NexPoint Diversified Real Estate Trust 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 June 30, 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 growth company. 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 August 14, 2026, the registrant had 53,106,027 common shares, par value $0.001 per share, outstanding. NEXPOINT DIVERSIFIED REAL ESTATE TRUST Form 10-QQuarter Ended June 30, 2026 INDEX Cautionary Statement Regarding Forward Looking Statements PART I Item 1.Financial Statements1Consolidated Balance Sheets as of June 30, 2026 (Unaudited) and December 31, 20251Consolidated Unaudited Statements of Operations and Comprehensive Income (Loss) for the Three and SixMonths Ended June 30, 2026 and 20252Consolidated Unaudited Statements of Equity for the Three and Six Months Ended June 30, 2026 and 20253Consolidated Unaudited Statements of Cash Flows for the Six Months Ended June 30, 2026 and 20256Notes to Consolidated Unaudited Financial Statements8Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations44Item 3.Quantitative and Qualitative Disclosures About Market Risk76Item 4.Controls and Procedures76 PART II Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures 7777777777777779 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 and/or extend the maturity of outstanding debt as necessary contain forward-looking statements. Furthermore, all of thestatements regarding future financial performance (including market conditions and demographics) are forward-looking statements.We caution investors that any forward-looking statements presented in this Quarterly Report are based on management’s currentbeliefs and assumptions made by, 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 relatesolely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statementsby discussions of strategy, plans or 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 e