GIVING EFFECT TO THE $60MM OF ADDITIONAL FREDDIE MAC FINANCING USED TO ACQUIRE THE 18 MEZZANINE LOANS , THE $36.5MM OF SENIOR UNSECURED NOTES ISSUED BY THE COMPANY AND PAYDOWN ON THE MASTER REPURCHASE AGREEMENTS OF APPROXIMATELY $824K AFTER SEPTEMBER 30, 2020 AS OF SEPTEMBER 30, 2020

APPENDIX: RECONCILIATIONS $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of 4Q 2020 Net Income to Core Earnings Low Mid High For the three months ended December 31, 2020 December 31, 2020 December 31, 2020 Net income attributable to common stockholders $2,423 $2,533 $2,642 Adjustments: Amortization of stock based compensation 252 252 252 Core Earnings $2,675 $2,785 $2,894 Weighted average common shares outstanding, basic 5,171 5,171 5,171 Weighted average common shares outstanding, diluted 5,460 5,460 5,460 Core earnings per diluted weighted average share $0.49 $0.51 $0.53 4Q dividend $0.40 $0.40 $0.40 4Q dividend coverage ratio 1.23x 1.28x 1.33x

CONTACT NEXPOINT REAL ESTATE FINANCE (NYSE:NREF)  300 Crescent Court, Suite 700 Dallas, Texas 75201 Website: www.nexpointfinance.com Phone: 972.628.4100