NexPoint Real Estate Finance (NREF) Financials

$15.79 -0.02 (-0.13%)

Closing price 10/2/2026 03:59 PM Eastern

Extended Trading

$15.86 +0.07 (+0.46%)

As of 10/2/2026 07:30 PM Eastern

Annual Income Statements for NexPoint Real Estate Finance

This table shows NexPoint Real Estate Finance's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	11	40	3.23	10	18	76
Consolidated Net Income / (Loss)	34	83	14	19	36	123
Net Income / (Loss) Continuing Operations	34	84	27	16	42	123
Total Pre-Tax Income	34	84	27	16	42	123
Total Revenue	18	40	38	0.33	28	47
Net Interest Income / (Expense)	18	26	38	17	28	47
Total Interest Income	39	56	78	68	73	47
Investment Securities Interest Income	39	56	78	68	73	90
Other Interest Income	-	-	-	-	-	-43
Total Interest Expense	21	30	40	52	44	0.00
Total Non-Interest Income	0.00	14	0.00	-16	0.00	0.00
Net Realized & Unrealized Capital Gains on Investments	0.00	14	0.00	-16	0.00	0.00
Total Non-Interest Expense	9.25	14	15	23	19	34
Other Operating Expenses	9.25	14	15	23	18	34
Nonoperating Income / (Expense), net	26	58	4.36	39	32	109
Preferred Stock Dividends Declared	1.75	3.51	3.51	3.58	11	29
Net Income / (Loss) Attributable to Noncontrolling Interest	21	81	12	4.77	14	18
Basic Earnings per Share	$2.13	$6.00	$0.22	$0.60	$1.02	$4.28
Weighted Average Basic Shares Outstanding	5.21M	6.60M	14.69M	17.20M	17.40M	17.67M
Diluted Earnings per Share	$1.74	$3.93	$0.22	$0.60	$1.02	$2.85
Weighted Average Diluted Shares Outstanding	18.65M	20.37M	14.69M	17.20M	17.40M	42.01M
Weighted Average Basic & Diluted Shares Outstanding	5.02M	14.39M	17.47M	17.59M	17.64M	18.69M
Cash Dividends to Common per Share	$1.42	$1.90	$2.00	$2.74	$2.00	$2.00

This table shows NexPoint Real Estate Finance's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	14	-14	7.49	16	8.38	17	12	35	12	10	5.43
Consolidated Net Income / (Loss)	18	-15	12	23	15	26	22	51	24	23	17
Net Income / (Loss) Continuing Operations	19	-15	14	23	26	27	23	48	25	24	17
Total Pre-Tax Income	19	-15	14	23	26	27	23	48	25	24	17
Total Revenue	-13	-13	6.78	13	22	27	12	63	-62	11	17
Net Interest Income / (Expense)	3.83	-13	6.74	13	22	12	12	12	11	15	17
Total Interest Income	17	-1.57	18	24	32	22	12	23	-21	24	25
Investment Securities Interest Income	17	-1.57	18	24	32	22	23	23	22	24	25
Total Interest Expense	13	11	11	11	11	11	0.00	10	-32	9.16	8.93
Long-Term Debt Interest Expense	13	11	11	11	11	11	-	10	-	9.16	8.93
Total Non-Interest Income	-16	0.00	0.04	0.20	-	15	0.00	50	-73	-4.48	0.00
Net Realized & Unrealized Capital Gains on Investments	-	-	0.04	0.20	-	15	0.00	50	-	-4.48	0.00
Provision for Credit Losses	-	-	-0.00	-0.30	-	-	-	16	-	-	0.77
Total Non-Interest Expense	8.34	11	4.61	3.72	-4.79	8.28	9.27	7.65	12	10.00	5.36
Other Operating Expenses	8.34	11	4.43	3.54	-5.10	8.28	9.27	5.53	14	10.00	5.36
Other Special Charges	-	-	0.18	0.18	-	-	-	2.13	-	-	0.00
Nonoperating Income / (Expense), net	34	8.38	12	14	-1.29	8.48	20	8.23	79	23	6.88
Preferred Stock Dividends Declared	0.95	1.54	2.35	3.28	4.33	5.28	6.55	8.05	9.54	10	11
Net Income / (Loss) Attributable to Noncontrolling Interest	5.72	-1.89	4.55	7.88	5.28	4.16	3.44	16	-8.56	2.37	2.50
Basic Earnings per Share	$0.79	($0.83)	$0.43	$0.92	$0.50	$0.94	$0.69	$1.98	$0.67	$0.54	$0.29
Weighted Average Basic Shares Outstanding	17.20M	17.26M	17.42M	17.46M	17.40M	17.52M	17.71M	17.72M	17.67M	18.61M	18.84M
Diluted Earnings per Share	$0.80	($0.83)	$0.40	$0.74	$0.71	$0.70	$0.54	$1.14	$0.47	$0.42	$0.29
Weighted Average Diluted Shares Outstanding	17.20M	24.86M	27.79M	30.47M	17.40M	36.05M	39.46M	43.85M	42.01M	51.46M	53.98M
Weighted Average Basic & Diluted Shares Outstanding	17.59M	17.72M	17.46M	17.46M	17.64M	17.71M	17.72M	17.72M	18.69M	18.85M	18.85M
Cash Dividends to Common per Share	$0.69	$0.50	$0.50	$0.50	$0.50	$0.50	$0.50	$0.50	$0.50	$0.50	$0.50

This table details how cash moves in and out of NexPoint Real Estate Finance's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	33	-0.24	-13	-3.70	-9.60	27
Net Cash From Operating Activities	33	49	66	32	29	23
Net Cash From Continuing Operating Activities	33	49	44	32	31	23
Net Income / (Loss) Continuing Operations	34	83	14	19	36	123
Consolidated Net Income / (Loss)	34	83	14	19	36	123
Provision For Loan Losses	0.32	0.19	0.17	4.30	-0.72	39
Depreciation Expense	0.00	0.00	2.90	2.47	5.61	2.94
Amortization Expense	5.12	6.57	-13	1.38	9.30	0.11
Non-Cash Adjustments to Reconcile Net Income	-2.94	-41	48	11	-7.32	-124
Changes in Operating Assets and Liabilities, net	-3.77	0.38	-7.77	-6.53	-12	-18
Net Cash From Investing Activities	-68	518	951	741	957	322
Net Cash From Continuing Investing Activities	-277	518	1,132	741	957	322
Purchase of Investment Securities	-299	-424	-270	-116	-437	-256
Sale and/or Maturity of Investments	22	942	1,402	861	1,393	577
Other Investing Activities, net	0.00	-	-	-3.18	0.00	0.80
Net Cash From Financing Activities	69	-567	-1,029	-777	-995	-317
Net Cash From Continuing Financing Activities	69	-567	-1,204	-777	-995	-317
Issuance of Debt	344	307	0.00	69	248	100
Issuance of Preferred Equity	46	0.10	0.00	8.60	140	213
Repayment of Debt	-382	-856	-1,235	-707	-1,165	-536
Payment of Dividends	-8.25	-18	-33	-52	-46	-62
Other Financing Activities, Net	-9.29	-52	52	-96	-172	-32
Cash Interest Paid	23	28	35	51	43	39

This table details how cash moves in and out of NexPoint Real Estate Finance's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	3.73	2.64	-12	31	-32	16	-9.75	7.82	13	-9.11	113
Net Cash From Operating Activities	3.13	18	-7.50	15	4.36	16	3.32	8.10	-4.54	9.40	-6.04
Net Cash From Continuing Operating Activities	3.13	18	-7.50	15	17	16	3.32	8.10	-4.54	9.40	-6.04
Net Income / (Loss) Continuing Operations	18	-15	12	23	15	26	22	51	24	23	17
Consolidated Net Income / (Loss)	18	-15	12	23	15	26	22	51	24	23	17
Provision For Loan Losses	-1.94	-0.42	-0.00	-0.30	-0.00	3.63	5.28	16	14	-2.98	0.77
Depreciation Expense	1.04	2.32	1.08	1.10	1.11	1.08	0.61	0.62	0.63	1.43	1.73
Amortization Expense	0.63	24	-2.00	-2.97	-9.74	-0.27	0.01	-0.17	0.53	2.04	0.97
Non-Cash Adjustments to Reconcile Net Income	-12	1.70	-4.14	-10.00	16	-18	-14	-51	-41	-24	-17
Changes in Operating Assets and Liabilities, net	-2.56	4.75	-15	3.55	-5.41	3.51	-11	-7.89	-3.10	10	-9.50
Net Cash From Investing Activities	102	545	52	139	221	71	18	190	42	85	24
Net Cash From Continuing Investing Activities	102	545	52	139	210	71	18	190	42	85	24
Purchase of Investment Securities	-31	-137	-167	-77	-66	-84	-58	-85	-30	-62	-99
Sale and/or Maturity of Investments	131	682	219	216	276	155	76	275	71	146	121
Net Cash From Financing Activities	-101	-560	-56	-122	-257	-71	-31	-190	-25	-103	95
Net Cash From Continuing Financing Activities	-101	-560	-56	-122	-250	-71	-31	-190	-25	-103	95
Issuance of Debt	24	57	137	37	17	45	28	-21	47	24	365
Issuance of Preferred Equity	8.60	27	33	42	38	40	57	60	56	16	25
Repayment of Debt	-113	-613	-124	-143	-277	-131	-97	-205	-103	-98	-249
Payment of Dividends	-14	-10	-11	-11	-14	-14	-13	-16	-18	-19	-20
Other Financing Activities, Net	-7.87	-22	-90	-46	-14	-11	-5.75	-8.29	-7.01	-26	-23
Cash Interest Paid	16	6.76	15	9.00	11	7.52	12	6.54	13	5.98	13

This table presents NexPoint Real Estate Finance's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.00	6,176	8,514	8,154	7,018	5,416	5,321
Cash and Due from Banks	0.00	30	26	20	14	3.88	31
Restricted Cash	0.00	3.23	6.77	0.30	2.83	3.18	3.24
Trading Account Securities	0.00	45	128	168	90	1.50	91
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	0.00	-	8.32	16	22	41	54
Premises and Equipment, Net	-	-	62	245	127	122	114
Mortgage Servicing Rights	0.00	918	847	727	676	263	121
Other Assets	0.00	5,180	242	7,025	6,087	4,981	4,906
Total Liabilities & Shareholders' Equity	0.00	6,176	8,514	8,154	7,018	5,416	5,321
Total Liabilities	0.00	5,772	8,007	7,609	6,573	4,844	4,489
Short-Term Debt	-	1,002	1,073	1,019	953	479	434
Accrued Interest Payable	0.00	2.31	3.99	7.99	8.21	10	14
Long-Term Debt	0.00	35	6,927	6,576	5,605	4,346	4,028
Other Long-Term Liabilities	0.00	4,733	3.90	6.23	6.43	9.46	14
Redeemable Noncontrolling Interest	0.00	276	261	97	98	235	444
Total Equity & Noncontrolling Interests	0.00	128	245	449	347	336	388
Total Preferred & Common Equity	0.00	128	238	384	347	333	388
Preferred Stock	0.00	0.02	0.02	0.02	0.02	0.02	0.02
Total Common Equity	0.00	128	238	384	347	333	388
Common Stock	0.00	138	218	392	396	388	404
Retained Earnings	0.00	3.49	28	4.44	-36	-55	-17
Noncontrolling Interest	-	-	7.27	65	0.10	3.35	0.10

This table presents NexPoint Real Estate Finance's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	6,886	7,085	6,575	5,686	5,399	5,402	5,278	5,235	5,368
Cash and Due from Banks	11	13	4.27	35	19	9.06	18	23	6.38
Restricted Cash	1.94	5.80	3.05	4.00	4.26	4.68	3.64	2.60	132
Trading Account Securities	151	178	113	117	97	52	96	93	93
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	21	25	28	33	40	49	61	47	57
Premises and Equipment, Net	59	124	124	123	121	65	64	113	164
Mortgage Servicing Rights	708	141	232	250	273	280	122	109	68
Other Assets	5,934	6,596	6,071	5,124	4,843	4,943	4,914	4,847	4,848
Total Liabilities & Shareholders' Equity	6,886	7,085	6,575	5,686	5,399	5,402	5,278	5,235	5,368
Total Liabilities	6,452	6,637	6,093	5,153	4,778	4,720	4,503	4,385	4,505
Short-Term Debt	975	524	536	496	511	495	434	328	633
Accrued Interest Payable	10	13	8.86	11	13	12	15	17	13
Long-Term Debt	5,464	6,089	5,541	4,638	4,245	4,201	4,042	4,026	3,844
Other Long-Term Liabilities	3.41	10	7.94	8.31	8.73	12	12	15	16
Redeemable Noncontrolling Interest	89	121	154	197	277	334	400	461	483
Total Equity & Noncontrolling Interests	345	327	327	336	344	348	375	389	380
Total Preferred & Common Equity	345	325	324	333	340	345	372	389	380
Preferred Stock	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Total Common Equity	345	325	324	333	340	345	372	389	380
Common Stock	391	397	385	387	388	389	391	405	401
Retained Earnings	-37	-59	-61	-54	-48	-45	-19	-16	-21
Noncontrolling Interest	0.10	1.81	3.27	3.31	3.37	3.39	3.41	0.10	0.10

This table displays calculated financial ratios and metrics derived from NexPoint Real Estate Finance's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	5,113,403.00	9,162,096.00	14,979,759.00	17,231,913.00	-	17,721,828.00
DEI Adjusted Shares Outstanding	5,113,403.00	9,162,096.00	14,979,759.00	17,231,913.00	-	17,721,828.00
DEI Earnings Per Adjusted Shares Outstanding	6.68	9.11	0.95	1.09	-	6.95
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	125.80%	-5.41%	-99.13%	67.50%	67.67%
EBITDA Growth	0.00%	146.75%	-61.89%	-254.29%	1,024.00%	-33.89%
EBIT Growth	0.00%	221.60%	-12.46%	-200.98%	254.26%	33.47%
NOPAT Growth	0.00%	221.60%	-12.46%	-200.98%	254.26%	33.47%
Net Income Growth	0.00%	144.28%	-82.97%	31.84%	91.90%	242.43%
EPS Growth	0.00%	125.86%	-94.40%	172.73%	70.00%	179.41%
Operating Cash Flow Growth	0.00%	49.83%	33.48%	-52.04%	-7.20%	-21.75%
Free Cash Flow Firm Growth	0.00%	0.00%	105.52%	186.23%	43.16%	-92.80%
Invested Capital Growth	0.00%	490.37%	-4.30%	-13.96%	-22.95%	-1.91%
Revenue Q/Q Growth	0.00%	64.33%	-27.44%	-98.34%	553.88%	-63.97%
EBITDA Q/Q Growth	0.00%	96.74%	-58.53%	-200.87%	503.71%	-83.95%
EBIT Q/Q Growth	0.00%	133.30%	-39.24%	-2,578.15%	132.19%	-87.71%
NOPAT Q/Q Growth	0.00%	140.18%	-39.01%	-342.48%	140.71%	-84.88%
Net Income Q/Q Growth	0.00%	-5.94%	-57.32%	601.35%	-7.17%	7.78%
EPS Q/Q Growth	0.00%	-11.69%	0.00%	0.00%	-8.11%	-7.77%
Operating Cash Flow Q/Q Growth	0.00%	0.42%	-7.15%	-10.94%	4.39%	-27.96%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	717.43%	121.64%	36.89%	-76.95%
Invested Capital Q/Q Growth	0.00%	421.05%	369.74%	1.90%	-4.77%	0.82%
Profitability Metrics	-	-	-	-	-	-
EBITDA Margin	74.82%	81.77%	32.94%	-5,846.95%	88.93%	35.07%
EBIT Margin	45.84%	65.29%	60.42%	-7,018.90%	35.92%	28.60%
Profit (Net Income) Margin	193.42%	209.26%	37.67%	5,713.41%	127.81%	261.03%
Tax Burden Percent	99.86%	99.15%	52.34%	114.79%	84.02%	100.45%
Interest Burden Percent	422.56%	323.25%	119.11%	-70.91%	423.47%	908.72%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.56%	0.52%	0.27%	-0.30%	0.16%	0.25%
ROIC Less NNEP Spread (ROIC-NNEP)	3.08%	1.79%	0.16%	0.29%	0.62%	2.61%
Return on Net Nonoperating Assets (RNNOA)	7.90%	17.81%	2.43%	4.09%	6.91%	17.29%
Return on Equity (ROE)	8.46%	18.33%	2.70%	3.78%	7.07%	17.55%
Cash Return on Invested Capital (CROIC)	0.00%	-141.54%	4.67%	14.70%	26.08%	2.18%
Operating Return on Assets (OROA)	0.26%	0.35%	0.27%	-0.30%	0.16%	0.25%
Return on Assets (ROA)	1.11%	1.14%	0.17%	0.25%	0.58%	2.29%
Return on Common Equity (ROCE)	2.69%	7.37%	1.60%	2.79%	4.73%	9.01%
Return on Equity Simple (ROE_SIMPLE)	26.64%	35.07%	3.70%	5.40%	10.80%	31.75%
Net Operating Profit after Tax (NOPAT)	8.10	26	23	-23	10	13
NOPAT Margin	45.84%	65.29%	60.42%	-7,018.90%	35.92%	28.60%
Net Nonoperating Expense Percent (NNEP)	-2.51%	-1.27%	0.11%	-0.59%	-0.45%	-2.36%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	52.35%	34.71%	39.13%	7,118.90%	66.65%	71.41%
Earnings before Interest and Taxes (EBIT)	8.10	26	23	-23	10	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	13	33	12	-19	25	17
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	1.56	1.18	0.44	0.58	0.79	1.47
Price to Tangible Book Value (P/TBV)	1.56	1.18	0.44	0.58	0.79	1.47
Price to Revenue (P/Rev)	11.35	7.02	4.45	613.50	9.40	12.10
Price to Earnings (P/E)	18.07	7.07	51.90	19.35	14.95	7.54
Dividend Yield	13.20%	13.82%	17.50%	17.09%	13.15%	14.72%
Earnings Yield	5.53%	14.14%	1.93%	5.17%	6.69%	13.26%
Enterprise Value to Invested Capital (EV/IC)	1.03	1.00	0.97	0.98	0.99	1.03
Enterprise Value to Revenue (EV/Rev)	83.76	213.46	209.46	20,856.61	189.12	115.36
Enterprise Value to EBITDA (EV/EBITDA)	111.94	261.06	635.84	0.00	212.65	328.97
Enterprise Value to EBIT (EV/EBIT)	182.72	326.95	346.66	0.00	526.47	403.42
Enterprise Value to NOPAT (EV/NOPAT)	182.72	326.95	346.66	0.00	526.47	403.42
Enterprise Value to Operating Cash Flow (EV/OCF)	44.97	172.72	120.11	216.79	181.70	237.48
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	20.32	6.15	3.29	46.76
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	2.57	15.79	13.94	14.72	8.44	5.36
Long-Term Debt to Equity	0.09	13.67	12.07	12.58	7.60	4.84
Financial Leverage	2.57	9.92	14.83	14.29	11.19	6.62
Leverage Ratio	15.29	16.13	15.85	15.32	12.22	7.65
Compound Leverage Factor	64.61	52.15	18.88	-10.86	51.77	69.52
Debt to Total Capital	71.97%	94.04%	93.30%	93.64%	89.41%	84.29%
Short-Term Debt to Total Capital	69.54%	12.61%	12.52%	13.61%	8.88%	8.20%
Long-Term Debt to Total Capital	2.43%	81.43%	80.79%	80.03%	80.53%	76.08%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	19.13%	3.16%	1.98%	1.40%	4.42%	8.39%
Common Equity to Total Capital	8.90%	2.80%	4.72%	4.96%	6.17%	7.33%
Debt to EBITDA	78.44	245.26	611.01	-341.97	192.83	269.71
Net Debt to EBITDA	75.91	244.24	609.38	-341.10	192.54	267.63
Long-Term Debt to EBITDA	2.64	212.37	529.04	-292.27	173.67	243.47
Debt to NOPAT	128.04	307.16	333.12	-284.87	477.38	330.75
Net Debt to NOPAT	123.91	305.88	332.23	-284.14	476.68	328.20
Long-Term Debt to NOPAT	4.32	265.97	288.43	-243.47	429.97	298.57
Noncontrolling Interest Sharing Ratio	68.25%	59.78%	40.86%	26.17%	33.11%	48.63%
Liquidity Ratios	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-7,039	389	1,113	1,617	116
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-236.44	9.66	21.59	36.45	0.00
Operating Cash Flow to Interest Expense	1.54	1.66	1.63	0.61	0.66	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.54	1.66	1.63	0.61	0.66	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.01	0.01	0.00	0.00	0.00	0.01
Fixed Asset Turnover	0.00	0.00	0.25	0.00	0.23	0.40
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	1,441	8,506	8,140	7,004	5,397	5,294
Invested Capital Turnover	0.01	0.01	0.00	0.00	0.00	0.01
Increase / (Decrease) in Invested Capital	0.00	7,065	-366	-1,136	-1,607	-103
Enterprise Value (EV)	1,480	8,515	7,903	6,841	5,321	5,442
Market Capitalization	201	280	168	201	265	571
Book Value per Share	$25.08	$25.98	$25.63	$20.16	$19.08	$21.89
Tangible Book Value per Share	$25.08	$25.98	$25.63	$20.16	$19.08	$21.89
Total Capital	1,441	8,506	8,140	7,004	5,397	5,294
Total Debt	1,037	7,999	7,595	6,558	4,825	4,462
Total Long-Term Debt	35	6,927	6,576	5,605	4,346	4,028
Net Debt	1,003	7,966	7,575	6,542	4,818	4,427
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	-26	-57	8.59	-42	-26	-110
Net Nonoperating Obligations (NNO)	1,037	7,999	7,595	6,558	4,825	4,462
Total Depreciation and Amortization (D&A)	5.12	6.57	-10	3.84	15	3.05
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.13	$6.00	$0.22	$0.60	$1.02	$4.28
Adjusted Weighted Average Basic Shares Outstanding	5.21M	6.60M	14.69M	17.20M	17.40M	17.67M
Adjusted Diluted Earnings per Share	$1.74	$3.93	$0.22	$0.60	$1.02	$2.85
Adjusted Weighted Average Diluted Shares Outstanding	18.65M	20.37M	14.69M	17.20M	17.40M	42.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.02M	14.39M	17.47M	17.59M	17.64M	18.69M
Normalized Net Operating Profit after Tax (NOPAT)	5.67	18	16	-16	7.42	9.44
Normalized NOPAT Margin	32.09%	45.70%	42.26%	-4,913.23%	26.36%	20.02%
Pre Tax Income Margin	193.70%	211.05%	71.97%	4,977.44%	152.12%	259.85%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.38	0.87	0.57	-0.45	0.23	0.00
NOPAT to Interest Expense	0.38	0.87	0.57	-0.45	0.23	0.00
EBIT Less CapEx to Interest Expense	0.38	0.87	0.57	-0.45	0.23	0.00
NOPAT Less CapEx to Interest Expense	0.38	0.87	0.57	-0.45	0.23	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	24.14%	21.17%	233.32%	274.95%	128.87%	50.14%
Augmented Payout Ratio	38.16%	21.17%	233.32%	274.95%	128.87%	50.14%

This table displays calculated financial ratios and metrics derived from NexPoint Real Estate Finance's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	17,231,913.00	17,593,244.00	17,718,817.00	17,461,129.00	-	17,643,526.00	17,713,963.00	17,721,828.00	17,721,828.00	18,686,983.00	18,848,029.00
DEI Adjusted Shares Outstanding	17,231,913.00	17,593,244.00	17,718,817.00	17,461,129.00	-	17,643,526.00	17,713,963.00	17,721,828.00	17,721,828.00	18,686,983.00	18,848,029.00
DEI Earnings Per Adjusted Shares Outstanding	1.04	-0.83	0.68	1.34	-	1.47	1.26	2.87	1.36	1.21	0.92
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-286.94%	-424.49%	61.19%	164.04%	466.81%	308.23%	417.72%	394.41%	-390.44%	-59.46%	37.04%
EBITDA Growth	-3,477.96%	335.90%	837.06%	251.34%	726.24%	673.43%	1,863.53%	438.35%	-644.03%	-77.72%	283.31%
EBIT Growth	-806.70%	-1,417.50%	343.00%	258.89%	686.86%	177.18%	1,005.07%	325.39%	-436.57%	-95.55%	272.09%
NOPAT Growth	-599.52%	-962.25%	343.00%	326.98%	1,425.17%	210.25%	1,005.07%	325.39%	-336.97%	-95.55%	272.09%
Net Income Growth	860.63%	-256.12%	42.90%	236.85%	-15.49%	277.32%	83.85%	117.98%	58.67%	-12.82%	-22.33%
EPS Growth	0.00%	-324.32%	21.21%	182.22%	-11.25%	184.34%	35.00%	54.05%	-33.80%	-40.00%	-46.30%
Operating Cash Flow Growth	-55.35%	18.47%	-199.71%	147.22%	39.35%	-9.44%	144.22%	-45.00%	-204.06%	-41.39%	-282.04%
Free Cash Flow Firm Growth	203.88%	109.53%	117.14%	123.63%	43.59%	201.16%	20.32%	-62.54%	-96.95%	-89.75%	-95.74%
Invested Capital Growth	-13.96%	-7.62%	-13.21%	-17.55%	-22.95%	-23.86%	-17.99%	-7.34%	-1.91%	-3.23%	-0.74%
Revenue Q/Q Growth	-362.47%	-434.83%	152.90%	87.65%	73.29%	24.37%	204.90%	79.20%	-199.08%	117.36%	52.90%
EBITDA Q/Q Growth	-293.50%	187.13%	-49.56%	493.06%	146.94%	43.04%	509.14%	62.60%	-282.65%	105.86%	206.31%
EBIT Q/Q Growth	-258.54%	-428.37%	109.10%	328.48%	191.07%	-16.58%	643.34%	64.94%	-287.68%	101.10%	1,172.74%
NOPAT Q/Q Growth	-259.00%	-1,046.03%	113.00%	328.48%	195.75%	-18.15%	643.34%	64.94%	-234.68%	101.54%	1,172.74%
Net Income Q/Q Growth	205.19%	-181.63%	182.74%	92.61%	-35.04%	71.30%	-14.22%	128.38%	-52.72%	-5.88%	-23.57%
EPS Q/Q Growth	188.89%	-203.75%	148.19%	85.00%	-4.05%	-1.41%	-22.86%	111.11%	-58.77%	-10.64%	-30.95%
Operating Cash Flow Q/Q Growth	-47.46%	466.21%	-142.36%	296.15%	-70.38%	267.95%	-79.31%	143.97%	-156.03%	307.23%	-164.26%
Free Cash Flow Firm Q/Q Growth	121.80%	-50.29%	76.85%	21.51%	34.46%	4.53%	-28.71%	-62.17%	-89.10%	251.97%	-71.18%
Invested Capital Q/Q Growth	1.90%	0.83%	-7.14%	-13.59%	-4.77%	-0.36%	0.03%	-2.37%	0.82%	-1.71%	2.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	0.00%	18.49%	58.42%	82.31%	72.00%	70.11%	63.62%	0.00%	39.58%	79.29%
EBIT Margin	0.00%	0.00%	32.02%	73.10%	122.07%	68.96%	68.34%	62.90%	0.00%	7.56%	62.95%
Profit (Net Income) Margin	0.00%	0.00%	178.73%	183.45%	69.87%	97.30%	63.47%	80.88%	0.00%	209.24%	104.60%
Tax Burden Percent	94.26%	94.70%	87.73%	99.55%	59.17%	96.58%	98.20%	106.44%	95.27%	95.78%	100.06%
Interest Burden Percent	-90.69%	64.85%	636.36%	252.09%	96.73%	146.10%	94.58%	120.81%	-34.00%	2,888.63%	166.06%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.01%	0.12%	0.56%	0.75%	0.92%	1.51%	0.00%	0.04%	0.42%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.16%	0.37%	0.36%	0.88%	0.89%	1.74%	0.00%	0.52%	0.57%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	2.26%	4.37%	3.99%	9.39%	8.27%	12.82%	0.00%	3.25%	3.39%
Return on Equity (ROE)	0.00%	0.00%	2.27%	4.49%	4.55%	10.14%	9.19%	14.32%	0.00%	3.29%	3.81%
Cash Return on Invested Capital (CROIC)	14.70%	7.65%	13.78%	19.07%	26.08%	27.93%	20.75%	9.25%	2.18%	3.21%	0.81%
Operating Return on Assets (OROA)	0.00%	0.00%	0.01%	0.12%	0.55%	0.75%	0.92%	1.50%	0.00%	0.04%	0.42%
Return on Assets (ROA)	0.00%	0.00%	0.07%	0.31%	0.32%	1.05%	0.86%	1.93%	0.00%	1.23%	0.70%
Return on Common Equity (ROCE)	0.00%	0.00%	1.67%	3.15%	3.04%	6.32%	5.28%	7.72%	0.00%	1.63%	1.79%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.62%	-0.51%	11.65%	0.00%	22.50%	25.15%	30.71%	0.00%	30.83%	30.25%
Net Operating Profit after Tax (NOPAT)	-15	-17	2.17	9.30	27	18	24	40	-53	0.82	10
NOPAT Margin	0.00%	0.00%	32.02%	73.10%	124.03%	68.96%	68.34%	62.90%	0.00%	7.56%	62.95%
Net Nonoperating Expense Percent (NNEP)	-0.46%	-0.03%	-0.15%	-0.24%	0.21%	-0.13%	0.03%	-0.24%	-1.67%	-0.48%	-0.15%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	68.01%	29.24%	-22.07%	31.04%	16.61%	12.17%	0.00%	92.44%	32.38%
Earnings before Interest and Taxes (EBIT)	-21	-24	2.17	9.30	26	18	24	40	-74	0.82	10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-19	2.48	1.25	7.43	18	19	25	40	-73	4.28	13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.58	0.97	1.04	1.26	0.79	1.41	1.58	1.67	1.47	1.78	2.20
Price to Tangible Book Value (P/TBV)	0.58	0.97	1.04	1.26	0.79	1.41	1.58	1.67	1.47	1.78	2.20
Price to Revenue (P/Rev)	613.50	8,980.94	129.20	39.95	9.40	7.12	6.74	4.75	12.10	22.14	23.38
Price to Earnings (P/E)	19.35	0.00	0.00	18.29	14.95	9.93	10.21	8.61	7.54	10.02	13.42
Dividend Yield	17.09%	15.82%	16.49%	14.51%	13.15%	14.97%	14.50%	14.10%	14.72%	14.85%	12.90%
Earnings Yield	5.17%	0.00%	0.00%	5.47%	6.69%	10.07%	9.79%	11.61%	13.26%	9.98%	7.45%
Enterprise Value to Invested Capital (EV/IC)	0.98	1.00	1.00	1.01	0.99	1.02	1.03	1.04	1.03	1.05	1.06
Enterprise Value to Revenue (EV/Rev)	20,856.61	200,909.42	2,516.70	543.79	189.12	81.24	68.89	41.85	115.36	175.09	158.11
Enterprise Value to EBITDA (EV/EBITDA)	0.00	8,482.30	2,917.13	712.89	212.65	133.93	102.11	53.17	328.97	3,400.98	468.44
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	526.47	106.44	87.56	49.91	403.42	0.00	1,317.21
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	526.47	104.97	94.33	61.40	403.42	0.00	1,606.30
Enterprise Value to Operating Cash Flow (EV/OCF)	216.79	204.91	340.27	203.73	181.70	199.00	144.77	172.24	237.48	336.82	817.66
Enterprise Value to Free Cash Flow (EV/FCFF)	6.15	12.51	6.75	4.78	3.29	3.16	4.49	10.85	46.76	32.30	130.21
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	14.72	14.76	12.62	9.64	8.44	7.67	6.88	5.78	5.36	5.13	5.19
Long-Term Debt to Equity	12.58	13.59	11.51	8.71	7.60	6.84	6.15	5.22	4.84	4.74	4.46
Financial Leverage	14.29	14.96	13.89	11.97	11.19	10.64	9.25	7.35	6.62	6.20	5.94
Leverage Ratio	15.32	16.42	14.96	13.00	12.22	11.68	10.29	8.38	7.65	7.23	6.97
Compound Leverage Factor	-13.89	10.65	95.21	32.78	11.82	17.07	9.73	10.13	-2.60	208.98	11.58
Debt to Total Capital	93.64%	93.65%	92.66%	90.60%	89.41%	88.46%	87.31%	85.24%	84.29%	83.68%	83.85%
Short-Term Debt to Total Capital	13.61%	7.42%	8.17%	8.75%	8.88%	9.51%	9.20%	8.27%	8.20%	6.31%	11.85%
Long-Term Debt to Total Capital	80.03%	86.23%	84.49%	81.85%	80.53%	78.95%	78.11%	76.97%	76.08%	77.37%	72.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.40%	1.74%	2.40%	3.53%	4.42%	5.21%	6.28%	7.67%	8.39%	8.85%	9.04%
Common Equity to Total Capital	4.96%	4.61%	4.94%	5.87%	6.17%	6.33%	6.41%	7.08%	7.33%	7.47%	7.11%
Debt to EBITDA	-341.97	7,978.06	2,700.72	640.37	192.83	115.94	86.18	43.44	269.71	2,700.91	370.64
Net Debt to EBITDA	-341.10	7,954.79	2,697.47	635.54	192.54	115.36	85.93	43.23	267.63	2,685.25	359.19
Long-Term Debt to EBITDA	-292.27	7,345.57	2,462.71	578.52	173.67	103.47	77.10	39.22	243.47	2,497.30	318.26
Debt to NOPAT	-284.87	-327.83	-235.91	-483.96	477.38	90.87	79.61	50.16	330.75	-1,064.25	1,270.93
Net Debt to NOPAT	-284.14	-326.87	-235.63	-480.31	476.68	90.42	79.38	49.92	328.20	-1,058.08	1,231.68
Long-Term Debt to NOPAT	-243.47	-301.84	-215.12	-437.22	429.97	81.10	71.23	45.29	298.57	-984.03	1,091.32
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	26.59%	29.94%	33.11%	37.72%	42.53%	46.13%	0.00%	50.40%	53.11%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,121	566	1,000	1,215	1,634	1,703	1,204	455	50	175	50
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	85.89	50.32	87.04	110.09	154.20	161.71	111.76	43.97	0.00	19.08	5.64
Operating Cash Flow to Interest Expense	0.24	1.58	-0.65	1.33	0.41	1.52	0.31	0.78	0.00	1.03	-0.68
Operating Cash Flow Less CapEx to Interest Expense	0.24	1.58	-0.65	1.33	0.41	1.52	0.31	0.78	0.00	1.03	-0.68
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.02	0.01	0.01	0.01
Fixed Asset Turnover	0.00	0.00	0.00	0.12	0.23	0.55	0.86	1.40	0.40	0.27	0.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,004	7,062	6,558	5,667	5,397	5,377	5,378	5,251	5,294	5,203	5,339
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.02	0.01	0.01	0.01
Increase / (Decrease) in Invested Capital	-1,136	-582	-998	-1,206	-1,607	-1,685	-1,180	-416	-103	-174	-40
Enterprise Value (EV)	6,841	7,032	6,564	5,715	5,321	5,495	5,564	5,479	5,442	5,482	5,657
Market Capitalization	201	314	337	420	265	481	544	622	571	693	837
Book Value per Share	$20.16	$18.49	$18.30	$19.04	$19.08	$19.29	$19.47	$20.99	$21.89	$21.93	$20.14
Tangible Book Value per Share	$20.16	$18.49	$18.30	$19.04	$19.08	$19.29	$19.47	$20.99	$21.89	$21.93	$20.14
Total Capital	7,004	7,062	6,558	5,667	5,397	5,377	5,378	5,251	5,294	5,203	5,339
Total Debt	6,558	6,614	6,077	5,134	4,825	4,756	4,696	4,476	4,462	4,354	4,476
Total Long-Term Debt	5,605	6,089	5,541	4,638	4,346	4,245	4,201	4,042	4,028	4,026	3,844
Net Debt	6,542	6,595	6,069	5,095	4,818	4,733	4,682	4,454	4,427	4,329	4,338
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	-33	-2.05	-9.94	-14	12	-7.56	1.71	-11	-77	-22	-6.89
Net Nonoperating Obligations (NNO)	6,558	6,614	6,077	5,134	4,825	4,756	4,696	4,476	4,462	4,354	4,476
Total Depreciation and Amortization (D&A)	1.66	26	-0.92	-1.87	-8.63	0.81	0.62	0.45	1.17	3.46	2.70
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.79	($0.83)	$0.43	$0.92	$0.50	$0.94	$0.69	$1.98	$0.67	$0.54	$0.29
Adjusted Weighted Average Basic Shares Outstanding	17.20M	17.26M	17.42M	17.46M	17.40M	17.52M	17.71M	17.72M	17.67M	18.61M	18.84M
Adjusted Diluted Earnings per Share	$0.80	($0.83)	$0.40	$0.74	$0.71	$0.70	$0.54	$1.14	$0.47	$0.42	$0.29
Adjusted Weighted Average Diluted Shares Outstanding	17.20M	24.86M	27.79M	30.47M	17.40M	36.05M	39.46M	43.85M	42.01M	51.46M	53.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.59M	17.72M	17.46M	17.46M	17.64M	17.71M	17.72M	17.72M	18.69M	18.85M	18.85M
Normalized Net Operating Profit after Tax (NOPAT)	-10	-17	1.65	6.63	19	13	17	29	-37	0.57	7.29
Normalized NOPAT Margin	0.00%	0.00%	24.31%	52.14%	86.82%	48.27%	48.09%	46.39%	0.00%	5.29%	44.06%
Pre Tax Income Margin	0.00%	0.00%	203.73%	184.28%	118.08%	100.75%	64.63%	75.99%	0.00%	218.44%	104.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.61	-2.12	0.19	0.84	2.50	1.75	2.23	3.82	0.00	0.09	1.17
NOPAT to Interest Expense	-1.13	-1.48	0.19	0.84	2.54	1.75	2.23	3.82	0.00	0.09	1.17
EBIT Less CapEx to Interest Expense	-1.61	-2.12	0.19	0.84	2.50	1.75	2.23	3.82	0.00	0.09	1.17
NOPAT Less CapEx to Interest Expense	-1.13	-1.48	0.19	0.84	2.54	1.75	2.23	3.82	0.00	0.09	1.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	274.95%	-929.59%	-2,891.41%	118.41%	128.87%	65.57%	60.50%	50.59%	50.14%	55.98%	64.12%
Augmented Payout Ratio	274.95%	-929.59%	-2,891.41%	118.41%	128.87%	65.57%	60.50%	50.59%	50.14%	55.98%	64.12%

Financials Breakdown Chart

Key Financial Trends

NexPoint Real Estate Finance’s Q2 2026 results show stronger core interest earnings but weaker earnings available to common shareholders. Net interest income increased to $16.5 million from $15.3 million in Q1 2026, $12.5 million in Q3 2025 and $6.7 million in Q2 2024. Interest income rose to $25.5 million, while interest expense declined to $8.9 million. This indicates improving spread income compared with much of the prior period.

However, consolidated net income fell to $17.3 million from $22.6 million in Q1, and net income attributable to common shareholders dropped to $5.4 million from $10.0 million. Basic earnings per share declined to $0.29, compared with $0.54 in Q1 and $0.69 in Q2 2025. With a common dividend of $0.50 per share, the latest quarterly dividend exceeded reported basic earnings per share.

Core interest earnings are trending higher. Net interest income of $16.5 million in Q2 2026 was more than double the $6.7 million reported in Q2 2024 and substantially above the $3.8 million recorded in Q4 2023.
Interest expense improved sequentially. Long-term debt interest expense declined to $8.9 million from $9.2 million in Q1 2026 and $10.4 million in Q3 2025, helping expand the net interest margin despite the company’s substantial debt load.
Credit-loss provisions were much lower than in late 2025. The Q2 provision for credit losses was $773,000, down sharply from $15.7 million in Q3 2025 and $14.4 million in Q4 2025. This supported the return to more stable operating profitability, although provisions remain subject to volatility.
Investment activity generated positive cash flow. Sales and maturities of investments totaled $120.8 million against $99.3 million of purchases, producing $24.2 million of net investing cash flow in Q2.
Liquidity increased on a reported basis. Cash and equivalents rose to $6.4 million from $2.6 million at the end of Q1, while restricted cash increased to $131.9 million. Total assets also grew to $5.37 billion from $5.23 billion.
Financing activity was the main source of the quarterly cash increase. The company generated $94.9 million from financing, including $364.7 million of debt issuance and $24.9 million of preferred-equity issuance, partly offset by $249.4 million of debt repayments and $19.9 million of dividends.
The balance sheet has become smaller but more concentrated in other assets. Total assets declined from $7.09 billion in Q1 2024 to $5.37 billion in Q2 2026, while “other assets” remained extremely large at $4.85 billion. Investors may need additional disclosure to assess the composition and valuation of this category.
Operating cash flow turned negative. Q2 operating cash flow was negative $6.0 million, compared with positive cash flow of $9.4 million in Q1 2026 and $3.3 million in Q2 2025. The company therefore relied on investment sales and financing to increase cash during the quarter.
Leverage remains high. Total liabilities were $4.51 billion, or roughly 84% of total assets, including $4.48 billion of short- and long-term debt. Total debt increased from approximately $4.35 billion at the end of Q1 to $4.47 billion at the end of Q2.
Common-shareholder coverage of the dividend weakened. Q2 net income attributable to common shareholders of $5.4 million was well below the $10.0 million reported in Q1 and the $12.3 million reported in Q2 2025. The $0.50 per-share dividend exceeded Q2 basic EPS of $0.29, raising questions about dividend sustainability if this earnings level persists.

Overall, the available quarterly data point to a meaningful recovery in NexPoint’s core interest income from the weak results reported in early 2024. Nevertheless, the latest quarter also highlights the risks of high leverage, negative operating cash flow, reliance on financing, and a dividend that is not covered by Q2 earnings attributable to common shareholders. Several prior periods in the supplied data are marked as restated or calculated, so investors should compare these trends with the company’s latest filings and disclosures.

10/05/26 02:18 AM ETAI Generated. May Contain Errors.

NexPoint Real Estate Finance Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NexPoint Real Estate Finance's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

NexPoint Real Estate Finance's net income appears to be on an upward trend, with a most recent value of $123.14 million in 2025, rising from $34.17 million in 2020. The previous period was $35.96 million in 2024. See NexPoint Real Estate Finance's forecast for analyst expectations on what's next for the company.

Over the last 5 years, NexPoint Real Estate Finance's total revenue changed from $17.67 million in 2020 to $47.18 million in 2025, a change of 167.0%.

In the past 11 quarters, NexPoint Real Estate Finance's cash and equivalents has ranged from $4.27 million in Q2 2024 to $34.71 million in Q3 2024, and is currently $6.38 million as of their latest financial filing in Q2 2026.

NexPoint Real Estate Finance had total debt of $4.46 billion at the end of 2025, a 7.5% decrease from 2024, and a 330.3% increase since 2020.

Over the last 5 years, NexPoint Real Estate Finance's book value per share changed from 25.08 in 2020 to 21.89 in 2025, a change of -12.7%.

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Financial statements for NYSE:NREF last updated on 8/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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NexPoint Real Estate Finance (NREF) Financials

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NexPoint Real Estate Finance (NREF) Financials

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