NexPoint Real Estate Finance (NREF)
Channels NexPoint's real-estate credit platform into loans, preferred equity, and CMBS investments.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 2, 2026 | Piper Sandler | Reiterate | Rating: —Target: $15 | Target: $16 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $138.2M · Total debt $4.48B · Total assets $5.37B · Shareholders' equity $379.6M
- Revenue
- $34.3M
- Operating income
- $26.9M
- Net income
- $16.0M
HistoryDividendAnnual yield
| Institutions | 68.55% | 12.92M shares | |
|---|---|---|---|
| 81 holders · as of Jun 30, 2026 | |||
| Insiders | 57.54% | 10.85M shares | |
| 10 holders · as of Apr 6, 2026 | |||
| Adds to | 126.09% | ||
18.85M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 126.09%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
James D. Dondero1Insiderdirector, 10 percent owner, officer: President | 53.91% | 10.03M | filed Apr 6, 2026 |
Nexpoint Asset Management, L.P.Institution | 50.08% | 9.44M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 3.31% | 624,275 | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 1.84% | 346,323 | as of Jun 30, 2026 |
Matt McGranerInsiderofficer: See Remarks | 1.69% | 318,044 | filed Apr 6, 2026 |
- James D. Dondero's transaction reports restate only vehicles that traded; the 2026 ownership statement (10.03M) plus the 125.9K net shares acquired since is used instead.
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 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NexPoint Real Estate Finance | $16.01 | −2.32% | $308.9M | 7.0 | 9.0 | 2.3 | +9.2% |
| Starwood Property Trust | $14.87 | −1.52% | $5.60B | 22.2 | 8.9 | 2.8 | +7.9% |
| KKR Real Estate Finance Trust | $6.40 | −3.40% | $425.7M | — | — | 1.0 | −41.6% |
| BrightSpire Capital | $4.13 | −3.62% | $541.5M | — | 6.8 | 1.6 | −2.8% |
| Blackstone Mortgage Trust | $12.82 | −2.47% | $2.21B | 164.3 | 10.6 | 1.5 | +18.1% |
| Apollo Commercial Real Estate Finance | $6.34 | −1.17% | $839.4M | 8.1 | 56.7 | 3.2 | +3.1% |
| Ares Commercial Real Estate | $4.34 | −2.47% | $246.9M | — | 19.9 | 2.5 | — |
| Ladder Capital | $9.20 | −2.23% | $1.19B | 22.4 | 8.5 | 3.1 | −40.9% |
| Median | 22.3 | 9.7 | 2.5 | +0.1% |