NexPoint Real Estate Finance Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), NexPoint Real Estate Finance Inc reported revenue of $7.8M (-11.8% year on year) and net income of $123.1M (+242.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income | $89.9M | $72.5M | $68.4M | $78.0M |
| Interest expense | ($42.8M) | ($44.4M) | ($51.6M) | ($40.3M) |
| Total net interest income (loss) | $47.2M | $28.1M | $16.8M | $37.7M |
| Change in net assets related to consolidated CMBS variable interest entities | $12.5M | $36.7M | $38.2M | $10.2M |
| Unrealized gain (loss) | $2.9M | $2.7M | $2.1M | ($13.9M) |
| Change in unrealized gain (loss) on common stock investments | ($8.8M) | ($3.5M) | ($16.5M) | ($5.2M) |
| Change in unrealized gain (loss) on preferred stock and stock warrant investments | $112.6M | — | — | — |
| Reversal of (provision for) credit losses | ($39.0M) | $723.0K | ($4.3M) | ($169.0K) |
| Dividend income | $19.4M | $2.0M | $193.0K | $0 |
| Other income (loss) | ($28.0K) | $748.0K | $1.5M | $399.0K |
| Realized gain | $0 | $691.0K | $0 | ($1.1M) |
| Loss on extinguishment of debt | ($458.0K) | ($488.0K) | $0 | $17.0K |
| Equity in losses of equity method investments | ($898.0K) | ($4.0M) | ($2.6M) | — |
| Gain on sale from real estate owned | $3.6M | — | $1.5M | — |
| Revenues from consolidated real estate owned | $7.8M | $8.9M | $5.1M | $12.4M |
| Total other income (loss) | $109.7M | $44.5M | $25.3M | $2.7M |
| General and administrative expenses | $12.7M | $12.8M | $9.2M | $7.2M |
| Loan servicing fees | $1.4M | $1.6M | $4.2M | $4.4M |
| Management fees | $6.8M | $3.9M | $3.3M | $3.2M |
| Expenses from consolidated real estate owned | $12.9M | $18.4M | $6.7M | $11.4M |
| Total operating expenses | $33.7M | $36.6M | $23.4M | $26.2M |
| Net income | $123.1M | $36.0M | $18.7M | $14.2M |
| Net (income) loss attributable to preferred stockholders | ($29.4M) | ($11.5M) | ($3.6M) | ($3.5M) |
| Net (income) loss attributable to redeemable noncontrolling interests | ($18.0M) | ($6.8M) | ($4.8M) | ($5.0M) |
| Net income attributable to common stockholders | $75.7M | $17.7M | $10.4M | $3.2M |
| Weighted average common shares outstanding - basic (in shares) | 17.7M | 17.4M | 17.2M | 14.7M |
| Weighted-average common shares outstanding - diluted (in shares) | 42.0M | 17.4M | 17.2M | 14.7M |
| Earnings per share outstanding - basic (in dollars per share) | $4.28 | $1.02 | $0.60 | $0.22 |
| Earnings per share outstanding - diluted (in dollars per share) | $2.85 | $1.02 | $0.60 | $0.22 |
| Dividends declared per common share (in dollars per share) | $2.00 | $2.00 | $2.74 | $2.00 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest income | $25.5M | $24.5M | $22.9M | $22.8M |
| Interest expense | ($8.9M) | ($9.2M) | ($10.4M) | ($10.8M) |
| Total net interest income | $16.5M | $15.3M | $12.5M | $12.1M |
| Change in net assets related to consolidated CMBS variable interest entities | $3.4M | $4.9M | $1.8M | $789.0K |
| Unrealized gain (loss) | $224.0K | $473.0K | $607.0K | $660.0K |
| Change in unrealized gain (loss) on common stock investments | $2.3M | $3.8M | $50.4M | $23.0M |
| Change in unrealized gain (loss) on preferred stock and stock warrant investments | ($4.1M) | ($4.5M) | $50.4M | $23.0M |
| Reversal of (provision for) credit losses | ($773.0K) | $3.0M | ($15.7M) | ($5.3M) |
| Dividend income | $7.4M | $7.2M | $5.8M | $4.0M |
| Other income (loss) | $22.0K | $338.0K | ($122.0K) | $52.0K |
| Realized gain | $749.0K | ($4.0K) | ($23.0K) | $0 |
| Equity in income (losses) of equity method investments | ($705.0K) | $54.0K | $12.0K | ($1.0M) |
| Revenues from consolidated real estate owned | $2.2M | $2.2M | $1.6M | $2.5M |
| Total other income | $10.8M | $17.3M | $46.7M | $19.5M |
| General and administrative expenses | $2.8M | $3.3M | $3.4M | $3.8M |
| Loan servicing fees | $272.0K | $300.0K | $372.0K | $374.0K |
| Management fees | $2.3M | $2.2M | $1.8M | $1.6M |
| Expenses from consolidated real estate owned | $4.7M | $4.2M | $2.8M | $3.6M |
| Total operating expenses | $10.0M | $10.0M | $8.4M | $9.3M |
| Net income | $17.3M | $22.6M | $50.9M | $22.3M |
| Net (income) loss attributable to preferred stockholders | ($10.6M) | ($10.2M) | ($8.0M) | ($6.5M) |
| Net (income) loss attributable to redeemable noncontrolling interests | ($1.3M) | ($2.4M) | ($7.8M) | ($3.4M) |
| Net income attributable to common stockholders | $5.4M | $10.0M | $35.0M | $12.3M |
| Weighted average common shares outstanding - basic (in shares) | 18.8M | 18.6M | 17.7M | 17.7M |
| Weighted-average common shares outstanding - diluted (in shares) | 54.0M | 51.5M | 43.9M | 39.5M |
| Earnings per share outstanding - basic (in dollars per share) | $0.29 | $0.54 | $1.98 | $0.69 |
| Earnings per share outstanding - diluted (in dollars per share) | $0.29 | $0.42 | $1.14 | $0.54 |
| Dividends declared per common share (in dollars per share) | $0.50 | $0.50 | $0.50 | $0.50 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $31.1M | $3.9M | $13.8M | $20.0M |
| Restricted cash | $3.2M | $3.2M | $2.8M | $299.0K |
| Net Operating Real Estate Investments | $113.9M | $121.8M | $126.6M | $245.2M |
| Loans and leases receivable, net amount | $4.6B | $4.8B | $6.0B | $256.1M |
| Common stock investments | $49.1M | $57.4M | $61.5M | $78.3M |
| Equity method investments ($1,714 and $1,504 with related parties, respectively) | $1.7M | $1.5M | — | — |
| Mortgage loans, held-for-investment, net | $121.2M | $263.4M | $676.4M | $726.5M |
| Preferred stock investments, at fair value | $157.9M | $18.9M | $14.8M | — |
| Accrued interest and dividends, net | $54.0M | $41.2M | $22.0M | — |
| CMBS structured pass-through certificates, at fair value | $40.4M | $35.0M | $89.9M | $89.5M |
| Stock warrant investments, at fair value | $141.2M | $27.4M | — | — |
| Accounts receivable and other assets | $551.0K | $1.5M | $4.3M | $2.2M |
| TOTAL ASSETS | $5.3B | $5.4B | $7.0B | $8.2B |
| Secured financing agreements, net | $176.1M | $235.8M | $649.6M | $687.9M |
| Master repurchase agreements | $258.0M | $243.5M | $303.5M | $331.0M |
| Unsecured notes | $229.1M | $221.0M | $219.5M | $205.0M |
| Mortgages payable, net | $106.2M | $95.5M | $95.7M | $121.2M |
| Accounts payable and other accrued liabilities | $13.7M | $9.5M | $6.4M | $6.2M |
| Accrued interest payable | $13.8M | $10.0M | $8.2M | $8.0M |
| Bonds payable held in variable interest entities, at fair value | $3.7B | $4.0B | $5.3B | $6.2B |
| Total Liabilities | $4.5B | $4.8B | $6.6B | $7.6B |
| Redeemable Preferred stock | $361.7M | $149.0M | $8.6M | — |
| Redeemable noncontrolling interests in the OP | $82.2M | $86.2M | $89.5M | $96.5M |
| Stockholders' equity attributable to noncontrolling interest | $95.0K | $3.4M | $95.0K | $64.5M |
| Preferred stock, value, outstanding | $16.0K | $16.0K | $16.0K | $16.0K |
| Common stock, value, outstanding | $186.0K | $174.0K | $172.0K | $171.0K |
| Additional paid-in capital | $404.2M | $387.9M | $395.7M | $392.1M |
| Retained earnings (accumulated deficit) | ($16.5M) | ($54.9M) | ($35.8M) | $4.4M |
| Total Stockholders' Equity | $388.0M | $336.5M | $347.4M | $448.5M |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $5.3B | $5.4B | $7.0B | $8.2B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $6.4M | $22.6M | $17.9M | $9.1M |
| Restricted cash | $131.9M | $2.6M | $3.6M | $4.7M |
| Net Operating Real Estate Investments | $163.8M | $112.9M | $64.3M | $64.7M |
| Loans and leases receivable, net amount | $4.6B | $4.6B | $4.6B | $4.7B |
| Common stock investments | $56.7M | $52.9M | $51.6M | $50.8M |
| Equity method investments ($0 and $1,714 with related parties, respectively) | $0 | $1.8M | $1.7M | $1.5M |
| Mortgage loans, held-for-investment, net | $68.3M | $108.9M | $122.2M | $279.6M |
| Preferred stock investments, at fair value | $158.2M | $158.0M | $155.7M | $113.4M |
| Accrued interest and dividends, net | $56.6M | $47.3M | $60.7M | $49.4M |
| CMBS structured pass-through certificates, at fair value | $36.2M | $38.2M | $42.3M | $44.1M |
| Stock warrant investments, at fair value | $132.5M | $136.7M | $116.2M | $65.6M |
| Accounts receivable and other assets | $1.5M | $332.0K | $3.9M | $2.5M |
| TOTAL ASSETS | $5.4B | $5.2B | $5.3B | $5.4B |
| Secured financing agreements, net | $480.4M | $163.6M | $176.8M | $233.9M |
| Master repurchase agreements | $152.2M | $164.6M | $257.6M | $260.9M |
| Unsecured notes, net | $51.1M | $230.6M | $222.2M | $221.8M |
| Mortgages payable, net | $146.5M | $106.2M | $63.5M | $63.5M |
| Accounts payable and other accrued liabilities | $15.7M | $14.5M | $11.9M | $12.4M |
| Accrued interest payable | $13.4M | $17.0M | $15.3M | $11.5M |
| Bonds payable held in variable interest entities, at fair value | $3.6B | $3.7B | $3.8B | $3.9B |
| Total Liabilities | $4.5B | $4.4B | $4.5B | $4.7B |
| Redeemable Preferred stock | $401.0M | $378.0M | $305.6M | $245.6M |
| Redeemable noncontrolling interests in the OP | $81.7M | $82.5M | $94.0M | $88.7M |
| Stockholders' equity attributable to noncontrolling interest | $95.0K | $95.0K | $3.4M | $3.4M |
| Preferred stock, value, outstanding | $16.0K | $16.0K | $16.0K | $16.0K |
| Common stock, value, outstanding | $189.0K | $187.0K | $177.0K | $177.0K |
| Additional paid-in capital | $400.5M | $404.7M | $390.8M | $389.3M |
| Retained earnings (accumulated deficit) | ($21.1M) | ($16.3M) | ($19.0M) | ($44.6M) |
| Total Stockholders' Equity | $379.7M | $388.8M | $375.4M | $348.2M |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $5.4B | $5.2B | $5.3B | $5.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $123.1M | $36.0M | $18.7M | $14.2M |
| Amortization of premiums | $11.2M | $36.5M | $15.3M | — |
| Accretion of discounts | ($11.2M) | ($27.2M) | ($13.9M) | ($13.3M) |
| Depreciation and amortization of real estate investments | $2.9M | $5.6M | $2.5M | $2.9M |
| Amortization of deferred financing costs | $161.0K | $47.0K | ($45.0K) | $20.8M |
| Provision for (reversal of) credit losses | $39.0M | ($723.0K) | $4.3M | $169.0K |
| Net change in unrealized (gain) loss on investments held at fair value | ($97.3M) | $7.9M | $16.8M | $44.8M |
| Equity in (income) losses of unconsolidated equity method ventures | $898.0K | $4.0M | $2.6M | — |
| Net realized (gain) loss | ($1.7M) | ($11.2M) | — | $1.1M |
| Stock-based compensation expense | $6.0M | $6.1M | $4.4M | $3.3M |
| Payment in kind income | ($32.1M) | ($14.5M) | ($9.0M) | ($715.0K) |
| Loss on extinguishment of debt | $458.0K | — | $0 | ($17.0K) |
| Accrued interest and dividends receivable | ($20.9M) | ($19.2M) | ($4.3M) | ($10.2M) |
| Accounts receivable and other assets | ($635.0K) | $4.6M | ($354.0K) | ($433.0K) |
| Accrued interest payable | $3.8M | $1.8M | $338.0K | $2.9M |
| Accounts payable, accrued expenses and other liabilities | ($689.0K) | $1.1M | ($2.2M) | $310.0K |
| Net cash provided by operating activities | $22.9M | $29.3M | $31.6M | $65.8M |
| Proceeds from sale of loans held-for-investment | $520.3M | $1.2B | $815.2M | $179.0M |
| Originations of mortgage loans, held-for-investment, net | ($97.8M) | ($168.0M) | ($92.7M) | ($110.5M) |
| Purchases of preferred stock and stock warrants | ($140.2M) | — | — | — |
| 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) | — | — | — |
| Increase in cash in connection with VIE consolidation | $796.0K | $0 | $1.8M | — |
| Additions to real estate investments | ($1.4M) | $0 | $0 | ($184.6M) |
| Net proceeds from dispositions of real estate investments | $56.3M | — | — | — |
| Net cash provided by investing activities | $321.5M | $956.5M | $741.3M | $950.6M |
| Borrowings under secured financing agreements | $22.7M | $120.0M | $0 | $89.6M |
| Principal repayments on borrowings under secured financing agreements | ($82.4M) | ($534.2M) | ($38.3M) | ($98.3M) |
| Distributions to bondholders of variable interest entities | ($385.2M) | ($603.7M) | ($668.9M) | ($1.1B) |
| Borrowings under master repurchase agreements | $34.6M | $101.2M | $55.2M | $130.6M |
| Principal repayments on borrowings under master repurchase agreements | ($20.0M) | ($161.3M) | ($82.7M) | ($85.9M) |
| Proceeds received from unsecured promissory note | $42.5M | $6.5M | $13.6M | $40.7M |
| Principal repayment on unsecured promissory note | ($36.5M) | ($6.5M) | — | — |
| Proceeds from the issuance of preferred stock through public offering, net of offering costs | $212.6M | $140.4M | $8.6M | $0 |
| Proceeds received from mortgages payable | $0 | $0 | — | — |
| 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) | ($495.0K) |
| Dividends paid to common stockholders | ($35.3M) | ($34.8M) | ($48.0M) | ($29.7M) |
| Dividends paid to preferred stockholders | ($26.4M) | ($11.5M) | ($3.6M) | ($3.5M) |
| Distributions to redeemable noncontrolling interests in the OP | ($10.1M) | ($10.1M) | ($12.1M) | ($14.3M) |
| Net cash used in financing activities | ($317.2M) | ($995.4M) | ($776.6M) | ($1.0B) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $27.3M | ($9.6M) | ($3.7M) | ($12.9M) |
| Cash, cash equivalents and restricted cash, beginning of period | $7.1M | $16.6M | $20.3M | $33.2M |
| Cash, cash equivalents and restricted cash, end of period | $34.4M | — | — | $20.3M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $39.9M | $22.6M | $99.1M | $48.2M |
| Amortization of premiums | $6.5M | $3.9M | $8.6M | $4.8M |
| Accretion of discounts | ($3.5M) | ($1.9M) | ($9.2M) | ($5.1M) |
| Depreciation and amortization of real estate investments | $3.2M | $1.4M | $2.3M | $1.7M |
| Amortization of deferred financing costs | ($4.0K) | $0 | $161.0K | $24.0K |
| Provision for (reversal of) credit losses | ($2.2M) | ($3.0M) | $24.6M | $8.9M |
| Net change in unrealized (gain) loss on investments held at fair value | $522.0K | ($746.0K) | ($77.9M) | ($29.6M) |
| Equity in (income) losses of unconsolidated equity method ventures | $651.0K | ($54.0K) | $952.0K | $964.0K |
| Net realized (gain) loss | $706.0K | $1.1M | ($3.2M) | $84.0K |
| Stock-based compensation expense | $3.2M | $1.4M | $4.5M | $3.0M |
| Payment in kind income | ($41.6M) | ($25.7M) | ($9.4M) | ($6.4M) |
| Loss on extinguishment of debt | $0 | $0 | $2.3M | $172.0K |
| Fair value adjustment for Preferred Stock | ($4.7M) | — | — | — |
| Accrued interest and dividends receivable | $3.4M | $6.7M | ($19.5M) | ($8.2M) |
| Accounts receivable and other assets | ($955.0K) | $219.0K | $328.0K | ($805.0K) |
| Accrued interest payable | ($438.0K) | $3.2M | $5.3M | $1.5M |
| Accounts payable, accrued expenses and other liabilities | ($1.2M) | $182.0K | ($1.5M) | ($20.0K) |
| Net cash provided by operating activities | $3.4M | $9.4M | $27.5M | $19.4M |
| Proceeds from sale of loans held-for-investment | $264.8M | $146.3M | $449.2M | $231.1M |
| Originations of mortgage loans, held-for-investment, net | ($157.0M) | ($61.2M) | ($75.5M) | ($33.6M) |
| Purchases of preferred stock and stock warrants | ($37.0K) | — | ($137.0M) | ($94.5M) |
| Purchases of equity method investments | ($2.0M) | — | ($1.5M) | ($1.0M) |
| Increase in cash in connection with VIE consolidation | $2.7M | — | — | — |
| Proceeds from payments received on sale of equity method investments | $2.3M | — | $392.0K | — |
| Additions to real estate investments | ($1.9M) | ($486.0K) | ($662.0K) | ($836.0K) |
| Net cash provided by investing activities | $108.8M | $84.7M | $279.7M | $89.6M |
| Borrowings under secured financing agreements | $357.0M | — | $22.7M | $46.1M |
| Proceeds from secured borrowings of CMBS securitizations held in VIEs, at fair value | $19.8M | $19.8M | — | — |
| Principal repayments on borrowings under secured financing agreements | ($53.0M) | ($12.5M) | ($83.6M) | ($48.1M) |
| Distributions to bondholders of variable interest entities | ($114.8M) | ($85.9M) | ($317.4M) | ($180.1M) |
| Principal repayment on unsecured notes | ($180.0M) | — | — | — |
| Borrowings under master repurchase agreements | $12.0M | $4.4M | $29.7M | $27.3M |
| Principal repayments on borrowings under master repurchase agreements | ($43.0M) | ($22.9M) | ($15.6M) | ($9.8M) |
| Proceeds from the issuance of preferred stock through public offering, net of offering costs | $41.3M | $16.4M | $156.5M | $96.6M |
| Distributions from the redemptions of Series B preferred stock through public offering, net of redemption fees | ($1.9M) | — | — | — |
| Payments for taxes related to net share settlement of stock-based compensation | ($2.2M) | ($878.0K) | ($1.6M) | ($1.6M) |
| Dividends paid to common stockholders | ($21.7M) | ($12.3M) | ($26.0M) | ($17.6M) |
| Dividends paid to preferred stockholders | ($17.5M) | ($7.1M) | ($17.8M) | ($9.8M) |
| Distributions to redeemable noncontrolling interests in the OP | ($4.2M) | ($2.1M) | ($7.6M) | ($5.0M) |
| Net cash used in financing activities | ($8.3M) | ($103.2M) | ($292.6M) | ($102.3M) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $103.9M | ($9.1M) | $14.5M | $6.7M |
| Cash, cash equivalents and restricted cash, beginning of period | $34.4M | $34.4M | $7.1M | $7.1M |
| Cash, cash equivalents and restricted cash, end of period | $138.2M | $25.2M | $21.6M | $13.7M |
| Interest paid | $18.5M | $6.0M | $26.4M | $19.8M |
| Increase (decrease) in dividends payable upon vesting of restricted stock units | ($1.7M) | ($2.5M) | — | — |
NexPoint Real Estate Finance Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.