COMP <GO>

NREF vs KREF // 10Y YIELD & FRED MACRO BETA

NexPoint Real Estate Finance Inc. (NYSE) VS. KKR Real Estate Finance Trust Inc. (NYSE) • 15-METRIC TALLY: NREF 1 — KREF 3

■ METRIC PARITY

LAST: $14.97 (-0.93%) • MKT CAP: $282.2M

macro-sensitivity

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LAST: $5.25 (-0.76%) • MKT CAP: $300.9M

macro-sensitivity

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NREF VS. KREF) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NREF	KREF	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	-4.00%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	7.94%	21.64%	-13.70	KREF	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	2/9	3/9	-1.00	KREF	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	40.0	38.3	+1.70	NREF	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta ACTIVE	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$282.2M	$300.9M	-$18.7M	KREF	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NREF REV	KREF REV	NREF GROSS %	KREF GROSS %	NREF FCF	KREF FCF
FY 2025	$2.23B	$2.72B	—	—	$22.9M	$72.3M
FY 2024	$2.27B	$2.67B	—	—	$29.3M	$132.6M
FY 2023	—	$591.7M	—	—	—	$155.7M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NREF // BETA —

KREF // BETA —