What is Nexpoint Real Estate Finance Inc's earnings per share (EPS)?

Nexpoint Real Estate Finance Inc (NREF) reported diluted earnings per share of $2.85 for fiscal year 2025. This represents a 179.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nexpoint Real Estate Finance Inc Financials

NREF

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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).

Rhea AI NREF FY2025 2026-05-15

A smaller, less-levered balance sheet is lifting equity returns faster than it is lifting cash generation.

In the latest year, net income reached $123.1M while operating cash flow was only $22.9M. Because the prior year showed the same split, the recovery is arriving in reported earnings faster than in cash, which usually means non-cash items or timing effects are doing more of the work than recurring cash inflow.

Balance-sheet shrinkage is not just about size: total assets fell from $8.5B to $5.3B, so the company is operating a materially smaller portfolio. Leverage also eased, with debt-to-equity improving from 5.2x to 2.0x, which means the smaller platform is being financed with less borrowed money.

In the latest year, ROA was 2.3% while ROE was 31.7%. That wide spread shows equity is still a thin layer under a multi-billion-dollar asset base, so modest asset-level performance can produce much larger swings in shareholder returns.

Financial Health Signals

Financial Profile 20/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Nexpoint Real Estate Finance Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Nexpoint Real Estate Finance Inc has a moderate D/E ratio of 1.99. This balance of debt and equity financing earns a leverage score of 61/100.

Returns

Nexpoint Real Estate Finance Inc's ROE of 31.7% shows moderate profitability relative to equity, earning a score of 56/100. This is up from 10.7% the prior year.

Piotroski F-Score Neutral

4/9

Nexpoint Real Estate Finance Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.19x

For every $1 of reported earnings, Nexpoint Real Estate Finance Inc generates $0.19 in operating cash flow ($22.9M OCF vs $123.1M 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

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$123.1M

YoY+242.4%

5Y CAGR+29.2%

Nexpoint Real Estate Finance Inc reported $123.1M in net income in fiscal year 2025. This represents an increase of 242.4% from the prior year.

EPS (Diluted)

$2.85

YoY+179.4%

5Y CAGR+10.4%

Nexpoint Real Estate Finance Inc earned $2.85 per diluted share (EPS) in fiscal year 2025. This represents an increase of 179.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$31.1M

YoY+702.5%

5Y CAGR+0.6%

Nexpoint Real Estate Finance Inc held $31.1M in cash against $771.2M in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.00

YoY+0.0%

5Y CAGR+7.1%

Nexpoint Real Estate Finance Inc paid $2.00 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

19M

YoY+6.4%

5Y CAGR+29.9%

Nexpoint Real Estate Finance Inc had 19M shares outstanding in fiscal year 2025. This represents an increase of 6.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

31.7%

YoY+21.1pp

5Y CAGR+5.1pp

Nexpoint Real Estate Finance Inc's ROE was 31.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 21.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NREF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$12.7M-1.2%	$12.8M+39.2%	$9.2M+27.1%	$7.2M+13.7%	$6.4M+88.4%	$3.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$42.8M-3.6%	$44.4M-13.9%	$51.6M+28.1%	$40.3M+35.2%	$29.8M+39.7%	$21.3M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$123.1M+242.4%	$36.0M+91.9%	$18.7M+31.8%	$14.2M-83.0%	$83.5M+144.3%	$34.2M
EPS (Diluted)	$2.85+179.4%	$1.02+70.0%	$0.60+172.7%	$0.22-94.4%	$3.93+125.9%	$1.74

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.2M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.3M	N/A	$3.4M-10.3%	$3.8M+49.8%	$2.5M	N/A	$2.2M-32.0%	$3.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$9.2M	N/A	$10.4M-3.8%	$10.8M+2.2%	$10.5M	N/A	$11.0M-3.9%	$11.5M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$22.6M	N/A	$50.9M+128.4%	$22.3M-14.2%	$26.0M	N/A	$23.3M+92.6%	$12.1M
EPS (Diluted)	$0.42	N/A	$1.14+111.1%	$0.54-22.9%	$0.70	N/A	$0.74+85.0%	$0.40

NREF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.3B-1.8%	$5.4B-22.8%	$7.0B-13.9%	$8.2B-4.2%	$8.5B+37.8%	$6.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$31.1M+702.5%	$3.9M-72.0%	$13.8M-31.0%	$20.0M-24.2%	$26.5M-12.5%	$30.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.5B-7.3%	$4.8B-26.3%	$6.6B-13.6%	$7.6B-5.0%	$8.0B+38.7%	$5.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$771.2M-3.5%	$799.3M-37.2%	$1.3B-5.7%	$1.3B+5.7%	$1.3B+22.9%	$1.0B
Total Equity	$388.0M+15.3%	$336.5M-3.2%	$347.4M-22.5%	$448.5M+82.9%	$245.3M+91.3%	$128.2M
Retained Earnings	-$16.5M+69.9%	-$54.9M-53.4%	-$35.8M-907.7%	$4.4M-84.4%	$28.4M+714.0%	$3.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$5.2B-1.6%	$5.3B+0.8%	$5.3B-2.3%	$5.4B+0.1%	$5.4B-0.3%	$5.4B-4.7%	$5.7B-13.5%	$6.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$22.6M-27.2%	$31.1M+73.6%	$17.9M+97.9%	$9.1M-52.9%	$19.2M+395.8%	$3.9M-88.8%	$34.7M+713.6%	$4.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.4B-2.3%	$4.5B-0.3%	$4.5B-4.6%	$4.7B-1.2%	$4.8B-1.4%	$4.8B-6.0%	$5.2B-15.4%	$6.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$3.7B+378.3%	$771.2M+7.0%	$720.9M-11.6%	$815.6M-1.9%	$831.5M+4.0%	$799.3M-2.0%	$815.5M-5.3%	$861.0M
Total Equity	$388.8M+0.2%	$388.0M+3.3%	$375.4M+7.8%	$348.2M+1.3%	$343.7M+2.1%	$336.5M+0.2%	$335.8M+2.6%	$327.5M
Retained Earnings	-$16.3M+1.5%	-$16.5M+13.0%	-$19.0M+57.5%	-$44.6M+6.1%	-$47.5M+13.5%	-$54.9M-1.5%	-$54.1M+11.3%	-$61.1M

NREF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$22.9M-21.7%	$29.3M-7.2%	$31.6M-52.0%	$65.8M+33.5%	$49.3M+49.8%	$32.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$321.5M-66.4%	$956.5M+29.0%	$741.3M-22.0%	$950.6M+83.6%	$517.9M+858.7%	-$68.3M
Financing Cash Flow	-$317.2M+68.1%	-$995.4M-28.2%	-$776.6M+24.5%	-$1.0B-81.4%	-$567.4M-924.4%	$68.8M
Dividends Paid	$35.3M+1.4%	$34.8M-27.3%	$48.0M+61.7%	$29.7M+109.3%	$14.2M+92.0%	$7.4M
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$4.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$9.4M+307.2%	-$4.5M-156.0%	$8.1M+144.0%	$3.3M-79.3%	$16.0M+268.0%	$4.4M-70.4%	$14.7M+296.1%	-$7.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$84.7M+102.2%	$41.9M-78.0%	$190.1M+938.5%	$18.3M-74.3%	$71.3M-67.7%	$220.6M+58.8%	$138.9M+169.3%	$51.6M
Financing Cash Flow	-$103.2M-320.3%	-$24.6M+87.1%	-$190.3M-506.8%	-$31.4M+55.7%	-$70.9M+72.4%	-$256.6M-109.9%	-$122.3M-118.1%	-$56.1M
Dividends Paid	$12.3M+31.6%	$9.4M+12.0%	$8.4M-5.6%	$8.9M+1.0%	$8.8M-9.2%	$9.7M+23.9%	$7.8M-10.7%	$8.7M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NREF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	31.7%+21.1pp	10.7%+5.3pp	5.4%+2.2pp	3.2%-30.9pp	34.0%+7.4pp	26.6%
Return on Assets	2.3%+1.7pp	0.7%+0.4pp	0.3%+0.1pp	0.2%-0.8pp	1.0%+0.4pp	0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.99-0.4	2.38-1.3	3.66+0.7	3.01-2.2	5.20-2.9	8.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1038.2%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	5.8%	N/A	13.6%+7.2pp	6.4%-1.1pp	7.5%	N/A	7.0%+3.3pp	3.7%
Return on Assets	0.4%	N/A	1.0%+0.5pp	0.4%-0.1pp	0.5%	N/A	0.4%+0.2pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	11.28+9.3	1.99+0.1	1.92-0.4	2.34-0.1	2.42+0.0	2.38-0.1	2.43-0.2	2.63
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Nexpoint Real Estate Finance Inc profitable?

Yes, Nexpoint Real Estate Finance Inc (NREF) reported a net income of $123.1M 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 31.7% 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.

How many shares does Nexpoint Real Estate Finance Inc have outstanding?

Nexpoint Real Estate Finance Inc (NREF) had 19M shares outstanding as of fiscal year 2025.

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 1.99 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder 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 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

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 9, indicating neutral financial health. 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 0.19x, 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.

How financially healthy is Nexpoint Real Estate Finance Inc?

Nexpoint Real Estate Finance Inc (NREF) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.