NexPoint Real Estate Finance, Inc. NREF
NexPoint Real Estate Finance, Inc. (the "Company", "we", "our", "NREF") is a commercial mortgage REIT incorporated in Maryland on June 7, 2019 that has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). The Company is focused on originating, structuring and investing in first-lien mortgage loans ("senior loans"), mezzanine loans, preferred equity, convertible notes, multifamily properties and common equity investments, as well as multifamily and single-family rental ("SFR") commercial mortgage backed securities securitizations ("CMBS securitizations"), promissory notes, revolving credit facilities and stock warrants, or our target assets. We primarily focus on investments in real estate sectors where our senior management team has operating expertise, including in the multifamily, SFR, self-storage, industrial and life science sectors predominantly in the top 50 metropolitan statistical areas ("MSAs"). The Company also lends to redevelopment and development projects in special situations where there is strong sponsorship and clear and visible cost basis detachment points and exit options. Substantially all of the Company's business is conducted through NexPoint Real Estate Finance Operating Partnership, L.P. (the "OP"), the Company's operating partnership. As of December 31, 2025, the Company held approximately 86.56% of the common limited partnership units in the OP ("OP Units") which represents 100% of the Class A OP Units, and the OP owned all of the common limited partnership units ("SubOP Units") of its three subsidiary partnerships (collectively, the "Subsidiary OPs") (see Note 13 to our consolidated financial statements).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| SG&A | $12.7M | $12.8M | $9.2M | $7.2M | $6.4M | $3.4M | — |
| Total operating expenses | $33.7M | $36.6M | $23.4M | $26.2M | $13.9M | $9.2M | — |
| Interest expense | $47.2M | $28.1M | $16.8M | $37.7M | $29.8M | $21.3M | — |
| Net income | $123.1M | $36.0M | $18.7M | $14.2M | $83.5M | $34.2M | — |
| EPS, basic | 4.28 | 1.02 | 0.60 | 0.22 | 6.00 | 2.13 | — |
| EPS, diluted | 2.85 | 1.02 | 0.60 | 0.22 | 3.93 | 1.74 | — |
| Shares, diluted (wtd. avg.) | 42.0M | 17.4M | 17.2M | 14.7M | 20.4M | 18.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.1M | $3.9M | $13.8M | $20.0M | $26.5M | $30.2M | — |
| Total assets | $5.32B | $5.42B | $7.02B | $8.15B | $8.51B | $6.18B | — |
| Long-term debt | $771.2M | $799.3M | $1.27B | $1.35B | $1.28B | $1.04B | — |
| Total liabilities | $4.49B | $4.84B | $6.57B | $7.61B | $8.01B | $5.77B | — |
| Retained earnings | -$16.5M | -$54.9M | -$35.8M | $4.4M | $28.4M | $3.5M | — |
| Total equity | $388.0M | $336.5M | $347.4M | $448.5M | $245.3M | $128.2M | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $22.9M | $29.3M | $31.6M | $65.8M | $49.3M | $32.9M | — |
| Depreciation and amortisation | $2.9M | $5.6M | $2.5M | $2.9M | $0 | $0 | — |
| Stock-based compensation | $6.0M | $6.1M | $4.4M | $3.3M | $2.0M | $548.0K | — |
| Investing cash flow | $321.5M | $956.5M | $741.3M | $950.6M | $517.9M | -$68.3M | — |
| Financing cash flow | -$317.2M | -$995.4M | -$776.6M | -$1.03B | -$567.4M | $68.8M | — |
| Dividends paid | $35.3M | $34.8M | $48.0M | $29.7M | $14.2M | $7.4M | — |
| Buybacks | — | — | — | $0 | $0 | $4.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-134672.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | $34.2M | $83.5M | $14.2M | $18.7M | $36.0M | $123.1M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- Results announced Item 2.02
- New debt or obligation Item 2.03
- Material agreement signed Item 1.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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