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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and DNA X, Inc. (SONM). Click either name above to swap in a different company.
DNA X, Inc. is the larger business by last-quarter revenue ($16.2M vs $11.1M, roughly 1.5× NexPoint Real Estate Finance, Inc.). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs -29.3%, a 245.9% gap on every dollar of revenue. On growth, DNA X, Inc. posted the faster year-over-year revenue change (7.9% 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.
NREF vs SONM — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $16.2M |
| Net Profit | $24.0M | $-4.8M |
| Gross Margin | — | 11.2% |
| Operating Margin | — | -24.5% |
| Net Margin | 216.6% | -29.3% |
| Revenue YoY | -48.8% | 7.9% |
| Net Profit YoY | 58.7% | -89.2% |
| EPS (diluted) | $0.47 | $-4.83 |
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 | — | ||
| Q3 25 | $12.5M | $16.2M | ||
| Q2 25 | $12.1M | $11.2M | ||
| Q1 25 | $11.5M | $16.7M | ||
| Q4 24 | $21.7M | $15.3M | ||
| Q3 24 | $12.5M | $15.0M | ||
| Q2 24 | $6.7M | $11.5M | ||
| Q1 24 | $-12.8M | $9.1M |
| Q4 25 | $24.0M | — | ||
| Q3 25 | $50.9M | $-4.8M | ||
| Q2 25 | $22.3M | $-7.5M | ||
| Q1 25 | $26.0M | $458.0K | ||
| Q4 24 | $15.2M | $-21.6M | ||
| Q3 24 | $23.3M | $-2.5M | ||
| Q2 24 | $12.1M | $-6.6M | ||
| Q1 24 | $-14.6M | $-2.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | 11.2% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | — | 50.0% | ||
| Q4 24 | — | -1.2% | ||
| Q3 24 | — | 28.2% | ||
| Q2 24 | — | 25.8% | ||
| Q1 24 | — | 31.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | -24.5% | ||
| Q2 25 | — | -60.2% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 55.3% | ||
| Q3 24 | — | -15.8% | ||
| Q2 24 | — | -56.2% | ||
| Q1 24 | — | -29.5% |
| Q4 25 | 216.6% | — | ||
| Q3 25 | 407.0% | -29.3% | ||
| Q2 25 | 184.5% | -66.8% | ||
| Q1 25 | 225.6% | 2.7% | ||
| Q4 24 | 69.9% | -141.6% | ||
| Q3 24 | 186.4% | -16.7% | ||
| Q2 24 | 179.7% | -57.5% | ||
| Q1 24 | 114.3% | -31.9% |
| Q4 25 | $0.47 | — | ||
| Q3 25 | $1.14 | $-4.83 | ||
| Q2 25 | $0.54 | $-0.79 | ||
| Q1 25 | $0.70 | $0.08 | ||
| Q4 24 | $0.71 | $-116.99 | ||
| Q3 24 | $0.74 | $-9.32 | ||
| Q2 24 | $0.40 | $-1.41 | ||
| Q1 24 | $-0.83 | $-0.65 |
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 | $2.1M |
| Total DebtLower is stronger | $771.2M | $5.1M |
| Stockholders' EquityBook value | $388.0M | $-701.0K |
| Total Assets | $5.3B | $40.2M |
| Debt / EquityLower = less leverage | 1.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | — | ||
| Q3 25 | $17.9M | $2.1M | ||
| Q2 25 | $9.1M | $2.0M | ||
| Q1 25 | $19.2M | $2.1M | ||
| Q4 24 | $3.9M | $5.3M | ||
| Q3 24 | $34.7M | $9.1M | ||
| Q2 24 | $4.3M | $9.6M | ||
| Q1 24 | $13.5M | $9.3M |
| Q4 25 | $771.2M | — | ||
| Q3 25 | $720.9M | $5.1M | ||
| Q2 25 | $815.6M | $2.9M | ||
| Q1 25 | $831.5M | $2.8M | ||
| Q4 24 | $799.3M | — | ||
| Q3 24 | $815.5M | — | ||
| Q2 24 | $861.0M | — | ||
| Q1 24 | $843.3M | — |
| Q4 25 | $388.0M | — | ||
| Q3 25 | $375.4M | $-701.0K | ||
| Q2 25 | $348.2M | $-1.3M | ||
| Q1 25 | $343.7M | $-1.1M | ||
| Q4 24 | $336.5M | $-5.7M | ||
| Q3 24 | $335.8M | $15.3M | ||
| Q2 24 | $327.5M | $17.5M | ||
| Q1 24 | $327.1M | $19.8M |
| Q4 25 | $5.3B | — | ||
| Q3 25 | $5.3B | $40.2M | ||
| Q2 25 | $5.4B | $36.1M | ||
| Q1 25 | $5.4B | $36.0M | ||
| Q4 24 | $5.4B | $39.7M | ||
| Q3 24 | $5.7B | $49.1M | ||
| Q2 24 | $6.6B | $45.9M | ||
| Q1 24 | $7.1B | $42.4M |
| Q4 25 | 1.99× | — | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 2.34× | — | ||
| Q1 25 | 2.42× | — | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 2.63× | — | ||
| 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 | $-7.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -0.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.5M | — | ||
| Q3 25 | $8.1M | $-7.0M | ||
| Q2 25 | $3.3M | $-4.9M | ||
| Q1 25 | $16.0M | $-9.6M | ||
| Q4 24 | $4.4M | $-4.5M | ||
| Q3 24 | $14.7M | $-417.0K | ||
| Q2 24 | $-7.5M | $-3.4M | ||
| Q1 24 | $17.7M | $-168.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-4.5M | ||
| Q3 24 | — | $-554.0K | ||
| Q2 24 | — | $-3.4M | ||
| Q1 24 | — | $-198.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -29.6% | ||
| Q3 24 | — | -3.7% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -2.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | -0.19× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.15× | — | ||
| Q1 25 | 0.62× | -20.97× | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | -0.62× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
