NREF
NexPoint Real Estate Finance, Inc.
REIT - Mortgage
Market Cap$295M
5Y Perf.-3.3%
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Stock Comparison
NREF vs WELL vs VTR vs KREF vs BXMT
Revenue, margins, valuation, and 5-year total return — side by side.
WELL
Welltower Inc.
REIT - Healthcare Facilities
Market Cap$149.25B
5Y Perf.+320.4%
VTR
Ventas, Inc.
REIT - Healthcare Facilities
Market Cap$41.15B
5Y Perf.+147.6%
KREF
KKR Real Estate Finance Trust Inc.
REIT - Mortgage
Market Cap$423M
5Y Perf.-59.4%
BXMT
Blackstone Mortgage Trust, Inc.
REIT - Mortgage
Market Cap$3.23B
5Y Perf.-18.8%
NREF vs WELL vs VTR vs KREF vs BXMT — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | NREF | WELL | VTR | KREF | BXMT |
|---|---|---|---|---|---|
| Industry | REIT - Mortgage | REIT - Healthcare Facilities | REIT - Healthcare Facilities | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $295M | $149.25B | $41.15B | $423M | $3.23B |
| Revenue (TTM) | $126M | $11.63B | $6.13B | $442M | $1.54B |
| Net Income (TTM) | $105M | $1.43B | $260M | $-104M | $104M |
| Gross Margin | 90.2% | 39.1% | -4.3% | 87.1% | 62.6% |
| Operating Margin | 128.8% | 4.4% | 13.4% | 48.0% | 58.3% |
| Forward P/E | 9.6x | 78.4x | 118.0x | — | 12.0x |
| Total Debt | $4.46B | $21.38B | $13.22B | $4.69B | $16.16B |
| Cash & Equiv. | $34M | $5.03B | $741M | $85M | $453M |
NREF vs WELL vs VTR vs KREF vs BXMT — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
NREF
WELL
VTR
KREF
BXMT
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| NexPoint Real Estat… (NREF) | 100 | 96.7 | -3.3% |
| Welltower Inc. (WELL) | 100 | 420.4 | +320.4% |
| Ventas, Inc. (VTR) | 100 | 247.6 | +147.6% |
| KKR Real Estate Fin… (KREF) | 100 | 40.6 | -59.4% |
| Blackstone Mortgage… (BXMT) | 100 | 81.2 | -18.8% |
Price return only. Dividends and distributions are not included.
Quick Verdict: NREF vs WELL vs VTR vs KREF vs BXMT
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: WELL leads in 4 of 7 categories (5-stock set), making it the strongest pick for growth and revenue expansion and dividend income and shareholder returns. NexPoint Real Estate Finance, Inc. is the stronger pick specifically for valuation and capital efficiency and profitability and margin quality. VTR 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 growth exposure is your priority.
- Rev growth 14.3%, EPS growth 189.2%, 3Y rev CAGR 46.2%
- Lower P/E (9.6x vs 12.0x)
- 83.3% margin vs KREF's -23.6%
Best for: growth exposure
WELL
Welltower Inc.
The Real Estate Income Play
WELL carries the broadest edge in this set and is the clearest fit for long-term compounding and sleep-well-at-night.
- 223.1% 10Y total return vs VTR's 65.0%
- Lower volatility, beta 0.13, Low D/E 49.5%, current ratio 5.34x
- 35.8% FFO/revenue growth vs KREF's -22.7%
- 1.3% yield, 2-year raise streak, vs KREF's 15.2%
Best for: long-term compounding and sleep-well-at-night
VTR
Ventas, Inc.
The Real Estate Income Play
VTR ranks third and is worth considering specifically for income & stability and defensive.
- Dividend streak 1 yrs, beta 0.01, yield 2.1%
- Beta 0.01, yield 2.1%, current ratio 0.96x
- Beta 0.01 vs KREF's 0.87, lower leverage
Best for: income & stability and defensive
KREF
KKR Real Estate Finance Trust Inc.
The REIT Holding
KREF lags the leaders in this set but could rank higher in a more targeted comparison.
Best for: real estate exposure
BXMT
Blackstone Mortgage Trust, Inc.
The REIT Holding
Among these 5 stocks, BXMT doesn't own a clear edge in any measured category.
Best for: real estate exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | WELL | 35.8% FFO/revenue growth vs KREF's -22.7% |
| Value | NREF | Lower P/E (9.6x vs 12.0x) |
| Quality / Margins | NREF | 83.3% margin vs KREF's -23.6% |
| Stability / Safety | VTR | Beta 0.01 vs KREF's 0.87, lower leverage |
| Dividends | WELL | 1.3% yield, 2-year raise streak, vs KREF's 15.2% |
| Momentum (1Y) | WELL | +42.7% vs KREF's -16.9% |
| Efficiency (ROA) | WELL | 2.3% ROA vs KREF's -1.6%, ROIC 0.5% vs 3.4% |
NREF vs WELL vs VTR vs KREF vs BXMT — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2024
FY 2025
FY 2025
Segment breakdown not available.
Segment breakdown not available.
NREF vs WELL vs VTR vs KREF vs BXMT — Financial Metrics
Side-by-side numbers across 5 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLNREFLAGGINGBXMT
Who Leads Where
NREF leads in 2 of 6 categories
KREF leads 1 • WELL leads 1 • VTR leads 0 • BXMT leads 0 • 2 tied
Explore the data ↓BXMTBlackstone Mortgage T…
0leads
VTRVentas, Inc.
0leads
KREFKKR Real Estate Finan…
1leads
WELLWelltower Inc.
1leads
NREFNexPoint Real Estate …
2leads
6 Total Categories
CATEGORYLEADERvs WELLvs KREFMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
NREF4/6
Valuation MetricsMultiples, price ratios, and targets
KREF4/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
NREF4/9
Total Returns1Y, 3Y, 5Y total returns with dividends
WELL5/6
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)
WELL is the larger business by revenue, generating $11.6B annually — 92.2x NREF's $126M. NREF is the more profitable business, keeping 83.3% of every revenue dollar as net income compared to KREF's -23.6%. On growth, WELL holds the edge at +40.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NREFNexPoint Real Est… | WELLWelltower Inc. | VTRVentas, Inc. | KREFKKR Real Estate F… | BXMTBlackstone Mortga… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $126M | $11.6B | $6.1B | $442M | $1.5B |
| EBITDAEarnings before interest/tax | $165M | $2.8B | $2.3B | $140M | $948M |
| Net IncomeAfter-tax profit | $105M | $1.4B | $260M | -$104M | $104M |
| Free Cash FlowCash after capex | $23M | $2.5B | $1.4B | $65M | $335M |
| Gross MarginGross profit ÷ Revenue | +90.2% | +39.1% | -4.3% | +87.1% | +62.6% |
| Operating MarginEBIT ÷ Revenue | +128.8% | +4.4% | +13.4% | +48.0% | +58.3% |
| Net MarginNet income ÷ Revenue | +83.3% | +12.3% | +4.2% | -23.6% | +6.7% |
| FCF MarginFCF ÷ Revenue | +18.2% | +21.9% | +22.4% | +14.8% | +21.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | -11.1% | +40.3% | +22.0% | -13.8% | +4.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +92.0% | +22.5% | 0.0% | -5.4% | — |
NREF leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
KREF leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
At 5.4x trailing earnings, NREF trades at a 97% valuation discount to VTR's 160.3x P/E. On an enterprise value basis, BXMT's 16.3x EV/EBITDA is more attractive than WELL's 66.4x.
| Metric | NREFNexPoint Real Est… | WELLWelltower Inc. | VTRVentas, Inc. | KREFKKR Real Estate F… | BXMTBlackstone Mortga… |
|---|---|---|---|---|---|
| Market CapShares × price | $295M | $149.2B | $41.1B | $423M | $3.2B |
| Enterprise ValueMkt cap + debt − cash | $4.7B | $165.6B | $53.6B | $5.0B | $18.9B |
| Trailing P/EPrice ÷ TTM EPS | 5.35x | 153.25x | 160.26x | -6.27x | 29.92x |
| Forward P/EPrice ÷ next-FY EPS est. | 9.65x | 78.42x | 118.01x | — | 11.98x |
| PEG RatioP/E ÷ EPS growth rate | 0.48x | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 28.35x | 66.40x | 24.31x | 18.35x | 16.35x |
| Price / SalesMarket cap ÷ Revenue | 2.34x | 13.99x | 7.05x | 0.92x | 2.12x |
| Price / BookPrice ÷ Book value/share | 0.69x | 3.35x | 3.18x | 0.36x | 0.93x |
| Price / FCFMarket cap ÷ FCF | 12.88x | 52.41x | 31.25x | 6.34x | 11.71x |
KREF leads this category, winning 4 of 6 comparable metrics.
Profitability & Efficiency
NREF 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. WELL carries lower financial leverage with a 0.49x debt-to-equity ratio, signaling a more conservative balance sheet compared to NREF's 5.35x. On the Piotroski fundamental quality scale (0–9), WELL scores 7/9 vs KREF's 4/9, reflecting strong financial health.
| Metric | NREFNexPoint Real Est… | WELLWelltower Inc. | VTRVentas, Inc. | KREFKKR Real Estate F… | BXMTBlackstone Mortga… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +14.4% | +3.5% | +2.1% | -8.4% | +2.9% |
| ROA (TTM)Return on assets | +2.0% | +2.3% | +1.0% | -1.6% | +0.5% |
| ROICReturn on invested capital | +2.3% | +0.5% | +2.5% | +3.4% | +4.3% |
| ROCEReturn on capital employed | +3.2% | +0.6% | +3.2% | +4.5% | +11.3% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 7 | 6 | 4 | 6 |
| Debt / EquityFinancial leverage | 5.35x | 0.49x | 1.05x | 3.83x | 4.61x |
| Net DebtTotal debt minus cash | $4.4B | $16.3B | $12.5B | $4.6B | $15.7B |
| Cash & Equiv.Liquid assets | $34M | $5.0B | $741M | $85M | $453M |
| Total DebtShort + long-term debt | $4.5B | $21.4B | $13.2B | $4.7B | $16.2B |
| Interest CoverageEBIT ÷ Interest expense | 3.88x | 0.26x | 1.40x | 0.84x | 1.11x |
NREF leads this category, winning 4 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
WELL leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in WELL five years ago would be worth $30,234 today (with dividends reinvested), compared to $6,436 for KREF. Over the past 12 months, WELL leads with a +42.7% total return vs KREF's -16.9%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.5% vs KREF's -0.2% — a key indicator of consistent wealth creation.
| Metric | NREFNexPoint Real Est… | WELLWelltower Inc. | VTRVentas, Inc. | KREFKKR Real Estate F… | BXMTBlackstone Mortga… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +15.6% | +14.3% | +12.6% | -17.5% | +0.7% |
| 1-Year ReturnPast 12 months | +23.5% | +42.7% | +33.9% | -16.9% | +12.1% |
| 3-Year ReturnCumulative with dividends | +65.8% | +189.5% | +94.2% | -0.7% | +48.1% |
| 5-Year ReturnCumulative with dividends | +26.6% | +202.3% | +74.8% | -35.6% | -4.1% |
| 10-Year ReturnCumulative with dividends | +50.8% | +223.1% | +65.0% | -9.1% | +50.5% |
| CAGR (3Y)Annualised 3-year return | +18.3% | +42.5% | +24.8% | -0.2% | +14.0% |
WELL leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
Evenly matched — NREF and VTR each lead in 1 of 2 comparable metrics.
Risk & Volatility
VTR is the less volatile stock with a 0.01 beta — it tends to amplify market swings less than KREF's 0.87 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 KREF's 65.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NREFNexPoint Real Est… | WELLWelltower Inc. | VTRVentas, Inc. | KREFKKR Real Estate F… | BXMTBlackstone Mortga… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.79x | 0.13x | 0.01x | 0.87x | 0.74x |
| 52-Week HighHighest price in past year | $16.06 | $219.59 | $88.50 | $9.98 | $20.67 |
| 52-Week LowLowest price in past year | $12.36 | $142.65 | $61.76 | $5.29 | $17.67 |
| % of 52W HighCurrent price vs 52-week peak | +98.3% | +97.0% | +97.8% | +65.9% | +92.6% |
| RSI (14)Momentum oscillator 0–100 | 76.8 | 60.2 | 56.2 | 54.4 | 47.5 |
| Avg Volume (50D)Average daily shares traded | 53K | 2.6M | 3.4M | 1.5M | 1.4M |
Evenly matched — NREF and VTR each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — WELL and KREF each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: NREF as "Hold", WELL as "Buy", VTR as "Buy", KREF as "Buy", BXMT as "Hold". Consensus price targets imply 6.4% upside for KREF (target: $7) vs -5.0% for NREF (target: $15). For income investors, KREF offers the higher dividend yield at 15.21% vs WELL's 1.30%.
| Metric | NREFNexPoint Real Est… | WELLWelltower Inc. | VTRVentas, Inc. | KREFKKR Real Estate F… | BXMTBlackstone Mortga… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy | Buy | Buy | Hold |
| Price TargetConsensus 12-month target | $15.00 | $226.50 | $90.80 | $7.00 | — |
| # AnalystsCovering analysts | 6 | 34 | 32 | 12 | 18 |
| Dividend YieldAnnual dividend ÷ price | +3.7% | +1.3% | +2.1% | +15.2% | +9.9% |
| Dividend StreakConsecutive years of raises | 0 | 2 | 1 | 0 | 0 |
| Dividend / ShareAnnual DPS | $0.58 | $2.76 | $1.86 | $1.00 | $1.89 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% | +10.3% | +3.4% |
Evenly matched — WELL and KREF each lead in 1 of 2 comparable metrics.
Key Takeaway
NREF leads in 2 of 6 categories (Income & Cash Flow, Profitability & Efficiency). KREF leads in 1 (Valuation Metrics). 2 tied.
Best OverallNexPoint Real Estate Financ… (NREF)Leads 2 of 6 categories
Loading custom metrics...
NREF vs WELL vs VTR vs KREF vs BXMT: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is NREF or WELL or VTR or KREF or BXMT a better buy right now?
For growth investors, Welltower Inc.
(WELL) is the stronger pick with 35. 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 Welltower Inc. (WELL) a "Buy" — based on 34 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 WELL or VTR or KREF or BXMT?
On trailing P/E, NexPoint Real Estate Finance, Inc.
(NREF) is the cheapest at 5. 4x versus Ventas, Inc. at 160. 3x. On forward P/E, NexPoint Real Estate Finance, Inc. is actually cheaper at 9. 6x.
03Which is the better long-term investment — NREF or WELL or VTR or KREF or BXMT?
Over the past 5 years, Welltower Inc.
(WELL) delivered a total return of +202. 3%, compared to -35. 6% for KKR Real Estate Finance Trust Inc. (KREF). Over 10 years, the gap is even starker: WELL returned +223. 1% versus KREF's -9. 1%. 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 WELL or VTR or KREF or BXMT?
By beta (market sensitivity over 5 years), Ventas, Inc.
(VTR) is the lower-risk stock at 0. 01β versus KKR Real Estate Finance Trust Inc. 's 0. 87β — meaning KREF is approximately 9102% more volatile than VTR relative to the S&P 500. On balance sheet safety, Welltower Inc. (WELL) carries a lower debt/equity ratio of 49% versus 5% for NexPoint Real Estate Finance, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — NREF or WELL or VTR or KREF or BXMT?
By revenue growth (latest reported year), Welltower Inc.
(WELL) is pulling ahead at 35. 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 WELL or VTR or KREF or BXMT?
NexPoint Real Estate Finance, Inc.
(NREF) is the more profitable company, earning 83. 3% net margin versus -10. 3% for KKR Real Estate 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 3. 3% for WELL. 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 WELL or VTR or KREF or BXMT more undervalued right now?
On forward earnings alone, NexPoint Real Estate Finance, Inc.
(NREF) trades at 9. 6x forward P/E versus 118. 0x for Ventas, Inc. — 108. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for KREF: 6. 4% to $7. 00.
08Which pays a better dividend — NREF or WELL or VTR or KREF or BXMT?
All stocks in this comparison pay dividends.
KKR Real Estate Finance Trust Inc. (KREF) offers the highest yield at 15. 2%, versus 1. 3% for Welltower Inc. (WELL).
09Is NREF or WELL or VTR or KREF or BXMT better for a retirement portfolio?
For long-horizon retirement investors, Ventas, Inc.
(VTR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 01), 2. 1% yield). Both have compounded well over 10 years (VTR: +65. 0%, KREF: -9. 1%), 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 WELL and VTR and KREF and BXMT?
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; WELL is a mid-cap high-growth stock; VTR is a mid-cap high-growth stock; KREF is a small-cap income-oriented stock; BXMT 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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Revenue Growth>
%
(NREF: -11.1% · WELL: 40.3%)Net Margin>
%
(NREF: 83.3% · WELL: 12.3%)P/E Ratio<
x
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