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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 | 27.1% | 500.8% | 260.0% |
| 2024 | $29M | - | $29M | $29M | 8.8% | 1972.5% | 108.9% |
| 2023 | $1M | - | $14M | $32M | 4.0% | -89.6% | 107.2% |
| 2022 | $14M | - | $7M | $66M | 1.8% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 13.52 | 1.41 | 29.20 | 175.45 |
| Operating Revenue | - | 13.52 | 1.41 | 29.20 | 175.45 |
| Selling General And Administration | - | 7.24 | 9.20 | 12.81 | 12.65 |
| Interest Income | - | 77.99 | 68.36 | 72.51 | 89.94 |
| Interest Expense | - | 40.26 | 51.56 | 44.37 | 42.77 |
| Net Interest Income | - | 37.73 | 16.80 | 28.14 | 47.18 |
| Pretax Income | - | 14.21 | 18.74 | 35.96 | 123.14 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0.31 | -0.10 | 0.67 |
| Net Income Continuous Operations | - | 14.21 | 18.74 | 35.96 | 123.14 |
| Net Income From Continuing And Discontinued Operation | - | 6.75 | 13.98 | 29.19 | 105.10 |
| Net Income From Continuing Operation Net Minority Interest | - | 6.75 | 13.98 | 29.19 | 105.10 |
| Net Income | - | 6.75 | 13.98 | 29.19 | 105.10 |
| Net Income Common Stockholders | - | 3.23 | 10.40 | 17.69 | 75.68 |
| Net Income Including Noncontrolling Interests | - | 14.21 | 18.74 | 35.96 | 123.14 |
| Normalized Income | - | 6.73 | 12.80 | 29.58 | 102.58 |
| Diluted NI Availto Com Stockholders | - | 3.23 | 10.40 | 17.69 | 75.68 |
| Basic Average Shares | 6.60 | 14.69 | 17.20 | 17.40 | - |
| Diluted Average Shares | 20.37 | 14.69 | 17.20 | 17.40 | - |
| Reconciled Depreciation | - | 2.90 | 2.46 | 5.61 | 2.94 |
| Total Unusual Items | - | 0.02 | 1.49 | -0.49 | 3.18 |
| Total Unusual Items Excluding Goodwill | - | 0.02 | 1.49 | -0.49 | 3.18 |
| Preferred Stock Dividends | 3.51 | 3.51 | 3.58 | 11.50 | - |
| Minority Interests | - | -7.47 | -4.76 | -6.77 | -18.05 |
| Special Income Charges | - | 0.02 | 0 | -0.49 | -0.46 |
| Gain On Sale Of Business | 0 | 0 | 1.49 | 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 |
| Otherunder Preferred Stock Dividend | - | 3.51 | 3.58 | 11.50 | 29.42 |
| 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 | $364M | 3.46 | 0.94 | 27.1% | - |
| FrontView REIT, Inc. | FVR | $415M | -108.44 | 1.06 | -1.0% | 14.82 |
| Gladstone Land Corporation | LAND | $402M | 29.75 | 0.60 | 2.0% | 12.45 |
| Claros Mortgage Trust, Inc. | CMTG | $355M | -0.73 | 0.23 | -31.9% | - |
| The RMR Group Inc. | RMR |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $348M |
| 19.78 |
| 1.53 |
| 7.7% |
| 7.87 |
| The Real Brokerage Inc. | REAX | $348M | -42.90 | 6.73 | -15.7% | - |
| Maui Land & Pineapple Company, Inc. | MLP | $345M | -32.58 | 10.42 | -32.0% | -38.70 |
| Alpine Income Property Trust, Inc. | PINE | $342M | -128.59 | 1.22 | -0.9% | 18.09 |
| Transcontinental Realty Investors, Inc. | TCI | $325M | 23.53 | 0.38 | 1.6% | 12.78 |
| Peer Median | - | -16.65 | 1.14 | -1.0% | 12.62 | |