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Apr 30, 2026·SEC
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NexPoint Real Estate Finance, Inc.(NREF)Earnings, Financials & Key Ratios
NREF•NYSE•REIT / Real Estate
5.0× P/E·Price updated Jun 19, 2026
AboutNexPoint Real Estate Finance, Inc. operates as a real estate finance company in the United States. It focuses on originating, structuring, and investing in first mortgage loans, mezzanine loans, preferred equity, and preferred stock, as well as multifamily commercial mortgage backed securities securitizations. The company intends to qualify as a real estate investment trust for U.S. federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 2019 and is based in Dallas, Texas.Show more
- Revenue$126M+14.3%
- FFO$108M+210.4%
- FFO/Share2.98+49.2%
- FFO Payout19.37%-80.7%
- FFO per Share2.98+49.2%
- NOI Margin88.88%-1.2%
- FFO Margin85.66%+171.5%
- ROE14.95%+160.5%
- ROA1.96%+316.9%
NREF Key Insights
NexPoint Real Estate Finance, Inc. (NREF) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y profit CAGR of 52.3%
- ✓FFO growing 210.4% TTM
- ✓Sustainable FFO payout ratio of 19.4%
- ✓High NOI margin of 88.9%
- ✓Healthy dividend yield of 3.9%
- ✓Trading at only 0.6x book value
✗Weaknesses
- ✗High debt to equity ratio of 5.4x
- ✗Shares diluted 100.0% in last year
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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NREF Price & Volume
NexPoint Real Estate Finance, Inc. (NREF) stock price & volume — 10-year historical chart
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NREF Growth Metrics
NexPoint Real Estate Finance, Inc. (NREF) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years45.28%
3 Years46.18%
TTM14.33%
Profit CAGR
10 Years-
5 Years52.25%
3 Years149.76%
TTM260.01%
EPS CAGR
10 Years-
5 Years11.14%
3 Years137.57%
TTM521.74%
Return on Capital
10 Years0.35%
5 Years1.34%
3 Years1.68%
Last Year3.24%
NREF Recent Earnings
NexPoint Real Estate Finance, Inc. (NREF) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 30, 2026Metric
Actual
Est
EPS
$0.43+4.9%
$0.41
Rev
$34M+202.1%
$11M
Q1 2026
Feb 26, 2026Metric
Actual
Est
EPS
$0.48+0.0%
$0.48
Rev
$34M+79.2%
$19M
Q4 2025
Oct 30, 2025Metric
Actual
Est
EPS
$0.51+21.4%
$0.42
Rev
$70M+497.7%
$12M
Q3 2025
Jul 31, 2025Metric
Actual
Est
EPS
$0.43+0.0%
$0.43
Rev
$31M+100.3%
$16M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $0.43vs $0.41+4.9% | $34Mvs $11M+202.1% |
| Q1 2026 | Feb 26, 2026 | $0.48vs $0.48+0.0% | $34Mvs $19M+79.2% |
| Q4 2025 | Oct 30, 2025 | $0.51vs $0.42+21.4% | $70Mvs $12M+497.7% |
| Q3 2025 | Jul 31, 2025 | $0.43vs $0.43+0.0% | $31Mvs $16M+100.3% |
Based on last 12 quarters of dataView full earnings history →
NREF Peer Comparison
NexPoint Real Estate Finance, Inc. (NREF) competitors in Commercial mortgage loan REITs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 KREF | 453.96M | 7.06 | -6.72 | -22.72% | -23.56% | -8.4% | 3.83 | |
 BXMT | 3.05B | 18.09 | 28.27 | -13.96% | 6.75% | 2.93% | 4.61 | |
 GPMT | 63.25M | 1.32 | -1.14 | 187.77% | -30.49% | -7.1% | 2.12 | |
 TRTX | 664.85M | 8.60 | 15.09 | 123.25% | 23.2% | 5.7% | 3.08 | |
 ACRE | 256.32M | 4.62 | -281.71 | -2.79% | -24.91% | -3.88% | 2.06 | |
 RC | 289.13M | 1.75 | -1.22 | 17.26% | -290.69% | -29.57% | 3.55 | |
 BRSP | 721.74M | 5.54 | -21.31 | -4.5% | -9.47% | -3.34% | 2.68 | |
 RITM | 5.13B | 9.19 | 8.84 | 19.99% | 12.27% | 7.87% | 4.28 |
Compare NREF vs Peers
NexPoint Real Estate Finance, Inc. (NREF) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NREF Income Statement
NexPoint Real Estate Finance, Inc. (NREF) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'15 | Dec'16 | Dec'18 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 1.5M | 3.88M | 34.27M | 19.49M | 34.75M | 40.38M | 42.09M | 110.32M | 126.13M |
Revenue Growth % | - | 158.24% | 782.21% | -43.11% | 78.28% | 16.19% | 4.24% | 162.1% | 14.33% |
Property Operating Expenses | 600K | 1.46M | 11.07M | 0 | 0 | 4.39M | 4.19M | 11.06M | 14.03M |
Net Operating Income (NOI) | 904K▲ 0% | 2.43M▲ 168.6% | 23.19M▲ 855.1% | 19.49M▼ 15.9% | 34.75M▲ 78.3% | 35.99M▲ 3.6% | 37.9M▲ 5.3% | 99.25M▲ 161.9% | 112.1M▲ 12.9% |
NOI Margin % | 60.11% | 62.51% | 67.68% | 100% | 100% | 89.13% | 90.05% | 89.97% | 88.88% |
Operating Expenses | 2.14M | 3.11M | 3.8M | 19.49M | 34.75M | 10.39M | 12.48M | 16.68M | -51.53M |
G&A Expenses | 414K | 1.5M | 3.8M | 4.93M | 6.37M | 7.24M | 12.48M | 12.81M | 12.65M |
EBITDA | 94K | 882K | 0 | 0 | 0 | 28.49M | 25.42M | 90.39M | 166.57M |
EBITDA Margin % | 6.25% | 22.71% | 0% | 0% | 0% | 70.56% | 60.39% | 81.93% | 132.06% |
Depreciation & Amortization | 1.33M | 1.6M | -19.39M | 0 | 0 | 2.9M | 0 | 5.61M | 2.94M |
D&A / Revenue % | 88.3% | 41.27% | -56.59% | 0% | 0% | 7.17% | 0% | 5.09% | 2.33% |
Operating Income | -1.23M▲ 0% | -721K▲ 41.6% | 19.39M▲ 2789.5% | 0▼ 100.0% | 0▲ 0% | 25.59M▲ 0% | 25.42M▼ 0.7% | 84.77M▲ 233.5% | 163.63M▲ 93.0% |
Operating Margin % | -82.05% | -18.56% | 56.59% | 0% | 0% | 63.39% | 60.39% | 76.84% | 129.73% |
Interest Expense | 429K | 1.51M | 0 | 21.31M | 29.77M | 40.26M | 51.56M | 44.37M | 42.77M |
Interest Coverage | -3.22x | 0.00x | - | - | - | 1.35x | 0.49x | 1.91x | 3.88x |
Non-Operating Income | 147K | -727K | 19.39M | 0 | 0 | 0 | 25.42M | 0 | -2.29M |
Pretax Income | -1.81M▲ 0% | -1.5M▲ 16.9% | 19.39M▲ 1388.4% | 34.17M▲ 76.2% | 83.47M▲ 144.3% | 14.21M▼ 83.0% | 18.74M▲ 31.8% | 35.96M▲ 91.9% | 123.14M▲ 242.4% |
Pretax Margin % | -120.35% | -38.75% | 56.59% | 175.3% | 240.21% | 35.2% | 44.52% | 32.6% | 97.63% |
Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Net Income | -1.76M▲ 0% | -1.5M▲ 14.8% | 19.39M▲ 1390.2% | 12.85M▼ 33.7% | 43.09M▲ 235.4% | 6.75M▼ 84.3% | 13.97M▲ 107.2% | 29.19M▲ 108.9% | 105.1M▲ 260.0% |
Net Margin % | -117.29% | -38.7% | 56.59% | 65.91% | 123.99% | 16.71% | 33.2% | 26.46% | 83.33% |
Net Income Growth % | - | 14.8% | 1390.15% | -33.75% | 235.37% | -84.34% | 107.16% | 108.89% | 260.02% |
Funds From Operations (FFO) | -436K▲ 0% | 100K▲ 122.9% | 0▼ 100.0% | 12.85M▲ 0% | 43.09M▲ 235.4% | 9.64M▼ 77.6% | 16.44M▲ 70.5% | 34.8M▲ 111.7% | 108.04M▲ 210.4% |
FFO Margin % | -28.99% | 2.57% | 0% | 65.91% | 123.99% | 23.88% | 39.06% | 31.55% | 85.66% |
FFO Growth % | - | 122.94% | -100% | - | - | - | 70.52% | 111.71% | 210.42% |
FFO per Share | -0.09 | 0.02 | 0.00 | 2.47 | 2.12 | 0.66 | 0.96 | 2.00 | 2.98 |
FFO Payout Ratio % | 0% | 12% | - | 64.22% | 32.87% | 307.56% | 291.67% | 100.11% | 19.37% |
EPS (Diluted) | -0.35▲ 0% | -0.30▲ 14.3% | 3.88▲ 1393.3% | 1.74▼ 55.2% | 3.93▲ 125.9% | 0.22▼ 94.4% | 0.60▲ 172.7% | 1.02▲ 70.0% | 2.95▲ 189.2% |
EPS Growth % | - | 14.29% | 1393.33% | -55.15% | 125.86% | -94.4% | 172.73% | 70% | 189.22% |
EPS (Basic) | -0.35 | -0.30 | 3.88 | 2.13 | 6.00 | 0.22 | 0.60 | 1.02 | 4.38 |
Diluted Shares Outstanding | 5M | 5M | 5M | 5.21M | 20.37M | 14.69M | 17.2M | 17.4M | 36.22M |
NREF Balance Sheet
NexPoint Real Estate Finance, Inc. (NREF) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'15 | Dec'16 | Dec'18 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Total Assets | 41.06M | 45.83M | 2.02B | 6.18B | 8.51B | 8.15B | 7.02B | 5.42B | 5.32B |
Asset Growth % | - | 11.6% | 4301.57% | 206.2% | 37.85% | -4.23% | -13.93% | -22.83% | -1.71% |
Real Estate & Other Assets | 40.03M | 39.64M | 0 | 38.98M | 132.09M | 292.1M | 167.76M | 156.81M | 735.22M |
PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Total Current Assets | 1.03M | 934K | 1.98B | 6.09B | 8.32B | 7.75B | 6.74B | 5.15B | 96.49M |
Cash & Equivalents | 601K | 456K | 10.82M | 30.24M | 26.46M | 20.05M | 13.82M | 3.88M | 34.35M |
Receivables | 25K | 164K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Other Current Assets | 368K | 227K | 3.44M | 9.05M | 15.48M | 18.16M | 29.17M | 45.84M | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Liabilities | 37.96M | 39.18M | 1.78B | 5.77B | 8.01B | 7.61B | 6.57B | 4.84B | 4.49B |
Total Debt | 36.7M | 37.69M | 1.78B | 5.77B | 8B | 7.59B | 6.56B | 4.82B | 4.46B |
Net Debt | 36.1M | 37.23M | 1.77B | 5.74B | 7.97B | 7.57B | 6.54B | 4.82B | 4.43B |
Long-Term Debt | 36.7M | 37.69M | 1.72B | 5.61B | 7.71B | 7.26B | 6.25B | 4.45B | 4.2B |
Short-Term Borrowings | 0 | 0 | 56.75M | 161.47M | 286.32M | 331.02M | 303.51M | 373.37M | 258.04M |
Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Current Liabilities | 1.26M | 1.49M | 57.66M | 165.56M | 294.21M | 345.24M | 318.15M | 392.85M | 258.04M |
Accounts Payable | 267K | 851K | 170.71K | 1.78M | 3.9M | 6.23M | 6.43M | 9.46M | 0 |
Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 27.49M |
Total Equity | 3.1M▲ 0% | 6.64M▲ 114.4% | 239.85M▲ 3510.1% | 403.91M▲ 68.4% | 506.71M▲ 25.4% | 545.01M▲ 7.6% | 445.51M▼ 18.3% | 571.69M▲ 28.3% | 833.88M▲ 45.9% |
Equity Growth % | - | 114.39% | 3510.05% | 68.4% | 25.45% | 7.56% | -18.26% | 28.32% | 45.86% |
Shareholders Equity | 2.42M | 6M | 0 | 128.24M | 238.01M | 383.98M | 355.94M | 482.18M | 751.38M |
Minority Interest | 681K | 647K | 239.85M | 275.67M | 268.69M | 161.03M | 89.57M | 89.51M | 82.5M |
Common Stock | 5K | 10K | 0 | 50K | 92K | 171K | 172K | 174K | 0 |
Additional Paid-in Capital | 4.2M | 9.48M | 0 | 138.04M | 222.3M | 392.12M | 395.74M | 387.89M | 0 |
Retained Earnings | -1.76M | -3.47M | 0 | 3.48M | 28.37M | 4.43M | -35.82M | -54.95M | 0 |
Preferred Stock | 0 | 0 | 0 | -8.55M | -8.55M | -8.55M | 48K | 149.06M | 361.65M |
Return on Assets (ROA) | -4.3% | -3.46% | 1.88% | 0.31% | 0.59% | 0.08% | 0.18% | 0.47% | 1.96% |
Return on Equity (ROE) | -56.92% | -30.85% | 15.73% | 3.99% | 9.46% | 1.28% | 2.82% | 5.74% | 14.95% |
Debt / Assets | 89.37% | 82.24% | 88.06% | 93.39% | 93.96% | 93.14% | 93.44% | 89.08% | 83.82% |
Debt / Equity | 11.84x | 5.67x | 7.41x | 14.28x | 15.79x | 13.94x | 14.72x | 8.44x | 5.35x |
Net Debt / EBITDA | 384.00x | 42.21x | - | - | - | 265.88x | 257.47x | 53.34x | 26.58x |
Book Value per Share | 0.62 | 1.33 | 47.97 | 77.59 | 24.88 | 37.11 | 25.90 | 32.85 | 23.03 |
NREF Cash Flow Statement
NexPoint Real Estate Finance, Inc. (NREF) cash flow — operating, investing & free cash flow history
| Metric | Dec'15 | Dec'16 | Dec'18 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 471K | 767K | 0 | 32.9M | 49.3M | 65.8M | 31.56M | 29.28M | 22.92M |
Operating CF Growth % | - | 62.84% | -100% | - | 49.83% | 33.48% | -52.04% | -7.2% | -21.75% |
Operating CF / Revenue % | 31.32% | 19.75% | 0% | 168.8% | 141.86% | 162.97% | 74.97% | 26.55% | 18.17% |
Net Income | -1.81M | -1.5M | 19.39M | 34.17M | 83.47M | 14.21M | 13.97M | 35.96M | 106.84M |
Depreciation & Amortization | 1.33M | 1.6M | 0 | 0 | 0 | 2.9M | 2.46M | 5.61M | 14.13M |
Stock-Based Compensation | 0 | 21K | 0 | 548K | 2.02M | 3.29M | 4.41M | 6.07M | 5.99M |
Other Non-Cash Items | 20K | 919K | -19.39M | 1.95M | -36.58M | 52.86M | 17.23M | -6.68M | -85.56M |
Working Capital Changes | 933K | 456K | 0 | -3.77M | 378K | -7.46M | -6.53M | -11.68M | -18.48M |
Cash from Investing | -41.08M | -6.42M | 0 | -68.26M | 517.88M | 950.58M | 741.34M | 956.54M | 321.54M |
Acquisitions (Net) | 0 | 0 | 0 | -87K | 0 | 0 | 1.81M | 0 | 0 |
Purchase of Investments | 0 | -11.25M | 0 | -190.52M | -243.63M | -153.74M | -20.77M | -139.77M | -5.35M |
Sale of Investments | 0 | 6M | 0 | 0 | 3.92M | 7.48M | 546K | 218.2M | 56.74M |
Other Investing | -41.08M | -1.17M | 0 | 122.35M | 757.59M | 1.1B | 759.75M | 878.1M | 270.16M |
Cash from Financing | 41.38M | 5.36M | 0 | 68.83M | -567.41M | -1.03B | -776.6M | -995.42M | -317.16M |
Dividends Paid | 0 | -12K | 0 | -8.25M | -17.67M | -33.16M | -51.53M | -46.34M | -20.93M |
Common Dividends | 0 | -12K | 0 | -8.25M | -14.16M | -29.65M | -47.95M | -34.84M | 0 |
Debt Issuance (Net) | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K |
Share Repurchases | 0 | 0 | 0 | -13.36M | 0 | 0 | -797K | 0 | 0 |
Other Financing | 460K | -237K | 0 | -200.19M | -711.31M | -1.19B | -709.29M | -675M | -455.22M |
Net Change in Cash | 769K▲ 0% | -286K▼ 137.2% | 0▲ 100.0% | 33.47M▲ 0% | -239K▼ 100.7% | -12.88M▼ 5291.2% | -3.7M▲ 71.3% | -9.6M▼ 159.5% | 27.3M▲ 384.5% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 200K | 969K | 0 | 0 | 33.47M | 33.23M | 20.35M | 16.65M | 7.05M |
Cash at End | 969K | 683K | 0 | 33.47M | 33.23M | 20.35M | 16.65M | 7.05M | 34.35M |
Free Cash Flow | 471K▲ 0% | 767K▲ 62.8% | 0▼ 100.0% | 32.9M▲ 0% | 49.3M▲ 49.8% | 65.8M▲ 33.5% | 31.56M▼ 52.0% | 29.28M▼ 7.2% | 22.92M▼ 21.7% |
FCF Growth % | - | 62.84% | -100% | - | 49.83% | 33.48% | -52.04% | -7.2% | -21.75% |
FCF / Revenue % | 31.32% | 19.75% | 0% | 168.8% | 141.86% | 162.97% | 74.97% | 26.55% | 18.17% |
NREF Key Ratios
NexPoint Real Estate Finance, Inc. (NREF) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2015 | 2016 | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
FFO per Share | -0.09 | 0.02 | 0 | 2.47 | 2.12 | 0.66 | 0.96 | 2 | 2.98 |
FFO Payout Ratio | 0% | 12% | - | 64.22% | 32.87% | 307.56% | 291.67% | 100.11% | 19.37% |
NOI Margin | 60.11% | 62.51% | 67.68% | 100% | 100% | 89.13% | 90.05% | 89.97% | 88.88% |
Net Debt / EBITDA | 384.00x | 42.21x | - | - | - | 265.88x | 257.47x | 53.34x | 26.58x |
Debt / Assets | 89.37% | 82.24% | 88.06% | 93.39% | 93.96% | 93.14% | 93.44% | 89.08% | 83.82% |
Interest Coverage | -3.22x | 0.00x | - | - | - | 1.35x | 0.49x | 1.91x | 3.88x |
Book Value / Share | 0.62 | 1.33 | 47.97 | 77.59 | 24.88 | 37.11 | 25.9 | 32.85 | 23.03 |
Revenue Growth | - | 158.24% | 782.21% | -43.11% | 78.28% | 16.19% | 4.24% | 162.1% | 14.33% |
Related:NREF Dividend History·NREF Revenue History·NREF Price History·NREF P/E History·NREF Financial Ratios·NREF Institutional Holders
NREF SEC Filings & Documents
NexPoint Real Estate Finance, Inc. (NREF) SEC filings — annual & quarterly reports (10-K, 10-Q)
NREF Frequently Asked Questions
NexPoint Real Estate Finance, Inc. (NREF) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
NexPoint Real Estate Finance, Inc. (NREF) reported $126.1M in revenue for fiscal year 2025. This represents a 8286% increase from $1.5M in 2015.
NexPoint Real Estate Finance, Inc. (NREF) grew revenue by 14.3% over the past year. This is steady growth.
Yes, NexPoint Real Estate Finance, Inc. (NREF) is profitable, generating $105.1M in net income for fiscal year 2025 (83.3% net margin).
Dividend & Returns
Yes, NexPoint Real Estate Finance, Inc. (NREF) pays a dividend with a yield of 3.89%. This makes it attractive for income-focused investors.
NexPoint Real Estate Finance, Inc. (NREF) has a return on equity (ROE) of 15.0%. This is reasonable for most industries.
Industry Metrics
NexPoint Real Estate Finance, Inc. (NREF) generated Funds From Operations (FFO) of $108.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.
NexPoint Real Estate Finance, Inc. (NREF) offers a 3.89% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.