NREF
NexPoint Real Estate Finance, Inc.
REIT - Mortgage
Market Cap$295M
5Y Perf.-3.3%
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Stock Comparison
NREF vs TRTX
Revenue, margins, valuation, and 5-year total return — side by side.
TRTX
TPG RE Finance Trust, Inc.
REIT - Mortgage
Market Cap$656M
5Y Perf.+14.6%
NREF vs TRTX — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | NREF | TRTX |
|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $295M | $656M |
| Revenue (TTM) | $126M | $264M |
| Net Income (TTM) | $105M | $61M |
| Gross Margin | 90.2% | 78.5% |
| Operating Margin | 128.8% | 51.0% |
| Forward P/E | 9.6x | 8.1x |
| Total Debt | $4.46B | $3.29B |
| Cash & Equiv. | $34M | $88M |
NREF vs TRTX — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
NREF
TRTX
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| NexPoint Real Estat… (NREF) | 100 | 96.7 | -3.3% |
| TPG RE Finance Trus… (TRTX) | 100 | 114.6 | +14.6% |
Price return only. Dividends and distributions are not included.
Quick Verdict: NREF vs TRTX
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: TRTX leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. NexPoint Real Estate Finance, Inc. is the stronger pick specifically for profitability and margin quality and operational efficiency and capital deployment. 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 clearest fit if your priority is growth exposure and long-term compounding.
- Rev growth 14.3%, EPS growth 189.2%, 3Y rev CAGR 46.2%
- 50.8% 10Y total return vs TRTX's -1.9%
- 83.3% margin vs TRTX's 23.2%
Best for: growth exposure and long-term compounding
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
- Beta 0.78, yield 13.5%, current ratio 0.18x
Best for: income & stability and sleep-well-at-night
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | TRTX | 123.3% FFO/revenue growth vs NREF's 14.3% |
| Value | TRTX | Lower P/E (8.1x vs 9.6x) |
| Quality / Margins | NREF | 83.3% margin vs TRTX's 23.2% |
| Stability / Safety | TRTX | Beta 0.78 vs NREF's 0.79, lower leverage |
| Dividends | TRTX | 13.5% yield, 2-year raise streak, vs NREF's 3.7% |
| Momentum (1Y) | TRTX | +25.7% vs NREF's +23.5% |
| Efficiency (ROA) | NREF | 2.0% ROA vs TRTX's 1.4%, ROIC 2.3% vs 4.7% |
NREF vs TRTX — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2024
Segment breakdown not available.
NREF vs TRTX — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLTRTXLAGGINGNREF
NREFNexPoint Real Estate …
1leads
TRTXTPG RE Finance Trust,…
3leads
6 Total Categories
CATEGORYLEADERvs NREFMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
NREF4/6
Valuation MetricsMultiples, price ratios, and targets
TRTX5/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
TRTX6/9
Total Returns1Y, 3Y, 5Y total returns with dividends
Tied
—
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
TRTX2/2
Income & Cash Flow (Last 12 Months)
NREF leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
TRTX is the larger business by revenue, generating $264M annually — 2.1x NREF's $126M. NREF is the more profitable business, keeping 83.3% of every revenue dollar as net income compared to TRTX's 23.2%. On growth, TRTX holds the edge at -4.4% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NREFNexPoint Real Est… | TRTXTPG RE Finance Tr… |
|---|---|---|
| RevenueTrailing 12 months | $126M | $264M |
| EBITDAEarnings before interest/tax | $165M | $144M |
| Net IncomeAfter-tax profit | $105M | $61M |
| Free Cash FlowCash after capex | $23M | $96M |
| Gross MarginGross profit ÷ Revenue | +90.2% | +78.5% |
| Operating MarginEBIT ÷ Revenue | +128.8% | +51.0% |
| Net MarginNet income ÷ Revenue | +83.3% | +23.2% |
| FCF MarginFCF ÷ Revenue | +18.2% | +36.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | -11.1% | -4.4% |
| EPS Growth (YoY)Latest quarter vs prior year | +92.0% | +58.3% |
NREF leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
TRTX leads this category, winning 5 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… | TRTXTPG RE Finance Tr… |
|---|---|---|
| Market CapShares × price | $295M | $656M |
| Enterprise ValueMkt cap + debt − cash | $4.7B | $3.9B |
| Trailing P/EPrice ÷ TTM EPS | 5.35x | 14.89x |
| 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 | 15.10x |
| Price / SalesMarket cap ÷ Revenue | 2.34x | 1.97x |
| Price / BookPrice ÷ Book value/share | 0.69x | 0.63x |
| Price / FCFMarket cap ÷ FCF | 12.88x | 7.26x |
TRTX leads this category, winning 5 of 6 comparable metrics.
Profitability & Efficiency
TRTX leads this category, winning 6 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 $6 for TRTX. TRTX carries lower financial leverage with a 3.08x debt-to-equity ratio, signaling a more conservative balance sheet compared to NREF's 5.35x. On the Piotroski fundamental quality scale (0–9), TRTX scores 6/9 vs NREF's 5/9, reflecting solid financial health.
| Metric | NREFNexPoint Real Est… | TRTXTPG RE Finance Tr… |
|---|---|---|
| ROE (TTM)Return on equity | +14.4% | +5.7% |
| ROA (TTM)Return on assets | +2.0% | +1.4% |
| ROICReturn on invested capital | +2.3% | +4.7% |
| ROCEReturn on capital employed | +3.2% | +7.1% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 6 |
| Debt / EquityFinancial leverage | 5.35x | 3.08x |
| Net DebtTotal debt minus cash | $4.4B | $3.2B |
| Cash & Equiv.Liquid assets | $34M | $88M |
| Total DebtShort + long-term debt | $4.5B | $3.3B |
| Interest CoverageEBIT ÷ Interest expense | 3.88x | 1.32x |
TRTX leads this category, winning 6 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 $10,145 for TRTX. Over the past 12 months, TRTX leads with a +25.7% total return vs NREF's +23.5%. The 3-year compound annual growth rate (CAGR) favors TRTX at 26.7% vs NREF's 18.3% — a key indicator of consistent wealth creation.
| Metric | NREFNexPoint Real Est… | TRTXTPG RE Finance Tr… |
|---|---|---|
| YTD ReturnYear-to-date | +15.6% | -1.0% |
| 1-Year ReturnPast 12 months | +23.5% | +25.7% |
| 3-Year ReturnCumulative with dividends | +65.8% | +103.4% |
| 5-Year ReturnCumulative with dividends | +26.6% | +1.4% |
| 10-Year ReturnCumulative with dividends | +50.8% | -1.9% |
| CAGR (3Y)Annualised 3-year return | +18.3% | +26.7% |
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 NREF's 0.79 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 TRTX's 86.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NREFNexPoint Real Est… | TRTXTPG RE Finance Tr… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.79x | 0.78x |
| 52-Week HighHighest price in past year | $16.06 | $9.85 |
| 52-Week LowLowest price in past year | $12.36 | $7.44 |
| % of 52W HighCurrent price vs 52-week peak | +98.3% | +86.2% |
| RSI (14)Momentum oscillator 0–100 | 76.8 | 60.6 |
| Avg Volume (50D)Average daily shares traded | 53K | 655K |
Evenly matched — NREF and TRTX each lead in 1 of 2 comparable metrics.
Analyst Outlook
TRTX leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates NREF as "Hold" and TRTX as "Buy". Consensus price targets imply 17.8% upside for TRTX (target: $10) vs -5.0% for NREF (target: $15). For income investors, TRTX offers the higher dividend yield at 13.50% vs NREF's 3.66%.
| Metric | NREFNexPoint Real Est… | TRTXTPG RE Finance Tr… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $15.00 | $10.00 |
| # AnalystsCovering analysts | 6 | 11 |
| Dividend YieldAnnual dividend ÷ price | +3.7% | +13.5% |
| Dividend StreakConsecutive years of raises | 0 | 2 |
| Dividend / ShareAnnual DPS | $0.58 | $1.15 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +3.9% |
TRTX leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
TRTX leads in 3 of 6 categories (Valuation Metrics, Profitability & Efficiency). NREF leads in 1 (Income & Cash Flow). 2 tied.
Best OverallTPG RE Finance Trust, Inc. (TRTX)Leads 3 of 6 categories
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NREF vs TRTX: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is NREF or TRTX a better buy right now?
For growth investors, TPG RE Finance Trust, Inc.
(TRTX) is the stronger pick with 123. 3% revenue growth year-over-year, versus 14. 3% for NexPoint Real Estate Finance, Inc. (NREF). 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 TRTX?
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 TRTX?
Over the past 5 years, NexPoint Real Estate Finance, Inc.
(NREF) delivered a total return of +26. 6%, compared to +1. 4% for TPG RE Finance Trust, Inc. (TRTX). Over 10 years, the gap is even starker: NREF returned +50. 8% versus TRTX's -1. 9%. 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 TRTX?
By beta (market sensitivity over 5 years), TPG RE Finance Trust, Inc.
(TRTX) is the lower-risk stock at 0. 78β versus NexPoint Real Estate Finance, Inc. 's 0. 79β — meaning NREF is approximately 0% more volatile than TRTX relative to the S&P 500. On balance sheet safety, TPG RE Finance Trust, Inc. (TRTX) carries a lower debt/equity ratio of 3% versus 5% for NexPoint Real Estate Finance, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — NREF or TRTX?
By revenue growth (latest reported year), TPG RE Finance Trust, Inc.
(TRTX) is pulling ahead at 123. 3% versus 14. 3% for NexPoint Real Estate Finance, Inc. (NREF). On earnings-per-share growth, the picture is similar: NexPoint Real Estate Finance, Inc. grew EPS 189. 2% year-over-year, compared to -26. 0% for TPG RE 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 TRTX?
NexPoint Real Estate Finance, Inc.
(NREF) is the more profitable company, earning 83. 3% net margin versus 18. 1% for TPG RE Finance 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 73. 0% for TRTX. 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 TRTX 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 TRTX: 17. 8% to $10. 00.
08Which pays a better dividend — NREF or TRTX?
All stocks in this comparison pay dividends.
TPG RE Finance Trust, Inc. (TRTX) offers the highest yield at 13. 5%, versus 3. 7% for NexPoint Real Estate Finance, Inc. (NREF).
09Is NREF or TRTX 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%, TRTX: -1. 9%), 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 TRTX?
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; TRTX is a small-cap high-growth 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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Revenue Growth>
%
(NREF: -11.1% · TRTX: -4.4%)Net Margin>
%
(NREF: 83.3% · TRTX: 23.2%)P/E Ratio<
x
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