Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1675

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1675
---
 value was $(0.9) million for the three months ended September 30, 2024, compared to $(61.6) million for the three months ended September 30, 2023, which was an increase of approximately $60.7 million. The losses for the three months ended September 30, 2024 were largely driven by mark-to-market losses on common units of VineBrook Homes Operating Partnership, L.P. ("VB OP Units") of $7.8 million, IQHQ LP interests of $16.1 million, and offset by mark-to-market gains on NREF OP Units of $9.3 million, and NREF common stock of $4.0 million. The losses for the three months ended September 30, 2023 were primarily driven by mark-to-market losses on NSP common equity of $54.9 million and 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 $0.0 million for the three months ended September 30, 2024, compared to $(0.9) million for the three months ended September 30, 2023, which was an increase of approximately $0.9 million. The realized losses for the three months ended September 30, 2023 was primarily driven by realized losses on sales of equity positions.

The nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

|                                                            |     | For the Nine Months Ended September 30, |    2024 |   |     |   |     2023 |   |     |   | $ Change |   |
|:-----------------------------------------------------------|:----|:----------------------------------------|--------:|:--|:----|:--|---------:|:--|:----|:--|---------:|:--|
| Total revenues                                             |     | $                                       |  57,295 |   |     | $ |   41,110 |   |     | $ |   16,185 |   |
| Total expenses                                             |     |                                         | (62,379 | ) |     |   |  (39,276 | ) |     |   |  (23,103 | ) |
| Operating income                                           |