NexPoint Real Estate Finance (NREF) | Trefis
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NexPoint Real Estate Finance (NREF)

Market Price (7/17/2026): $17.04 | Market Cap: $317.0 MilSector: Financials | Industry: Mortgage REITs

NexPoint Real Estate Finance (NREF)

Market Price (7/17/2026): $17.04
Market Cap: $317.0 Mil
Sector: Financials
Industry: Mortgage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 42%, Dividend Yield is 9.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 38%, FCF Yield is 5.1%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 140%

Low stock price volatility
Vol 12M is 24%

Megatrend and thematic drivers
Megatrends include Real Estate Investment & Finance. Themes include Commercial Real Estate Debt, and Real Estate Preferred Equity.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Weak multi-year price returns
3Y Excs Rtn is -7.5%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1314%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 19x

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -20%

Key risks
NREF key risks include its external management structure, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 42%, Dividend Yield is 9.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 38%, FCF Yield is 5.1%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 140%
2 Low stock price volatility
Vol 12M is 24%
3 Megatrend and thematic drivers
Megatrends include Real Estate Investment & Finance. Themes include Commercial Real Estate Debt, and Real Estate Preferred Equity.
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Weak multi-year price returns
3Y Excs Rtn is -7.5%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1314%
7 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 19x
8 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -20%
9 Key risks
NREF key risks include its external management structure, Show more.

NREF in ETFs

Weight = NREF's share of each fund

VTI0.00%
IWM0.00%
IWN0.01%
VTWO0.00%

Valuation & Metrics

FYE: 12/31NREF [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$169.4 Mil—
FY 2026 Sales$58.8 Mil—
FY 2027 Sales$61.5 Mil—
FY 2026 Sales Growth-65.3%—
FY 2027 Sales Growth4.5%8.1%
EARNINGS
LTM Net Income (GAAP) [3]$103.6 Mil—
FY 2026 Net Income (Non-GAAP)$84.7 Mil—
FY 2027 Net Income (Non-GAAP)$89.1 Mil—
FY 2027 Net Income Growth5.2%16.5%
FY 2026 EPS (Non-GAAP)$1.69—
FY 2027 EPS (Non-GAAP)$1.78—
FY 2027 EPS Growth5.5%—
VALUATION
FY 2026 P/S5.43.3
FY 2027 P/S5.2—
FY 2026 P/E3.719.9
FY 2027 P/E3.6—

[1] NREF forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
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MetricValueDateSource
Total Portfolio Value$1.1 billion9302025Link
Number of Investments889302025Link
Weighted-Average Loan to Value (LTV)54.9%9302025Link
Weighted-Average Debt Service Coverage Ratio (DSCR)1.41x9302025Link
Percentage of Portfolio Stabilized87.4%11082025Link
Average Remaining Term3.5 Years11082025Link
Real Estate Assets Under Management$15.5B6302025Link

Price Chart

No Events

Why The Stock Moved

Qualitative Assessment

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Updated on 7/13/2026

NexPoint Real Estate Finance (NREF) stock has gained about 30% since 3/31/2026 because of the following key factors:

1. Strong Q1 2026 Financial Performance and Positive Outlook.

NexPoint Real Estate Finance reported strong results for its fiscal first quarter ended March 31, 2026, which were announced on April 30, 2026. The company reported earnings per share (EPS) of $0.43, exceeding analyst estimates of $0.41. Quarterly revenue reached $32.63 million, significantly surpassing analyst expectations of $11.19 million. Furthermore, NexPoint provided positive guidance for fiscal Q2 2026, with Earnings Available for Distribution (EAD) per diluted common share projected at a midpoint of $0.435. Cash available for distribution (CAD) for fiscal Q1 2026 was $0.58 per diluted share, an increase from $0.45 in the prior year's first quarter.

2. Attractive and Covered Dividend Payout.

The company announced a quarterly dividend of $0.50 per common share on April 28, 2026, which was payable on June 30, 2026. This dividend demonstrated strong coverage, being 1.16 times covered by cash available for distribution.

Show more
Updated on 7/13/2026

NexPoint Real Estate Finance (NREF) stock has gained about 30% since 3/31/2026 because of the following key factors:

1. Strong Q1 2026 Financial Performance and Positive Outlook.

NexPoint Real Estate Finance reported strong results for its fiscal first quarter ended March 31, 2026, which were announced on April 30, 2026. The company reported earnings per share (EPS) of $0.43, exceeding analyst estimates of $0.41. Quarterly revenue reached $32.63 million, significantly surpassing analyst expectations of $11.19 million. Furthermore, NexPoint provided positive guidance for fiscal Q2 2026, with Earnings Available for Distribution (EAD) per diluted common share projected at a midpoint of $0.435. Cash available for distribution (CAD) for fiscal Q1 2026 was $0.58 per diluted share, an increase from $0.45 in the prior year's first quarter.

2. Attractive and Covered Dividend Payout.

The company announced a quarterly dividend of $0.50 per common share on April 28, 2026, which was payable on June 30, 2026. This dividend demonstrated strong coverage, being 1.16 times covered by cash available for distribution.

3. Successful Debt Refinancing Enhancing Financial Flexibility.

NexPoint Real Estate Finance successfully refinanced $180 million of senior unsecured notes that were maturing on May 1, 2026. This was replaced with a new $242 million total return swap facility, priced at SOFR plus 375 basis points, featuring a three-year term with an option for a one-year extension. This strategic financial maneuver is expected to improve the company's financial flexibility and potentially reduce borrowing costs.

4. Favorable Broader REIT Market Performance.

The overall Real Estate Investment Trust (REIT) sector experienced robust performance in the first half of 2026. The Nareit All Equity REIT index posted total returns of nearly 15% across fiscal Q1 and Q2 2026, significantly outperforming broader market indices like the Russell 1000 and S&P 500. This sector-wide strength was supported by strong operating fundamentals, improved balance sheets, and positive net operating income growth across most real estate sub-sectors. Expectations for potential Federal Reserve interest rate cuts during 2026 also contributed to increased investor appetite for REITs, as lower rates can reduce borrowing costs and enhance property valuations.

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Stock Movement Drivers

Fundamental Drivers

The 30.6% change in NREF stock from 3/31/2026 to 7/16/2026 was primarily driven by a 39.0% change in the company's P/E Multiple.
(LTM values as of)33120267162026Change
Stock Price ($)13.0517.0430.6%
Change Contribution By: 
Total Revenues ($ Mil)175169-3.4%
Net Income Margin (%)59.9%61.1%2.1%
P/E Multiple2.23.139.0%
Shares Outstanding (Mil)1819-4.7%
Cumulative Contribution30.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/16/2026
ReturnCorrelation
NREF30.6% 
Market (SPY)15.4%12.7%
Sector (XLF)14.9%25.9%

Fundamental Drivers

The 29.5% change in NREF stock from 12/31/2025 to 7/16/2026 was primarily driven by a 26.6% change in the company's P/E Multiple.
(LTM values as of)123120257162026Change
Stock Price ($)13.1617.0429.5%
Change Contribution By: 
Total Revenues ($ Mil)15216911.5%
Net Income Margin (%)63.5%61.1%-3.7%
P/E Multiple2.43.126.6%
Shares Outstanding (Mil)1819-4.7%
Cumulative Contribution29.5%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/16/2026
ReturnCorrelation
NREF29.5% 
Market (SPY)10.4%31.0%
Sector (XLF)4.1%36.9%

Fundamental Drivers

The 41.4% change in NREF stock from 6/30/2025 to 7/16/2026 was primarily driven by a 139.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020257162026Change
Stock Price ($)12.0517.0441.4%
Change Contribution By: 
Total Revenues ($ Mil)71169139.7%
Net Income Margin (%)90.2%61.1%-32.2%
P/E Multiple3.33.1-7.5%
Shares Outstanding (Mil)1819-5.9%
Cumulative Contribution41.4%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/16/2026
ReturnCorrelation
NREF41.4% 
Market (SPY)22.5%28.8%
Sector (XLF)9.7%38.6%

Fundamental Drivers

The 65.1% change in NREF stock from 6/30/2023 to 7/16/2026 was primarily driven by a -8.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)63020237162026Change
Stock Price ($)10.3217.0465.1%
Change Contribution By: 
Total Revenues ($ Mil)-3169-5100.6%
Net Income Margin (%)-26.8%61.1%-328.3%
P/E Multiple194.83.1-98.4%
Shares Outstanding (Mil)1719-8.0%
Cumulative Contribution65.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/16/2026
ReturnCorrelation
NREF65.1% 
Market (SPY)75.3%31.1%
Sector (XLF)75.9%39.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NREF Return28%-9%17%14%2%28%103%
Peers Return29%-17%20%-7%9%-1%29%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
NREF Win Rate58%67%42%50%50%71% 
Peers Win Rate62%48%53%53%55%43% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
NREF Max Drawdown-17%-40%-33%-18%-21%-12% 
Peers Max Drawdown-14%-30%-29%-19%-18%-15% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: STWD, BXMT, ARI, KREF, LADR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/16/2026 (YTD)

How Low Can It Go

EventNREFS&P 500
2025 US Tariff Shock
  % Loss-16.4%-18.8%
  % Gain to Breakeven19.7%23.1%
  Time to Breakeven38 days79 days
2023 SVB Regional Banking Crisis
  % Loss-33.2%-6.7%
  % Gain to Breakeven49.6%7.1%
  Time to Breakeven486 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-18.3%-24.5%
  % Gain to Breakeven22.4%32.4%
  Time to Breakeven31 days427 days
2020 COVID-19 Crash
  % Loss-65.7%-33.7%
  % Gain to Breakeven191.7%50.9%
  Time to Breakeven252 days140 days

Compare to STWD, BXMT, ARI, KREF, LADR

In The Past

NexPoint Real Estate Finance's stock fell -16.4% during the 2025 US Tariff Shock. Such a loss loss requires a 19.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventNREFS&P 500
2023 SVB Regional Banking Crisis
  % Loss-33.2%-6.7%
  % Gain to Breakeven49.6%7.1%
  Time to Breakeven486 days31 days
2020 COVID-19 Crash
  % Loss-65.7%-33.7%
  % Gain to Breakeven191.7%50.9%
  Time to Breakeven252 days140 days

Compare to STWD, BXMT, ARI, KREF, LADR

In The Past

NexPoint Real Estate Finance's stock fell -16.4% during the 2025 US Tariff Shock. Such a loss loss requires a 19.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About NexPoint Real Estate Finance (NREF)

NexPoint Real Estate Finance, Inc. (NREF) operates as a U.S.-based real estate finance company. Its core business involves providing capital to the real estate sector by originating, structuring, and investing in a variety of debt and equity instruments. The company intends to qualify as a Real Estate Investment Trust (REIT), meaning it generally distributes a significant portion of its taxable income to shareholders, thereby avoiding federal corporate income taxes at the company level.

NREF's main products and services center on specialized real estate investments. These include originating first mortgage loans, which are senior secured debt, as well as higher-yielding mezzanine loans, preferred equity, and preferred stock investments. A key area of focus for the company is also investing in multifamily commercial mortgage-backed securities (CMBS) securitizations, indicating a particular emphasis on the multifamily property market.

The primary market NREF serves is the U.S. real estate sector, with a notable focus on multifamily properties. Its "customers" are essentially real estate owners and developers seeking financing, to whom it provides a diverse array of capital solutions. For investors, NREF offers a vehicle to participate in the real estate credit market, with the benefit of income distribution inherent to its REIT structure.

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Analogy 1: It's like a finance company similar to what GE Capital used to be, but exclusively focused on lending money for commercial real estate projects like apartment buildings.

Analogy 2: Think of it as the commercial real estate lending division of a major bank like Bank of America or Wells Fargo, but operating as a standalone public company that invests in real estate debt.

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  • First Mortgage Loans: Loans secured by a primary lien on real estate.
  • Mezzanine Loans: Subordinated debt used to provide additional financing, often filling a gap between senior debt and equity.
  • Preferred Equity: An equity instrument with priority in receiving distributions and repayment over common equity.
  • Preferred Stock: A type of stock that pays fixed dividends and has priority over common stock in claims on assets and earnings.
  • Multifamily Commercial Mortgage-Backed Securities (CMBS) Securitizations: Investments in pools of mortgage loans backed by multifamily properties, which are then packaged and sold as securities.
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NexPoint Real Estate Finance (NREF) operates as a real estate finance company, providing various forms of capital to entities involved in real estate. Its business model is primarily business-to-business (B2B), focusing on originating, structuring, and investing in loans and equity stakes for real estate projects.

The company does not publicly disclose the specific names of its major customer companies due to the proprietary nature of its lending and investment activities. However, based on its described focus on first mortgage loans, mezzanine loans, preferred equity, preferred stock, and multifamily commercial mortgage-backed securities (CMBS) securitizations, NREF's primary customers are typically other companies that require financing for their real estate ventures. These categories of customers include:

  • Real Estate Developers: Companies engaged in the development of new real estate properties, particularly in the multifamily sector, seeking financing for land acquisition, construction, and pre-development activities.
  • Commercial Real Estate Owners and Operators: Entities that own and operate income-generating commercial properties, with a notable emphasis on multifamily assets, seeking capital for acquisitions, refinancing existing debt, or property renovations and expansions.
  • Other Real Estate Operating Companies: Corporations and investment firms focused on various aspects of the real estate industry that require structured financing solutions or preferred equity investments for their operations or specific ventures.

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NexPoint Advisors, L.P.

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James Dondero, President, Chairman of the Board

Mr. Dondero is the founder and principal of NexPoint, an alternative investment platform, which he established in 2012. With over three decades of experience in alternative investments, he has developed numerous integrated enterprises, managing investments in real estate, credit, and private equity. He serves as president and chairman of the board for NexPoint Real Estate Finance, NexPoint Residential Trust, Inc. (NYSE: NXRT), and NexPoint Diversified Real Estate Trust (NYSE: NXDT). Mr. Dondero also holds the position of chairman of NexBank Capital, Inc. and is a director of SeaOne Holdings, LLC. He holds an undergraduate degree in accounting and finance from the University of Virginia McIntire School of Commerce and is a Certified Public Accountant (CPA), Certified Managerial Accountant (CMA), and Chartered Financial Analyst (CFA).

Paul Richards, Chief Financial Officer, Executive Vice President-Finance, Treasurer and Assistant Secretary

Mr. Richards assumed the role of Chief Financial Officer for NexPoint Real Estate Finance on January 1, 2025, succeeding Brian Mitts. He has been with NexPoint for over 10 years, holding key leadership positions across multiple public REITs within the platform. His experience includes extensive capital markets and financing activities, where he has executed more than $4 billion in debt financings and played a crucial role in over $3 billion in equity offerings and capital markets initiatives for the NexPoint real estate platform. Prior to his current role, Mr. Richards served as Vice President of Originations and Investments for NexPoint Real Estate Finance, and as Vice President of Asset Management for NexPoint Hospitality Trust and VineBrook Homes Trust.

Matt McGraner, Executive Vice President and Chief Investment Officer

Mr. McGraner has served as Executive Vice President and Chief Investment Officer since March 2015. He possesses over ten years of experience in real estate, private equity, and legal matters. His primary responsibilities involve leading the operations of NexPoint's real estate platform, encompassing investment sourcing and execution, risk management, and the development of new business opportunities. Before joining NexPoint, Mr. McGraner was an associate at Jones Day from 2011 to 2013, where his practice focused on private equity, real estate, and mergers and acquisitions.

Dennis "D.C." Sauter, Jr., General Counsel, Secretary

Mr. Sauter has served as NexPoint Real Estate Finance's General Counsel since February 2020. His main responsibility is to manage the company's legal affairs, including corporate governance, real estate transactions, and capital markets transactions. Prior to joining NexPoint, he was a partner in the real estate section of Wick Phillips Gould & Martin, LLP from January 2014 to February 2020, specializing in acquisitions, construction, financing, joint ventures, and complex leasing for various real estate entities.

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Key Risks to NexPoint Real Estate Finance (NREF)

  1. Real Estate Market and Sector Concentration Risk: NexPoint Real Estate Finance is significantly exposed to the performance of various real estate sectors, with nearly 64% of its investments in residential properties, including multifamily and single-family rental, as well as the life science sector. Weakness in these specific real estate markets, or general declines in real estate prices, could lead to operational difficulties for borrowers and result in mark-to-market losses on NREF's investments. While residential is often considered recession-resilient, elevated supply has recently contributed to weak rental growth and lower valuations in the sector. Additionally, the broader self-storage market, another area of NREF's focus, is currently experiencing pressure with declining occupancy and revenue.
  2. Interest Rate and Funding Risk: As a real estate finance company, NREF's profitability is highly sensitive to fluctuations in interest rates and credit spreads, which can reduce its ability to generate income from loans and investments. A significant near-term concern is a "refinancing wall" in 2026, with approximately $180 million of unsecured notes maturing. The outcome of management's funding options will depend on capital market conditions and pricing, introducing uncertainty regarding future interest costs and balance sheet flexibility. Rising interest rates could also negatively impact the market price of NREF's preferred stock.
  3. Dividend Sustainability Risk: While NREF aims to qualify as a real estate investment trust (REIT) and distribute a substantial portion of its taxable income, the payment of dividends is not guaranteed. Dividends may sometimes be paid from sources other than cash flow from operations and could even represent a return of capital. If the company does not generate sufficient cash from its operations, it may need to borrow funds, reduce the amount of distributions, or issue stock dividends, which could lead to a decrease in the market price of its common stock. Although the dividend is considered safe in the near term, there is a possibility it may be reduced in the medium to long term to align with underlying earnings available for distribution.
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NexPoint Real Estate Finance (NREF) operates within several addressable markets in the United States, focusing on various real estate financing products. For first mortgage loans, specifically within the multifamily sector, the U.S. market saw significant activity. The total outstanding multifamily mortgage debt in the U.S. reached $2.24 trillion at the end of the third quarter of 2025. Broader commercial and multifamily mortgage debt outstanding in the U.S. stood at $4.93 trillion during the same period. Multifamily lending volume in the U.S. was $288.7 billion in 2024, representing a 17% increase from 2023. Projections from the Mortgage Bankers Association (MBA) indicated that the U.S. multifamily market grew to exceed $330 billion in 2025 and is anticipated to expand to approximately $400 billion in 2026. Commercial and multifamily mortgage loan originations in the U.S. were 30% higher in the fourth quarter of 2025 compared to a year earlier, with total 2025 volumes estimated to be 40% higher than in 2024. The mezzanine finance market in North America, which is the largest market for this type of financing, is projected to reach $9.43 billion by 2026, with an anticipated annual growth rate of 4.6%. For preferred equity and preferred stock, the U.S. market is active, particularly within the real estate investment trust (REIT) sector. Preferred equity investments in real estate can yield returns ranging from 8% to 15%. The S&P U.S. Preferred REIT Stock Index specifically measures the performance of the REIT sector of the U.S. preferred stock market, indicating a distinct addressable market. Structured capital solutions, including preferred equity, are expected to feature more prominently in deal terms in 2026 due to refinancing pressures and selective credit markets. In the multifamily commercial mortgage-backed securities (CMBS) securitization market in the U.S., CMBS, Collateralized Debt Obligation (CDO), and other asset-backed securities (ABS) issues held $642 billion (13%) of the total commercial/multifamily mortgages outstanding as of the third quarter of 2025. More specifically for multifamily debt, CMBS issues constituted $70 billion (3% market share) of the outstanding multifamily debt in the third quarter of 2025. Total collateralized loan obligation (CLO) issuance in 2025 reached $30.5 billion, with multifamily collateral accounting for approximately $21.5 billion, or about 70% of the total. Private-label CMBS new issuance in the U.S. was $29 billion in the third quarter of 2024, bringing the year-to-date total to $72.7 billion, with total issuance expected to exceed $100 billion.

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NexPoint Real Estate Finance (NREF) anticipates several key drivers for future revenue growth over the next two to three years, primarily stemming from its strategic investment approach and performance within specific real estate sectors.

One expected driver is the company's continued strategic deployment of capital across a diversified portfolio of high-quality real assets. NREF is actively investing in and expanding its presence in sectors such as life sciences, multifamily, self-storage, and industrial properties, with the goal of capitalizing on market dislocations and delivering risk-adjusted returns to shareholders.

Another significant driver is NREF's focus on actively managing its investment portfolio to unlock value and redeploy capital into high-yielding opportunities. An example of this strategy is the re-REMIC transaction, which is expected to reduce financing costs and contribute positively to annual cash available for distribution (CAD) through interest expense savings and reinvestment capacity.

The performance and anticipated full lease-up of its life sciences assets, such as Alewife Park, are also expected to drive revenue growth. Alewife Park was 64% leased as of a recent report, with full lease-up projected in 2026, targeting a debt yield of over 12%.

Finally, the strong performance and continued focus on the self-storage and single-family rental (SFR) and build-to-rent (BTR) segments are identified as growth catalysts. NREF's self-storage portfolio has notably outperformed the broader industry, achieving 91.7% year-end occupancy and 13% net operating income (NOI) growth in 2025, with expectations to continue outperforming the industry. The company is also reviewing a substantial pipeline in the SFR and BTR sectors, where fundamentals are described as outperforming the broader multifamily market.

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Share Repurchases

  • NexPoint Real Estate Finance has indicated the potential for "value-accretive share buybacks" due to its shares trading at a significant discount to book value.
  • Reduced leverage after a transaction with Mizuho post-Q4 2025 is expected to allow NREF to increase share repurchases.
  • The company intends not to settle Series B or Series C Preferred redemptions in shares of common stock when its common stock price is below book value, suggesting a preference for other means of redemption.

Share Issuance

  • In December 2025, NexPoint Real Estate Finance closed its Series B preferred stock offering, raising approximately $404.5 million in gross proceeds.
  • In November 2025, the company launched a continuous public offering of up to $200 million of its 8.00% Series C Cumulative Redeemable Preferred Stock.
  • Proceeds from these offerings are intended to strengthen the balance sheet, expand the real estate lending portfolio, support strategic growth, fund investments, and repay debt obligations.

Inbound Investments

  • The company raised approximately $404.5 million in gross proceeds from its Series B preferred stock offering, which closed in December 2025.
  • NREF launched a $200 million Series C preferred stock offering in November 2025 to support strategic growth and fund investments.

Outbound Investments

  • NexPoint Real Estate Finance's core business involves originating, structuring, and investing in first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties, and commercial mortgage-backed securities securitizations.
  • As of December 31, 2025, the company's total investment portfolio was $1.2 billion, comprising 92 investments.
  • During the fourth quarter of 2025, NREF funded a $5.7 million loan.

Capital Expenditures

  • NexPoint Real Estate Finance reported $0.0 in capital expenditures for multiple years, including annual data for FY 2024 and quarterly data for 2025.
  • The company's investment strategy indicates that most capital expenditures on properties it lends to or invests in are for "value-add improvements".

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ICLNiShares Global Clean Energy ETFEquity-12.7%11.7%
ARKXARK Space & Defense Innovation ETFEquity-12.5%-11.8%

More From Trefis

Research & Analysis

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Wealth Management

Peer Comparisons

Peers to compare with:

Financials

NREFSTWDBXMTARIKREFLADRMedian
NameNexPoint.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
Mkt Price17.0417.0917.397.027.6010.1713.61
Mkt Cap0.36.32.91.00.51.31.1
Rev LTM169822585263112213238
Op Inc LTM-------
FCF LTM16420345286210885
FCF 3Y Avg26603387591059499
CFO LTM1683334511670108112
CFO 3Y Avg2675838717311194142

Growth & Margins

NREFSTWDBXMTARIKREFLADRMedian
NameNexPoint.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
Rev Chg LTM139.7%-2.7%22.5%45.6%-23.0%-18.3%9.9%
Rev Chg 3Y Avg180.5%-9.3%-2.4%-6.4%-14.5%-13.4%-7.8%
Rev Chg Q-19.8%-4.2%25.5%-13.8%-4.0%1.0%-4.1%
QoQ Delta Rev Chg LTM-3.4%-0.9%5.8%-3.5%-1.1%0.2%-1.0%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM9.6%101.3%59.0%44.1%62.2%50.5%54.7%
CFO/Rev 3Y Avg-84.2%68.8%76.7%76.1%38.8%76.1%
FCF/Rev LTM9.6%51.1%59.0%10.5%55.7%50.5%50.8%
FCF/Rev 3Y Avg-65.6%68.8%24.3%71.6%38.8%65.6%

Valuation

NREFSTWDBXMTARIKREFLADRMedian
NameNexPoint.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
Mkt Cap0.36.32.91.00.51.31.1
P/S1.97.65.03.74.46.04.7
P/Op Inc-------
P/EBIT-------
P/E3.117.828.47.7-5.023.212.8
P/CFO19.57.58.58.47.111.88.5
Total Yield42.0%16.5%14.4%27.5%-6.6%13.5%15.5%
Dividend Yield9.3%10.9%10.9%14.5%13.4%9.2%10.9%
FCF Yield 3Y Avg10.2%9.3%11.4%3.9%17.0%7.0%9.8%
D/E13.22.15.48.49.62.46.9
Net D/E13.12.05.28.29.42.26.7

Returns

NREFSTWDBXMTARIKREFLADRMedian
NameNexPoint.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
1M Rtn14.5%3.7%-2.6%-0.6%6.5%1.5%2.6%
3M Rtn26.3%-2.0%-9.6%-2.8%16.5%2.6%0.3%
6M Rtn22.8%-1.4%-6.1%9.3%-2.3%-4.3%-1.9%
12M Rtn38.4%-8.8%-2.4%16.7%-6.5%-0.8%-1.6%
3Y Rtn64.4%11.2%7.8%24.4%-17.9%16.6%13.9%
1M Excs Rtn14.8%4.8%-1.1%1.3%7.3%3.2%4.0%
3M Excs Rtn17.8%-10.4%-18.4%-11.3%7.8%-6.7%-8.6%
6M Excs Rtn18.6%-7.0%-11.0%3.6%-5.8%-9.8%-6.4%
12M Excs Rtn21.2%-28.4%-22.9%-3.0%-26.5%-20.4%-21.6%
3Y Excs Rtn-7.5%-56.7%-61.3%-43.0%-86.6%-51.2%-54.0%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date5/15/20263/31/202611/13/20258/7/20255/12/20253/27/202511/7/20248/8/20245/14/20243/22/202411/13/20238/8/2023
Key Financials Quarterly            
Total Revenue243375373010229-113-117
Net Income2021431922131910-1315-157
EPS0.540.661.980.690.940.480.920.43-0.830.79-0.900.33
Key Financials TTM            
Total Revenue TTM16917515299712922-10-121-15-6
Net Income TTM1041059673642931-3-614-33
Growth Rates Quarterly            
Total Revenue Growth-19.8%237.8%246.0%322.3%376.4%236.8%299.2%33.9%-491.0%121.8%-509.4%-27.8%
Net Income Growth-7.0%68.3%122.1%91.4%271.0%-12.9%232.1%48.6%-271.3%611.7%-74.4%39.9%
Margins Quarterly            
Net Income Margin83.0%64.0%57.6%51.2%71.6%128.6%89.7%112.9%-497.1%-101.7%
Cash & Debt            
Total Cash233118919435413141120
Total Debt4,1894,2044,2184,4034,4984,5814,8955,7966,2726,2556,1416,789
Net Debt / (Cash)4,1674,1734,2004,3944,4794,5784,8605,7926,2596,2416,1306,769
Cash Flows Quarterly            
FCF from Operations9-58316415-818368
Cash Flows TTM            
FCF from Operations TTM162332382829281934323538
Returns to Shareholders Quarterly            
Dividends12089910899131212
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC1.8%1.9%4.2%1.8%2.1%1.2%1.7%0.8%-0.9%1.1%-1.0%0.5%
Return on Invested Capital (ROIC) TTM            
ROIC TTM2.4%2.5%2.3%1.7%1.5%0.7%0.7%-0.0%-0.1%0.3%-0.0%0.1%

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
NexPoint Real Estate Finance (NREF)17529-01435
Total17529-01435


Price Behavior

Price Behavior
Market Price$17.04 
Market Cap ($ Bil)0.3 
First Trading Date02/07/2020 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$15.30$13.68
DMA Trendupup
Distance from DMA11.4%24.5%
 3M1YR
Volatility23.1%24.1%
Downside Capture-35.1826.32
Upside Capture75.4358.47
Correlation (SPY)8.9%28.6%
NREF Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.060.120.260.580.570.63
Up Beta-0.72-0.220.270.310.540.49
Down Beta0.030.240.091.020.850.55
Up Capture45%49%53%62%44%48%
Bmk +ve Days11244067140429
Stock +ve Days13274067133391
Down Capture14%-18%-3%41%45%91%
Bmk -ve Days10172358112321
Stock -ve Days7132155114349

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NREF
NREF42.0%24.2%1.39-
Sector ETF (XLF)11.2%14.6%0.5138.3%
Equity (SPY)21.8%12.6%1.2928.2%
Gold (GLD)19.1%28.0%0.613.9%
Commodities (DBC)27.9%18.9%1.16-15.1%
Real Estate (VNQ)16.9%14.0%0.8848.9%
Bitcoin (BTCUSD)-45.3%42.8%-1.2911.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NREF
NREF9.8%33.3%0.34-
Sector ETF (XLF)11.6%18.5%0.4939.7%
Equity (SPY)13.2%17.1%0.6035.5%
Gold (GLD)16.7%18.4%0.736.2%
Commodities (DBC)8.5%19.5%0.338.8%
Real Estate (VNQ)3.2%18.9%0.0744.7%
Bitcoin (BTCUSD)14.5%53.5%0.4515.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NREF
NREF7.1%45.5%0.40-
Sector ETF (XLF)14.1%22.0%0.5830.1%
Equity (SPY)15.4%17.9%0.7326.1%
Gold (GLD)10.9%16.1%0.551.2%
Commodities (DBC)6.5%18.0%0.289.8%
Real Estate (VNQ)5.2%20.7%0.2236.4%
Bitcoin (BTCUSD)57.8%66.2%0.989.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity0.4 Mil
Short Interest: % Change Since 6152026-12.0%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest5.1 days
Basic Shares Quantity18.6 Mil
Short % of Basic Shares2.4%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/20260.6%8.2%8.9%
2/26/20260.3%1.7%-5.1%
10/30/20251.1%0.5%8.7%
7/31/2025-3.8%-3.3%3.9%
5/1/2025-2.3%-1.5%1.0%
2/27/20251.2%-0.9%-1.6%
10/31/20246.5%11.3%25.1%
8/1/2024-1.0%-2.4%14.6%
...
SUMMARY STATS   
# Positive151519
# Negative995
Median Positive2.7%4.5%8.7%
Median Negative-2.3%-1.6%-3.4%
Max Positive11.5%11.3%26.5%
Max Negative-7.4%-8.5%-17.6%
 Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/20260.6%8.2%8.9%
2/26/20260.3%1.7%-5.1%
10/30/20251.1%0.5%8.7%
7/31/2025-3.8%-3.3%3.9%
5/1/2025-2.3%-1.5%1.0%
2/27/20251.2%-0.9%-1.6%
10/31/20246.5%11.3%25.1%
8/1/2024-1.0%-2.4%14.6%
5/2/20242.2%5.7%9.8%
2/29/20245.0%7.0%11.2%
11/2/20233.2%-0.5%9.5%
7/27/20233.2%3.9%3.9%
4/27/202311.5%9.0%1.7%
2/23/20232.8%-3.1%-17.6%
10/27/2022-3.7%-1.6%13.5%
7/28/2022-7.4%-8.5%-3.4%
4/28/20222.7%4.5%6.7%
2/17/2022-2.3%-1.1%8.8%
11/4/2021-0.9%1.3%3.5%
7/29/2021-0.5%6.6%8.2%
4/29/20210.6%0.6%-3.3%
2/18/20217.2%9.6%7.6%
10/29/20201.7%3.5%26.5%
8/6/2020-0.8%1.1%1.2%
SUMMARY STATS   
# Positive151519
# Negative995
Median Positive2.7%4.5%8.7%
Median Negative-2.3%-1.6%-3.4%
Max Positive11.5%11.3%26.5%
Max Negative-7.4%-8.5%-17.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/15/202610-Q
12/31/202503/31/202610-K
09/30/202511/13/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202403/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/14/202410-Q
12/31/202303/22/202410-K
09/30/202311/13/202310-Q
06/30/202308/08/202310-Q
03/31/202305/11/202310-Q
12/31/202203/31/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
 Collapse to Preview
Report DateFiling DateFiling
03/31/202605/15/202610-Q
12/31/202503/31/202610-K
09/30/202511/13/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202403/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/14/202410-Q
12/31/202303/22/202410-K
09/30/202311/13/202310-Q
06/30/202308/08/202310-Q
03/31/202305/11/202310-Q
12/31/202203/31/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
03/31/202205/03/202210-Q
12/31/202102/28/202210-K
09/30/202111/09/202110-Q
06/30/202108/03/202110-Q
03/31/202104/30/202110-Q
12/31/202002/25/202110-K
09/30/202010/30/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201902/10/2020424B1
09/30/201711/13/201710-Q
06/30/201709/01/2017S-11/A

Recent Forward Guidance

Updated 7/12/2026

Latest: Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Net Income7.50 Mil8.66 Mil9.83 Mil13.1% Higher NewGuidance: 7.66 Mil for Q1 2026
Q2 2026 EAD9.16 Mil10.32 Mil11.48 Mil   
Q2 2026 CAD11.66 Mil12.82 Mil13.98 Mil   
Q2 2026 EPS0.320.340.37   
Q2 2026 EAD per diluted common share0.380.430.487.5% Higher NewGuidance: 0.4 for Q1 2026
Q2 2026 CAD per diluted common share0.490.540.598.0% Higher NewGuidance: 0.5 for Q1 2026

Prior: Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Net Income6.50 Mil7.66 Mil8.80 Mil-19.1% Lower NewActual: 9.47 Mil for Q4 2025
Q1 2026 EAD per diluted common share0.350.40.45-17.5% Lower NewActual: 0.48 for Q4 2025
Q1 2026 CAD per diluted common share0.450.50.55-1.0% Lower NewActual: 0.51 for Q4 2025

Q3 2025 Earnings Reported 10/30/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Net Income Attributable to Common Stockholders8.33 Mil9.47 Mil10.60 Mil16.0% Higher NewGuidance: 8.16 Mil for Q3 2025
Q4 2025 EAD per diluted common share 0.48 14.1% Higher NewGuidance: 0.42 for Q3 2025
Q4 2025 CAD per diluted common share 0.5 -1.0% Lower NewGuidance: 0.51 for Q3 2025

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Mitts, Brian 401(k) Plan.Sell1222202514.5111,904  Form
2Dondero, James DPresidentSee FootnoteSell924202514.3366,000945,78040,087,974Form
3Dondero, James DPresidentSee FootnoteBuy924202514.3366,000945,7804,578,292Form
4Richards, PaulSee RemarksDirectBuy410202512.281,00012,280599,645Form
 Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Mitts, Brian 401(k) Plan.Sell1222202514.5111,904  Form
2Dondero, James DPresidentSee FootnoteSell924202514.3366,000945,78040,087,974Form
3Dondero, James DPresidentSee FootnoteBuy924202514.3366,000945,7804,578,292Form
4Richards, PaulSee RemarksDirectBuy410202512.281,00012,280599,645Form

Industry Resources

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Core Cache Last Updated: 7/16/2026