NREF NexPoint Real Estate Finance, Inc.
XNYS
12.27
Delayed
Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
NREF
$12.27
—
What changed
Recent filings, trades and movesKey stats
$12.27
- 52-Week Range
- $12.16 – $18.43
- YTD
- -12.92%
- IV Rank (30D)
- 22.87
- Straddle Price
- $1.38
- P/C Vol Ratio
- 0.62
- Market Cap
- $0.2B
- Open
- $12.76
- Day Range
- $12.16 – $12.79
- Volume
- 162,368
- Prev Close
- $12.67
Fair Value
+50.0% vs price
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 4.88% |
| Beta vs SPY | 0.78 |
| Cost of Equity (CAPM) | 8.79% (VRP-adj) |
| WACC | 6.60% |
| Volatility Risk Premium | +90.1pp (IV − HV30) |
| Effective Tax Rate | 21.0% |
| Rev. Growth (YoY, DCF input) | +3.0% |
| DCF Horizon | 5 years explicit + fade |
| Forward Tilt (NTM/TTM) | ×1.03 (applied to P/E, EV/EBITDA, P/S) |
| Free Cash Flow (TTM) | $0.0B |
| Return on Equity (TTM) | 16.4% |
| Book / Price | 162.8% — banking bias active (P/B is primary) |
| Debt / Equity | 1.29 |
| Quality Score | 1/6 — cyclical/struggling (5y DCF) |
| SMA 50 | $15.52 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $14.62 |
| Bollinger Width / SMA20 | 27.3% (drives anchor stability) |
| Net Debt | $0.5B |
| Market Cap | $0B |
Peers used for multiples: AGNC, ARR, BXMT, DX, IVR, LADR, NLY, RITM
Blended Fair Value
$40.77
Deviation
+50.0%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | $-15.95 | 0% | |
| DDM (Gordon) | $44.49 | 50% | |
| Peer P/E | $54.30 | 28% | median 14.4× · 3 peers |
| Peer EV/EBITDA | n/a | 0% | |
| Peer P/B | $15.26 | 6% | median 0.7× · 8 peers |
| Peer P/S | n/a | 0% | median 5.3× · 4 peers |
| Market Anchor (SMA50) | $15.52 | 17% | stability 13% (BB-width) |
| Options Expected (B-L 30d) | $11.88 | 0% | 5 strikes · skew +0.22 |
As of 2026-11-13 · updated
Related
About
- Industry (SIC)
- REAL ESTATE INVESTMENT TRUSTS (6798) · industry map
- Exchange
- XNYS
- Market Cap
- $0.2B
- Employees
- 1
- List Date
- 2020-02-07
- CIK
- 0001786248
- Last Earnings
- Nov 5 before open · −7.2% vs ±17.4% expected
- Next Earnings
- ~Feb 25, 2027 (estimated)
- Headquarters
- Dallas, TX
- Homepage
- http://nref.nexpoint.com
NexPoint Real Estate Finance Inc is a commercial mortgage REIT focused on generating attractive, risk-adjusted returns for shareholders over the long term. The company invests mainly in first-lien mortgage loans, mezzanine loans, preferred equity, multifamily properties, and common equity investments, as well as multifamily and single-family rental CMBS securitizations, promissory notes, revolving credit facilities, and stock warrants. It focuses on real estate sectors where its management has operating expertise, including multifamily, single-family rental, self-storage, industrial, and life …
Summary
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composite
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No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -5.47% | 2.66% | 16.30% | -10.78% | -2.16% | 4.83% | 0.90% |
| Feb | 12.32% | 2.99% | -6.62% | -5.52% | 6.27% | -2.62% | 1.14% |
| Mar | -3.23% | 5.07% | -11.52% | -3.17% | -7.72% | -8.99% | -4.93% |
| Apr | 6.55% | 2.94% | -8.72% | -3.64% | -2.01% | 8.42% | 0.59% |
| May | -3.89% | 6.54% | -7.77% | 9.81% | 3.29% | 5.05% | 2.17% |
| Jun | 3.98% | -16.45% | 11.44% | -7.98% | -5.61% | -0.13% | -2.46% |
| Jul | -5.75% | 1.20% | 8.43% | 8.58% | -0.36% | 8.82% | 3.49% |
| Aug | 8.94% | -1.58% | -0.29% | 16.38% | 9.73% | -0.58% | 5.43% |
| Sep | -8.97% | -26.42% | -3.82% | -4.40% | -4.51% | -10.24% | -9.73% |
| Oct | 6.14% | 14.02% | -4.63% | -2.32% | -7.65% | -4.06% | 0.25% |
| Nov | 0.62% | 7.09% | 7.41% | 19.02% | 9.95% | -18.04%* | 4.34% |
| Dec | -7.76% | -15.30% | -5.63% | -11.61% | -2.49% | -- | -8.56% |
| Total | 0.73% | -22.85% | -9.38% | -1.34% | -5.25% | -19.30% | -9.56% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $14.47
SMA 50: $15.41
SMA 200: $15.35
Current: $12.27
EMA 12: $13.60
EMA 26: $14.39
MACD: -0.7965 | Signal: -0.2224
BEARISH
ADX (14): 40.75
STRONG TREND
+DI: 4.29
−DI: 34.22
Momentum Oscillators
RSI (14): 24.61
OVERSOLD
Stoch %K: 5.42
Stoch %D: 6.74
Williams %R: -96.94
Volume & Volatility
BB Upper: $16.67
BB Lower: $12.26
NEUTRAL
OBV: -502,476
Vol SMA 20: 74,575
Vol ROC: 317.98%
ATR: $0.60
True Range: $0.63
HV 20: 44.0%
HV 30: 37.9%
HV 60: 35.1%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-11-15T00:00:00 – 2026-11-13T00:00:00
AI Analysis
Written before NREF’s Nov 5 earnings report, so it doesn’t reflect the results.
Here is the stock analysis report for NREF:
Executive Summary
BULLISH (Confidence Level: 8/10)
Key drivers: Positive earnings surprises, dividend announcements, and technical momentum indicators.
Primary risks: Volatility compression, potential profit-taking, and market sentiment shifts.
Investment thesis: NREF's recent uptrend is supported by its fundamental and technical strengths. The stock has a history of positive earnings surprises, and its current price action suggests a continued upward trajectory.
Recent news sentiment impact: Positive news headlines (dividend announcements) have contributed to the stock's rise, while neutral news (earnings reports) have not had a significant impact on the price movement.
Technical Analysis
Trend Direction: Short-term - Uptrend, Medium-term - Uptrend, Long-term - Range-bound
Support/Resistance Levels:
- Key support: $14.18 (SMA 50)
- Key resistance: $16.07 (Upper Bollinger Band)
Momentum Signals:
- RSI: Neutral (56.91), no sell signal
- MACD: Bullish (0.28 / Signal: -0.05 / Histogram: 0.34), no bearish crossover
- Bollinger Bands: Neutral, price is within the range
Volume Analysis:
- Volume SMA 20: Increasing
- On-Balance Volume (OBV): Positive momentum
- Volume Rate of Change: Mildly increasing
News & Sentiment Analysis
Recent Headlines Summary:
- Earnings reports have been neutral
- Dividend announcements have been positive
- Technical outlook has been positive
Sentiment Assessment: Neutral with a slight positive bias
Catalyst Identification:
- Upcoming earnings report (Q3)
- Potential dividend announcement
Market Narrative: NREF's technical signals are aligning with its fundamental strength, driving the stock's upward movement.
Risk & Volatility Assessment
Risk Interpretation: Low risk due to beta < 1.2 and low volatility
Volatility Regime: Historically low volatility
Options Market Signals:
- IV Rank: Medium
- Current IV: 171.9%
- Expected Move: $2.02 (27 DTE)
- Volume Flow: 1 calls vs 0 puts (bullish sentiment)
Downside Protection:
- Key support at SMA 50 ($14.18)
- Stop-loss levels can be set around $15.13 (SMA 20)
Market Context & Positioning
Sector Performance: Real Estate sector has been strong, with NREF performing similarly.
Institutional Activity: Volume patterns suggest institutional interest in the stock.
Correlation Analysis: NREF's price movement is slightly correlated to the market (R-squared interpretation).
Relative Valuation: NREF is trading within its historical range.
Key Levels & Action Items
Critical Price Levels:
- Support at SMA 50 ($14.18)
- Resistance at Upper Bollinger Band ($16.07)
Breakout/Breakdown Levels:
- Break above $16.07 for further upside
- Break below $14.18 for potential downside
Time-Sensitive Catalysts:
- Upcoming earnings report (Q3)
- Potential dividend announcement
Risk Management:
- Stop-loss levels can be set around $15.13 (SMA 20)
- Position sizing considerations: consider reducing exposure if the stock breaks below SMA 50 ($14.18)
Please note that this analysis is based on the provided data and may not reflect real-world market conditions or events.
Generated
News
All NREF news →
Shrinking multifamily supply and rising life science leases shape next moves.
Earnings History
15 of 15 under expected move
Avg Expected Move
13.15%
Avg Actual Move
2.95%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2022-10-27 | Pre-Market | 17.35% | 3.68% | 0.21x | Within |
| 2023-07-27 | Pre-Market | 10.29% | 3.25% | 0.32x | Within |
| 2023-11-02 | Pre-Market | 7.68% | 3.22% | 0.42x | Within |
| 2024-02-29 | Pre-Market | 15.56% | 5.01% | 0.32x | Within |
| 2024-05-02 | Pre-Market | 12.12% | 2.16% | 0.18x | Within |
| 2024-08-01 | Pre-Market | 11.95% | 0.97% | 0.08x | Within |
| 2024-10-31 | Pre-Market | 9.15% | 6.47% | 0.71x | Within |
| 2025-02-27 | Pre-Market | 12.95% | 1.17% | 0.09x | Within |
| 2025-05-01 | After-Close | 11.01% | 1.82% | 0.17x | Within |
| 2025-07-31 | After-Close | 13.59% | 0.94% | 0.07x | Within |
| 2025-10-30 | Pre-Market | 18.43% | 1.05% | 0.06x | Within |
| 2026-02-26 | Pre-Market | 17.27% | 0.34% | 0.02x | Within |
| 2026-04-30 | After-Close | 10.23% | 3.05% | 0.30x | Within |
| 2026-08-06 | Pre-Market | 12.26% | 3.96% | 0.32x | Within |
| 2026-11-05 | Pre-Market | 17.42% | 7.17% | 0.41x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
NREF Options Activity & IV Rank
NREF IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 46.7%
7-DTE IV: 69.5%
Expected Move: $1.38
7-DTE Move: $1.23
Days to Exp: 35 (2026-12-18)
Options Flow · All expiries
Call Volume: 29
Put Volume: 18
P/C Volume: 0.621
BULLISH
Call OI: 259
Put OI: 141
P/C OI: 0.544
Total OI: 400
ATM Options Pricing
ATM Call: $0.57
ATM Put: $0.80
Call %: 4.7%
Put %: 6.5%
Chain Summary
Chain Volume: 47
Chain OI: 400
Last Updated: 11/13/2026
Spread Scanner
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Calendars: the long leg is valued at the short leg’s expiration (Black-Scholes at its current IV) across the range of prices the short leg’s IV implies, giving the best-case profit (R/R = that over the debit) and P(profit).
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Scanning bull put, bear call, iron condor and calendar spreads…
Dealer Positioning
LOW γ vs HISTORY
Estimated net dealer gamma is at the 0th percentile of this name's own daily history, near the low end of its range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
0%
vs own history
GEX tilt
-1.00
OI-weighted, today
Vanna tilt
-0.10
δ-sensitivity to IV
Charm tilt
-0.65
δ-decay vs time
Charm tilt -0.65: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 3 ATM contracts, 0k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Put vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Call vs ATM
IV(call wing) − IV(ATM), in vol pointsThe same measure on the upside: how the OTM call is priced against the at-the-money strike.
- Negative (typical) — calls trade below ATM for most stocks and indices, so the sign alone says little.
- Percentile vs own history: high = upside calls unusually rich for this name (squeezes, takeover talk, commodity supply scares); low = calls cheaper than usual.
Reading them together
Put or call vs ATM tells you how expensive that tail is. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d put
—
—
pts
EXTREME
as of Nov 13 · No data
30 DTE / 10d put
—
—
pts
EXTREME
as of Nov 13 · ATM 43.2% / Put —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Loading the implied volatility surface…
Volatility Smile
Loading the implied volatility smile…
IV Rank (7 DTE)22.3LowNov 13
IV Rank (30 DTE)22.9LowNov 13
Straddle Price (30 DTE)$1.38Nov 13
Beta Analysis
Risk Metrics
Beta: 0.6814
Alpha: -16.15%
Correlation: 0.3171
R-Squared: 10.1%
Stock Volatility: 29.3%
Market Volatility: 13.6%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
NREF Institutional Ownership (13F)
Filings for 2026-06-30 · 31 already for 2026-09-30
? 13F Guide
Diluted shares outstanding: 43,240,750 (as of 2026-09-30)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
3 filers$330.25K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $213.90K | 64.77% | 2026-06-30 |
| 2 | Simplex Trading, LLC Custodian | $77.60K | 23.50% | 2026-09-30 |
| 3 | GROUP ONE TRADING LLC Custodian | $38.75K | 11.73% | 2026-06-30 |
| # | Filer | Notional Value | % of Total | Period |
|---|
NREF Insider Trading (Form 4)
Latest: 2026-04-06Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-04-06 | Edward N. Constantino | Director | Mixed Disp −2,759 · Exer +5,518 |
+2,759 | — | EDGAR | |
| 2026-04-06 | Catherine D. Wood | Director | Exer (M) | +5,518 | — | EDGAR | |
| 2026-04-06 | Matt McGraner | See Remarks | Mixed Exer +68,840 · Tax −36,414 |
+32,426 | $13.36 | -$486.5K | EDGAR |
| 2026-04-06 | Carol Swain | Director | Mixed Exer +5,518 · Disp −2,759 |
+2,759 | — | EDGAR | |
| 2026-04-06 | Dennis Charles Sauter Jr | General Counsel and Secretary | Mixed Tax −2,699 · Exer +7,549 |
+4,850 | $13.36 | -$36.1K | EDGAR |
| 2026-04-06 | Paul Richards | See Remarks | Mixed Exer +21,981 · Tax −10,869 |
+11,112 | $13.36 | -$145.2K | EDGAR |
| 2026-04-06 | Arthur B Laffer | Director | Exer (M) | +5,518 | — | EDGAR | |
| 2026-04-06 | James D Dondero | President | Exer (M) | +70,114 | — | EDGAR | |
| 2026-04-06 | Scott F Kavanaugh | Director | Exer (M) | +5,518 | — | EDGAR | |
| 2026-04-06 | Brian Mitts | Director | Mixed Tax −2,448 · Exer +12,355 · Disp −3,784 |
+6,123 | $13.36 | -$32.7K | EDGAR |
| 2026-03-17 | Brian Mitts | Director | Mixed Disp −1,249 · Tax −2,004 · Exer +8,333 |
+5,080 | $13.15 | -$26.4K | EDGAR |
| 2026-03-17 | Paul Richards | See Remarks | Mixed Tax +5,580 · Exer +10,000 |
+15,580 | $13.15 | $73.4K | EDGAR |
| 2026-03-17 | Dennis Charles Sauter Jr | General Counsel and Secretary | Mixed Tax −1,161 · Exer +2,917 |
+1,756 | $13.15 | -$15.3K | EDGAR |
| 2026-03-17 | Matt McGraner | See Remarks | Mixed Exer +38,438 · Tax −13,554 |
+24,884 | $13.15 | -$178.2K | EDGAR |
| 2026-03-17 | James D Dondero | President | Exer (M) | +38,438 | — | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
NREF Insider Holdings
10 insiders · @ $12.27
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | James D Dondero | President | 6,402,633 | $78.56M | $6.62M | 62 | 2026-04-06 |
| 2 | Matt McGraner | See Remarks | 324,248 | $3.98M | $2.23M | 31 | 2026-04-06 |
| 3 | Brian Mitts | Director | 91,645 | $1.12M | $366.3K | 24 | 2026-04-06 |
| 4 | Paul Richards | See Remarks | 74,069 | $908.8K | $12.3K | 7 | 2026-04-06 |
| 5 | Arthur B Laffer | Director | 65,009 | $797.7K | $754.2K | 13 | 2026-04-06 |
| 6 | Edward N. Constantino | Director | 36,657 | $449.8K | $299.3K | 12 | 2026-04-06 |
| 7 | Dennis Charles Sauter Jr | General Counsel and Secretary | 31,008 | $380.5K | $100.3K | 19 | 2026-04-06 |
| 8 | Catherine D. Wood | Director | 30,228 | $370.9K | $165.8K | 12 | 2026-04-06 |
| 9 | Scott F Kavanaugh | Director | 25,309 | $310.5K | $0 | 11 | 2026-04-06 |
| 10 | Carol Swain | Director | 11,563 | $141.9K | $0 | 6 | 2026-04-06 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
NREF Board & Officers
As of SEC filings through Apr 6, 2026Directors 7
- Arthur B Laffer · since Feb 6, 2020
- Brian Mitts · since Feb 6, 2020
- Edward N. Constantino · since Feb 6, 2020
- James D Dondero · since Feb 6, 2020
- Scott F Kavanaugh · since Feb 6, 2020
- Catherine D. Wood · since Jul 27, 2020
- Carol Swain · since Aug 2, 2022
Officers 4
- James D Dondero · President · since Feb 6, 2020
- Paul Richards · Chief Financial Officer, Executive VP-Finance, Assistant Secretary and Treasurer · since Jan 1, 2025
- Matt McGraner · Executive VP and Chief Investment Officer · since Feb 6, 2020
- Dennis Charles Sauter Jr · General Counsel and Secretary · listed since Feb 2025
10% owners 1
- James D Dondero · listed since Sep 2021
Changes in the last 10 years (20)
| Feb 25, 2025 | Dennis Charles Sauter Jr listed as General Counsel and Secretary (previously General Counsel) in SEC filings |
| Jan 1, 2025 | Paul Richards became Chief Financial Officer, Executive VP-Finance, Assistant Secretary and Treasurer |
| Dec 24, 2024 | The company announced the departure of Brian Mitts as Chief Financial Officer, Executive VP-Finance, Secretary and Treasurer in an SEC filing |
| Dec 23, 2022 | Nexpoint Diversified Real Estate Trust became a 10% owner |
| Dec 23, 2022 | NexPoint Real Estate Opportunities, LLC became a 10% owner |
| Aug 2, 2022 | Carol Swain became a director |
| Sep 10, 2021 | James D Dondero first listed as a 10% owner in an SEC filing |
| Jul 27, 2020 | Catherine D. Wood became a director |
| Apr 2, 2020 | Dennis Charles Sauter Jr became General Counsel |
| Feb 11, 2020 | Brian Mitts no longer listed as a 10% owner in SEC filings |
| Feb 6, 2020 | Scott F Kavanaugh became a director |
| Feb 6, 2020 | Matthew Goetz became Senior VP-Investments and Asset Management |
| Feb 6, 2020 | Matt McGraner became Executive VP and Chief Investment Officer |
| Feb 6, 2020 | James D Dondero became a director |
| Feb 6, 2020 | James D Dondero became President |
| Feb 6, 2020 | Edward N. Constantino became a director |
| Feb 6, 2020 | Brian Mitts became a director |
| Feb 6, 2020 | Brian Mitts became a 10% owner |
| Feb 6, 2020 | Brian Mitts became Chief Financial Officer, Executive VP-Finance, Secretary and Treasurer |
| Feb 6, 2020 | Arthur B Laffer became a director |
Not reported recently (3)
- Matthew Goetz · Last reported as Senior VP-Investments and Asset Management in an SEC filing dated May 10, 2023
- NexPoint Real Estate Opportunities, LLC · Last reported as a 10% owner in an SEC filing dated Dec 23, 2022
- Nexpoint Diversified Real Estate Trust · Last reported as a 10% owner in an SEC filing dated Dec 23, 2022
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
NREF Proposed Insider Sales (Form 144)
Latest: 2025-12-11
? Form 144 Guide
Last 30d:
0 filings
· Last 90d:
0 filings
What is Form 144? A notice of intent to sell restricted or control stock under Rule 144. Affiliates (officers, directors, 10%+ owners) and holders of restricted shares must file Form 144 when planning to sell more than 5,000 shares or $50,000 in any 3-month rolling window.
How it relates to Form 4: Form 144 is filed before the trade (up to 90 days in advance); Form 4 is filed within 2 business days after the trade executes. Not every Form 144 results in a sale — the filer may cancel or delay. Look for the corresponding Form 4 on the Insider Activity card to confirm a sale actually happened.
10b5-1 plans: Trades made under a pre-scheduled Rule 10b5-1 plan are not discretionary — they execute automatically on dates set months earlier, regardless of news. High 10b5-1 percentages mean less per-filing signal value, though cumulative selling volume still matters.
"Notice value": Aggregate market value the filer wrote into the Form 144 — i.e. the size of the planned sale, not necessarily the executed dollars. An amended notice (Form 144/A) replaces the original it amends, and cancelled notices are dropped, so neither is double-counted above. A filed value that is clearly inconsistent with the share count at the stock's price (a filer typo) shows as a dash and is left out of the totals.
Source & freshness: Sourced from public Form 144 filings. Refreshed daily; new filings typically appear here the morning after they are filed.
| Filed | Filer | Role | Shares | Notice Value | Planned Sale | Broker | Plan | Link |
|---|---|---|---|---|---|---|---|---|
| 2025-12-11 | Mitts Brian | Director | 11,904 | $180.6K | 2025-12-12 | Charles Schwab & Co. Inc. | — | EDGAR |
Notice value is the aggregate market value the filer states they intend to sell — not a confirmed transaction. Compare to Insider Activity (Form 4) to see which planned sales actually executed. Market-wide feed: Planned sales (Form 144).
Recent SEC Filings
Latest: 2026-11-10
Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).
Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.
| Filing Date | Accession | Link |
|---|
ETF Holders
21 ETFs hold NREF
21 shown · $13.86M total exposure · 0.01% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.00% | $4.0M | — | 2026-09-30 |
| 2 | IWM iShares Russell 2000 ETF | iShares (BlackRock) | 0.00% | $3.0M | $76.8B | 2026-11-12 |
| 3 | RIET Hoya Capital High Dividend Yield ETF | Nport | 1.39% | $1.5M | — | 2026-08-31 |
| 4 | REM iShares Mortgage Real Estate ETF | iShares (BlackRock) | 0.36% | $1.5M | $412.7M | 2026-11-12 |
| 5 | VXF Vanguard Extended Market ETF | Vanguard | 0.00% | $1.2M | — | 2026-09-30 |
| 6 | IWN iShares Russell 2000 Value ETF | iShares (BlackRock) | 0.01% | $1.1M | $13.9B | 2026-11-12 |
| 7 | VTWO Vanguard Russell 2000 ETF | Vanguard | 0.00% | $709,792 | — | 2026-09-30 |
| 8 | IWC iShares Micro-Cap ETF | iShares (BlackRock) | 0.03% | $301,229 | $1.2B | 2026-11-12 |
| 9 | DVDN Kingsbarn Dividend Opportunity ETF | Nport | 4.66% | $142,515 | — | 2026-07-31 |
| 10 | PRFZ Invesco RAFI US 1500 Small-Mid ETF | Nport | 0.00% | $118,449 | — | 2026-07-31 |
| 11 | VTWV Vanguard Russell 2000 Value ETF | Vanguard | 0.01% | $111,418 | — | 2026-09-30 |
| 12 | GSSC Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF | Goldman | 0.00% | $52,099 | $1.1B | 2026-11-12 |
| 13 | RSSL Global X Russell 2000 ETF | Global X | 0.00% | $45,988 | — | 2026-11-13 |
| 14 | VTHR Vanguard Russell 3000 ETF | Vanguard | 0.00% | $11,392 | — | 2026-09-30 |
| 15 | FLQS Franklin U.S. Small Cap Multifactor Index ETF | Franklin | 0.01% | $5,399 | $49.0M | 2026-11-13 |
| 16 | ITWO ProShares Russell 2000 High Income ETF | ProShares | 0.00% | $5,387 | — | 2026-11-13 |
| 17 | URTY ProShares UltraPro Russell2000 | ProShares | 0.00% | $3,816 | — | 2026-11-13 |
| 18 | EBIT Harbor AlphaEdge Small Cap Earners ETF | Nport | 0.03% | $3,765 | — | 2026-07-31 |
| 19 | UWM ProShares Ultra Russell2000 | ProShares | 0.00% | $2,491 | — | 2026-11-13 |
| 20 | HDG ProShares Hedge Replication ETF | ProShares | 0.00% | $123 | — | 2026-11-13 |
| 21 | RB ProShares Russell 2000 Dynamic Buffer ETF | ProShares | 0.00% | $49 | — | 2026-11-13 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
40.90
TTM Diluted EPS
$0.30
TTM Revenue
$0.00
TTM Net Income
$15.11M
TTM Op. Cash Flow
$2.01M
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q3 '26 | 2026-09-30 | $0.00 | $-12.20M | $-0.65 | $3.18M |
| Q2 '26 | 2026-06-30 | $0.00 | $5.43M | $0.29 | $-6.04M |
| Q1 '26 | 2026-03-31 | $0.00 | $10.04M | $0.42 | $9.40M |
| Q4 '25 | 2025-12-31 | $0.00 | $11.84M | $0.24 | $-4.54M |
| Q3 '25 | 2025-09-30 | $0.00 | $35.03M | $1.14 | $8.10M |
| Q2 '25 | 2025-06-30 | — | $12.29M | $0.54 | $3.32M |
| Q1 '25 | 2025-03-31 | — | $16.52M | $0.70 | $16.04M |
| Q4 '24 | 2024-12-31 | — | $8.38M | $0.36 | $4.36M |
| Q3 '24 | 2024-09-30 | — | $16.12M | $0.74 | $14.72M |
| Q2 '24 | 2024-06-30 | — | $7.49M | $0.40 | $-7.50M |
| Q1 '24 | 2024-03-31 | — | $-14.29M | $-0.83 | $17.71M |
| Q4 '23 | 2023-12-31 | — | $13.63M | $0.79 | $3.13M |
Q3 2026 • period ending 2026-09-30 • filed 2026-11-10
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
40.90
P/B
1.60
P/S
—
EV/EBITDA
—
EV/Sales
—
ROE
16.4%
ROA
1.2%
Div Yield
32.48%
FCF Yield
1.14%
Debt/Equity
1.79
Current Ratio
—
Market Cap
$607.27M
as of 2026-11-13
NREF vs Peers
Related companies, largest first| Company | Market cap | P/E | Revenue growth | YTD | IV rank |
|---|---|---|---|---|---|
| NLY Annaly Capital Management. Inc. | $13.8B | 12.4 | +20.5% | −22.9% | 33 |
| AGNC AGNC Investment Corp. Common Stock | $10.4B | 823.0 | — | −24.7% | 41 |
| RITM Rithm Capital Corp. | $5.0B | 14.2 | +17.2% | −18.3% | 26 |
| DX Dynex Capital, Inc. | $2.6B | 53.0 | — | −28.5% | 22 |
| BXMT Blackstone Mortgage Trust, Inc. (NEW) | $1.8B | — | −1.2% | −45.1% | 22 |
| ARR ARMOUR Residential REIT, Inc. | $1.7B | — | — | −34.1% | 100 |
| LADR LADDER CAPITAL CORP | $1.1B | 10.6 | +1.9% | −23.4% | 44 |
| IVR Invesco Mortgage Capital Inc. | $544M | — | — | −40.6% | 26 |
| NREF NexPoint Real Estate Finance, Inc. | $239M | 40.9 | — | −12.9% | 23 |
| Peer median | $2.2B | 14.2 | +9.5% | −26.6% | 30 |
P/E uses the latest reported trailing-12-month diluted EPS; "—" means no positive earnings or no data.
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
497.94K
SI % of Float
5.76%
Days to Cover
9.26
Short Vol Ratio
43.1%
Free Float
8.65M
Float %
45.9%
Short interest 2026-10-30 • Short volume 2026-11-13 • Float 2026-10-13