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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and Chicago Atlantic Real Estate Finance, Inc. (REFI). Click either name above to swap in a different company.
Chicago Atlantic Real Estate Finance, Inc. is the larger business by last-quarter revenue ($14.2M vs $11.1M, roughly 1.3× NexPoint Real Estate Finance, Inc.). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs 57.3%, a 159.3% gap on every dollar of revenue. On growth, Chicago Atlantic Real Estate Finance, Inc. posted the faster year-over-year revenue change (1.2% vs -48.8%).
NexPoint Real Estate Finance, Inc. is a US-based commercial real estate finance firm that offers structured financing solutions for multifamily, office, industrial, and hospitality properties. It focuses on originating, managing and servicing a diversified portfolio of mortgage loans and real estate-related investments to deliver stable risk-adjusted returns to stakeholders.
Chicago Atlantic Real Estate Finance, Inc. is a commercial real estate finance firm that primarily originates, underwrites, and manages secured senior mortgage loans for US commercial real estate assets. Its core segments include multifamily residential, industrial, retail, and office properties, serving experienced real estate operators and project sponsors.
NREF vs REFI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $14.2M |
| Net Profit | $24.0M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | — | 57.3% |
| Net Margin | 216.6% | 57.3% |
| Revenue YoY | -48.8% | 1.2% |
| Net Profit YoY | 58.7% | 3.0% |
| EPS (diluted) | $0.47 | $0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $11.1M | $14.2M | ||
| Q3 25 | $12.5M | $13.7M | ||
| Q2 25 | $12.1M | $14.4M | ||
| Q1 25 | $11.5M | $13.0M | ||
| Q4 24 | $21.7M | $14.1M | ||
| Q3 24 | $12.5M | $14.5M | ||
| Q2 24 | $6.7M | $13.2M | ||
| Q1 24 | $-12.8M | $13.2M |
| Q4 25 | $24.0M | $8.2M | ||
| Q3 25 | $50.9M | $8.9M | ||
| Q2 25 | $22.3M | $8.9M | ||
| Q1 25 | $26.0M | $10.0M | ||
| Q4 24 | $15.2M | $7.9M | ||
| Q3 24 | $23.3M | $11.2M | ||
| Q2 24 | $12.1M | $9.2M | ||
| Q1 24 | $-14.6M | $8.7M |
| Q4 25 | — | 57.3% | ||
| Q3 25 | — | 65.3% | ||
| Q2 25 | — | 61.5% | ||
| Q1 25 | — | 77.0% | ||
| Q4 24 | — | 56.3% | ||
| Q3 24 | — | 77.5% | ||
| Q2 24 | — | 69.7% | ||
| Q1 24 | — | 65.9% |
| Q4 25 | 216.6% | 57.3% | ||
| Q3 25 | 407.0% | 65.3% | ||
| Q2 25 | 184.5% | 61.5% | ||
| Q1 25 | 225.6% | 77.0% | ||
| Q4 24 | 69.9% | 56.3% | ||
| Q3 24 | 186.4% | 77.5% | ||
| Q2 24 | 179.7% | 69.7% | ||
| Q1 24 | 114.3% | 65.9% |
| Q4 25 | $0.47 | $0.38 | ||
| Q3 25 | $1.14 | $0.42 | ||
| Q2 25 | $0.54 | $0.41 | ||
| Q1 25 | $0.70 | $0.47 | ||
| Q4 24 | $0.71 | $0.39 | ||
| Q3 24 | $0.74 | $0.56 | ||
| Q2 24 | $0.40 | $0.46 | ||
| Q1 24 | $-0.83 | $0.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.1M | $14.9M |
| Total DebtLower is stronger | $771.2M | $49.3M |
| Stockholders' EquityBook value | $388.0M | $307.8M |
| Total Assets | $5.3B | $424.9M |
| Debt / EquityLower = less leverage | 1.99× | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $14.9M | ||
| Q3 25 | $17.9M | $28.9M | ||
| Q2 25 | $9.1M | $35.6M | ||
| Q1 25 | $19.2M | $9.9M | ||
| Q4 24 | $3.9M | $26.4M | ||
| Q3 24 | $34.7M | $6.8M | ||
| Q2 24 | $4.3M | $7.1M | ||
| Q1 24 | $13.5M | $6.9M |
| Q4 25 | $771.2M | $49.3M | ||
| Q3 25 | $720.9M | $49.3M | ||
| Q2 25 | $815.6M | $49.2M | ||
| Q1 25 | $831.5M | $49.2M | ||
| Q4 24 | $799.3M | $49.1M | ||
| Q3 24 | $815.5M | $54.0M | ||
| Q2 24 | $861.0M | $76.8M | ||
| Q1 24 | $843.3M | — |
| Q4 25 | $388.0M | $307.8M | ||
| Q3 25 | $375.4M | $309.9M | ||
| Q2 25 | $348.2M | $310.0M | ||
| Q1 25 | $343.7M | $310.8M | ||
| Q4 24 | $336.5M | $309.0M | ||
| Q3 24 | $335.8M | $295.5M | ||
| Q2 24 | $327.5M | $292.7M | ||
| Q1 24 | $327.1M | $286.0M |
| Q4 25 | $5.3B | $424.9M | ||
| Q3 25 | $5.3B | $427.1M | ||
| Q2 25 | $5.4B | $455.2M | ||
| Q1 25 | $5.4B | $414.7M | ||
| Q4 24 | $5.4B | $435.1M | ||
| Q3 24 | $5.7B | $365.9M | ||
| Q2 24 | $6.6B | $386.5M | ||
| Q1 24 | $7.1B | $383.7M |
| Q4 25 | 1.99× | 0.16× | ||
| Q3 25 | 1.92× | 0.16× | ||
| Q2 25 | 2.34× | 0.16× | ||
| Q1 25 | 2.42× | 0.16× | ||
| Q4 24 | 2.38× | 0.16× | ||
| Q3 24 | 2.43× | 0.18× | ||
| Q2 24 | 2.63× | 0.26× | ||
| Q1 24 | 2.58× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-4.5M | $28.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -0.19× | 3.53× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.5M | $28.8M | ||
| Q3 25 | $8.1M | $8.2M | ||
| Q2 25 | $3.3M | $6.5M | ||
| Q1 25 | $16.0M | $7.6M | ||
| Q4 24 | $4.4M | $23.2M | ||
| Q3 24 | $14.7M | $8.2M | ||
| Q2 24 | $-7.5M | $6.2M | ||
| Q1 24 | $17.7M | $6.9M |
| Q4 25 | -0.19× | 3.53× | ||
| Q3 25 | 0.16× | 0.92× | ||
| Q2 25 | 0.15× | 0.73× | ||
| Q1 25 | 0.62× | 0.76× | ||
| Q4 24 | 0.29× | 2.92× | ||
| Q3 24 | 0.63× | 0.73× | ||
| Q2 24 | -0.62× | 0.68× | ||
| Q1 24 | — | 0.79× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
