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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and SurgePays, Inc. (SURG). Click either name above to swap in a different company.
SurgePays, 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 -85.6%, a 302.3% gap on every dollar of revenue. On growth, SurgePays, Inc. posted the faster year-over-year revenue change (68.7% 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.
SurgePays, Inc. is a U.S.-headquartered fintech and telecommunications company focused on serving underbanked and low-income communities across the country. It offers prepaid wireless plans, reloadable debit cards, digital banking solutions, and daily consumer products through a nationwide network of independent local retail partners such as convenience stores.
NREF vs SURG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $16.2M |
| Net Profit | $24.0M | $-13.9M |
| Gross Margin | — | -14.8% |
| Operating Margin | — | -79.1% |
| Net Margin | 216.6% | -85.6% |
| Revenue YoY | -48.8% | 68.7% |
| Net Profit YoY | 58.7% | 30.0% |
| EPS (diluted) | $0.47 | $-0.68 |
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 | $16.2M | ||
| Q3 25 | $12.5M | $18.7M | ||
| Q2 25 | $12.1M | $11.5M | ||
| Q1 25 | $11.5M | $10.6M | ||
| Q4 24 | $21.7M | $9.6M | ||
| Q3 24 | $12.5M | $4.8M | ||
| Q2 24 | $6.7M | $15.1M | ||
| Q1 24 | $-12.8M | $31.4M |
| Q4 25 | $24.0M | $-13.9M | ||
| Q3 25 | $50.9M | $-7.5M | ||
| Q2 25 | $22.3M | $-7.1M | ||
| Q1 25 | $26.0M | $-7.6M | ||
| Q4 24 | $15.2M | $-19.8M | ||
| Q3 24 | $23.3M | $-14.3M | ||
| Q2 24 | $12.1M | $-12.9M | ||
| Q1 24 | $-14.6M | $1.2M |
| Q4 25 | — | -14.8% | ||
| Q3 25 | — | -13.9% | ||
| Q2 25 | — | -23.0% | ||
| Q1 25 | — | -27.8% | ||
| Q4 24 | — | -117.0% | ||
| Q3 24 | — | -164.2% | ||
| Q2 24 | — | -22.8% | ||
| Q1 24 | — | 26.0% |
| Q4 25 | — | -79.1% | ||
| Q3 25 | — | -37.2% | ||
| Q2 25 | — | -59.1% | ||
| Q1 25 | — | -71.7% | ||
| Q4 24 | — | -209.0% | ||
| Q3 24 | — | -299.4% | ||
| Q2 24 | — | -72.1% | ||
| Q1 24 | — | 5.6% |
| Q4 25 | 216.6% | -85.6% | ||
| Q3 25 | 407.0% | -40.1% | ||
| Q2 25 | 184.5% | -61.5% | ||
| Q1 25 | 225.6% | -72.2% | ||
| Q4 24 | 69.9% | -206.5% | ||
| Q3 24 | 186.4% | -299.3% | ||
| Q2 24 | 179.7% | -85.3% | ||
| Q1 24 | 114.3% | 3.9% |
| Q4 25 | $0.47 | $-0.68 | ||
| Q3 25 | $1.14 | $-0.38 | ||
| Q2 25 | $0.54 | $-0.36 | ||
| Q1 25 | $0.70 | $-0.38 | ||
| Q4 24 | $0.71 | $-1.07 | ||
| Q3 24 | $0.74 | $-0.73 | ||
| Q2 24 | $0.40 | $-0.66 | ||
| Q1 24 | $-0.83 | $0.07 |
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 | $1.7M |
| Total DebtLower is stronger | $771.2M | $13.3M |
| Stockholders' EquityBook value | $388.0M | $-15.3M |
| Total Assets | $5.3B | $8.5M |
| Debt / EquityLower = less leverage | 1.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $1.7M | ||
| Q3 25 | $17.9M | $2.5M | ||
| Q2 25 | $9.1M | $4.4M | ||
| Q1 25 | $19.2M | $5.4M | ||
| Q4 24 | $3.9M | $11.8M | ||
| Q3 24 | $34.7M | $23.7M | ||
| Q2 24 | $4.3M | — | ||
| Q1 24 | $13.5M | — |
| Q4 25 | $771.2M | $13.3M | ||
| Q3 25 | $720.9M | $12.0M | ||
| Q2 25 | $815.6M | $9.6M | ||
| Q1 25 | $831.5M | $3.6M | ||
| Q4 24 | $799.3M | $4.0M | ||
| Q3 24 | $815.5M | $4.4M | ||
| Q2 24 | $861.0M | $4.8M | ||
| Q1 24 | $843.3M | $5.2M |
| Q4 25 | $388.0M | $-15.3M | ||
| Q3 25 | $375.4M | $-6.4M | ||
| Q2 25 | $348.2M | $116.1K | ||
| Q1 25 | $343.7M | $7.8M | ||
| Q4 24 | $336.5M | $15.3M | ||
| Q3 24 | $335.8M | $33.2M | ||
| Q2 24 | $327.5M | $46.2M | ||
| Q1 24 | $327.1M | $56.0M |
| Q4 25 | $5.3B | $8.5M | ||
| Q3 25 | $5.3B | $14.5M | ||
| Q2 25 | $5.4B | $15.2M | ||
| Q1 25 | $5.4B | $15.7M | ||
| Q4 24 | $5.4B | $24.0M | ||
| Q3 24 | $5.7B | $41.5M | ||
| Q2 24 | $6.6B | $56.4M | ||
| Q1 24 | $7.1B | $69.6M |
| Q4 25 | 1.99× | — | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 2.34× | 82.67× | ||
| Q1 25 | 2.42× | 0.46× | ||
| Q4 24 | 2.38× | 0.26× | ||
| Q3 24 | 2.43× | 0.13× | ||
| Q2 24 | 2.63× | 0.10× | ||
| Q1 24 | 2.58× | 0.09× |
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 | $-3.6M |
| 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 | $-3.6M | ||
| Q3 25 | $8.1M | $-4.6M | ||
| Q2 25 | $3.3M | $-6.1M | ||
| Q1 25 | $16.0M | $-7.0M | ||
| Q4 24 | $4.4M | $-7.9M | ||
| Q3 24 | $14.7M | $-13.3M | ||
| Q2 24 | $-7.5M | $-4.1M | ||
| Q1 24 | $17.7M | $4.0M |
| Q4 25 | -0.19× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.15× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | -0.62× | — | ||
| Q1 24 | — | 3.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
