NexPoint Real Estate Finance, Inc.

NREFNYSEReal Estate● Active

$15.65

$-0.28(-1.76%)

Market Cap$294971200

P/E Ratio—

52W High$16.12

52W Low$12.36

Avg Volume55K

Open$16.00

Beta1.16

Free Cash Flow Financials Revenue

NexPoint Real Estate Finance, Inc. (NREF) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NREF · free cash flow · updated Jun 8, 2026

Core FCF metrics

NREF · FCF · TTM · margin & CAGR

Free cash flow was $22.9M for FY2025 (fiscal year ending 2025-12-31), down 21.7% year-over-year The FCF margin was 18.2%. Five-year CAGR stands at -7.0%.

FY2025 Free Cash Flow$22.9M▼ -21.7% YoY

Trailing 12M (TTM)$16.3Mtrailing 4 quarters sum

FCF Margin18.2%$22.9M ÷ revenue

3-Year CAGR-29.6%FY2022 → FY2025

5-Year CAGR-7.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NREF · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$22.9M(0M)$22.9M▼ 21.7%18.2%

FY2024$29.3M(0M)$29.3M▼ 7.2%26.6%

FY2023$31.6M(0M)$31.6M▼ 52.0%75.0%

FY2022$65.8M(0M)$65.8M▲ +33.5%163.0%

FY2021$49.3M(0M)$49.3M▲ +49.8%141.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NREF · P/FCF · FCF yield · FCF per share

NexPoint Real Estate Finance, Inc. (NREF) trades at a FCF yield of 5.48% and a price-to-free-cash-flow ratio of 17.0x. FCF per share stands at $0.92, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.48%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.92

TTM FCF ÷ Shares Outstanding

Price / FCF

x17.0

Share Price ÷ FCF per Share

EV / FCF (TTM)

x284.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NREF · cash flow statement · operating / investing / financing

For FY2025, NexPoint Real Estate Finance, Inc. generated $22.9M in operating cash flow and spent 0M in capital expenditures, yielding $22.9M in free cash flow.

Operating Activities

+$22.9M

Cash from core business operations

2025-12-31

Investing Activities

+$321.5M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$317.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($22.9M) − |CapEx| (0M) = FCF ($22.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

NREF vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

NexPoint Real Estate Finance, Inc.YOU

NREF

$22.9M-21.7%18.2%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

NexPoint Real Estate Finance, Inc. (NREF) reported free cash flow of $22.9M for FY2025 (fiscal year ending 2025-12-31), down 21.7% year-over-year. The FCF margin was 18.2%.

Based on available data, NexPoint Real Estate Finance, Inc. has maintained positive free cash flow for at least 8 fiscal year(s). FCF peaked at $65.8M in FY2022. The 5-year CAGR stands at -7.0%.

NexPoint Real Estate Finance, Inc.'s FCF yield is 5.48% and price-to-FCF ratio is 17.0x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NREF free cash flow · 8 questions

NexPoint Real Estate Finance, Inc. free cash flow was $22.9M for FY2025, down 21.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $16.3M.

NREF free cash flowNREF FCFNREF FCF 2025NREF free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · NexPoint Real Estate Finance, Inc. · NexPoint Real Estate Finance, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026