NexPoint Real Estate Finance, Inc. (NREF) Balance Sheet
NREF balance sheet, 2025
December 31, 2025 · U.S. dollars$5.32B assets = $4.49B liabilities + $831.9M equity
Both columns are drawn to the same scale: what NREF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NREF financial health
Descriptive bands, not a rating. Fiscal 2025.
NREF balance sheet trends, 2015–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $41.1M2015 | $5.32B2025 | +71.7%/yr | |
| Total liabilities | $38.0M2015 | $4.49B2025 | +69.9%/yr | |
| Shareholders’ equity | $2.4M2015 | $749.5M2025 | +89.2%/yr | |
| Cash & short-term investments | $601,0002015 | $31.1M2025 | +55.0%/yr | |
| Total debt | $36.7M2015 | $4.46B2025 | +70.5%/yr | |
| Net cash (debt) | −$36.1M2015 | −$4.43B2025 | −$4.4B | |
| Working capital | −$239,0002015 | −$197.2M2025 | −$196.9M | |
| Book value per share | $0.482015 | $14.962025 | +46.4%/yr | |
| Current ratio | 0.812015 | 0.312025 | −0.50 | |
| Debt / equity | 15.182015 | 5.952025 | −9.22 | |
| Shares outstanding | 5.0M2015 | 50.1M2025 | +29.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NREF assets
NREF liabilities and equity
NREF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NREF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $31.1M | $3.9M | $13.8M | $20.0M | $26.5M | $30.2M | $301,801 | $10.8M | $456,000 | $601,000 |
| Cash & equivalents | $31.1M | $3.9M | $13.8M | $20.0M | $26.5M | $30.2M | $301,801 | $10.8M | $456,000 | $601,000 |
| Short-term investments | — | — | — | $256.1M | $62,269 | — | — | — | — | — |
| Receivables | $54.0M | $5.10B | $6.69B | $7.71B | $8.28B | $6.05B | $4.3M | $1.96B | $164,000 | $25,000 |
| Inventory | $0 | $0 | $0 | $10.0M | $41.6M | $1 | −$4.3M | $1 | $0 | $0 |
| Other current assets | $3.2M | $45.8M | $29.2M | $8.1M | $0 | $9.1M | $4.3M | $3.4M | $314,000 | $400,000 |
| Total current assets | $88.4M | $5.15B | $6.74B | $7.75B | $8.32B | $6.09B | $4.6M | $1.98B | $934,000 | $1.0M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $208.7M | $77.8M | $114.6M | $110.6M | $58.5M | $1.05B | $40.5M | $42.0M | $5.2M | $0 |
| Other non-current assets | $5.02B | $184.2M | $167.8M | $292.1M | $132.1M | $0 | $2.75B | $0 | $39.6M | $40.0M |
| Total assets | $5.32B | $5.42B | $7.02B | $8.15B | $8.51B | $6.18B | $2.79B | $2.02B | $45.8M | $41.1M |
| Liabilities | ||||||||||
| Accounts payable | $27.5M | $9.5M | $6.4M | $6.2M | $3.9M | $1.8M | $0 | $170,713 | $851,000 | $267,000 |
| Short-term debt | $258.0M | $373.4M | $303.5M | $331.0M | $286.3M | $161.5M | $1.66B | $56.8M | — | — |
| Deferred revenue | — | — | $288.9M | −$316.8M | −$278.4M | −$157.4M | — | — | — | — |
| Total current liabilities | $285.5M | $392.9M | $318.2M | $345.2M | $294.2M | $165.6M | $1.66B | $57.7M | $1.5M | $1.3M |
| Long-term debt | $4.20B | $4.58B | $6.25B | $7.26B | $200.5M | $35.0M | $2.45B | $1.72B | $37.7M | $0 |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $7.51B | $5.57B | $0 | $0 | $0 | $36.7M |
| Total liabilities | $4.49B | $4.84B | $6.57B | $7.61B | $8.01B | $5.77B | $2.45B | $1.78B | $39.2M | $38.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $186,000 | $174,000 | $172,000 | $171,000 | $92,000 | $50,000 | — | — | $10,000 | $5,000 |
| Retained earnings (deficit) | −$16.5M | −$54.9M | −$35.8M | $4.4M | $28.4M | $3.5M | $0 | — | −$3.5M | −$1.8M |
| Accumulated other comprehensive income | — | $0 | $0 | $0 | $0 | $0 | — | — | −$25,000 | −$18,000 |
| Minority interest | $82.3M | $89.5M | $89.6M | $161.0M | $7.3M | — | — | — | — | — |
| Total shareholders' equity | $749.5M | $482.2M | $355.9M | $384.0M | $238.0M | $128.2M | $347.7M | $239.9M | $6.0M | $2.4M |
| Key figures | ||||||||||
| Total debt | $4.46B | $4.82B | $6.56B | $7.59B | $8.00B | $5.77B | $4.10B | $1.78B | $37.7M | $36.7M |
| Net cash (debt) | −$4.43B | −$4.82B | −$6.54B | −$7.57B | −$7.97B | −$5.74B | −$4.10B | −$1.77B | −$37.2M | −$36.1M |
| Working capital | −$197.2M | $4.76B | $6.42B | $7.41B | $8.03B | $5.93B | −$1.65B | $1.92B | −$559,000 | −$239,000 |
| Tangible book value | $749.5M | $482.2M | $355.9M | $384.0M | $238.0M | $128.2M | $347.7M | $239.9M | $6.0M | $2.4M |
| Book value per share | $14.96 | $27.71 | $20.70 | $26.15 | $11.69 | $24.63 | $69.54 | $47.97 | $1.20 | $0.48 |
| Shares outstanding | 50.1M | 17.4M | 17.2M | 14.7M | 20.4M | 5.2M | 5.0M | 5.0M | 5.0M | 5.0M |
| Current ratio | 0.31 | 13.12 | 21.17 | 22.45 | 28.29 | 36.80 | 0.00 | 34.26 | 0.63 | 0.81 |
| Quick ratio | 0.30 | 13.00 | 21.08 | 22.40 | 28.24 | 36.75 | 0.00 | 34.20 | 0.42 | 0.49 |
| Debt / equity | 5.95 | 10.01 | 18.42 | 19.78 | 33.61 | 44.98 | 11.80 | 7.41 | 6.28 | 15.18 |
| Equity / assets | 14.1% | 8.9% | 5.1% | 4.7% | 2.8% | 2.1% | 12.5% | 11.9% | 13.1% | 5.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $138.2M | $25.2M | $31.1M | $17.9M | $9.1M | $19.2M | $3.9M | $34.7M | $4.3M | $13.5M | $13.8M | $11.0M |
| Cash & equivalents | $138.2M | $25.2M | $31.1M | $17.9M | $9.1M | $19.2M | $3.9M | $34.7M | $4.3M | $13.5M | $13.8M | $11.0M |
| Short-term investments | — | — | — | — | — | — | — | −$4.0M | — | — | — | — |
| Receivables | $4.62B | $47.3M | $54.0M | $60.7M | $4.94B | $5.00B | $5.10B | $5.34B | $6.26B | $6.72B | $22.0M | $6.65B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $34.4M |
| Other current assets | $0 | $0 | $3.2M | $3.6M | $56.5M | $45.6M | $45.8M | $38.7M | $40.3M | $36.1M | $2.8M | $0 |
| Total current assets | $194.8M | $72.6M | $88.4M | $82.3M | $5.01B | $5.06B | $5.15B | $5.41B | $6.31B | $6.77B | $38.7M | $6.69B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $214.9M | $212.6M | $208.7M | $208.9M | $165.8M | $131.5M | $77.8M | $116.7M | $105.0M | $147.0M | $114.6M | $98.7M |
| Other non-current assets | $4.96B | $4.95B | $5.02B | $4.99B | $230.5M | $203.3M | $184.2M | $160.1M | $161.6M | $163.8M | $6.87B | $101.0M |
| Total assets | $5.37B | $5.23B | $5.32B | $5.28B | $5.40B | $5.40B | $5.42B | $5.69B | $6.57B | $7.09B | $7.02B | $6.89B |
| Liabilities | ||||||||||||
| Accounts payable | $15.7M | $31.5M | $27.5M | $27.2M | $12.4M | $8.7M | $9.5M | $8.3M | $7.9M | $10.3M | $14.6M | $3.4M |
| Short-term debt | $152.2M | $164.6M | $258.0M | $257.6M | $391.1M | $395.9M | $373.4M | $386.8M | $280.7M | $341.7M | $303.5M | $298.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$8.9M | $318.8M | $288.9M | −$284.5M |
| Total current liabilities | $152.2M | $164.6M | $285.5M | $284.8M | $415.0M | $417.7M | $392.9M | $406.0M | $297.5M | $364.7M | $318.2M | $311.5M |
| Long-term debt | $4.32B | $4.19B | $4.20B | $4.22B | $4.40B | $4.50B | $4.58B | $4.89B | $5.80B | $6.27B | $6.25B | $6.14B |
| Other long-term liabilities | $29.0M | $31.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $14.6M | $0 |
| Total liabilities | $4.51B | $4.39B | $4.49B | $4.50B | $4.72B | $4.78B | $4.84B | $5.15B | $6.09B | $6.64B | $6.57B | $6.45B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $189,000 | $187,000 | $186,000 | $177,000 | $177,000 | $176,000 | $174,000 | $174,000 | $174,000 | $173,000 | $172,000 | $172,000 |
| Retained earnings (deficit) | −$21.1M | −$16.3M | −$16.5M | −$19.0M | −$44.6M | −$47.5M | −$54.9M | −$54.1M | −$61.1M | −$59.3M | −$35.8M | −$37.2M |
| Accumulated other comprehensive income | — | — | — | — | $0 | — | $0 | $0 | $0 | $0 | −$172,000 | $0 |
| Minority interest | $81.8M | $82.6M | $82.3M | $97.4M | $92.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $379.6M | $388.7M | $749.5M | $677.6M | $590.4M | $529.3M | $482.2M | $443.2M | $393.4M | $361.4M | $347.3M | $344.9M |
| Key figures | ||||||||||||
| Total debt | $4.48B | $4.35B | $4.46B | $4.48B | $4.70B | $4.76B | $4.82B | $5.13B | $6.08B | $6.61B | $6.56B | $6.44B |
| Net cash (debt) | −$4.34B | −$4.33B | −$4.43B | −$4.46B | −$4.69B | −$4.74B | −$4.82B | −$5.10B | −$6.07B | −$6.60B | −$6.54B | −$6.43B |
| Working capital | $42.6M | −$92.1M | −$197.2M | −$202.6M | $4.59B | $4.65B | $4.76B | $5.00B | $6.01B | $6.41B | −$279.5M | $6.38B |
| Tangible book value | $379.6M | $388.7M | $749.5M | $677.6M | $590.4M | $529.3M | $482.2M | $443.2M | $393.4M | $361.4M | $347.3M | $344.9M |
| Book value per share | $7.03 | $7.55 | $15.37 | $15.45 | $14.96 | $14.68 | $14.38 | $14.55 | $14.16 | $20.93 | $20.16 | $20.02 |
| Shares outstanding | 54.0M | 51.5M | 48.8M | 43.9M | 39.5M | 36.0M | 33.5M | 30.5M | 27.8M | 17.3M | 17.2M | 17.2M |
| Current ratio | 1.28 | 0.44 | 0.31 | 0.29 | 12.06 | 12.12 | 13.12 | 13.32 | 21.21 | 18.57 | 0.12 | 21.46 |
| Quick ratio | 31.29 | 0.44 | 0.30 | 0.28 | 11.93 | 12.01 | 13.00 | 13.23 | 21.07 | 18.48 | 0.11 | 21.38 |
| Debt / equity | 11.79 | 11.20 | 5.95 | 6.61 | 7.95 | 8.99 | 10.01 | 11.58 | 15.45 | 18.30 | 18.88 | 18.67 |
| Equity / assets | 7.1% | 7.4% | 14.1% | 12.8% | 10.9% | 9.8% | 8.9% | 7.8% | 6.0% | 5.1% | 4.9% | 5.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
NREF financial position
At the end of fiscal 2025 (December 31, 2025), NexPoint Real Estate Finance had total assets of $5.3 billion (down 1.8% from a year earlier), total liabilities of $4.5 billion and shareholders' equity of $749.5 million. It held $31.1 million in cash and short-term investments against $4.5 billion of debt, net debt of $4.4 billion. Its current ratio was 0.31. In the latest quarter (ended June 30, 2026) total assets were $5.4 billion and equity $379.6 million.
Related: NREF income statement, NREF cash flow statement, NREF key metrics. See the NREF stock overview for the latest quote and news.
NREF balance sheet FAQ
What are NexPoint Real Estate Finance's total assets?
NexPoint Real Estate Finance reported total assets of $5.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.4 billion a year earlier.
How much debt does NexPoint Real Estate Finance have?
NexPoint Real Estate Finance had $4.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 5.95.
How much cash does NexPoint Real Estate Finance have?
NexPoint Real Estate Finance held $31.1 million in cash and short-term investments at the end of fiscal 2025; with $4.5 billion of debt that is net debt of $4.4 billion.
What is NexPoint Real Estate Finance's book value?
NexPoint Real Estate Finance's shareholders' equity (book value) was $749.5 million at the end of fiscal 2025, or $14.96 per share.
What is NexPoint Real Estate Finance's current ratio?
NexPoint Real Estate Finance had current assets of $88.4 million and current liabilities of $285.5 million, a current ratio of 0.31 (current liabilities exceed current assets).