CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (35,106)	$ (21,548)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	3,909	2,796
Amortization of intangible lease assets and liabilities	(249)	(257)
Amortization of deferred financing costs	143	271
Amortization of fair value adjustment of assumed debt	441	0
Paid-in-kind interest ($(1,398) and $(1,296) with related parties, respectively)	(2,660)	(2,356)
Proceeds from paid-in-kind interest	10	2,271
Net cash paid on derivative settlements	(540)	0
Realized (gain) loss	(1,519)	21,872
Net change in unrealized (gain) loss on investments held at fair value	33,322	(6,290)
(Gain) on sales of real estate	(11)	0
Unrealized (gain) loss on interest rate derivatives	42	0
Impairment loss	1,752	0
Equity in (income) losses of unconsolidated ventures ($(46) and $(214) with related parties, respectively)	357	1,154
Distributions of earnings from unconsolidated ventures ($0 and $292 with related parties, respectively)	2,104	1,578
Stock-based compensation expense	804	547
Equity security dividends reinvested ($(650) and $(2,082) with related parties, respectively)	(650)	(2,154)
Deferred tax (benefit) expense	499	(9)
Changes in operating assets and liabilities, net of effects of acquisitions:
Income tax payable	471	1,171
Real estate taxes payable	1,214	787
Operating assets	1,096	(1,920)
Operating liabilities	1,647	(468)
Net cash provided by (used in) operating activities	7,076	(2,555)
Cash flows from investing activities
Proceeds from asset redemptions ($5,023 and $1,700 with related parties, respectively)	3,277	7,389
Distributions from CLO investments	0	1,267
Sale of consolidated real estate investment	8,154	0
Proceeds from return of investment	15,054	0
Purchases of investments ($(2,049) and $(42) with related parties, respectively)	(16,009)	(42)
Additions to consolidated real estate investments	(950)	(1,178)
Net cash provided by investing activities	9,526	7,436
Cash flows from financing activities
Mortgage payments	(8,739)	(592)
Prime brokerage borrowing	70	88
Credit facilities payments	(3,000)	(750)
Prime brokerage payments	(50)	(429)
Deferred financing costs paid	(120)	(365)
Payments for taxes related to net share settlement of stock-based compensation	(322)	0
Proceeds from issuance of preferred stock	203	0
Distributions paid to Series A preferred shareholders	(1,155)	(1,155)
Distributions paid to common shareholders	(1,471)	(1,158)
Net cash used in financing activities	(14,584)	(4,361)
Net increase in cash, cash equivalents and restricted cash	2,018	520
Cash, cash equivalents and restricted cash, beginning of period	50,919	53,689	$ 48,901
Cash, cash equivalents and restricted cash, end of period	48,901	53,169	$ 53,169
Supplemental Disclosure of Cash Flow Information
Interest paid	6,202	4,555
Supplemental Disclosure of Noncash Activities
Non-cash distribution payment	5,152	4,626
Non-cash advisory fee payment	1,502	1,351
Increase (decrease) in dividends payable upon vesting of restricted stock units	(10)	89
Change in capitalized construction costs included in accounts payable and other accrued liabilities	25	(29)
Change in capitalized investment costs included in accounts payable and other accrued liabilities	$ 0	$ 121

NEXPOINT DIVERSIFIED REAL ESTATE TRUST 10-Q