NREF - NYSE

NexPoint Real Estate Finance, Inc.

NREF·NYSE

$15.77

-1.6%

Real EstateREIT - Mortgage

NexPoint Real Estate Finance, Inc. operates as a real estate finance company in the United States. It focuses on originating, structuring, and investing in first mortgage loans, mezzanine loans, preferred equity, and preferred stock, as well as multifamily commercial mortgage backed securities securitizations. The company intends to qualify as a real estate investment trust for U.S. federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 2019 and is based in Dallas, Texas.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$297.23M

EPS4.3800

P/E Ratio3.27

Earnings Date07/30/2026

22.92M

Operating Cash Flow

-22%

3Y-65.0%

5Y-30.0%

10Y-9688.0%

321.54M

Investing Cash Flow

-66%

3Y-66.0%

5Y-571.0%

10Y-

-317.16M

Financing Cash Flow

-68%

3Y-69.0%

5Y-561.0%

10Y-158679.0%

NexPoint Real Estate Finance, Inc. Cash Conversion Engine

NREF · NYSE

FCF Components

Net Income106.84M

Depreciation & Amortization14.13M

Stock-Based Compensation5.99M

Change in Working Capital-18.48M

Others-85.56M

Capital Expenditures0.00

Free Cash Flow22.92M

Cash Flow Quality Analysis

FCF Conversion Rate

21.4%

Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.

FCF Growth Trend

-21.7%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

-$18.48M

Significant working capital drain. Growth may be consuming cash through inventory buildup or receivables extension—monitor closely.

Cash Flow Quality Insight

Deteriorating cash generation: Both declining FCF and weak conversion rate signal fundamental challenges. Investigate margin pressure, rising costs, or working capital issues.

NexPoint Real Estate Finance, Inc. Cash Flow Statement

NREF • NYSE

NexPoint Real Estate Finance, Inc. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2018	Dec 2016	Dec 2015	Dec 2014
OPERATING ACTIVITIES
Net Income	106.8M	36M	14M	14.2M	83.5M	34.2M	19.4M	-1.5M	-1.8M	0.0
Depreciation & Amortization	14.1M	5.6M	2.5M	2.9M	0.0	0.0	0.0	1.6M	1.3M	0.0
Change in Deferred Taxes	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-727K	0.0	0.0
Stock-Based Compensation	6M	6.1M	4.4M	3.3M	2M	548K	0.0	21K	0.0	0.0
Other Non-Cash Items	-85.6M	-6.7M	17.2M	52.9M	-36.6M	2M	-19.4M	919K	20K	239K
Change in Working Capital	-18.5M	-11.7M	-6.5M	-7.5M	378K	-3.8M	0.0	456K	933K	-239K
Cash from Operating Activities	22.9M	29.3M	31.6M	65.8M	49.3M	32.9M	0.0	767K	471K	-239K
INVESTING ACTIVITIES
Acquisitions, Net	(0.0)	(0.0)	(1.8M)	(0.0)	(0.0)	-87K	(0.0)	(0.0)	(0.0)	(0.0)
Purchase of Investments	-5.4M	-139.8M	-20.8M	-153.7M	-243.6M	-190.5M	(0.0)	-11.3M	(0.0)	(0.0)
Sale/Maturity of Investments	56.7M	218.2M	546K	7.5M	3.9M	0.0	0.0	6M	0.0	0.0
Other Investing Items	270.2M	878.1M	759.8M	1.1B	757.6M	122.3M	0.0	-1.2M	-41.1M	0.0
Cash from Investing Activities	(321.5M)	(956.5M)	(741.3M)	(950.6M)	(517.9M)	-68.3M	(0.0)	-6.4M	-41.1M	(0.0)
FINANCING ACTIVITIES
Net Issuance of Common Stock	212.6M	140.4M	-797K	168M	83.2M	-4.8M	0.0	4.6M	4M	200K
Net Issuance of Debt	-53.6M	-414.5M	-24.4M	27.1M	78.3M	153.1M	0.0	1M	36.9M	0.0
Cash Paid for Dividends	-20.9M	-46.3M	-51.5M	-33.2M	-17.7M	-8.3M	(0.0)	-12K	(0.0)	(0.0)
Share Repurchases	(0.0)	(0.0)	-797K	(0.0)	(0.0)	-13.4M	(0.0)	(0.0)	(0.0)	(0.0)
Other Financing Items	-455.2M	-675M	-709.3M	-1.2B	-711.3M	-200.2M	0.0	-237K	460K	0.0
Cash from Financing Activities	-317.2M	-995.4M	-776.6M	-1B	-567.4M	68.8M	0.0	5.4M	41.4M	200K
CASH FLOW SUMMARY
Net Change in Cash	27.3M	-9.6M	-3.7M	-12.9M	-239K	33.5M	0.0	-286K	769K	-39K
Cash at Beginning of Period	7.1M	16.6M	20.3M	33.2M	33.5M	0.0	0.0	969K	200K	239K
Cash at End of Period	34.4M	7.1M	16.6M	20.3M	33.2M	33.5M	0.0	683K	969K	200K
Free Cash Flow	22.9M	29.3M	31.6M	65.8M	49.3M	32.9M	0.0	767K	471K	-239K

SEC Filings

NREF - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	June 02, 2026	June 02, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	May 15, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 13, 2026	May 07, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 30, 2026	April 29, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 30, 2026	April 30, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	April 20, 2026	June 02, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 03, 2026	March 30, 2026	2026	View Filing
10-K 10-K 2025 FY FY	March 31, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	February 26, 2026	February 26, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 23, 2026	January 16, 2026	2026	View Filing

Showing 1 to 10 of 111 filings

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