Company: NXDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001356115-25-000014
Chunk: 22

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 22
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00%NAV per Share12.75Multiple of EBITDA3.00x—4.25x(3.63)xRecent TransactionImplied Enterprise Value from Transaction Price ($mm)$1,149.00N/A$25.31—$28.00$(26.66)Discount to NAV(30.00)%—(20.00)%(25.00)%Offer Price per Share$4.27Convertible NotesDiscounted Cash FlowDiscount Rate6.08%—(8.08)%(7.08)%20,846 LLC InterestDiscounted Cash FlowDiscount Rate7.00%—26.00%(12.5)%36,777 Market Rent (per sqft)$13.00—$42.50$(27.75)Capitalization Rate5.13%LP InterestDirect Capitalization ApproachCapitalization Rate5.25%—5.50%(5.38)%189,659 Market ApproachDiscount to NAV(7.5)%Recent TransactionPrice per Share$16.41Preferred SharesLiquidation AnalysisPar$1,00069,895 Senior LoanDiscounted Cash FlowDiscount Rate13.30%—26.00%(19.65)%43,693 Total$518,698 Financial Instruments Not Carried at Fair ValueAt March 31, 2025 and December 31, 2024, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other assets, accrued interest and dividends, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, income tax payable, security deposits and prepaid rent approximated their carrying values because of the short-term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts.In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Long-term indebtedness is carried at amounts that 

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reasonably approximate their fair value at March 31, 2025