Financial health
- Total debt ($771M) exceeds cash ($31M); net debt is $740M.
Shareholder returns
- Dividends have been paid for 6 consecutive years, consuming 28.7% of earnings.
- The dividend has grown 36.8% per year over the past 5 years.
NREF Financials NexPoint Real Estate Finance, Inc.
6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | $123M | — | — | 31.7% | 2.3% | — | $771M | $31M |
| 2024 | — | $36M | — | — | 10.7% | 0.7% | — | $799M | $4M |
| 2023 | — | $19M | — | — | 5.4% | 0.3% | — | $1.3B | $14M |
| 2022 | — | $14M | — | — | 3.2% | 0.2% | — | $1.3B | $20M |
| 2021 | — | $83M | — | — | 34.0% | 1.0% | — | $1.3B | $26M |
| 2020 | — | $34M | — | — | 26.6% | 0.6% | — | $1.0B | $30M |
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | — | $17M | — | — | 4.6% | 0.3% | — | — | $6M |
| Mar '26 | — | $23M | — | — | 5.8% | 0.4% | — | — | $23M |
| Dec '25 | — | $24M | — | — | 6.2% | 0.5% | — | $771M | $31M |
| Sep '25 | — | $51M | — | — | 13.5% | 1.0% | — | $721M | $18M |
| Jun '25 | — | $22M | — | — | 6.4% | 0.4% | — | $816M | $9M |
| Mar '25 | — | $26M | — | — | 7.6% | 0.5% | — | $832M | $19M |
| Dec '24 | — | $15M | — | — | 4.5% | 0.3% | — | $799M | $4M |
| Sep '24 | — | $23M | — | — | 6.9% | 0.4% | — | $816M | $35M |
| Jun '24 | — | $12M | — | — | 3.7% | 0.2% | — | $861M | $4M |
| Mar '24 | — | -$15M | — | — | -4.5% | -0.2% | — | $843M | $13M |
| Dec '23 | — | $18M | — | — | 5.2% | 0.3% | — | $1.3B | $14M |
| Sep '23 | — | -$17M | — | — | -4.9% | -0.2% | — | $1.2B | $11M |
| Jun '23 | — | $8M | — | — | 2.3% | 0.1% | — | $1.3B | $20M |
| Mar '23 | — | $9M | — | — | 2.5% | 0.1% | — | $1.3B | $39M |
| Dec '22 | — | -$2M | — | — | -0.4% | -0.0% | — | $1.3B | $20M |
| Sep '22 | — | -$9M | — | — | -2.3% | -0.1% | — | $1.3B | $22M |
| Jun '22 | — | $7M | — | — | 1.9% | 0.1% | — | $1.2B | $53M |
| Mar '22 | — | $18M | — | — | 5.0% | 0.2% | — | $1.2B | $35M |
| Dec '21 | — | $21M | — | — | 8.5% | 0.2% | — | $1.3B | $26M |
| Sep '21 | — | $25M | — | — | 10.6% | 0.3% | — | $1.1B | $22M |
Valuation over time
How the market has priced NREF against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 20.8× (Mar '23) to 2.7× (Sep '26).
- The dividend yield has risen from 10.0% (Mar '23) to 10.6% (Sep '26).
P/E
Dividend yield %
Frequently asked questions
Is NREF growing its revenue and profit?
See the revenue and net-income charts above for NexPoint Real Estate Finance, Inc.'s multi-year trend.
How much debt does NREF have?
As of FY2025, NexPoint Real Estate Finance, Inc. reported $771M of total debt against $31M of cash.
What is NREF's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is NREF's P/E ratio?
As of Sep '26, NexPoint Real Estate Finance, Inc. traded at a price-to-earnings ratio of about 2.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.