NexPoint Real Estate Finance (NREF)
Market Price (8/31/2026): $17.24 | Market Cap: $324.9 MilSector: Financials | Industry: Mortgage REITs
NexPoint Real Estate Finance (NREF)
Market Price (8/31/2026): $17.24Market Cap: $324.9 MilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 40%, 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 36% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 60% Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Real Estate Investment & Finance. Themes include Commercial Real Estate Debt, and Real Estate Preferred Equity. | Weak multi-year price returns3Y Excs Rtn is -22% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1329% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 47x Weak revenue growthRev Chg QQuarterly Revenue Change % is -32% Key risksNREF key risks include its external management structure, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 40%, 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 36% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 60% |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Real Estate Investment & Finance. Themes include Commercial Real Estate Debt, and Real Estate Preferred Equity. |
| Weak multi-year price returns3Y Excs Rtn is -22% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1329% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 47x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -32% |
| Key risksNREF key risks include its external management structure, Show more. |
Qualitative Assessment
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NexPoint Real Estate Finance (NREF) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Robust Cash Available for Distribution (CAD) and Maintained Dividend Payout. NexPoint Real Estate Finance reported a strong Cash Available for Distribution (CAD) of $0.58 per diluted share for fiscal Q2 2026 (ended June 30, 2026), marking a 26% increase year-over-year. This comfortably covered the company's $0.50 quarterly common stock dividend with a 1.16x coverage ratio. The board subsequently declared an identical $0.50 dividend for fiscal Q3 2026. This consistent and well-covered dividend payout is a significant driver for investor confidence in REITs.
2. High-Yielding Capital Deployment and Increased Net Interest Income. Capitalizing on a retreat by traditional lenders, NexPoint Real Estate Finance aggressively deployed capital into new, high-yielding investments during fiscal Q2 2026. The company funded over $60 million in new loans, including a $20.2 million preferred equity multifamily investment at a 14.0% coupon and a $42.6 million mezzanine loan secured by a life science property also at a 14.0% coupon. This strategy led to a significant increase in net interest income, which rose to $16.5 million in fiscal Q2 2026 from $12.1 million in the prior-year period, indicating stronger core earning power.
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NexPoint Real Estate Finance (NREF) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Robust Cash Available for Distribution (CAD) and Maintained Dividend Payout. NexPoint Real Estate Finance reported a strong Cash Available for Distribution (CAD) of $0.58 per diluted share for fiscal Q2 2026 (ended June 30, 2026), marking a 26% increase year-over-year. This comfortably covered the company's $0.50 quarterly common stock dividend with a 1.16x coverage ratio. The board subsequently declared an identical $0.50 dividend for fiscal Q3 2026. This consistent and well-covered dividend payout is a significant driver for investor confidence in REITs.
2. High-Yielding Capital Deployment and Increased Net Interest Income. Capitalizing on a retreat by traditional lenders, NexPoint Real Estate Finance aggressively deployed capital into new, high-yielding investments during fiscal Q2 2026. The company funded over $60 million in new loans, including a $20.2 million preferred equity multifamily investment at a 14.0% coupon and a $42.6 million mezzanine loan secured by a life science property also at a 14.0% coupon. This strategy led to a significant increase in net interest income, which rose to $16.5 million in fiscal Q2 2026 from $12.1 million in the prior-year period, indicating stronger core earning power.
3. Strategic Portfolio Focus on Resilient Sectors and Improving Operating Trends. The company's investment portfolio is heavily concentrated in "cycle-resistant" real estate sectors, with multifamily representing 37.6% and life sciences 39.4% of its total investment portfolio as of June 30, 2026. Management emphasized the stability of these sectors amidst "unsettled" broader credit conditions. Additionally, residential operating trends showed improvement, with blended lease trade-outs turning positive by +30 basis points in July 2026, marking the first positive print since early 2025. This sector focus and improving operational metrics underscore the portfolio's resilience and potential for future performance.
4. Enhanced Liquidity and Liability Management. NexPoint Real Estate Finance strengthened its financial position through strategic capital markets and liability management actions. During the first half of 2026, the company repaid $180.0 million of its unsecured notes, reducing the outstanding balance to $51.1 million as of June 30, 2026. Concurrently, cash, cash equivalents, and restricted cash increased significantly to $138.2 million from $34.4 million, largely due to $108.9 million in net cash provided by investing activities. These actions improved liquidity and optimized the company's debt structure, contributing to a more stable financial outlook.
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Stock Movement Drivers
Fundamental Drivers
The 23.4% change in NREF stock from 4/30/2026 to 8/30/2026 was primarily driven by a 36.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.97 | 17.24 | 23.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 175 | 158 | -10.1% |
| Net Income Margin (%) | 59.9% | 63.9% | 6.7% |
| P/E Multiple | 2.4 | 3.2 | 36.8% |
| Shares Outstanding (Mil) | 18 | 19 | -5.9% |
| Cumulative Contribution | 23.4% |
Market Drivers
4/30/2026 to 8/30/2026| Return | Correlation | |
|---|---|---|
| NREF | 23.4% | |
| Market (SPY) | 7.1% | 11.6% |
| Sector (XLF) | 11.5% | 18.0% |
Fundamental Drivers
The 24.9% change in NREF stock from 1/31/2026 to 8/30/2026 was primarily driven by a 27.1% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.80 | 17.24 | 24.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 152 | 158 | 3.8% |
| Net Income Margin (%) | 63.5% | 63.9% | 0.7% |
| P/E Multiple | 2.5 | 3.2 | 27.1% |
| Shares Outstanding (Mil) | 18 | 19 | -6.0% |
| Cumulative Contribution | 24.9% |
Market Drivers
1/31/2026 to 8/30/2026| Return | Correlation | |
|---|---|---|
| NREF | 24.9% | |
| Market (SPY) | 11.5% | 28.0% |
| Sector (XLF) | 9.3% | 34.0% |
Fundamental Drivers
The 43.0% change in NREF stock from 7/31/2025 to 8/30/2026 was primarily driven by a 123.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.06 | 17.24 | 43.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 71 | 158 | 123.2% |
| Net Income Margin (%) | 90.2% | 63.9% | -29.2% |
| P/E Multiple | 3.3 | 3.2 | -2.7% |
| Shares Outstanding (Mil) | 18 | 19 | -7.0% |
| Cumulative Contribution | 43.0% |
Market Drivers
7/31/2025 to 8/30/2026| Return | Correlation | |
|---|---|---|
| NREF | 43.0% | |
| Market (SPY) | 22.7% | 27.4% |
| Sector (XLF) | 12.3% | 35.4% |
Fundamental Drivers
The 52.2% change in NREF stock from 7/31/2023 to 8/30/2026 was primarily driven by a -9.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.32 | 17.24 | 52.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -3 | 158 | -4755.5% |
| Net Income Margin (%) | -26.8% | 63.9% | -338.7% |
| P/E Multiple | 213.7 | 3.2 | -98.5% |
| Shares Outstanding (Mil) | 17 | 19 | -9.2% |
| Cumulative Contribution | 52.2% |
Market Drivers
7/31/2023 to 8/30/2026| Return | Correlation | |
|---|---|---|
| NREF | 52.2% | |
| Market (SPY) | 74.0% | 31.3% |
| Sector (XLF) | 71.8% | 39.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NREF Return | 28% | -9% | 17% | 14% | 2% | 32% | 109% |
| Peers Return | 29% | -17% | 20% | -7% | 9% | -5% | 24% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| NREF Win Rate | 58% | 67% | 42% | 50% | 50% | 75% | |
| Peers Win Rate | 62% | 48% | 53% | 53% | 55% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NREF Max Drawdown | -17% | -40% | -33% | -18% | -21% | -12% | |
| Peers Max Drawdown | -14% | -30% | -29% | -19% | -18% | -19% | |
| 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 8/28/2026 (YTD)
How Low Can It Go
| Event | NREF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.4% | -18.8% |
| % Gain to Breakeven | 19.7% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.2% | -6.7% |
| % Gain to Breakeven | 49.6% | 7.1% |
| Time to Breakeven | 486 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -18.3% | -24.5% |
| % Gain to Breakeven | 22.4% | 32.4% |
| Time to Breakeven | 31 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.7% | -33.7% |
| % Gain to Breakeven | 191.7% | 50.9% |
| Time to Breakeven | 252 days | 140 days |
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.
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Asset Allocation
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| Event | NREF | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.2% | -6.7% |
| % Gain to Breakeven | 49.6% | 7.1% |
| Time to Breakeven | 486 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.7% | -33.7% |
| % Gain to Breakeven | 191.7% | 50.9% |
| Time to Breakeven | 252 days | 140 days |
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)
- 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.
- 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.
- 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) 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".
Peer Outperformance in Mortgage REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.0% | 126.6% | 135.2% | IBKR 508% · SNEX 232% · GS 181% |
| Reinsurance | 6 | 21.1% | 83.2% | 123.8% | SPNT 146% · RGA 135% · MTG 128% |
| Diversified Banks | 12 | 36.8% | 128.8% | 113.9% | JPM 153% · CM 152% · RY 138% |
| Life & Health Insurance | 19 | 11.8% | 55.0% | 87.6% | UNM 307% · FG 215% · MFC 178% |
| Property & Casualty Insurance | 41 | 12.8% | 75.6% | 65.1% | ASIC 2658900% · HRTG 406% · UVE 276% |
| Regional Banks | 262 | 25.7% | 83.4% | 65.0% | GCBC 374% · ESQ 351% · NBN 296% |
| Multi-line Insurance | 9 | 13.6% | 78.2% | 58.0% | GNW 166% · L 100% · SLF 89% |
| Multi-Sector Holdings | 6 | 3.3% | 15.4% | 37.6% | BRK-B 77% · JEF 76% · VOYA 74% |
| Consumer Finance | 30 | 9.1% | 80.1% | 34.6% | ENVA 606% · EZPW 379% · FCFS 172% |
| Insurance Brokers | 15 | -3.8% | 7.8% | 32.5% | LIFE 601% · AJG 96% · ARX 88% |
| Asset Management & Custody Banks | 83 | -8.1% | 20.3% | 21.1% | SII 348% · WT 317% · VCTR 295% |
| Financial Exchanges & Data | 15 | 0.1% | 22.2% | 14.0% | VIRT 222% · CBOE 162% · CME 75% |
| Commercial & Residential Mortgage Finance | 12 | -37.7% | 17.1% | 4.0% | FNMA 517% · FMCC 501% · ESNT 62% |
| Specialized Finance | 3 | 15.6% | 46.5% | 2.6% | EFC 35% · CACC 3% · HASI -16% |
| Mortgage REITs ← | 33 | -8.4% | 9.6% | -16.9% | RITM 53% · NREF 52% · DX 40% |
| Transaction & Payment Processing Services | 15 | 2.3% | 3.1% | -40.7% | MA 77% · V 73% · CPAY 55% |
| Diversified Capital Markets | 21 | -22.1% | 4.3% | -47.1% | BTCS 584% · OPY 184% · LPLA 157% |
| Diversified Financial Services | 5 | -3.2% | 53.1% | -63.8% | FRHC 171% · EQH 84% · TMS -64% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.78 |
| Mkt Cap | 1.1 |
| Rev LTM | 186 |
| Op Inc LTM | - |
| FCF LTM | 69 |
| FCF 3Y Avg | 110 |
| CFO LTM | 95 |
| CFO 3Y Avg | 149 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -5.1% |
| Rev Chg 3Y Avg | -11.3% |
| Rev Chg Q | -18.7% |
| QoQ Delta Rev Chg LTM | -4.1% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 57.9% |
| CFO/Rev 3Y Avg | 77.8% |
| FCF/Rev LTM | 57.9% |
| FCF/Rev 3Y Avg | 64.2% |
Price Behavior
| Market Price | $17.24 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 02/07/2020 | |
| Distance from 52W High | -5.1% | |
| 50 Days | 200 Days | |
| DMA Price | $16.58 | $14.43 |
| DMA Trend | up | up |
| Distance from DMA | 4.0% | 19.5% |
| 3M | 1YR | |
| Volatility | 27.6% | 25.0% |
| Downside Capture | 26.65 | 36.78 |
| Upside Capture | 86.53 | 60.68 |
| Correlation (SPY) | 12.1% | 27.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.44 | 0.19 | 0.20 | 0.52 | 0.55 | 0.63 |
| Up Beta | -1.19 | -0.92 | -0.52 | 0.03 | 0.48 | 0.50 |
| Down Beta | 1.28 | 0.43 | 0.48 | 0.71 | 0.91 | 0.57 |
| Up Capture | 136% | 84% | 73% | 76% | 47% | 47% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 15 | 28 | 42 | 71 | 136 | 394 |
| Down Capture | -5% | 7% | -14% | 53% | 35% | 91% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 14 | 20 | 52 | 112 | 349 |
[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 | |
|---|---|---|---|---|
| NREF | 31.1% | 24.9% | 1.04 | - |
| Sector ETF (XLF) | 9.4% | 14.5% | 0.39 | 35.8% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | 27.0% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | 2.9% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | -21.2% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 44.6% |
| Bitcoin (BTCUSD) | -30.1% | 43.7% | -0.70 | 8.1% |
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 | |
|---|---|---|---|---|
| NREF | 9.4% | 32.9% | 0.32 | - |
| Sector ETF (XLF) | 10.9% | 18.4% | 0.45 | 39.7% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 35.7% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 6.8% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | 7.9% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 45.3% |
| Bitcoin (BTCUSD) | 9.6% | 52.7% | 0.37 | 14.7% |
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 | |
|---|---|---|---|---|
| NREF | 7.3% | 45.2% | 0.39 | - |
| Sector ETF (XLF) | 13.6% | 22.0% | 0.56 | 30.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 26.1% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 1.3% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | 9.1% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 36.4% |
| Bitcoin (BTCUSD) | 63.4% | 66.1% | 1.03 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 4.0% | -0.7% | |
| 4/30/2026 | 0.6% | 8.2% | 8.9% |
| 2/26/2026 | 0.3% | 1.7% | -5.1% |
| 10/30/2025 | 1.1% | 0.5% | 8.7% |
| 7/31/2025 | -3.8% | -3.3% | 3.9% |
| 5/1/2025 | -2.3% | -1.5% | 1.0% |
| 2/27/2025 | 1.2% | -0.9% | -1.6% |
| 10/31/2024 | 6.5% | 11.3% | 25.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 19 |
| # Negative | 9 | 10 | 5 |
| Median Positive | 2.8% | 4.5% | 8.7% |
| Median Negative | -2.3% | -1.6% | -3.4% |
| Max Positive | 11.5% | 11.3% | 26.5% |
| Max Negative | -7.4% | -8.5% | -17.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 4.0% | -0.7% | |
| 4/30/2026 | 0.6% | 8.2% | 8.9% |
| 2/26/2026 | 0.3% | 1.7% | -5.1% |
| 10/30/2025 | 1.1% | 0.5% | 8.7% |
| 7/31/2025 | -3.8% | -3.3% | 3.9% |
| 5/1/2025 | -2.3% | -1.5% | 1.0% |
| 2/27/2025 | 1.2% | -0.9% | -1.6% |
| 10/31/2024 | 6.5% | 11.3% | 25.1% |
| 8/1/2024 | -1.0% | -2.4% | 14.6% |
| 5/2/2024 | 2.2% | 5.7% | 9.8% |
| 2/29/2024 | 5.0% | 7.0% | 11.2% |
| 11/2/2023 | 3.2% | -0.5% | 9.5% |
| 7/27/2023 | 3.2% | 3.9% | 3.9% |
| 4/27/2023 | 11.5% | 9.0% | 1.7% |
| 2/23/2023 | 2.8% | -3.1% | -17.6% |
| 10/27/2022 | -3.7% | -1.6% | 13.5% |
| 7/28/2022 | -7.4% | -8.5% | -3.4% |
| 4/28/2022 | 2.7% | 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% | 6.7% | 8.2% |
| 4/29/2021 | 0.6% | 0.6% | -3.3% |
| 2/18/2021 | 7.2% | 9.6% | 7.6% |
| 10/29/2020 | 1.7% | 3.5% | 26.5% |
| 8/6/2020 | -0.8% | 1.1% | 1.2% |
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 19 |
| # Negative | 9 | 10 | 5 |
| Median Positive | 2.8% | 4.5% | 8.7% |
| Median Negative | -2.3% | -1.6% | -3.4% |
| Max Positive | 11.5% | 11.3% | 26.5% |
| Max Negative | -7.4% | -8.5% | -17.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/22/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/22/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/10/2020 | 424B1 |
| 09/30/2017 | 11/13/2017 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Net Income Attributable to Common Stockholders | 7.44 Mil | 8.63 Mil | -0.4% | Lower New | Actual: 8.66 Mil for Q2 2026 | ||
| Q3 2026 EAD | 9.21 Mil | 10.39 Mil | 0.7% | Higher New | Actual: 10.32 Mil for Q2 2026 | ||
| Q3 2026 CAD | 12.07 Mil | 13.25 Mil | 3.4% | Higher New | Actual: 12.82 Mil for Q2 2026 | ||
| Q3 2026 EAD per diluted common share | 0.38 | 0.43 | 0 | Same New | Actual: 0.43 for Q2 2026 | ||
| Q3 2026 CAD per diluted common share | 0.5 | 0.55 | 1.9% | Higher New | Actual: 0.54 for Q2 2026 | ||
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Net Income | 7.50 Mil | 8.66 Mil | 9.83 Mil | 13.1% | Higher New | Guidance: 7.66 Mil for Q1 2026 | |
| Q2 2026 EAD | 9.16 Mil | 10.32 Mil | 11.48 Mil | ||||
| Q2 2026 CAD | 11.66 Mil | 12.82 Mil | 13.98 Mil | ||||
| Q2 2026 EPS | 0.32 | 0.34 | 0.37 | ||||
| Q2 2026 EAD per diluted common share | 0.38 | 0.43 | 0.48 | 7.5% | Higher New | Guidance: 0.4 for Q1 2026 | |
| Q2 2026 CAD per diluted common share | 0.49 | 0.54 | 0.59 | 8.0% | Higher New | Guidance: 0.5 for Q1 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net Income | 6.50 Mil | 7.66 Mil | 8.80 Mil | -19.1% | Lower New | Actual: 9.47 Mil for Q4 2025 | |
| Q1 2026 EAD per diluted common share | 0.35 | 0.4 | 0.45 | -17.5% | Lower New | Actual: 0.48 for Q4 2025 | |
| Q1 2026 CAD per diluted common share | 0.45 | 0.5 | 0.55 | -1.0% | Lower New | Actual: 0.51 for Q4 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Net Income Attributable to Common Stockholders | 8.33 Mil | 9.47 Mil | 10.60 Mil | 16.0% | Higher New | Guidance: 8.16 Mil for Q3 2025 | |
| Q4 2025 EAD per diluted common share | 0.48 | 14.1% | Higher New | Guidance: 0.42 for Q3 2025 | |||
| Q4 2025 CAD per diluted common share | 0.5 | -1.0% | Lower New | Guidance: 0.51 for Q3 2025 | |||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mitts, Brian | 401(k) Plan. | Sell | 12222025 | 14.51 | 11,904 | Form | |||
| 2 | Dondero, James D | President | See Footnote | Sell | 9242025 | 14.33 | 66,000 | 945,780 | 40,087,974 | Form |
| 3 | Dondero, James D | President | See Footnote | Buy | 9242025 | 14.33 | 66,000 | 945,780 | 4,578,292 | Form |
| 4 | Richards, Paul | See Remarks | Direct | Buy | 4102025 | 12.28 | 1,000 | 12,280 | 599,645 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mitts, Brian | 401(k) Plan. | Sell | 12222025 | 14.51 | 11,904 | Form | |||
| 2 | Dondero, James D | President | See Footnote | Sell | 9242025 | 14.33 | 66,000 | 945,780 | 40,087,974 | Form |
| 3 | Dondero, James D | President | See Footnote | Buy | 9242025 | 14.33 | 66,000 | 945,780 | 4,578,292 | Form |
| 4 | Richards, Paul | See Remarks | Direct | Buy | 4102025 | 12.28 | 1,000 | 12,280 | 599,645 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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