NexPoint Real Estate Finance Inc (NYSE: NREF) is a commercial mortgage REIT incorporated in Maryland on June 7, 2019, that originates, structures, and invests in real estate debt and equity instruments. It generates income through interest and dividends on a portfolio of first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties, common equity investments, CMBS securitizations, promissory notes, revolving credit facilities, and stock warrants. As of December 31, 2025, the portfolio included floating rate investments, fixed rate investments, common stock investments, real estate investments, and stock warrant investments, with a primary focus on multifamily and single-family rental sectors. NREF is externally managed and operates as a REIT, distributing income to holders of common stock and Series A, B, and C preferred stock. The company has issued 5.75% Notes and 2026 OP Notes as part of its capital structure.

Revenue model

Interest income on mortgage loans, mezzanine loans, promissory notes, and revolving credit facilities; dividends and distributions from preferred equity and common equity investments; and income from CMBS securitizations and CMBS I/O strips. The IQHQ Revolving Loan, with a maximum principal of $440.0 million as of September 30, 2025, accrues interest at 13.5% per annum.

Products and services

First-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties, common equity investments, multifamily and SFR CMBS securitizations, promissory notes, revolving credit facilities, and stock warrants. Capital stock includes Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock, as well as 5.75% Notes and 2026 OP Notes.

Customers and end markets

Real estate borrowers and operators primarily in the multifamily and single-family rental sectors. The IQHQ Revolving Loan represents a material single-borrower exposure, with up to $440.0 million outstanding as of September 30, 2025.

Value-chain role

Debt and equity capital provider to real estate operators and property owners. Externally managed by NexPoint Real Estate Advisors VII, L.P., which handles investment origination, structuring, and portfolio management. The company reimburses its Manager for operating and offering expenses but does not pay salaries for personnel serving as its officers.

Geographic exposure

United States. Listed on the NYSE and incorporated in Maryland. No specific geographic revenue breakdown is provided in the filing excerpts.

Source: SEC 10-K, filed 2026-03-31

Industry: Real Estate Investment Trusts Peers: Advanced Flower Capital Inc Angel Oak Mortgage REIT Inc Annaly Capital Management Inc Cherry Hill Mortgage Investment Corp Chicago Atlantic Real Estate Finance Inc RPT Realty Invesco Mortgage Capital Inc Seven Hills Realty Trust Orchid Island Capital Inc Sachem Capital Corp