NEXPOINT DIVERSIFIED REAL ESTATE TRUST
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 14, 2026
NXDT$3.30-3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. CONSOLIDATED BALANCE SHEETS
(in thousands, except share and par value amounts)
| June 30, 2026 (Unaudited) | December 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Consolidated Real Estate Investments | ||
| Land | $61,160 | $61,997 |
| Buildings and improvements | 291,826 | 317,395 |
| Intangible lease assets | 10,979 | 10,979 |
| Construction in progress | 23,912 | 21,237 |
| Furniture, fixtures, and equipment | 7,455 | 10,356 |
| Right-of-use assets ($442 and $534 with related parties, respectively) | 442 | 1,998 |
| Total Gross Consolidated Real Estate Investments | 395,774 | 423,962 |
| Accumulated depreciation and amortization | (54,726) | (50,028) |
| Total Net Consolidated Real Estate Investments | 341,048 | 373,934 |
| Investments, at fair value ($423,772 and $421,746 with related parties, respectively) | 568,440 | 568,610 |
| Equity method investments ($0 and $700 with related parties, respectively) | 30,587 | 33,788 |
| Investments in DSTs ($33,559 and $33,559 with related parties, respectively) | 33,559 | 33,559 |
| Cash and cash equivalents | 11,666 | 8,166 |
| Restricted cash | 39,871 | 43,241 |
| Accounts receivable, net | 2,427 | 2,868 |
| Prepaid and other assets ($287 and $0 with related parties, respectively) | 8,829 | 8,557 |
| Accrued interest and dividends | 2,370 | 1,366 |
| Interest rate caps | — | 65 |
| Deferred tax asset, net | 372 | 498 |
| Total Assets | $1,039,169 | $1,074,652 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Mortgages payable, net ($14,140 and $10,000 with related parties, respectively) | $196,670 | $224,995 |
| Notes payable ($62,297 and $63,700 with related parties, respectively) | 75,530 | 76,892 |
| Prime brokerage borrowing | 5,907 | 5,136 |
| Accounts payable and other accrued liabilities | 28,252 | 28,810 |
| Income tax payable | 268 | 273 |
| Accrued real estate taxes payable | 2,536 | 3,689 |
| Accrued interest payable | 12,058 | 10,627 |
| Security deposit liability | 422 | 403 |
| Prepaid rents | 416 | 437 |
| Intangible lease liabilities, net | 1,539 | 2,065 |
| Lease liability ($454 and $546 with related parties, respectively) | 454 | 546 |
| Total Liabilities | 324,052 | 353,873 |
| Redeemable Series B Preferred Shares, $0.001 par value: 16,000,000 authorized; 1,878,475 and 911,003 shares issued and outstanding, respectively | 41,825 | 20,379 |
| Redeemable noncontrolling interests in the OP | 294 | 309 |
| Equity: | ||
| 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 | 3 |
| Common shares, $0.001 par value: unlimited shares authorized; 53,106,027 and 50,132,605 shares issued and outstanding, respectively | 53 | 50 |
| Additional paid-in capital | 1,073,969 | 1,062,114 |
| Accumulated earnings (loss) | (401,027) | (362,076) |
| Total Shareholders' Equity | 672,998 | 700,091 |
| TOTAL LIABILITIES AND EQUITY | $1,039,169 | $1,074,652 |
CONSOLIDATED STATEMENTS OF OPERA TIONS
AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share amounts)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenues | ||||
| Rental income ($70, $69, $141 and $138 with related parties, respectively) | $2,937 | $3,713 | $5,829 | $7,358 |
| Rooms | 4,379 | 6,281 | 12,157 | 16,631 |
| Food and beverage | 575 | 750 | 1,373 | 1,639 |
| Interest income ($292, $375, $547 and $920 with related parties, respectively) | 2,664 | 2,295 | 6,058 | 4,397 |
| Dividend income ($7,683, $7,590, $15,339 and $15,113 with related parties, respectively) | 8,016 | 7,682 | 15,679 | 19,492 |
| Other income | 766 | 313 | 1,116 | 591 |
| Total revenues | 19,337 | 21,034 | 42,212 | 50,108 |
| Expenses | ||||
| Property operating expenses ($52, $52, $104, and $113 with related parties, respectively) | 4,606 | 5,523 | 10,259 | 12,484 |
| Property management fees ($225, $183, $424, and $363 with related parties, respectively) | 324 | 387 | 794 | 906 |
| Real estate taxes and insurance | 1,669 | 1,573 | 3,062 | 3,414 |
| Advisory and administrative fees | 2,943 | 7,020 | 6,028 | 10,662 |
| Property general and administrative expenses ($70, $69, $141, and $138 with related parties, respectively) | 1,467 | 1,616 | 3,137 | 3,607 |
| Corporate general and administrative expenses | 2,714 | 1,020 | 6,150 | 3,947 |
| Depreciation and amortization | 3,498 | 4,028 | 7,213 | 7,937 |
| Impairment loss | — | — | — | 1,752 |
| Total expenses | 17,221 | 21,167 | 36,643 | 44,709 |
| Operating income (loss) | 2,116 | (133) | 5,569 | 5,399 |
| Interest expense ($(718), $(571), $(1,589), and $(1,133) with related parties, respectively) | (5,311) | (6,637) | (11,000) | (13,913) |
| Equity in income (losses) of unconsolidated ventures ($(181), $160, $(419), and $206 with related parties, respectively) | (866) | 190 | (873) | (167) |
| Change in unrealized gains (losses) ($11,862, $(36,775), $(2,476), and $(56,711) with related parties, respectively) | 6,538 | (41,637) | (8,793) | (74,959) |
| Realized gains ($0, $3,462, $0, and $3,462 with related parties, respectively) | 148 | 3,462 | 145 | 4,981 |
| Loss on extinguishment of debt and modification costs (($210), $0, ($210), and $0 with related parties, respectively) | (210) | — | (210) | — |
| Gain (loss) on sales of real estate | — | 26 | (2,784) | 37 |
| Net income (loss) before income taxes | 2,415 | (44,729) | (17,946) | (78,622) |
| Income tax (expense) benefit | (374) | 641 | (1,283) | (572) |
| Net income (loss) | 2,041 | (44,088) | (19,229) | (79,194) |
| Net loss attributable to Series A Preferred Shareholders | (1,155) | (1,155) | (2,310) | (2,310) |
| Net loss attributable to Series B Preferred Shareholders | (825) | (28) | (1,379) | (30) |
| Net income attributable to noncontrolling interests in NHT | — | — | — | 1,945 |
| Net income attributable to redeemable noncontrolling interests in the OP | — | 20 | 9 | 20 |
| Net income (loss) attributable to common shareholders | $61 | $(45,251) | $(22,909) | $(79,569) |
| Weighted average common shares outstanding - basic | 51,753 | 45,687 | 50,923 | 44,303 |
| Weighted average common shares outstanding - diluted | 60,440 | 45,687 | 50,923 | 44,303 |
| Loss per share - basic | $— | $(0.99) | $(0.45) | $(1.80) |
| Loss per share - diluted | $— | $(0.99) | $(0.45) | $(1.80) |
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