NREF · NexPoint Real Estate Finance, Inc.

NexPoint Real Estate Finance, Inc. (NREF) reported first quarter 2026 results, with net income attributable to common stockholders of $10.0 million ($0.42 per diluted share), down from $16.5 million ($0.48 per diluted share) in the same quarter last year. The decline was primarily due to lower net income and higher preferred stock dividends. Cash available for distribution (CAD) increased to $13.5 million ($0.58 per diluted share) from $10.5 million ($0.45 per diluted share) a year ago, driven by adjustments including amortization of premiums and depreciation. The company's portfolio totaled $1.1 billion across 90 investments, with multifamily (39.4%) and life sciences (35.9%) as the largest sectors. Weighted-average loan-to-value was 59.9% and debt service coverage ratio was 1.32x. During the quarter, NREF funded $7.7 million on a loan at SOFR+900 bps and $23.0 million on a loan at SOFR+1,250 bps, and received $25.1 million from a CMBS Re-REMIC. The company raised $20.1 million in Series C preferred stock. Management highlighted a disciplined, credit-first approach and confidence in long-term demand across core sectors. For the second quarter of 2026, NREF guided EAD per diluted share of $0.43 (midpoint) and CAD per diluted share of $0.54 (midpoint), with net income attributable to common stockholders estimated between $7.5 million and $9.8 million. The company declared a Q2 2026 dividend of $0.50 per common share, payable June 30, 2026.