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    NexPoint Real Estate Finance (NREF)

    Market Price (10/15/2026): $15.04 | Market Cap: $283.4 MilSector: Financials | Industry: Mortgage REITs

    NexPoint Real Estate Finance (NREF)

    Market Price (10/15/2026): $15.04
    Market Cap: $283.4 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 46%, Dividend Yield is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 42%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 60%

    Low stock price volatility
    Vol 12M is 25%

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

    Weak multi-year price returns
    2Y Excs Rtn is -7.6%, 3Y Excs Rtn is -30%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1515%

    Expensive valuation multiples
    P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 41x

    Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -32%

    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 46%, Dividend Yield is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 42%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 60%
    2 Low stock price volatility
    Vol 12M is 25%
    3 Megatrend and thematic drivers
    Megatrends include Real Estate Investment & Finance. Themes include Commercial Real Estate Debt, and Real Estate Preferred Equity.
    4 Weak multi-year price returns
    2Y Excs Rtn is -7.6%, 3Y Excs Rtn is -30%
    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 1515%
    6 Expensive valuation multiples
    P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 41x
    7 Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -32%
    8 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%
    VTWO0.00%
    IWN0.00%

    Valuation & Metrics

    FYE: 12/31NREF [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$157.7 Mil—
    FY 2026 Sales$64.0 Mil—
    FY 2027 Sales$67.9 Mil—
    FY 2026 Sales Growth-59.4%—
    FY 2027 Sales Growth6.1%13.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$100.8 Mil—
    FY 2026 Net Income (Non-GAAP)$85.7 Mil—
    FY 2027 Net Income (Non-GAAP)$86.6 Mil—
    FY 2027 Net Income Growth1.1%19.0%
    FY 2026 EPS (Non-GAAP)$1.71—
    FY 2027 EPS (Non-GAAP)$1.73—
    FY 2027 EPS Growth1.4%—
    VALUATION
    FY 2026 P/S4.41.7
    FY 2027 P/S4.2—
    FY 2026 P/E3.37.7
    FY 2027 P/E3.3—

    [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 10/31/27 (~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).
    NREFS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)0.2
    Rev Chg Q-31.8%9.3%
    Rev Chg LTM59.7%8.3%
    Rev Chg 3Y Avg350.9%5.9%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM4.4%21.9%
    Net Inc Mgn63.9%13.3%
    VALUATIONVERY LOW
    P/S1.83.1
    P/CFO41.014.7
    P/FCF41.019.2
    P/E2.822.7

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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

    AI Analysis | Feedback

    Updated on 10/1/2026

    NexPoint Real Estate Finance (NREF) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Financial Results Exceeding Analyst Expectations. NexPoint Real Estate Finance reported its fiscal Q2 2026 earnings on August 6, 2026, with diluted earnings per share (EPS) of $0.46, surpassing the consensus estimate of $0.40 by $0.06. Quarterly revenue also significantly exceeded expectations, coming in at $27.34 million against an analyst estimate of $14.57 million. Additionally, the company reported cash available for distribution (CAD) of $0.58 per diluted common share for the quarter, covering its common stock dividend by 1.16x.

    2. Positive Fiscal Q3 2026 Guidance. Following its strong Q2 performance, NexPoint Real Estate Finance provided optimistic guidance for fiscal Q3 2026. The company estimated net income attributable to common stockholders for fiscal Q3 2026 to be between $7.4 million and $9.8 million, with earnings available for distribution (EAD) projected at $0.43 per share at the midpoint.

    Show more
    Updated on 10/1/2026

    NexPoint Real Estate Finance (NREF) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Financial Results Exceeding Analyst Expectations. NexPoint Real Estate Finance reported its fiscal Q2 2026 earnings on August 6, 2026, with diluted earnings per share (EPS) of $0.46, surpassing the consensus estimate of $0.40 by $0.06. Quarterly revenue also significantly exceeded expectations, coming in at $27.34 million against an analyst estimate of $14.57 million. Additionally, the company reported cash available for distribution (CAD) of $0.58 per diluted common share for the quarter, covering its common stock dividend by 1.16x.

    2. Positive Fiscal Q3 2026 Guidance. Following its strong Q2 performance, NexPoint Real Estate Finance provided optimistic guidance for fiscal Q3 2026. The company estimated net income attributable to common stockholders for fiscal Q3 2026 to be between $7.4 million and $9.8 million, with earnings available for distribution (EAD) projected at $0.43 per share at the midpoint.

    3. Supportive Broader Real Estate Market Conditions. The period saw favorable macroeconomic trends in the real estate sector. Global real estate transaction volumes increased by 24% over the trailing year to $936 billion as of fiscal Q3 2026. In the U.S., commercial and multifamily mortgage originations in fiscal Q2 2026 were up 16% year-over-year and 12% higher than fiscal Q1 2026. Banks also reported easing lending standards for nonfarm nonresidential and multifamily properties in July 2026.

    4. Consistent Dividend Declarations. NexPoint Real Estate Finance maintained its commitment to shareholder returns by declaring a regular quarterly common stock dividend of $0.50 per share on July 27, 2026, which was payable on September 30, 2026. The company also announced a dividend of $0.53125 per share for its 8.50% Series A Cumulative Redeemable Preferred Stock on September 16, 2026. These declarations, coupled with strong dividend coverage from Q2 earnings, likely bolstered investor confidence.

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    Stock Movement Drivers

    Fundamental Drivers

    The 0.5% change in NREF stock from 6/30/2026 to 10/14/2026 was primarily driven by a 4.6% change in the company's P/E Multiple.
    (LTM values as of)630202610142026Change
    Stock Price ($)15.0515.120.5%
    Change Contribution By: 
    Total Revenues ($ Mil)169158-6.9%
    Net Income Margin (%)61.1%63.9%4.5%
    P/E Multiple2.72.84.6%
    Shares Outstanding (Mil)1919-1.3%
    Cumulative Contribution0.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/14/2026
    ReturnCorrelation
    NREF0.5% 
    Market (SPY)3.1%24.0%
    Sector (XLF)1.7%25.8%

    Fundamental Drivers

    The 19.4% change in NREF stock from 3/31/2026 to 10/14/2026 was primarily driven by a 32.3% change in the company's P/E Multiple.
    (LTM values as of)331202610142026Change
    Stock Price ($)12.6615.1219.4%
    Change Contribution By: 
    Total Revenues ($ Mil)175158-10.1%
    Net Income Margin (%)59.9%63.9%6.7%
    P/E Multiple2.12.832.3%
    Shares Outstanding (Mil)1819-5.9%
    Cumulative Contribution19.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/14/2026
    ReturnCorrelation
    NREF19.4% 
    Market (SPY)18.6%21.3%
    Sector (XLF)10.8%24.2%

    Fundamental Drivers

    The 21.6% change in NREF stock from 9/30/2025 to 10/14/2026 was primarily driven by a 59.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202510142026Change
    Stock Price ($)12.4315.1221.6%
    Change Contribution By: 
    Total Revenues ($ Mil)9915859.7%
    Net Income Margin (%)73.6%63.9%-13.2%
    P/E Multiple3.02.8-6.6%
    Shares Outstanding (Mil)1819-6.0%
    Cumulative Contribution21.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/14/2026
    ReturnCorrelation
    NREF21.6% 
    Market (SPY)16.5%28.5%
    Sector (XLF)2.4%34.3%

    Fundamental Drivers

    The 38.1% change in NREF stock from 9/30/2023 to 10/14/2026 was primarily driven by a -8.7% change in the company's Shares Outstanding (Mil).
    (LTM values as of)930202310142026Change
    Stock Price ($)10.9515.1238.1%
    Change Contribution By: 
    Total Revenues ($ Mil)-6158-2775.6%
    Net Income Margin (%)-47.4%63.9%-234.7%
    P/E Multiple67.42.8-95.8%
    Shares Outstanding (Mil)1719-8.7%
    Cumulative Contribution38.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/14/2026
    ReturnCorrelation
    NREF38.1% 
    Market (SPY)86.2%30.8%
    Sector (XLF)71.6%38.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    NREF Return28%-9%17%14%2%19%89%
    Peers Return29%-17%20%-7%9%-19%6%
    S&P 500 Return27%-19%24%23%16%14%108%

    Monthly Win Rates [3]
    NREF Win Rate58%67%42%50%50%60% 
    Peers Win Rate62%48%53%53%55%36% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    NREF Max Drawdown-17%-40%-33%-18%-21%-14% 
    Peers Max Drawdown-14%-30%-29%-19%-18%-26% 
    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 10/14/2026 (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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    ```html
    • 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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    ```html

    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".

    Peer Outperformance in Mortgage REITs

    NREF has outperformed 100% of its 32 Mortgage REITs peers over 5Y. Mortgage REITs ranks 16th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Mortgage REITs constituents that NREF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    97%
    of 36 industry peers · 28.6% return
    3Y
    91%
    of 35 industry peers · 50.2% return
    5Y
    100%
    of 32 industry peers · 43.0% return
    No Mortgage REITs peer with a comparable growth profile has beaten NREF by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Mortgage REITs is NREF's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 20.1%65.2%115.7% SPNT 172% · RNR 142% · RGA 141%
    Diversified Banks 12 30.2%130.5%97.2% CM 142% · JPM 133% · RY 125%
    Investment Banking & Brokerage 13 -5.0%100.3%93.3% IBKR 406% · SNEX 198% · HOOD 173%
    Life & Health Insurance 20 12.8%52.5%84.5% JXN 486% · UNM 296% · MFC 178%
    Multi-Sector Holdings 4 4.8%53.2%72.5% BRK-B 87% · VOYA 58% · JEF 36%
    Property & Casualty Insurance 42 9.0%72.5%63.4% PGR 174% · TRV 162% · WRB 146%
    Multi-line Insurance 9 7.3%64.8%57.9% GNW 105% · L 96% · AIZ 84%
    Regional Banks 263 28.1%91.6%50.7% CBC 219% · FCNCA 153% · FBP 139%
    Financial Exchanges & Data 15 3.5%44.0%30.2% VIRT 162% · CBOE 150% · CME 68%
    Consumer Finance 30 6.4%86.2%24.2% ENVA 391% · EZPW 303% · FCFS 177%
    Diversified Financial Services 4 -6.2%18.6%10.8% FRHC 174% · EQH 89%
    Insurance Brokers 15 -20.9%-2.3%7.7% LIFE 317% · ARX 88% · AJG 55%
    Asset Management & Custody Banks 82 -11.0%16.6%6.9% WT 330% · AAMI 255% · SII 255%
    Commercial & Residential Mortgage Finance 13 -58.4%15.9%-7.6% FNMA 384% · FMCC 341% · ACT 171%
    Specialized Finance 3 11.8%35.4%-13.5% CACC -13% · HASI -17%
    Mortgage REITs ← 33 -18.1%-5.3%-32.9% RITM 25% · DX 18% · AGNC 7%
    Transaction & Payment Processing Services 17 2.4%-2.8%-43.2% V 85% · MA 82% · CPAY 55%
    Diversified Capital Markets 20 -50.0%16.7%-62.3% LPLA 100% · TW 35% · RIOT -35%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    Peer Comparisons

    Peers to compare with:

    Financials

    NREFSTWDBXMTARIKREFLADRMedian
    NameNexPoint.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
    Mkt Price15.0412.3810.586.325.878.799.68
    Mkt Cap0.34.51.80.80.41.11.0
    Rev LTM158812609-8553213186
    Op Inc LTM-------
    FCF LTM7481353213410369
    FCF 3Y Avg225313675691130110
    CFO LTM71,091353866310395
    CFO 3Y Avg22752367168104130149

    Growth & Margins

    NREFSTWDBXMTARIKREFLADRMedian
    NameNexPoint.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
    Rev Chg LTM59.7%1.8%25.7%-154.5%-61.0%-12.0%-5.1%
    Rev Chg 3Y Avg350.9%-10.0%-2.6%-67.0%-29.4%-12.7%-11.3%
    Rev Chg Q-31.8%-5.7%18.1%-551.4%-191.7%0.0%-18.7%
    QoQ Delta Rev Chg LTM-6.9%-1.2%4.1%-132.4%-52.7%0.0%-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 LTM4.4%134.4%57.9%-119.2%48.2%57.9%
    CFO/Rev 3Y Avg-89.9%65.6%-94.2%52.7%77.8%
    FCF/Rev LTM4.4%59.3%57.9%-64.9%48.2%57.9%
    FCF/Rev 3Y Avg-62.8%65.6%-73.9%52.7%64.2%

    Valuation

    NREFSTWDBXMTARIKREFLADRMedian
    NameNexPoint.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
    Mkt Cap0.34.51.80.80.41.11.0
    P/S1.85.62.9-6.95.15.1
    P/Op Inc-------
    P/EBIT-------
    P/E2.819.9115.86.3-2.021.013.1
    P/CFO41.04.25.19.65.810.67.7
    Total Yield45.9%20.5%18.7%33.0%-32.8%15.7%19.6%
    Dividend Yield10.6%15.4%17.9%17.0%17.7%10.9%16.2%
    FCF Yield 3Y Avg8.7%8.5%13.8%4.6%15.6%9.6%9.2%
    D/E15.33.18.80.412.62.86.0
    Net D/E15.23.08.6-1.012.42.65.8

    Returns

    NREFSTWDBXMTARIKREFLADRMedian
    NameNexPoint.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
    1M Rtn-9.5%-17.0%-16.5%-3.9%-16.6%-6.2%-13.0%
    3M Rtn-8.3%-23.1%-35.7%-8.1%-19.6%-8.5%-14.1%
    6M Rtn13.7%-27.3%-43.8%-13.7%-9.7%-10.8%-12.3%
    12M Rtn24.9%-26.3%-36.0%0.1%-26.1%-10.5%-18.3%
    3Y Rtn48.1%-10.5%-30.2%26.8%-28.9%15.0%2.3%
    1M Excs Rtn-8.6%-18.6%-20.2%-5.9%-18.2%-8.7%-13.5%
    3M Excs Rtn-12.7%-28.7%-40.4%-13.7%-25.2%-15.0%-20.1%
    6M Excs Rtn2.6%-38.5%-55.0%-24.9%-20.9%-22.2%-23.5%
    12M Excs Rtn9.7%-43.0%-52.3%-14.5%-41.8%-26.9%-34.3%
    3Y Excs Rtn-29.9%-91.5%-110.5%-53.7%-110.0%-67.4%-79.4%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/13/20265/15/20263/31/202611/13/20258/7/20255/12/20253/27/202511/7/20248/8/20245/14/20243/22/202411/13/2023
    Key Financials Quarterly            
    Total Revenue25243375373010229-113-11
    Net Income162021431922131910-1315-15
    EPS0.290.540.661.980.690.940.480.920.43-0.830.79-0.90
    Key Financials TTM            
    Total Revenue TTM15816917515299712922-10-121-15
    Net Income TTM1011041059673642931-3-614-3
    Growth Rates Quarterly            
    Total Revenue Growth-31.8%-19.8%237.8%246.0%322.3%376.4%236.8%299.2%33.9%-491.0%121.8%-509.4%
    Net Income Growth-14.8%-7.0%68.3%122.1%91.4%271.0%-12.9%232.1%48.6%-271.3%611.7%-74.4%
    Margins Quarterly            
    Net Income Margin63.9%83.0%64.0%57.6%51.2%71.6%128.6%89.7%112.9%-497.1%-
    Cash & Debt            
    Total Cash62331189194354131411
    Total Debt4,3244,1894,2044,2184,4034,4984,5814,8955,7966,2726,2556,141
    Net Debt / (Cash)4,3184,1674,1734,2004,3944,4794,5784,8605,7926,2596,2416,130
    Cash Flows Quarterly            
    FCF from Operations-69-58316415-81836
    Cash Flows TTM            
    FCF from Operations TTM71623323828292819343235
    Returns to Shareholders Quarterly            
    Dividends9120899108991312
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC1.4%1.8%1.9%4.2%1.8%2.1%1.2%1.7%0.8%-0.9%1.1%-1.0%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM2.2%2.4%2.5%2.3%1.7%1.5%0.7%0.7%-0.0%-0.1%0.3%-0.0%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    NexPoint Real Estate Finance (NREF)1752911435
    Total1752911435


    Price Behavior

    Price Behavior
    Market Price$15.12 
    Market Cap ($ Bil)0.3 
    First Trading Date02/07/2020 
    Distance from 52W High-14.3% 
       50 Days200 Days
    DMA Price$16.32$14.55
    DMA Trendindeterminateup
    Distance from DMA-7.3%3.9%
     3M1YR
    Volatility28.5%25.4%
    Downside Capture134.4645.28
    Upside Capture70.4867.72
    Correlation (S&P 500)28.1%27.8%
    NREF Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta1.280.970.740.480.570.62
    Up Beta0.080.27-0.260.130.320.50
    Down Beta2.590.950.810.230.840.54
    Up Capture96%93%109%75%54%44%
    Bmk +ve Days6162766132424
    Stock +ve Days11223776135396
    Down Capture194%167%103%57%57%92%
    Bmk -ve Days16263760120328
    Stock -ve Days11202748113346

    [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
    NREF27.7%25.4%0.91-
    Sector ETF (XLF)4.8%14.6%0.0933.5%
    Equity (SPY)17.1%12.7%0.9627.7%
    Gold (GLD)-0.6%29.4%-0.028.2%
    Commodities (DBC)49.3%20.7%1.82-21.4%
    Real Estate (VNQ)5.7%13.7%0.1544.4%
    Bitcoin (BTCUSD)-27.9%43.7%-0.638.2%

    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
    NREF8.2%33.1%0.29-
    Sector ETF (XLF)8.9%18.3%0.3540.0%
    Equity (SPY)13.6%17.1%0.6035.9%
    Gold (GLD)17.9%18.9%0.767.6%
    Commodities (DBC)10.0%19.5%0.397.3%
    Real Estate (VNQ)1.2%18.8%-0.0545.5%
    Bitcoin (BTCUSD)8.5%51.8%0.3415.3%

    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
    NREF6.2%44.9%0.36-
    Sector ETF (XLF)13.0%22.1%0.5330.0%
    Equity (SPY)15.4%17.9%0.7326.1%
    Gold (GLD)12.0%16.4%0.601.8%
    Commodities (DBC)8.2%18.1%0.378.7%
    Real Estate (VNQ)4.8%20.7%0.1936.4%
    Bitcoin (BTCUSD)63.5%66.2%1.039.8%

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

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity0.4 Mil
    Short Interest: % Change Since 9152026-14.9%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest5.6 days
    Basic Shares Quantity18.8 Mil
    Short % of Basic Shares2.3%

    Earnings Returns History

    Updated 9/9/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20264.0%-0.7%4.4%
    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%
    ...
    SUMMARY STATS   
    # Positive161419
    # Negative8105
    Median Positive2.8%5.1%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
    8/6/20264.0%-0.7%4.4%
    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%6.7%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%
    SUMMARY STATS   
    # Positive161419
    # Negative8105
    Median Positive2.8%5.1%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
    06/30/202608/13/202610-Q
    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
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/13/202610-Q
    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

    Recent Forward Guidance

    Updated 10/4/2026

    Latest: Q2 2026 Earnings Reported 8/6/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 EADReported9.21 Mil10.39 Mil 0.7% Higher NewActual: 10.32 Mil for Q2 2026
    Q3 2026 CADReported12.07 Mil13.25 Mil 3.4% Higher NewActual: 12.82 Mil for Q2 2026
    Q3 2026 EAD per diluted common shareReported0.380.43 0 Same NewActual: 0.43 for Q2 2026
    Q3 2026 CAD per diluted common shareReported0.50.55 1.9% Higher NewActual: 0.54 for Q2 2026
    Q3 2026 Net Income Attributable to Common StockholdersReported7.44 Mil8.63 Mil -0.4% Lower NewActual: 8.66 Mil for Q2 2026


    Prior: Q1 2026 Earnings Reported 4/30/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q2 2026 EADReported9.16 Mil10.32 Mil11.48 Mil   
    Q2 2026 CADReported11.66 Mil12.82 Mil13.98 Mil   
    Q2 2026 EAD per diluted common shareReported0.380.430.487.5% Higher NewGuidance: 0.4 for Q1 2026
    Q2 2026 CAD per diluted common shareReported0.490.540.598.0% Higher NewGuidance: 0.5 for Q1 2026
    Q2 2026 Net IncomeReported7.50 Mil8.66 Mil9.83 Mil13.1% Higher NewGuidance: 7.66 Mil for Q1 2026
    Q2 2026 EPSReported0.320.340.37   

    Q4 2025 Earnings Reported 2/26/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q1 2026 EAD per diluted common shareReported0.350.40.45-17.5% Lower NewActual: 0.49 for Q4 2025
    Q1 2026 CAD per diluted common shareReported0.450.50.55-1.0% Lower NewActual: 0.51 for Q4 2025
    Q1 2026 Net IncomeReported6.50 Mil7.66 Mil8.80 Mil-19.1% Lower NewActual: 9.47 Mil for Q4 2025

    Q3 2025 Earnings Reported 10/30/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q4 2025 EAD per diluted common shareReported 0.49 14.1% Higher NewGuidance: 0.43 for Q3 2025
    Q4 2025 CAD per diluted common shareReported 0.5 -1.0% Lower NewGuidance: 0.51 for Q3 2025
    Q4 2025 Net Income Attributable to Common StockholdersReported8.33 Mil9.47 Mil10.60 Mil16.0% Higher NewGuidance: 8.16 Mil 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

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