NexPoint Real Estate Finance (NREF) Financials

$16.56 +0.09 (+0.57%)

Closing price 07/14/2026 03:59 PM Eastern

Extended Trading

$16.59 +0.03 (+0.16%)

As of 05:14 AM 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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-16	14	-14	7.49	16	8.38	17	12	35	12	10
Consolidated Net Income / (Loss)	-17	18	-15	12	23	15	26	22	51	24	23
Net Income / (Loss) Continuing Operations	-17	19	-15	14	23	26	27	23	48	25	24
Total Pre-Tax Income	-17	19	-15	14	23	26	27	23	48	25	24
Total Revenue	4.82	-13	-13	6.78	13	22	27	35	63	-62	11
Net Interest Income / (Expense)	4.82	3.83	-13	6.74	13	22	12	12	12	11	15
Total Interest Income	18	17	-1.57	18	24	32	22	23	23	-21	24
Investment Securities Interest Income	18	17	-1.57	18	24	32	22	23	23	22	24
Total Interest Expense	13	13	11	11	11	11	11	11	10	-32	9.16
Long-Term Debt Interest Expense	13	13	11	11	11	11	11	11	10	-	9.16
Total Non-Interest Income	0.00	-16	0.00	0.04	0.20	-	15	23	50	-73	-4.48
Net Realized & Unrealized Capital Gains on Investments	0.00	-	-	0.04	0.20	-	15	23	50	-	-4.48
Total Non-Interest Expense	4.39	8.34	11	4.61	3.72	-4.79	8.28	5.83	7.65	12	10.00
Other Operating Expenses	4.39	8.34	11	4.43	3.54	-5.10	8.28	5.70	5.53	14	10.00
Nonoperating Income / (Expense), net	-11	34	8.38	12	14	-1.29	8.48	-1.30	8.23	79	23
Preferred Stock Dividends Declared	0.87	0.95	1.54	2.35	3.28	4.33	5.28	6.55	8.05	9.54	10
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.75	5.72	-1.89	4.55	7.88	5.28	4.16	6.87	16	-8.56	2.37
Basic Earnings per Share	($0.90)	$0.79	($0.83)	$0.43	$0.92	$0.50	$0.94	$0.69	$1.98	$0.67	$0.54
Weighted Average Basic Shares Outstanding	17.23M	17.20M	17.26M	17.42M	17.46M	17.40M	17.52M	17.71M	17.72M	17.67M	18.61M
Diluted Earnings per Share	($0.90)	$0.80	($0.83)	$0.40	$0.74	$0.71	$0.70	$0.54	$1.14	$0.47	$0.42
Weighted Average Diluted Shares Outstanding	23.09M	17.20M	24.86M	27.79M	30.47M	17.40M	36.05M	39.46M	43.85M	42.01M	51.46M
Weighted Average Basic & Diluted Shares Outstanding	17.23M	17.59M	17.72M	17.46M	17.46M	17.64M	17.71M	17.72M	17.72M	18.69M	18.85M
Cash Dividends to Common per Share	$0.69	$0.69	$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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-8.66	3.73	2.64	-12	31	-32	16	-9.75	7.82	13	-9.11
Net Cash From Operating Activities	5.95	3.13	18	-7.50	15	4.36	16	3.32	8.10	-4.54	9.40
Net Cash From Continuing Operating Activities	5.95	3.13	18	-7.50	15	17	16	3.32	8.10	-4.54	9.40
Net Income / (Loss) Continuing Operations	-17	18	-15	12	23	15	26	22	51	24	23
Consolidated Net Income / (Loss)	-17	18	-15	12	23	15	26	22	51	24	23
Provision For Loan Losses	6.28	-1.94	-0.42	-0.00	-0.30	-0.00	3.63	5.28	16	14	-2.98
Depreciation Expense	0.48	1.04	2.32	1.08	1.10	1.11	1.08	0.61	0.62	0.63	1.43
Amortization Expense	0.47	0.63	24	-2.00	-2.97	-9.74	-0.27	0.01	-0.17	0.53	2.04
Non-Cash Adjustments to Reconcile Net Income	19	-12	1.70	-4.14	-10.00	16	-18	-14	-51	-41	-24
Changes in Operating Assets and Liabilities, net	-3.40	-2.56	4.75	-15	3.55	-5.41	3.51	-11	-7.89	-3.10	10
Net Cash From Investing Activities	208	102	545	52	139	221	71	18	190	42	85
Net Cash From Continuing Investing Activities	208	102	545	52	139	210	71	18	190	42	85
Purchase of Investment Securities	-23	-31	-137	-167	-77	-66	-84	-58	-85	-30	-62
Sale and/or Maturity of Investments	231	131	682	219	216	276	155	76	275	71	146
Net Cash From Financing Activities	-223	-101	-560	-56	-122	-257	-71	-31	-190	-25	-103
Net Cash From Continuing Financing Activities	-223	-101	-560	-56	-122	-250	-71	-31	-190	-25	-103
Issuance of Debt	0.19	24	57	137	37	17	45	28	-21	47	24
Issuance of Preferred Equity	-	8.60	27	33	42	38	40	57	60	56	16
Repayment of Debt	-172	-113	-613	-124	-143	-277	-131	-97	-205	-103	-98
Payment of Dividends	-13	-14	-10	-11	-11	-14	-14	-13	-16	-18	-19
Other Financing Activities, Net	-38	-7.87	-22	-90	-46	-14	-11	-5.75	-8.29	-7.01	-26
Cash Interest Paid	9.23	16	6.76	15	9.00	11	7.52	12	6.54	13	5.98

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	1.71
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	4,996
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
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
Total Assets	6,886	7,085	6,575	5,686	5,399	5,402	5,278	5,235
Cash and Due from Banks	11	13	4.27	35	19	9.06	18	23
Restricted Cash	1.94	5.80	3.05	4.00	4.26	4.68	3.64	2.60
Trading Account Securities	151	178	113	117	97	52	96	93
Loans and Leases, Net of Allowance	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
Premises and Equipment, Net	59	124	124	123	121	65	64	113
Mortgage Servicing Rights	708	141	232	250	273	280	122	109
Other Assets	5,934	6,596	6,071	5,124	4,843	4,943	4,914	4,847
Total Liabilities & Shareholders' Equity	6,886	7,085	6,575	5,686	5,399	5,402	5,278	5,235
Total Liabilities	6,452	6,637	6,093	5,153	4,778	4,720	4,503	4,385
Short-Term Debt	975	524	536	496	511	495	434	328
Accrued Interest Payable	10	13	8.86	11	13	12	15	17
Long-Term Debt	5,464	6,089	5,541	4,638	4,245	4,201	4,042	4,026
Other Long-Term Liabilities	3.41	10	7.94	8.31	8.73	12	12	15
Redeemable Noncontrolling Interest	89	121	154	197	277	334	400	461
Total Equity & Noncontrolling Interests	345	327	327	336	344	348	375	389
Total Preferred & Common Equity	345	325	324	333	340	345	372	389
Preferred Stock	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
Common Stock	391	397	385	387	388	389	391	405
Retained Earnings	-37	-59	-61	-54	-48	-45	-19	-16
Noncontrolling Interest	0.10	1.81	3.27	3.31	3.37	3.39	3.41	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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	17,231,913.00	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
DEI Adjusted Shares Outstanding	17,231,913.00	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
DEI Earnings Per Adjusted Shares Outstanding	-0.99	1.04	-0.83	0.68	1.34	-	1.47	1.26	2.87	1.36	1.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	371.33%	-286.94%	-424.49%	61.19%	164.04%	466.81%	308.23%	417.72%	394.41%	-390.44%	-59.46%
EBITDA Growth	75.22%	-3,477.96%	335.90%	837.06%	251.34%	726.24%	673.43%	1,863.53%	438.35%	-644.03%	-77.72%
EBIT Growth	-126.65%	-806.70%	-1,417.50%	343.00%	258.89%	686.86%	177.18%	1,005.07%	325.39%	-436.57%	-95.55%
NOPAT Growth	-126.65%	-599.52%	-962.25%	343.00%	326.98%	1,425.17%	210.25%	1,005.07%	325.39%	-336.97%	-95.55%
Net Income Growth	-82.10%	860.63%	-256.12%	42.90%	236.85%	-15.49%	277.32%	83.85%	117.98%	58.67%	-12.82%
EPS Growth	-45.16%	0.00%	-324.32%	21.21%	182.22%	-11.25%	184.34%	35.00%	54.05%	-33.80%	-40.00%
Operating Cash Flow Growth	-26.49%	-55.35%	18.47%	-199.71%	147.22%	39.35%	-9.44%	144.22%	-45.00%	-204.06%	-41.39%
Free Cash Flow Firm Growth	-4,934.60%	203.88%	109.53%	117.14%	123.63%	43.59%	201.16%	20.32%	-62.54%	-96.95%	-89.75%
Invested Capital Growth	296.62%	-13.96%	-7.62%	-13.21%	-17.55%	-22.95%	-23.86%	-17.99%	-7.34%	-1.91%	-3.23%
Revenue Q/Q Growth	14.55%	-362.47%	-434.83%	152.90%	87.65%	73.29%	24.37%	204.90%	79.20%	-199.08%	117.36%
EBITDA Q/Q Growth	-2,788.24%	-293.50%	187.13%	-49.56%	493.06%	146.94%	43.04%	509.14%	62.60%	-282.65%	105.86%
EBIT Q/Q Growth	-555.32%	-258.54%	-428.37%	109.10%	328.48%	191.07%	-16.58%	643.34%	64.94%	-287.68%	101.10%
NOPAT Q/Q Growth	-358.72%	-259.00%	-1,046.03%	113.00%	328.48%	195.75%	-18.15%	643.34%	64.94%	-234.68%	101.54%
Net Income Q/Q Growth	-301.13%	205.19%	-181.63%	182.74%	92.61%	-35.04%	71.30%	-14.22%	128.38%	-52.72%	-5.88%
EPS Q/Q Growth	-372.73%	188.89%	-203.75%	148.19%	85.00%	-4.05%	-1.41%	-22.86%	111.11%	-58.77%	-10.64%
Operating Cash Flow Q/Q Growth	-20.89%	-47.46%	466.21%	-142.36%	296.15%	-70.38%	267.95%	-79.31%	143.97%	-156.03%	307.23%
Free Cash Flow Firm Q/Q Growth	11.86%	121.80%	-50.29%	76.85%	21.51%	34.46%	4.53%	-28.71%	-62.17%	-89.10%	251.97%
Invested Capital Q/Q Growth	-9.04%	1.90%	0.83%	-7.14%	-13.59%	-4.77%	-0.36%	0.03%	-2.37%	0.82%	-1.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-101.93%	0.00%	0.00%	18.49%	58.42%	82.31%	72.00%	70.11%	63.62%	0.00%	39.58%
EBIT Margin	-121.49%	0.00%	0.00%	32.02%	73.10%	122.07%	68.96%	68.34%	62.90%	0.00%	7.56%
Profit (Net Income) Margin	-353.95%	0.00%	0.00%	178.73%	183.45%	69.87%	97.30%	63.47%	80.88%	0.00%	209.24%
Tax Burden Percent	100.79%	94.26%	94.70%	87.73%	99.55%	59.17%	96.58%	98.20%	106.44%	95.27%	95.78%
Interest Burden Percent	289.06%	-90.69%	64.85%	636.36%	252.09%	96.73%	146.10%	94.58%	120.81%	-34.00%	2,888.63%
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)	-0.39%	0.00%	0.00%	0.01%	0.12%	0.56%	0.75%	0.92%	1.51%	0.00%	0.04%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.73%	0.00%	0.00%	0.16%	0.37%	0.36%	0.88%	0.89%	1.74%	0.00%	0.52%
Return on Net Nonoperating Assets (RNNOA)	-6.01%	0.00%	0.00%	2.26%	4.37%	3.99%	9.39%	8.27%	12.82%	0.00%	3.25%
Return on Equity (ROE)	-6.40%	0.00%	0.00%	2.27%	4.49%	4.55%	10.14%	9.19%	14.32%	0.00%	3.29%
Cash Return on Invested Capital (CROIC)	-119.58%	14.70%	7.65%	13.78%	19.07%	26.08%	27.93%	20.75%	9.25%	2.18%	3.21%
Operating Return on Assets (OROA)	-0.32%	0.00%	0.00%	0.01%	0.12%	0.55%	0.75%	0.92%	1.50%	0.00%	0.04%
Return on Assets (ROA)	-0.92%	0.00%	0.00%	0.07%	0.31%	0.32%	1.05%	0.86%	1.93%	0.00%	1.23%
Return on Common Equity (ROCE)	-4.80%	0.00%	0.00%	1.67%	3.15%	3.04%	6.32%	5.28%	7.72%	0.00%	1.63%
Return on Equity Simple (ROE_SIMPLE)	0.77%	0.00%	-1.62%	-0.51%	11.65%	0.00%	22.50%	25.15%	30.71%	0.00%	30.83%
Net Operating Profit after Tax (NOPAT)	-4.10	-15	-17	2.17	9.30	27	18	24	40	-53	0.82
NOPAT Margin	-85.04%	0.00%	0.00%	32.02%	73.10%	124.03%	68.96%	68.34%	62.90%	0.00%	7.56%
Net Nonoperating Expense Percent (NNEP)	0.34%	-0.46%	-0.03%	-0.15%	-0.24%	0.21%	-0.13%	0.03%	-0.24%	-1.67%	-0.48%
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	91.20%	0.00%	0.00%	68.01%	29.24%	-22.07%	31.04%	16.61%	12.17%	0.00%	92.44%
Earnings before Interest and Taxes (EBIT)	-5.85	-21	-24	2.17	9.30	26	18	24	40	-74	0.82
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.91	-19	2.48	1.25	7.43	18	19	25	40	-73	4.28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.95	0.58	0.97	1.04	1.26	0.79	1.41	1.58	1.67	1.47	1.78
Price to Tangible Book Value (P/TBV)	0.95	0.58	0.97	1.04	1.26	0.79	1.41	1.58	1.67	1.47	1.78
Price to Revenue (P/Rev)	16.55	613.50	8,980.94	129.20	39.95	9.40	7.12	6.74	4.75	12.10	22.14
Price to Earnings (P/E)	0.00	19.35	0.00	0.00	18.29	14.95	9.93	10.21	8.61	7.54	10.02
Dividend Yield	14.13%	17.09%	15.82%	16.49%	14.51%	13.15%	14.97%	14.50%	14.10%	14.72%	14.85%
Earnings Yield	0.00%	5.17%	0.00%	0.00%	5.47%	6.69%	10.07%	9.79%	11.61%	13.26%	9.98%
Enterprise Value to Invested Capital (EV/IC)	1.00	0.98	1.00	1.00	1.01	0.99	1.02	1.03	1.04	1.03	1.05
Enterprise Value to Revenue (EV/Rev)	346.41	20,856.61	200,909.42	2,516.70	543.79	189.12	81.24	68.89	41.85	115.36	175.09
Enterprise Value to EBITDA (EV/EBITDA)	359.85	0.00	8,482.30	2,917.13	712.89	212.65	133.93	102.11	53.17	328.97	3,400.98
Enterprise Value to EBIT (EV/EBIT)	7,364.78	0.00	0.00	0.00	0.00	526.47	106.44	87.56	49.91	403.42	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	526.47	104.97	94.33	61.40	403.42	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	193.09	216.79	204.91	340.27	203.73	181.70	199.00	144.77	172.24	237.48	336.82
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.15	12.51	6.75	4.78	3.29	3.16	4.49	10.85	46.76	32.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	14.83	14.72	14.76	12.62	9.64	8.44	7.67	6.88	5.78	5.36	5.13
Long-Term Debt to Equity	12.58	12.58	13.59	11.51	8.71	7.60	6.84	6.15	5.22	4.84	4.74
Financial Leverage	8.26	14.29	14.96	13.89	11.97	11.19	10.64	9.25	7.35	6.62	6.20
Leverage Ratio	16.32	15.32	16.42	14.96	13.00	12.22	11.68	10.29	8.38	7.65	7.23
Compound Leverage Factor	47.17	-13.89	10.65	95.21	32.78	11.82	17.07	9.73	10.13	-2.60	208.98
Debt to Total Capital	93.68%	93.64%	93.65%	92.66%	90.60%	89.41%	88.46%	87.31%	85.24%	84.29%	83.68%
Short-Term Debt to Total Capital	14.19%	13.61%	7.42%	8.17%	8.75%	8.88%	9.51%	9.20%	8.27%	8.20%	6.31%
Long-Term Debt to Total Capital	79.50%	80.03%	86.23%	84.49%	81.85%	80.53%	78.95%	78.11%	76.97%	76.08%	77.37%
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	1.30%	1.40%	1.74%	2.40%	3.53%	4.42%	5.21%	6.28%	7.67%	8.39%	8.85%
Common Equity to Total Capital	5.02%	4.96%	4.61%	4.94%	5.87%	6.17%	6.33%	6.41%	7.08%	7.33%	7.47%
Debt to EBITDA	338.65	-341.97	7,978.06	2,700.72	640.37	192.83	115.94	86.18	43.44	269.71	2,700.91
Net Debt to EBITDA	337.97	-341.10	7,954.79	2,697.47	635.54	192.54	115.36	85.93	43.23	267.63	2,685.25
Long-Term Debt to EBITDA	287.37	-292.27	7,345.57	2,462.71	578.52	173.67	103.47	77.10	39.22	243.47	2,497.30
Debt to NOPAT	-1,237.49	-284.87	-327.83	-235.91	-483.96	477.38	90.87	79.61	50.16	330.75	-1,064.25
Net Debt to NOPAT	-1,235.01	-284.14	-326.87	-235.63	-480.31	476.68	90.42	79.38	49.92	328.20	-1,058.08
Long-Term Debt to NOPAT	-1,050.12	-243.47	-301.84	-215.12	-437.22	429.97	81.10	71.23	45.29	298.57	-984.03
Noncontrolling Interest Sharing Ratio	25.02%	0.00%	0.00%	26.59%	29.94%	33.11%	37.72%	42.53%	46.13%	0.00%	50.40%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5,144	1,121	566	1,000	1,215	1,634	1,703	1,204	455	50	175
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	-389.79	85.89	50.32	87.04	110.09	154.20	161.71	111.76	43.97	0.00	19.08
Operating Cash Flow to Interest Expense	0.45	0.24	1.58	-0.65	1.33	0.41	1.52	0.31	0.78	0.00	1.03
Operating Cash Flow Less CapEx to Interest Expense	0.45	0.24	1.58	-0.65	1.33	0.41	1.52	0.31	0.78	0.00	1.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.02	0.01	0.01
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.12	0.23	0.55	0.86	1.40	0.40	0.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,873	7,004	7,062	6,558	5,667	5,397	5,377	5,378	5,251	5,294	5,203
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.02	0.01	0.01
Increase / (Decrease) in Invested Capital	5,140	-1,136	-582	-998	-1,206	-1,607	-1,685	-1,180	-416	-103	-174
Enterprise Value (EV)	6,842	6,841	7,032	6,564	5,715	5,321	5,495	5,564	5,479	5,442	5,482
Market Capitalization	327	201	314	337	420	265	481	544	622	571	693
Book Value per Share	$20.02	$20.16	$18.49	$18.30	$19.04	$19.08	$19.29	$19.47	$20.99	$21.89	$21.93
Tangible Book Value per Share	$20.02	$20.16	$18.49	$18.30	$19.04	$19.08	$19.29	$19.47	$20.99	$21.89	$21.93
Total Capital	6,873	7,004	7,062	6,558	5,667	5,397	5,377	5,378	5,251	5,294	5,203
Total Debt	6,439	6,558	6,614	6,077	5,134	4,825	4,756	4,696	4,476	4,462	4,354
Total Long-Term Debt	5,464	5,605	6,089	5,541	4,638	4,346	4,245	4,201	4,042	4,028	4,026
Net Debt	6,426	6,542	6,595	6,069	5,095	4,818	4,733	4,682	4,454	4,427	4,329
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)	13	-33	-2.05	-9.94	-14	12	-7.56	1.71	-11	-77	-22
Net Nonoperating Obligations (NNO)	6,439	6,558	6,614	6,077	5,134	4,825	4,756	4,696	4,476	4,462	4,354
Total Depreciation and Amortization (D&A)	0.94	1.66	26	-0.92	-1.87	-8.63	0.81	0.62	0.45	1.17	3.46
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.90)	$0.79	($0.83)	$0.43	$0.92	$0.50	$0.94	$0.69	$1.98	$0.67	$0.54
Adjusted Weighted Average Basic Shares Outstanding	17.23M	17.20M	17.26M	17.42M	17.46M	17.40M	17.52M	17.71M	17.72M	17.67M	18.61M
Adjusted Diluted Earnings per Share	($0.90)	$0.80	($0.83)	$0.40	$0.74	$0.71	$0.70	$0.54	$1.14	$0.47	$0.42
Adjusted Weighted Average Diluted Shares Outstanding	23.09M	17.20M	24.86M	27.79M	30.47M	17.40M	36.05M	39.46M	43.85M	42.01M	51.46M
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	17.23M	17.59M	17.72M	17.46M	17.46M	17.64M	17.71M	17.72M	17.72M	18.69M	18.85M
Normalized Net Operating Profit after Tax (NOPAT)	-4.10	-10	-17	1.65	6.63	19	13	17	29	-37	0.57
Normalized NOPAT Margin	-85.04%	0.00%	0.00%	24.31%	52.14%	86.82%	48.27%	48.09%	46.39%	0.00%	5.29%
Pre Tax Income Margin	-351.17%	0.00%	0.00%	203.73%	184.28%	118.08%	100.75%	64.63%	75.99%	0.00%	218.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.44	-1.61	-2.12	0.19	0.84	2.50	1.75	2.23	3.82	0.00	0.09
NOPAT to Interest Expense	-0.31	-1.13	-1.48	0.19	0.84	2.54	1.75	2.23	3.82	0.00	0.09
EBIT Less CapEx to Interest Expense	-0.44	-1.61	-2.12	0.19	0.84	2.50	1.75	2.23	3.82	0.00	0.09
NOPAT Less CapEx to Interest Expense	-0.31	-1.13	-1.48	0.19	0.84	2.54	1.75	2.23	3.82	0.00	0.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1,735.55%	274.95%	-929.59%	-2,891.41%	118.41%	128.87%	65.57%	60.50%	50.59%	50.14%	55.98%
Augmented Payout Ratio	1,735.55%	274.95%	-929.59%	-2,891.41%	118.41%	128.87%	65.57%	60.50%	50.59%	50.14%	55.98%

Financials Breakdown Chart

Key Financial Trends

NexPoint Real Estate Finance (NYSE: NREF) showed a sharp rebound in profitability and operating cash flow in Q1 2026 versus the prior quarter, but the broader multi-year picture still points to a highly leveraged balance sheet and volatile earnings that are heavily dependent on investment gains and financing activity.

Q1 2026 net income improved meaningfully. Consolidated net income rose to $22.6 million from $24.0 million in Q4 2025, and common shareholders earned $10.0 million, or $0.54 per share, up from $11.8 million and $0.67 per share in the prior quarter.
Operating cash flow turned positive again. NREF generated $9.4 million in operating cash flow in Q1 2026, a solid improvement from a $4.5 million outflow in Q4 2025.
Investment activity produced strong cash inflows. Net cash from investing activities was $84.7 million in Q1 2026, supported by $146.3 million of sales and maturities of investments versus $61.7 million of purchases.
Cash and equivalents increased from year-end 2025. Cash and due from banks rose to $22.6 million at March 31, 2026, from $17.9 million at December 31, 2025.
Quarterly results remain above early-2025 levels. Compared with Q1 2025, Q1 2026 showed stronger net income, stronger operating cash flow, and a much better earnings profile.
Revenue was still uneven and driven by market marks. Q1 2026 total revenue was $10.8 million, with net realized/unrealized capital losses of $4.5 million partially offsetting $15.3 million of net interest income.
Interest income remained steady, but not rapidly growing. Investment securities interest income increased modestly to $24.5 million from $22.1 million in Q4 2025.
Dividend coverage remains a point to watch. The company reported $0.50 of cash dividends per common share in Q1 2026 versus $0.54 of diluted EPS, leaving a relatively narrow cushion.
Book value trend is not directly provided here. The data shows common equity increasing to $388.6 million from $371.9 million at Q3 2025, but investors should watch whether that improvement is durable.
Leverage remains very high. Total liabilities were $4.39 billion against just $388.8 million of equity, leaving the company heavily dependent on stable asset values and financing markets.
Debt load is still substantial. NREF carried $328.2 million of short-term debt and $4.03 billion of long-term debt at Q1 2026.
Noncontrolling interests remain large. Redeemable noncontrolling interest stood at $460.5 million, which is a meaningful claim on the business and adds complexity to the capital structure.
Earnings have been highly volatile over the last four years. Quarterly results swung from a $15.5 million common-share loss in Q1 2024 to periods of strong profitability in 2025 and 2026, suggesting performance is sensitive to rates, portfolio marks, and credit conditions.
There were large prior-quarter financing outflows. In Q4 2025, financing activities used $24.6 million of cash, and in Q1 2026 they used $103.2 million, reflecting ongoing debt repayment and dividend obligations.

Bottom line: NREF’s latest quarter looks healthier on earnings and operating cash flow, but the company still operates with a large amount of leverage and a results profile that can swing sharply from quarter to quarter. For retail investors, the key questions are whether NREF can sustain earnings and dividends without relying on favorable investment marks or aggressive balance sheet management.

07/15/26 06:01 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. Check out NexPoint Real Estate Finance's forecast to explore projected trends and price targets.

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%.

NexPoint Real Estate Finance's total liabilities were at $4.49 billion at the end of 2025, a 7.3% decrease from 2024, and a 448,932,600,000.0% increase since 2019.

In the past 6 years, NexPoint Real Estate Finance's cash and equivalents has ranged from $0.00 in 2019 to $31.11 million in 2025, and is currently $31.11 million as of their latest financial filing in 2025.

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 7/2/2026 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

Annual Income Statements for NexPoint Real Estate Finance

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Quarterly Balance Sheets for NexPoint Real Estate Finance

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Quarterly Metrics And Ratios for NexPoint Real Estate Finance

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When does NexPoint Real Estate Finance's fiscal year end?

How has NexPoint Real Estate Finance's net income changed over the last 5 years?

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How much debt does NexPoint Real Estate Finance have?

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How has NexPoint Real Estate Finance's book value per share changed over the last 5 years?

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