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NexPoint Real Estate Finance, Inc.

NREF Real Estate Reit Mortgage

NexPoint Real Estate Finance, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $89.9 million, up 24.1% from fiscal 2024.

Revenue
+11.5%
EPS
−58.0%
Free cash flow
−364.0%
Total debt
+23.0%

Quarter to June 2026, against a year earlier

13.50 0.09 −0.66%
Market cap
$256.2M
P/E
3.9×
Fwd P/E
10.9×
Dividend yield
14.6%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.17
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — — — — — — — — —
Insider Ownership 9.04%

Capital & Financial Ratios $m

Size
Market Cap 256.15
Revenue ttm 94.98
Net income ttm 114.84
Free cash flow ttm 4.68
Net debt Q 539.71
Valuation
P/E 3.94
Forward P/E 10.90
Price / sales 2.72
Forward P/S Powerpack
Price / FCF 55.24
Price / book 0.68
Financial health
Current ratio Q 163.94
Debt / equity Q 1.79
Interest coverage Q —
Growth
Revenue growth Q +11.50% (above 0%: growing)
Operating income growth Q +132.42% (above 0%: growing)
EPS, this year −6.56% (below 0%: weak)
EPS, next year A +1.36%
Revenue, next year A −30.00% (below 0%: weak)
EPS, past 5 yrs +10.37%
EPS, next 5 yrs A +2.97%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.4×, against a ten-year median of 15.1×; over the ten years it ranged from 6.7× in 2025 to 24.1× in 2021.
P/E against its own 10 years 12.20%
10-year low 10-year high
P/S against its own 10 years 31.99%
10-year low 10-year high
P/B against its own 10 years 27.71%
10-year low 10-year high
EV/Sales against its own 10 years 20.49%
10-year low 10-year high
EV/FCF against its own 10 years 93.87%
10-year low 10-year high

Dividends

Yield
14.6%
Annual rate
2.00
Payout ratio
85.8%
Growth, 2020–25
+7.09%/yr
  1. 1.42 ’20
  2. 1.90 ’21 +34
  3. 2.00 ’22 +5
  4. 1.00 ’23 −50
  5. 2.00 ’24 +100
  6. 2.00 ’25 +0
  7. 2.00 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 17 7 34 138
Receivables — — — —
Inventory — — — —
Other — — — —
6,738 5,111 4,762 4,762
2023 2024 2025 Q'26
Payables 6 9 14 16
ST’ Debt — — — —
Other — — — —
15 19 27 29

Compound Annual Growth %

10y 5y 3y
Sales — 18.20% 4.87%
Cash Flow — (6.98%) (29.64%)
Earnings — 46.80% 186.03%
Book Value — 24.78% (4.72%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.43 Actual 0.46

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.42 0.51 Beat by 0.09
Q4 FY25 0.48 0.48 Met by 0.00
Q1 FY26 0.41 0.43 Beat by 0.02
Q2 FY26 0.43 0.46 Beat by 0.03
Q3 FY26 0.40 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.42 0.29 — — —
’25 0.70 0.54 1.14 0.48 2.85
’24 (0.59) 0.40 0.74 0.43 1.02
’23 0.37 0.36 (0.90) 0.74 0.60
’22 0.81 0.34 (0.54) (0.16) 0.22
’21 1.26 0.58 1.17 0.92 3.93
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 24 25 — — —
’25 22 23 23 22 90
’24 (2) 18 24 32 73
’23 16 17 18 17 68
’22 31 16 15 16 78
’21 13 13 14 16 56
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 9 (6) — — —
’25 16 3 8 (5) 23
’24 18 (8) 15 4 29
’23 15 8 6 3 32
’22 38 13 8 7 66
’21 9 14 14 12 49
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 9 (7) — — —
’25 16 3 8 (5) 23
’24 17 (8) 14 4 28
’23 15 8 6 3 31
’22 38 13 8 7 66
’21 9 14 14 12 49
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — — 39 56 78 68 73 90 95 +18.2% 63 66 — (14.3%)
Gross margin, % — — — — 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT — — — — 34 83 14 19 36 123 115 +29.2%
EBT margin, % — — — — 87.66 149.52 18.23 27.41 49.60 136.91 120.91 +49.2 pt
Net income — — — 0 34 83 14 19 36 123 115 n/m
Per share, $
Per share, $ Revenue — — — — 7.49 8.46 5.31 3.97 4.17 5.09 5.04 (7.4%)
Earnings — — — — 1.74 6.00 0.22 0.60 1.02 4.28 3.48 +19.7%
Cash flow — — — — 6.32 7.47 4.48 1.83 1.68 1.30 0.37 (27.2%)
Capex — — — — 0.00 0.00 (0.01) (0.03) (0.05) 0.00 (0.12) n/m
Free cash flow — — — — 6.32 7.47 4.47 1.80 1.63 1.30 0.25 (27.2%)
Book value — — — — 24.63 37.16 30.54 20.20 19.34 21.95 20.15 (2.3%)
Shares, m — — — — 5 7 15 17 17 18 18 +27.7%
Valuation, ×
Valuation, × P/E — — — — 10.20 4.11 28.74 25.12 17.05 3.29 3.94 14.8
P/S — — — — 2.21 2.28 3.08 4.11 3.77 2.77 2.72 3.0
P/B — — — — 0.67 0.52 0.54 0.81 0.81 0.64 0.68 0.7
EV/Sales — — — — 23.81 19.36 15.83 17.98 11.28 8.07 8.40 16.1
EV/FCF — — — — 28.20 21.92 18.79 39.60 28.83 32.87 170.63 28.4
Cash, $m
Cash, $m Operating cash flow — — — — 33 49 66 32 29 23 7 (7.0%)
Capex — — — — — — 0 (1) (1) — (2) +177.7%
Free cash flow — — — — 33 49 66 31 28 23 5 (7.0%)
Balance, $m
Balance, $m Working capital — — — — 6,083 8,307 7,741 6,723 5,092 4,735 4,733 (4.9%)
Net debt — — — — 842 953 994 948 545 477 540 (10.7%)
Shareholders’ equity — — — — 128 245 449 347 336 388 380 +24.8%
Returns, %
Returns, % ROA — — — 0.00 0.36 0.54 0.04 0.14 0.28 1.41 1.16 +1.4 pt
ROIC — — — — 0.54 0.63 0.50 (0.32) (0.60) 0.97 1.31 +0.4 pt
ROE — — — — 6.07 21.19 0.93 2.61 5.17 20.89 17.13 +14.8 pt
People
People Employees — — — 1 1 — — 1 1 — — 0.0%
Revenue/emp, $m — — — 0.00 38.98 0.00 0.00 68.36 72.51 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

NexPoint Real Estate Finance, Inc. vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KREF KKR Real Estate Finance Trust $329.7M — (loss-making) — (loss-making) −21.85% (below 0%: shrinking) n/m −194.41% (below 0%: shrinking) 100.00% (3.15%) Compare
ARI Apollo Commercial Real Estate Finance $309.8M 3.0× 10.2× −37.40% (below 0%: shrinking) −8.33% (below 0%: shrinking) −20.13% (below 0%: shrinking) 91.99% 16.46% Compare
ABR Arbor Realty Trust $305.7M — (loss-making) — (loss-making) −6.33% (below 0%: shrinking) n/m +22.05% (above 0%: growing) 14.29% (18.36%) Compare
NREF NexPoint Real Estate Finance, Inc. $256.2M 3.9× 10.9× +11.50% (above 0%: growing) −57.97% (below 0%: shrinking) −363.98% (below 0%: shrinking) 100.00% 25.54%
CMTG Claros Mortgage Trust, Inc. $241.3M — (loss-making) — (loss-making) −29.16% (below 0%: shrinking) n/m +36.67% (above 0%: growing) 79.10% (44.62%) Compare
REFI Chicago Atlantic Real Estate Finance, Inc. $229.1M 6.5× 6.7× −11.02% (below 0%: shrinking) −16.67% (below 0%: shrinking) +40.10% (above 0%: growing) 100.00% 59.97% Compare
ACRE Ares Commercial Real Estate Corporation $188.6M — (loss-making) 48.0× +14.25% (above 0%: growing) n/m +1,481.15% (above 0%: growing) 100.00% 37.52% Compare
RC Ready Capital Corp $176.8M — (loss-making) — (loss-making) −49.32% (below 0%: shrinking) n/m +231.22% (above 0%: growing) 100.00% 101.65% Compare
ACR ACRES Commercial Realty Corp. $176.4M — (loss-making) — (loss-making) −4.08% (below 0%: shrinking) n/m −57.74% (below 0%: shrinking) 92.55% (26.38%) Compare
Median of peers $235.2M — 10.2× −16.43% — +29.36% 96.28% 6.66%

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 20 April 2026

Ownership

Directors and executive officers, together 3.30%
James Dondero 3.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

NexPoint Real Estate Finance, Inc. (NREF) Latest News

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Impact 3 · · GuruFocus.com

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31 Dec

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19 Dec

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5 Dec

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stockrow.com/NREF · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com