Company: NXDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001356115-25-000021
Chunk: 71

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1A
Chunk 71
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 primarily driven by mark-to-market losses on NSP common equity of $54.9 million and 

50

VineBrook Homes Operating Partnership, L.P. ("VB OP Units") of $20.9 million offset by mark-to-market gains on NREF OP Units of $3.7 million and mark-to-market gains on our legacy CLOs of $13.4 million.

Realized gains (losses). Realized gains (losses) were $3.5 million for the three months ended June 30, 2025, compared to $0.0 million for the three months ended June 30, 2024, which was an increase of approximately $3.5 million. The realized losses for the three months ended June 30, 2024 was primarily driven by a contingent gain on the Haygood and Allenby entities.

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

The following table sets forth a summary of our operating results for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 (in thousands):  

For the Six Months Ended June 30,20252024$ ChangeTotal revenues$50,108 $35,079 $15,029 Total expenses(44,709)(34,217)(10,492)Operating income5,3998624,537Interest expense(13,913)(12,382)(1,531)Equity in income (losses) of unconsolidated ventures(167)(958)791Income tax expense(572)(853)281Change in unrealized gains (losses)(74,959)3,136(78,095)Realized gains (losses)4,981(21,875)26,856Gains on sales of real estate37—37Net loss(79,194)(32,070)(47,124)Net (income) attributable to Series A preferred shareholders(2,310)(2,310)—Net (income) attributable to Series B preferred shareholders(30)— (30)Net loss attributable to noncontrolling interests1,945 1,894 51 Net loss attributable to redeemable noncontrolling interests in the OP20 — 20 Net income (loss) attributable to common shareholders$(79,569)$(32,486)$(47,103)

The net loss for the six