NexPoint Diversified Real Estate Trust Series A Pfd 2026年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31, 2026or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File Number 001-32921 NexPoint Diversified Real Estate Trust (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YesNo☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo As of May 14, 2026, the registrant had 51,723,778 common shares, par value $0.001 per share, outstanding. NEXPOINT DIVERSIFIED REAL ESTATE TRUST Form 10-QQuarter Ended March 31, 2026 INDEX Cautionary Statement Regarding Forward Looking Statements PART I Item 1.Financial Statements1Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 20251Consolidated Unaudited Statements of Operations and Comprehensive Income (Loss) for the Three MonthsEnded March 31, 2026 and 20252Consolidated Unaudited Statements of Equity for the Three Months Ended March 31, 2026 and 20253Consolidated Unaudited Statements of Cash Flows for the Three Months Ended March 31, 2026 and 20255Notes to Consolidated Unaudited Financial Statements7Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations43Item 3.Quantitative and Qualitative Disclosures About Market Risk68Item 4.Controls and Procedures68 PART II Item 1.Legal Proceedings69Item 1A.Risk Factors69Item 2.Unregistered Sales of Equity Securities and Use of Proceeds69Item 3.Defaults Upon Senior Securities69Item 4.Mine Safety Disclosures69Item 5.Other Information69Item 6.Exhibits70Signatures71 Cautionary Statement Regarding Forward-Looking Statements This quarterly report (this "Quarterly Report") contains forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995 that are subject to risks and uncertainties. In particular, statements relating to our businessand investment strategies, liquidity and capital resources, our performance and results of operations, and expectations on our abilityto refinance debt as necessary contain forward-looking statements. Furthermore, all of the statements regarding future financialperformance (including market conditions and demographics) are forward-looking statements. We caution investors that anyforward-looking statements presented in this Quarterly Report are based on management’s current beliefs and assumptions madeby, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,”“might,”"plan,""potential,"“estimate,”“project,”"target,"“should,”“will,”“would,”“result,”"goal,""could,""future,""continue," "if," the negative version of these words and similar expressions that do not relate solely to historical matters areintended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plansor intentions. Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknownrisks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, orshould underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected.We caution you therefore against relying on any of these forward-looking statements. Some of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differmaterially from those expressed or implied by forward-looking statements include, among ot