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Companies / Real Estate / NexPoint Real Estate Finance, Inc.
NREF

NexPoint Real Estate Finance, Inc.

Ticker NREFDALLAS, TXFiscal year ends DecemberBook value per share $7.22Diluted shares 52.6M

NexPoint Real Estate Finance, Inc. (NYSE: NREF) is a commercial mortgage REIT that originates, structures and invests in real estate debt and equity. Its investments include first-lien mortgage loans, mezzanine loans, preferred equity, CMBS securities, promissory notes, revolving credit facilities, stock warrants,… From the company’s description.

In fiscal 2025, NexPoint Real Estate Finance, Inc. reported net income of $123.14M. Operations generated $22.92M in cash.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
—
0.00%FY2025
$123.14MFY2025
+242.4% year over year
Last 12 mo $114.84M
27.09%FY2025
+18.4 percentage points
Last 12 mo 26.54%
Cash & financing
$22.92MFY2025
−21.7% year over year
Last 12 mo $6.92M
$22.92MFY2025
−21.7% year over year
Last 12 mo $6.92M
1.32FY2025
Was 1.64× a year earlier
Last 12 mo 1.79
42.0MFY2025
+141.4% year over year
Last 12 mo 52.6M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What NexPoint Real Estate Finance, Inc. does

In the company’s own words

NexPoint Real Estate Finance, Inc. (NYSE: NREF) is a commercial mortgage REIT that originates, structures and invests in real estate debt and equity. Its investments include first-lien mortgage loans, mezzanine loans, preferred equity, CMBS securities, promissory notes, revolving credit facilities, stock warrants, multifamily properties and common equity. The company focuses mainly on multifamily, single-family rental, self-storage, industrial and life science real estate, primarily in the 50 largest U.S. metropolitan areas, and also lends to selected redevelopment and development projects. It conducts substantially all of its business through its operating partnership and subsidiaries, and is externally managed. As of December 31, 2025, its portfolio had a combined unpaid principal balance of approximately $1.5 billion, excluding assets and liabilities of consolidated securitization entities. The portfolio spans multiple investment structures, including multifamily CMBS B-Pieces, preferred equity, mezzanine loans and senior loans. The company was formed in 2019 and began electing REIT tax treatment for 2020. Its website is https://nref.nexpoint.com.

Company details
Sector
Real Estate
Industry (SIC)
REITs
Headquarters
DALLAS, TX
Fiscal year end
December
CIK
1786248
SIC
6798

Financial performance, year by year

Fiscal 2020–2025 · USD
$-12.31M$24.63M$61.57M$98.51M$135.46M202020212022202320242025Last 12 moLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns NexPoint Real Estate Finance, Inc. — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

82
funds hold it
0 of 35
superinvestors hold it
$79.94M
held by funds, at market
27.4%
of shares held by funds

Largest fund holders · NexPoint Real Estate Finance, Inc.’s weight in each

6.83%of fund net assets
Highland Global Allocation Fund
HGLB · HIGHLAND GLOBAL ALLOCATION FUND
4.85%of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.00%of fund net assets
iShares Russell 2000 ETF
IWM · iShares Trust
0.00%of fund net assets
9.75%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do NexPoint Real Estate Finance, Inc. and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of NexPoint Real Estate Finance, Inc.'s earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in NexPoint Real Estate Finance, Inc.'s last four quarterly filings that the numbers alone won't show?”
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