NexPoint Real Estate Finance, Inc.

Listed Company

NREF-PACIK 0001786248NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$123.14M

Total Assets

$5.32B

Equity

$387.99M

Shares Out

18.69M

Op. Cash Flow

$22.92M

Business

NexPoint Real Estate Finance, Inc. is a publicly listed company in Real Estate Investment Trusts, incorporated in Maryland. Common stock trades on NYSE under the ticker NREF.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	90	73	68	78	—
Interest expense	−43	−44	−52	−40	—
Total net interest income (loss)	47	28	17	38	26
Change in unrealized gain (loss) on preferred stock and stock warrant investments	113	667,000	266,000	—	—
Reversal of (provision for) credit losses	−39	723,000	−4	−169,000	−189,000
Dividend income	19	2	193,000	0	0
Other income (loss)	−28,000	748,000	2	399,000	780,000
Realized gain	0	691,000	0	−1	−257,000
Loss on extinguishment of debt	−458,000	−488,000	0	17,000	0
Gain on deconsolidation of variable interest entity	—	0	1	0	—
Equity in losses of equity method investments	−898,000	−4	−3	0	0
Gain on sale from real estate owned	4	—	2	0	0
Revenues from consolidated real estate owned	8	9	5	12	10,000
Total other income (loss)	110	44	25	3	71
General and administrative expenses	13	13	9	7	6
Loan servicing fees	1	2	4	4	5
Management fees	7	4	3	3	2
Expenses from consolidated real estate owned	13	18	7	11	50,000
Total operating expenses	34	37	23	26	14
Net income	123	36	19	14	83
Net (income) loss attributable to redeemable noncontrolling interests	−18	−7	−5	−5	−40
Net income attributable to common stockholders	76	18	10	3	40
Weighted average common shares outstanding - basic (in shares)	18	17	17	15	7
Weighted-average common shares outstanding - diluted (in shares)	42	17	17	15	20
Earnings per share outstanding - basic (in dollars per share)	4.28	1.02	0.6	0.22	6
Earnings per share outstanding - diluted (in dollars per share)	2.85	1.02	0.6	0.22	3.93
Dividends declared per common share (in dollars per share)	2	2	2.74	2	1.9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	31	4	14	20	26
Restricted cash	3	3	3	299,000	7
Net Operating Real Estate Investments	114	122	127	245	62
Common stock investments	49	57	62	78	58
Equity method investments ($1,714 and $1,504 with related parties, respectively)	2	2	0	—	—
Mortgage loans, held-for-investment, net	121	263	676	727	847
Preferred stock investments, at fair value	158	19	15	0	—
Accrued interest and dividends, net	54	41	22	16	—
Stock warrant investments, at fair value	141	27	0	—	—
Accounts receivable and other assets	551,000	1	4	2	393,000
TOTAL ASSETS	5,321	5,416	7,018	8,154	8,514
Secured financing agreements, net	176	236	650	688	786
Master repurchase agreements	258	243	304	331	286
Unsecured notes	229	221	219	205	168
Mortgages payable, net	106	95	96	121	32
Accounts payable and other accrued liabilities	14	9	6	6	4
Accrued interest payable	14	10	8	8	4
Bonds payable held in variable interest entities, at fair value	3,692	4,029	5,290	6,250	—
Total Liabilities	4,489	4,844	6,573	7,609	8,007
Redeemable noncontrolling interests in the OP	82	86	89	97	261
Common stock, value, outstanding	186,000	174,000	172,000	171,000	92,000
Additional paid-in capital	404	388	396	392	222
Retained earnings (accumulated deficit)	−17	−55	−36	4	28
Total Stockholders' Equity	388	336	347	449	245
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	5,321	5,416	7,018	8,154	8,514

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of premiums	11	36	15	21	16
Accretion of discounts	−11	−27	−14	−13	−9
Depreciation and amortization of real estate investments	3	6	2	3	0
Amortization of deferred financing costs	161,000	47,000	−45,000	48,000	0
Change in fair value on interest rate caps included in other assets	—	−2	−2	0	0
Net cash received (paid) on interest rate caps	—	605,000	−440,000	0	0
Net change in unrealized (gain) loss on investments held at fair value	−97	8	17	45	−44
Net realized (gain) loss	−2	−11	—	1	257,000
Gain on deconsolidation of variable interest entity	—	0	−1	0	0
Stock-based compensation expense	6	6	4	3	2
Payment in kind income	−32	−14	−9	−715,000	−91,000
Accrued interest and dividends receivable	−21	−19	−4	−10	−3
Accounts receivable and other assets	−635,000	5	−354,000	−433,000	352,000
Accrued interest payable	4	2	338,000	3	2
Accounts payable, accrued expenses and other liabilities	−689,000	1	−2	310,000	2
Net cash provided by operating activities	23	29	32	66	49
Originations of mortgage loans, held-for-investment, net	−98	−168	−93	0	−118
Purchases of preferred stock and stock warrants	−140	−31	−15	—	—
Purchases of equity method investments	−2	−11	−3	—	0
Sale of equity method investments	392,000	5	0	0	—
Purchases of CMBS structured pass through certificates, at fair value	−12	—	—	—	—
Sales of CMBS securitizations held in variable interest entities, at fair value	—	124	45	—	—
Sale of MSCR notes, at fair value	—	11	0	0	—
Increase in cash in connection with VIE consolidation	796,000	0	2	0	0
Decrease in cash in connection with VIE deconsolidation	—	0	−5	0	0
Additions to real estate investments	−1	−902,000	−526,000	−185	−30
Net proceeds from dispositions of real estate investments	56	—	—	—	—
Net cash provided by investing activities	322	957	741	951	518
Borrowings under secured financing agreements	23	120	0	0	0
Principal repayments on borrowings under secured financing agreements	−82	−534	−38	−98	−54
Borrowings under master repurchase agreements	35	101	55	131	154
Principal repayments on borrowings under master repurchase agreements	−20	−161	−83	−86	−29
Proceeds received from unsecured notes offering	—	0	14	41	—
Proceeds received from unsecured promissory note	43	7	0	0	133
Principal repayment on unsecured promissory note	−37	−7	0	0	—
Borrowings under bridge facility	—	20	0	55	20
Bridge facility repayments	—	−20	0	−55	−20
Proceeds received from mortgages payable	0	0	416,000	—	—
Principal repayments on mortgages payable	−32	−240,000	−22,000	0	0
Payments for taxes related to net share settlement of stock-based compensation	−2	−1	−797,000	−495,000	−323,000
Dividends paid to common stockholders	−35	−35	−48	−30	−14
Distributions to redeemable noncontrolling interests in the OP	−10	−10	−12	−14	−22
Net cash used in financing activities	−317	−995	−777	−1,029	−567
Net increase (decrease) in cash, cash equivalents, and restricted cash	27	−10	−4	−13	−239,000
Interest paid	39	43	51	35	28
Adjustment to loans, held for investment, net on deconsolidation of real estate	—	0	36	0	0
Adjustment to real estate investments, net on deconsolidation of real estate	—	0	−186	0	0
Adjustment to accrued interest and dividends on deconsolidation of real estate	—	0	2	0	0
Adjustment to accounts receivable and other assets on deconsolidation of real estate	—	0	−799,000	0	0
Adjustment to mortgages payable, net on deconsolidation of real estate	—	0	89	0	0
Adjustment to accounts payable and accrued liabilities on deconsolidation of real estate	—	0	705,000	0	0
Adjustment to accrued interest payable on deconsolidation of real estate	—	0	1	0	0
Adjustment to noncontrolling interest in subsidiary on deconsolidation of real estate	—	0	64	0	0
Adjustment to retained earnings on deconsolidation of real estate	—	0	1	0	0
Adjustment to redeemable noncontrolling interest in the OP on deconsolidation of real estate	—	0	−297,000	0	0
Increase in dividends payable upon vesting of restricted stock units	2	2	1	0	531,000
Consolidation of mortgage loans and bonds payable held in variable interest entities	—	1,277	0	1,245	2,946
Consolidation of noncontrolling interest in CMBS variable interest entities	−3	3	0	0	7
Deconsolidation of mortgage loans and bonds payable held in variable interest entities	—	−2,327	−448	0	0
Adjustment to loans, held for investment, net on consolidation of real estate	−9	0	−10	0	0
Adjustment to real estate investments, net on consolidation of real estate	43	0	69	0	0
Adjustment to accounts receivable and other assets on consolidation of real estate	190,000	0	445,000	0	0
Adjustment to mortgages payable, net on consolidation of real estate	−43	0	−63	0	0
Adjustment to accrued interest payable on consolidation of real estate	−228,000	0	−972,000	0	0
Adjustment to accounts payable and accrued liabilities on consolidation of real estate	−1	0	−2	0	—
Conversion of paid-in-kind interest into Series E Preferred Stock	—	10	0	0	—

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