Nexpoint Real Estate Finance Inc (NREF) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Nexpoint Real Estate Finance Inc $40.98, price $15.81, upside +159.2%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $8.04 – $18.17 · fair‑value band $23.93 – $40.98 · the $15.81 price screens below the $40.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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NexPoint Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust in the United States.
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NexPoint Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust in the United States. It focuses on originating, structuring, and investing in first-lien mortgage loans, preferred equity, mezzanine loans, convertible notes, multifamily properties, and common equity investments, as well as multifamily and single-family rental commercial mortgage-backed securities securitizations, promissory notes, revolving credit facilities, and stock warrants or target assets. The company has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. NexPoint Real Estate Finance, Inc. was incorporated in 2019 and is based in Dallas, Texas.
Stock analysis
Nexpoint Real Estate Finance Inc (NREF) currently trades at $15.81, while our model-based Fair Value estimate is $40.98, implying the stock looks roughly 61.4% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $42.92 per share, and 6 of the 6 models we run sit above the $15.81 price.
Bear case: the Multiples group reads lowest at $16.73, and 0 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: $23.93 (bear) to $40.98 (bull), the price of $15.81 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Nexpoint Real Estate Finance Inc reported revenue of $126M in FY2025 versus $44.6M in FY2021, a compound +29.7%/yr. Reported net income was $105M in FY2025, compounding +25.0%/yr from FY2021.
Key figures
Market cap $397M · P/E ratio 7.5 · P/S ratio 6.24 · EPS (TTM) $2.30 · Dividend yield 12.7% · Net margin 83.3% · Return on equity 14.9% · Return on assets (EBIT) 1.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 159%, NREF screens cheaper than that median.
Fair Value models
Bear $23.93Fair Value $40.98Bull $40.98
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.2203 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+14.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+46.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.3%
Start year 2020 (pandemic). Over 10 years: +55.7% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+55.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+33.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.1%
Dividend (yield on the price)12.7%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.66% → 130%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+65.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−9.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +61.3% a year for the price and −12.0% for the forecasts.
Compare Nexpoint Real Estate Finance Inc with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Mortgage · 39 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Below median
Fair Value upside+159% · Top 25%
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets2% · Top 25%
Net margin (TTM)67% · Top 25%
Operating margin (TTM)63% · Above median
Growth and dividend
Revenue growth−14% · Below median
Dividend yield (TTM)12.7% · Bottom 25%
Balance sheet
Debt / equity5.60× · Highest 25%
Valuation Multiplesvs REIT - Mortgage median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Nexpoint Real Estate Finance Inc Fair Value". https://www.fairvalue-calculator.com/stock/NREF
Frequently asked questions
Is Nexpoint Real Estate Finance Inc (NREF) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $40.98 versus a price of $15.81, about +159% upside (undervalued).
What is the fair value of NREF?
Our model-based fair value for Nexpoint Real Estate Finance Inc is $40.98 (as of Sep 23, 2026), built from audited fundamentals. The current price: $15.81.
What is the quality score of NREF?
Nexpoint Real Estate Finance Inc has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nexpoint Real Estate Finance Inc (NREF)?
Our model-based price target is the fair value of $40.98 (as of Sep 23, 2026) from 7 valuation models. Cautious scenario $23.93, optimistic scenario $40.98. It is a calculation from audited fundamentals, not an analyst target.
What is the Nexpoint Real Estate Finance Inc stock forecast for 2026?
Our models put fair value at $40.98, about +159% upside versus a price of $15.81 (undervalued). Cautious scenario $23.93, optimistic scenario $40.98. The calculation is refreshed regularly with new filings.
What is the revenue of Nexpoint Real Estate Finance Inc (NREF)?
Nexpoint Real Estate Finance Inc reported trailing-twelve-month revenue of about $151M (latest available figure, as of Sep 23, 2026).
Does Nexpoint Real Estate Finance Inc pay a dividend?
Nexpoint Real Estate Finance Inc currently shows a dividend yield of about 12.65% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Nexpoint Real Estate Finance Inc (NREF)?
For today's price to be fair in a discounted-cash-flow model, Nexpoint Real Estate Finance Inc would have to grow free cash flow by +65.2 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +45.3 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of NREF use?
Our models discount Nexpoint Real Estate Finance Inc at 11.6 %: a base by market capitalisation (small), damped by beta 1.15, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Nexpoint Real Estate Finance Inc that is +65.2 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Nexpoint Real Estate Finance Inc (NREF) delivered so far?
Over the past 5 years revenue at Nexpoint Real Estate Finance Inc grew +45.3 % a year. The price currently implies +65.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Nexpoint Real Estate Finance Inc (NREF) growing?
The median revenue growth in the sector is +8.3 % a year. That is the yardstick for the growth priced into Nexpoint Real Estate Finance Inc (+65.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nexpoint Real Estate Finance Inc (NREF)?
The free-cash-flow yield on the price is 2.69 %: that much free cash flow Nexpoint Real Estate Finance Inc produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nexpoint Real Estate Finance Inc (NREF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nexpoint Real Estate Finance Inc it is $40.98 per share (as of Sep 23, 2026), against a price of $15.81. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Nexpoint Real Estate Finance Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NREF trades below its calculated fair value: price $15.81, fair value $40.98, a gap of about +159% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NREF?
No. The price is what the market pays today ($15.81); the fair value is what the company's own numbers justify ($40.98). For Nexpoint Real Estate Finance Inc the two are $25.17 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nexpoint Real Estate Finance Inc worth?
The market values Nexpoint Real Estate Finance Inc at about $397M (market capitalisation, as of Sep 23, 2026). Per share that is $15.81; our models calculate a fair value of $40.98 per share.
What do the bullish and bearish scenarios say about NREF?
Our models span a range for Nexpoint Real Estate Finance Inc: cautious scenario $23.93, base $40.98, optimistic $40.98 per share (as of Sep 23, 2026, price $15.81). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NREF?
Nexpoint Real Estate Finance Inc trades at a price-to-earnings ratio of 7.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $40.98 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 9.9 (reported 7.5). Other multiples: P/B 0.5, P/S 2.6, EV/EBITDA 27.0.
How solid is the balance sheet of Nexpoint Real Estate Finance Inc (NREF)?
Balance-sheet figures for Nexpoint Real Estate Finance Inc (as of Sep 23, 2026): return on equity 14.9%, debt of 5.60 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is NREF from its 52-week high?
Nexpoint Real Estate Finance Inc trades at $15.81, about 13% below its 52-week high of $18.17 and 34% above the low of $11.78 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $40.98 is for.
Which stocks are comparable to Nexpoint Real Estate Finance Inc?
From the same area (Real Estate) we also value Annaly Capital Management, Inc, AGNC Investment Corp, Starwood Property Trust, Inc, Rithm Capital Corp, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nexpoint Real Estate Finance Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $15.81, calculated fair value $40.98 (+159%), Quality Score 41/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NREF calculated?
We run Nexpoint Real Estate Finance Inc through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $40.98, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Nexpoint Real Estate Finance Inc currently trades 159 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nexpoint Real Estate Finance Inc (NREF)?
The closing price on Sep 23, 2026 was $15.81. Our model-based fair value is $40.98, about +159% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nexpoint Real Estate Finance Inc right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($23.93). The market is more pessimistic than our downside scenario. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Nexpoint Real Estate Finance Inc
How large is the market capitalisation of Nexpoint Real Estate Finance Inc (NREF)?
The market capitalisation of Nexpoint Real Estate Finance Inc is $397M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nexpoint Real Estate Finance Inc (NREF)?
The price-to-sales ratio of Nexpoint Real Estate Finance Inc is 6.24 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nexpoint Real Estate Finance Inc (NREF)?
Earnings per share at Nexpoint Real Estate Finance Inc are $2.30 (price ÷ EPS = P/E 7.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nexpoint Real Estate Finance Inc (NREF)?
The dividend yield of Nexpoint Real Estate Finance Inc is 12.7% (payout 87.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Nexpoint Real Estate Finance Inc (NREF)?
The net margin of Nexpoint Real Estate Finance Inc is 83.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nexpoint Real Estate Finance Inc (NREF)?
The return on equity (ROE) of Nexpoint Real Estate Finance Inc is 14.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nexpoint Real Estate Finance Inc (NREF)?
On an EBIT basis the return on assets of Nexpoint Real Estate Finance Inc is 1.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nexpoint Real Estate Finance Inc (NREF)?
The operating margin of Nexpoint Real Estate Finance Inc is 63.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nexpoint Real Estate Finance Inc (NREF)?
Revenue at Nexpoint Real Estate Finance Inc is growing −13.7% versus a year earlier (3y avg +46.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nexpoint Real Estate Finance Inc (NREF)?
Earnings per share at Nexpoint Real Estate Finance Inc are growing −46.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Nexpoint Real Estate Finance Inc (NREF) carry?
The net debt of Nexpoint Real Estate Finance Inc is $4.4B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 23, 2026