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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________

FORM 10-Q

_____________________________________________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-32921

_____________________________________________________________________________________

NexPoint Diversified Real Estate Trust

(Exact Name of Registrant as Specified in Its Charter)

_____________________________________________________________________________________


Delaware			80-0139099
(State or other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)


300 Crescent Court, Suite 700, Dallas, Texas (Address of Principal Executive Offices)			75201 (Zip Code)

(214) 276-6300

(Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Shares, par value $0.001 per share

NXDT

New York Stock Exchange; NYSE Texas, Inc.

5.50% Series A Cumulative Preferred Shares, par value
$0.001 per share ($25.00 liquidation preference per share)

NXDT-PA

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

☒

Smaller reporting company

☒

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of November 13, 2025, the registrant had 49,020,409.06 common shares, par value $0.001 per share, outstanding.

Table of Contents

NEXPOINT DIVERSIFIED REAL ESTATE TRUST

Form 10-Q

Quarter Ended September 30, 2025

INDEX


		Page
Cautionary Statement Regarding Forward Looking Statements		ii

	PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements
	Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Unaudited Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024	2
	Consolidated Unaudited Statements of Equity for the Three and Nine Months Ended September 30, 2025 and 2024	3
	Consolidated Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	9
	Notes to Consolidated Unaudited Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	52
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	83
Item 4.	Controls and Procedures	83

	PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	84
Item 1A.	Risk Factors	84
Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	84
Item 3.	Defaults Upon Senior Securities	84
Item 4.	Mine Safety Disclosures	84
Item 5.	Other Information	85
Item 6.	Exhibits	85
Signatures		86

Table of Contents

Cautionary Statement Regarding Forward-Looking Statements

This quarterly report (this "Quarterly Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. In particular, statements relating to our business and investment strategies, plans or intentions, our liquidity and capital resources, our performance and results of operations, expectations on our ability to refinance debt as necessary and repositioning of the portfolio of the Hospitality segment contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including market conditions and demographics) are forward-looking statements. We caution investors that any forward-looking statements presented in this Quarterly Report are based on management’s current beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” "plan," "potential," “estimate,” “project,” "target," “should,” “will,” “would,” “result,” "goal," "could," "future," "continue," "if," the negative version of these words and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements.

Some of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

•Unfavorable changes in economic conditions and their effects on the real estate industry generally and our operations and financial condition, including inflation, rising or high interest rates, new or increased tariffs, tightening monetary policy or recession, which may limit our ability to access funding and generate returns for shareholders;

•Our loans and investments expose us to risks similar to and associated with real estate investments generally;

•Commercial real estate-related investments that are secured, directly or indirectly, by real property are subject to delinquency, foreclosure and loss, which could result in losses to us;

•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;

•We have limited operating history as a standalone company and may not be able to operate our business successfully, find suitable investments, or generate sufficient revenue to make or sustain distributions to our shareholders;

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•We may not replicate the historical results achieved by other entities managed or sponsored by affiliates of NexPoint Advisors, L.P. (“NexPoint” or our “Sponsor”), members of the NexPoint Real Estate Advisors X, L.P. (our “Adviser”) management team or their affiliates;

•We are dependent upon our Adviser and its affiliates to conduct our day-to-day operations; thus, adverse changes in their financial health or our relationship with them could cause our operations to suffer;

•Our Adviser and its affiliates face conflicts of interest, including significant conflicts created by our Adviser’s compensation arrangements with us, including compensation which may be required to be paid to our Adviser if our advisory agreement is terminated, which could result in decisions that are not in the best interests of our shareholders;

•We pay substantial fees and expenses to our Adviser and its affiliates, which payments increase the risk that shareholders will not earn a profit on their investment;

•If we fail to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes, cash available for distributions to be paid to our shareholders could decrease materially, which would limit our ability to make distributions to our shareholders; and

•Any other risks included under Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025.

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date of this Quarterly Report. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.

iii

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NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and par value amounts)


	September 30, 2025 (Unaudited)		December 31, 2024
ASSETS
Consolidated Real Estate Investments
Land	$	62,227	$	62,227
Buildings and improvements	313,500		312,200
Intangible lease assets	10,979		10,979
Construction in progress	24,781		24,689
Furniture, fixtures, and equipment	10,400		10,124
Right-of-use assets ($579 and $712 with related parties, respectively)	2,044		2,176
Total Gross Consolidated Real Estate Investments	423,931		422,395
Accumulated depreciation and amortization	(46,236)		(35,002)
Total Net Consolidated Real Estate Investments	377,695		387,393
Real estate held for sale	—		29,890
Total Net Real Estate Investments	377,695		417,283
Investments, at fair value ($438,714 and $493,909 with related parties, respectively)	593,110		643,432
Equity method investments ($633 and $407 with related parties, respectively)	34,605		54,429
Investments in DSTs ($33,559 and $30,559, with related parties, respectively)	33,559		30,559
Cash and cash equivalents	5,310		8,791
Restricted cash	44,850		40,110
Accounts receivable, net	3,196		4,463
Prepaid and other assets ($0 and $7,315 with related parties, respectively)	10,294		17,500
Accrued interest and dividends	1,185		5,495
Interest rate caps	259		159
Deferred tax asset, net	2,606		2,618
Total Assets	$	1,106,669	$	1,224,839

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net ($10,000 and $10,000 with related parties, respectively)	$	228,002	$	261,945
Notes payable, net ($65,787 and $66,731 with related parties, respectively)	80,222		90,888
Prime brokerage borrowing	5,952		1,222

Accounts payable and other accrued liabilities	24,110		22,739
Income tax payable	84		255
Accrued real estate taxes payable	3,942		226
Accrued interest payable	10,503		8,724
Security deposit liability	375		389
Prepaid rents	427		1,053
Intangible lease liabilities, net	2,334		3,139
Lease liability ($591 and $721 with related parties, respectively)	591		721
Total Liabilities	356,542		391,301

Redeemable Series B Preferred shares, $0.001 par value: 16,000,000 authorized: 485,608 and 0 shares issued and outstanding, respectively	10,834		—
Redeemable noncontrolling interests in the OP	328		—

Equity:
Shareholders' Equity
Series A 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; 49,020,409 and 42,679,569 shares issued and outstanding, respectively	49		43
Additional paid-in capital	1,056,240		1,039,280
Accumulated earnings (loss)	(317,327)		(202,818)

Total Shareholders' Equity	738,965		836,508
Noncontrolling interests	—		(2,970)
Total Equity	738,965		833,538
TOTAL LIABILITIES AND EQUITY	$	1,106,669	$	1,224,839

See Notes to Consolidated Financial Statements

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NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts)

(Unaudited)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30
	2025		2024		2025		2024
Revenues
Rental income ($69, $68, $207 and $203 with related parties, respectively)	$	1,616	$	4,447	$	8,974	$	12,479
Rooms	4,758		7,280		21,389		15,480
Food and beverage	553		533		2,192		1,345
Interest income ($303, $553, $1,223 and $1,619 with related parties, respectively)	2,443		1,653		6,840		5,043
Dividend income ($7,630, $7,227, $22,743 and $21,080 with related parties, respectively)	7,723		7,397		27,215		21,642
Other income	366		906		957		1,306
Total revenues	17,459		22,216		67,567		57,295
Expenses
Property operating expenses ($52, $0, $165 and $0 with related parties, respectively)	5,589		6,339		18,073		14,672
Property management fees ($131, $193, $494 and $554 with related parties, respectively)	303		664		1,209		1,025
Real estate taxes and insurance	1,314		1,639		4,728		4,653
Advisory and administrative fees	3,218		3,976		13,880		10,665
Property general and administrative expenses ($69, $68, $207 and $203 with related parties, respectively)	1,308		2,057		4,915		4,949
Corporate general and administrative expenses	5,198		2,843		9,145		8,873

Depreciation and amortization	3,858		4,510		11,795		11,408
Impairment loss	—		6,134		1,752		6,134
Total expenses	20,788		28,162		65,497		62,379
Operating income (loss)	(3,329)		(5,946)		2,070		(5,084)
Interest expense ($(540), $(620), $(1,673) and $(1,513) with related parties, respectively)	(6,903)		(8,288)		(20,816)		(20,670)
Equity in income (losses) of unconsolidated equity method ventures ($20, $233, $226 and $603 with related parties, respectively)	(581)		400		(748)		(558)
Change in unrealized gains (losses) ($(2,647), $17,142, $(59,358) and $4,761 with related parties, respectively)	(2,505)		(885)		(77,464)		2,251
Realized gains (losses) ($0, $0, $3,462 and $0 with related parties, respectively)	6		(1)		4,987		(21,876)
Gain on sales of real estate	—		—		37		—
Net income (loss) before income taxes	(13,312)		(14,720)		(91,934)		(45,937)
Income tax expense	995		(700)		423		(1,553)
Net loss	(12,317)		(15,420)		(91,511)		(47,490)
Net (income) loss attributable to Series A preferred shareholders	(1,155)		(1,155)		(3,465)		(3,465)
Net (income) loss attributable to Series B preferred shareholders	(220)		—		(250)		—
Net (income) loss attributable to noncontrolling interests	—		6,538		1,945		8,432
Net (income) loss attributable to redeemable noncontrolling interests in the OP	5		—		25		—
Net loss attributable to common shareholders	$	(13,687)	$	(10,037)	$	(93,256)	$	(42,523)

Weighted average common shares outstanding - basic	47,436		40,786		45,324		39,662
Weighted average common shares outstanding - diluted	47,436		40,786		45,324		39,662

Loss per share - basic	$	(0.29)	$	(0.25)	$	(2.06)	$	(1.07)
Loss per share - diluted	$	(0.29)	$	(0.25)	$	(2.06)	$	(1.07)

See Notes to Consolidated Financial Statements

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NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands, except share and per share amounts)

(Unaudited)


	Series A Preferred Shares		Common Shares		Additional Paid-in Capital		Accumulated Earnings (Loss)		Common Stock Held in Treasury at Cost		Total
Three Months Ended September 30, 2025	Number of Shares	Amount	Number of Shares	Amount
Balances, June 30, 2025	3,359,593	3	47,421,929	47	$	1,048,828	$	(296,170)	$	—	$	752,708


Stock-based compensation expense	—	—	—	—	1,107		—		—		1,107
Shares issued to Adviser for admin and advisory fees	—	—	380,591	—	1,426		—		—		1,426
Net loss attributable to common shareholders	—	—	—	—	—		(13,687)		—		(13,687)

Net income attributable to Series A preferred shareholders	—	—	—	—	—		1,155		—		1,155
Repurchases of common stock	—	—	—	—	—		—		(800)		(800)
Retirement of common stock held in treasury	—	—	(185,477)	—	(800)		—		800		—
Common share distributions declared ($0.15 per share)	—	—	1,403,366	2	5,679		(7,470)		—		(1,789)

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Series A preferred share distributions declared ($0.34375 per share)	—	—	—	—	—		(1,155)		—		(1,155)

Balances, September 30, 2025	3,359,593	3	49,020,409	49	$	1,056,240	$	(317,327)	$	—	$	738,965

See Notes to Consolidated Financial Statements

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NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands, except share and per share amounts)


	Series A Preferred Shares			Common Shares			Additional Paid-in Capital		Accumulated Earnings (Loss)		Noncontrolling Interests		Common Stock Held in Treasury at Cost		Total
Nine Months Ended September 30, 2025	Number of Shares	Amount		Number of Shares	Amount
Balances, December 31, 2024	3,359,593	$	3	42,679,569	$	43	$	1,039,280	$	(202,818)	$	(2,970)	$	—	$	833,538


Stock-based compensation expense	—	—		358,173	—		3,260		—		—		—		3,260
Shares issued to Adviser for admin and advisory fees	—	—		937,026	1		4,319		—		—		—		4,320
Net loss attributable to common shareholders	—	—		—	—		—		(93,256)		—		—		(93,256)
Net loss attributable to noncontrolling interests	—	—		—	—		—		—		(1,945)		—		(1,945)
Net income attributable to Series A preferred shareholders	—	—		—	—		—		3,465		—		—		3,465

Repurchases of common stock	—	—		—	—		—		—		—		(800)		(800)
Retirement of common stock held in treasury	—	—		(185,477)	—		(800)		—		—		800		—
Common share distributions declared ($0.45 per share)	—	—		4,146,525	4		16,315		(21,253)		—		—		(4,934)

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Series A preferred share distributions declared ($1.03125 per share)	—	—	—	—	—	(3,465)	—		—		(3,465)
Acquisition of noncontrolling interests in NHT	—	—	1,084,593	1	(6,134)	—	4,915		—		(1,218)
Balances, September 30, 2025	3,359,593	3	49,020,409	49	1,056,240	(317,327)	$	—	$	—	$	738,965

See Notes to Consolidated Financial Statements

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NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands, except share and per share amounts)


	Series A Preferred Shares			Common Shares			Additional Paid-in Capital		Accumulated Earnings (Loss)		Noncontrolling Interest		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 income attributable to noncontrolling interests	—	—		—	—		—		—		(6,538)		(6,538)
Net income attributable to preferred shareholders	—	—		—	—		—		1,155		—		1,155
Common share distributions declared ($0.15 per share)	—	—		785,175	1		4,905		(6,349)		—		(1,443)
Series A preferred shares distributions 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

See Notes to Consolidated Financial Statements

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NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands, except share and per share amounts)

(Unaudited)


	Series A Preferred Shares			Common Shares			Additional Paid-in Capital		Accumulated Earnings (Loss)		Noncontrolling Interest		Total
Nine Months Ended September 30, 2024	Number of Shares	Amount		Number of Shares	Amount
Balances, December 31, 2023	3,359,593	$	3	38,389,600	$	38	$	1,011,613	$	(126,580)	$	—	$	885,074
Noncontrolling interests from NHT Acquisition	—	—		—	—		—		—		6,873		6,873
Stock-based compensation expense	—	—		145,433	—		1,991		—		—		1,991
Shares issued to Adviser for admin and advisory fees	—	—		617,273	1		4,026		—		—		4,027
Net loss attributable to common shareholders	—	—		—	—		—		(42,523)		—		(42,523)
Net loss attributable to noncontrolling interests	—	—		—	—		—		—		(8,432)		(8,432)
Net income attributable to preferred shareholders	—	—		—	—		—		3,465		—		3,465
Common share distributions declared ($0.45 per share)	—	—		2,522,222	3		14,285		(18,384)		—		(4,096)
Series A preferred share distributions declared ($1.03125 per share)	—	—		—	—		—		(3,465)		—		(3,465)
Balances, September 30, 2024	3,359,593	3		41,674,528	42		1,031,915		(187,487)		(1,559)		842,914

See Notes to Consolidated Financial Statements

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NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


	For the Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities
Net loss	$	(91,511)	$	(47,490)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	11,795		11,408
Amortization of intangible lease assets and liabilities	(744)		(1,061)
Amortization of deferred financing costs	914		580
Amortization of fair value adjustment of assumed debt	1,296		731
Paid-in-kind interest and dividends ($(4,278) and $(3,956) with related parties, respectively)	(9,535)		(7,173)
Net cash (paid) received on derivative settlements	(77)		660
Proceeds from paid-in-kind interest ($518 and $0 with related parties, respectively)	528		2,271
Realized (gain) loss ($(3,462) and $0 with related parties, respectively)	(4,987)		21,876
Net change in unrealized (gain) loss on investments held at fair value ($59,358 and $4,761 with related parties, respectively)	77,464		(2,251)
(Gain) on sales of real estate	(37)		—
Unrealized (gain) loss on interest rate derivatives	(23)		7
Impairment loss	1,752		6,134
Equity in (income) losses of unconsolidated ventures ($(226) and $(603) with related parties, respectively)	748		558
Distributions of earnings from unconsolidated ventures ($0 and $761 with related parties, respectively)	5,443		3,955
Stock-based compensation expense	3,605		2,193
Equity security dividends reinvested ($(1,979) and $(4,817) with related parties, respectively)	(1,979)		(4,833)
Deferred tax expense	12		218
Changes in operating assets and liabilities, net of effects of acquisitions:
Income tax payable	(171)		(356)
Real estate taxes payable	3,716		3,637
Operating assets	4,968		(1,815)
Operating liabilities	4,809		3,201
Net cash provided by (used in) operating activities	7,986		(7,550)

Cash flows from investing activities
Proceeds from asset redemptions ($21,368 and $1,700 with related parties, respectively)	21,415		16,209
Distributions from CLO investments	—		1,266
Sale of consolidated real estate investment	28,306		—
Proceeds from return of investment	15,054		—
Net cash acquired in acquisition of NexPoint Hospitality Trust	—		42,749
Purchases of investments ($(12,108) and $(6,835) with related parties, respectively)	(28,344)		(34,685)
Additions to consolidated real estate investments	(1,814)		(7,079)




Net cash provided by investing activities	34,617		18,460

Cash flows from financing activities

Mortgage proceeds received ($0 and $10,000 with related parties, respectively)	705		10,000
Mortgage payments	(34,543)		(4,452)
Prime brokerage borrowing	5,476		262
Credit facilities payments	(12,774)		(8,103)
Prime brokerage payments	(746)		(633)
Deferred financing costs paid	(992)		(563)
Payments for taxes related to net share settlement of stock-based compensation	(345)		(202)
Proceeds from issuance of Series B preferred shares through public offering, net of offering costs	10,834		—
Repurchase of common shares	(800)		—
Distributions paid to Series A preferred shareholders	(3,465)		(3,465)
Distributions paid to Series B preferred shareholders	(250)		—
Distributions paid to common shareholders	(4,438)		(3,683)
Distributions to redeemable noncontrolling interests in the OP	(6)		—
Net cash used in financing activities	(41,344)		(10,839)

Net increase in cash, cash equivalents and restricted cash	1,259		71
Cash, cash equivalents and restricted cash, beginning of period	48,901		53,169
Cash, cash equivalents and restricted cash, end of period	$	50,160	$	53,240

Supplemental Disclosure of Cash Flow Information
Interest paid	$	17,741	$	13,911
Income tax paid	$	1,300	$	—
Supplemental Disclosure of Noncash Activities
Non-cash distribution payment	$	16,319	$	14,285

Non-cash advisory fee payment	$	4,320	$	4,026
Increase (decrease) in dividends payable upon vesting of restricted stock units	$	496	$	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
Notes payable assumed in merger of NexPoint Hospitality Trust	$	784	$	—
Mortgages payable assumed in acquisition of NexPoint Hospitality Trust	$	—	$	114,640
APIC assumed in merger of NexPoint Hospitality Trust	$	(6,058)	$	—
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 extinguished in merger of NexPoint Hospitality Trust	$	4,915	$	—
Noncontrolling interests assumed in acquisition of NexPoint Hospitality Trust	$	—	$	6,873
Redeemable noncontrolling interest in the OP from the acquisition of NexPoint Hospitality Trust	$	359	$	—
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	$	25	$	(627)

See Notes to Consolidated Financial Statements

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NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Description of Business

NexPoint Diversified Real Estate Trust (the "Company", "we", "us", or "our") was formed in Delaware and has elected to be taxed as a real estate investment trust (a “REIT”). Substantially all of the Company’s business is conducted through NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (the "OP"), the Company’s operating partnership. The Company conducts its business (the "Portfolio") through the OP and its wholly owned taxable REIT subsidiaries ("TRSs"). The Company's wholly owned subsidiary, NexPoint Diversified Real Estate Trust OP GP, LLC (the "OP GP"), is the sole general partner of the OP. As of September 30, 2025, there were 44,536,894.47 common units of the OP outstanding, of which 99.96% were owned by the Company, 3,359,593 Series A Preferred Units of the OP outstanding, of which 100.0% were owned by the Company, and 485,608 Series B Preferred Units of the OP, of which 100.0% were owned by the Company.

The Company is externally managed by NexPoint Real Estate Advisors X, L.P. (the “Adviser”), through an agreement dated July 1, 2022, amended on October 25, 2022, April 11, 2023, July 22, 2024 and September 19, 2025 (the “Advisory Agreement”), by and among the Company and the Adviser for a term that will expire on July 1, 2026 and successive one-year terms thereafter unless earlier terminated. The Adviser manages the day-to-day operations of the Company and provides investment management services. The Company had no employees as of September 30, 2025. All of the Company’s investment decisions are made by the Adviser, subject to general oversight by the Adviser’s investment committee and our board of trustees (the “Board”). The Adviser is wholly owned by NexPoint Advisors, L.P. (the “Sponsor” or “NexPoint”).

As a diversified REIT, the Company’s primary investment objective is to provide both current income and capital appreciation. Target underlying property types primarily include, but are not limited to, single-family rentals, multifamily, self-storage, life science, office, industrial, hospitality, net lease, retail and small-bay industrial. The Company may, to a limited extent, hold, acquire or transact in certain non-real estate securities.

2. Asset Acquisition

NHT Acquisition

On April 10, 2024, NexPoint Real Estate Partners, LLC (“NREP”), an entity advised by an affiliate of the Adviser, and Highland Capital Management, L.P. (“Highland”), a third party, entered into a Purchase Agreement ("Purchase Agreement") whereby Highland agreed to sell, among other things, 2,176,257 units (the “NHT Units”) of NexPoint Hospitality Trust (“NHT”) to NREP. The Purchase Agreement was funded in part by cash of $0.8 million provided to NREP by the Company that was allocated for the sale of the NHT Units. Then on April 19, 2024, the Company, NexPoint Real Estate Opportunities, LLC ("NREO"), a wholly owned subsidiary of the Company, and NREP entered into an Assignment of Interests Agreement whereby NREP distributed, assigned, conveyed, transferred, set over, and delivered to NREO its right to purchase the NHT Units under the Purchase Agreement and all of its rights, title and interest in, to and under the NHT Units, including all voting, consent and financial rights, free and clear of all liens and encumbrances (the “NHT Acquisition”). As a result, the Company owned 53.65% of the outstanding NHT Units and was determined to hold the controlling financial interest in NHT and as a result consolidated NHT. The NHT Acquisition was accounted for as an asset acquisition under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 805, Business Combinations.

Because the Company did not wholly own NHT following the NHT Acquisition, the Company recognized a noncontrolling interest (“NCI”) of $6.9 million, which was recorded at fair value when the controlling financial interest was acquired. The Company also recorded an unrealized gain on its previously held interest in NHT of $3.9 million.

On November 22, 2024, the Company announced that it had entered into an Agreement and Plan of Merger (the “NHT Merger Agreement”) pursuant to which it would acquire the remaining outstanding NHT Units in a merger transaction (the “NHT Merger”). On February 21, 2025, NHT’s unitholders voted to approve the NHT Merger. On April 17, 2025, the Company consummated the NHT Merger in accordance with the NHT Merger Agreement.

As consideration for the NHT Merger, the Company issued 1,084,593 common shares to the former unitholders of NHT and caused the OP to issue 227,728.5 profits interest units to certain individuals employed by an affiliate of the Adviser as replacement awards for profits interest units they were previously granted by NHT and 19,881.2299 limited

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partnership units to one of the members of NHT’s operating company. Additionally, the Company issued promissory notes to certain unitholders of NHT that may be deemed affiliates of the Company in an aggregate principal amount of approximately $0.8 million in lieu of common shares they otherwise would have been entitled to receive in consideration for the NHT Merger. Unitholders of NHT who elected to receive a cash payment for the redemption of their units received aggregate payments of approximately $76.0 thousand from NHT in a reorganization transaction consummated prior to the consummation of the NHT Merger. NHT also paid an aggregate of approximately $0.9 million to redeem certain deferred units held by its trustees prior to the consummation of the NHT Merger.

The accumulated cost of the NHT Acquisition was allocated to the acquired assets and liabilities based on their relative fair values as of April 10, 2024, as follows (in thousands):


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

3. Summary of Significant Accounting Policies

Basis of Accounting

Readers of this Quarterly Report on Form 10-Q ("Quarterly Report") should refer to the audited financial statements and notes to consolidated financial statements of the Company for the year ended December 31, 2024, which are included in our 2024 Annual Report on Form 10-K ("2024 Annual Report"), filed with the SEC and also available on our website (nxdt.nexpoint.com), since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 3, Summary of Significant Accounting Policies, in the notes to consolidated financial statements in our 2024 Annual Report for further discussion of our significant accounting policies and estimates. Information contained on, or accessible through, our website is not incorporated by reference into and does not constitute a part of this Quarterly Report or any other report or documents we file or furnish with the SEC.

Reclassification of Prior Year Activity on the Consolidated Statement of Cash Flows

Certain reclassifications have been made within the consolidated statements of cash flows to proceeds from asset redemptions, proceeds from sale of investments, and proceeds from paydowns of investments for the nine months ended September 30, 2024 to be comparative to the consolidated statement of cash flows for the nine months ended September 30, 2025.

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Income Taxes

I.U.S. REIT Status

The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code"), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its shareholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes.

If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to shareholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of September 30, 2025, the Company believes it is in compliance with all applicable REIT requirements.

As a REIT for U.S. federal income tax purposes, the Company may deduct earnings distributed to shareholders against the income generated by our REIT operations. The Company continues to be subject to income taxes on the income of its taxable REIT subsidiaries. A reconciliation of the deferred tax asset (liability) for the periods indicated is as follows (in thousands):


	As of September 30,								As of December 31,
	2025								2024
	NHF TRS		NREO TRS		NHT TRSs		Combined		NHF TRS		NREO TRS		NHT TRSs		Combined
Deferred Tax Assets	$	13,762	$	565	$	984	$	15,311	$	14,942	$	290	$	6,561	$	21,793
Valuation Allowance	(9,449)		—		(984)		(10,433)		(10,487)		—		(6,535)		(17,022)
Deferred Tax Liability	—		(2,272)		—		(2,272)		—		(2,127)		(26)		(2,153)
Deferred Tax Asset (Liability), net of Valuation Allowance	$	4,313	$	(1,707)	$	—	$	2,606	$	4,455	$	(1,837)	$	—	$	2,618

The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. Our effective tax rates for the three and nine months ended September 30, 2025 and 2024 were 7.5%, (4.8)%, 0.5% and (3.4)%, respectively. Our effective tax rate differs from the U.S. federal statutory corporate tax rate of 21.0% primarily due to our REIT operations generally not being subject to federal income taxes.

The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more-likely-than-not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement.

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The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of September 30, 2025 and 2024. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2024, 2023, 2022 and 2021 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has not recorded any uncertain tax positions for the nine months ended September 30, 2025 and 2024.

A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows (in thousands):


	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2025				2024				2025				2024
Expected tax at statutory rate	$	(2,796)	21.0	%	$	(3,091)	21.0	%	$	(19,306)	21.0	%	$	(9,647)	21.0	%
Non-taxable REIT income	2,222		-16.7	%	4,776		-32.4	%	25,472		-27.7	%	16,047		-34.9	%

Change in valuation allowance	(422)		3.2	%	(985)		6.7	%	(6,589)		7.2	%	(4,847)		10.6	%
Total provision	$	(995)	7.5	%	$	700	-4.8	%	$	(423)	0.5	%	$	1,553	-3.4	%

II.Canadian mutual fund status

Through April 17, 2025, NHT was a mutual fund trust pursuant to the Income Tax Act (Canada) (the “Tax Act”). Under the-then current tax legislation, a mutual fund trust that was not a specified investment flow-through trust (“SIFT”) pursuant to the Tax Act generally was entitled to deduct distributions of taxable income such that it was not liable to pay Canadian income taxes provided that its taxable income was fully distributed to unitholders. On April 17, 2025, in connection with the merger of NHT into NXDT, NHT ceased to exist as a separate entity and no longer qualified for mutual fund trust status. Accordingly, the mutual fund trust provisions described above are no longer applicable subsequent to the merger date.

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4. Investments in Real Estate Subsidiaries

The Company conducts its operations through the OP which owns several real estate properties through single asset limited liability companies that are special purpose entities (“SPEs”). The Company consolidates the SPEs that it controls as well as any VIEs where it is the primary beneficiary. All of the properties the SPEs own are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company.

As of September 30, 2025, the Company, through the OP, owned eight properties through SPEs, including four in the Diversified segment, and four in the Hospitality segment. The following table represents the Company’s ownership in each property by virtue of its consolidation of the SPEs that directly own the title to each property as of September 30, 2025 and December 31, 2024:


					Effective Ownership Percentage at
Property Name		Location	Year Acquired		September 30, 2025		December 31, 2024
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		Dallas, Texas	2014	(2)	100	%	54	%


St. Petersburg Marriott		St. Petersburg, Florida	2018	(2)	100	%	54	%
Hyatt Place Park City		Park City, Utah	2022	(2)	100	%	54	%
Bradenton Hampton Inn & Suites		Bradenton, Florida	2022	(2)	100	%	54	%


(1)NexPoint Dominion Land, LLC owns 100% of 21.5 acres of undeveloped land in Plano, Texas.
(2) Reflects the date NHT or its predecessor acquired the property.

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5. Consolidated Real Estate Investments

As of September 30, 2025, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the Consolidated Balance Sheets, were as follows (in thousands):


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	$	10,597	$	1,921	$	(101)	$	—	$	—	$	13	$	13,745
5916 W Loop 289	1,081		2,938		—		—		—		—		—		4,019
Cityplace Tower	18,813		195,416		9,058		(6,669)		—		19,437		356		236,411
NexPoint Dominion Land, LLC	26,500		—		—		—		—		—		—		26,500
Dallas Hilton Garden Inn	4,115		24,818		—		—		—		81		1,548		30,562



St. Petersburg Marriott	5,829		33,798		—		—		—		4,106		2,389		46,122
Hyatt Place Park City	3,737		20,296		—		—		—		876		3,166		28,075
Bradenton Hampton Inn & Suites	837		25,637		—		—		1,465		281		2,928		31,148
HUB Research Triangle Park	—		—		—		—		579		—		—		579

Accumulated depreciation and amortization	—		(34,636)		(9,014)		4,436		(58)		—		(2,528)		(41,800)
Total Operating Properties	$	62,227	$	278,864	$	1,965	$	(2,334)	$	1,986	$	24,781	$	7,872	$	375,361

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As of December 31, 2024, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the Consolidated Balance Sheets, were as follows (in thousands):


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	$	10,568	$	1,921	$	(101)	$	—	$	—	$	13	$	13,716
5916 W Loop 289	1,081		2,938		—		—		—		—		—		4,019
Cityplace Tower	18,812		195,408		9,058		(6,669)		—		19,053		356		236,018
NexPoint Dominion Land, LLC	26,500		—		—		—		—		—		—		26,500
Dallas Hilton Garden Inn	4,116		24,631		—		—		—		96		1,475		30,318



St. Petersburg Marriott	5,829		33,715		—		—		—		3,951		2,301		45,796
Hyatt Place Park City	3,737		19,876		—		—		—		877		3,146		27,636
Bradenton Hampton Inn & Suites	837		25,064		—		—		1,465		712		2,833		30,911
HUB Research Triangle Park	—		—		—		—		711		—		—		711

Accumulated depreciation and amortization	—		(25,230)		(8,353)		3,631		(29)		—		(1,390)		(31,371)
Total Operating Properties	$	62,227	$	286,970	$	2,626	$	(3,139)	$	2,147	$	24,689	$	8,734	$	384,254

Held for Sale Properties
Plano Homewood Suites	$	2,106	$	5,394	$	—	$	—	$	—	$	28	$	738	$	8,266
Las Colinas Homewood Suites	2,292		10,153		—		—		—		313		1,004		13,762
Addison Property	2,351		4,577		—		—		—		518		804		8,250
Accumulated depreciation and amortization	—		(218)		—		—		—		—		(170)		(388)
Total Held for Sale Properties	$	6,749	$	19,906	$	—	$	—	$	—	$	859	$	2,376	$	29,890

Depreciation expense was $3.5 million and $10.5 million for the three and nine months ended September 30, 2025 and $3.9 million and $9.9 million for the three and nine months ended September 30, 2024. Amortization expense related to the Company’s intangible lease assets was $0.2 million and $0.7 million for the three and nine months ended September 30, 2025 and $0.4 million and $1.0 million for the three and nine months ended September 30, 2024. Amortization expense related to the Company's intangible lease liabilities was $0.3 million and $0.8 million for the three and nine months ended September 30, 2025 and $0.6 million and $1.2 million for the three and nine months ended September 30, 2024. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.2 million and $0.7 million for the three and nine months ended September 30, 2025 and $0.6 million and $1.1 million for the three and nine months ended September 30, 2024. Impairment loss consists of $0 million and $1.8 million on real estate held for sale, respectively, for the three and nine months ended September 30, 2025. Fair value was determined based on a signed purchase and sale agreement with an unrelated third-party in an arm’s-length transaction. Because the agreement represents observable market inputs, the resulting valuation was classified within Level 2 of the fair-value hierarchy. Impairment loss consists of $5.1 million

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relating to Las Colinas Homewood Suites and $1.0 million relating to Plano Homewood Suites, which was classified as held for sale, for the three and nine months ended September 30, 2024.

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Acquisitions

There were no acquisitions by the Company for the nine months ended September 30, 2025. During the nine months ended September 30, 2024, as a result of the NHT Acquisition, the Company consolidated the following properties: Dallas Hilton Garden Inn, Addison Property, Plano Homewood Suites, Las Colinas Homewood Suites, St. Petersburg Marriott, Hyatt Place Park City, Bradenton Hampton Inn & Suites.

Dispositions

The Company sold three properties during the nine months ended September 30, 2025 as detailed in the table below (in thousands). The Company did not sell any properties during the nine months ended September 30, 2024.


Property Name	Location	Date of Sale	Sales Price		Net Cash Proceeds		Gain (Loss) on Sales of Real Estate
Plano Homewood Suites	Plano, Texas	January 24, 2025	$	8,300	$	8,154	$	11
Addison Property	Addison, Texas	April 18, 2025	$	6,400	$	6,308	$	(88)
Las Colinas HomeWood Suites	Las Colinas, Texas	April 8, 2025	$	14,000	$	13,844	$	114

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6. Debt

The following table contains summary information of the Company’s debt as of September 30, 2025 and December 31, 2024 (dollars in thousands):


		Outstanding principal as of
Description	Type	September 30, 2025		December 31, 2024		Interest Rate		Maturity Date
Mortgages Payable
Cityplace Note A-1 (1)	Floating	$	98,175	$	99,435	6.59	%	3/8/2026
Cityplace Note A-2 (1)	Floating	12,359		12,517		6.59	%	3/8/2026
Cityplace Note B-1 (1)	Floating	21,476		21,751		10.59	%	3/8/2026
Cityplace Note B-2 (1)	Floating	2,703		2,738		10.59	%	3/8/2026
Cityplace Mezz Note-1 (1)	Floating	3,068		3,107		10.59	%	3/8/2026
Cityplace Mezz Note-2 (1)	Floating	386		391		10.59	%	3/8/2026
NHT - Note A Loan (2)	Floating	28,068		50,188		6.15	%	2/8/2026 (7)
NHT - Note B Loan (2)	Floating	13,515		24,165		10.61	%	2/8/2026 (7)
NHT - PC & B Loan (3)	Floating	38,579		37,875		8.85	%	2/5/2026
White Rock Center (4)	Fixed	10,000		10,000		10.00	%	8/2/2029
Notes Payable
Dominion Note	Floating	13,250		13,250		7.25	%	8/8/2026
Raymond James Loan	Floating	1,250		11,000		8.53	%	10/6/2025 (8)
NexBank Revolver (5)	Floating	13,470		16,485		7.75	%	11/21/2025
Convertible Notes Due to Affiliates	Fixed	57,986		57,986		2.25% - 7.50%		2/14/2027 - 9/30/2042
Promissory Notes Due to Affiliates	Fixed	775		—		7.33	%	4/17/2027
Prime Brokerage Borrowing
Jefferies Line of Credit	Floating	5,952		1,222		4.59	%	N/A (9)
Total Debt		$	321,012	$	362,110
Fair market value adjustment, net of accumulated amortization (6)		(6,444)		(7,740)
Deferred financing costs		(392)		(315)
		$	314,176	$	354,055


(1)			This debt is secured by the following property: Cityplace Tower.
(2)			This debt is secured by the following properties: HGI Property and the St. Pete Property.
(3)			This debt is secured by the following properties: Park City and Bradenton.
(4)			This debt is secured by the following property: White Rock Center.
(5)			This debt is secured by the following property and investments: 5916 W Loop 289 and IQHQ, LP (“IQHQ LP”).
(6)			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.
(7)			Subsequent to September 30, 2025, the Company extended the maturity date of the debt to February 8, 2026.

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(8)			On October 6, 2025, the Company repaid the remaining $1.3 million principal balance and fully extinguished the debt.
(9)			This debt balance has no stated maturity date.

Cityplace Tower Debt

The Company has debt on the Cityplace Tower pursuant to a Loan Agreement, originally dated August 15, 2018 and subsequently amended (the “Loan Agreement”). The debt is limited recourse to the Company and encumbers the property. On April 15, 2025, the lender agreed to defer the maturity of the Cityplace Tower debt by twelve months to March 8, 2026. The debt restructuring per the terms of the Fourteenth Omnibus Amendment Agreement was considered a debt modification. The purpose of the deferral was to allow for continued discussions around refinancing the debt. Management recognizes that finding an alternative source of funding is necessary to repay the debt by the maturity date. Management is evaluating multiple options to fund the repayment of the $138.2 million principal balance outstanding as of September 30, 2025, including refinancing the debt, securing additional equity or debt financing, selling a portion of the portfolio, or any combination thereof. Management believes that there is sufficient time before the maturity date and that the Company has sufficient access to capital to ensure the Company is able to meet its obligations as they become due.

The weighted average interest rate of the Company’s debt related to its Cityplace Tower investment was 7.39% as of September 30, 2025 and 7.65% as of December 31, 2024. The one-month secured overnight financing rate (“SOFR”) was 4.31% as of September 30, 2025 and 4.33% as of December 31, 2024.

The Loan Agreement contains customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events.

White Rock Center Debt

On August 2, 2024, the Company, through Freedom LHV, LLC (“Freedom LHV”), an indirect subsidiary of the Company, borrowed approximately $10.0 million from The Ohio State Life Insurance Company (“OSL”). The note bears interest at an annual fixed rate of 10.0% and matures on August 2, 2029. The debt is secured by certain real property held by Freedom LHV and is guaranteed by the Company.

Dominion Note

On August 9, 2022, the Company borrowed approximately $13.3 million from the seller, Gabriel Legacy, LLC to finance its acquisition of 21.5 acres of land in Plano, Texas held through NexPoint Dominion Land, LLC, a wholly owned subsidiary of the OP. The note (the “Dominion Note”) bears interest at an annual rate equal to the WSJ Prime Rate and initially matured on August 8, 2025, with two one-year extension options. On August 8, 2025, the Company elected to use one of the one-year extensions under the Dominion Note to extend the maturity date to August 8, 2026. One additional one-year extension option remains available under the terms of the Dominion Note.

Mortgages Payable, Hospitality

On February 28, 2019, a subsidiary of the Company, entered into a borrowing arrangement for a $59.4 million Note A loan (the “Note A Loan”) and a $28.6 million Note B loan (the “Note B Loan”) with ACORE Capital Mortgage, LP ("ACORE"). The Note A Loan and Note B Loan are secured by the HGI Property and the St. Pete Property. The Note A Loan bears interest at a variable rate equal to the 30-day SOFR plus 2.00% and matures on November 8, 2025. The Note B Loan bears interest at a variable rate equal to the 30-day SOFR plus 6.46% and matures on November 8, 2025. The Note A Loan and Note B Loan principal amounts reflected their fair values on the date of the NHT Acquisition. As of September 30, 2025, the Note A Loan and the Note B Loan had an outstanding balance of $28.1 million and $13.5 million and effective interest rates of 6.15% and 10.61%, respectively. For the nine months ended September 30, 2025, our subsidiary paid $1.7 million and $1.4 million in interest on the Note A Loan and the Note B Loan, respectively. Subsequent to September 30, 2025, on November 7, 2025, the Company executed a loan modification agreement related to the Note A Loan and Note B Loan extending the maturity date of each to February 8, 2026. See Note 18.

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On February 15, 2022, in connection with the acquisition of the Park City and Bradenton properties, the Company, through its subsidiaries entered into a borrowing arrangement for a $39.3 million loan (the “PC & B Loan”) with AREEIF Lender, LLC. The PC & B Loan principal amount reflected its fair value on the date of the NHT Acquisition. The outstanding balance on the PC & B Loan as of September 30, 2025 was $38.6 million, with $0.7 million available to draw on for renovation purposes as of September 30, 2025. In connection with the NHT Merger, a subsidiary of the Company assumed the obligations under the debt.

The loan documents, including the guaranty, for the PC & B Loan and the Note A Loan and Note B Loan contain customary representations, warranties, and events of default, which require a subsidiary of the Company to comply with affirmative and negative covenants. As of September 30, 2025, the Company is in compliance with all debt covenants.

Notes Payable, Hospitality

NHT and certain of its subsidiaries also entered into several convertible notes with affiliates of NexPoint Real Estate Advisors VI, L.P. (the “NHT Adviser”) since January 8, 2019. On April 17, 2025, the notes were amended and restated in connection with the closing of the NHT Merger and the obligations thereunder were assumed by a NXDT Hospitality Holdco, LLC (“Hospitality Holdco”), a wholly-owned subsidiary of the Company. The fixed rate notes have rates ranging from 2.25% to 7.50% (which were market interest rates at the time of their issuance) while outstanding and mature between February 14, 2027 and September 30, 2042. For $0.1 million of the notes, the principal and interest is convertible into membership interest units of Hospitality Holdco (the “Hospitality Holdco Units”) at the fair market price of the Hospitality Holdco Units at the time of conversion any time during the term of the note. For $44.2 million of the notes, the principal of the notes is convertible into Hospitality Holdco Units, at prices ranging from $1.44 to $2.50 for a period of five years from its date of issuance (with the expiration of conversion rights ranging from June 25, 2026 to September 30, 2027). One note issued to Highland Global Allocation Fund in the amount of $8.5 million, and two notes issued to Highland Opportunities and Income Fund in the aggregate amount of $5.2 million are not convertible into Hospitality Holdco Units. The relative fair value of the convertible notes did not reflect the outstanding principal on the date of the NHT Acquisition. The difference between the fair value and the principal amount of debt is amortized into interest expense over the remaining term. As of September 30, 2025, the net carrying amount of the convertible notes due to affiliates of the NHT Adviser was $51.5 million.

Promissory Notes Payable to Affiliates

In connection with the NHT Merger, on April 17, 2025, several promissory notes were issued to certain affiliates of the Company due to a limitation on common shares issued to affiliates of the issuer by the New York Stock Exchange. The aggregate principal amount of such promissory notes was $0.8 million, each with an interest rate of 7.334% and maturing on April 17, 2027, with two one-year extension options. As of September 30, 2025, the carrying amount of the promissory notes due to affiliates under the notes was $0.8 million.

Credit Facility

On January 8, 2021, the Company entered into a $30.0 million credit facility (the "Credit Facility") with Raymond James Bank, N.A. and drew the full balance. Prior to October 20, 2023, the Company paid down the outstanding amount under the Credit Facility to $1.0 million. Amounts repaid by the Company under the Credit Facility could not be reborrowed. On October 20, 2023, Raymond James Bank, N.A. agreed to amend the terms of the Credit Facility, which, among other things, extended the maturity date to October 6, 2025 and amended the credit limit to $20.0 million. During the nine months ended September 30, 2025, the Company paid down $9.8 million on the Credit Facility. As of September 30, 2025, the Credit Facility had an outstanding balance of $1.3 million and bore interest at the one-month SOFR plus 4.25%. Subsequent to September 30, 2025, on October 6, 2025, the Company repaid the remaining $1.3 million principal balance and fully extinguished the debt under the Credit Facility. See Note 18.

Revolving Credit Facility

On May 22, 2023, the Company entered into a $20.0 million revolving credit facility (the "NexBank Revolver") with NexBank, in the initial principal balance of $20.0 million, with the option for the Company to receive additional disbursements thereunder up to a maximum of $50.0 million, a maturity date of May 21, 2024 and the option to extend the maturity two times by six months. On May 21, 2024, the Company elected to extend the maturity by six months to November 21, 2024. On November 21, 2024, the Company elected to extend the maturity by six months to May 21, 2025. On May 15, 2025, the Company amended the NexBank Revolver agreement to extend the maturity date to November 21,

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2025, and to provide for three additional six-month extension options. As of September 30, 2025, the NexBank Revolver bears interest at one-month SOFR plus 3.50% and matures on November 21, 2025. Management expects to elect one of the extension options to extend the maturity date of the debt to May 21, 2026. As of September 30, 2025, the NexBank Revolver had an outstanding balance of $13.5 million.

Deferred Financing Costs

The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s Consolidated Balance Sheets. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs.

Prime Brokerage Borrowing

Effective July 2, 2022, the Company entered a prime brokerage account with Jefferies to hold securities owned by the Company (the "Prime Brokerage"). The Company from time to time borrows against the value of these securities. As of September 30, 2025, the Company had a margin balance of approximately $6.0 million outstanding with Jefferies bearing interest at the Overnight Bank Funding Rate plus 0.50%. Securities with a fair value of approximately $12.4 million are pledged as collateral against this margin balance. This arrangement has no stated maturity date. Due to the short-term nature of the debt, the fair value of the debt is approximately the outstanding balance.

Schedule of Debt Maturities

The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to September 30, 2025 are as follows (in thousands):


	Mortgages Payable		Credit Facilities		Notes Payable		Prime Brokerage Borrowing		Total

2025	$	41,583	$	14,720	$	—	$	—	$	56,303
2026	176,746		—		13,250		—		189,996
2027	—		—		21,275		—		21,275
2028	—		—		—		—		—
2029	10,000		—		—		—		10,000
Thereafter	—		—		37,486		5,952		43,438
Total	$	228,329	$	14,720	$	72,011	$	5,952	$	321,012

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7. Variable Interest Entities

As of September 30, 2025, and December 31, 2024, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments:


Entities	Instrument	Asset Type	Percentage Ownership as of September 30, 2025			Percentage Ownership as of December 31, 2024		Relationship as of September 30, 2025	Relationship as of December 31, 2024






Unconsolidated Entities:
NexPoint Storage Partners, Inc.	Common stock	Self-storage	52.7	%		52.8	%	VIE	VIE
NexPoint Storage Partners Operating Company, LLC	LLC interest	Self-storage	33.8	%		29.5	%	VIE	VIE
Perilune Aero Equity Holdings One, LLC	LLC interest	Aircraft	16.4	%		16.4	%	VIE	VIE
Sandstone Pasadena Apartments, LLC	LLC Interest	Multifamily	50.0	%		50.0	%	VIE	VOE

Life Sciences II DST	DST investment	Life science	25.8	%		25.8	%	VIE	VIE
Semiconductor DST	DST investment	Industrial	19.2	%		16.8	%	VIE	VIE
Capital Acquisitions Partners, LLC	LLC interest	Multifamily	20.9	%		20.9	%	VIE	VIE
IQHQ Holdings, LP	LP interest	Life science	1.1	%		1.2	%	VIE	VIE
NexPoint Real Estate Finance Operating Partnership, L.P.	LP interest	Mortgage	15.6	%		15.6	%	VIE	VIE
VineBrook Homes Operating Partnership, L.P.	LP interest	Single-family rental	11.7	%		11.4	%	VIE	VIE
NexPoint SFR Operating Partnership, L.P.	LP interest	Single-family rental	27.7	%		30.8	%	VIE	VIE
NexAnnuity Holdings, Inc.	Preferred Shares	Annuities	100.0	%	(1)	100.0	%	VIE	VIE
AMS C-Store JV, LLC	Preferred Shares	Retail	100.0	%	(2)	N/A		VIE	N/A

(1) The Company owns 100% of the preferred stock of NexAnnuity Holdings, Inc. ("NHI"), but it does not own any of the outstanding common stock of NHI.

(2) The Company owns 100% of the preferred units of AMS C-Store JV, LLC, but it does not own any of the outstanding common units of AMS C-Store JV, LLC.

The maximum exposure to loss of value for the VIE investments includes both the carrying value of each investment, as presented in the tables in Note 8 and 10, and the Company’s exposure through additional arrangements. The Company has provided guarantees on certain debt obligations of some of the VIEs, see Note 14 for further details.

Consolidated VIEs

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The Company did not have any consolidated VIEs as of September 30, 2025 and December 31, 2024.

8. Equity Method Investments

Below is a summary of the Company’s equity method investments as of September 30, 2025 (dollars in thousands):


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	%		$	9,023	$	(9,590)	$	18,613	$	166
AM Uptown Hotel, LLC	LLC interest	Hospitality	60.0	%	(3)	(1,421)		387		(1,808)		91

Las Vegas Land Owner, LLC	LLC interest	Land	77.0	%	(4)	12,323		12,324		(1)		2
Perilune Aero Equity Holdings One, LLC	LLC interest	Aircraft	16.4	%	(8)	12,625		11,756		869		153
Capital Acquisitions Partners, LLC	LLC interest	Multifamily	20.9	%		633		1,717		(1,084)		226
						$	33,183	$	16,594	$	16,589	$	638

Below is a summary of the Company's investments as of September 30, 2025 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "Investments, at fair value" on the Consolidated Balance Sheets.


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Fair Value
NexPoint Real Estate Finance Operating Partnership, L.P.	LP interest	Mortgage	15.6	%	(6)	$69,044
NexPoint Real Estate Finance, Inc.	Common stock	Mortgage	11.8	%	(6)	29,778

Claymore Holdings, LLC	LLC interest	N/A	50.0	%	(5)	—



LLV Holdco, LLC	LLC interest	Land	26.8	%		2,997
NexPoint Storage Partners, Inc.	Common stock	Self-storage	52.7	%	(3)	53,536
NexPoint Storage Partners Operating Company, LLC	LLC interest	Self-storage	33.8	%		36,952
VineBrook Homes Operating Partnership, L.P.	LP interest	Single-family rental	11.7	%	(6)	128,800
NexPoint SFR Operating Partnership, L.P.	LP interest	Single-family rental	27.7	%		29,384
AMS C-Store JV, LLC	Preferred stock	Retail	100.0	%	(9)	17,620
						$	368,111

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Below is a summary of the Company’s equity method investments as of December 31, 2024 (dollars in thousands):


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	%		$	10,055	$	(9,590)	$	19,645	$	70
AM Uptown Hotel, LLC	LLC interest	Hospitality	60.0	%	(3)	18,081		14,970		3,111		(155)
Las Vegas Land Owner, LLC	LLC interest	Land	77.0	%	(4)	12,321		12,321		—		10
Perilune Aero Equity Holdings One, LLC	LLC interest	Aircraft	16.4	%	(8)	13,565		10,488		3,077		1,414
Capital Acquisitions Partners, LLC	LLC interest	Multifamily	20.9	%		407		1,717		(1,310)		126
						$	54,429	$	29,906	$	24,523	$	1,465

Below is a summary of the Company's investments as of December 31, 2024 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "Investments, at fair value" on the Consolidated Balance Sheets.


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Fair Value
NexPoint Real Estate Finance Operating Partnership, L.P.	LP interest	Mortgage	15.6	%	(6)	$76,396
NexPoint Real Estate Finance, Inc.	Common stock	Mortgage	12.0	%	(6)	32,949

Claymore Holdings, LLC	LLC interest	N/A	50.0	%	(5)	—
Allenby, LLC	LLC interest	N/A	50.0	%	(5)	—
Haygood, LLC	LLC interest	N/A	31.0	%	(7)	—
LLV Holdco, LLC	LLC interest	Land	26.8	%		2,606
NexPoint Storage Partners, Inc.	Common stock	Self-storage	52.8	%	(3)	62,709
NexPoint Storage Partners Operating Company, LLC	LLC interest	Self-storage	29.5	%		34,172
VineBrook Homes Operating Partnership, L.P.	LP interest	Single-family rental	11.4	%	(6)	151,706
NexPoint SFR Operating Partnership, L.P.	LP interest	Single-family rental	30.8	%		37,953

						$	398,491

(1)Represents the Company’s percentage share of net assets of the investee per the investee’s books and records.

(2)Represents the difference between the basis at which the investments in unconsolidated ventures are carried by the Company and the Company's proportionate share of the equity method investee's net assets. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture.

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(3)The Company owns greater than 50% of the outstanding common equity but is not deemed to be the primary beneficiary or have a controlling financial interest of the investee and as such, accounts for the investee using the equity method.

(4)The Company owns 100% of Las Vegas Land Owner, LLC which owns 77% of a joint venture that owns an 8.5 acre tract of land (the "Tivoli North Property"). Through a tenants in common arrangement, the Company shares control and as such accounts for this investment using the equity method.

(5)The Company has a 50% non-controlling interest in Claymore Holdings, LLC (“Claymore”) and Allenby, LLC, (“Allenby”). The Company has determined it is not the primary beneficiary and does not consolidate these entities.

(6)The Company owns less than 20% of the investee but has significant influence due to members of the management team serving on the board of the investee or its parent and as such, accounts for the investee using the equity method.

(7)The Company has a 31% non-controlling interest in Haygood, LLC, (“Haygood”). The Company has determined it is not the primary beneficiary and does not consolidate this entity.

(8)The Company owns less than 20% of the investee but has significant influence due to the legal nature of a partnership that implies an inherent right to influence the operating and financial policies of the partnership.

(9)The Company owns 100% of the preferred units in AMS C-Store JV, LLC but is not deemed to be the primary beneficiary or have a controlling financial interest of the investee and as such, accounts for the investee using the equity method.

Marriott Uptown Basis

As of September 30, 2025, the Company held an equity method investment in AM Uptown, LLC (“Marriott Uptown”). The Company accounts for this investment under the equity method of accounting, as it has the ability to exercise significant influence over operating and financial policies.

During the three months ended June 30, 2025, the Company received cash distributions of $2.2 million from Marriott Uptown. These distributions exceeded the Company’s equity method investment balance, which was $0.8 million as of March 31, 2025. Because the Company has continuing obligations to Marriott Uptown, including a guarantee of certain recourse carve-outs, commonly referred to as “bad boy” guarantees, the excess of distributions over the carrying value of the investment was not recognized as a gain. Instead, the Company recorded a liability of $1.4 million, which is presented within “Accounts payable and other accrued liabilities” on the Consolidated Balance Sheets.

The Company will continue to evaluate the investment for indications of other-than-temporary impairment and will assess whether its obligations under the guarantee require recognition of additional liabilities.

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Significant Equity Method Investments

For its interim reporting, the Company assesses and presents summarized financial information for its significant equity method investments in accordance with Rule 10-01(b)(1) of Regulation S-X. The Company reports the financial information on a three-month lag to align with the availability of investee financials. VineBrook Homes Trust, Inc. ("VineBrook") and NexPoint Storage Partners, Inc. (“NSP”) do not prepare standalone financials for their operating companies as all operations and investments are owned through their operating companies and are consolidated by the corporate entities.

The table below presents summarized statement of operations for the six months ended June 30, 2025 for the Company’s equity method investments (dollars in thousands):


	VineBrook		NSP

Revenues
Rental income	$	181,224	$	60,026
Net interest income	—		650
Other income	5,741		2,661
Total revenues	186,965		63,337

Expenses
Total expenses	298,470		53,608

Gain (loss) on sales of real estate	2,381		—
Other income (expense)	9		(36,965)
Unrealized gain (loss) on derivatives	—		—
Total comprehensive income (loss)	$	(109,115)	$	(27,236)

There were no significant equity method investments for the nine months ended September 30, 2024.

9. Fair Value of Financial Instruments

The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of September 30, 2025 (in thousands):


	Fair Value
	Level 1		Level 2		Level 3		Total
Assets
Bond	$	—	$	44	$	—	$	44

Common stock	42,579		—		131,299		173,878
Convertible notes	—		—		11,963		11,963

LLC interest	—		—		57,569		57,569
LP interest	—		69,045		158,184		227,229
Preferred Shares	—		—		74,173		74,173
Rights and warrants	—		1,788		—		1,788
Senior loan	—		50		46,416		46,466
	$	42,579	$	70,927	$	479,604	$	593,110

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The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of December 31, 2024 (in thousands):


	Fair Value
	Level 1		Level 2		Level 3		Total
Assets
Bond	$	—	$	62	$	—	$	62

Common stock	46,436		—		157,828		204,264
Convertible notes	—		—		20,846		20,846

LLC interest	—		—		36,777		36,777
LP interest	—		76,396		189,659		266,055
Preferred Shares	—		—		69,895		69,895
Rights and warrants	—		1,788		—		1,788
Senior loan	—		52		43,693		43,745
	$	46,436	$	78,298	$	518,698	$	643,432

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The table below sets forth a summary of changes in the Company’s Level 3 assets (assets measured at fair value using significant unobservable inputs) for the nine months ended September 30, 2025 (in thousands):


	December 31, 2024		Contributions/ Purchases		Paid in- kind dividends		Transfer Into (Out of) Level 3		Redemptions/ conversions		Return of capital		Realized gain/(loss)		Unrealized gain/(loss)		September 30, 2025

Common stock	$	157,828	$	—	$	—	$	—	$	(3,688)	$	—	$	1,511	$	(24,352)	$	131,299
Convertible notes	20,846		—		—		—		(9,194)		—		—		311		11,963

LLC interest	36,777		25,120		1,384		—		(3,996)		—		3,462		(5,178)		57,569
LP interest	189,659		1,979		—		—		—		—		—		(33,454)		158,184
Preferred Shares	69,895		—		4,278		—		—		—		—		—		74,173
Senior loan	43,693		—		3,847		—		(1,422)		—		2		296		46,416
Total	$	518,698	$	27,099	$	9,509	$	—	$	(18,300)	$	—	$	4,975	$	(62,377)	$	479,604


	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.

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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of September 30, 2025.


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


Common Stock	Market Approach	Unadjusted Price/MHz-PoP	$0.10	—	$1.25	$(0.64)	$	131,299
	Discounted Cash Flow	Discount Rate	7.00%	—	14.00%	(9.50)%
		Market Rent (per sqft)	$13.00	—	$42.50	$(27.75)


	NAV Approach	Discount Rate		10.00%
		NAV per Share		$5.85
		Multiple of EBITDA	3.00x	—	4.25x	(3.63)x
	Recent Transaction	Implied Enterprise Value from Transaction Price ($mm)		$1,258.50




Convertible Notes	Discounted Cash Flow	Discount Rate	6.08%	—	8.08%	(7.08)%	11,963


LLC Interest	Discounted Cash Flow	Discount Rate	7.00%	—	26.00%	(12.5)%	57,569
		Market Rent (per sqft)	$13.00	—	$42.50	$(27.75)
		Capitalization Rate		5.25%

LP Interest	Market Approach	Capitalization Rate	5.25%	—	5.50%	(5.375)%	158,184
	Direct Capitalization Approach	Discount Rate		(8.04)%

		Terminal Capitalization Rate		6.03%

	NAV Approach	Discount Rate	5.00%	—	10.00%	(7.50)%
		NAV per Share	4.50%	—	5.00%	(4.75 %)

Preferred Shares	Liquidation Analysis	Par		$1,000			74,173

Senior Loan	Discounted Cash Flow	Discount Rate	13.25%	—	15.00%	(14.13)%	46,416

Total							$	479,604

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The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of December 31, 2024.


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)	$	157,828
	Discounted Cash Flow	Discount Rate	7.00%	—	14.50%	(9.63)%
		Market Rent (per sqft)	$13.00	—	$42.50	$(27.75)
	NAV Approach	Discount Rate		10.00%
		NAV per Share		12.75
		Multiple of EBITDA	3.00x	—	4.25x	(3.63)x
	Recent Transaction	Implied Enterprise Value from Transaction Price ($mm)		$1,149.00
		N/A	$25.31	—	$28.00	$(26.66)
		Discount to NAV	(30.00)%	—	(20.00)%	(25.00)%
		Offer Price per Share		$4.27

Convertible Notes	Discounted Cash Flow	Discount Rate	6.08%	—	(8.08)%	(7.08)%	20,846

LLC Interest	Discounted Cash Flow	Discount Rate	7.00%	—	26.00%	(12.5)%	36,777
		Market Rent (per sqft)	$13.00	—	$42.50	$(27.75)
		Capitalization Rate		5.13%

LP Interest	Direct Capitalization Approach	Capitalization Rate	5.25%	—	5.50%	(5.38)%	189,659
	Market Approach	Discount to NAV		(7.5)%


	Recent Transaction	Price per Share		$16.41

Preferred Shares	Liquidation Analysis	Par		$1,000			69,895

Senior Loan	Discounted Cash Flow	Discount Rate	13.30%	—	26.00%	(19.65)%	43,693

Total							$	518,698

Financial Instruments Not Carried at Fair Value

At September 30, 2025 and December 31, 2024, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other assets, accrued interest and dividends, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, income tax payable, security deposits and prepaid rent approximated their carrying values because of the short-term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values.

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Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts.

In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Long-term indebtedness is carried at amounts that reasonably approximate their fair value at September 30, 2025 and December 31, 2024, except for the following debt (in thousands):


	September 30, 2025				December 31, 2024
	Outstanding Principal Balance		Estimated Fair Value		Outstanding Principal Balance		Estimated Fair Value
Notes payable	$	86,731	$	71,415	$	98,721	$	78,607

Other Financial Instruments Carried at Fair Value

Redeemable noncontrolling interests in the OP and the 9.00% Series B Cumulative Redeemable Preferred Shares, par value $0.001 per share, liquidation preference $25.00 per share (the "Series B Preferred Shares"), have redemption features and are marked to their redemption value if such value exceeds the carrying value. The redemption values are based on the liquidation preference of the Series B Preferred Shares, and less certain redemption fees. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, the redeemable noncontrolling interests in the OP and the Series B Preferred Shares are classified as Level 2 if they are adjusted to their redemption value. As of September 30, 2025, the redeemable noncontrolling interests in the OP and the Series B Preferred Shares are valued at their carrying value on the Consolidated Balance Sheets.

Derivative Financial Instruments

The NHT segment manages interest rate risks primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments.

The NHT segment performs market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.

Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The NHT segment has an interest rate cap agreement related to the notes payable on the Park City and Bradenton properties. As of September 30, 2025, the interest rate cap agreements effectively cap one-month SOFR on $38.6 million of the NHT segment's floating rate mortgage and mezzanine indebtedness at a weighted average rate of 6.70%.

To comply with the provisions of ASC 820, Fair Value Measurement, the NHT segment incorporates credit valuation adjustments to appropriately reflect both the NHT segment’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the NHT segment’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the NHT segment and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to the NHT segment's derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. Additionally, in the case of interest rate caps, the NHT segment has no performance obligation, so no credit valuation adjustment is necessary. As a result, all of the Hospitality segment’s derivatives held as of September 30, 2025 were classified as Level 2 of the fair value hierarchy.

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Changes in fair value of the interest rate caps are recorded directly as interest expense on the Consolidated Statements of Operations and Comprehensive Income (Loss). For the three months ended September 30, 2025 and 2024, NHT recorded $(11.7) thousand and $(0.1) million, respectively, in interest expense related to changes in the fair value of interest rate caps. For the nine months ended September 30, 2025 and 2024, NHT recorded $(23.2) thousand, and $0.1 million, respectively in interest expense related to changes in the fair value of interest rate caps. The combined fair value of the interest rate caps is $0.3 million as of September 30, 2025, and is recorded as interest rate caps in the Consolidated Balance Sheets.

As of September 30, 2025, the Hospitality segment had the following outstanding interest rate caps:

Type of Derivative

Hedged Financial Instrument

Notional

Strike Rate

Reference Rate

Termination Date

Interest rate cap

Note payable

$39,300

2.00%

One-month SOFR

2.00%

February 5, 2026

10. Investments in DSTs

The Company invested in the Class 1 Beneficial Interests (“Class 1”) in two Delaware Statutory Trusts (DSTs). The Class 1 are accounted for as investments in equity securities without readily determinable fair values under the measurement alternative, which measures the investment at cost minus impairment, if any, plus or minus changes in fair value when observable prices are identified. As the Class 1 are still being actively issued, the investments are held at cost with no upward or downward fair value adjustment nor impairment losses to date. Therefore, the fair value of the Investment in DSTs utilizing Level 3 inputs approximate their carrying amount. The Company recognized $0.5 million and $1.4 million in dividend income for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.3 million, respectively, in dividend income for the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025, the Company held the following investments (dollars in thousands):


Balances, as of September 30, 2025	Number of Shares	Carrying Amount
NexPoint Life Sciences II DST	1,044,040	$	9,600
NexPoint Semiconductor DST	2,625,618	23,959
Total		$	33,559

As of December 31, 2024, the Company held the following investments (dollars in thousands):


Balances, as of December 31, 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

11. Shareholders’ Equity

Common Shares

During the nine months ended September 30, 2025 and 2024, the Company issued 6,340,840 and 3,284,928 common shares, respectively.

During the nine months ended September 30, 2025, the Company paid three distributions on its common shares in the amount of $0.15 per share each, which were paid on March 31, 2025 to shareholders of record on February 28, 2025, on June 30, 2025 to shareholders of record on May 9, 2025, and on September 30, 2025 to shareholders of record on August 14, 2025. During the nine months ended September 30, 2024, the Company paid a distribution of $0.15 per share on its common shares on March 28, 2024 to shareholders of record on February 16, 2024, June 28, 2024 to shareholders of record on May 15, 2024 and September 30, 2024 to shareholders of record on August 15, 2024. The distributions paid on September 30, 2025, June 30, 2025, March 31, 2025, September 30, 2024, June 28, 2024 and March 28, 2024 consisted of

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a combination of cash and shares, with the cash component of each distribution (other than cash paid in lieu of fractional shares) comprising 20% of the distribution, with the balance being paid in the Company’s common shares.

As of September 30, 2025, and December 31, 2024, the Company had 49,020,409 and 42,679,569 common shares, issued and outstanding, respectively.

Series A Preferred Shares

On January 8, 2021, the Company issued 3,359,593 5.50% Series A Cumulative Preferred Shares, par value $0.001 per share, liquidation preference $25.00 per share ("Series A Preferred Shares") with an aggregate liquidation preference of approximately $84.0 million. The Series A Preferred Shares were issued as part of the consideration for an exchange offer for a portion of the Company’s common shares. The Series A Preferred Shares are callable beginning on December 15, 2023 at a price of $25 per share. The Company may exercise its call option at the Company's discretion. As a result, these are included in permanent equity.

During the nine months ended September 30, 2025, the Company declared three distributions on its Series A Preferred Shares, in the amount of $0.34375 per share each, which were paid on March 31, 2025, to shareholders of record on March 24, 2025, June 30, 2025 to shareholders of record on June 23, 2025 and September 30, 2025 to shareholders of record on September 23, 2025.

During the nine months ended September 30, 2024, the Company declared distributions on its Series A Preferred Shares, in the amount of $0.34375 per share each, which were paid on April 1, 2024 to shareholders of record on March 25, 2024, July 1, 2024, to shareholders of record on June 24, 2024 and September 30, 2024 to shareholders of record on September 23, 2024. The Company sent funding to the transfer agent for the dividend paid on July 1, 2024 prior to June 30, 2024, which was then paid to shareholders on July 1, 2024.

Distributions on the Series A Preferred Shares are cumulative from their original issue date at the annual rate of 5.5% of the $25 per share liquidation preference and are payable quarterly on March 31, June 30, September 30, and December 31 of each year, or in each case on the next succeeding business day.

Series B Preferred Shares

On January 30, 2025, the Company announced the launch of a continuous public offering (the “Series B Preferred Offering”) of up to 16,000,000 shares of its newly designated Series B Preferred Shares at a price to the public of $25.00 per share, for gross proceeds of $400.0 million. As of September 30, 2025, the Company has issued 485,608 Series B Preferred Shares for gross proceeds of $12.1 million before deducting selling commissions and dealer manager fees of approximately $1.0 million, and organization and offering costs of approximately $0.3 million. The Company expects that the offering will terminate on the earlier of the date the Company sells all 16,000,000 Series B Preferred Shares in the offering or August 1, 2027 (which is the third anniversary of the effective date of the Company’s registration statement), which may be extended by the Board in its sole discretion. The Board may elect to terminate the Series B Preferred Offering at any time.

During the nine months ended September 30, 2025, the Company declared eleven distributions on the Series B Preferred Shares, each in the amount of $0.1875 per share, two of which will be paid to holders of Series B Preferred Shares on December 5, 2025 and

NEXPOINT DIVERSIFIED REAL ESTATE TRUST 10-Q