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NREF-PA

NexPoint Real Estate Finance, Inc.

NREF-PA

NexPoint Real Estate Finance, Inc. • NYSE
$23.15 ▲ 0.00% (+0.00)
Market Cap $410.26 M
52w High $25.45
52w Low $21.47
Dividend Yield 2.13%
P/E 6.63
Volume 216
Outstanding Shares 11.28M

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

Five-Year Company Overview

Income Statement

Income Statement NexPoint Real Estate Finance has been consistently generating revenue from its mortgage and real estate lending activities, with gross profit staying close to total revenue, which suggests solid underlying spreads on its loans. However, bottom-line profit has been modest and somewhat uneven over the last few years. Earnings per share have swung quite a bit, with one standout year and more muted results before and after. This pattern fits a leveraged mortgage REIT that is sensitive to interest rate movements and credit conditions: the core engine works, but reported earnings can vary from year to year rather than being smooth and predictable.

Balance Sheet

Balance Sheet The balance sheet shows a classic mortgage REIT profile: a large loan and investment portfolio funded mainly with debt and a relatively slim equity base. Assets and borrowings grew into 2022, then pulled back somewhat, suggesting the company has been shrinking or repositioning its portfolio as markets became more volatile. Cash on hand is very small, so the company likely relies on ongoing financing lines and capital markets access. Leverage is high by design in this business model, which can amplify returns in good times but also increases sensitivity to changes in funding costs and asset values.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive, which indicates the lending portfolio is generally producing cash rather than consuming it. Free cash flow closely matches operating cash flow because capital spending is minimal; this is a financial asset business, not a heavy user of physical assets. That said, the absolute level of cash flow is not very large relative to the size of the balance sheet, so stability depends on continued loan performance and access to financing, not on cash reserves alone.

Competitive Edge

Competitive Edge NexPoint Real Estate Finance operates in a crowded mortgage REIT space, but it focuses on a defined niche: “light transitional” properties in areas like multifamily, single-family rentals, and life sciences. Its main edge appears to come from being part of the broader NexPoint investment platform, which provides deal flow, underwriting expertise, and flexible capital solutions up and down the capital stack. This can help it win more tailored, higher-value deals that traditional lenders may not pursue. At the same time, it still faces competition from other specialty lenders and REITs and remains exposed to swings in real estate values, interest rates, and credit markets.

Innovation and R&D

Innovation and R&D The company is not a technology-driven story in the usual sense. It does not emphasize proprietary software or heavy research spending. Instead, its “innovation” lies in structuring creative financing solutions, using a wide mix of instruments such as senior loans, mezzanine debt, preferred equity, and co-investments. Its affiliation with the NexPoint platform is a key part of this: the platform’s experience, data, and relationships allow NREF to craft bespoke deals and shift focus toward sectors that appear more resilient or higher growth, such as life sciences and rental housing. This is more about financial and strategic innovation than traditional R&D.

Summary

Overall, NexPoint Real Estate Finance looks like a specialized, highly leveraged lender built around a focused real estate strategy and the resources of the NexPoint platform. The business has been consistently generating revenue and positive cash flow, but profits have been modest and volatile, which is typical for a mortgage REIT navigating changing interest rates and property markets. The balance sheet is debt-heavy with limited cash, which magnifies both opportunity and risk. Its competitive strengths lie in niche focus, flexible financing structures, and access to a larger investment ecosystem, while key risks include leverage, reliance on capital markets, real estate cycle exposure, and earnings variability over time.