NexPoint Diversified Real Estate Trust Series A Pfd 2025年度报告

NexPoint Diversified Real Estate Trust is a diversified real estate investment trust (“REIT”) focused oninvesting in various commercial real estate property types, such as single-family rentals, multifamily,self-storage, life science, office, industrial, hospitality, net lease, retail, and small-bay industrial across thecapital structure, including but not limited to mortgage debt, mezzanine debt, and common and preferredequity. NEXPOINT DIVERSIFIED REAL ESTATE TRUST (NYSE: NXDT) April 20, 2026 TO MY FELLOW SHAREHOLDERS, 2025 was a strategic repositioning for NexPoint Diversified Real Estate Trust (NYSE: NXDT)(“NXDT” or the “Company”), during which we focused on further building a durablefoundation to support long-term value creation. Throughout the year, our team remaineddisciplined in executing our strategy of repositioning, developing, and managing diversifiedreal estate investments across the United States. As a diversified real estate investment trust (“REIT”), NXDT is positioned to pursueopportunities across multiple property types and points within the capital structure. Webelieve this flexibility allows us to navigate evolving market conditions and allocate capitalwhere we see the most compelling risk-adjusted opportunities. Executing a Disciplined Investment Strategy NXDT’s primary investment objective is to generate both current income and long-termcapital appreciation. We seek to achieve this objective by investing across a broad rangeofresidential and commercial real estate assets,including equity,mortgage debt,mezzanine debt, and preferred equity. Our target property types include, among others,single-family rental(“SFR”),multifamily,self-storage,life science,office,industrial,hospitality, net lease, retail and small-bay industrial properties. To a limited extent, theCompany may also hold or transact in certain non-real estate securities. Our investment approach emphasizes opportunistic and value-add strategies focused onassetswith intrinsic value and credit quality.Through active asset management,development, and selective dispositions, we aim to enhance portfolio cash flow and assetvalues, supporting long-term capital appreciation for our shareholders. In addition, NXDTselectively pursues real estate credit investments when we believe certain subsectors arepositioned to outperform within the broader real estate cycle. We believe this diversified and flexible investment approach is well suited to the currentmarket environment. While our strategy may evolve over time in response to changingeconomic conditions, we view adaptability as a key differentiator for NXDT within thediversified REIT landscape. Key 2025 Highlights As of December 31, 2025, our outstanding portfolio totaled approximately $1.1 billion, ofwhich our real estate assets totaled approximately $0.5 billion. Our real estate assets werecomposed of 46.1% Residential, 16.9% Self-Storage, 18.0% Office, 8.0% Life Sciences,and 11.0% other real estate. The Company completed several operational and investment highlights in the year. xInvestments in AMS C-Store JV, LLC:During 2025, NXDT invested an aggregate of$16.3 million in AMS C-Store JV, LLC (“AMS”) in exchange for preferred equityinterests. These investments provide an 18% cumulative, compounding preferredreturn and a full return of invested capital prior to any participation by commonmembers. AMS operates a real estate development platform focused on acquiring,developing, and operating newly constructed 7-Eleven convenience store projects inhigh-growth markets across Texas. xNHT Acquisition:On April 17, 2025, the Company took NexPoint Hospitality Trust(“NHT”) private in a merger transaction, acquiring all remaining units of NHT whichwere not previously owned by the Company and fully consolidating the hospitalityportfolio under the Company’s sole ownership.xMarriott Uptown Refinance:On January 21, 2025, Marriott Uptown completed a$95 million refinancing of a loan held by the special purpose entity that ownsMarriott Uptown, generating approximately $15 million of cash distributions to theCompany. On October 20, 2025, the Company received an additional $3.2 millionin cash distributions upon the hotel achieving certain performance thresholds underthe refinancing.xShare Repurchase Program:During 2025, the Company commenced repurchasesunder its share repurchase program and repurchased approximately $1.9 millionof its common shares.We may utilize various methods to effect the repurchases,and the timing and extent of the repurchases will depend upon several factors,includingmarket and business conditions,regulatory requirements and othercorporate considerations.xSeries B Preferred Offering:In January 2025, NXDT launched a continuous publicoffering of up to 16.0 million shares of its newly designated 9.00% Series BCumulative Redeemable Preferred Shares (“Series B Preferred Shares”) at a publicoffering price of $25.00 per share. As of December 31, 2025, the Company hadissued Seri