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NMMRF

Nomura Real Estate Master Fund, Inc. NMMRF | OTC

$1,008.35 $0.00 | 0.00%

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Company Overview:

Market Cap: $31.85B

Trailing PE: —

FWD PE: —

Payout Ratio (TTM): 166.2%

52-Week Range: $1,008.35 - $1,008.35

6.9 Year NMMRF Performance Metrics:

Total Return (with DRIP): 2,389% (59.34% CAGR)

Total Return (no DRIP): 406.7% (26.51% CAGR)

Share Price: -43.2% (-7.88% CAGR)

Yield on Cost (with DRIP): 114.65%

Total Invested: $10,000

Total Value (with DRIP): $248,887

Total Return $ (with DRIP): $238,887

Dividend Increase: -99.2% (-52.44% CAGR)

Dividend Yield (FWD): 4.61% ($46.45)

NMMRF 6.9-yr Total Return ($10K invested)

1M 3M 6M YTD 1Y 3Y 5Y 10Y

NMMRF Share Price

1M 3M 6M YTD 1Y 3Y 5Y 10Y All

NMMRF Price CAGR:1Y: 0.00%2Y: -2.95%5Y: -4.32%10Y: -8.57%

NMMRF Dividend Charts

NMMRF - Dividends

NMMRF Dividend CAGR:1Y: -20.67%2Y: -11.05%5Y: -4.71%10Y: -3.91%

NMMRF - Dividend Payout Ratio

NMMRF Dividend Payout Ratio CAGR:1Y: -19.52%2Y: 1.47%5Y: 0.27%10Y: 4.21%

NMMRF - Dividend to Free Cash Flow Ratio

NMMRF Dividend to FCF Ratio CAGR:1Y: 2.38%2Y: -31.99%5Y: 0.00%10Y: 0.00%

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NMMRF - Chart 1

NMMRF - Chart 2

NMMRF - Chart 3

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NMMRF Financials: Earnings, Revenue, Cash Flow, Ebitda, Cash/Debt, Shares Float, etc:

NMMRF - Revenue

NMMRF Revenue CAGR:1Y: 107.50%2Y: 42.94%5Y: 16.50%10Y: 0.00%

NMMRF - Earnings Per Share (EPS)

NMMRF EPS CAGR:1Y: -62.88%2Y: -41.28%5Y: -18.06%10Y: 0.00%

NMMRF - Net Income

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NMMRF Net Income CAGR:1Y: 148.27%2Y: 51.87%5Y: 19.84%10Y: 0.00%

NMMRF - EBITDA

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NMMRF EBITDA CAGR:1Y: 130.21%2Y: 49.10%5Y: 18.24%10Y: 0.00%

NMMRF - Free Cash Flow

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NMMRF Free Cash Flow CAGR:1Y: 95.17%2Y: 126.59%5Y: 0.00%10Y: 0.00%

NMMRF - Free Cash Flow / Share

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NMMRF Free Cash Flow / Share CAGR:1Y: 98.30%2Y: 128.40%5Y: 0.00%10Y: 0.70%

NMMRF - Operating Income

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NMMRF Operating Income CAGR:1Y: 146.02%2Y: 52.20%5Y: 19.42%10Y: 0.00%

NMMRF - Gross Profit

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NMMRF Gross Profit CAGR:1Y: 0.00%2Y: 0.00%5Y: 0.00%10Y: 0.00%

NMMRF - Shares Outstanding

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NMMRF Shares Outstanding CAGR:1Y: 569.96%2Y: 158.84%5Y: 46.29%10Y: 0.00%

NMMRF - Share Buybacks

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NMMRF Share Buybacks CAGR:1Y: 0.00%2Y: 0.00%5Y: 0.00%10Y: 0.00%

NMMRF - Stock-Based Comp

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NMMRF Stock-Based Comp CAGR:1Y: 0.00%2Y: 0.00%5Y: 0.00%10Y: 0.00%

NMMRF - Expenses

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NMMRF Expenses CAGR:1Y: 0.00%2Y: 55.04%5Y: 14.25%10Y: 0.00%

NMMRF - Revenue vs Net Income

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NMMRF - EPS vs FCF / Share

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NMMRF - EPS vs PE Ratio

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NMMRF - FCF vs FCF / Share

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NMMRF - FCF vs Stock Based Comp

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NMMRF - Cash & Debt

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Revenue, EPS, Net Income & Ebitda - Estimates VS Actual:

NMMRF - REVENUE: Actual + Estimates

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NMMRF Actual Revenue CAGR:1Y: 107.50%2Y: 42.94%5Y: 16.50%10Y: 0.00%

NMMRF - EPS: Actual + Estimates

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NMMRF Actual EPS CAGR:1Y: -62.88%2Y: -41.28%5Y: -18.06%10Y: 0.00%

NMMRF - NET INCOME: Actual + Estimates

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NMMRF Actual Net Income CAGR:1Y: 148.27%2Y: 51.87%5Y: 19.84%10Y: 0.00%

NMMRF - EBITDA: Actual + Estimates

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NMMRF Actual EBITDA CAGR:1Y: 130.21%2Y: 49.10%5Y: 18.24%10Y: 0.00%

Ratios, Profit Margins & Return on Capital:

NMMRF - Net Profit Margin

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NMMRF Net Profit Margin CAGR:1Y: 46.13%2Y: 17.42%5Y: 7.05%10Y: 3.35%

NMMRF - Gross Profit Margin

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NMMRF Gross Profit Margin CAGR:1Y: 102.69%2Y: 40.01%5Y: 14.25%10Y: 6.64%

NMMRF - Price to Earnings

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NMMRF Price to Earnings CAGR:1Y: -62.39%2Y: -35.06%5Y: -15.35%10Y: -6.62%

NMMRF - Price To Sales Ratio

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NMMRF Price To Sales Ratio CAGR:1Y: -45.04%2Y: -23.75%5Y: -9.38%10Y: -3.49%

NMMRF - Return on Capital Employed

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NMMRF Return on Capital Employed CAGR:1Y: 147.75%2Y: 52.87%5Y: 19.77%10Y: 8.18%

NMMRF - Return on Invested Capital

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NMMRF Return on Invested Capital CAGR:1Y: 137.37%2Y: 49.37%5Y: 18.74%10Y: 7.78%

NMMRF Dividends Info:

Annual Dividend: $38.253

Forward Yield: 3.79%

Ex-Dividend Date: 2026-08-28

Lifetime Dividends / Share: $8,277.32

NMMRF Dividend History: Dates, Payments & Yield list

Below is a schedule of all NMMRF dividend payments, ex-dates, share price on the day of the payment as well as the annualized yield & forward yield

Ex-Date	Payment Date	Amount	Yield	Forward Yield	Price on Ex-Date
08/28/2026	08/31/2026	$19.127	3.79%	0%	$0.00
02/26/2026	05/25/2026	$23.289	4.62%	0%	$0.00
08/29/2025	11/19/2025	$24.111	4.78%	4.78%	$1,008.35
08/28/2025	11/03/2025	$24.124	4.78%	0%	$0.00
02/27/2025	05/23/2025	$24.174	4.79%	4.79%	$1,008.35
02/28/2025	05/23/2025	$23.049	4.57%	4.57%	$1,008.35
08/30/2024	11/20/2024	$23.637	4.42%	0%	$0.00
08/29/2024	11/20/2024	$24.202	4.52%	0%	$0.00
02/28/2024	05/24/2024	$22.637	4.23%	4.23%	$1,070.65
08/30/2023	11/20/2023	$23.260	4.34%	4.34%	$1,070.65
02/27/2023	05/22/2023	$24.339	4.55%	4.55%	$1,070.65
08/30/2022	11/18/2022	$403.000	69.18%	75.28%	$1,070.65
02/25/2022	05/24/2022	$444.000	70.61%	70.63%	$1,257.20
08/30/2021	11/19/2021	$387.000	61.55%	61.55%	$1,257.54
02/25/2021	05/20/2021	$3,330.000	529.61%	529.61%	$1,257.54
08/28/2020	11/20/2020	$377.000	59.96%	59.96%	$1,257.54
02/28/2020	05/20/2020	$2,911.000	327.68%	462.97%	$1,257.54
08/29/2019	11/20/2019	$30.147	0%	0%	$-
02/26/2019	05/17/2019	$28.245	0%	0%	$-
08/29/2018	11/19/2018	$27.613	0%	0%	$-
02/26/2018	05/18/2018	$28.491	0%	0%	$-
08/29/2017	11/17/2017	$27.926	0%	0%	$-
02/24/2017	05/19/2017	$26.953	0%	0%	$-

Projected Future Returns & Dividends for NMMRF

Based on past 6.9-year performance, here are NMMRF growth metrics:

Share price CAGR of -7.88%
Dividend CAGR of -3.63%

Using NMMRF CAGR metrics, we can estimate that your initial $10000 investment, over the next 10 years, should grow as follows:

	NMMRF (DRIP)	NMMRF - No DRIP
Current Price	$1,008.35	$1,008.35
Start Shares	9.92	9.92
Start Value	$10,000	$10,000

After 10 years:
Final Share Count	14.44	9.92
Dividends Payment	$8.42	$8.42
Annual Dividends	$243	$167
Yield on cost	2.43%	1.67%
Share Price	$443.68	$443.68
Total Dividends	$3,160	$2,695
Final Value	$6,407	$7,095

Estimated Future Value + Dividends - NMMRF

NOTE: Above numbers are our estimate based on NMMRF's Dividend and Price CAGR over past 6.9 years. These numbers should only be considered as "potential future returns"! DRIP assumes reinvesting dividends; No-DRIP assumes collecting dividends as cash.

We cannot guarantee that your actual returns will meet these estimates.

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Company Info

Nomura Real Estate Master Fund, Inc. (NMMRF) had its IPO on 2019-12-11, and is traded on OTC stock exchange.

Nomura Real Estate Master Fund, Inc. operates as a real estate investment trust (REIT). Its primary objective is to foster long-term asset appreciation and generate steady income for its unitholders. The Fund focuses its investments mainly on commercial properties and logistics centers strategically located across the Tokyo and Kinki regions, in addition to other selected areas. Nomura Real Estate Asset Management Co., Ltd. serves as the manager for this Fund.

NMMRF website: https://www.nre-mf.co.jp

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DCF Model — NMMRF

Value from:

EPS (TTM)icompany profit per share over the last 12 months

EPS Growth %ihow fast profit per share grows each of the next 5 years — prefilled with what analysts expect

EPS growth after year 5 (forever)ithe slower pace once the fast 5 years are over — only drives years 6-10 of the price path below

Exit multiple (PE in 5 yrs)iwhat buyers pay per $1 of profit in 2031 — prefilled with today’s forward PE

Desired return %/yrithe yearly return you want from buying today — the S&P has done ~14%/yr, ask for more from a single stock

FCF growth %/yr (next 5 yrs)ihow fast free cash flow grows while the company is still expanding fast

Years of fast FCF growthihow many years the fast growth lasts before the business settles down

FCF growth after year 5 (forever)ithe slow, steady pace once the company is mature — usually 2-3%, near inflation. Must stay below your target return

Risk-free rate %iwhat a 10-yr US treasury pays with zero risk — the floor any risky stock must beat

Your target return %/yrithe yearly return you want for taking this risk — rule of thumb: risk-free rate + extra for risk

FCF base ($M, TTM)ilast 12 months of free cash flow, added up from reported quarters

Include dividends in returnidividends hand you part of the return in cash, so the share price needs to climb less

Pay up to today

—

vs current price $1,008.35

—

Cash flow & implied price by year

FCF is negative or missing for this company (common for banks) — the model discounts EPS instead.

EPS is negative or missing for this company — Simple mode uses free cash flow per share instead.

Free cash flow today

—

grows for the next years

Then mature

—

every future dollar counted back to today

Pile of today-dollars

—

÷ shares

Implied price path

Year	FCF	Implied price

Sensitivity — fair value: growth ↓ × target return →

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