NexPoint Real Estate Finance (NREF)
Market Price (5/30/2026): $15.61 | Market Cap: $290.4 MilSector: Financials | Industry: Mortgage REITs
NexPoint Real Estate Finance (NREF)
Market Price (5/30/2026): $15.61Market Cap: $290.4 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 46%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 41%, FCF Yield is 5.6% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 140% Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Real Estate Investment & Finance. Themes include Commercial Real Estate Debt, and Real Estate Preferred Equity. | Trading close to highsDist 52W High is -2.4%, Dist 3Y High is -2.4% Weak multi-year price returns3Y Excs Rtn is -13% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1435% Weak revenue growthRev Chg QQuarterly Revenue Change % is -20% 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 46%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 41%, FCF Yield is 5.6% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 140% |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Real Estate Investment & Finance. Themes include Commercial Real Estate Debt, and Real Estate Preferred Equity. |
| Trading close to highsDist 52W High is -2.4%, Dist 3Y High is -2.4% |
| Weak multi-year price returns3Y Excs Rtn is -13% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1435% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -20% |
| Key risksNREF key risks include its external management structure, Show more. |
Qualitative Assessment
AI Analysis | Feedback
NexPoint Real Estate Finance (NREF) stock has gained about 10% since 1/31/2026 because of the following key factors:
1. NexPoint Real Estate Finance reported stronger-than-expected first-quarter 2026 earnings. The company announced earnings of $0.43 per share, surpassing analyst estimates of $0.38 per share by $0.05. Additionally, the Cash Available for Distribution (CAD) of $0.58 per diluted common share for Q1 2026 comfortably covered the declared quarterly common dividend of $0.50 per share with a 1.16x ratio.
2. The company successfully refinanced a significant portion of its debt, enhancing financial flexibility. NexPoint refinanced $180 million of senior unsecured notes, which carried a 5.75% fixed rate and were set to mature on May 1, 2026. These were replaced with a new $242 million total return swap facility, priced at SOFR plus 375 basis points, with a three-year term and a one-year extension option. This strategic move removed a near-term liability overhang and better aligned its debt structure with its floating-rate asset base.
Show more
Stock Movement Drivers
Fundamental Drivers
The 9.6% change in NREF stock from 1/31/2026 to 5/29/2026 was primarily driven by a 11.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.25 | 15.61 | 9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 152 | 169 | 11.5% |
| Net Income Margin (%) | 63.5% | 61.1% | -3.7% |
| P/E Multiple | 2.6 | 2.8 | 7.1% |
| Shares Outstanding (Mil) | 18 | 19 | -4.7% |
| Cumulative Contribution | 9.6% |
Market Drivers
1/31/2026 to 5/29/2026| Return | Correlation | |
|---|---|---|
| NREF | 9.6% | |
| Market (SPY) | 9.6% | 38.2% |
| Sector (XLF) | -3.0% | 32.4% |
Fundamental Drivers
The 28.4% change in NREF stock from 10/31/2025 to 5/29/2026 was primarily driven by a 71.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.16 | 15.61 | 28.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 99 | 169 | 71.5% |
| Net Income Margin (%) | 73.6% | 61.1% | -17.0% |
| P/E Multiple | 3.0 | 2.8 | -5.3% |
| Shares Outstanding (Mil) | 18 | 19 | -4.8% |
| Cumulative Contribution | 28.4% |
Market Drivers
10/31/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| NREF | 28.4% | |
| Market (SPY) | 11.5% | 35.5% |
| Sector (XLF) | -0.7% | 31.2% |
Fundamental Drivers
The 22.1% change in NREF stock from 4/30/2025 to 5/29/2026 was primarily driven by a 480.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.78 | 15.61 | 22.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29 | 169 | 480.2% |
| Net Income Margin (%) | 100.0% | 61.1% | -38.9% |
| P/E Multiple | 7.6 | 2.8 | -63.3% |
| Shares Outstanding (Mil) | 17 | 19 | -6.2% |
| Cumulative Contribution | 22.1% |
Market Drivers
4/30/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| NREF | 22.1% | |
| Market (SPY) | 38.0% | 33.2% |
| Sector (XLF) | 7.4% | 35.5% |
Fundamental Drivers
The 71.2% change in NREF stock from 4/30/2023 to 5/29/2026 was primarily driven by a 1153.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.12 | 15.61 | 71.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14 | 169 | 1153.4% |
| Net Income Margin (%) | 49.9% | 61.1% | 22.5% |
| P/E Multiple | 20.5 | 2.8 | -86.3% |
| Shares Outstanding (Mil) | 15 | 19 | -18.5% |
| Cumulative Contribution | 71.2% |
Market Drivers
4/30/2023 to 5/29/2026| Return | Correlation | |
|---|---|---|
| NREF | 71.2% | |
| Market (SPY) | 89.0% | 30.4% |
| Sector (XLF) | 63.2% | 39.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NREF Return | 28% | -9% | 17% | 14% | 2% | 15% | 82% |
| Peers Return | 29% | -17% | 20% | -7% | 9% | -2% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| NREF Win Rate | 58% | 67% | 42% | 50% | 50% | 60% | |
| Peers Win Rate | 62% | 48% | 53% | 53% | 55% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| NREF Max Drawdown | -17% | -40% | -33% | -18% | -21% | -12% | |
| Peers Max Drawdown | -14% | -30% | -29% | -19% | -18% | -14% | |
| 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 5/29/2026 (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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| 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)
AI Analysis | Feedback
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.
AI Analysis | Feedback
```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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
NexPoint Advisors, L.P.
AI Analysis | Feedback
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.
AI Analysis | Feedback
```htmlKey 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.
AI Analysis | Feedback
null
AI Analysis | Feedback
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.AI Analysis | Feedback
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.
AI Analysis | Feedback
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".
Trade Ideas
Select ideas related to NREF.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | EEFT | Euronet Worldwide | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04242026 | HOMB | Home BancShares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.5% | 1.5% | 0.0% |
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 7.1% | 7.1% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 3.9% | 3.9% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -4.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.29 |
| Mkt Cap | 1.4 |
| Rev LTM | 238 |
| Op Inc LTM | - |
| FCF LTM | 85 |
| FCF 3Y Avg | 99 |
| CFO LTM | 112 |
| CFO 3Y Avg | 142 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.9% |
| Rev Chg 3Y Avg | -7.8% |
| Rev Chg Q | -4.1% |
| QoQ Delta Rev Chg LTM | -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 LTM | 54.7% |
| CFO/Rev 3Y Avg | 76.1% |
| FCF/Rev LTM | 50.8% |
| FCF/Rev 3Y Avg | 65.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.4 |
| P/S | 5.5 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 14.9 |
| P/CFO | 10.4 |
| Total Yield | 15.1% |
| Dividend Yield | 10.3% |
| FCF Yield 3Y Avg | 9.8% |
| D/E | 5.2 |
| Net D/E | 5.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.9% |
| 3M Rtn | 0.4% |
| 6M Rtn | -1.6% |
| 12M Rtn | 5.8% |
| 3Y Rtn | 37.3% |
| 1M Excs Rtn | -5.3% |
| 3M Excs Rtn | -9.8% |
| 6M Excs Rtn | -13.0% |
| 12M Excs Rtn | -22.1% |
| 3Y Excs Rtn | -46.6% |
Price Behavior
| Market Price | $15.61 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 02/07/2020 | |
| Distance from 52W High | -2.4% | |
| 50 Days | 200 Days | |
| DMA Price | $14.36 | $13.73 |
| DMA Trend | up | up |
| Distance from DMA | 8.7% | 13.7% |
| 3M | 1YR | |
| Volatility | 29.1% | 26.8% |
| Downside Capture | 69.21 | 47.88 |
| Upside Capture | 83.65 | 55.03 |
| Correlation (SPY) | 40.1% | 30.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.61 | 0.91 | 0.81 | 0.71 | 0.74 | 0.65 |
| Up Beta | 0.52 | 0.40 | 0.34 | 0.43 | 0.69 | 0.53 |
| Down Beta | 1.03 | 1.36 | 1.35 | 1.43 | 1.22 | 0.61 |
| Up Capture | 62% | 97% | 84% | 69% | 47% | 48% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 21 | 31 | 64 | 130 | 385 |
| Down Capture | 158% | 112% | 90% | 49% | 69% | 90% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 20 | 31 | 59 | 117 | 358 |
[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 | 20.0% | 26.8% | 0.66 | - |
| Sector ETF (XLF) | 3.5% | 14.4% | 0.02 | 33.0% |
| Equity (SPY) | 30.3% | 11.8% | 1.94 | 30.6% |
| Gold (GLD) | 37.5% | 26.7% | 1.17 | 3.5% |
| Commodities (DBC) | 39.6% | 18.8% | 1.63 | -15.9% |
| Real Estate (VNQ) | 12.5% | 13.1% | 0.64 | 42.8% |
| Bitcoin (BTCUSD) | -31.8% | 41.6% | -0.81 | 14.7% |
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 | 7.6% | 33.3% | 0.28 | - |
| Sector ETF (XLF) | 8.4% | 18.6% | 0.34 | 39.0% |
| Equity (SPY) | 14.3% | 17.0% | 0.66 | 35.7% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 6.8% |
| Commodities (DBC) | 10.2% | 19.4% | 0.41 | 9.2% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 43.9% |
| Bitcoin (BTCUSD) | 14.6% | 54.6% | 0.46 | 15.5% |
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 | 5.9% | 45.9% | 0.36 | - |
| Sector ETF (XLF) | 12.8% | 22.1% | 0.53 | 30.0% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 26.3% |
| Gold (GLD) | 13.3% | 16.0% | 0.69 | 1.5% |
| Commodities (DBC) | 7.3% | 17.9% | 0.33 | 10.1% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 36.1% |
| Bitcoin (BTCUSD) | 67.0% | 66.9% | 1.06 | 10.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 5/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 0.6% | 8.2% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 19 |
| # Negative | 9 | 9 | 5 |
| Median Positive | 2.8% | 5.1% | 8.7% |
| Median Negative | -2.3% | -1.6% | -3.4% |
| Max Positive | 12.6% | 11.6% | 63.8% |
| Max Negative | -7.4% | -8.5% | -17.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Recent Forward Guidance
Updated 5/28/2026Latest: 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% | Raised | Guidance: 7.66 Mil for Q1 2026 | |
| Q2 2026 EPS | 0.32 | 0.34 | 0.37 | Higher New | |||
| Q2 2026 EAD per diluted common share | 0.38 | 0.43 | 0.48 | 7.5% | Raised | Guidance: 0.4 for Q1 2026 | |
| Q2 2026 CAD per diluted common share | 0.49 | 0.54 | 0.59 | 8.0% | Raised | Guidance: 0.5 for Q1 2026 | |
| Q2 2026 EAD | 9.16 Mil | 10.32 Mil | 11.48 Mil | Higher New | |||
| Q2 2026 CAD | 11.66 Mil | 12.82 Mil | 13.98 Mil | Higher New | |||
Prior: 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 | Guidance: 0.48 for Q4 2025 | |
| Q1 2026 CAD per diluted common share | 0.45 | 0.5 | 0.55 | 0 | Same New | Guidance: 0.5 for Q4 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 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.