Company: NXDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001356115-25-000021
Chunk: 27

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 27
---
 decrease of approximately $38.4 million. The change in our FFO between the three months ended June 30, 2025 and the three months ended June 30, 2024 primarily relates to an increase in unrealized losses, primarily attributed to decreases in mark-to-market values of our investments at fair value.

AFFO was $2.3 million for the three months ended June 30, 2025, compared to $(2.1) million for the three months ended June 30, 2024, which was an increase of approximately $4.4 million. The change in our AFFO between the three months ended June 30, 2025 and the three months ended June 30, 2024 primarily relates a decrease in expenses.

The six months ended June 30, 2025 as compared to the six months ended June 30, 2024

FFO was $(73.9) million for the six months ended June 30, 2025, compared to $(2.0) million for the six months ended June 30, 2024, which was a decrease of approximately $71.9 million. The change in our FFO between the six months ended June 30, 2025 and the six months ended June 30, 2024 primarily relates to an increase in unrealized losses, primarily attributed to decreases in mark-to-market values of our investments at fair value.

AFFO was $5.1 million for the six months ended June 30, 2025, compared to $(6.1) million for the six months ended June 30, 2024, which was an increase of approximately $11.2 million. The change in our AFFO between the six months ended June 30, 2025 and the six months ended June 30, 2024 primarily relates to an increase in total revenues, largely attributed to the Hospitality properties, which were not held in the full comparable period in 2024.

Net Asset Value

The SEC does not provide rules on the methodology we must use to determine our NAV or NAV per common share. The determination of NAV involves a number of subjective assumptions, estimates and judgments that may not be accurate or complete. We believe there is no established practice among REITs for calculating NAV. Different firms using different property-specific, general real estate, capital markets, economic and other assumptions, estimates and judgments could derive a NAV that could be significantly different from our NAV. Thus, other public REITs