NREF
NexPoint Real Estate Finance, Inc.
REIT - Mortgage
Market Cap$295M
5Y Perf.-3.3%
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Stock Comparison
NREF vs GPMT vs TRTX vs KREF
Revenue, margins, valuation, and 5-year total return — side by side.
GPMT
Granite Point Mortgage Trust Inc.
REIT - Mortgage
Market Cap$74M
5Y Perf.-68.5%
TRTX
TPG RE Finance Trust, Inc.
REIT - Mortgage
Market Cap$656M
5Y Perf.+14.6%
KREF
KKR Real Estate Finance Trust Inc.
REIT - Mortgage
Market Cap$423M
5Y Perf.-59.4%
NREF vs GPMT vs TRTX vs KREF — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | NREF | GPMT | TRTX | KREF |
|---|---|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $295M | $74M | $656M | $423M |
| Revenue (TTM) | $126M | $132M | $264M | $442M |
| Net Income (TTM) | $105M | $-40M | $61M | $-104M |
| Gross Margin | 90.2% | 47.3% | 78.5% | 87.1% |
| Operating Margin | 128.8% | -4.3% | 51.0% | 48.0% |
| Forward P/E | 9.6x | — | 8.1x | — |
| Total Debt | $4.46B | $1.17B | $3.29B | $4.69B |
| Cash & Equiv. | $34M | $66M | $88M | $85M |
NREF vs GPMT vs TRTX vs KREF — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
NREF
GPMT
TRTX
KREF
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| NexPoint Real Estat… (NREF) | 100 | 96.7 | -3.3% |
| Granite Point Mortg… (GPMT) | 100 | 31.5 | -68.5% |
| TPG RE Finance Trus… (TRTX) | 100 | 114.6 | +14.6% |
| KKR Real Estate Fin… (KREF) | 100 | 40.6 | -59.4% |
Price return only. Dividends and distributions are not included.
Quick Verdict: NREF vs GPMT vs TRTX vs KREF
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: TRTX leads in 4 of 7 categories, making it the strongest pick for valuation and capital efficiency and capital preservation and lower volatility. NexPoint Real Estate Finance, Inc. is the stronger pick specifically for profitability and margin quality and operational efficiency and capital deployment. GPMT also leads in specific categories worth noting. As sector peers, any of these can serve as alternatives in the same allocation.
NREF
NexPoint Real Estate Finance, Inc.
The Real Estate Income Play
NREF is the #2 pick in this set and the best alternative if long-term compounding is your priority.
- 50.8% 10Y total return vs TRTX's -1.9%
- 83.3% margin vs GPMT's -30.5%
- 2.0% ROA vs GPMT's -2.3%, ROIC 2.3% vs 2.6%
Best for: long-term compounding
GPMT
Granite Point Mortgage Trust Inc.
The Real Estate Income Play
GPMT is the clearest fit if your priority is growth exposure.
- Rev growth 187.8%, EPS growth 73.7%, 3Y rev CAGR 22.9%
- 187.8% FFO/revenue growth vs KREF's -22.7%
Best for: growth exposure
TRTX
TPG RE Finance Trust, Inc.
The Real Estate Income Play
TRTX carries the broadest edge in this set and is the clearest fit for income & stability and sleep-well-at-night.
- Dividend streak 2 yrs, beta 0.78, yield 13.5%
- Lower volatility, beta 0.78, current ratio 0.18x
- Better valuation composite
- Beta 0.78 vs GPMT's 1.44
Best for: income & stability and sleep-well-at-night
KREF
KKR Real Estate Finance Trust Inc.
The Real Estate Income Play
KREF is the clearest fit if your priority is defensive.
- Beta 0.87, yield 15.2%, current ratio 0.32x
Best for: defensive
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | GPMT | 187.8% FFO/revenue growth vs KREF's -22.7% |
| Value | TRTX | Better valuation composite |
| Quality / Margins | NREF | 83.3% margin vs GPMT's -30.5% |
| Stability / Safety | TRTX | Beta 0.78 vs GPMT's 1.44 |
| Dividends | TRTX | 13.5% yield, 2-year raise streak, vs KREF's 15.2% |
| Momentum (1Y) | TRTX | +25.7% vs GPMT's -19.7% |
| Efficiency (ROA) | NREF | 2.0% ROA vs GPMT's -2.3%, ROIC 2.3% vs 2.6% |
NREF vs GPMT vs TRTX vs KREF — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2024
Segment breakdown not available.
Segment breakdown not available.
Segment breakdown not available.
NREF vs GPMT vs TRTX vs KREF — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLNREFLAGGINGKREF
Who Leads Where
NREF leads in 1 of 6 categories
GPMT leads 1 • TRTX leads 0 • KREF leads 0 • 4 tied
Explore the data ↓KREFKKR Real Estate Finan…
0leads
TRTXTPG RE Finance Trust,…
0leads
GPMTGranite Point Mortgag…
1leads
NREFNexPoint Real Estate …
1leads
6 Total Categories
CATEGORYLEADERvs GPMTvs TRTXMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
NREF4/6
Valuation MetricsMultiples, price ratios, and targets
Tied
—
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
GPMT4/9
Total Returns1Y, 3Y, 5Y total returns with dividends
Tied
—
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
NREF leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
KREF is the larger business by revenue, generating $442M annually — 3.5x NREF's $126M. NREF is the more profitable business, keeping 83.3% of every revenue dollar as net income compared to GPMT's -30.5%. On growth, GPMT holds the edge at +157.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NREFNexPoint Real Est… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| RevenueTrailing 12 months | $126M | $132M | $264M | $442M |
| EBITDAEarnings before interest/tax | $165M | -$8M | $144M | $140M |
| Net IncomeAfter-tax profit | $105M | -$40M | $61M | -$104M |
| Free Cash FlowCash after capex | $23M | $463,000 | $96M | $65M |
| Gross MarginGross profit ÷ Revenue | +90.2% | +47.3% | +78.5% | +87.1% |
| Operating MarginEBIT ÷ Revenue | +128.8% | -4.3% | +51.0% | +48.0% |
| Net MarginNet income ÷ Revenue | +83.3% | -30.5% | +23.2% | -23.6% |
| FCF MarginFCF ÷ Revenue | +18.2% | +0.4% | +36.4% | +14.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | -11.1% | +157.8% | -4.4% | -13.8% |
| EPS Growth (YoY)Latest quarter vs prior year | +92.0% | +40.9% | +58.3% | -5.4% |
NREF leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
Evenly matched — GPMT and TRTX and KREF each lead in 2 of 6 comparable metrics.
Valuation Metrics
At 5.4x trailing earnings, NREF trades at a 64% valuation discount to TRTX's 14.9x P/E. On an enterprise value basis, TRTX's 15.1x EV/EBITDA is more attractive than NREF's 28.4x.
| Metric | NREFNexPoint Real Est… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| Market CapShares × price | $295M | $74M | $656M | $423M |
| Enterprise ValueMkt cap + debt − cash | $4.7B | $1.2B | $3.9B | $5.0B |
| Trailing P/EPrice ÷ TTM EPS | 5.35x | -1.34x | 14.89x | -6.27x |
| Forward P/EPrice ÷ next-FY EPS est. | 9.65x | — | 8.09x | — |
| PEG RatioP/E ÷ EPS growth rate | 0.48x | — | — | — |
| EV / EBITDAEnterprise value multiple | 28.35x | 20.75x | 15.10x | 18.35x |
| Price / SalesMarket cap ÷ Revenue | 2.34x | 0.51x | 1.97x | 0.92x |
| Price / BookPrice ÷ Book value/share | 0.69x | 0.13x | 0.63x | 0.36x |
| Price / FCFMarket cap ÷ FCF | 12.88x | 27.85x | 7.26x | 6.34x |
Evenly matched — GPMT and TRTX and KREF each lead in 2 of 6 comparable metrics.
Profitability & Efficiency
GPMT leads this category, winning 4 of 9 comparable metrics.
Profitability & Efficiency
NREF delivers a 14.4% return on equity — every $100 of shareholder capital generates $14 in annual profit, vs $-8 for KREF. GPMT carries lower financial leverage with a 2.12x debt-to-equity ratio, signaling a more conservative balance sheet compared to NREF's 5.35x. On the Piotroski fundamental quality scale (0–9), GPMT scores 6/9 vs KREF's 4/9, reflecting solid financial health.
| Metric | NREFNexPoint Real Est… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| ROE (TTM)Return on equity | +14.4% | -7.1% | +5.7% | -8.4% |
| ROA (TTM)Return on assets | +2.0% | -2.3% | +1.4% | -1.6% |
| ROICReturn on invested capital | +2.3% | +2.6% | +4.7% | +3.4% |
| ROCEReturn on capital employed | +3.2% | +4.6% | +7.1% | +4.5% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 6 | 6 | 4 |
| Debt / EquityFinancial leverage | 5.35x | 2.12x | 3.08x | 3.83x |
| Net DebtTotal debt minus cash | $4.4B | $1.1B | $3.2B | $4.6B |
| Cash & Equiv.Liquid assets | $34M | $66M | $88M | $85M |
| Total DebtShort + long-term debt | $4.5B | $1.2B | $3.3B | $4.7B |
| Interest CoverageEBIT ÷ Interest expense | 3.88x | 0.58x | 1.32x | 0.84x |
GPMT leads this category, winning 4 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
Evenly matched — NREF and TRTX each lead in 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in NREF five years ago would be worth $12,658 today (with dividends reinvested), compared to $3,472 for GPMT. Over the past 12 months, TRTX leads with a +25.7% total return vs GPMT's -19.7%. The 3-year compound annual growth rate (CAGR) favors TRTX at 26.7% vs GPMT's -13.1% — a key indicator of consistent wealth creation.
| Metric | NREFNexPoint Real Est… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| YTD ReturnYear-to-date | +15.6% | -32.5% | -1.0% | -17.5% |
| 1-Year ReturnPast 12 months | +23.5% | -19.7% | +25.7% | -16.9% |
| 3-Year ReturnCumulative with dividends | +65.8% | -34.3% | +103.4% | -0.7% |
| 5-Year ReturnCumulative with dividends | +26.6% | -65.3% | +1.4% | -35.6% |
| 10-Year ReturnCumulative with dividends | +50.8% | -50.0% | -1.9% | -9.1% |
| CAGR (3Y)Annualised 3-year return | +18.3% | -13.1% | +26.7% | -0.2% |
Evenly matched — NREF and TRTX each lead in 3 of 6 comparable metrics.
Risk & Volatility
Evenly matched — NREF and TRTX each lead in 1 of 2 comparable metrics.
Risk & Volatility
TRTX is the less volatile stock with a 0.78 beta — it tends to amplify market swings less than GPMT's 1.44 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. NREF currently trades 98.3% from its 52-week high vs GPMT's 49.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NREFNexPoint Real Est… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.79x | 1.44x | 0.78x | 0.87x |
| 52-Week HighHighest price in past year | $16.06 | $3.12 | $9.85 | $9.98 |
| 52-Week LowLowest price in past year | $12.36 | $1.24 | $7.44 | $5.29 |
| % of 52W HighCurrent price vs 52-week peak | +98.3% | +49.7% | +86.2% | +65.9% |
| RSI (14)Momentum oscillator 0–100 | 76.8 | 49.4 | 60.6 | 54.4 |
| Avg Volume (50D)Average daily shares traded | 53K | 154K | 655K | 1.5M |
Evenly matched — NREF and TRTX each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — TRTX and KREF each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: NREF as "Hold", GPMT as "Hold", TRTX as "Buy", KREF as "Buy". Consensus price targets imply 61.3% upside for GPMT (target: $3) vs -5.0% for NREF (target: $15). For income investors, KREF offers the higher dividend yield at 15.21% vs NREF's 3.66%.
| Metric | NREFNexPoint Real Est… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold | Buy | Buy |
| Price TargetConsensus 12-month target | $15.00 | $2.50 | $10.00 | $7.00 |
| # AnalystsCovering analysts | 6 | 12 | 11 | 12 |
| Dividend YieldAnnual dividend ÷ price | +3.7% | +14.0% | +13.5% | +15.2% |
| Dividend StreakConsecutive years of raises | 0 | 0 | 2 | 0 |
| Dividend / ShareAnnual DPS | $0.58 | $0.22 | $1.15 | $1.00 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +7.6% | +3.9% | +10.3% |
Evenly matched — TRTX and KREF each lead in 1 of 2 comparable metrics.
Key Takeaway
NREF leads in 1 of 6 categories (Income & Cash Flow). GPMT leads in 1 (Profitability & Efficiency). 4 tied.
Best OverallNexPoint Real Estate Financ… (NREF)Leads 1 of 6 categories
Loading custom metrics...
NREF vs GPMT vs TRTX vs KREF: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is NREF or GPMT or TRTX or KREF a better buy right now?
For growth investors, Granite Point Mortgage Trust Inc.
(GPMT) is the stronger pick with 187. 8% revenue growth year-over-year, versus -22. 7% for KKR Real Estate Finance Trust Inc. (KREF). NexPoint Real Estate Finance, Inc. (NREF) offers the better valuation at 5. 4x trailing P/E (9. 6x forward), making it the more compelling value choice. Analysts rate TPG RE Finance Trust, Inc. (TRTX) a "Buy" — based on 11 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — NREF or GPMT or TRTX or KREF?
On trailing P/E, NexPoint Real Estate Finance, Inc.
(NREF) is the cheapest at 5. 4x versus TPG RE Finance Trust, Inc. at 14. 9x. On forward P/E, TPG RE Finance Trust, Inc. is actually cheaper at 8. 1x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — NREF or GPMT or TRTX or KREF?
Over the past 5 years, NexPoint Real Estate Finance, Inc.
(NREF) delivered a total return of +26. 6%, compared to -65. 3% for Granite Point Mortgage Trust Inc. (GPMT). Over 10 years, the gap is even starker: NREF returned +50. 8% versus GPMT's -50. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NREF or GPMT or TRTX or KREF?
By beta (market sensitivity over 5 years), TPG RE Finance Trust, Inc.
(TRTX) is the lower-risk stock at 0. 78β versus Granite Point Mortgage Trust Inc. 's 1. 44β — meaning GPMT is approximately 84% more volatile than TRTX relative to the S&P 500. On balance sheet safety, Granite Point Mortgage Trust Inc. (GPMT) carries a lower debt/equity ratio of 2% versus 5% for NexPoint Real Estate Finance, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — NREF or GPMT or TRTX or KREF?
By revenue growth (latest reported year), Granite Point Mortgage Trust Inc.
(GPMT) is pulling ahead at 187. 8% versus -22. 7% for KKR Real Estate Finance Trust Inc. (KREF). On earnings-per-share growth, the picture is similar: NexPoint Real Estate Finance, Inc. grew EPS 189. 2% year-over-year, compared to -652. 6% for KKR Real Estate Finance Trust Inc.. Over a 3-year CAGR, NREF leads at 46. 2% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — NREF or GPMT or TRTX or KREF?
NexPoint Real Estate Finance, Inc.
(NREF) is the more profitable company, earning 83. 3% net margin versus -28. 3% for Granite Point Mortgage Trust Inc. — meaning it keeps 83. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NREF leads at 129. 7% versus 43. 6% for GPMT. At the gross margin level — before operating expenses — NREF leads at 88. 9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is NREF or GPMT or TRTX or KREF more undervalued right now?
On forward earnings alone, TPG RE Finance Trust, Inc.
(TRTX) trades at 8. 1x forward P/E versus 9. 6x for NexPoint Real Estate Finance, Inc. — 1. 6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for GPMT: 61. 3% to $2. 50.
08Which pays a better dividend — NREF or GPMT or TRTX or KREF?
All stocks in this comparison pay dividends.
KKR Real Estate Finance Trust Inc. (KREF) offers the highest yield at 15. 2%, versus 3. 7% for NexPoint Real Estate Finance, Inc. (NREF).
09Is NREF or GPMT or TRTX or KREF better for a retirement portfolio?
For long-horizon retirement investors, NexPoint Real Estate Finance, Inc.
(NREF) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 79), 3. 7% yield). Both have compounded well over 10 years (NREF: +50. 8%, GPMT: -50. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between NREF and GPMT and TRTX and KREF?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: NREF is a small-cap deep-value stock; GPMT is a small-cap high-growth stock; TRTX is a small-cap high-growth stock; KREF is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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