NexPoint Real Estate Finance
Channels NexPoint's real-estate credit platform into loans, preferred equity, and CMBS investments.
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Profile
Externally managed mortgage REIT focused on structured real-estate debt and equity across US multifamily, single-family rental, life-science, self-storage, and industrial properties. Investment selection, financing access, credit performance, and REIT qualification shape the business.
Originates, structures, and invests in first-lien mortgage loans, mezzanine loans, preferred equity, CMBS interests, revolving credit facilities, and related real-estate securities. The portfolio is concentrated in US property sectors such as multifamily, single-family rental, life-science, self-storage, industrial, and marinas.
Runs through an external management model: NexPoint Real Estate Advisors VII conducts substantially all operations, provides asset-management services, and makes investment decisions under board oversight. The structure gives public shareholders exposure to NexPoint's real-estate credit platform without a direct employee base.
Execution depends on manager underwriting, borrower and property cash flows, secured funding markets, preferred equity capital, and REIT tax status. Interest-rate and refinancing conditions matter because assets include floating-rate loans and structured credit while liabilities include secured facilities and other financing.
Company facts
Categories
Key statistics
Year to date +22.9% · Average volume (30d) 48.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 2, 2026 | Piper Sandler | Reiterate | Neutral | $15 | $16 | |
| Sep 19, 2024 | Raymond James | Downgrade | Strong Buy | Market Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.40 | $0.46 | +16.0% | $14.6M | $34.3M | +135.5% | +3.96% |
| Apr 30, 2026Q1 FY26 | $0.41 | $0.43 | +4.9% | $11.2M | $33.8M | +202.1% | +3.05% |
| Feb 26, 2026Q4 FY25 | $0.48 | $0.48 | 0.0% | $18.8M | $33.7M | +79.2% | −1.09% |
| Oct 30, 2025Q3 FY25 | $0.42 | $0.51 | +21.4% | $11.6M | $69.6M | +497.7% | −2.90% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $41.0M | $47.6M | $32.5M | $33.7M | $33.8M | $34.3M | |
| Gross profit | $26.8M | $31.5M | $29.1M | $30.1M | $28.4M | $28.3M | |
| Operating income | $26.0M | $22.3M | $59.6M | $33.3M | $31.7M | $26.9M | |
| Net income | $21.8M | $18.8M | $43.1M | $21.4M | $20.3M | $16.0M | |
| Diluted EPS | $0.70 | $0.54 | $1.14 | $0.48 | $0.42 | $0.29 | |
| Gross margin | 65.5% | 66.3% | 89.6% | 89.4% | 84.1% | 82.6% | |
| Operating margin | 63.3% | 46.8% | 183.6% | 98.9% | 93.9% | 78.5% |
Fiscal years (4-quarter sums)FY21 $44.6M · FY22 $23.7M · FY23 $24.1M · FY24 $110.3M · FY25 $154.7M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $138.2M · Total debt $4.48B · Total assets $5.37B · Shareholders' equity $379.6M
Dividends
Last raised to $0.50 from $0.475 in Mar 2022. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.50 | |
| Mar 13, 2026 | Mar 13 | Mar 31 | $0.50 | |
| Dec 15, 2025 | Dec 15 | Dec 31 | $0.50 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $0.50 | |
| Jun 13, 2025 | Jun 13 | Jun 30 | $0.50 | |
| Mar 14, 2025 | Mar 14 | Mar 31 | $0.50 | |
| Dec 13, 2024 | Dec 13 | Dec 31 | $0.50 | |
| Sep 13, 2024 | Sep 13 | Sep 30 | $0.50 |
Ownership
Shares outstanding 18.85M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Nexpoint Asset Management, L.P. | 9.44M | 50.08% | 13F | Aug 14, 2026 |
| James D. Dondero · director, 10 percent owner, officer: President | 4.14M | 21.98% | Form 4 | Apr 6, 2026 |
| BlackRock, Inc. | 624.3K | 3.31% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 346.3K | 1.84% | 13F | Aug 13, 2026 |
| Matt McGraner · officer: See Remarks | 318.0K | 1.69% | Form 4 | Apr 6, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 18, 2025 | Brian Mitts | director | −11,904 | $14.51 |
| Sep 22, 2025 | James D. Dondero | director, 10 percent owner, officer: President | +66,000 | $14.33 |
| Sep 22, 2025 | James D. Dondero | director, 10 percent owner, officer: President | −66,000 | $14.33 |
Peers
- Starwood Property Trust
Diversified CRE finance platform with lending and CMBS overlap
- KKR Real Estate Finance Trust
KKR-backed senior CRE lender with mezzanine and CMBS overlap
- BrightSpire Capital
CRE credit REIT with senior, mezzanine and preferred-equity overlap
- Blackstone Mortgage Trust
Large-scale senior CRE lender with institutional collateral overlap
- Apollo Commercial Real Estate Finance
Apollo-backed CRE lender across senior and subordinate debt
- Ares Commercial Real Estate
Ares-backed CRE lender focused on senior debt and preferred equity
- Ladder Capital
Middle-market CRE lender with mezzanine and securities overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NexPoint Real Estate Finance | $17.24 | −0.46% | $324.9M | 7.4 | 9.7 | 2.4 | +9.2% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| BrightSpire Capital | $4.75 | 0.00% | $601.0M | — | 7.8 | 1.8 | −0.9% |
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| Apollo Commercial Real Estate Finance | $6.85 | −0.15% | $897.0M | 8.7 | — | 3.4 | −76.2% |
| Ares Commercial Real Estate | $4.65 | +0.11% | $258.0M | — | 50.3 | 2.6 | — |
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| Median | 23.3 | 9.4 | 2.6 | −20.9% |