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NexPoint Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust in the United States. It focuses on originating, structuring, and investing in first-lien mortgage loans, preferred equity, mezzanine loans, convertible notes, multifamily properties, and common equity investments, as well as multifamily and single-family rental commercial mortgage-backed securities securitizations, promissory notes, revolving credit facilities, and stock warrants or target assets. The company has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. NexPoint Real Estate Finance, Inc. was incorporated in 2019 and is based in Dallas, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $175M | - | $105M | $23M | 12.7% | 500.8% | 260.0% |
| 2024 | $29M | - | $29M | $29M | 5.1% | 1972.5% | 108.9% |
| 2023 | $1M | - | $14M | $32M | 3.1% | -89.6% | 107.2% |
| 2022 | $14M | - | $7M | $66M | 1.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 13.52 | 1.41 | 29.20 | 175.45 |
| Pretax Income | 14.21 | 18.74 | 35.96 | 123.14 |
| Net Income | 6.75 | 13.97 | 29.19 | 105.10 |
| Net Income Common Stockholders | 3.23 | 10.40 | 17.69 | 75.68 |
| Interest Expense | 40.26 | 51.56 | 44.37 | 42.77 |
| Interest Income | 77.99 | 68.36 | 72.51 | 89.94 |
| Selling General And Administration | 7.24 | 9.20 | 12.81 | 12.65 |
| Normalized Income | 6.73 | 12.80 | 29.58 | 102.58 |
| Basic EPS | 0.22 | 0.60 | 1.02 | 0 |
| Diluted EPS | 0.22 | 0.60 | 1.02 | 0 |
| Tax Effect Of Unusual Items | 0 | 0.31 | -0.10 | 0.67 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 0.02 | 1.49 | -0.49 | 3.19 |
| Total Unusual Items Excluding Goodwill | 0.02 | 1.49 | -0.49 | 3.19 |
| Net Income From Continuing Operation Net Minority Interest | 6.75 | 13.97 | 29.19 | 105.10 |
| Reconciled Depreciation | 2.90 | 2.46 | 5.61 | 2.94 |
| Net Interest Income | 37.73 | 16.80 | 28.14 | 47.18 |
| Net Income From Continuing And Discontinued Operation | 6.75 | 13.97 | 29.19 | 105.10 |
| Diluted Average Shares | 14.69 | 17.20 | 17.40 | 0 |
| Basic Average Shares | 14.69 | 17.20 | 17.40 | 0 |
| Diluted NI Availto Com Stockholders | 3.23 | 10.40 | 17.69 | 75.68 |
| Otherunder Preferred Stock Dividend | 3.51 | 3.58 | 11.50 | 29.42 |
| Preferred Stock Dividends | 3.51 | 3.58 | 11.50 | 0 |
| Minority Interests | -7.47 | -4.76 | -6.77 | -18.05 |
| Net Income Including Noncontrolling Interests | 14.21 | 18.74 | 35.96 | 123.14 |
| Net Income Continuous Operations | 14.21 | 18.74 | 35.96 | 123.14 |
| Special Income Charges | 0.02 | 0 | -0.49 | -0.46 |
| Gain On Sale Of Business | 0 | 1.49 | 0 | 0 |
| Gain On Sale Of Security | -20.23 | -14.40 | -0.11 | 106.64 |
| General And Administrative Expense | 7.24 | 9.20 | 12.81 | 12.65 |
| Other Gand A | 7.24 | 9.20 | 12.81 | 12.65 |
| Operating Revenue | 13.52 | 1.41 | 29.20 | 175.45 |
| Other Non Interest Expense | 2.15 | 4.82 | 13.38 | 11.83 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NexPoint Real Estate Finance, Inc.this co. | NREF | $328M | 5.03↓ discount | 0.69 | 12.7% | - |
| Claros Mortgage Trust, Inc. | CMTG | $363M | - | 0.24 | -31.9% | - |
| Alpine Income Property Trust, Inc. | PINE | $339M | - | 1.01 | -0.9% | 14.86 |
| Transcontinental Realty Investors, Inc. | TCI | $322M | 23.26 | 0.38 | 1.6% | 85.49 |
| Ready Capital Corporation |
| RC |
| $302M |
| - |
| 0.21 |
| -13.9% |
| - |
| Maui Land & Pineapple Company, Inc. | MLP | $302M | - | 9.09 | -32.0% | -29.23 |
| The RMR Group Inc. | RMR | $296M | 12.76 | 1.27 | 4.4% | 6.01 |
| Ares Commercial Real Estate Corporation | ACRE | $287M | - | 0.56 | -0.2% | - |
| SITE Centers Corp. | SITC | $287M | 1.63 | 0.86 | 53.1% | 4.74 |
| Peer Median | - | 12.76 | 0.71 | -0.5% | 6.01 | |