Company: NXDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052132
Chunk: 80

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1A
Chunk 80
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 has not been adjusted for the effects of NCI, reconciles our consolidated NOI for the three and nine months ended September 30, 2025 and 2024 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

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For the Three Months Ended September 30For the Nine Months Ended September 302025202420252024Net loss$(12,317)$(15,420)$(91,511)$(47,490)Adjustments to reconcile net loss to NOI:Advisory and administrative fees3,218 3,976 13,880 10,665 Corporate general and administrative expenses5,198 2,843 9,145 8,873 Income tax expense(995)700 (423)1,553 Depreciation and amortization3,858 4,510 11,795 11,408 Interest expense6,903 8,288 20,816 20,670 Non-operating property investment revenue (1)(10,166)(9,050)(34,129)(26,685)Realized (gains) losses from non-real estate investments(6)1 (4,987)21,876 Change in unrealized (gains) losses from non-real estate investments2,505 885 77,464 (2,251)Equity in (income) losses of unconsolidated equity method ventures581 (400)748 558 Impairment loss— 6,134 1,752 6,134 NOI$(1,221)$2,467 $4,550 $5,311 Less Non-Same StoreRevenues$(5,491)$(11,497)$(32,145)$(29,540)Operating expenses7,357 9,540 28,435 24,849 Operating income— — (37)— Same Store NOI$645 $510 $803 $620 

(1)Non-operating property investment revenue is defined as revenue included in the consolidated financial statements that are from non-operating properties such as dividend income and interest income.

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The following table, which has not been adjusted for the effects of NCI, reconciles our NOI for each of our segments for the three and nine months ended September 30, 2025 to net income (loss), the most directly comparable GAAP financial measure by reportable segment (