NREF on NYSE
NexPoint Real Estate Finance, Inc.
American real estate investment trust based in Baltimore, active since 2019. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
- TickerNREF on NYSE2
- IndustryReal Estate Investment Trusts2
- HeadquartersBaltimore, United States2
- Incorporated inMD3
- Business address300 Crescent Court, Suite 700, Dallas, Tx 752013
- Filer categoryNon-accelerated filer, Smaller reporting company3
- Legal formStock Corporation2
- LEI254900JOTKRKS0A4UA762
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D197228592
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NexPoint Real Estate Finance, Inc. (the “Company”, “we”, “our”, "NREF") is a commercial mortgage REIT incorporated in Maryland on June 7, 2019 that has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is focused on originating, structuring and investing in first-lien mortgage loans ("senior loans"), mezzanine loans, preferred equity, convertible notes, multifamily properties and common equity investments, as well as multifamily and single-family rental ("SFR") commercial mortgage backed securities securitizations (“CMBS securitizations”), promissory notes, revolving credit facilities and stock warrants, or our target assets. We primarily focus on investments in real estate sectors where our senior management team has operating expertise, including in the multifamily, SFR, self-storage, industrial and life science sectors predomin…4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Interest income | $89.9M | $72.5M | $68.4M |
| Interest expense | -$42.8M | -$44.4M | -$51.6M |
| Total net interest income (loss) | $47.2M | $28.1M | $16.8M |
| Change in unrealized gain (loss) on preferred stock and stock warrant investments | $112.6M | $667.0K | $266.0K |
| Reversal of (provision for) credit losses | -$39.0M | $723.0K | -$4.3M |
| Dividend income | $19.4M | $2.0M | $193.0K |
| Other income (loss) | -$28.0K | $748.0K | $1.5M |
| Realized gain | $0 | $691.0K | |
| Loss on extinguishment of debt | -$458.0K | -$488.0K | |
| Gain on deconsolidation of variable interest entity | $1.5M | ||
| Equity in losses of equity method investments | -$898.0K | -$4.0M | -$2.6M |
| Gain on sale from real estate owned | $3.6M | ||
| Revenues from consolidated real estate owned | $7.8M | $8.9M | $5.1M |
| Total other income (loss) | $109.7M | $44.5M | $25.3M |
| General and administrative expenses | $12.7M | $12.8M | $9.2M |
| Loan servicing fees | $1.4M | $1.6M | $4.2M |
| Management fees | $6.8M | $3.9M | $3.3M |
| Expenses from consolidated real estate owned | $12.9M | $18.4M | $6.7M |
| Total operating expenses | $33.7M | $36.6M | $23.4M |
| Net income | $123.1M | $36.0M | $18.7M |
| Net (income) loss attributable to redeemable noncontrolling interests | -$18.0M | -$6.8M | -$4.8M |
| Net income attributable to common stockholders | $75.7M | $17.7M | $10.4M |
| Weighted average common shares outstanding - basic (in shares) | 17.7M shares | 17.4M shares | 17.2M shares |
| Weighted-average common shares outstanding - diluted (in shares) | 42.0M shares | 17.4M shares | 17.2M shares |
| Earnings per share outstanding - basic (in dollars per share) | $4.28 | $1.02 | $0.60 |
| Earnings per share outstanding - diluted (in dollars per share) | $2.85 | $1.02 | $0.60 |
| Dividends declared per common share (in dollars per share) | $2.00 | $2.00 | $2.74 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $31.1M | $3.9M | ||
| Restricted cash | $3.2M | $3.2M | ||
| Net Operating Real Estate Investments | $113.9M | $121.8M | ||
| Common stock investments | $49.1M | $57.4M | ||
| Mortgage loans, held-for-investment, net | $121.2M | $263.4M | ||
| Preferred stock investments, at fair value | $157.9M | $18.9M | ||
| Accrued interest and dividends, net | $54.0M | $41.2M | ||
| Stock warrant investments, at fair value | $141.2M | $27.4M | ||
| Accounts receivable and other assets | $551.0K | $1.5M | ||
| TOTAL ASSETS | $5.3B | $5.4B | ||
| Master repurchase agreements | $258.0M | $243.5M | ||
| Mortgages payable, net | $106.2M | $95.5M | ||
| Accounts payable and other accrued liabilities | $13.7M | $9.5M | ||
| Accrued interest payable | $13.8M | $10.0M | ||
| Bonds payable held in variable interest entities, at fair value | $3.7B | $4.0B | ||
| Total Liabilities | $4.5B | $4.8B | ||
| Redeemable noncontrolling interests in the OP | $82.2M | $86.2M | $89.5M | $96.5M |
| Common stock, value, outstanding | $186.0K | $174.0K | ||
| Additional paid-in capital | $404.2M | $387.9M | ||
| Retained earnings (accumulated deficit) | -$16.5M | -$54.9M | ||
| Total Stockholders' Equity | $388.0M | $336.5M | $347.4M | $448.5M |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $5.3B | $5.4B | ||
| Equity method investments | $1.7M | $1.5M | ||
| Secured financing agreements, net | $176.1M | $235.8M | ||
| Unsecured notes | $229.1M | $221.0M | ||
| Preferred stock, par value per share (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, authorized (in shares) | 100.0M shares | 100.0M shares | ||
| Preferred stock, issued (in shares) | 1.6M shares | 1.6M shares | ||
| Preferred stock, outstanding (in shares) | 1.6M shares | 1.6M shares | ||
| Common stock, par value per share (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, authorized (in shares) | 500.0M shares | 500.0M shares | ||
| Common stock, issued (in shares) | 18.6M shares | 17.5M shares | ||
| Common Shares Outstanding (in shares) | 18.6M shares | 17.5M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $31.1M | $3.9M | ||
| Restricted cash | $3.2M | $3.2M | ||
| Net Operating Real Estate Investments | $113.9M | $121.8M | ||
| Common stock investments | $49.1M | $57.4M | ||
| Mortgage loans, held-for-investment, net | $121.2M | $263.4M | ||
| Preferred stock investments, at fair value | $157.9M | $18.9M | ||
| Accrued interest and dividends, net | $54.0M | $41.2M | ||
| Stock warrant investments, at fair value | $141.2M | $27.4M | ||
| Accounts receivable and other assets | $551.0K | $1.5M | ||
| TOTAL ASSETS | $5.3B | $5.4B | ||
| Master repurchase agreements | $258.0M | $243.5M | ||
| Mortgages payable, net | $106.2M | $95.5M | ||
| Accounts payable and other accrued liabilities | $13.7M | $9.5M | ||
| Accrued interest payable | $13.8M | $10.0M | ||
| Bonds payable held in variable interest entities, at fair value | $3.7B | $4.0B | ||
| Total Liabilities | $4.5B | $4.8B | ||
| Redeemable noncontrolling interests in the OP | $82.2M | $86.2M | $89.5M | $96.5M |
| Common stock, value, outstanding | $186.0K | $174.0K | ||
| Additional paid-in capital | $404.2M | $387.9M | ||
| Retained earnings (accumulated deficit) | -$16.5M | -$54.9M | ||
| Total Stockholders' Equity | $388.0M | $336.5M | $347.4M | $448.5M |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $5.3B | $5.4B | ||
| Equity method investments | $1.7M | $1.5M | ||
| Secured financing agreements, net | $176.1M | $235.8M | ||
| Unsecured notes | $229.1M | $221.0M | ||
| Preferred stock, par value per share (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, authorized (in shares) | 100.0M shares | 100.0M shares | ||
| Preferred stock, issued (in shares) | 1.6M shares | 1.6M shares | ||
| Preferred stock, outstanding (in shares) | 1.6M shares | 1.6M shares | ||
| Common stock, par value per share (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, authorized (in shares) | 500.0M shares | 500.0M shares | ||
| Common stock, issued (in shares) | 18.6M shares | 17.5M shares | ||
| Common Shares Outstanding (in shares) | 18.6M shares | 17.5M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $123.1M | $36.0M | $18.7M |
| Amortization of premiums | $11.2M | $36.5M | $15.3M |
| Accretion of discounts | -$11.2M | -$27.2M | -$13.9M |
| Depreciation and amortization of real estate investments | $2.9M | $5.6M | $2.5M |
| Amortization of deferred financing costs | $161.0K | $47.0K | -$45.0K |
| Change in fair value on interest rate caps included in other assets | -$2.5M | -$1.7M | |
| Net cash received (paid) on interest rate caps | $605.0K | -$440.0K | |
| Provision for (reversal of) credit losses | $39.0M | -$723.0K | $4.3M |
| Net change in unrealized (gain) loss on investments held at fair value | -$97.3M | $7.9M | $16.8M |
| Equity in (income) losses of unconsolidated equity method ventures | $898.0K | $4.0M | $2.6M |
| Net realized (gain) loss | -$1.7M | -$11.2M | |
| Gain on deconsolidation of variable interest entity | -$1.5M | ||
| Stock-based compensation expense | $6.0M | $6.1M | $4.4M |
| Payment in kind income | -$32.1M | -$14.5M | -$9.0M |
| Loss on extinguishment of debt | $458.0K | $488.0K | |
| Accrued interest and dividends receivable | -$20.9M | -$19.2M | -$4.3M |
| Accounts receivable and other assets | -$635.0K | $4.6M | -$354.0K |
| Accrued interest payable | $3.8M | $1.8M | $338.0K |
| Accounts payable, accrued expenses and other liabilities | -$689.0K | $1.1M | -$2.2M |
| Net cash provided by operating activities | $22.9M | $29.3M | $31.6M |
| Originations of mortgage loans, held-for-investment, net | -$97.8M | -$168.0M | -$92.7M |
| Purchases of preferred stock and stock warrants | -$140.2M | -$30.9M | -$14.5M |
| Purchases of equity method investments | -$2.0M | -$10.9M | -$2.6M |
| Sale of equity method investments | $392.0K | $5.4M | |
| Purchases of CMBS structured pass through certificates, at fair value | -$11.6M | ||
| Sales of CMBS securitizations held in variable interest entities, at fair value | $124.2M | $44.8M | |
| Sale of MSCR notes, at fair value | $11.1M | ||
| Increase in cash in connection with VIE consolidation | $796.0K | $1.8M | |
| Decrease in cash in connection with VIE deconsolidation | -$5.0M | ||
| Additions to real estate investments | -$1.4M | -$902.0K | -$526.0K |
| Net proceeds from dispositions of real estate investments | $56.3M | ||
| Net cash provided by investing activities | $321.5M | $956.5M | $741.3M |
| Borrowings under secured financing agreements | $22.7M | $120.0M | |
| Principal repayments on borrowings under secured financing agreements | -$82.4M | -$534.2M | -$38.3M |
| Borrowings under master repurchase agreements | $34.6M | $101.2M | $55.2M |
| Principal repayments on borrowings under master repurchase agreements | -$20.0M | -$161.3M | -$82.7M |
| Proceeds received from unsecured notes offering | $13.6M | ||
| Proceeds received from unsecured promissory note | $42.5M | $6.5M | |
| Principal repayment on unsecured promissory note | -$36.5M | -$6.5M | |
| Borrowings under bridge facility | $19.9M | ||
| Bridge facility repayments | -$20.0M | ||
| Proceeds received from mortgages payable | $0 | $416.0K | |
| Principal repayments on mortgages payable | -$32.1M | -$240.0K | -$22.0K |
| Payments for taxes related to net share settlement of stock-based compensation | -$1.6M | -$1.2M | -$797.0K |
| Dividends paid to common stockholders | -$35.3M | -$34.8M | -$48.0M |
| Distributions to redeemable noncontrolling interests in the OP | -$10.1M | -$10.1M | -$12.1M |
| Net cash used in financing activities | -$317.2M | -$995.4M | -$776.6M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $27.3M | -$9.6M | -$3.7M |
| Interest paid | $39.0M | $42.6M | $51.3M |
| Adjustment to loans, held for investment, net on deconsolidation of real estate | $36.0M | ||
| Adjustment to real estate investments, net on deconsolidation of real estate | -$185.7M | ||
| Adjustment to accrued interest and dividends on deconsolidation of real estate | $2.0M | ||
| Adjustment to accounts receivable and other assets on deconsolidation of real estate | -$799.0K | ||
| Adjustment to mortgages payable, net on deconsolidation of real estate | $89.0M | ||
| Adjustment to accounts payable and accrued liabilities on deconsolidation of real estate | $705.0K | ||
| Adjustment to accrued interest payable on deconsolidation of real estate | $1.1M | ||
| Adjustment to noncontrolling interest in subsidiary on deconsolidation of real estate | $64.4M | ||
| Adjustment to retained earnings on deconsolidation of real estate | $1.5M | ||
| Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate | -$297.0K | ||
| Increase in dividends payable upon vesting of restricted stock units | $1.9M | $2.0M | $1.1M |
| Consolidation of mortgage loans and bonds payable held in variable interest entities | $1.3B | ||
| Consolidation of noncontrolling interest in CMBS variable interest entities | -$3.3M | $3.3M | |
| Deconsolidation of mortgage loans and bonds payable held in variable interest entities | -$2.3B | -$448.4M | |
| Adjustment to loans, held for investment, net on consolidation of real estate | -$9.0M | -$9.7M | |
| Adjustment to real estate investments, net on consolidation of real estate | $42.9M | $69.0M | |
| Adjustment to accounts receivable and other assets on consolidation of real estate | $190.0K | $445.0K | |
| Adjustment to mortgages payable, net on consolidation of real estate | -$42.7M | -$63.1M | |
| Adjustment to accrued interest payable on consolidation of real estate | -$228.0K | -$972.0K | |
| Adjustment to accounts payable and accrued liabilities on consolidation of real estate | -$1.0M | -$2.4M | |
| Conversion of paid-in-kind interest into Series E Preferred Stock | $10.0M |
No quarter-by-quarter statement was filed.
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Leadership
Who has led NexPoint Real Estate Finance, Inc., and when. Pick a name to see everywhere that person has worked.
President
2025
- PresidentJames D. Dondero Feb 6, 2020 to now13
Board members and other officers (11)
- OfficerBrian Mitts Feb 6, 2020 to May 9, 202414
- OfficerMatt McGraner Feb 6, 2020 to now15
- OfficerMatthew Goetz Feb 6, 2020 to May 10, 202316
- Board memberCarol Swain Aug 5, 2022 to now17
- Board memberArthur B. Laffer Feb 6, 2020 to now18
- Board memberBrian Mitts Feb 6, 2020 to now14
- Board memberEdward N. Constantino Feb 6, 2020 to now19
- Board memberJames D. Dondero Feb 6, 2020 to now13
- Board memberScott F. Kavanaugh Feb 6, 2020 to now20
- Board memberCatherine D. Wood Aug 6, 2020 to now21
- General counselDennis Charles Sauter Jr. Apr 6, 2020 to now22
Timeline
- Jun 7, 2019Founded NexPoint Real Estate Finance, Inc. is founded2
Filings
283 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 146 insider forms, 4 large holders, 54 other. The latest 20:
- Aug 20, 20268-K EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jun 2, 20268-K EDGAR
- May 15, 202610-Q EDGAR
- May 13, 20268-K EDGAR
- Apr 30, 20268-K EDGAR
- Apr 30, 20268-K EDGAR
- Apr 20, 2026DEFA14A EDGAR
- Apr 20, 2026ARS EDGAR
- Apr 20, 2026DEF 14A EDGAR
- Apr 8, 2026PRE 14A EDGAR
- Apr 6, 20264 EDGAR
- Apr 6, 20264 EDGAR
- Apr 6, 20264 EDGAR
- Apr 6, 20264 EDGAR
- Apr 6, 20264 EDGAR
- Apr 6, 20264 EDGAR
- Apr 6, 20264 EDGAR
- Apr 6, 20264 EDGAR
The 283 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
32 open-market trades by officers, directors and large owners since October 2021: 30 buys and 2 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 18, 2025 | Mitts BrianDirector | Sale | 11,904 | $14.51 | $172.7K | Form 4 |
| Sep 22, 2025 | DONDERO JAMES DPresident | Buy | 66,000 | $14.33 | $945.8K | Form 4 |
| Sep 22, 2025 | DONDERO JAMES DPresident | Sale | 66,000 | $14.33 | $945.8K | Form 4 |
| Apr 9, 2025 | Richards PaulSee Remarks | Buy | 1,000 | $12.28 | $12.3K | Form 4 |
| Jun 7, 2023 | Wood Catherine D.Director | Buy | 3,600 | $16.09 | $57.9K | Form 4 |
| May 17, 2023 | McGraner MattSee Remarks | Buy | 2,000 | $13.78 | $27.6K | Form 4 |
| May 10, 2023 | McGraner MattSee Remarks | Buy | 2,000 | $13.05 | $26.1K | Form 4 |
| Jan 9, 2023 | DONDERO JAMES DPresident | Buy | 510 | $20.25 | $10.3K | Form 4 |
| Jan 9, 2023 | McGraner MattSee Remarks | Buy | 5,000 | $16.81 | $84.0K | Form 4 |
| Dec 29, 2022 | Mitts BrianDirector | Buy | 95 | $15.95 | $1.5K | Form 4 |
| Oct 7, 2022 | Goetz MatthewSee Remarks | Buy | 4,900 | $15.56 | $76.2K | Form 4 |
| Oct 7, 2022 | Sauter Dennis Charles JrGeneral Counsel and Secretary | Buy | 6,500 | $15.43 | $100.3K | Form 4 |
| Oct 6, 2022 | Mitts BrianDirector | Buy | 1,667 | $15.08 | $25.1K | Form 4 |
| Oct 6, 2022 | Goetz MatthewSee Remarks | Buy | 100 | $14.85 | $1.5K | Form 4 |
| Oct 6, 2022 | McGraner MattSee Remarks | Buy | 10,000 | $15.15 | $151.5K | Form 4 |
| Oct 5, 2022 | McGraner MattSee Remarks | Buy | 10,000 | $15.44 | $154.4K | Form 4 |
| Sep 26, 2022 | DONDERO JAMES DPresident | Buy | 5,000 | $23.50 | $117.5K | Form 4 |
| Sep 23, 2022 | DONDERO JAMES DPresident | Buy | 6,845 | $23.70 | $162.2K | Form 4 |
| Sep 22, 2022 | DONDERO JAMES DPresident | Buy | 1,434 | $23.77 | $34.1K | Form 4 |
| Sep 21, 2022 | DONDERO JAMES DPresident | Buy | 266 | $23.70 | $6.3K | Form 4 |
All 32 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- James D. DonderoSCHEDULE 13D/A, 3 filings Jan 10, 2022 to Jan 2, 202623
- KENNEDY CAPITAL MANAGEMENT LLCSC 13G/A, 1 filing Feb 14, 202224
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 77. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 13SEC EDGARJames D. Dondero, President
- 14SEC EDGARBrian Mitts, Officer
- 15SEC EDGARMatt McGraner, Officer
- 16SEC EDGARMatthew Goetz, Officer
- 17SEC EDGARCarol Swain, Board member
- 18SEC EDGARArthur B. Laffer, Board member
- 19SEC EDGAREdward N. Constantino, Board member
- 20SEC EDGARScott F. Kavanaugh, Board member
- 21SEC EDGARCatherine D. Wood, Board member
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