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NREFNexPoint Real Estate Finance, Inc.
$15.73$809M
Overview & Verdict
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NREF logoNexPoint Real Estate Finance, Inc.(NREF)Earnings, Financials & Key Ratios

NREF•NYSE•REIT / Real Estate
$15.56
5.5× P/E·Price updated Jul 2, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryCommercial mortgage loan REITs
AboutNexPoint Real Estate Finance, Inc. operates as a real estate finance company in the United States. It focuses on originating, structuring, and investing in first mortgage loans, mezzanine loans, preferred equity, and preferred stock, as well as multifamily commercial mortgage backed securities securitizations. The company intends to qualify as a real estate investment trust for U.S. federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 2019 and is based in Dallas, Texas.Show more
  • Revenue$126M+14.3%
  • FFO$108M+210.4%
  • FFO/Share2.16+7.8%
  • FFO Payout57.14%-42.9%
  • FFO per Share2.16+7.8%
  • NOI Margin88.88%-1.2%
  • FFO Margin85.66%+171.5%
  • ROE14.95%+160.5%
  • ROA1.96%+316.9%

NREF Price & Volume

NexPoint Real Estate Finance, Inc. (NREF) stock price & volume — 10-year historical chart

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Volatile Revenue Trends Mask Structural Credit Risks

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Vulnerable
Cash Flow:Deteriorating
Primary Risk:Subordinate debt credit impairment

Key Thesis Takeaways

  • NexPoint Real Estate Finance faces significant headwinds as its reliance on subordinate debt positions in the multifamily sector creates persistent earnings volatility and potential credit impairment risks.
  • While the company has aggressively reduced its total assets from $7.1B in 2024Q1 to $5.2B in 2026Q1 to manage leverage, the underlying cash flow remains inconsistent and heavily dependent on non-cash accounting adjustments.
  • Investors should remain cautious as the current 8.0% dividend yield appears pressured by a payout ratio that reached 0.81 in 2025Q4, signaling potential sustainability concerns in a high-interest rate environment.

Verdict Logic

the company's reliance on subordinate debt and the volatility of its FFO, which ranged from -$0.60 to $1.00 per share over the last two years, suggest an elevated risk profile that outweighs the current 8.0% dividend yield.

NREF Growth Metrics

NexPoint Real Estate Finance, Inc. (NREF) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years45.28%
3 Years46.18%
TTM10.99%

Profit CAGR

10 Years-
5 Years52.25%
3 Years149.76%
TTM62.48%

EPS CAGR

10 Years-
5 Years10.37%
3 Years134.86%
TTM29.65%

Return on Capital

10 Years0.46%
5 Years1.31%
3 Years1.68%
Last Year3.24%

NREF Recent Earnings

NexPoint Real Estate Finance, Inc. (NREF) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 30, 2026
Metric
Actual
Est
EPS
$0.43+4.9%
$0.41
Rev
$34M+202.1%
$11M
Q1 2026
Feb 26, 2026
Metric
Actual
Est
EPS
$0.48+0.0%
$0.48
Rev
$34M+79.2%
$19M
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$0.51+21.4%
$0.42
Rev
$70M+497.7%
$12M
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$0.43+0.0%
$0.43
Rev
$31M+100.3%
$16M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 30, 2026
$0.43vs $0.41+4.9%
$34Mvs $11M+202.1%
Q1 2026Feb 26, 2026
$0.48vs $0.48+0.0%
$34Mvs $19M+79.2%
Q4 2025Oct 30, 2025
$0.51vs $0.42+21.4%
$70Mvs $12M+497.7%
Q3 2025Jul 31, 2025
$0.43vs $0.43+0.0%
$31Mvs $16M+100.3%
Based on last 12 quarters of dataView full earnings history →

Latest NREF News

Recent stock market news and headlines for NexPoint Real Estate Finance, Inc. (NREF)

PRNewsWire·Jun 17, 2026
NexPoint Real Estate Finance, Inc. Announces Series A Preferred Stock Dividend

DALLAS, June 17, 2026 /PRNewswire/ -- NexPoint Real Estate Finance, Inc. (NYSE: NREF) (the "Company") today announced a dividend for its 8.50% Series A Cumulative Redeemable Preferred Stock (NYSE: NREF PRA) of $0.53125 per share. The dividend will be payable on July 27, 2026, to stockholders of record at the close of business on July 15, 2026.

Peers Comparison

Key metrics vs top competitors for NexPoint Real Estate Finance, Inc. (NREF)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NREF logoNREFNexPoint Real Estate Finance, Inc.Current
$15.56$800.66M5.4614.33%83.33%14.95%7.92%
KREF logoKREFKKR Real Estate Finance Trust Inc.
$7.12$457.82M-6.78-22.72%-23.56%-8.4%—
BXMT logoBXMTBlackstone Mortgage Trust, Inc.
$16.96$2.86B26.50-13.96%6.75%2.93%—
GPMT logoGPMTGranite Point Mortgage Trust Inc.
$1.47$70.44M-1.27187.77%-30.49%-7.1%—
TRTX logoTRTXTPG RE Finance Trust, Inc.
$8.47$654.8M14.86123.25%23.2%5.7%—
ACRE logoACREAres Commercial Real Estate Corporation
$4.53$251.33M-276.22-2.79%-24.91%-3.88%—

Compare NREF vs Peers

NexPoint Real Estate Finance, Inc. (NREF) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs KREF

Most directly comparable listed peer for NREF.

Scale Benchmark

vs NLY

Larger-name benchmark to compare NREF against a more recognizable public peer.

Peer Set

Compare Top 5

vs KREF, BXMT, GPMT, TRTX

NREF SEC Filings & Documents

NexPoint Real Estate Finance, Inc. (NREF) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jun 2, 2026·SEC

Material company update

May 13, 2026·SEC

Material company update

Apr 30, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 31, 2026·SEC

FY 2025

Mar 27, 2025·SEC

FY 2024

Mar 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 15, 2026·SEC

FY 2025

Nov 13, 2025·SEC

FY 2025

Aug 7, 2025·SEC

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NREF Frequently Asked Questions

NexPoint Real Estate Finance, Inc. (NREF) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is NexPoint Real Estate Finance, Inc.'s revenue?

NexPoint Real Estate Finance, Inc. (NREF) reported $147.5M in revenue for fiscal year 2025. This represents a 9710% increase from $1.5M in 2015.

How fast is NexPoint Real Estate Finance, Inc. growing?

NexPoint Real Estate Finance, Inc. (NREF) grew revenue by 14.3% over the past year. This is steady growth.

Is NREF profitable?

Yes, NexPoint Real Estate Finance, Inc. (NREF) is profitable, generating $103.6M in net income for fiscal year 2025 (83.3% net margin).

Dividend & Returns
Does NREF pay dividends?

Yes, NexPoint Real Estate Finance, Inc. (NREF) pays a dividend with a yield of 7.92%. This makes it attractive for income-focused investors.

What is NREF's return on equity?

NexPoint Real Estate Finance, Inc. (NREF) has a return on equity (ROE) of 15.0%. This is reasonable for most industries.

Industry Metrics
What is NexPoint Real Estate Finance, Inc.'s FFO?

NexPoint Real Estate Finance, Inc. (NREF) generated Funds From Operations (FFO) of $106.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is NREF a good dividend stock?

NexPoint Real Estate Finance, Inc. (NREF) offers a 7.92% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in NREF back in 2015?

Total return calculator · dividends reinvested · 11+ years of data

See returns →