NexPoint Real Estate Finance, Inc. (NREF) Form 10-Q — Aug 12, 2026

$NREFForm 10-QFiled Aug 12, 2026, 9:15 PM ET0001193125-26-347504Original filing

NexPoint Real Estate Finance (NREF) reported Q2 2026 net income attributable to common stockholders of $5.4 million, or $0.29 per basic share, down from $12.3 million, or $0.69, a year earlier. First-half net income to common fell to $15.5 million from $28.8 million, with diluted EPS of $0.73 versus $1.24. Core results improved: Q2 net interest income rose 37% year over year to $16.5 million ($31.8 million for the first half). But credit-quality signals worsened — payment-in-kind income jumped to $41.6 million in H1 from $6.4 million a year ago, $23.3 million of loans sit on nonaccrual, and the Ridgeview Place Apartments consolidation drove a $6.1 million charge-off.

Key figures

Eps: Q2 2026 basic $0.29 (vs $0.69) and diluted $0.29 (vs $0.54); H1 2026 basic $0.83 (vs $1.64) and diluted $0.73 (vs $1.24)
Revenue: Interest income $49.9M for H1 2026 (vs $44.9M H1 2025); $25.5M in Q2 2026 (vs $22.8M)
Net Income: Q2 2026 net income $17.3M (vs $22.3M); H1 2026 $39.9M (vs $48.2M); attributable to common: $5.4M Q2 (vs $12.3M) and $15.5M H1 (vs $28.8M)
Total Debt: Non-VIE debt: secured financing agreements $480.4M, master repurchase agreements $152.2M, unsecured notes $51.1M, mortgages payable $146.5M; plus $3,646.1M bonds payable held in VIEs
Cash Position: $138.2M total ($6.4M unrestricted cash and equivalents plus $131.9M restricted cash) at June 30, 2026 vs $34.4M total at December 31, 2025
Shares Outstanding: 18848029
Nsp note: $16.7M loaned to NSP OC on 1/16/2026; up to $40.0M capacity; 14% per annum interest
Restricted cash: $131.9M vs $3.2M at 12/31/25
Nonaccrual loans: $23.3M amortized cost ($12.3M mezzanine loans, $11.1M preferred equity)
Re remic proceeds: $19.0M from K62 re-REMIC on 3/5/2026
Management fees h1: $4.5M vs $3.0M in H1 2025
Pik income h1 2026: $41.6M vs $6.4M in H1 2025
Credit loss reserve: $26.5M at 6/30/26 ($11.8M collective, $14.7M individual) vs $34.7M at 12/31/25 and $10.3M at 6/30/25
Ridgeview charge off: $6.1M charge-off upon consolidation plus $2.3M reserve reversal
Atm program cumulative: $12.6M gross proceeds since inception; $100.0M program
Nsp guaranty liability: $13.7M joint and several share (85.90% with NXDT) of NSP Series D preferred accrued dividend guaranty; guaranty cap $97.6M
Mortgage loans held in vies: $3,815.2M fair value
Net interest income q2 2026: $16.5M vs $12.1M in Q2 2025 (+37%)
Series c preferred offering: 1,799,651 shares issued for $45.0M gross as of 6/30/26; up to 8,000,000 shares at $25.00; terminates by 12/29/2026
Unsecured note repayment h1: $180.0M principal repaid
Series b preferred cumulative: 16,186,525 shares for $395.6M gross; final close 12/5/2025; 127,084 shares redeemed in H1 2026
Share repurchase authorization: $20.0M program extended to 2/24/2027; no purchases as of 6/30/26
Dividends declared per common share q2: 0.5

Price after filing

1 day: +0.4%7 days: +4.3%30 days: +2.9%

Close on the filing date to close N calendar days later (from $16.80). Historical, not a forecast.

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