The company has attempted to de-risk its capital structure by lowering its debt-to-equity ratio from 14.76 in 2024Q1 to 5.13 in 2026Q1, though it maintains a thin cash buffer of only $25.2M.
| Total Assets | 5.23B | 5.32B | 5.42B | 7.02B | 8.15B | 8.51B | 6.18B | 2.02B | 45.83M | 41.06M |
| Asset Growth % | -29.76% | -1.71% | -22.83% | -13.93% | -4.23% | 37.85% | 206.2% | 4301.57% | 11.6% | - |
| Real Estate & Other Assets | 788.61M | 735.22M | 156.81M | 167.76M | 292.1M | 132.09M | 38.98M | 0 | 39.64M | 40.03M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 72.55M | 88.36M | 5.15B | 6.74B | 7.75B | 8.32B | 6.09B | 1.98B | 934K | 1.03M |
| Cash & Equivalents | 25.25M | 34.35M | 3.88M | 13.82M | 20.05M | 26.46M | 30.24M | 10.82M | 456K | 601K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 164K | 25K |
| Other Current Assets | 0 | 0 | 45.84M | 29.17M | 18.16M | 15.48M | 9.05M | 3.44M | 227K | 368K |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 4.39B | 4.49B | 4.84B | 6.57B | 7.61B | 8.01B | 5.77B | 1.78B | 39.18M | 37.96M |
| Total Debt | 4.35B | 4.46B | 4.82B | 6.56B | 7.59B | 8B | 5.77B | 1.78B | 37.69M | 36.7M |
| Net Debt | 4.33B | 4.43B | 4.82B | 6.54B | 7.57B | 7.97B | 5.74B | 1.77B | 37.23M | 36.1M |
| Long-Term Debt | 4.19B | 4.2B | 4.45B | 6.25B | 7.26B | 7.71B | 5.61B | 1.72B | 37.69M | 36.7M |
| Short-Term Borrowings | 164.61M | 258.04M | 373.37M | 303.51M | 331.02M | 286.32M | 161.47M | 56.75M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 164.61M | 258.04M | 392.85M | 318.15M | 345.24M | 294.21M | 165.56M | 57.66M | 1.49M | 1.26M |
| Accounts Payable | 31.49M | 27.49M | 9.46M | 6.43M | 6.23M | 3.9M | 1.78M | 170.71K | 851K | 267K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 31.49M | 27.49M | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 |
| Total Equity | 849.29M | 833.88M | 571.69M | 445.51M | 545.01M | 506.71M | 403.91M | 239.85M | 6.64M | 3.1M |
| Equity Growth % | 169.95% | 45.86% | 28.32% | -18.26% | 7.56% | 25.45% | 68.4% | 3510.05% | 114.39% | - |
| Shareholders Equity | 388.66M | 751.38M | 482.18M | 355.94M | 383.98M | 238.01M | 128.24M | 0 | 6M | 2.42M |
| Minority Interest | 460.63M | 82.5M | 89.51M | 89.57M | 161.03M | 268.69M | 275.67M | 239.85M | 647K | 681K |
| Common Stock | 187K | 186K | 174K | 172K | 171K | 92K | 50K | 0 | 10K | 5K |
| Additional Paid-in Capital | 404.73M | 404.21M | 387.89M | 395.74M | 392.12M | 222.3M | 138.04M | 0 | 9.48M | 4.2M |
| Retained Earnings | -16.28M | -16.52M | -54.95M | -35.82M | 4.43M | 28.37M | 3.48M | 0 | -3.47M | -1.76M |
| Preferred Stock | 16K | 16K | 149.06M | 48K | -8.55M | -8.55M | -8.55M | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.95% | 1.96% | 0.47% | 0.18% | 0.08% | 0.59% | 0.31% | 1.88% | -3.46% | -4.3% |
| Return on Equity (ROE) | 13.19% | 14.95% | 5.74% | 2.82% | 1.28% | 9.46% | 3.99% | 15.73% | -30.85% | -56.92% |
| Debt / Assets | 83.17% | 83.82% | 89.08% | 93.44% | 93.14% | 93.96% | 93.39% | 88.06% | 82.24% | 89.37% |
| Debt / Equity | 5.13x | 5.35x | 8.44x | 14.72x | 13.94x | 15.79x | 14.28x | 7.41x | 5.67x | 11.84x |
| Net Debt / EBITDA | 28.81x | 26.58x | 53.34x | 234.71x | 265.88x | 95.52x | - | 45.52x | 42.21x | 384.00x |
| Book Value per Share | 16.51 | 16.64 | 32.85 | 25.90 | 37.11 | 24.88 | 77.59 | 47.97 | 1.33 | 0.62 |
Subordinate debt credit impairment
As reported in financial statements, NREF has aggressively reduced its total assets from $7.1B in 2024Q1 to $5.2B in 2026Q1, reflecting a strategic pivot toward shrinking the balance sheet in response to a more challenging multifamily lending environment and elevated interest rate volatility.
The reduction in total assets appears to be a defensive measure to manage liquidity, yet the simultaneous decline in equity suggests that the firm is struggling to preserve book value during this deleveraging process. Investors should monitor whether this contraction is a temporary tactical retreat or a structural shift toward a smaller, less diversified investment footprint.
Based on reported figures, NREF's debt-to-equity ratio has improved from a peak of 14.76 in 2024Q1 to 5.13 in 2026Q1, though this metric remains elevated compared to broader mREIT peers and likely understates the true risk profile of its subordinate debt positions.
While the headline leverage ratio has trended downward, the reliance on non-recourse securitization vehicles suggests that the company remains highly sensitive to underlying asset performance. The persistence of high debt levels relative to equity may indicate that the firm is forced to maintain significant leverage to generate sufficient returns on its preferred equity and mezzanine tranches.
According to recent SEC filings, NREF maintains a minimal cash position of $25.2M as of 2026Q1, which represents a marginal improvement from the $3.9M low in 2024Q4 but remains insufficient to provide a meaningful cushion against potential credit impairments in the multifamily portfolio.
The consistently low cash balance suggests that the company operates with limited liquidity, potentially forcing management to rely on external financing or asset sales to meet capital requirements. This lack of liquidity may exacerbate the impact of any unexpected credit events or margin calls within the CMBS portfolio.
As indicated by the company's investment strategy, NREF's balance sheet is heavily exposed to subordinate positions, which, based on historical data, creates a significant risk of first-loss absorption if Sunbelt multifamily property valuations continue to face downward pressure from rising operating expenses.
The firm's focus on mezzanine and preferred equity positions means that even minor declines in property-level DSCR could lead to rapid impairments that are not immediately captured in GAAP book value. Investors should be wary that the reported equity value may be significantly overstated if the underlying collateral for these subordinate positions experiences further credit deterioration.
Quick answers to the most common questions about buying NREF stock.
As of 2025, NexPoint Real Estate Finance, Inc. (NREF) had total assets of $5.32B including $88.4M in current assets.
NexPoint Real Estate Finance, Inc. (NREF) carries total debt of $4.46B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NexPoint Real Estate Finance, Inc. (NREF) has total shareholders' equity (book value) of $751.4M ($16.64 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NexPoint Real Estate Finance, Inc. (NREF) reported a current ratio of 0.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.