N
NEXPOINT DIVERSIFIED REAL ESTATE TRUST
NXDT-PACIK 0001356115NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsDelawareFY ends Dec 31
Period
FY 2025
Revenue
$85.97M
Net Income
$-130.19M
Total Assets
$1.07B
Equity
$700.09M
Shares Out
50.22M
Op. Cash Flow
$9.17M
Business
NEXPOINT DIVERSIFIED REAL ESTATE TRUST is a publicly traded diversified real estate investment trust that invests primarily in real estate-related businesses, assets and interests across the capital structure. It offers investments in direct real property, mortgage and mezzanine debt, preferred and common equity, structured finance securities (including CLOs and CMBS), loans and related lending activities, and operates a hospitality portfolio through a consolidated hotel platform. The company reports two segments — NXDT (diversified real estate investments) and NHT (hospitality operations). It conducts activities mainly in the United States (with certain Canadian-related hotel tax considerations), using direct ownership, joint ventures, securitizations, debt financings and public equity markets for acquisition and distribution.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Rental income ($276 and $271 with related parties, respectively) | 11 | 16 | 20 | |
| Interest income ($1484 and $2,600 with related parties, respectively) | 9 | 7 | 7 | |
| Dividend income ($30,394 and $28,528 with related parties, respectively) | 35 | 29 | 36 | |
| Other income | 1 | 4 | 308,000 | |
| Total revenues | 86 | 83 | 63 | |
| Property operating expenses ($217 and $260 with related parties, respectively) | 24 | 22 | 7 | |
| Property management fees ($670 and $734 with related parties, respectively) | 2 | 1 | 726,000 | |
| Real estate taxes and insurance | 6 | 7 | 4 | |
| Advisory and administrative fees | 17 | 14 | 12 | |
| Property general and administrative expenses ($276 and $271 with related parties, respectively) | 7 | 7 | 4 | |
| Corporate general and administrative expenses | 12 | 13 | 8 | |
| Depreciation and amortization | 18 | 16 | 14 | |
| Impairment loss | 2 | 7 | 0 | |
| Total expenses | 87 | 87 | 52 | |
| Operating income (loss) | −1 | −4 | 12 | |
| Interest expense ($2,184 and $2,136 with related parties, respectively) | −27 | −28 | −16 | |
| Equity in (losses) income ($292 and $649 with related parties, respectively) | −1 | 129,000 | −306,000 | |
| Change in unrealized losses (($78,130) and ($18,829) with related parties, respectively) | −104 | −1 | −108 | |
| Realized gains (losses) ($3,344 and $339 with related parties, respectively) | 6 | −21 | −2 | |
| Gain on sales of real estate | 37,000 | 0 | — | |
| Net income (loss) before income taxes | −127 | −55 | −115 | |
| Income tax benefit (expense) | 111,000 | −1 | −3 | |
| Net income (loss) | −127 | −57 | −117 | |
| Net (income) loss attributable to noncontrolling interests in NHT | 2 | 10 | — | |
| Net (income) loss attributable to redeemable noncontrolling interests in the OP | 41,000 | 0 | — | |
| Net income (loss) attributable to common shareholders | −130 | −51 | −122 | |
| Weighted average common shares outstanding - basic (in shares) | 46 | 40 | 37 | |
| Weighted average common shares outstanding - diluted (in shares) | 46 | 40 | 37 | |
| Earnings (loss) per share - basic (in dollars per share) | −2.81 | −1.28 | −3.26 | |
| Earnings (loss) per share - diluted (in dollars per share) | −2.81 | −1.28 | −3.26 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2022 2022-06-30 |
|---|---|---|---|---|---|---|
| Land | 62 | 62 | 48 | 48 | 21 | |
| Buildings and improvements | 317 | 312 | 206 | 174 | 158 | |
| Intangible lease assets | 11 | 11 | 11 | 11 | 11 | |
| Construction in progress | 21 | 25 | 19 | 40 | 46 | |
| Furniture, fixtures, and equipment | 10 | 10 | 362,000 | 354,000 | 349,000 | |
| Right-of-use assets ($534 and $712 with related parties, respectively) | 2 | 2 | 0 | — | — | |
| Total Gross Consolidated Real Estate Investments | 424 | 422 | 284 | 273 | 237 | |
| Accumulated depreciation and amortization | −50 | −35 | −21 | −7 | — | |
| Total Net Consolidated Real Estate Investments | 374 | 387 | 264 | 266 | — | |
| Real estate assets held for sale | 0 | 30 | — | — | — | |
| Total Net Real Estate Investments | 374 | 417 | 264 | — | — | |
| Investments, at fair value ($421,746 and $493,909 with related parties, respectively) | 569 | 643 | 691 | 755 | 805 | |
| Equity method investments ($700 and $407 with related parties, respectively) | 34 | 54 | 66 | 71 | 143 | |
| Investments in DSTs ($33,559 and $30,559, with related parties, respectively) | 34 | 31 | 0 | — | — | |
| Cash and cash equivalents | 8 | 9 | 21 | 13 | 16 | |
| Restricted cash | 43 | 40 | 33 | 35 | 35 | |
| Accounts receivable, net | 3 | 4 | 4 | 2 | — | |
| Prepaid and other assets ($0 and $7,315 with related parties, respectively) | 9 | 18 | 10 | 6 | 6 | |
| Accrued interest and dividends | 1 | 5 | 6 | 4 | 3 | |
| Interest rate caps | 65,000 | 159,000 | 0 | — | — | |
| Deferred tax asset, net | 498,000 | 3 | 3 | 2 | — | |
| Total Assets | 1,075 | 1,225 | 1,098 | 1,223 | 1,306 | |
| Mortgages payable, net ($10,000 and $10,000 with related parties, respectively) | 225 | 262 | 142 | 144 | 146 | |
| Notes payable, ($63,700 and $66,731 with related parties, respectively) | 77 | 91 | 53 | 24 | 24 | |
| Prime brokerage borrowing | 5 | 1 | 2 | 3 | 7 | |
| Accounts payable and other accrued liabilities | 29 | 23 | 9 | 14 | 3 | |
| Income tax payable | 273,000 | 255,000 | 356,000 | 11 | — | |
| Accrued real estate taxes payable | 4 | 226,000 | 231,000 | 254,000 | 2 | |
| Accrued interest payable | 11 | 9 | 1 | 1 | 639,000 | |
| Security deposit liability | 403,000 | 389,000 | 422,000 | 416,000 | 434,000 | |
| Prepaid rents | 437,000 | 1 | 768,000 | 1 | 2 | |
| Intangible lease liabilities, net | 2 | 3 | 5 | 6 | 7 | |
| Lease liability ($546 and $721 with related parties, respectively) | 546,000 | 721,000 | 0 | — | — | |
| Total Liabilities | 354 | 391 | 213 | 205 | 193 | |
| Redeemable Series B Preferred Shares, $0.001 par value: 16,000,000 authorized; 911,003 and 0 shares issued and outstanding, respectively | 20 | 0 | — | — | — | |
| Redeemable noncontrolling interests in the OP | 309,000 | 0 | 0 | — | — | |
| Series A Preferred Shares, $0.001 par value: 4,800,000 shares authorized; 3,359,593 and 3,359,593 shares issued and outstanding, respectively | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | |
| Common shares, $0.001 par value: unlimited shares authorized; 50,132,605 and 42,679,569 shares issued and outstanding, respectively | 50,000 | 43,000 | 38,000 | 37,000 | 37,000 | |
| Additional paid-in capital | 1,062 | 1,039 | 1,012 | 1,000 | 1,000 | |
| Accumulated earnings (loss) | −362 | −203 | −127 | 18 | 113 | |
| Total Shareholders' Equity | 700 | 837 | 885 | 1,018 | 1,113 | |
| Noncontrolling interests | 0 | −3 | 0 | — | — | |
| Total Equity | 700 | 834 | 885 | 1,018 | — | |
| TOTAL LIABILITIES AND EQUITY | 1,075 | 1,225 | 1,098 | 1,223 | 1,306 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 18 | 16 | 14 | — | |
| Amortization of intangible lease assets and liabilities | −992,000 | −1 | −1 | — | |
| Amortization of deferred financing costs | 1 | 696,000 | 776,000 | — | |
| Amortization of fair value adjustment of assumed debt | 2 | 1 | 0 | — | |
| Paid-in-kind interest and dividends (($5,743) and ($5,845) with related parties, respectively) | −13 | −10 | −6 | — | |
| Net cash (paid) received on derivative settlements | 121,000 | 932,000 | 0 | — | |
| Proceeds from paid-in-kind interest and dividends ($518 and $0 with related parties, respectively) | 882,000 | 3 | — | — | |
| Realized (gain) loss ($3,344 and $339 with related parties, respectively) | −6 | 21 | 2 | — | |
| Net change in unrealized loss on investments held at fair value ($78,130 and $18,829 with related parties, respectively) | 104 | 1 | 108 | — | |
| Unrealized (gain) loss on interest rate derivatives | −27,000 | −27,000 | 0 | — | |
| Distributions of earnings from unconsolidated ventures ($0 and $761 with related parties, respectively) | 9 | 5 | 4 | — | |
| Stock-based compensation expense | 5 | 3 | 1 | — | |
| (Gain) on sales of real estate | −37,000 | 0 | −3 | — | |
| Equity security dividends reinvested ($(2,660) and $(5,459) with related parties, respectively) | −3 | −5 | −6 | — | |
| Deferred tax expense | 2 | 278,000 | −648,000 | — | |
| Income tax payable | 541,000 | −101,000 | −10 | — | |
| Real estate taxes payable | 3 | −523,000 | −23,000 | — | |
| Operating assets | 5 | −3 | −9 | — | |
| Operating liabilities | 6 | 6 | −5 | — | |
| Net cash provided by (used in) operating activities: | 9 | −12 | −24 | 38 | |
| Proceeds from asset redemptions ($26,431 and $19,136 with related parties, respectively) | 26 | 25 | 14 | — | |
| Distributions from CLO investments | 0 | 1 | 9 | — | |
| Sale of consolidated real estate investment | 28 | 0 | 17 | — | |
| Proceeds from return of investment | 15 | 0 | — | — | |
| Net cash acquired in acquisition of NexPoint Hospitality Trust | 0 | 43 | 0 | — | |
| Purchases of investments ($(14,210) and $(34,787) with related parties, respectively) | −30 | −35 | — | — | |
| Additions to consolidated real estate investments | −2 | −8 | −10 | — | |
| Net cash provided by investing activities | 37 | 26 | 22 | — | |
| Mortgage proceeds received ($0 and $9,900 with related parties, respectively) | 705,000 | 10 | 0 | — | |
| Mortgage payments | −38 | −5 | −2 | — | |
| Prime brokerage borrowing | 6 | 341,000 | 12 | — | |
| Credit facilities payments ($(5,490) and $(3,515) with related parties, respectively) | −17 | −13 | −10 | — | |
| Prime brokerage payments | −2 | −901,000 | −13 | — | |
| Deferred financing costs paid | −1 | −463,000 | −971,000 | — | |
| Payments for taxes related to net share settlement of stock-based compensation | −329,000 | −202,000 | 0 | — | |
| Repurchase of common shares | −2 | 0 | — | — | |
| Distributions paid to common shareholders | −6 | −5 | −13 | — | |
| Distributions to redeemable noncontrolling interests in the OP | −9,000 | 0 | — | — | |
| Net cash used in financing activities: | −44 | −19 | 7 | −44 | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 3 | −4 | 5 | −6 | |
| Interest paid | 23 | 20 | 16 | — | |
| Income tax paid | 2 | 3 | 14 | — | |
| Non-cash distribution payment | 22 | 19 | 9 | — | |
| Non-cash advisory fee payment | 4 | 6 | 1 | — | |
| Increase in dividends payable upon vesting of restricted stock units | 866,000 | 628,000 | 265,000 | — | |
| Real estate investments assumed in acquisition of NexPoint Hospitality Trust | 0 | −168 | 0 | — | |
| DST investments assumed in acquisition of NexPoint Hospitality Trust | 0 | −5 | 0 | — | |
| Interest rate caps assumed in acquisition of NexPoint Hospitality Trust | 0 | −1 | 0 | — | |
| Notes payable assumed in acquisition of NexPoint Hospitality Trust | 0 | 51 | 0 | — | |
| Notes payable issued in merger of NexPoint Hospitality Trust | 826,000 | 0 | — | — | |
| Mortgages payable assumed in acquisition of NexPoint Hospitality Trust | 0 | 115 | 0 | — | |
| Right of use assets assumed in acquisition of NexPoint Hospitality Trust | 0 | −1 | 0 | — | |
| Change to APIC from the merger of NexPoint Hospitality Trust | −6 | 0 | — | — | |
| Accrued interest payable assumed in acquisition of NexPoint Hospitality Trust | 0 | 6 | 0 | — | |
| Noncontrolling interests extinguished in merger of NexPoint Hospitality Trust | 5 | 7 | — | — | |
| Redeemable noncontrolling interest in the OP from the acquisition of NexPoint Hospitality Trust | 359,000 | 0 | — | — | |
| Deconsolidated investments at fair value from the acquisition of NexPoint Hospitality Trust | 0 | 25 | 0 | — | |
| Accounts receivable and other assets assumed in acquisition of NexPoint Hospitality Trust | 0 | −1 | 0 | — | |
| Accounts payable and other liabilities assumed in acquisition of NexPoint Hospitality Trust | 0 | 14 | 0 | — | |
| Change in capitalized construction costs included in accounts payable and other accrued liabilities | 25,000 | 698,000 | 723,000 | — | |
| Real estate taxes payable assumed in acquisition of NexPoint Hospitality Trust | 0 | 1 | 0 | — | |
| Prepaid assets and other assets assumed in acquisition of NexPoint Hospitality Trust | 0 | 1 | 0 | — |
Filings
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