Company: NXDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052132
Chunk: 28

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 2
Chunk 28
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-0.27x-0.02x-0.43xN/M

69

(1)Represents the percentage change for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

(2)Represents one-time termination fee paid to the former NHT Adviser in connection with the termination of the NHT Advisory Agreement following the NHT Merger. Management considers this not indicative of ongoing operating performance.

(3)The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO and AFFO.

(4)Indicates coverage ratio of net income (loss)/FFO/AFFO per common share (diluted) over distributions declared per common share during the period.

The three months ended September 30, 2025 as compared to the three months ended September 30, 2024

FFO was $(8.5) million for the three months ended September 30, 2025, compared to $(1.7) million for the three months ended September 30, 2024, which was a decrease of approximately $6.7 million. The change in our FFO between the three months ended September 30, 2025 and the three months ended September 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 $(5.6) million for the three months ended September 30, 2025, compared to $(1.7) million for the three months ended September 30, 2024, which was a decrease of approximately $3.9 million. The change in our AFFO between the three months ended September 30, 2025 and the three months ended September 30, 2024 primarily relates to a decrease in expenses.

The nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024

FFO was $(82.3) million for the nine months ended September 30, 2025, compared to $(3.7) million for the nine months ended September 30, 2024, which was a decrease of approximately $78.6 million. The change in our FFO between the nine months ended September 30, 2025 and the nine months ended September 30, 2024 primarily relates to an increase in unrealized losses,