NREF reported net income attributable to common stockholders of $35.0 million, or 1.14 per diluted share1, for the three months ended September 30, 2025.
NREF reported cash available for distribution2 of $12.1 million, or $0.53 per diluted common share2, for the three months ended September 30, 2025.
"NREF continued to deliver stable earnings and cash available for distribution while continuing to deploy capital into high-quality investments across our portfolio. Our disciplined approach to capital allocation—centered on life sciences, self-storage, and workforce rental housing—positions us to capitalize on dislocations and generate durable value. These sectors remain resilient and well-aligned with long-term demographic and structural demand drivers," said Matthew McGraner, Chief Investment Officer.
Third Quarter 2025 Highlights
Outstanding total portfolio of $1.1 billion, composed of 88 investments3
Single-family rental ("SFR"), multifamily, life sciences, self-storage and marinas represent 15.9%, 47.3%, 33.9%, 1.8% and 1.1% of the Company's investment portfolio, respectively as of September 30, 2025
Weighted-average loan to value ("LTV")4 and debt service coverage ratio ("DSCR") on our senior loans, CMBS, CMBS I/O strips, preferred equity, and mezzanine investments are 54.9% and 1.41x3, respectively
During 3Q 2025, NREF purchased $42.5MM of preferred stock
During the quarter, the Company funded $6.5MM on a loan that pays a monthly coupon of SOFR + 900 bps.
During the quarter, the Company sold a multifamily property for $60.0MM that resulted in a $3.7MM gain.
During the quarter, the Company raised $65.7MM in gross proceeds from the Series B preferred stock offering.
On October 28, 2025 NREF announced a fourth quarter dividend of $0.50 per common share
1 Weighted-average shares outstanding - diluted assumes vesting of all outstanding unvested restricted stock units and the conversion of all redeemable non-controlling interests.2 Earnings available for distribution ("EAD"), cash available for distribution ("CAD") and adjusted weighted average common shares outstanding - diluted are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of these non-GAAP measures, see the "Reconciliations of Non-GAAP Financial Measures" and "Non-GAAP Financial Measures" sections of this release.3 As of September 30, 2025; and excluding the common stock and revolving credit facility investments and the remaining net assets related to the Hudson Montford multifamily property after its sale and the Alexander at the District multifamily property. CMBS B-Pieces reflected on an unconsolidated basis. 4 Loan to value is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value. For our CMBS B-Pieces, LTV is based on the weighted-average LTV of the underlying loan pool.5 Net income attributable to common stockholders in 4Q 2025 is estimated to be between $8.3MM and $10.6MM. See reconciliations below.
Looking Ahead: Fourth Quarter 2025 Guidance
Earnings Available for Distribution2
4Q 2025 EAD per diluted common share guidance is $0.485 at the midpoint
Low
Mid
High
December 31, 2025
December 31, 2025
December 31, 2025
Net income
$
17,766
$
18,900
$
20,034
Net (income) loss attributable to Series A Preferred stockholders
(874)
(874)
(874)
Net (income) loss attributable to Series B Preferred stockholders
(8,559)
(8,559)
(8,559)
Net income attributable to common stockholders
$
8,333
$
9,467
$
10,601
Adjustments
Amortization of stock-based compensation
1,513
1,513
1,513
EAD
$
9,846
$
10,980
$
12,114
Weighted average common shares outstanding, basic
17,722
17,722
17,722
Weighted average common shares outstanding, diluted
43,854
43,854
43,854
Shares attributable to potential redemption of Series B Preferred
(20,999)
(20,999)
(20,999)
Adjusted weighted average common shares outstanding, diluted (1)
22,855
22,855
22,855
EPS per Weighted Average Share, diluted
$
0.39
$
0.41
$
0.44
EAD per diluted common share
$
0.43
$
0.48
