NREF reported net income attributable to common stockholders of $13.6 million, or 0.52 per diluted share1, for the three months ended December 31, 2025.
NREF reported cash available for distribution2 of $12.2 million, or $0.53 per diluted common share2, for three months ended December 31, 2025.
"NREF continues to produce consistent earnings while strategically deploying capital across a diversified portfolio of high-quality real assets. Our disciplined approach to capital allocation—spanning life sciences, multifamily, self-storage, and industrial—reflects delivering durable, risk-adjusted returns to our shareholders. As we expand into sectors underpinned by strong demographic and structural demand trends, we remain focused on positioning NREF to capitalize on market dislocations, grow book value, and provide investors with a clear and consistent view of our earnings trajectory and long-term value creation strategy," said Matthew McGraner, Chief Investment Officer.
Fourth Quarter 2025 Highlights
Outstanding total portfolio of $1.2 billion, composed of 92 investments3
Single-family rental ("SFR"), multifamily, life sciences, self-storage, marinas, and industrial represent 16.6%, 47.0%, 29.5%, 2.4%, 2.6% and 1.9% of the Company's investment portfolio, respectively as of December 31, 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 63.6% and 1.24x3, respectively
During the quarter, the Company funded $5.7MM on a loan that pays a monthly coupon of SOFR + 900 bps.
The Company also funded a combined $17.4MM on two marina loans that pay a monthly coupon of 13.0%.
During the quarter, the Company funded $22.5MM on a loan that pays a monthly coupon of 11.0%.
During the quarter, the Company raised $60.5MM in gross proceeds from the Series B preferred stock offering.
On February 24, 2026 NREF announced a first 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 December 31, 2025; and excluding the common stock, revolving credit facility investments, the remaining net assets related to the Hudson Montford multifamily property after its sale and the Alexander at the District and Mag & May multifamily properties. 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 1Q 2026 is estimated to be between $6.5 million and $8.8 million. See reconciliations below.
Looking Ahead: First Quarter 2026 Guidance
Earnings Available for Distribution2
1Q 2026 EAD per diluted common share guidance is $0.405 at the midpoint
Low
Mid
High
For the three months ended
March 31,2026
March 31,2026
March 31, 2026
Net income
$
16,812
$
17,900
$
19,111
Net (income) loss attributable to Series A preferred stockholders
(874)
(874)
(874)
Net (income) loss attributable to Series B preferred stockholders
(9,105)
(9,105)
(9,105)
Net (income) loss attributable to Series C preferred stockholders
(320)
(320)
(320)
Net income attributable to common stockholders
6,513
7,601
8,812
Adjustments
Amortization of stock-based compensation
1,489
1,489
1,489
EAD
$
8,002
$
9,090
$
10,301
Weighted average common shares outstanding - basic
17,765
17,765
17,765
Weighted average common shares outstanding - diluted
50,955
50,955
50,955
Shares attributable to potential redemption of Series B preferred
(27,983)
(27,983)
(27,983)
Shares attributable to potential redemption of Series C preferred
(62)
(62)
(62)
Adjusted weighted average common shares outstanding - diluted (1)
22,910
22,910
22,910
EPS per Weighted Average Share - diluted
$
0.31
$
0.33
$
0.36
EAD per diluted common share (1)
