NexPoint Real Estate Finance
Through the investors’ lenses
0 of 2 cleared2 of 4 criteria
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 2/3
| Measure | NREF | Checked against | |
|---|---|---|---|
| Owner earnings | $124.64m | positive | ✓ |
| Return on equity | 31.7% | US median 2.8% | ✓ |
| Debt to equity | 1.99x | US median 0.57x | ✗ |
| Operating margin | — | US median 3.1% | — |
Passes 2 of 3. These are the measures Warren Buffett published, applied to NexPoint Real Estate Finance’s own figures — their criteria, not their view of this company. What he looks at, and why →
Peter Lynch 0/1
| Measure | NREF | Checked against | |
|---|---|---|---|
| Debt to equity | 1.99x | US median 0.57x | ✗ |
| Net margin | — | US median 2.0% | — |
Passes 0 of 1. These are the measures Peter Lynch published, applied to NexPoint Real Estate Finance’s own figures — their criteria, not their view of this company. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 70.2% | whyDepressed by depreciation on buildings that are not losing value. |
| Operating cash flow | 154.3% | whyAbsorbs working-capital swings that earnings do not. |
| Free cash flow | 164.7% | whyCounts property acquisitions as though they were maintenance. |
| Funds from operations | 66.6% | whyThe industry's basis — adds that depreciation back. |
98 points between highest and lowest basis.
Coverage rating 68 / 100 — Adequate. ? Peer standing 38/50Direction 30/30Stability 0/20
Funds from operations payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 66.6% |
| 2024-12-31 | 83.7% |
| 2023-12-31 | 222.2% |
| 2022-12-31 | 171.7% |
| 2021-12-31 | 46.4% |
| 2020-12-31 | 77.5% |
77% of the 47 real estate here pay out more — comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $2.00 ÷ diluted EPS $2.85
- Operating cash flow — dividends paid $35.3m ÷ operating cash flow $22.9m
- Free cash flow — dividends paid $35.3m ÷ (operating cash flow $22.9m − capex $1.45m)
- Funds from operations — dividends declared per share $2.00 ÷ derived FFO $3.00 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K filed 2026-03-31 · accession 0001193125-26-134672
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
- DPS $2.00 filed as declared, but dividends paid imply $0.84 — one of the two underlying facts is wrong. The filed per-share figure is used.
- FFO derived (NAREIT approximation)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
What the funds from operations payout ratio measures, and where every company here sits on it.
Also on: rated adequate · when it files.
Who else looks like this
Every figure above is computed from NexPoint Real Estate Finance’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules four investors published — free, and nothing you screen leaves your browser.
A subscription screens every company on this site at once, and turns a whole portfolio into one document — what that adds.