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NREF

NexPoint Real Estate Finance, Inc.

NREF

NexPoint Real Estate Finance, Inc. • NYSE
$14.48 ▲ 0.21% (+0.03)
Market Cap $256.61 M
52w High $18.09
52w Low $12.14
Dividend Yield 2.00%
P/E 4.98
Volume 12.47K
Outstanding Shares 17.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $69.57M ▲ $0 ▼ $43.08M ▲ 61.923% ▲ $1.98 ▲ $50.862M ▲
Q2-2025 $31.447M ▲ $5.326M ▲ $18.835M ▼ 59.894% ▼ $0.69 ▼ $34.798M ▼
Q1-2025 $28.507M ▼ $3.923M ▼ $21.799M ▲ 76.469% ▲ $0.94 ▲ $37.567M ▲
Q4-2024 $37.923M ▲ $4.378M ▲ $12.708M ▼ 33.51% ▼ $0.48 ▼ $26.95M ▼
Q3-2024 $34.276M $3.203M $19.393M 56.579% $1.11 $36.753M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $21.561M ▲ $5.278B ▼ $4.503B ▼ $375.423M ▼
Q2-2025 $9.056M ▼ $5.402B ▲ $4.72B ▼ $590.45M ▲
Q1-2025 $19.224M ▲ $5.399B ▼ $4.778B ▼ $529.338M ▲
Q4-2024 $3.877M ▼ $5.416B ▼ $4.844B ▼ $482.179M ▲
Q3-2024 $34.707M $5.686B $5.153B $443.229M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $50.862M ▲ $8.095M ▲ $190.075M ▲ $-190.347M ▼ $7.823M ▲ $8.095M ▲
Q2-2025 $22.271M ▼ $3.318M ▼ $18.303M ▼ $-31.371M ▲ $-9.75M ▼ $3.318M ▼
Q1-2025 $25.962M ▲ $16.039M ▲ $71.281M ▼ $-70.885M ▲ $16.435M ▲ $16.039M ▲
Q4-2024 $15.156M ▼ $4.359M ▼ $220.602M ▲ $-256.615M ▼ $-31.654M ▼ $4.359M ▼
Q3-2024 $23.333M $14.717M $138.928M $-122.254M $31.391M $14.717M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Rental Income
Rental Income
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement NREF’s core income has been relatively steady, but bottom-line earnings have been quite volatile since going public. Profitability was very strong a few years ago, then dropped sharply, and has been rebuilding more recently. The business still generates positive spreads (it earns more on its loans than it pays on its funding), but the swings in earnings highlight how sensitive results are to credit conditions and interest rates. Recent years show a gradual recovery in earnings power rather than rapid growth, with a focus on staying profitable rather than expanding aggressively.

Balance Sheet

Balance Sheet The balance sheet shows a lean, highly leveraged mortgage REIT model, but one that has been slowly de-risking. Total assets and debt have both been coming down from prior peaks, suggesting NREF is running a somewhat smaller, more focused portfolio with less borrowing than before. Equity has built up over time from a low base, which is a positive sign, but it still represents a relatively thin layer compared with the size of the assets. Cash on hand is very limited, which is common in this niche but means the company relies heavily on its funding lines and capital markets access to stay flexible.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive, which indicates that the core lending and investment activities are generating cash rather than consuming it. Free cash flow tracks closely with operating cash because the business model is capital-light in terms of physical assets and equipment. The cash flows look steady but not explosive, pointing to a business that can support its ongoing activities but does not have a large built-in cash cushion. Stability here is a strength, but it depends on credit quality staying reasonable and financing costs remaining manageable.

Competitive Edge

Competitive Edge NREF operates in a specialized corner of commercial real estate finance, focusing on “light transitional” properties that need modest improvements rather than heavy redevelopment. This is a narrower and somewhat less crowded niche than many broad-based lenders, which can help NREF find more tailored, higher-margin opportunities. Its key advantage comes from the NexPoint platform: a large network, deep real estate expertise across several property types, and the ability to structure flexible financing solutions. The flip side is meaningful exposure to commercial real estate cycles and reliance on an external manager, which ties performance closely to that manager’s judgment and to broader funding conditions.

Innovation and R&D

Innovation and R&D As a mortgage REIT, NREF is not an R&D-heavy, technology-driven company. Its “innovation” is mainly in how it structures deals, selects property types, and uses the broader NexPoint ecosystem to source and underwrite loans. The firm differentiates itself by focusing on specific sectors like multifamily, single-family rentals, and self-storage, and by offering a mix of senior loans, mezzanine capital, and preferred equity. Future innovation is likely to be incremental: better use of data and analytics, new financing products, or expansion into adjacent real estate niches rather than breakthrough technologies.

Summary

Overall, NREF is a relatively young public mortgage REIT that has carved out a specialized role in financing modestly transitional commercial real estate. Financially, it shows steady revenue, positive but variable earnings, and a conscious move toward a smaller, less levered balance sheet than at its peak. Cash flows are consistently positive but not large, reflecting a stable, capital-light model that still depends heavily on credit markets and funding lines. The main strengths are its niche focus and access to the NexPoint platform’s expertise; the main risks are leverage, exposure to commercial real estate cycles, and sensitivity to interest rates and capital market conditions.

NEWS

November 4, 2025 · 5:15 PM UTC

NexPoint Real Estate Finance, Inc. Launches $200 Million Continuous Offering of 8.00% Series C Cumulative Redeemable Preferred Stock

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October 30, 2025 · 8:15 AM UTC

NREF Announces Third Quarter 2025 Results, Provides Fourth Quarter 2025 Guidance

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October 28, 2025 · 5:00 PM UTC

NexPoint Real Estate Finance, Inc. Announces Quarterly Dividend

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October 6, 2025 · 9:11 AM UTC

NexPoint Real Estate Finance, Inc. Announces Third Quarter 2025 Earnings Conference Call

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September 9, 2025 · 6:00 PM UTC

NexPoint Real Estate Finance, Inc. Announces Series A Preferred Stock Dividend

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