NexPoint Real Estate Finance, Inc. Financial Ratios — NREF-PA

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	-145.91	-35.72	- -	17.31	21.61	1.04	2.84	5.2	29.15
Return on Assets (%)	- -	-8.59	-3.46	- -	0.29	0.59	0.08	0.18	0.47	1.96
Return on Capital (%)	- -	- -	- -	-1.29	-0.16	0.04	-0.01	0.13	0.38	1.71
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	60.11	62.51	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	6.25	22.71	- -	- -	- -	21.42	174.95	19.22	1.68
Operating Margin (%)	- -	-82.05	-18.56	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	5.01	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	- -	-120.35	-38.75	157.95	175.3	240.21	105.16	1,330.02	123.15	70.19
Profit Margin (%)	- -	-117.29	-38.7	- -	65.91	123.99	49.91	991.84	99.97	59.9
Net Income to Common Margin (%)	- -	-117.29	-38.7	- -	56.94	113.89	23.93	738.04	60.59	59.9
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	-0.8	- -	12.1	11.77	163.19	240.6	111.56	- -
Sustainable Growth Rate (%)	- -	-145.91	-36.01	- -	15.22	19.07	-0.66	-4	-0.6	29.15

Credit (USD)

Credit Ratios API ChatGPT

	2014 Y	2015 Y	2016 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	37	38	4,101	5,607	7,713	7,264	6,255	4,581	4,204
ST Debt	- -	- -	- -	1,656	- -	- -	- -	- -	- -	- -
LT Debt	- -	37	38	2,445	5,607	7,713	7,264	6,255	4,581	4,204
Total Debt/EBITDA	- -	390.39	42.73	- -	- -	- -	2,509.11	2,537.4	816.22	1,427.92
Net Debt/EBITDA	- -	384	42.21	- -	- -	- -	2,502.19	2,531.79	815.53	1,417.35
Total Debt/EBIT	- -	-29.74	-52.27	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	-29.25	-51.64	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	0.22	0.58	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	0.22	0.58	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	-2.88	-0.48	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	2	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	5.89	13.09	- -	2.08	2.8	4.71	4.95	6.15	7.29
Long-Term Debt/Equity (%)	- -	1,184.16	567.26	703.2	1,388.13	1,522.18	1,332.79	1,403.95	801.38	505.34
Long-Term Debt/Capital (%)	- -	92.21	85.01	54.96	93.28	93.84	93.02	93.35	88.91	83.48
Long-Term Debt/Total Assets (%)	- -	89.37	82.24	87.55	90.78	90.59	89.08	89.12	84.59	79
Total Debt/Equity (%)	- -	1,184.16	567.26	1,179.51	1,388.13	1,522.18	1,332.79	1,403.95	801.38	505.34
Total Debt/Capital (%)	- -	92.21	85.01	92.18	93.28	93.84	93.02	93.35	88.91	83.48
Total Debt/Total Assets (%)	- -	89.37	82.24	146.85	90.78	90.59	89.08	89.12	84.59	79
Net Debt to Equity	- -	1,164.76	560.4	1,179.42	1,380.64	1,516.96	1,329.11	1,400.85	800.7	501.6
Net Debt/Capital (%)	- -	92.09	84.86	92.18	93.25	93.82	93	93.34	88.9	83.38
EBITDA	- -	- -	1	- -	- -	- -	3	2	6	3
EBITDA-CapEx	- -	- -	1	- -	- -	- -	3	2	6	3
Operating Income (Loss)	- -	-1	-1	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2014 Y	2015 Y	2016 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.48	0.31	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	0.81	0.63	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	0.49	0.42	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	0.74	0.56	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	5.89	13.09	- -	2.08	2.8	4.71	4.95	6.15	7.29
Long-Term Debt/Equity (%)	- -	1,184.16	567.26	703.2	1,388.13	1,522.18	1,332.79	1,403.95	801.38	505.34
Long-Term Debt/Capital (%)	- -	92.21	85.01	54.96	93.28	93.84	93.02	93.35	88.91	83.48
Long-Term Debt/Total Assets (%)	- -	89.37	82.24	87.55	90.78	90.59	89.08	89.12	84.59	79
Total Debt/Equity (%)	- -	1,184.16	567.26	1,179.51	1,388.13	1,522.18	1,332.79	1,403.95	801.38	505.34
Total Debt/Capital (%)	- -	92.21	85.01	92.18	93.28	93.84	93.02	93.35	88.91	83.48
Total Debt/Total Assets (%)	- -	89.37	82.24	146.85	90.78	90.59	89.08	89.12	84.59	79
CFO/Total Liabilities	- -	1.24	1.96	- -	0.57	0.62	0.86	0.48	0.6	0.51
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	-0.13	-0.09	0.01	0.02	0.03	0.03	0.03	0.04	0.09

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2014 Y	2015 Y	2016 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	120.32	41.1	8.22	4.16	5.19	1.13	0.07	0.92	3.69
Days Sales Outstanding	- -	3.03	8.88	44.4	87.65	70.36	323.82	4,882.81	395.24	99.04
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	4.49	2.6	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	81.21	140.13	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	-78.18	-131.25	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	3.03	8.88	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2014 Y	2015 Y	2016 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	129	240	319	362	409	444
- Cash & Cash Equivalents	- -	1	- -	- -	30	26	20	14	4	31
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	9	149	362
+ Minority/Non Controlling Interest	- -	1	1	348	276	269	161	90	90	82
+ Total Debt	- -	37	38	4,101	5,607	7,713	7,264	6,255	4,581	4,204
Enterprise Value	- -	37	38	4,449	5,982	8,195	7,724	6,701	5,225	5,060
Total Capital	- -	40	44	4,449	6,011	8,220	7,809	6,700	5,153	5,036
Total Debt/Capital (%)	- -	92.21	85.01	92.18	93.28	93.84	93.02	93.35	88.91	83.48
Total Debt / EV	- -	1	0.99	0.92	0.94	0.94	0.94	0.93	0.88	0.83
EV/Sales	- -	24.45	9.75	243.39	306.88	235.84	571.41	4,755.92	178.92	28.84
EV/EBITDA	- -	391.24	42.95	- -	- -	- -	2,667.97	2,718.5	930.83	1,718.89
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	40.86	16.63	- -	181.8	166.24	117.38	212.36	178.42	220.82
EV/Free Cash Flow to Firm	- -	40.86	16.63	- -	181.8	166.24	117.38	212.36	178.42	220.82
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	37	38	4,449	5,852	7,955	7,405	6,339	4,816	4,617
EV per Share	- -	32.59	33.57	889.71	1,190.95	894.3	452.21	388.88	299.22	272.44
TTM Sales	- -	2	4	18	19	35	14	1	29	175
TTM EBITDA	- -	- -	1	- -	- -	- -	3	2	6	3
TTM Operating Income	- -	-1	-1	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	1	2	- -	33	49	66	32	29	23
TTM Free Cash Flow to Firm	- -	1	2	- -	33	49	66	32	29	23

Multiples (USD)

Valuation Multiples API ChatGPT

	2014 Y	2015 Y	2016 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	37	38	4,449	5,982	8,195	7,724	6,701	5,225	5,060
Low Price	- -	- -	- -	- -	22.5	25.21	18.1	17.82	20.3	21.47
EV/Sales	- -	24.45	9.75	243.39	306.88	235.84	571.41	4,755.92	178.92	28.84
EV/EBITDA	- -	391.24	42.95	- -	- -	- -	2,667.97	2,718.5	930.83	1,718.89
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	1.01	1.01	0.83	1.04	1.23	1.14
Price/Book Value Average	- -	- -	- -	- -	0.97	1.01	1.05	1	1.16	1.12
Price/Book Value High	- -	- -	- -	- -	1.05	1.08	1.21	1.17	1.3	1.22
Price/Book Value Low	- -	- -	- -	- -	0.88	0.97	0.81	0.88	1.06	1.03
Price/Tangible Book Value	- -	- -	- -	- -	1.01	1.01	0.83	1.04	1.23	1.14
Price/Tangible Book Value Average	- -	- -	- -	- -	0.97	1.01	1.05	1	1.16	1.12
Price/Tangible Book Value High	- -	- -	- -	- -	1.05	1.08	1.21	1.17	1.3	1.22
Price/Tangible Book Value Low	- -	- -	- -	- -	0.88	0.97	0.81	0.88	1.06	1.03
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	- -	24.45	9.75	243.39	306.59	235.81	577.68	4,744.34	178.21	28.78
EV/Sales High	- -	24.45	9.75	243.39	307.12	236.33	582.19	4,787.96	179.75	29.01
EV/Sales Low	- -	24.45	9.75	243.39	306.04	235.58	570.69	4,716.91	177.07	28.59
EV/EBITDA Average	- -	391.24	42.95	- -	- -	- -	2,697.23	2,711.88	927.11	1,715.25
EV/EBITDA High	- -	391.24	42.95	- -	- -	- -	2,718.29	2,736.81	935.15	1,728.73
EV/EBITDA Low	- -	391.24	42.95	- -	- -	- -	2,664.6	2,696.2	921.18	1,703.62
EV/EBIT Average	- -	-29.8	-52.54	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	-29.8	-52.54	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	-29.8	-52.54	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	25.75	26.2	18.67	21.01	23.4	23.89
High Price	- -	- -	- -	- -	26.7	28.08	27.2	23.63	24.79	25.45
Enterprise Value Average	- -	37	38	4,449	5,976	8,194	7,808	6,685	5,204	5,050
Enterprise Value High	- -	37	38	4,449	5,986	8,213	7,869	6,746	5,249	5,089
Enterprise Value Low	- -	37	38	4,449	5,965	8,186	7,714	6,646	5,171	5,015

Shares Outstanding	- -	1	1	5	5	9	17	17	17	19
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	0.53	0.4	0.06	6.02	2.89	1.17	0.8	0.22	1.68
Book Value per Share	- -	2.14	5.31	- -	25.53	25.97	22.48	20.16	19.08	20.88
Tangible Book Value per Share	- -	2.14	5.31	- -	25.53	25.97	22.48	20.16	19.08	20.88

NexPoint Real Estate Finance, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)