NexPoint Diversified Real Estate Trust Series A Pfd 2024年度报告

FORM10-K_____________________________________________________________________________________ (Mark One) xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2024 OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission File Number001-32921_____________________________________________________________________________________ NexPoint Diversified Real Estate Trust (Exact Name of Registrant as Specified in Its Charter)_____________________________________________________________________________________ Delaware80-0139099 (I.R.S. EmployerIdentification No.) (State or other Jurisdiction ofIncorporation or Organization) 300 Crescent Court,Suite 700,Dallas,Texas(Address of Principal Executive Offices)75201(Zip Code) (214)276-6300 (Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: NXDTNXDT-PA Common Shares, par value $0.001 per share5.50% Series A Cumulative Preferred Shares, parvalue$0.001 per share ($25.00 liquidation preference pershare) Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐Nox Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐Nox Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated FilerNon-Accelerated FilerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesoNox The aggregate market value of the common equity of the registrant held by non-affiliates of the registrant, based upon the closing price ofsuch shares on June 28, 2024, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately$178,798,132. As of March31, 2025, the registrant had44,517,013.24common shares, par value $0.001 per share, outstanding. DOCUMENTS INCORPORATED BY REFERENCEPortions of the proxy statement for the registrant’s 2025 Annual Meeting of Shareholders are incorporated by reference in Part III of this NEXPOINT DIVERSIFIED REAL ESTATE TRUST Form 10-KYear Ended December31, 2024 INDEX PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART II Item 5.Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities71Item 6.[Reserved]71Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations134Item 7A.Quantitative and Qualitative Disclosures About Market Risk96Item 8.Financial Statements and Supplemen