NexPoint Real Estate Finance, Inc. NREF

FinancialsResidential & Commercial REITsUnited States of America

Last close 15.41 USD on Nov 1, 2026, +18.8% year to date

Quant rating

Quant rating C Rank 467 of 799 in Financials

Growth C 516 of 799
Valuation B 219 of 799
Quality B 169 of 799
Revisions D 588 of 799
Momentum C 530 of 799

Wall Street consensus Hold (3.00)Average target 16.25 USD +5.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 285M
Enterprise value: 5.2B
52-week range: 12.64 – 18.29
3-year range: 12.64 – 18.29
Dividend yield: 13.24%
Beta (5 years): 1.15
Shares outstanding: 18.8M
Next earnings: Nov 5, 2026

About the company

NexPoint Real Estate Finance, Inc. is a commercial mortgage real estate investment trust (REIT). The Company is primarily focused on originating, structuring and investing in first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties and common equity investments, as well as multifamily and single-family commercial mortgage-backed securities securitizations, promissory notes, revolving credit facilities and stock warrants. The Company’s primary investment objective is to generate attractive, risk-adjusted returns for stockholders over the long term. It intends to achieve this objective primarily by originating, structuring and investing in its target assets. It primarily focuses on investments in the real estate sectors, including in the multifamily, SFR, self-storage and life science sectors, predominantly in the metropolitan statistical areas (MSAs). Its business is conducted through NexPoint Real Estate Finance Operating Partnership, L.P.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	239	117	97.9	80.8	127	–
Revenue growth	104.8%	19.2%	21.2%	−36.5%	95.7%	29.7%
EPS (basic, normalized)	1.84	1.80	1.85	2.75	1.89	–
EPS growth	2.2%	−2.7%	−32.7%	45.5%	–	–
Gross margin	81.5%	60.6%	43.1%	44.7%	72.5%	60.5%
Net margin	31.7%	15.2%	10.6%	4.0%	31.1%	18.5%
ROE	17.1%	7.0%	3.8%	2.2%	23.5%	10.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	6.4
Current ratio	–
Long-term debt (mil)	4,324
Net debt (mil)	4,953
Total equity (mil)	781
Net debt / equity	6.34x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	239	+104.8%	21.9x	–	–	–	1.84	+2.2%	8.4x
2026	83.9	−64.9%	62.4x	–	–	–	1.71	−7.1%	9.0x
2027	117	+39.8%	44.6x	–	–	–	1.73	+1.4%	8.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	83.9	0.0%	−9.3%	0.0%	1.71	−0.8%	+0.6%	+2.6%
2027	117	+11.7%	+16.0%	+26.5%	1.73	−1.0%	−2.8%	−2.8%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	9.2	18.2	23.6	32.3	22.0	22.8	22.9	22.2	29.6	30.3
Sales mean (mil)	11.5	18.2	18.8	22.2	21.4	22.7	23.2	21.6	20.0	23.1
Surprise	−19.7%	+0.4%	+25.1%	+45.6%	+3.2%	+0.7%	−1.4%	+2.8%	+48.2%	+31.1%
EPS reported	−0.46	0.68	0.75	0.83	0.41	0.43	0.51	0.47	0.43	0.46
EPS mean	−0.44	0.45	0.48	0.76	0.49	0.46	0.47	0.50	0.37	0.45
Surprise	−3.8%	+52.2%	+56.2%	+9.6%	−16.3%	−7.2%	+8.5%	−6.5%	+15.2%	+2.2%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NREF NexPoint Real Estate Finance, Inc.	285M	–	31.7%	0.36x	9.0x	8.9x	–	–
NLY Annaly Capital Management, Inc.	14.4B	–	26.2%	0.90x	5.8x	5.9x	24.0x	19.4x
AGNC AGNC Investment Corp.	11.0B	–	32.5%	0.94x	5.6x	5.9x	63.8x	63.5x
RITM Rithm Capital Corp.	5.2B	–	11.9%	0.60x	4.0x	4.0x	–	–
STWD Starwood Property Trust Inc (Maryland)	4.5B	–	21.2%	0.70x	7.8x	6.4x	18.1x	15.7x
DX Dynex Capital, Inc.	2.8B	–	57.9%	0.90x	7.5x	6.4x	–	–
Mean		–	30.2%	0.74x	6.6x	6.3x	35.3x	32.9x
Median		–	28.9%	0.80x	6.7x	6.2x	24.0x	19.4x

Technical analysis

1M−2.3%
3M−9.0%
1Y+26.7%
3Y+60.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NexPoint Real Estate Finance, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	239	117	97.9	80.8	127	65.0
Cost of revenue	44.2	46.0	55.7	44.6	35.0	25.6
Gross profit	195	70.8	42.2	36.2	92.3	39.4
Selling, general & administrative expenses	32.3	35.1	19.2	21.8	8.7	4.9
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.5	0.5	0	0	–	–
Other operating expenses	39.0	−0.7	4.3	0.2	0.2	0.3
Operating income	123	36.0	18.7	14.2	83.5	34.2
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	123	36.0	18.7	14.2	83.5	34.2
Provision for taxes	–	–	–	–	–	–
Minority interest	−18.0	−6.8	−4.8	−7.5	−40.4	−21.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	105	29.2	14.0	6.7	43.1	12.8
Extraordinary items	–	–	–	–	–	–
Net income	105	29.2	14.0	6.7	43.1	12.8
EBIT, normalized	124	36.5	18.7	14.2	83.5	34.2
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	1.84	1.80	1.85	2.75	1.89	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NexPoint Real Estate Finance, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	31.1	3.9	13.8	20.0	26.5	30.2
Receivables	–	–	–	–	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	114	122	127	245	62.3	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	4,499	4,747	6,510	7,604	8,168	6,009
Note receivable	674	539	361	282	250	133
Other long-term assets	34.9	8.5	21.0	22.5	33.6	34.2
Total assets	5,321	5,416	7,018	8,154	8,514	6,176
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	13.7	9.5	6.4	6.2	3.9	1.8
Accrued expenses	13.8	10.0	8.2	8.0	4.0	2.3
Short-term debt	258	243	304	331	286	161
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	4,204	4,581	6,255	7,264	7,713	5,607
Minority interest	82.3	89.5	89.6	161	269	276
Other liabilities	286	263	318	345	294	166
Total liabilities	4,572	4,934	6,662	7,770	8,276	6,048
Shareholders' equity
Preferred stock	−84.0	−59.5	−10.6	−8.6	−8.6	−8.6
Common stock	0.2	0.2	0.2	0.2	0.1	0.1
Additional paid-in capital	404	388	396	392	222	138
Retained earnings (accumulated deficit)	−16.5	−54.9	−35.8	4.4	28.4	3.5
Treasury stock	–	0	−4.2	−4.2	−4.2	−4.8
Other equity	446	209	10.7	0	0	0
Total equity	750	482	356	384	238	128
Total liabilities & shareholders' equity	5,321	5,416	7,018	8,154	8,514	6,176

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NexPoint Real Estate Finance, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	123	36.0	18.7	14.2	83.5	34.2
Depreciation, depletion & amortization	2.9	5.6	2.5	2.9	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	−84.7	−0.6	16.9	56.1	−34.6	2.5
Changes in working capital	−18.5	−11.7	−6.5	−7.5	0.4	−3.8
Cash from operations	22.9	29.3	31.6	65.8	49.3	32.9
Investing activities
Capital expenditures	−1.4	0	0	−185	−29.8	–
Other investing cash flows	323	957	741	1,135	548	−68.3
Cash from investing	322	957	741	951	518	−68.3
Financing activities
Financing cash flow items	−397	−615	−682	−1,236	−836	−200
Cash dividends paid	−61.7	−46.3	−51.5	−33.2	−17.7	−8.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	141	−334	−43.3	240	287	277
Cash from financing	−317	−995	−777	−1,029	−567	68.8
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	27.3	−9.6	−3.7	−12.9	−0.2	33.5
Free cash flow	21.5	29.3	31.6	−119	19.5	32.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.