nxdt-20240930

美国

证券和交易委员会

华盛顿特区 20549

_____________________________________________________________________________________

表格 10-Q

_____________________________________________________________________________________

（标记一）


x			根据1934年证券交易法第13或15(d)节的季度报告

截至季度结束日期的财务报告2024年9月30日

或者


o			根据1934年证券交易法第13或15(d)节的转型报告书

过渡期从 to

委员会文件号 001-32921

_____________________________________________________________________________________

NexPoint多元化房地产信托

（按其章程规定的确切注册人名称）

_____________________________________________________________________________________


特拉华州			80-0139099
（州或其他的法定司法管辖区) 组建国的驻地			（IRS雇主唯一识别号码）


300 Crescent Court, Suite 700, 达拉斯, 德克萨斯 (主要领导机构的地址)			75201 (邮政编码)

(214) 276-6300

（电话号码，包括区号）

根据1934年证券交易法第12(b)条注册的证券:

每个类别的标题

交易标的

在其上注册的交易所的名称

普通股每股面值$0.001。

NXDT

纽约证券交易所

5.50% A系列累积优先股，面值
$0.001每股（每股$25.00清算优先权）

NXDt-PA

纽约证券交易所

请勾选以下选项以指示注册人是否在过去12个月内(或在注册人需要提交此类报告的较短时间内)已提交证券交易法1934年第13或15(d)条所要求提交的所有报告，并且在过去90天内已受到此类报告提交要求的影响。是 x 不是 o

请在以下勾选方框表示注册人是否已在Regulation S-T Rule 405规定的前12个月(或在注册人需要提交此类文件的较短期间内)提交了每个互动数据文件。是 x 不是 o

请勾选标记以说明注册人是大型快速申报人、加速申报人、非加速申报人、较小的报告公司还是新兴成长型公司。请查看《交易所法》第120亿.2条中“大型快速申报人”、“加速申报人”、“较小的报告公司”和“新兴成长型公司”的定义。

大型加速存取器

加速存取器

☒

非大型快速提交者

较小的报告公司

☒

新兴成长公司

如果是新兴成长型企业，请勾选复选标记，表明注册者已选择不使用延长过渡期来符合根据证券交易法第13(a)条规定提供的任何新财务会计准则。 o

请勾选以下选项以指示注册人是否为外壳公司(根据交易所法规则12b-2定义)。是o 不是 x

截至2024年11月8日，申报人拥有 41,924,881.620 普通股，每股面值$0.001，尚未变现。

NEXPOINt 多元化房地产信托

表格10-Q

2024年9月30日季度结束

指数


		页面
关于前瞻性声明的警示：本发布中的前瞻性陈述和公司代表不时发表的某些口头陈述包含根据《证券法》第27A条（经修正）（“证券法”）和《证券交易法》第21E条（经修正）（“交易法”）创建的各种前瞻性陈述，这些陈述受到该条款所创建的“安全港”的限制。前瞻性陈述基于我们的管理层的信念和假设，以及我们的管理层目前可用的信息。除历史事实陈述外，所有其他陈述均“用于上述目的的前瞻性陈述”。在有些情况下，您可以通过使用诸如“可能”，“将”，“应该”，“可以”，“会”，“计划”，“预期”，“期望”，“信任”， “估计”，“项目”，“预测”，“潜在”和类似的表达式来识别前瞻性陈述，旨在识别前瞻性陈述。前瞻性陈述包括，但不限于，2024年的指引以及关于公司意图和预期有关收入、现金水平、能力和乘客需求、额外融资、资本支出、运营成本和费用、税收、招聘和解雇、飞机交付、利益攸关方、涉及PRATT&WHITNEY的neo发动机可用性问题的谈判和和解、解决未偿债务、供应商和政府支持问题的意图和期望。此类前瞻性陈述受到风险、不确定性和其他重要因素的影响，这些重要因素可能导致实际结果和某些事件的时间与其实际结果有所不同，这些前瞻性陈述被视为暗示或保证其未来结果的未来结果。包括我们行业中竞争环境、我们低成本运营的能力以及全球经济状况的影响，其中包括经济周期或低迷对客户旅行行为的影响和其他因素，如该公司在证券交易委员会的文件中所述，其中包括在公司的年报10-k中讨论的“风险因素”下面详细讨论的因素。为截至2023年12月31日的财政年度的12个月期间，其被补充在该公司的4月5月份提交给证券交易委员会的10-Q表中。此外，这些前瞻性陈述只在本发布日期有效。除法律要求外，我们没有责任更新任何前瞻性陈述以反映此类陈述发布后的事件或情况。目前我们不知道的风险或不确定性，我们目前认为的不重要或可能适用于任何公司，还可能严重影响我们的业务、财务状况或未来业绩。有关某些因素的其他信息包含在该公司的证券交易委员会文件中，包括但不限于该公司的年报10-k表、季度性10-q表和现行10-k表中详细讨论的因素。		ii

	第一部分 — 财务信息

项目1。	基本报表
	2024年9月30日的合并资产负债表（未经审计）和2023年12月31日	1
	截至2024年和2023年9月30日的三个月和九个月的合并未经审计的经营和综合收益（损失）报表	2
	截至2024年和2023年9月30日的三个月和九个月的合并未经审计的股东权益报表	3
	截至2024年9月30日和2023年9月30日的合并非审计现金流量报表	7
	合并非审计基本报表附注	8
项目2。	Management's Discussion and Analysis of Financial Condition and Results of Operations	49
项目3。	有关市场风险的定量和定性披露	76
项目4。	控制和程序	76

	第二部分 — 其他信息
项目1。	法律诉讼	77
项目1A。	风险因素	77
项目2。	未注册的股权证券销售，款项使用情况以及发行人购回股权证券	83
项目3。	对优先证券的违约	83
项目4。	矿山安全披露	83
项目5。	其他信息	83
项目6。	展示资料	84
签名		85

关于前瞻性声明的警示声明

本季度报告（以下简称"季度报告"）包含根据1995年私人证券诉讼改革法案的定义的前瞻性陈述，这些陈述面临风险和不确定性。特别是，与我们的流动性和资本资源、我们的业绩和经营结果相关的陈述包含前瞻性陈述。此外，所有关于未来财务表现（包括市场条件和人口统计）的陈述都是前瞻性陈述。我们提醒投资者，本季度报告中呈现的任何前瞻性陈述均基于管理层的当前信念和管理层已做出的假设，以及管理层当前可获取的信息。当使用“预期”、“相信”、“期望”、“打算”、“可能”、“也许”、“计划”、“潜在”、“估计”、“项目”、“目标”、“应该”、“将”、“会”、“结果”、“目标”、“可能”、“未来”、“继续”、“如果”、这些词的否定形式以及与历史事项无关的类似表达时，意图是识别前瞻性陈述。您还可以通过对策略、计划或意图的讨论来识别前瞻性陈述。

前瞻性陈述存在风险、不确定性和假设，可能会受到已知和未知风险、趋势、不确定因素的影响，这些因素超出我们的控制范围。如果这些风险或不确定性中的一个或多个实现，或者基本假设被证明不正确，实际结果可能与预期的、估计的或预测的结果有实质性差异。因此我们警告您不要依赖于这些前瞻性陈述。

一些可能导致我们的实际结果、表现、流动性或成就与前瞻性声明中所表达或暗示的有所不同的风险和不确定性包括但不限于以下内容：

•经济条件的不利变化及其对房地产业整体及我们运营和财务状况的影响，包括通货膨胀、上升或高利率、严格的货币政策或衰退，这可能限制我们获取资金和为股东创造收益的能力；

•我们的贷款和投资使我们面临与房地产业相关的风险。

•与房地产业相关的投资，无论是直接还是间接地以房地产财产作为抵押物的投资，都会面临拖欠、查封和损失的风险，这可能会给我们带来损失；

•Risks associated with the ownership of real estate, including dependence on tenants and compliance with laws and regulations related to ownership of real property;

•Risks associated with our investment in diverse issuers, industries and investment forms and classes, both in real estate and in non-real estate sectors, including common equity, preferred equity, options or other derivatives, short sale contracts, secured loans of securities, reverse repurchase agreements, structured finance securities, below investment grade senior loans, bonds, convertible instruments, joint ventures, and emerging markets;

•Fluctuations in interest rate and credit spreads, could reduce our ability to generate income on our loans and other investments, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments;

•The use of leverage to finance our investments;

•Risks associated with our loans and investments in debt instruments including, senior loans, mezzanine loans, collateralized loan obligations ("CLOs"), and structured finance securities;

•Our loans and investments are concentrated in terms of type of interest, geography, asset types, industry and sponsors and may continue to be so in the future;

•We have a substantial amount of indebtedness which may limit our financial and operating activities and may adversely affect our ability to incur additional debt to fund future needs;


	September 30, 2024 (Unaudited)		December 31, 2023

ASSETS
Consolidated Real Estate Investments
Land	$	67,138	$	47,708
Buildings and improvements	327,007		206,213
Intangible lease assets	10,979		10,979
Construction in progress	25,020		19,177
Furniture, fixtures, and equipment	11,944		362
Right-of-use assets	1,465		—
Total Gross Consolidated Real Estate Investments	443,553		284,439
Accumulated depreciation and amortization	(30,998)		(20,525)
Total Net Consolidated Real Estate Investments	412,555		263,914
Real estate held for sale, net of accumulated depreciation of $133 and $0, respectively	8,134		—
Total Net Real Estate Investments	420,689		263,914
Investments, at fair value ($515,265 and $533,065 with related parties, respectively)	643,479		691,238
Equity method investments ($8,639 and $7,079 with related parties, respectively)	63,467		66,263
Investments in DSTs ($30,559 and $0, with related parties, respectively)	30,559		—
Cash and cash equivalents	8,519		20,608
Restricted cash	44,721		32,561
Accounts receivable, net	3,991		4,347
Prepaid and other assets	17,243		10,431
Accrued interest and dividends	4,971		6,078
Interest rate caps	397		—
Deferred tax asset, net	2,678		2,896
Total Assets	$	1,240,714	$	1,098,336

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Mortgages payable, net ($10,000 and $0 with related party, respectively)	$	262,169	$	142,186
Notes payable, net ($68,027 and $20,000 with related party, respectively)	95,167		52,919
Prime brokerage borrowing	1,412		1,782

Accounts payable and other accrued liabilities	22,125		8,633
Income tax payable	—		356
Accrued real estate taxes payable	4,386		231
Accrued interest payable	8,157		1,398
Security deposit liability	386		422
Prepaid rents	591		768
Intangible lease liabilities, net	3,407		4,567

Total Liabilities	397,800		213,262

Shareholders' Equity:
Preferred shares, $0.001 par value: 4,800,000 shares authorized; 3,359,593 shares issued and outstanding	3		3
Common shares, $0.001 par value: unlimited shares authorized; 41,674,528 and 38,389,600 shares issued and outstanding, respectively	42		38
Additional paid-in capital	1,031,915		1,011,613
Accumulated earnings (loss)	(187,487)		(126,580)
(Noncontrolling interests)	(1,559)		—
Total Shareholders' Equity	842,914		885,074

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,240,714	$	1,098,336


	For the Three Months Ended September 30,				For the Nine Months Ended September 30
	2024		2023		2024		2023
Revenues
Rental income	$	4,447	$	5,404	$	12,479	$	15,541
Rooms	7,280		—		15,480		—
Food and beverage	533		—		1,345		—
Interest income ($553, $573, $1,619 and $1,890 with related parties, respectively)	1,653		1,863		5,043		5,632
Dividend income ($7,227, $4,853, $21,080 and $17,717 with related parties, respectively)	7,397		5,000		21,642		19,809
Other income	906		97		1,306		128
Total revenues	22,216		12,364		57,295		41,110
Expenses
Property operating expenses	6,339		1,527		14,672		5,553
Property management fees	664		191		1,025		553
Real estate taxes and insurance	1,639		1,360		4,653		4,057
Advisory and administrative fees	3,976		3,469		10,665		8,707
Property general and administrative expenses	2,057		833		4,949		2,601
Corporate general and administrative expenses	2,843		1,685		8,873		5,433
Conversion expenses	—		—		—		1,444
Depreciation and amortization	4,510		3,820		11,408		10,928
Impairment loss	6,134		—		6,134		—
Total expenses	28,162		12,885		62,379		39,276
Operating income (loss)	(5,946)		(521)		(5,084)		1,834
Interest expense	(8,288)		(4,173)		(20,670)		(11,397)
Equity in income (losses) of unconsolidated equity method ventures ($233, $286, $603 and $498 with related parties, respectively)	400		(369)		(558)		(23)
Change in unrealized gains (losses) ($17,142, $(82,240), $4,761 and $(98,248) with related parties, respectively)	(885)		(61,626)		2,251		(89,598)
Realized losses	(1)		(939)		(21,876)		(718)

Net income (loss) before income taxes	(14,720)		(67,628)		(45,937)		(99,902)
Income tax expense	(700)		(330)		(1,553)		(1,444)
Net loss	(15,420)		(67,958)		(47,490)		(101,346)
Net (income) loss attributable to preferred shareholders	(1,155)		(1,155)		(3,465)		(3,465)
Net (income) loss attributable to noncontrolling interests	6,538		—		8,432		—
Net loss attributable to common shareholders	$	(10,037)	$	(69,113)	$	(42,523)	$	(104,811)

Weighted average common shares outstanding - basic	40,786		37,187		39,662		37,177
Weighted average common shares outstanding - diluted	40,786		37,187		39,662		37,177

Loss per share - basic	$	(0.25)	$	(1.86)	$	(1.07)	$	(2.82)
Loss per share - diluted	$	(0.25)	$	(1.86)	$	(1.07)	$	(2.82)


	Preferred Shares			Common Shares			Additional Paid-in Capital		Accumulated Earnings (Loss)		(Noncontrolling Interests)		Total
Three Months Ended September 30, 2024	Number of Shares	Amount		Number of Shares	Amount
Balances, June 30, 2024	3,359,593	$	3	40,650,118	$	41	$	1,025,144	$	(171,101)	$	4,979	$	859,066

Stock-based compensation expense	—	—		—	—		544		—		—		544
Shares issued to Adviser for admin and advisory fees	—	—		239,235	—		1,322		—		—		1,322
Net loss attributable to common shareholders	—	—		—	—		—		(10,037)		—		(10,037)
Net loss attributable to noncontrolling interests	—	—		—	—		—		—		(6,538)		(6,538)
Net income attributable to preferred shareholders	—	—		—	—		—		1,155		—		1,155
Common stock dividends declared ($0.15 per share)	—	—		785,175	1		4,905		(6,349)		—		(1,443)
Preferred stock dividends declared ($0.34375 per share)	—	—		—	—		—		(1,155)		—		(1,155)
Balances, September 30, 2024	3,359,593	$	3	41,674,528	$	42	$	1,031,915	$	(187,487)	$	(1,559)	$	842,914


	For the Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities
Net loss	$	(47,490)	$	(101,346)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11,408		10,928
Amortization of intangible lease assets and liabilities	(1,061)		(912)
Amortization of deferred financing costs	580		441
Amortization of fair value adjustment of assumed debt	731		—
Paid-in-kind interest ($(3,956) and $(455) with related parties, respectively)	(7,173)		(3,444)
Proceeds from paid-in-kind interest	2,271		—
Net cash received on derivative settlements	660		—
Realized loss	21,876		718
Change in unrealized (gain) loss on investments held at fair value ($4,761 and $98,248 with related parties, respectively)	(2,251)		89,598
Unrealized (gain) loss on interest rate derivatives	7		—
Impairment loss	6,134		—
Equity in (income) losses of unconsolidated ventures ($(603) and $498 with related parties, respectively)	558		23
Distributions of earnings from unconsolidated ventures ($761 and $570 with related parties, respectively)	3,955		3,048
Stock-based compensation expense	2,193		913
Cash paid for life settlement premiums	—		(3,355)
Equity security dividends reinvested ($(4,817) and $0 with related parties, respectively)	(4,833)		—
Deferred tax (benefit) expense	218		1,596
Changes in operating assets and liabilities, net of effects of acquisitions:
Income tax payable	(356)		(10,720)
Real estate taxes payable	3,637		3,135
Operating assets	(1,815)		(4,210)
Operating liabilities	3,201		(4,887)
Net cash used in operating activities	(7,550)		(18,474)

Cash flows from investing activities
Proceeds from asset redemptions ($1,700 and $0 with related parties, respectively)	1,700		—
Distributions from CLO investments	1,266		—
Proceeds from sale of investments	2,438		29,490
Proceeds from paydowns of investments	12,071		—
Net cash acquired in acquisition of NexPoint Hospitality Trust	42,749		—
Purchases of investments ($(6,835) and $4,034 with related parties, respectively)	(34,685)		(3,579)

Additions to consolidated real estate investments	(7,079)		(8,926)


Proceeds from life settlement policy maturities	—		2,999
Cash outflow from deconsolidation of investment	—		(3,993)
Net cash provided by investing activities	18,460		15,991

Cash flows from financing activities
Proceeds received from notes payable	—		20,000
Mortgage proceeds received ($10,000 and $0 with related parties, respectively)	10,000		—
Mortgage payments	(4,452)		(1,773)
Prime brokerage borrowing	262		11,892
Credit facilities payments	(8,103)		(8,999)
Prime brokerage payments	(633)		(12,756)
Deferred financing costs paid	(563)		(771)
Payments for taxes related to net share settlement of stock-based compensation	(202)		—
Dividends paid to preferred shareholders	(3,465)		(3,465)
Dividends paid to common shareholders	(3,683)		(12,460)
Net cash used in financing activities	(10,839)		(8,332)

Net increase (decrease) in cash, cash equivalents and restricted cash	71		(10,815)
Cash, cash equivalents and restricted cash, beginning of period	53,169		48,649
Cash, cash equivalents and restricted cash, end of period	$	53,240	$	37,834

Supplemental Disclosure of Cash Flow Information
Interest paid	$	13,911	$	11,306
Income tax paid	$	—	$	13,700
Supplemental Disclosure of Noncash Activities
Non-cash dividend payment	$	14,285	$	4,462
Fair value assets acquired from the sale of consolidated investments*	$	—	$	68,500
Non-cash advisory fee payment	$	4,026	$	156
Increase in dividends payable upon vesting of restricted stock units	$	412	$	—
Real estate investments assumed in acquisition of NexPoint Hospitality Trust	$	(167,624)	$	—
DST investments assumed in acquisition of NexPoint Hospitality Trust	$	(5,000)	$	—
Interest rate caps assumed in acquisition of NexPoint Hospitality Trust	$	(1,064)	$	—
Notes payable assumed in acquisition of NexPoint Hospitality Trust	$	50,694	$	—
Mortgages payable assumed in acquisition of NexPoint Hospitality Trust	$	114,640	$	—
Right of use assets assumed in acquisition of NexPoint Hospitality Trust	$	(1,465)	$	—

Accrued interest payable assumed in acquisition of NexPoint Hospitality Trust	$	6,353	$	—
Noncontrolling interests assumed in acquisition of NexPoint Hospitality Trust	$	6,873	$	—

Deconsolidated investments at fair value from the acquisition of NexPoint Hospitality Trust	$	24,981	$	—


Accounts receivable and other assets assumed in acquisition of NexPoint Hospitality Trust	$	(1,305)	$	—
Prepaid assets and other assets assumed in acquisition of NexPoint Hospitality Trust	$	(1,492)	$	—
Accounts payable and other liabilities assumed in acquisition of NexPoint Hospitality Trust	$	14,276	$	—

Real estate taxes payable assumed in acquisition of NexPoint Hospitality Trust	$	1,233	$	—

Change in capitalized construction costs included in accounts payable and other accrued liabilities	$	627	$	—


Description
Land	$	22,673
Buildings and improvements	128,616

Construction in progress	3,613
Furniture, fixtures, and equipment	12,722
Investments, at fair value	5,000
Cash and cash equivalents	38,467
Restricted cash	5,065
Prepaid and other assets	4,001
Right-of-use asset	1,465
Interest-rate cap	1,064
Mortgages payable	(114,640)
Notes payable	(70,529)
Accounts payable and other accrued liabilities	(21,826)
Accrued real estate taxes	(1,233)
Identifiable Net Assets Acquired	$	14,458


					Effective Ownership Percentage at
Property Name		Location	Year Acquired		September 30, 2024		December 31, 2023
White Rock Center		Dallas, Texas	2013		100	%	100	%
5916 W Loop 289		Lubbock, Texas	2013		100	%	100	%
Cityplace Tower		Dallas, Texas	2018		100	%	100	%
NexPoint Dominion Land, LLC	(1)	Plano, Texas	2022		100	%	100	%
Dallas Hilton Garden Inn	(2)	Dallas, Texas	2014	(3)	54	%	N/A
Addison Homewood Suites	(2)	Addison, Texas	2017	(3)	54	%	N/A
Plano Homewood Suites	(2) (4)	Plano, Texas	2017	(3)	54	%	N/A
Las Colinas Homewood Suites	(2)	Las Colinas, Texas	2017	(3)	54	%	N/A
St. Petersburg Marriott	(2)	St. Petersburg, Florida	2018	(3)	54	%	N/A
Hyatt Place Park City	(2)	Park City, Utah	2022	(3)	54	%	N/A
Bradenton Hampton Inn & Suites	(2)	Bradenton, Florida	2022	(3)	54	%	N/A


(1)NexPoint Dominion Land, LLC owns 100% of 21.5 acres of undeveloped land in Plano, Texas.
(2) NHT owns 100% of the properties, and NXDT owns approximately 54% of NHT.
(3) Reflects the date NHT or its predecessor acquired the property.
(4) Property classified as held for sale as of September 30, 2024.


Operating Properties	Land		Buildings and Improvements		Intangible Lease Assets		Intangible Lease Liabilities		Right of use assets		Construction in Progress		Furniture, Fixtures, and Equipment		Totals
White Rock Center	$	1,315	$	10,562	$	1,921	$	(101)	$	—	$	—	$	5	$	13,702
5916 W Loop 289	1,081		2,938		—		—		—		—		—		4,019
Cityplace Tower	18,812		194,997		9,058		(6,669)		—		19,127		356		235,681
NexPoint Dominion Land, LLC	26,500		—		—		—		—		—		—		26,500
Dallas Hilton Garden Inn	4,116		24,620		—		—		—		96		1,475		30,307
Addison Homewood Suites	2,576		4,977		—		—		—		482		824		8,859

Las Colinas Homewood Suites	2,335		10,337		—		—		—		313		1,016		14,001
St. Petersburg Marriott	5,829		33,650		—		—		—		3,417		2,303		45,199
Hyatt Place Park City	3,737		19,875		—		—		—		877		3,140		27,629
Bradenton Hampton Inn & Suites	837		25,051		—		—		1,465		708		2,825		30,886


Accumulated depreciation and amortization	—		(22,098)		(7,801)		3,363		(19)		—		(1,081)		(27,636)
Total Operating Properties	$	67,138	$	304,909	$	3,178	$	(3,407)	$	1,446	$	25,020	$	10,863	$	409,147

Held for Sale Properties
Plano Homewood Suites	$	2,106	$	5,394	$	—	$	—	$	—	$	28	$	739	$	8,267
Accumulated depreciation and amortization	—		(77)		—		—		—		—		(56)		(133)
Total Held for Sale Properties	$	2,106	$	5,317	$	—	$	—	$	—	$	28	$	683	$	8,134


	Outstanding principal as of September 30, 2024		Interest Rate		Maturity Date
Note A-1	$	99,855	7.48	%	3/7/2025
Note A-2	21,843		11.48	%	3/7/2025
Note B-1	12,570		7.48	%	3/7/2025
Note B-2	3,120		11.48	%	3/7/2025
Mezzanine Note 1	2,750		11.48	%	3/7/2025
Mezzanine Note 2	393		11.48	%	3/7/2025
Mortgages payable	140,531
Deferred financing costs, net	(152)
Mortgages payable, net	$	140,379


	Outstanding principal as of
Debt Payable	September 30, 2024		Interest Rate	Maturity Date	Lender
Note A¹	$	50,188	6.85%	3/8/2025	ACORE
Note B¹	24,165		11.31%	3/8/2025	ACORE
PC & B Loan²	37,608		6.70%	2/5/2025	AREEIF Lender, LLC
Convertible Notes Due to Affiliates	58,278		2.25% - 7.50%	2/14/2027 - 9/30/2042	Multiple
	$	170,239
Fair market value adjustment, net of accumulated amortization³	(8,148)

Debt payable, net	$	162,091


	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2024				2023				2024				2023
Expected tax at statutory rate	$	(3,091)	21.0	%	$	(14,202)	21.0	%	$	(9,647)	21.0	%	$	(20,979)	21.0	%
Non-taxable REIT income	4,776		-32.4	%	12,947		-19.1	%	16,047		-34.9	%	21,066		-21.1	%

Change in valuation allowance	(985)		6.7	%	1,585		-2.3	%	(4,847)		10.6	%	1,358		-1.4	%
Total provision	$	700	-4.8	%	$	330	-0.5	%	$	1,553	-3.4	%	$	1,444	-1.4	%


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Investment Basis			Share of Investee's Net Assets (1)		Basis Difference (2)		Share of Earnings (Loss)
Sandstone Pasadena Apartments, LLC	LLC interest	Multifamily	50.0	%		$	10,374		$	(9,590)	$	19,964	$	19
AM Uptown Hotel, LLC	LLC interest	Hospitality	60.0	%	(3)	18,895			15,288		3,607		(858)
SFR WLIF III, LLC	LLC interest	Single-family rental	20.0	%		6,842			6,914		(72)		434
Las Vegas Land Owner, LLC	LLC interest	Land	77.0	%	(4)	12,321			12,321		—		—
Perilune Aero Equity Holdings One, LLC	LLC interest	Aircraft	16.4	%	(9)	13,238			10,488		2,750		1,060
Claymore Holdings, LLC	LLC interest	N/A	50.0	%	(5)	—		(6)	—		—		—
Allenby, LLC	LLC interest	N/A	50.0	%	(5)	—		(6)	—		—		—
Haygood, LLC	LLC interest	N/A	31.0	%	(8)	—		(6)	—		—		—
Capital Acquisitions Partners, LLC	LLC interest	Multifamily	20.9	%		1,797			1,717		80		80
						$	63,467		$	37,138	$	26,329	$	735


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Fair Value
NexPoint Real Estate Finance Operating Partnership, L.P.	LP interest	Mortgage	15.6	%	(7)	$76,104		(6)
NexPoint Real Estate Finance, Inc.	Common stock	Mortgage	12.0	%	(7)	32,823		(6)

VineBrook Homes Operating Partnership, L.P.	LP interest	Single-family rental	11.4	%	(7)	148,892		(6)
NexPoint Storage Partners, Inc.	Common stock	Self-storage	52.8	%	(3)	73,443		(6)
NexPoint Storage Partners Operating Company, LLC	LLC interest	Self-storage	29.5	%		40,021		(6)
NexPoint SFR Operating Partnership, L.P.	LP interest	Single-family rental	31.2	%		46,943		(6)

LLV Holdco, LLC	LLC interest	Land	26.8	%		2,877		(6)

						$	421,103


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Investment Basis			Share of Investee's Net Assets (1)		Basis Difference (2)		Share of Earnings (Loss)
Sandstone Pasadena Apartments, LLC	LLC interest	Multifamily	50.0	%		$	11,458		$	(9,590)	$	21,048	$	—
AM Uptown Hotel, LLC	LLC interest	Hospitality	60.0	%	(3)	23,158			17,581		5,577		(426)
SFR WLIF III, LLC	LLC interest	Single-family rental	20.0	%		7,079			7,241		(162)		555
Las Vegas Land Owner, LLC	LLC interest	Land	77.0	%	(4)	12,312			12,312		—		—
Perilune Aero Equity Holdings One, LLC	LLC interest	Aircraft	16.4	%	(7)	12,256			10,488		1,768		1,441
Claymore Holdings, LLC	LLC interest	N/A	50.0	%	(5)	—		(6)	—		—		—
Allenby, LLC	LLC interest	N/A	50.0	%	(5)	—		(6)	—		—		—
Haygood, LLC	LLC interest	N/A	31.0	%	(8)	—		(6)	—		—		—
						$	66,263		$	38,032	$	28,231	$	1,570


(1)			This debt is secured by the following properties: HGI Property, Addison Homewood Suites, Plano Homewood Suites, Las Colinas Homewood Suites and the St. Pete Property.
(2)			This debt is secured by the following properties: Park City and Bradenton.
(3)			The Company recorded a valuation adjustment of the Convertible Notes Due to Affiliates upon the consolidation of NHT to adjust for the difference between the fair value and the outstanding principal amount of the debt. The difference is amortized into interest expense.


	Mortgages Payable		Credit Facilities		Notes Payable		Prime Brokerage Borrowing		Total
2024	$	—	$	20,897	$	—	$	—	$	20,897
2025	252,492		11,000		13,250		—		276,742
2026	—		—		—		—		—
2027	—		—		20,500		—		20,500
2028	—		—		—		—		—
Thereafter	10,000		—		37,779		1,412		49,191
Total	$	262,492	$	31,897	$	71,529	$	1,412	$	367,330


	NREF		VineBrook		NSP

Revenues
Rental income	$	3,057	$	259,121	$	83,851
Net interest income	12,971		—		1,527
Other income	—		4,362		6,154
Total revenues	16,028		263,483		91,532

Expenses
Total expenses	16,950		368,968		103,968

Gain (loss) on sales of real estate	—		(65,108)		(8,276)
Other income (expense)	1,727		(43,130)		(77,006)
Unrealized gain (loss) on derivatives	—		6,297		—
Total comprehensive income (loss)	$	805	$	(207,426)	$	(97,718)


	Fair Value
	Level 1		Level 2		Level 3		Total
Assets
Bond	$	—	$	50	$	—	$	50

Common stock	43,874		—		151,073		194,947
Convertible notes	—		—		21,060		21,060

LLC interest	—		—		42,898		42,898
LP interest	—		76,104		195,835		271,939
Preferred Shares	—		—		68,524		68,524
Rights and warrants	—		1,788		—		1,788
Senior loan	—		50		42,223		42,273
	$	43,874	$	77,992	$	521,613	$	643,479


	December 31, 2023		Contributions/ Purchases		Paid in- kind dividends		Transfer Into (Out of) Level 3		Investments (Eliminated) Acquired Through Consolidation¹		Redemptions/ conversions		Return of capital		Realized gain/(loss)		Unrealized gain/(loss)		September 30, 2024
CLO	$	1,215	$	—	$	—	$	—	$	—	$	—	$	(1,266)	$	(22,735)	$	22,786	$	—
Common stock	176,256		904		—		—		(7,757)		—		—		—		(18,330)		151,073
Convertible notes	42,251		—		—		—		(21,129)		—		—		—		(62)		21,060

LLC interest	39,399		564		—		—		—		—		—		—		2,935		42,898
LP interest	195,898		4,818		—		—		—		—		—		—		(4,881)		195,835
Preferred Shares	66,268		—		3,956		—		—		(1,700)		—		—		—		68,524
Senior loan	46,353		6,596		3,217		—		—		(14,343)		—		574		(174)		42,223
Total	$	567,640	$	12,882	$	7,173	$	—	$	(28,886)	$	(16,043)	$	(1,266)	$	(22,161)	$	2,274	$	521,613


(1)			As a result of the NHT consolidation, certain investments were eliminated or acquired.


	December 31, 2022		Contributions/ Purchases		Paid in- kind dividends		Redemptions/ Conversions		Return of capital		Realized gain/(loss)		Unrealized gain/(loss)		September 30, 2023
CLO	$	6,412	$	—	$	—	$	—	$	—	$	—	$	11,839	$	18,251
Common stock	234,667		—		—		—		—		—		(53,794)		180,873
Convertible notes	50,828		(8,542)		—		—		—		—		1,162		43,448
Life settlement	67,711		3,355		—		(67,506)		—		(1,101)		(2,459)		—
LLC interest	60,836		70,222		—		(68,500)		—		(1,722)		(19,688)		41,148
LP interest	223,141		3,467		—		—		—		—		(30,621)		195,987

Senior loan	43,341		—		2,989		(4,971)		—		11		497		41,867
Total	$	686,936	$	137,002	$	3,444	$	(142,977)	$	—	$	(2,812)	$	(93,064)	$	588,529


Category	Valuation Technique	Significant Unobservable Inputs	Input Value(s) (Arithmetic Mean)				Fair Value


Common Stock	Market Approach	Unadjusted Price/MHz-PoP	$0.10	—	$0.90	$(0.48)	$	151,073
	Discounted Cash Flow	Discount Rate	7.25%	—	13.80%	(10.53)%
		Market Rent (per sqft)	$12.50	—	$42.00	$(27.25)
		RevPAR	$74.00	—	$119.00	$(92.00)
		Capitalization Rates	5.25%	—	9.50%	(7.67)%
	NAV Approach	Discount Rate		10.00%
	Multiples Analysis	Multiple of EBITDA	5.50x	—	10.50x	(8.00)x
		Multiple of NAV	1.00x	—	1.10x	(1.05)x
	Recent Transaction	Implied Enterprise Value from Transaction Price ($mm)		$841.00
		N/A	$25.31	—	$28.00	$(26.66)
		Discount to NAV	(30.00)%	—	(20.00)%	(25.00)%
		Offer Price per Share		$1.10

Convertible Notes	Discounted Cash Flow	Discount Rate	5.83%	—	7.58%	(6.71)%	21,060
	Option Pricing Model	Volatility	55.00%	—	65.00%	(60.00)%

LLC Interest	Discounted Cash Flow	Discount Rate	7.25%	—	30.50%	(13.81)%	42,898
		Market Rent (per sqft)	$12.50	—	$42.00	$(27.25)
		Capitalization Rate		5%

LP Interest	Direct Capitalization Approach	Capitalization Rate	3.80%	—	6.70%	(5.25)%	195,835
	Market Approach	Discount to NAV		(0.04)



	Recent Transaction	Price per Share		$20.58

Preferred Shares	Liquidation Analysis	Par		$1,000			68,524

Senior Loan	Discounted Cash Flow	Discount Rate	12.30%	—	20.00%	(16.15)%	42,223

Total							$	521,613


Balances, as of September 30, 2024	Number of Shares	Carrying Amount
NexPoint Life Sciences II DST	1,044,040	$9,600
NexPoint Semiconductor DST	2,296,851	20,959
Total		$30,559


	2024
	Number of Units	Weighted Average Grant Date Fair Value
Outstanding January 1, 2024	589,906	$	10.45
Granted	1,033,787	6.10
Vested	(178,856)	10.36
Forfeited	(6,785)	6.10
Outstanding September 30, 2024	1,438,052	$	7.35


	Shares Vesting
	March	April	Total
2024	—	—	—
2025	300,618	140,404	441,022
2026	242,128	135,323	377,451
2027	242,128	135,323	377,451
2028	242,128	—	242,128
Total	1,027,002	411,050	1,438,052


		Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
Numerator for loss per share:
Net income (loss) attributable to common shareholders		$	(10,037)	$	(69,113)	$	(42,523)	$	(104,811)

Denominator for loss per share:
Weighted average common shares outstanding		40,786		37,187		39,662		37,177
Denominator for basic and diluted loss per share		40,786		37,187		39,662		37,177
Weighted average unvested restricted share units		1,435		603		1,210		398
Denominator for diluted loss per share	(1)	40,786		37,187		39,662		37,177

Loss per weighted average common share:
Basic		$	(0.25)	$	(1.86)	$	(1.07)	$	(2.82)
Diluted		$	(0.25)	$	(1.86)	$	(1.07)	$	(2.82)


Related Party	Investment	Fair Value/Carrying Value		Change in Unrealized Gain/(Loss)			Equity in income (loss)		Interest and Dividends		Total Income

NexPoint Real Estate Finance, Inc.	Common Stock	$	32,823	$	(252)		$	—	$	3,150	$	2,898
NexPoint Storage Partners, Inc.	Common Stock	73,442		5,256			—		—		5,256
NexPoint Residential Trust, Inc.	Common Stock	4,192		909			—		130		1,039
NexPoint SFR Operating Partnership, L.P.	Convertible Notes	21,060		247			—		1,225		1,472
NexPoint Hospitality Trust	Common Stock	—		2,088		(1)	—		—		2,088
NexPoint Storage Partners Operating Company, LLC	LLC Units	40,021		2,864			—		—		2,864
SFR WLIF III, LLC	LLC Units	6,842		—			523		—		523
Claymore Holdings, LLC	LLC Units	—		(454)			—		—		(454)
Allenby, LLC	LLC Units	—		(110)			—		—		(110)
Haygood, LLC.	LLC Units	—		—			—		—		—
VineBrook Homes Operating Partnership, L.P.	Partnership Units	148,892		(567)			—		4,434		3,867
NexPoint Real Estate Finance Operating Partnership, L.P.	Partnership Units	76,104		(584)			—		7,304		6,720
NexPoint SFR Operating Partnership, L.P.	Partnership Units	46,943		(4,315)			—		1,875		(2,440)


(1)			Reflects the change in unrealized gain/(loss) prior to the NHT consolidation.


Year:	Operating Leases
2024	$	2,171
2025	8,657
2026	7,862
2027	7,081
2028	5,124
Thereafter	28,412
Total	$	59,307


	For the Nine Months Ended September 30, 2024
Tenant	Rental Income
Neiman Marcus Group, LLC	$	1,579


	As of September 30, 2024						As of December 31, 2023
	NexPoint Diversified Real Estate Trust		NexPoint Hospitality Trust		Total Company		NexPoint Diversified Real Estate Trust		NexPoint Hospitality Trust		Total Company
Assets
Gross operating real estate investments	$	276,686	$	166,867	$	443,553	$	284,439	$	—	$	284,439
Accumulated depreciation and amortization	(28,485)		(2,513)		(30,998)		(20,525)		—		(20,525)
Net operating real estate investments	248,201		164,354		412,555		263,914		—		263,914

Net real estate investments	248,201		164,354		412,555		263,914		—		263,914
Other assets	808,061		20,098		828,159		834,422		—		834,422
Total assets	$	1,056,262	$	184,452	$	1,240,714	$	1,098,336	$	—	$	1,098,336


					Average Effective Monthly Occupied Rent Per Square Foot (1) as of		% Occupied (2) as of
Property Name	Rentable Square Footage (in thousands)	Property Type		Date Acquired	September 30, 2024		September 30, 2024
White Rock Center	82,793	Retail		6/13/2013	$	1.58	75.3	%
5916 W Loop 289	30,140	Retail		7/23/2013	$	—	—	%	(4)
Cityplace Tower	1,365,711	Office & Hospitality	(3)	8/15/2018	$	2.16	46.6	%
	1,478,644


	For the Three Months Ended September 30				For the Nine Months Ended September 30
	2024		2023		2024		2023
Net loss	$	(15,420)	$	(67,958)	$	(47,490)	$	(101,346)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees	3,976		3,469		10,665		8,707
Corporate general and administrative expenses	2,843		1,685		8,873		5,433
Conversion expenses	—		—		—		1,444
Income tax expense	700		330		1,553		1,444
Depreciation and amortization	4,510		3,820		11,408		10,928
Interest expense	8,288		4,173		20,670		11,397

Non-operating property investment revenue¹	(9,050)		(6,863)		(26,685)		(25,441)
Realized (gains) losses from non-real estate investments	1		939		21,876		718
Change in unrealized (gains) losses from non-real estate investments	885		61,626		(2,251)		89,598
Equity in (income) losses of unconsolidated equity method ventures	(400)		369		558		23
Impairment loss	6,134		—		6,134		—
NOI	$	2,467	$	1,590	$	5,311	$	2,905
Less Non-Same Store
Revenues	$	(12,801)	$	(5,097)	$	(29,540)	$	(14,543)
Operating expenses	10,536		3,749		24,849		12,348

Same Store NOI	$	202	$	242	$	620	$	710


	Payments Due by Period (in thousands)
	Total			2024		2025		2026		2027		2028		Thereafter
Property Level Debt
Principal payments	$	275,742		$	—	$	265,742	$	—	$	—	$	—	$	10,000
Interest expense	14,404			5,597		5,218		1,000		1,000		1,000		589
Total	$	290,146		$	5,597	$	270,960	$	1,000	$	1,000	$	1,000	$	10,589

Prime Brokerage Borrowing
Principal payments	$	1,412		$	—	$	—	$	—	$	—	$	—	$	1,412	(1)
Interest expense	320			19		75		75		75		75		—		(1)
Total	$	1,732		$	19	$	75	$	75	$	75	$	75	$	1,412

Preferred Shares
Dividend payments	N/A		(2)	$	1,155	$	4,620	$	4,620	$	4,620	$	4,620	N/A		(2)

Credit Facility
Principal payments	$	90,176		$	17,897	$	14,000	$	—	$	20,500	$	—	$	37,779
Interest expense	28,820			1,187		3,561		2,547		1,580		1,420		18,524
Total	$	118,995		$	19,084	$	17,561	$	2,547	$	22,080	$	1,420	$	56,303

Total contractual obligations and commitments	$	410,873		$	25,855	$	293,217	$	8,242	$	27,776	$	7,115	$	68,303