The company’s portfolio, which spans 85 individual investments, remains heavily weighted toward multifamily and life sciences, accounting for 37.6% and 39.4% of holdings respectively. Chief Investment Officer Matthew McGraner noted that the firm’s strategy prioritizes structural demand over short-term market fluctuations, allowing the company to continue underwriting new loans despite broader industry hesitation. During the quarter, NREF funded significant new positions, including a $42.6 million loan carrying a 14% coupon.

Looking ahead to the third quarter of 2026, management expects net income attributable to common stockholders to range between $7.4 million and $9.8 million. The firm maintains a cautious outlook on liquidity, recently raising $22.6 million in gross proceeds through a Series C preferred stock offering to support its ongoing operations and dividend obligations, which include a $0.50 per share payout for the third quarter.