Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2314

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2314
---
I-1850</div>

year. Accordingly, we have compared the results for the three months ended March 31, 2024 with the results for the three months ended March 31, 2023, and December 31, 2023, where applicable.

The following tables set forth a summary of our operating results for the three months ended March 31, 2024, 2023 and December 31, 2023 (in thousands):

|                                                          |     | For the Three Months Ended March 31 |    2024 |   |     |   |    2023 |   |     |   | $ Change |   |
|:---------------------------------------------------------|:----|:------------------------------------|--------:|:--|:----|:--|--------:|:--|:----|:--|---------:|:--|
| Total revenues                                           |     | $                                   |  12,805 |   |     | $ |  14,866 |   |     | $ |   (2,061 | ) |
| Total expenses                                           |     |                                     | (12,536 | ) |     |   | (12,538 | ) |     |   |        2 |   |
| Operating income                                         |     |                                     |     269 |   |     |   |   2,328 |   |     |   |   (2,059 | ) |
| Interest expense                                         |     |                                     |  (4,531 | ) |     |   |  (3,462 | ) |     |   |   (1,069 | ) |
| Equity in income (losses) of unconsolidated ventures     |     |                                     |  (1,154 | ) |     |   |     (76 | ) |     |   |   (1,078 | ) |
| Income tax expense                                       |     |                                     |    (550 | ) |     |   |    (806 | ) |     |   |      256 |   |
| Change in unrealized gains (losses)                      |     |                                     |   6,290 |   |     |   | (18,640 | ) |     |   |   24,930 |   |
| Realized gains (losses)                                  |     |                                     | (21,872 | ) |     |   |   1,135 |   |     |   |  (23,007