NexPoint Diversified Real Estate Trust (NXDT) Financials

$5.70 0.00 (0.00%)

As of 01:11 PM Eastern

Annual Income Statements for NexPoint Diversified Real Estate Trust

This table shows NexPoint Diversified Real Estate Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-122	-51	-130
Consolidated Net Income / (Loss)	-117	-57	-127
Net Income / (Loss) Continuing Operations	-117	-57	-127
Total Pre-Tax Income	-115	-55	-127
Total Operating Income	12	-4.15	-1.38
Total Gross Profit	62	62	92
Total Revenue	62	62	92
Operating Revenue	62	62	92
Total Cost of Revenue	0.00	0.00	0.00
Total Operating Expenses	52	87	87
Selling, General & Admin Expense	12	13	12
Depreciation Expense	14	16	18
Other Operating Expenses / (Income)	26	52	55
Impairment Charge	0.00	7.11	2.33
Total Other Income / (Expense), net	-124	-30	-132
Interest Expense	16	28	27
Interest & Investment Income	-109	0.13	-1.29
Other Income / (Expense), net	-	-1.35	-104
Income Tax Expense	2.73	1.37	-0.11
Net Income / (Loss) Attributable to Noncontrolling Interest	4.62	-5.22	3.16
Basic Earnings per Share	($3.26)	($1.28)	($2.81)
Weighted Average Basic Shares Outstanding	37.33M	40.23M	46.25M
Diluted Earnings per Share	($3.26)	($1.28)	($2.81)
Weighted Average Diluted Shares Outstanding	37.33M	40.23M	46.25M
Weighted Average Basic & Diluted Shares Outstanding	38.56M	44.52M	50.22M
Cash Dividends to Common per Share	$0.60	-	$0.60

This table shows NexPoint Diversified Real Estate Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-69	-17	-23	-9.78	-10	-8.83	-34	-45	-14	-37	-23
Consolidated Net Income / (Loss)	-68	-16	-22	-11	-15	-9.08	-35	-44	-12	-36	-21
Net Income / (Loss) Continuing Operations	-68	-16	-22	-11	-15	-9.09	-35	-44	-12	-36	-21
Total Pre-Tax Income	-68	-15	-21	-10	-15	-10	-34	-45	-13	-36	-20
Total Operating Income	-0.52	9.75	0.27	0.59	-5.95	0.93	5.53	-0.13	-3.33	-3.45	3.45
Total Gross Profit	11	21	13	22	22	4.45	29	24	17	19	23
Total Revenue	11	21	13	22	22	4.45	29	24	17	19	23
Operating Revenue	11	21	13	22	22	4.45	29	24	17	19	23
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	13	12	13	22	28	25	24	21	21	22	19
Selling, General & Admin Expense	2.52	5.22	2.84	3.20	2.84	6.39	2.93	1.02	5.20	0.77	3.44
Depreciation Expense	3.82	3.01	2.80	4.10	4.51	4.19	3.91	4.03	3.86	5.94	3.72
Other Operating Expenses / (Income)	6.55	4.20	6.91	14	15	13	15	16	12	15	12
Impairment Charge	0.00	-	0.00	0.00	6.13	-	1.75	0.00	0.00	0.58	0.00
Total Other Income / (Expense), net	-66	-24	-21	-11	-9.17	10	-39	-48	-9.41	-33	-24
Interest Expense	4.17	4.51	4.53	7.85	8.29	7.68	7.28	6.64	6.90	5.79	5.69
Interest & Investment Income	-62	-	-1.15	-	-	-	-0.36	-	-	-	-0.01
Other Income / (Expense), net	-	-	-16	-3.15	-0.89	-	-32	-42	-2.51	-	-18
Income Tax Expense	0.33	1.29	0.55	0.30	0.70	-0.18	1.21	-0.64	-1.00	0.31	0.91
Net Income / (Loss) Attributable to Noncontrolling Interest	1.16	-	0.00	-0.74	-5.38	-	-0.79	1.16	1.37	1.41	1.70
Basic Earnings per Share	($1.86)	($0.44)	($0.59)	($0.24)	($0.25)	($0.20)	($0.80)	($0.99)	($0.29)	($0.73)	($0.46)
Weighted Average Basic Shares Outstanding	37.19M	37.33M	38.57M	39.62M	40.79M	40.23M	42.90M	45.69M	47.44M	46.25M	50.08M
Diluted Earnings per Share	($1.86)	($0.44)	($0.59)	($0.24)	($0.25)	($0.20)	($0.80)	($0.99)	($0.29)	($0.73)	($0.46)
Weighted Average Diluted Shares Outstanding	37.19M	37.33M	38.57M	39.62M	40.79M	40.23M	42.90M	45.69M	47.44M	46.25M	50.08M
Weighted Average Basic & Diluted Shares Outstanding	37.81M	38.56M	39.65M	40.65M	41.92M	44.52M	45.70M	47.35M	49.02M	50.22M	51.72M
Cash Dividends to Common per Share	$0.15	-	$0.15	$0.15	$0.15	-	$0.15	$0.15	$0.15	-	$0.15

This table details how cash moves in and out of NexPoint Diversified Real Estate Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	4.52	-4.27	2.51
Net Cash From Operating Activities	-24	-12	9.17
Net Cash From Continuing Operating Activities	-24	-12	9.17
Net Income / (Loss) Continuing Operations	-117	-57	-127
Consolidated Net Income / (Loss)	-117	-57	-127
Depreciation Expense	14	16	18
Amortization Expense	-0.44	0.82	1.67
Non-Cash Adjustments To Reconcile Net Income	105	26	100
Changes in Operating Assets and Liabilities, net	-25	2.39	16
Net Cash From Investing Activities	22	26	37
Net Cash From Continuing Investing Activities	22	26	37
Acquisitions	-3.99	43	0.00
Purchase of Investments	-5.98	-35	-30
Sale and/or Maturity of Investments	26	1.27	43
Other Investing Activities, net	6.29	17	24
Net Cash From Financing Activities	6.80	-19	-44
Net Cash From Continuing Financing Activities	6.80	-19	-44
Repayment of Debt	-26	-19	-57
Repurchase of Common Equity	-	0.00	-1.89
Payment of Dividends	-18	-9.56	-11
Issuance of Debt	51	10	6.50
Issuance of Preferred Equity	-	0.00	20
Other Financing Activities, net	0.00	-0.20	-0.33
Cash Interest Paid	16	20	23
Cash Income Taxes Paid	14	2.64	1.59

This table details how cash moves in and out of NexPoint Diversified Real Estate Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-6.96	15	0.52	21	-21	-4.34	2.02	-2.05	1.29	1.25	-2.26
Net Cash From Operating Activities	2.38	-5.79	-2.56	-5.49	0.50	-4.12	7.08	0.08	0.84	1.18	-0.50
Net Cash From Continuing Operating Activities	2.38	-5.79	-2.56	-5.49	0.50	-4.12	7.08	0.08	0.84	1.18	-0.50
Net Income / (Loss) Continuing Operations	-68	-16	-22	-11	-15	-9.08	-35	-44	-12	-36	-21
Consolidated Net Income / (Loss)	-68	-16	-22	-11	-15	-9.08	-35	-44	-12	-36	-21
Depreciation Expense	3.82	3.01	2.80	4.10	4.51	4.19	3.91	4.03	3.86	5.94	3.72
Amortization Expense	-0.13	0.03	0.01	0.19	0.04	0.57	0.34	0.33	0.80	0.20	0.32
Non-Cash Adjustments To Reconcile Net Income	63	17	17	0.24	6.53	2.72	33	40	-0.29	28	17
Changes in Operating Assets and Liabilities, net	3.91	-9.95	-0.44	0.50	4.83	-2.51	4.97	-0.44	8.78	3.05	0.09
Net Cash From Investing Activities	-2.64	6.00	7.44	35	-24	7.51	9.53	25	-0.24	2.35	26
Net Cash From Continuing Investing Activities	-2.64	6.00	7.44	35	-24	7.51	9.53	25	-0.24	2.35	26
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	0.00
Purchase of Investments	-1.48	-2.41	-0.04	-6.82	-28	-0.22	-16	-9.51	-2.83	-2.03	-0.96
Sale and/or Maturity of Investments	4.41	-3.81	1.27	-0.00	-	-12	23	20	-	-	26
Other Investing Activities, net	-1.58	12	6.21	-1.14	4.06	20	2.33	15	2.58	4.38	0.97
Net Cash From Financing Activities	-6.69	15	-4.36	-8.68	2.20	-7.74	-15	-27	0.70	-2.28	-28
Net Cash From Continuing Financing Activities	-6.69	15	-4.36	-8.68	2.20	-7.74	-15	-27	0.70	-2.28	-28
Repayment of Debt	-6.29	-1.80	-2.14	-5.96	-5.66	-5.31	-12	-32	-5.61	-8.08	-69
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-1.09	-2.25
Payment of Dividends	-2.37	-2.10	-2.31	-2.45	-2.38	-2.41	-2.63	-2.73	-2.80	-3.00	-3.53
Issuance of Debt	1.97	19	0.09	0.07	10	-0.02	0.07	3.84	2.27	0.32	39
Issuance of Preferred Equity	-	-	0.00	-	-	-	0.20	2.97	7.66	9.55	7.69
Other Financing Activities, net	-	-	0.00	-0.33	0.13	-	-0.32	0.01	-0.03	0.02	-0.31
Cash Interest Paid	4.25	4.31	4.56	1.35	8.01	5.98	6.20	5.90	5.64	5.44	4.62

This table presents NexPoint Diversified Real Estate Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,048	1,223	1,098	1,225	1,075
Total Current Assets	3.19	55	64	66	60
Cash & Equivalents	2.24	13	21	8.79	8.17
Restricted Cash	0.44	35	33	40	43
Prepaid Expenses	0.51	6.44	10	18	8.56
Plant, Property, & Equipment, net	0.00	255	264	387	361
Plant, Property & Equipment, gross	0.00	262	273	409	411
Accumulated Depreciation	0.00	7.16	21	35	50
Total Noncurrent Assets	0.91	913	782	784	654
Long-Term Investments	0.00	71	66	85	67
Noncurrent Note & Lease Receivables	0.00	1.90	4.35	4.46	2.87
Intangible Assets	0.00	11	11	11	11
Noncurrent Deferred & Refundable Income Taxes	-	2.25	2.90	2.62	0.50
Other Noncurrent Operating Assets	0.91	827	697	651	572
Total Liabilities & Shareholders' Equity	0.00	1,223	1,098	1,225	1,075
Total Liabilities	54	205	213	391	354
Total Current Liabilities	0.06	15	10	31	39
Accounts Payable	0.00	14	8.63	23	29
Other Current Nonoperating Liabilities	0.06	1.12	1.40	8.72	11
Total Noncurrent Liabilities	52	190	203	360	314
Long-Term Debt	43	169	195	353	302
Noncurrent Deferred Revenue	0.00	1.27	0.77	1.05	0.44
Noncurrent Deferred & Payable Income Tax Liabilities	-	11	0.36	0.26	0.27
Other Noncurrent Operating Liabilities	9.19	9.43	7.00	5.70	12
Redeemable Noncontrolling Interest	-	-	-	0.00	21
Total Equity & Noncontrolling Interests	911	1,018	885	834	700
Total Preferred & Common Equity	911	1,018	885	837	700
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	911	1,018	885	837	700
Common Stock	914	1,000	1,012	1,039	1,062
Retained Earnings	-2.71	18	-127	-203	-362
Treasury Stock	-	-	-	-	0.00

This table presents NexPoint Diversified Real Estate Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,101	1,075	1,250	1,241	1,180	1,111	1,107	1,027
Total Current Assets	48	66	87	70	88	59	60	56
Cash & Equivalents	3.71	20	28	8.52	9.47	4.73	5.31	9.43
Restricted Cash	34	34	46	45	41	44	45	40
Prepaid Expenses	9.73	13	13	17	17	10	10	7.32
Plant, Property, & Equipment, net	254	251	419	413	404	381	378	331
Plant, Property & Equipment, gross	271	275	446	433	410	410	411	382
Accumulated Depreciation	18	23	27	31	39	43	46	51
Total Noncurrent Assets	800	757	743	769	720	684	682	639
Long-Term Investments	68	64	64	94	70	69	68	67
Noncurrent Note & Lease Receivables	1.85	1.80	4.03	3.99	4.09	5.29	3.20	2.29
Intangible Assets	11	11	11	11	11	11	11	11
Noncurrent Deferred & Refundable Income Taxes	0.65	2.91	3.09	2.68	2.12	2.85	2.61	0.35
Other Noncurrent Operating Assets	719	678	662	657	632	596	597	559
Total Liabilities & Shareholders' Equity	1,101	1,075	1,250	1,241	1,180	1,111	1,107	1,027
Total Liabilities	199	212	391	398	382	355	357	324
Total Current Liabilities	10	8.46	28	30	32	32	35	41
Accounts Payable	9.21	7.09	20	22	23	22	24	30
Other Current Nonoperating Liabilities	1.21	1.37	7.88	8.16	9.36	9.72	11	11
Total Noncurrent Liabilities	189	203	363	368	350	323	322	283
Long-Term Debt	178	194	354	357	342	312	308	273
Noncurrent Deferred Revenue	0.84	0.72	1.35	0.59	0.64	0.52	0.43	0.30
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	1.53	0.00	0.00	0.73	0.00	0.08	0.47
Other Noncurrent Operating Liabilities	11	7.15	7.78	9.59	6.62	11	13	8.84
Redeemable Noncontrolling Interest	-	-	-	-	0.20	3.51	11	28
Total Equity & Noncontrolling Interests	902	863	859	843	798	753	739	675
Total Preferred & Common Equity	902	863	854	844	803	753	739	675
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	902	863	854	844	803	753	739	675
Common Stock	1,005	1,018	1,025	1,032	1,046	1,049	1,056	1,069
Retained Earnings	-104	-155	-171	-187	-244	-296	-317	-393
Treasury Stock	-	-	-	-	-	-	-	-1.01

This table displays calculated financial ratios and metrics derived from NexPoint Diversified Real Estate Trust's official financial filings.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	37,813,729.00	-	49,020,409.00
DEI Adjusted Shares Outstanding	37,813,729.00	-	49,020,409.00
DEI Earnings Per Adjusted Shares Outstanding	-3.22	-	-2.66
Growth Metrics	-	-	-
Revenue Growth	0.00%	0.15%	48.94%
EBITDA Growth	0.00%	-51.08%	-886.20%
EBIT Growth	0.00%	-135.84%	-1,813.97%
NOPAT Growth	0.00%	-135.84%	66.71%
Net Income Growth	0.00%	51.75%	-124.55%
EPS Growth	0.00%	60.74%	-119.53%
Operating Cash Flow Growth	0.00%	51.93%	178.58%
Free Cash Flow Firm Growth	0.00%	0.00%	273.68%
Invested Capital Growth	0.00%	10.18%	-12.44%
Revenue Q/Q Growth	0.00%	-23.21%	19.42%
EBITDA Q/Q Growth	0.00%	-36.64%	-508.32%
EBIT Q/Q Growth	0.00%	-189.02%	-3,604.80%
NOPAT Q/Q Growth	0.00%	-189.02%	-146.02%
Net Income Q/Q Growth	0.00%	10.75%	-26.29%
EPS Q/Q Growth	0.00%	15.79%	-23.25%
Operating Cash Flow Q/Q Growth	0.00%	12.57%	136.79%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	16.53%
Invested Capital Q/Q Growth	0.00%	0.01%	-5.09%
Profitability Metrics	-	-	-
Gross Margin	100.00%	100.00%	100.00%
EBITDA Margin	40.68%	19.87%	-93.35%
Operating Margin	18.79%	-6.72%	-1.50%
EBIT Margin	18.79%	-6.72%	-114.45%
Profit (Net Income) Margin	-190.17%	-91.63%	-138.15%
Tax Burden Percent	102.38%	102.49%	99.91%
Interest Burden Percent	-988.77%	1,329.82%	120.81%
Effective Tax Rate	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.83%	-0.28%	-0.10%
ROIC Less NNEP Spread (ROIC-NNEP)	-141.53%	-33.14%	-62.40%
Return on Net Nonoperating Assets (RNNOA)	-14.08%	-6.30%	-16.25%
Return on Equity (ROE)	-13.25%	-6.58%	-16.35%
Cash Return on Invested Capital (CROIC)	0.00%	-9.97%	13.17%
Operating Return on Assets (OROA)	1.00%	-0.36%	-9.15%
Return on Assets (ROA)	-10.10%	-4.87%	-11.05%
Return on Common Equity (ROCE)	-13.25%	-6.59%	-16.16%
Return on Equity Simple (ROE_SIMPLE)	-13.25%	-6.76%	0.00%
Net Operating Profit after Tax (NOPAT)	8.11	-2.91	-0.97
NOPAT Margin	13.15%	-4.71%	-1.05%
Net Nonoperating Expense Percent (NNEP)	142.36%	32.85%	62.30%
Return On Investment Capital (ROIC_SIMPLE)	0.75%	-0.24%	-0.10%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	19.84%	32.73%	12.94%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	83.87%	141.51%	94.98%
Earnings before Interest and Taxes (EBIT)	12	-4.15	-105
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	25	12	-86
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.30	0.30	0.26
Price to Tangible Book Value (P/TBV)	0.30	0.30	0.26
Price to Revenue (P/Rev)	4.27	4.02	1.98
Price to Earnings (P/E)	0.00	0.00	0.00
Dividend Yield	10.77%	10.14%	16.17%
Earnings Yield	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.35	0.43	0.42
Enterprise Value to Revenue (EV/Rev)	5.50	7.51	4.19
Enterprise Value to EBITDA (EV/EBITDA)	13.52	37.82	0.00
Enterprise Value to EBIT (EV/EBIT)	29.27	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	41.81	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	42.09
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	2.99
Leverage & Solvency	-	-	-
Debt to Equity	0.22	0.42	0.42
Long-Term Debt to Equity	0.22	0.42	0.42
Financial Leverage	0.10	0.19	0.26
Leverage Ratio	1.22	1.35	1.48
Compound Leverage Factor	-12.06	17.98	1.79
Debt to Total Capital	18.06%	29.74%	29.52%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	18.06%	29.74%	29.52%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-0.25%	2.02%
Common Equity to Total Capital	81.94%	70.51%	68.46%
Debt to EBITDA	7.78	28.76	-3.52
Net Debt to EBITDA	3.02	17.85	-2.13
Long-Term Debt to EBITDA	7.78	28.76	-3.52
Debt to NOPAT	24.07	-121.43	-312.06
Net Debt to NOPAT	9.33	-75.35	-189.30
Long-Term Debt to NOPAT	24.07	-121.43	-312.06
Altman Z-Score	0.73	0.25	-0.38
Noncontrolling Interest Sharing Ratio	0.00%	-0.17%	1.14%
Liquidity Ratios	-	-	-
Current Ratio	6.34	3.06	1.52
Quick Ratio	2.05	0.28	0.21
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-102	129
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-3.60	4.85
Operating Cash Flow to Interest Expense	-1.53	-0.41	0.34
Operating Cash Flow Less CapEx to Interest Expense	-1.53	-0.41	0.34
Efficiency Ratios	-	-	-
Asset Turnover	0.05	0.05	0.08
Accounts Receivable Turnover	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.24	0.19	0.25
Accounts Payable Turnover	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-
Invested Capital	973	1,072	915
Invested Capital Turnover	0.06	0.06	0.09
Increase / (Decrease) in Invested Capital	0.00	99	-130
Enterprise Value (EV)	339	464	386
Market Capitalization	263	248	182
Book Value per Share	$23.41	$19.95	$14.28
Tangible Book Value per Share	$23.12	$19.69	$14.06
Total Capital	1,080	1,186	1,023
Total Debt	195	353	302
Total Long-Term Debt	195	353	302
Net Debt	76	219	183
Capital Expenditures (CapEx)	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.40	16	-31
Debt-free Net Working Capital (DFNWC)	54	65	21
Net Working Capital (NWC)	54	65	21
Net Nonoperating Expense (NNE)	125	54	126
Net Nonoperating Obligations (NNO)	88	239	194
Total Depreciation and Amortization (D&A)	13	16	19
Debt-free, Cash-free Net Working Capital to Revenue	0.65%	25.80%	-33.58%
Debt-free Net Working Capital to Revenue	86.89%	105.00%	22.32%
Net Working Capital to Revenue	86.89%	105.00%	22.32%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($3.26)	($1.28)	($2.81)
Adjusted Weighted Average Basic Shares Outstanding	37.33M	40.23M	46.25M
Adjusted Diluted Earnings per Share	($3.26)	($1.28)	($2.81)
Adjusted Weighted Average Diluted Shares Outstanding	37.33M	40.23M	46.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	38.56M	44.52M	50.22M
Normalized Net Operating Profit after Tax (NOPAT)	8.11	2.07	0.66
Normalized NOPAT Margin	13.15%	3.35%	0.72%
Pre Tax Income Margin	-185.74%	-89.40%	-138.27%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.73	-0.15	-3.96
NOPAT to Interest Expense	0.51	-0.10	-0.04
EBIT Less CapEx to Interest Expense	0.73	-0.15	-3.96
NOPAT Less CapEx to Interest Expense	0.51	-0.10	-0.04
Payout Ratios	-	-	-
Dividend Payout Ratio	-15.38%	-16.90%	-8.78%
Augmented Payout Ratio	-15.38%	-16.90%	-10.27%

This table displays calculated financial ratios and metrics derived from NexPoint Diversified Real Estate Trust's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	37,186,395.00	37,813,729.00	38,559,520.00	39,650,817.00	40,650,118.00	-	44,517,013.00	45,704,056.00	47,348,941.00	49,020,409.00	50,219,590.00
DEI Adjusted Shares Outstanding	37,186,395.00	37,813,729.00	38,559,520.00	39,650,817.00	40,650,118.00	-	44,517,013.00	45,704,056.00	47,348,941.00	49,020,409.00	50,219,590.00
DEI Earnings Per Adjusted Shares Outstanding	-1.86	-0.45	-0.59	-0.25	-0.25	-	-0.77	-0.99	-0.29	-0.75	-0.46
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-71.97%	0.00%	-13.86%	60.45%	94.44%	-79.27%	127.05%	9.99%	-21.38%	335.87%	-21.32%
EBITDA Growth	107.23%	0.00%	-8.25%	124.52%	-172.01%	-55.47%	-76.09%	-2,254.99%	48.57%	-88.77%	51.73%
EBIT Growth	98.90%	0.00%	-0.90%	74.94%	-1,211.13%	-90.43%	-71.49%	-1,529.99%	14.60%	-117.97%	44.15%
NOPAT Growth	-101.86%	0.00%	-88.45%	2,096.30%	-1,041.27%	-90.43%	1,956.51%	-122.43%	44.01%	-469.99%	-37.58%
Net Income Growth	-15.21%	0.00%	-10.38%	24.12%	77.31%	42.86%	-62.92%	-319.01%	20.12%	-291.13%	39.41%
EPS Growth	-14.81%	0.00%	-5.36%	40.00%	86.56%	54.55%	-35.59%	-312.50%	-16.00%	-265.00%	42.50%
Operating Cash Flow Growth	0.00%	0.00%	-605.94%	74.28%	-79.07%	28.95%	376.95%	101.37%	68.01%	128.68%	-107.04%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	-355.65%	0.00%	-213.05%	358.28%	204.87%	280.38%	265.22%
Invested Capital Growth	-3.94%	0.00%	-9.81%	4.08%	9.96%	10.18%	12.74%	-10.03%	-10.13%	-12.44%	-17.83%
Revenue Q/Q Growth	-17.69%	88.00%	-40.38%	73.92%	-0.25%	-79.96%	553.05%	-19.93%	-28.70%	11.11%	17.88%
EBITDA Q/Q Growth	144.74%	303.98%	-197.79%	113.88%	-231.35%	508.39%	-191.86%	-482.46%	96.87%	329.61%	-494.95%
EBIT Q/Q Growth	94.90%	1,970.83%	-257.10%	83.28%	-166.73%	115.69%	-236.73%	-854.59%	86.02%	40.83%	-324.83%
NOPAT Q/Q Growth	-2,029.63%	1,970.83%	-97.24%	120.45%	-1,102.70%	115.69%	492.93%	-102.40%	-2,403.01%	-3.69%	200.03%
Net Income Q/Q Growth	-390.07%	76.61%	-35.56%	51.17%	-46.55%	41.10%	-286.50%	-25.59%	72.06%	-188.43%	40.13%
EPS Q/Q Growth	-365.00%	76.34%	-34.09%	59.32%	-4.17%	20.00%	-300.00%	-23.75%	70.71%	-151.72%	36.99%
Operating Cash Flow Q/Q Growth	111.12%	-343.87%	55.89%	-114.95%	109.05%	-927.97%	271.96%	-98.94%	1,013.33%	41.32%	-142.20%
Free Cash Flow Firm Q/Q Growth	0.00%	-100.00%	0.00%	-140.95%	-141.22%	2.86%	-64.02%	193.54%	-2.05%	20.03%	50.23%
Invested Capital Q/Q Growth	-6.21%	-0.19%	-3.32%	15.00%	-0.91%	0.01%	1.55%	-8.23%	-1.01%	-5.09%	-4.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	27.70%	59.53%	-97.64%	7.79%	-10.26%	127.88%	-75.72%	-152.63%	-6.71%	13.87%	-46.46%
Operating Margin	-4.56%	45.38%	2.10%	2.66%	-26.77%	20.96%	19.03%	-0.54%	-19.06%	-17.79%	15.10%
EBIT Margin	-4.56%	45.38%	-119.59%	-11.50%	-30.75%	20.96%	-90.32%	-170.41%	-33.40%	-17.79%	-64.11%
Profit (Net Income) Margin	-594.82%	-74.00%	-168.28%	-47.25%	-69.41%	-204.02%	-120.75%	-179.98%	-70.52%	-183.08%	-92.98%
Tax Burden Percent	100.49%	108.25%	102.62%	101.06%	101.99%	87.15%	103.58%	98.15%	96.70%	99.83%	104.46%
Interest Burden Percent	12,980.42%	-150.65%	137.13%	406.56%	221.33%	-1,117.04%	129.07%	107.61%	218.32%	1,030.94%	138.84%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	2.01%	0.09%	0.12%	-1.44%	0.89%	1.04%	-0.03%	-1.01%	-1.17%	0.94%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-23.79%	-33.49%	-7.39%	-8.88%	-5.07%	-21.86%	-20.02%	-5.52%	-17.53%	-10.05%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-2.37%	-2.34%	-1.18%	-1.54%	-0.96%	-4.48%	-5.46%	-1.53%	-4.56%	-2.89%
Return on Equity (ROE)	0.00%	-0.35%	-2.25%	-1.06%	-2.98%	-0.08%	-3.44%	-5.49%	-2.54%	-5.73%	-1.95%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-9.97%	-11.90%	10.59%	10.87%	13.17%	19.33%
Operating Return on Assets (OROA)	0.00%	2.41%	-6.29%	-0.65%	-2.07%	1.11%	-6.25%	-11.80%	-2.19%	-1.42%	-4.98%
Return on Assets (ROA)	0.00%	-3.93%	-8.85%	-2.65%	-4.67%	-10.84%	-8.36%	-12.47%	-4.63%	-14.64%	-7.23%
Return on Common Equity (ROCE)	0.00%	-0.35%	-2.25%	-1.05%	-2.99%	-0.08%	-3.45%	-5.46%	-2.53%	-5.67%	-1.92%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-13.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.36	6.82	0.19	0.42	-4.16	0.65	3.87	-0.09	-2.33	-2.42	2.42
NOPAT Margin	-3.19%	31.77%	1.47%	1.86%	-18.74%	14.67%	13.32%	-0.38%	-13.34%	-12.45%	10.57%
Net Nonoperating Expense Percent (NNEP)	327.65%	25.80%	33.58%	7.51%	7.44%	5.96%	22.90%	19.99%	4.51%	16.36%	10.99%
Return On Investment Capital (ROIC_SIMPLE)	-	0.63%	0.02%	0.03%	-0.35%	0.06%	0.34%	-0.01%	-0.22%	-0.24%	0.26%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	22.04%	24.31%	22.14%	14.35%	12.80%	143.44%	10.07%	4.16%	29.76%	3.94%	15.02%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	112.78%	57.86%	97.90%	97.35%	126.77%	561.41%	80.97%	86.41%	119.03%	112.60%	84.90%
Earnings before Interest and Taxes (EBIT)	-0.52	9.75	-15	-2.56	-6.83	0.93	-26	-42	-5.83	-3.45	-15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3.17	13	-13	1.74	-2.28	5.69	-22	-37	-1.17	2.69	-11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.33	0.30	0.25	0.22	0.26	0.30	0.18	0.25	0.24	0.26	0.35
Price to Tangible Book Value (P/TBV)	0.33	0.30	0.26	0.22	0.27	0.30	0.18	0.25	0.24	0.26	0.35
Price to Revenue (P/Rev)	0.00	4.27	3.66	2.74	2.82	4.02	1.85	2.26	2.27	1.98	2.73
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	8.82%	10.77%	13.25%	15.96%	11.00%	10.14%	18.52%	14.83%	16.26%	16.17%	16.06%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.38	0.35	0.31	0.38	0.40	0.43	0.34	0.39	0.39	0.42	0.48
Enterprise Value to Revenue (EV/Rev)	0.00	5.50	4.95	5.99	5.46	7.51	4.61	4.68	4.88	4.19	4.90
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.52	13.27	17.02	22.23	37.82	255.84	20.93	17.87	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	29.27	30.95	40.36	92.28	0.00	0.00	991.91	125.14	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	41.81	44.21	57.66	131.83	0.00	462.12	1,417.01	178.77	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	108.37	97.08	42.09	263.86
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.52	3.40	2.99	2.25
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.22	0.22	0.41	0.42	0.42	0.43	0.41	0.41	0.42	0.39
Long-Term Debt to Equity	0.20	0.22	0.22	0.41	0.42	0.42	0.43	0.41	0.41	0.42	0.39
Financial Leverage	0.02	0.10	0.07	0.16	0.17	0.19	0.21	0.27	0.28	0.26	0.29
Leverage Ratio	1.21	1.22	1.22	1.32	1.34	1.35	1.36	1.46	1.47	1.48	1.47
Compound Leverage Factor	156.93	-1.84	1.68	5.38	2.97	-15.10	1.75	1.57	3.22	15.25	2.04
Debt to Total Capital	16.45%	18.06%	18.33%	29.16%	29.77%	29.74%	29.97%	29.21%	29.12%	29.52%	27.98%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	16.45%	18.06%	18.33%	29.16%	29.77%	29.74%	29.97%	29.21%	29.12%	29.52%	27.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.41%	-0.13%	-0.25%	-0.41%	0.33%	1.05%	2.02%	2.91%
Common Equity to Total Capital	83.55%	81.94%	81.67%	70.43%	70.36%	70.51%	70.44%	70.46%	69.82%	68.46%	69.11%
Debt to EBITDA	0.00	7.78	8.72	14.79	18.46	28.76	242.93	17.05	14.66	-3.52	-3.67
Net Debt to EBITDA	0.00	3.02	3.44	9.02	10.85	17.85	156.59	10.63	9.03	-2.13	-2.11
Long-Term Debt to EBITDA	0.00	7.78	8.72	14.79	18.46	28.76	242.93	17.05	14.66	-3.52	-3.67
Debt to NOPAT	0.00	24.07	29.06	50.08	109.47	-121.43	438.79	1,154.87	146.63	-312.06	-112.76
Net Debt to NOPAT	0.00	9.33	11.47	30.57	64.36	-75.35	282.84	719.51	90.34	-189.30	-64.88
Long-Term Debt to NOPAT	0.00	24.07	29.06	50.08	109.47	-121.43	438.79	1,154.87	146.63	-312.06	-112.76
Altman Z-Score	0.00	0.72	0.49	0.20	0.21	0.26	-0.01	-0.08	-0.03	-0.07	-0.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.27%	-0.09%	-0.17%	-0.28%	0.53%	0.60%	1.14%	1.58%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.57	6.34	7.83	3.12	2.33	3.06	2.75	1.87	1.75	1.52	1.38
Quick Ratio	0.36	2.05	2.38	1.02	0.28	0.28	0.30	0.15	0.15	0.21	0.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	40	0.00	103	-42	-101	-98	-116	108	106	128	192
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	9.50	0.00	22.64	-5.35	-12.22	-12.81	-15.94	16.34	15.39	22.03	33.67
Operating Cash Flow to Interest Expense	0.57	-1.29	-0.56	-0.70	0.06	-0.54	0.97	0.01	0.12	0.20	-0.09
Operating Cash Flow Less CapEx to Interest Expense	0.57	-1.29	-0.56	-0.70	0.06	-0.54	0.97	0.01	0.12	0.20	-0.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.05	0.05	0.06	0.07	0.05	0.07	0.07	0.07	0.08	0.08
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.24	0.23	0.20	0.24	0.19	0.24	0.20	0.19	0.25	0.23
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	975	973	941	1,082	1,072	1,072	1,061	973	964	915	872
Invested Capital Turnover	0.00	0.06	0.06	0.06	0.08	0.06	0.08	0.08	0.08	0.09	0.09
Increase / (Decrease) in Invested Capital	-40	0.00	-102	42	97	99	120	-109	-109	-130	-189
Enterprise Value (EV)	367	339	295	407	430	464	360	383	376	386	420
Market Capitalization	295	263	218	186	222	248	144	185	175	182	235
Book Value per Share	$24.25	$23.41	$22.38	$21.54	$20.77	$19.95	$19.15	$16.47	$15.61	$14.28	$13.76
Tangible Book Value per Share	$23.95	$23.12	$22.10	$21.26	$20.50	$19.69	$18.88	$16.23	$15.37	$14.06	$13.54
Total Capital	1,079	1,080	1,057	1,213	1,200	1,186	1,140	1,068	1,058	1,023	976
Total Debt	178	195	194	354	357	353	342	312	308	302	273
Total Long-Term Debt	178	195	194	354	357	353	342	312	308	302	273
Net Debt	72	76	76	216	210	219	220	194	190	183	157
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.69	0.40	4.13	-15	-13	16	5.15	-21	-24	-31	-34
Debt-free Net Working Capital (DFNWC)	37	54	58	59	40	65	56	28	26	21	16
Net Working Capital (NWC)	37	54	58	59	40	65	56	28	26	21	16
Net Nonoperating Expense (NNE)	68	23	22	11	11	9.74	39	44	9.99	33	24
Net Nonoperating Obligations (NNO)	73	88	78	223	229	239	263	217	213	194	169
Total Depreciation and Amortization (D&A)	3.69	3.04	2.81	4.30	4.55	4.76	4.24	4.36	4.66	6.14	4.04
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.65%	6.93%	-22.24%	-16.55%	25.80%	6.60%	-26.06%	-31.58%	-33.58%	-39.10%
Debt-free Net Working Capital to Revenue	0.00%	86.89%	97.03%	87.07%	51.04%	105.00%	71.87%	33.72%	33.56%	22.32%	18.21%
Net Working Capital to Revenue	0.00%	86.89%	97.03%	87.07%	51.04%	105.00%	71.87%	33.72%	33.56%	22.32%	18.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.86)	($0.44)	($0.59)	($0.24)	($0.25)	($0.20)	($0.80)	($0.99)	($0.29)	($0.73)	($0.46)
Adjusted Weighted Average Basic Shares Outstanding	37.19M	37.33M	38.57M	39.62M	40.79M	40.23M	42.90M	45.69M	47.44M	46.25M	50.08M
Adjusted Diluted Earnings per Share	($1.86)	($0.44)	($0.59)	($0.24)	($0.25)	($0.20)	($0.80)	($0.99)	($0.29)	($0.73)	($0.46)
Adjusted Weighted Average Diluted Shares Outstanding	37.19M	37.33M	38.57M	39.62M	40.79M	40.23M	42.90M	45.69M	47.44M	46.25M	50.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.81M	38.56M	39.65M	40.65M	41.92M	44.52M	45.70M	47.35M	49.02M	50.22M	51.72M
Normalized Net Operating Profit after Tax (NOPAT)	-0.36	6.82	0.19	0.42	0.13	0.65	5.10	-0.09	-2.33	-2.01	2.42
Normalized NOPAT Margin	-3.19%	31.77%	1.47%	1.86%	0.59%	14.67%	17.54%	-0.38%	-13.34%	-10.37%	10.57%
Pre Tax Income Margin	-591.93%	-68.36%	-163.98%	-46.75%	-68.06%	-234.10%	-116.57%	-183.37%	-72.93%	-183.40%	-89.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.12	2.16	-3.38	-0.33	-0.82	0.12	-3.61	-6.29	-0.85	-0.60	-2.58
NOPAT to Interest Expense	-0.09	1.51	0.04	0.05	-0.50	0.09	0.53	-0.01	-0.34	-0.42	0.42
EBIT Less CapEx to Interest Expense	-0.12	2.16	-3.38	-0.33	-0.82	0.12	-3.61	-6.29	-0.85	-0.60	-2.58
NOPAT Less CapEx to Interest Expense	-0.09	1.51	0.04	0.05	-0.50	0.09	0.53	-0.01	-0.34	-0.42	0.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-15.38%	-11.41%	-7.97%	-14.59%	-16.90%	-14.08%	-9.79%	-10.51%	-8.78%	-10.66%
Augmented Payout Ratio	0.00%	-15.38%	-11.41%	-7.97%	-14.59%	-16.90%	-14.08%	-9.79%	-10.51%	-10.27%	-14.31%

Financials Breakdown Chart

Key Financial Trends

NexPoint Diversified Real Estate Trust (NYSE: NXDT) continues to look like a highly leveraged real estate business that is generating revenue, but still struggling to translate that into consistent bottom-line profits or operating cash flow.

Q1 2026 showed a mixed picture: revenue improved year over year, but the company still posted a sizable net loss and negative operating cash flow. That said, the quarter also included strong cash provided by investing activities and substantial financing inflows from debt and preferred equity issuance.

Q1 2026 revenue rose to $22.9 million, up from $19.4 million in Q4 2025 and $17.5 million in Q3 2025, showing improving top-line momentum.
Operating income improved to $3.5 million in Q1 2026, versus a loss of $3.5 million in Q4 2025 and a loss of $3.3 million in Q3 2025.
Cash from investing activities was strongly positive at $26.2 million in Q1 2026, helped by $26.2 million from sale/maturity of investments and other investing inflows.
The company ended Q1 2026 with $9.4 million in cash and equivalents, plus $39.7 million in restricted cash, giving it meaningful liquidity on the balance sheet.
Common equity increased to $674.6 million at Q1 2026, up from $738.9 million at Q3 2025 and $752.7 million at Q2 2025, reflecting some balance-sheet movement but still a large equity base.
Net income remained negative at -$21.3 million in Q1 2026, though that was an improvement from -$35.5 million in Q4 2025.
Adjusted non-cash items continue to play a big role in reported results, with $16.6 million of non-cash adjustments in Q1 2026 helping offset the accounting loss.
Quarterly dividends remained modest at $0.15 per share, suggesting management is still distributing cash while preserving flexibility.
Operating cash flow was still slightly negative in Q1 2026 at -$0.5 million, indicating the business has not yet established consistent cash generation from core operations.
Interest expense remains a major burden: Q1 2026 interest expense was $5.7 million, and cash interest paid totaled $4.6 million.
Long-term debt stood at $273.2 million in Q1 2026, which keeps leverage elevated and leaves the company sensitive to financing costs.
Total liabilities were $323.6 million versus total equity of $674.6 million, so while the balance sheet is not distressed, debt and non-current obligations remain substantial.
Over the last several quarters, earnings have been consistently negative, with losses in Q1 2025, Q2 2025, Q3 2025, Q4 2025, and Q1 2026.

Longer-term trend: NXDT has made progress in revenue growth and occasionally positive operating income, but the overall pattern over the past four years is still one of volatile earnings, heavy depreciation and interest costs, and uneven cash flow. The company appears to be relying on asset sales, investment maturities, and external financing to support liquidity and capital returns.

Bottom line: For retail investors, NXDT looks like a leveraged real estate trust with improving revenue but still limited evidence of durable earnings power. The most encouraging signs are higher revenue and better operating income in Q1 2026, while the main risks remain debt load, interest expense, and recurring net losses.

07/16/26 12:35 PM ETAI Generated. May Contain Errors.

NexPoint Diversified Real Estate Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NexPoint Diversified Real Estate Trust's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

NexPoint Diversified Real Estate Trust's net income appears to be on an upward trend, with a most recent value of -$127.04 million in 2025, rising from -$117.24 million in 2023. The previous period was -$56.57 million in 2024.

NexPoint Diversified Real Estate Trust's total operating income in 2025 was -$1.38 million, based on the following breakdown:

Total Gross Profit: $91.96 million
Total Operating Expenses: $87.35 million

Over the last 2 years, NexPoint Diversified Real Estate Trust's total revenue changed from $61.65 million in 2023 to $91.96 million in 2025, a change of 49.2%.

NexPoint Diversified Real Estate Trust's total liabilities were at $353.87 million at the end of 2025, a 9.6% decrease from 2024, and a 560.8% increase since 2021.

In the past 4 years, NexPoint Diversified Real Estate Trust's cash and equivalents has ranged from $2.24 million in 2021 to $20.61 million in 2023, and is currently $8.17 million as of their latest financial filing in 2025.

Over the last 2 years, NexPoint Diversified Real Estate Trust's book value per share changed from 23.41 in 2023 to 14.28 in 2025, a change of -39.0%.

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Financial statements for NYSE:NXDT last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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NexPoint Diversified Real Estate Trust (NXDT) Financials

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NexPoint Diversified Real Estate Trust (NXDT) Financials

Annual Income Statements for NexPoint Diversified Real Estate Trust

Quarterly Income Statements for NexPoint Diversified Real Estate Trust

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Quarterly Cash Flow Statements for NexPoint Diversified Real Estate Trust

Annual Balance Sheets for NexPoint Diversified Real Estate Trust

Quarterly Balance Sheets for NexPoint Diversified Real Estate Trust

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Quarterly Metrics And Ratios for NexPoint Diversified Real Estate Trust

Financials Breakdown Chart

Key Financial Trends

NexPoint Diversified Real Estate Trust Financials - Frequently Asked Questions

When does NexPoint Diversified Real Estate Trust's financial year end?

How has NexPoint Diversified Real Estate Trust's net income changed over the last 2 years?

What is NexPoint Diversified Real Estate Trust's operating income?

How has NexPoint Diversified Real Estate Trust's revenue changed over the last 2 years?

How much debt does NexPoint Diversified Real Estate Trust have?

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How has NexPoint Diversified Real Estate Trust's book value per share changed over the last 2 years?

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