NexPoint Real Estate Finance (NREF) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 28, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NREF SEC filings page.
This page shows NexPoint Real Estate Finance, Inc. (NREF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
NexPoint is shrinking leverage while reported earnings improve, but operating cash generation is moving in the opposite direction.
Earnings quality weakened in FY2025: net income rose327.7% to$75.7M , while operating cash flow fell21.7% to$22.9M . That divergence indicates the year’s higher accounting profit was not accompanied by higher cash produced by operations.
The balance sheet became less debt-dependent in FY2025: liabilities fell to
Cash generation did not match distributions: operating cash flow was
Financial Health Signals
NexPoint Real Estate Finance, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
NexPoint Real Estate Finance, Inc. passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, NexPoint Real Estate Finance, Inc. generates $0.30 in operating cash flow ($22.9M OCF vs $75.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
NexPoint Real Estate Finance, Inc. reported $5.4M in net income in Q2 2026. This represents a decrease of 55.8% from the same quarter a year earlier. Against the prior quarter it is down 45.9%.
NexPoint Real Estate Finance, Inc. earned $0.29 per diluted share (EPS) in Q2 2026. This represents a decrease of 46.3% from the same quarter a year earlier. Against the prior quarter it is down 31.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
NexPoint Real Estate Finance, Inc. held $6.4M in cash against $197.5M in long-term debt as of Q2 2026.
NexPoint Real Estate Finance, Inc. paid $0.50 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Margins & Returns
NexPoint Real Estate Finance, Inc.'s quarterly ROE was 0.6% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
NREF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| SG&A Expenses | $2.8M-24.8% | $3.3M+30.1% | N/A | $3.4M+56.3% | $3.8M+18.4% | $2.5M-40.0% | N/A | $2.2M-14.4% |
| Interest Expense | $8.9M-17.1% | $9.2M-13.1% | N/A | $10.4M-6.2% | $10.8M-6.3% | $10.5M-6.3% | N/A | $11.0M-16.3% |
| Net Income | $5.4M-55.8% | $10.0M-39.2% | N/A | $35.0M+117.4% | $12.3M+64.1% | $16.5Mn/m | N/A | $16.1Mn/m |
| EPS (Basic) | $0.29-58.0% | $0.54-42.6% | $0.66 | $1.98+115.2% | $0.69+60.5% | $0.94n/m | N/A | $0.92n/m |
| EPS (Diluted) | $0.29-46.3% | $0.42-40.0% | $0.42 | $1.14+54.1% | $0.54+35.0% | $0.70n/m | N/A | $0.74n/m |
| Diluted Shares (Avg) | 54M+36.8% | 51M+42.7% | N/A | 44M+43.9% | 39M+42.0% | 36M+45.0% | N/A | 30M+32.0% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Income Tax.
NREF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.4B-0.6% | $5.2B-3.0% | $5.3B-1.8% | $5.3B-7.2% | $5.4B-17.8% | $5.4B-23.8% | $5.4B-22.8% | $5.7B-17.4% |
| Cash & Equivalents | $6.4M-29.6% | $22.6M+17.8% | $31.1M+702.5% | $17.9M-48.4% | $9.1M+112.3% | $19.2M+42.6% | $3.9M-72.0% | $34.7M+216.2% |
| Total Liabilities | $4.5B-4.5% | $4.4B-8.2% | $4.5B-7.3% | $4.5B-12.6% | $4.7B-22.5% | $4.8B-28.0% | $4.8B-26.3% | $5.2B-20.1% |
| Long-Term Debt | $197.5M-75.8% | $336.8M-59.5% | $771.2M-3.5% | $720.9M-11.6% | $815.6M-5.3% | $831.5M-1.4% | $799.3M-37.2% | $815.5M-32.9% |
| Total Equity | $862.4M+26.3% | $849.3M+36.9% | $831.9M+45.5% | $775.0M+45.5% | $682.6M+41.8% | $620.5M+38.4% | $571.7M+28.3% | $532.8M+22.7% |
| Retained Earnings | -$21.1Mn/m | -$16.3Mn/m | -$16.5Mn/m | -$19.0Mn/m | -$44.6Mn/m | -$47.5Mn/m | -$54.9Mn/m | -$54.1Mn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities.
NREF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.0M-282.0% | $9.4M-41.4% | -$4.5M-204.1% | $8.1M-45.0% | $3.3Mn/m | $16.0M-9.4% | $4.4M+39.4% | $14.7M+147.2% |
| Depreciation & Amortization | $1.7M+181.4% | $1.4M+32.2% | $631K-43.4% | $620K-43.6% | $614K-43.3% | $1.1M-53.5% | $1.1M+7.6% | $1.1M+130.9% |
| Stock-Based Compensation | N/A | $1.4M+9.5% | N/A | N/A | N/A | $1.3M-28.6% | N/A | N/A |
| Investing Cash Flow | $24.2M+32.0% | $84.7M+18.8% | $41.9M-81.0% | $190.1M+36.8% | $18.3M-64.5% | $71.3M-86.9% | $220.6M+116.6% | $138.9M-33.2% |
| Financing Cash Flow | $94.9Mn/m | -$103.2Mn/m | -$24.6Mn/m | -$190.3Mn/m | -$31.4Mn/m | -$70.9Mn/m | -$256.6Mn/m | -$122.3Mn/m |
| Dividends Paid | $9.4M+6.4% | $12.3M+40.5% | $9.4M-3.1% | $8.4M+7.2% | $8.9M+1.4% | $8.8M+1.4% | $9.7M-23.1% | $7.8M-33.9% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.
NREF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 0.6%-1.2pp | 1.2%-1.5pp | N/A | 4.5%+1.5pp | 1.8%+0.2pp | 2.7%+5.8pp | N/A | 3.0%+6.6pp |
| Return on Assets | 0.1%-0.1pp | 0.2%-0.1pp | N/A | 0.7%+0.4pp | 0.2%+0.1pp | 0.3%+0.5pp | N/A | 0.3%+0.5pp |
| Debt-to-Equity | 0.23-1.0x | 0.40-0.9x | 0.93-0.5x | 0.93-0.6x | 1.19-0.6x | 1.34-0.5x | 1.40-1.5x | 1.53-1.3x |
| Liabilities-to-Equity | 5.22-1.7x | 5.16-2.5x | 5.40-3.1x | 5.81-3.9x | 6.91-5.7x | 7.70-7.1x | 8.47-6.3x | 9.67-5.2x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| NexPoint Real Estate Finance, Inc. NREF | FY2025 | N/A | $75.7M | N/A | $290.4M | — |
| Claros Mortgage Trust, Inc. CMTG | FY2025 | $187.8M | -$489.1M | N/A | $166.5M | 4/100 |
| Invesco Mortgage Capital Inc. IVR | FY2025 | $295.3M | $101.3M | 34.3% | $594.0M | — |
| TPG RE Finance Trust, Inc. TRTX | FY2025 | $146.1M | $60.3M | 41.3% | $492.1M | 36/100 |
| KKR Real Estate Finance Trust Inc. KREF | FY2025 | N/A | -$47.1M | N/A | $329.8M | — |
| BrightSpire Capital, Inc. BRSP | FY2025 | $330.6M | -$31.1M | -9.4% | $463.1M | 43/100 |
Where NexPoint Real Estate Finance, Inc. Ranks
Frequently Asked Questions
Is NexPoint Real Estate Finance, Inc. profitable?
Yes, NexPoint Real Estate Finance, Inc. (NREF) reported a net income of $75.7M in fiscal year 2025.
How much debt does NexPoint Real Estate Finance, Inc. have?
As of fiscal year 2025, NexPoint Real Estate Finance, Inc. (NREF) had $31.1M in cash and equivalents against $771.2M in long-term debt.
Does NexPoint Real Estate Finance, Inc. pay dividends?
Yes, NexPoint Real Estate Finance, Inc. (NREF) paid $2.00 per share in dividends during fiscal year 2025.
What is NexPoint Real Estate Finance, Inc.'s return on equity (ROE)?
NexPoint Real Estate Finance, Inc. (NREF) has a return on equity of 9.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is NexPoint Real Estate Finance, Inc.'s operating cash flow?
NexPoint Real Estate Finance, Inc. (NREF) generated $22.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are NexPoint Real Estate Finance, Inc.'s total assets?
NexPoint Real Estate Finance, Inc. (NREF) had $5.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What is NexPoint Real Estate Finance, Inc.'s debt-to-equity ratio?
NexPoint Real Estate Finance, Inc. (NREF) had a debt-to-equity ratio of 0.93 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is NexPoint Real Estate Finance, Inc.'s liabilities-to-equity ratio?
NexPoint Real Estate Finance, Inc. (NREF) had a liabilities-to-equity ratio of 5.40 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is NexPoint Real Estate Finance, Inc.'s return on assets (ROA)?
NexPoint Real Estate Finance, Inc. (NREF) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is NexPoint Real Estate Finance, Inc.'s P/E ratio?
NexPoint Real Estate Finance, Inc. (NREF) trades at 3.8x earnings, its market capitalization divided by $75.7M net income, FY2025. The market capitalization is $290.4M as of Oct 28, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is NexPoint Real Estate Finance, Inc.'s price-to-sales ratio?
NexPoint Real Estate Finance, Inc. (NREF) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $290.4M as of Oct 28, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is NexPoint Real Estate Finance, Inc.'s Piotroski F-Score?
NexPoint Real Estate Finance, Inc. (NREF) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are NexPoint Real Estate Finance, Inc.'s earnings high quality?
NexPoint Real Estate Finance, Inc. (NREF) has an earnings quality ratio of 0.30x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.