NexPoint Diversified Real Estate Trust (NYSE: NXDT) is a real estate investment trust that owns and operates a portfolio of commercial real estate assets and non-real estate investments across two reportable segments: Diversified and Hospitality. The company generates income through property-level net operating income, investment revenue from non-real estate holdings, and realized gains on investments. Its Hospitality segment owns select-service and full-service hotel properties including a Hilton Garden Inn and a Hampton Inn & Suites (St. Pete property), while its Diversified segment holds commercial properties including Cityplace, which was under redevelopment as of December 31, 2025. NXDT is externally managed under an Advisory Agreement, with advisory and administrative fees of $17.1 million paid to the Adviser in FY2025. The company reported a net loss of $127.0 million in FY2025, compared to a net loss of $56.6 million in FY2024, and total NOI of $2.7 million in FY2025. Distributions are paid on common shares, Series A Preferred Shares, and Series B Preferred Shares, with the common distribution including up to 20% cash and the remainder in company shares.

Revenue model

Property-level net operating income from owned commercial and hospitality real estate assets, investment income from non-real estate holdings ($44.9 million non-operating property investment revenue in FY2025), and realized gains on investments. The company pays an external adviser via advisory and administrative fees ($17.1 million in FY2025) and distributes income to common and preferred shareholders.

Products and services

Commercial real estate properties including Cityplace (under hotel redevelopment as of December 31, 2025); hospitality properties including a Hilton Garden Inn (HGI Property) and Hampton Inn & Suites (St. Pete Property); non-real estate investments held through taxable REIT subsidiaries. Mortgage debt encumbers individual properties: Cityplace at approximately $137.6 million, HGI Property at $26.4 million, St. Pete Property at $12.7 million, and Bradenton and Park City properties at $38.6 million, all as of December 31, 2025.

Customers and end markets

Commercial real estate tenants (office and mixed-use), hotel guests at select-service and full-service properties, and capital markets investors holding common shares, Series A Preferred Shares, and Series B Preferred Shares. End markets include commercial real estate leasing and hospitality.

Value-chain role

REIT owner-operator externally managed by an adviser under an Advisory Agreement. The company owns properties directly and through an operating partnership (NexPoint Diversified Real Estate Trust Operating Partnership, L.P.), and uses third-party hotel management companies and franchise partners for hospitality operations.

Geographic exposure

Domestic U.S. properties. Specific locations referenced in the FY2025 10-K include Bradenton, Park City, and St. Petersburg (St. Pete). Insurance coverage includes both domestic and foreign terrorist-related activities, but no international property holdings are described in the filing excerpts.

Source: SEC 10-K, filed 2026-03-31

Industry: Real Estate Investment Trusts Peers: Alpine Income Property Trust Inc American Healthcare REIT Inc Belpointe PREP LLC W.p. Carey Inc CTO Realty Growth Inc Empire State Realty Trust Inc Gladstone Commercial Corp Safehold Inc Pacific Oak Strategic Opportunity REIT, Inc. One Liberty Properties Inc