Company: NXDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052132
Chunk: 91

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1A
Chunk 91
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 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, primarily attributed to decreases in mark-to-market values of our investments at fair value.

AFFO was $(0.5) million for the nine months ended September 30, 2025, compared to $(7.8) million for the nine months ended September 30, 2024, which was an increase of approximately $7.3 million. The change in our AFFO between the nine months ended September 30, 2025 and the nine months ended September 30, 2024 primarily relates to an increase in total revenues, primarily attributed to an increase in rooms revenue.

70

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