NEXPOINT DIVERSIFIED REAL ESTATE TRUST NXDT
NexPoint Diversified Real Estate Trust (the "Company", "we", "us" or "our") is an externally advised, publicly traded REIT focused on the acquisition, asset management, development, and disposition of opportunistic, value-add investments in real estate properties throughout the United States. The Company focuses primarily on investing in various commercial real estate property types and across the capital structure, including but not limited to equity, mortgage debt, mezzanine debt and preferred equity. The Company is advised by the Adviser. The Company was formed as a Delaware statutory trust on March 10, 2006 under the name "Highland Credit Strategies Fund" and changed its name to "NexPoint Diversified Real Estate Trust" in 2021, and the Company has elected to be taxed as 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. As of December 31, 2025, there were 44,536,894.47 common units of the OP outstanding, of which 99.96% were owned by the Company. 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.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Diversified
- Hospitality
| Segment | FY2025 | FY2024 |
|---|---|---|
| Diversified | $55.3M | $53.0M |
| Hospitality | $30.6M | $30.2M |
As the company reported it, from the “Segment Information - Schedule of Segment Reporting Information 1 (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $86.0M | $83.2M | $63.3M | — | $95.1M | — |
| SG&A | $6.7M | $7.4M | — | — | — | — |
| Total operating expenses | $87.3M | $87.4M | $51.7M | — | $20.0M | — |
| Operating income | -$1.4M | -$4.2M | $11.6M | — | — | — |
| Interest expense | $26.6M | $28.4M | $15.9M | — | $2.4M | — |
| Pre-tax income | -$126.9M | -$55.2M | -$114.5M | — | — | — |
| Income tax | $111.0K | $1.4M | $2.7M | $10.0M | — | — |
| Net income | -$127.0M | -$56.6M | -$117.2M | — | $245.5M | — |
| EPS, basic | -2.81 | -1.28 | -3.26 | — | — | — |
| EPS, diluted | -2.81 | -1.28 | -3.26 | — | — | — |
| Shares, diluted (wtd. avg.) | 46.3M | 40.2M | 37.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $8.2M | $8.8M | $20.6M | $16.1M | $2.2M | — |
| Total assets | $1.07B | $1.22B | $1.10B | $1.31B | $1.05B | — |
| Total liabilities | $353.9M | $391.3M | $213.3M | $193.2M | $53.6M | — |
| Retained earnings | -$362.1M | -$202.8M | -$126.6M | $113.0M | -$2.7M | — |
| Total equity | $700.1M | $836.5M | $885.1M | $1.02B | $911.2M | $790.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $9.2M | -$11.7M | -$24.3M | — | $38.1M | — |
| Depreciation and amortisation | $17.7M | $15.6M | $13.9M | — | — | — |
| Stock-based compensation | $4.7M | $3.0M | $1.3M | — | — | — |
| Investing cash flow | $37.0M | $26.0M | $22.0M | — | — | — |
| Financing cash flow | -$43.6M | -$18.6M | $6.8M | — | -$44.4M | — |
| Dividends paid | $6.0M | $4.9M | $13.4M | — | $20.1M | — |
| Buybacks | $1.9M | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-012769.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | $95.1M | — | $63.3M | $83.2M | $86.0M |
| Gross profit | — | — | — | — | — | — |
| Net income | — | $245.5M | — | -$117.2M | -$56.6M | -$127.0M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Material agreement signed Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Item 5.02
- Shareholder vote Item 5.07
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $167.53B | 170.7x | 40.2% |
| PLD | Prologis, Inc. | $117.89B | 35.5x | 7.2% |
| EQIX | EQUINIX INC | $94.23B | 69.4x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $88.04B | 35.0x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $68.57B | 14.9x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $60.57B | 48.1x | 10.0% |
| PSA | Public Storage | $54.42B | 34.4x | 2.7% |
| O | REALTY INCOME CORP | $53.83B | 48.6x | 9.1% |