NREF
NexPoint Real Estate Finance, Inc.
NYSEUSDEQUITY
Real Estate
DELAYED
Last price
17.41
▲ 0.15 (0.87%)
MARKET · —
Price
Too many bars for candle bodies at this width — showing high/low range per bar. Zoom in or pick a shorter range.
Open
17.26
Prev close
17.26
Day high
17.54
Day low
16.99
Volume
35.98K
Market cap
$393.42M
P/E (TTM)
7.30
52W range
12.36 – 18.43
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
1.69M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Apr 2, 26 | LAFFER ARTHUR BETZ Director |
— | 5.52K | — | Direct |
| Apr 2, 26 | KAVANAUGH SCOTT F. Director |
— | 5.52K | — | Direct |
| Apr 2, 26 | CONSTANTINO EDWARD N Director |
— | 5.52K | — | Direct |
| Apr 2, 26 | MITTS BRIAN D Director |
— | 12.36K | — | Direct |
| Apr 2, 26 | MCGRANER MATTHEW RYAN Chief Investment Officer |
— | 68.84K | — | Direct |
| Apr 2, 26 | SAUTER DENNIS CHARLES JR General Counsel |
— | 7.55K | — | Direct |
| Apr 2, 26 | WOOD CATHERINE D. Director |
— | 5.52K | — | Direct |
| Apr 2, 26 | SWAIN CAROL Director |
— | 5.52K | — | Direct |
| Apr 2, 26 | RICHARDS PAUL Chief Financial Officer |
— | 21.98K | — | Direct |
| Mar 13, 26 | DONDERO JAMES DAVID President |
— | 38.44K | — | Direct |
| Mar 13, 26 | MITTS BRIAN D Director |
— | 8.33K | — | Direct |
| Mar 13, 26 | MCGRANER MATTHEW RYAN Chief Investment Officer |
— | 38.44K | — | Direct |
| Mar 13, 26 | SAUTER DENNIS CHARLES JR General Counsel |
— | 2.92K | — | Direct |
| Mar 13, 26 | RICHARDS PAUL Chief Financial Officer |
— | 10.00K | — | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
CONSTANTINO EDWARD N |
Director | 33.90K | Conversion of Exercise of derivative security |
DONDERO JAMES DAVID |
President | 10.32M | Conversion of Exercise of derivative security |
KAVANAUGH SCOTT F. |
Director | 25.31K | Conversion of Exercise of derivative security |
LAFFER ARTHUR BETZ |
Director | 65.01K | Conversion of Exercise of derivative security |
MCGRANER MATTHEW RYAN |
Chief Investment Officer | 319.84K | Conversion of Exercise of derivative security |
MITTS BRIAN D |
Director | 95.01K | Conversion of Exercise of derivative security |
RICHARDS PAUL |
Chief Financial Officer | 74.07K | Conversion of Exercise of derivative security |
SAUTER DENNIS CHARLES JR |
General Counsel | 33.02K | Conversion of Exercise of derivative security |
SWAIN CAROL |
Director | 11.56K | Conversion of Exercise of derivative security |
WOOD CATHERINE D. |
Director | 30.23K | Conversion of Exercise of derivative security |
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
—
—
Put / call open interest
—
Positioning, not flow
Max pain
17.50
+2.5% from spot
ATM implied vol
—
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
0
Contracts, this expiry
Put volume
0
Contracts, this expiry
Heaviest call OI
—
—
Heaviest put OI
17.50
11 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Trailing performance
Returnvs SPY
1W
+0.77%
+2.1%
1M
+4.15%
+0.4%
3M
+11.05%
+8.0%
6M
+14.94%
+3.9%
YTD
+21.31%
+9.0%
1Y
+13.41%
-6.6%
3Y
+1.43%
-72.7%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$393.42M
Enterprise value$5.27B
Revenue (TTM)$151.30M
Gross profit$150.03M
EBITDA—
Net income$62.35M
EPS (TTM)$2.34
Free cash flow—
Total cash$6.38M
Total debt$4.48B
Book value / share$20.14
Shares outstanding18.85M
Float11.38M
Short % of float5.47%
Dividend yield11.71%
Beta (5Y)1.15
Short interest
Shares short
436.21K
Prior 449.04K
Change vs prior
-2.9%
Shorts covering
% of float
5.47%
Normal
% of shares out
2.31%
Against total outstanding
Days to cover
8.5
Crowded exit
Float
11.38M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Valuation & profitability ratios
Trailing P/E7.30
Forward P/E9.76
PEG ratio—
Price / sales—
Price / book0.85
EV / revenue34.86
EV / EBITDA—
Gross margin99.17%
Operating margin63.29%
Profit margin66.61%
Return on equity14.87%
Return on assets2.13%
Debt / equity519.06
Current ratio16.11
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $175.45M | $29.20M | $1.41M | $13.52M | +500.8% |
| Operating revenue | $175.45M | $29.20M | $1.41M | $13.52M | +500.8% |
| Selling, general & admin | $12.65M | $12.81M | $9.20M | $7.24M | -1.2% |
| Pre-tax income | $123.14M | $35.96M | $18.74M | $14.21M | +242.4% |
| Net income | $105.10M | $29.19M | $13.97M | $6.75M | +260.0% |
| Net income to common | $75.68M | $17.69M | $10.40M | $3.23M | +327.7% |
| Basic EPS | 4.28 | 1.02 | 0.60 | 0.22 | +319.6% |
| Diluted EPS | 2.85 | 1.02 | 0.60 | 0.22 | +179.4% |
| Basic shares | 17.67M | 17.40M | 17.20M | 14.69M | +1.6% |
| Diluted shares | 42.01M | 17.40M | 17.20M | 14.69M | +141.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $31.11M | $3.88M | $13.82M | $20.05M | +702.5% |
| Accounts receivable | $54.01M | $41.21M | $22.03M | $15.66M | +31.1% |
| Total assets | $5.32B | $5.42B | $7.02B | $8.15B | -1.8% |
| Long-term debt | $4.20B | $4.58B | $6.25B | $7.26B | -8.2% |
| Total debt | $4.20B | $4.58B | $6.25B | $7.26B | -8.2% |
| Total liabilities | $4.49B | $4.84B | $6.57B | $7.61B | -7.3% |
| Retained earnings | -$16.52M | -$54.95M | -$35.82M | $4.43M | +69.9% |
| Shareholder equity | $749.54M | $482.18M | $355.94M | $383.98M | +55.4% |
| Net tangible assets | $749.54M | $482.18M | $355.94M | $383.98M | +55.4% |
| Shares issued | 18.57M | 17.46M | 17.52M | 17.37M | +6.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Net income | $123.14M | $35.96M | $18.74M | $14.21M | — | +242.4% |
| Depreciation & amortisation | $2.94M | $5.61M | $2.46M | $2.90M | — | -47.6% |
| Stock-based compensation | $5.99M | $6.07M | $4.41M | $3.29M | — | -1.4% |
| Change in working capital | -$18.48M | -$11.68M | -$6.53M | -$7.46M | — | -58.2% |
| Operating cash flow | $22.92M | $29.28M | $31.56M | $65.80M | — | -21.7% |
| Investing cash flow | $321.54M | $956.54M | $741.34M | $950.58M | — | -66.4% |
| Share buybacks | — | — | — | $0 | $0 | — |
| Dividends paid | — | -$46.34M | -$51.53M | -$33.16M | -$17.67M | — |
| Financing cash flow | -$424.26M | -$1.08B | -$721.17M | -$1.03B | — | +60.6% |
| Free cash flow | $22.92M | $29.28M | $31.56M | $65.80M | — | -21.7% |
| End cash position | — | $7.05M | $16.65M | $20.35M | $33.23M | — |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $24.42M | $33.39M | $74.80M | $36.81M | $30.46M | — | -26.9% |
| Operating revenue | $24.42M | $33.39M | $74.80M | $36.81M | $30.46M | — | -26.9% |
| Selling, general & admin | $3.27M | $3.00M | $3.38M | $3.76M | $2.51M | — | +8.9% |
| Pre-tax income | $22.63M | $24.05M | $50.86M | $22.27M | $25.96M | — | -5.9% |
| Net income | $20.27M | $21.39M | $43.08M | $18.83M | $21.80M | — | -5.2% |
| Net income to common | $10.04M | $11.84M | $35.03M | $12.29M | $16.52M | — | -15.2% |
| Basic EPS | 0.54 | — | 1.98 | 0.69 | 0.94 | 0.48 | — |
| Diluted EPS | 0.42 | — | 1.14 | 0.54 | 0.70 | 0.43 | — |
| Basic shares | 18.61M | — | 17.72M | 17.71M | 17.52M | 17.46M | — |
| Diluted shares | 51.46M | — | 43.85M | 39.46M | 36.05M | 33.53M | — |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $22.64M | $31.11M | $17.92M | $9.06M | $19.22M | -27.2% |
| Accounts receivable | $47.30M | $54.01M | $60.70M | $49.36M | $40.32M | -12.4% |
| Total assets | $5.23B | $5.32B | $5.28B | $5.40B | $5.40B | -1.6% |
| Long-term debt | $4.19B | $4.20B | $4.22B | $4.40B | $4.50B | -0.3% |
| Total debt | $4.19B | $4.20B | $4.22B | $4.40B | $4.50B | -0.3% |
| Total liabilities | $4.39B | $4.49B | $4.50B | $4.72B | $4.78B | -2.3% |
| Retained earnings | -$16.28M | -$16.52M | -$18.99M | -$44.65M | -$47.54M | +1.5% |
| Shareholder equity | $766.69M | $749.54M | $677.57M | $590.45M | $529.34M | +2.3% |
| Net tangible assets | $766.69M | $749.54M | $677.57M | $590.45M | $529.34M | +2.3% |
| Shares issued | 18.69M | 18.57M | 17.72M | 17.72M | 17.64M | +0.6% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | $22.63M | $24.05M | $50.86M | $22.27M | $25.96M | — | -5.9% |
| Depreciation & amortisation | $1.43M | $631.00K | $620.00K | $614.00K | $1.08M | — | +126.0% |
| Stock-based compensation | $1.41M | $1.51M | $1.50M | $1.69M | $1.28M | — | -7.2% |
| Change in working capital | $10.28M | -$3.10M | -$7.88M | -$11.00M | $3.51M | — | +431.3% |
| Operating cash flow | $9.40M | -$4.54M | $8.10M | $3.32M | $16.04M | — | +307.2% |
| Investing cash flow | $84.69M | $41.88M | $190.07M | $18.30M | $71.28M | — | +102.2% |
| Dividends paid | -$19.39M | — | -$16.41M | -$13.34M | -$14.05M | -$13.99M | — |
| Financing cash flow | -$103.20M | -$131.66M | -$190.35M | -$31.37M | -$70.89M | — | +21.6% |
| Free cash flow | $9.40M | -$4.54M | $8.10M | $3.32M | $16.04M | — | +307.2% |
| End cash position | $25.25M | — | $21.56M | $13.74M | $23.49M | $7.05M | — |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.40 | 0.46 | +16.0% |
| Mar 2026 | 0.37 | 0.43 | +15.2% |
| Dec 2025 | 0.49 | 0.48 | -2.0% |
| Sep 2025 | 0.47 | 0.51 | +8.5% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.40 | 3 | $15.34M | +22.8% |
| Next quarter | 0.42 | 3 | $15.80M | +42.3% |
| Current year | 1.72 | 3 | $62.95M | +33.4% |
| Next year | 1.75 | 3 | $66.13M | +5.0% |
Analyst targets & ownership
Mean target$16.75
High target$17.50
Low target$16.00
Implied upside-3.79%
Analyst count2
ConsensusHOLD
Strong buy / Buy0 / 0
Hold3
Sell / Strong sell0 / 0
Held by insiders8.94%
Held by institutions71.03%
Institutions holding117
Price targets, consensus spread, insider and institutional ownership.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 11, 26 | Keefe, Bruyette & Woods | MAINTAINED | Market Perform | Market Perform |
| Aug 7, 26 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| Jul 2, 26 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| May 8, 26 | Keefe, Bruyette & Woods | MAINTAINED | Market Perform | Market Perform |
| Apr 2, 26 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| Jan 8, 26 | Keefe, Bruyette & Woods | MAINTAINED | Market Perform | Market Perform |
| Aug 4, 25 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| May 2, 25 | Keefe, Bruyette & Woods | MAINTAINED | Market Perform | Market Perform |
| Apr 7, 25 | Keefe, Bruyette & Woods | MAINTAINED | Market Perform | Market Perform |
| Mar 3, 25 | Keefe, Bruyette & Woods | MAINTAINED | Market Perform | Market Perform |
| Jan 14, 25 | Keefe, Bruyette & Woods | MAINTAINED | Market Perform | Market Perform |
| Jan 10, 25 | JMP Securities | MAINTAINED | Market Perform | Market Perform |
Moving averages & technicals
SMA 10
17.04
+2.17% from price
SMA 20
17.12
-0.21% from price
SMA 50
16.37
+4.36% from price
SMA 100
15.56
+11.86% from price
SMA 200
14.92
+14.48% from price
EMA 12
17.12
+1.66% from price
EMA 26
16.93
+2.85% from price
EMA 50
16.51
+5.43% from price
RSI (14)
52.5
Neutral
MACD (12,26,9)
0.20
Hist -0.04
ATR (14)
0.63
3.69% of price
Realised vol 30D
30.5%
Annualised
Bollinger upper
17.79
20, 2σ
Bollinger lower
16.44
20, 2σ
50 / 200 cross
Golden
16.37 vs 14.92
Trend bias
Above 200
+14.48%
Risk profile
Beta vs SPY
0.53
Less volatile than market
Correlation to SPY
0.25
Largely independent
Realised vol 30D
30.5%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-16.9%
Peak to trough
Max drawdown 5Y
-50.9%
Peak to trough
ATR 14
0.63
3.69% of price
Beta (reported)
1.15
5Y monthly, from filing
Dividends & splits
Forward rate$2.00 / yr
Forward yield11.71%
5-year avg yield12.25%
Payout ratio85.47%
Ex-dividend dateSep 15, 2026
Next pay dateSep 30, 2026
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-08-20
Periodic Financial Reports
10-Q · 2026-08-13
Corporate Changes & Voting Matters
8-K · 2026-08-06
Corporate Changes & Voting Matters
8-K · 2026-06-02
Periodic Financial Reports
10-Q · 2026-05-15
Corporate Changes & Voting Matters
8-K · 2026-05-13
Corporate Changes & Voting Matters
8-K · 2026-04-30
Proxy Statements
DEFA14A · 2026-04-20
Headlines
NexPoint Real Estate Finance (NREF) Q2 2026 Earnings Call Transcript
Motley Fool · 9d ago
NexPoint Real Estate Finance Q2 Earnings Call Highlights
MarketBeat · 14d ago
NexPoint Real Estate Finance Inc (NREF) (Q2 2026) Earnings Call Highlights: Core FFO Beats, ...
GuruFocus.com · 16d ago
NexPoint Real Estate Finance, Inc. Q2 2026 Earnings Call Summary
Moby · 16d ago
NexPoint (NREF) Tops Q2 Earnings and Revenue Estimates
Zacks · 16d ago
NexPoint: Q2 Earnings Snapshot
Associated Press · 16d ago
NREF Announces Second Quarter 2026 Results, Provides Third Quarter 2026 Guidance
PR Newswire · 16d ago
Granite Point Mortgage Trust (GPMT) Reports Q2 Loss, Misses Revenue Estimates
Zacks · 17d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.