A Business at a Glance
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Table of Contents INDEX TO FINANCIAL STATEMENTS Financial Statements NexPoint Real Estate Finance, Inc.—Consolidated Financial Statements Report of Independent Registered Public Accounting Firm (PCAOB ID# 185) Consolidated Balance Sheets as of December 31, 2024 and 2023 Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023, and 2022 Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2024, 2023, and 2022 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023, and 2022 Notes to Consolidated Financial Statements Table of Contents Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors NexPoint Real Estate Finance, Inc.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of NexPoint Real Estate Finance, Inc.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 58M | 28M | 17M | 38M | 26M | 18M |
| Net Income | 18M | 18M | 10M | 3.2M | 40M | 11M |
| EPS | $2.91 | $1.02 | $0.60 | $0.22 | $3.93 | $1.74 |
| Free Cash Flow | 0 | 29M | 32M | 66M | 49M | 33M |
| ROIC | -0.0% | 2.3% | 1.6% | 0.4% | 10.7% | 7.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.39 | 0.49 | 0.38 | 0.33 | 0.09 |
| Dividends/Share | $2.01 | $2.00 | $2.74 | $2.00 | $1.90 | $1.42 |
| Operating Income | -120K | 90M | 1.5M | 399K | 69M | 32M |
| Operating Margin | -0.2% | 320.6% | 9.0% | 1.1% | 266.2% | 183.5% |
| ROE | 0.3% | 0.5% | 2.3% | 0.6% | 7.8% | 2.7% |
| Shares Outstanding | 18M | 17M | 17M | 15M | 10M | 6M |
| Metric | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 18M | 26M | 38M | 17M | 28M | 58M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 32M | 69M | 399K | 1.5M | 90M | -120K |
| Op. Margin | 183.5% | 266.2% | 1.1% | 9.0% | 320.6% | -0.2% |
| Net Income | 11M | 40M | 3.2M | 10M | 18M | 18M |
| Net Margin | 62.8% | 151.9% | 8.6% | 61.9% | 62.9% | 30.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | 7.9% | 10.7% | 0.4% | 1.6% | 2.3% | -0.0% |
| ROE | 2.7% | 7.8% | 0.6% | 2.3% | 0.5% | 0.3% |
| ROA | 0.2% | 0.5% | 0.0% | 0.1% | 0.3% | 455.3% |
| Cash Flow | ||||||
| Op. Cash Flow | 33M | 49M | 66M | 32M | 29M | 32M |
| Free Cash Flow | 33M | 49M | 66M | 32M | 29M | 0 |
| Owner Earnings | 32M | 47M | 60M | 25M | 18M | 20M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 0 | 0 | 2.9M | 2.5M | 5.6M | 5.6M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 0 | 0 | 2.9M | 2.5M | 5.6M | 5.6M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||
| Dividends Paid | 7.4M | 14M | 30M | 48M | 35M | 36M |
| Dividend Yield | 15.3% | 12.6% | 16.2% | 24.8% | 16.6% | 14.4% |
| Share Buybacks | 4.8M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 8.6% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 548K | 2.0M | 3.3M | 4.4M | 6.1M | 6.1M |
| Debt Repayment | 0 | 304K | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | 4.7M | 142M | 185M | 206M | 217M | -18M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 18M |
| Long-Term Debt | 35M | 168M | 205M | 219M | 221M | 221M |
| Debt/Equity | 0.09 | 0.33 | 0.38 | 0.49 | 0.39 | 0.00 |
| Interest Coverage | 1.5 | 2.3 | 0.0 | 0.0 | 1.2 | 1.2 |
| Equity | 404M | 507M | 545M | 446M | 572M | 5.3B |
| Total Assets | 6.2B | 8.5B | 8.2B | 7.0B | 5.4B | 3.9M |
| Total Liabilities | 5.8B | 8.0B | 7.6B | 6.6B | 4.8B | 12M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 3.5M | 28M | 4.4M | -36M | -55M | -55M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||
| EPS | 1.74 | 3.93 | 0.22 | 0.60 | 1.02 | 2.91 |
| Owner EPS | 5.07 | 4.69 | 4.06 | 1.42 | 1.01 | 1.14 |
| Book Value | 63.32 | 50.32 | 37.08 | 25.70 | 32.96 | 297.83 |
| Cash Flow/Share | 5.16 | 4.90 | 4.48 | 1.82 | 1.69 | 1.32 |
| Dividends/Share | 1.42 | 1.90 | 2.00 | 2.74 | 2.00 | 2.01 |
| Shares Out. | 6.4M | 10.1M | 14.7M | 17.3M | 17.3M | 17.7M |
| Valuation | ||||||
| P/E Ratio | 5.0 | 2.9 | 46.4 | 21.4 | 13.2 | 4.8 |
| P/FCF | 1.7 | 2.3 | 2.3 | 7.0 | 8.0 | N/A |
| EV/EBIT | 1.9 | 3.7 | 839.1 | 281.4 | 5.0 | N/A |
| Price/Book | 0.1 | 0.2 | 0.3 | 0.5 | 0.4 | 0.0 |
| Price/Sales | 2.7 | 4.3 | 4.9 | 11.5 | 7.5 | 4.3 |
| FCF Yield | 59.3% | 43.4% | 43.9% | 14.2% | 12.6% | N/A |
| Market Cap | 56M | 113M | 150M | 222M | 233M | 248M |
| Avg. Price | 7.55 | 11.15 | 12.48 | 11.15 | 12.09 | 13.97 |
| Year-End Price | 8.70 | 11.27 | 10.20 | 12.81 | 13.44 | 13.97 |
NexPoint Real Estate Finance, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
NexPoint Real Estate Finance, Inc. trades at 13.7x trailing earnings, compared to its 15-year median P/E of 13.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.3x vs a median of 2.3x. The company's 5-year average ROIC is 4.6%. Total shareholder yield (dividends) is 14.4%. At current prices, the estimated annualized return to fair value is -17.8%.
NexPoint Real Estate Finance, Inc. (NREF) has a current P/E ratio of 13.7, compared to its historical median P/E of 13.2. The stock is currently considered Fair based on its historical valuation range.
NexPoint Real Estate Finance, Inc. (NREF) has a 5-year average return on invested capital (ROIC) of 4.6%. This is below average and may indicate limited pricing power.
NexPoint Real Estate Finance, Inc. (NREF) has a market capitalization of $248M. It is classified as a small-cap stock.
Yes, NexPoint Real Estate Finance, Inc. (NREF) pays a dividend with a trailing twelve-month yield of 14.40%.
Based on historical P/E analysis, NexPoint Real Estate Finance, Inc. (NREF) appears fair. The current P/E of 13.7 is 4% above its historical median of 13.2. The estimated fair value CAGR (P/E method) is -16.0%.
NexPoint Real Estate Finance, Inc. (NREF) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
NexPoint Real Estate Finance, Inc. (NREF) reported annual revenue of $28 million in its most recent fiscal year, based on SEC EDGAR filings.
NexPoint Real Estate Finance, Inc. (NREF) has a net profit margin of 62.9%. This is a strong margin indicating high profitability.
NexPoint Real Estate Finance, Inc. (NREF) generated $29 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NexPoint Real Estate Finance, Inc. (NREF) has a debt-to-equity ratio of 0.39. This indicates a conservatively financed balance sheet.
NexPoint Real Estate Finance, Inc. (NREF) reported earnings per share (EPS) of $1.02 in its most recent fiscal year.
NexPoint Real Estate Finance, Inc. (NREF) has a return on equity (ROE) of 0.5%. This indicates moderate shareholder returns.
The Ledger Terminal provides 5 years of financial data for NexPoint Real Estate Finance, Inc. (NREF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NexPoint Real Estate Finance, Inc. (NREF) has a book value per share of $32.96, based on its most recent annual SEC filing.