NREF reported net income attributable to common stockholders of $10.0 million, or $0.42 per diluted share1, for the three months ended March 31, 2026.
NREF reported cash available for distribution2 of $13.5 million, or $0.58 per diluted common share2, for the three months ended March 31, 2026.
"NREF continues to deliver consistent earnings by maintaining a disciplined, credit-first approach to capital deployment across our core verticals. The strength of our portfolio reflects the conviction behind our sector selection, each representing long-term, structurally supported demand that we believe will continue to generate durable, risk-adjusted returns for our shareholders. We are focused on deepening our presence in these markets, staying opportunistic where dislocations present compelling entry points, and ensuring that our investors have a transparent, predictable view of how we are protecting and growing book value over time," said Matthew McGraner, Chief Investment Officer.
First Quarter 2026 Highlights
Outstanding total portfolio of $1.1 billion, composed of 90 investments3
Single-family rental ("SFR"), multifamily, life sciences, self-storage, marinas, and industrial represent 17.1%, 39.4%, 35.9%, 3.9%, 1.6% and 2.1% of the Company's investment portfolio, respectively as of March 31, 2026
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 59.9% and 1.32x3, respectively
During the quarter, the Company funded $7.7MM on a loan that pays a monthly coupon of SOFR + 900 bps.
The Company also funded $23.0MM on a loan that pay a monthly coupon of SOFR + 1,250 bps.
During the quarter, the Company received $25.1MM from a CMBS Re-REMIC.
During the quarter, the Company raised $20.1MM in gross proceeds from the Series C preferred stock offering.
On April 28, 2026 NREF announced a second 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 March 31, 2026; and excluding the common stock, revolving credit facility investments 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 2Q 2026 is estimated to be between $7.5 million and $9.8 million. See reconciliations below.
Looking Ahead: Second Quarter 2026 Guidance
Earnings Available for Distribution2
2Q 2026 EAD per diluted common share guidance is $0.435 at the midpoint
Low
Mid
High
For the Three Months Ended
June 30, 2026
June 30, 2026
June 30, 2026
Net income
$
18,210
$
19,372
$
20,534
Net (income) loss attributable to Series A preferred stockholders
(874)
(874)
(874)
Net (income) loss attributable to Series B preferred stockholders
(9,030)
(9,030)
(9,030)
Net (income) loss attributable to Series C preferred stockholders
(803)
(803)
(803)
Net income attributable to common stockholders
7,503
8,665
9,827
Adjustments:
Amortization of stock-based compensation
1,656
1,656
1,656
EAD
$
9,159
$
10,321
$
11,483
Weighted average common shares outstanding - basic
18,605
18,605
18,605
Weighted average common shares outstanding - diluted
53,799
53,799
53,799
Shares attributable to potential redemption of Series B preferred
(27,451)
(27,451)
(27,451)
Shares attributable to potential redemption of Series C preferred
(2,524)
(2,524)
(2,524)
Adjusted weighted average common shares outstanding - diluted (1)
23,824
23,824
23,824
EPS per Weighted Average Share - diluted
$
0.32
$
0.34
$
0.37
EAD per diluted ...
