Nexpoint Diversified Real Estate Trust
NXDT NYSE Real Estate Investment Trusts Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$86.0M
3.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−1.6%
3.4 pts
Net income
Profit after all expenses, interest and tax.
−$130M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.48 EPS (TTM)
What Nexpoint Diversified Real Estate Trust does
No business description yet.
- Legal name
- NEXPOINT DIVERSIFIED REAL ESTATE TRUST
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 31, 2026
- Accession · CIK
- 0001193125-26-133271
0001356115
Revenue and margins
Nexpoint Diversified Real Estate Trust had $86.0M of revenue in fiscal 2025, up 3.3% on the year before.
FY21
Revenue —
FY23
Revenue —
FY24
Revenue $83.2M
FY25
Revenue $86.0M
Q3 '23
Revenue $40.8M
Q4 '23
Revenue $12.4M
Q1 '24
Revenue $12.8M
Q2 '24
Revenue $22.3M
Q3 '24
Revenue $22.2M
Q4 '24
Revenue $25.9M
Q1 '25
Revenue $29.1M
Q2 '25
Revenue $21.0M
Q3 '25
Revenue $17.5M
Q4 '25
Revenue $18.4M
Q1 '26
Revenue $22.9M
Q2 '26
Revenue $19.3M
FY21
Gross —
Operating —
Net —
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating −5.0%
Net −61.7%
FCF —
FY25
Gross —
Operating −1.6%
Net −151.4%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 68.8%
Net −144.7%
FCF —
Q4 '23
Gross —
Operating −4.2%
Net −559.0%
FCF —
Q1 '24
Gross —
Operating 2.1%
Net −177.3%
FCF —
Q2 '24
Gross —
Operating 2.7%
Net −43.9%
FCF —
Q3 '24
Gross —
Operating −26.8%
Net −45.2%
FCF —
Q4 '24
Gross —
Operating 3.6%
Net −34.0%
FCF —
Q1 '25
Gross —
Operating 19.0%
Net −118.0%
FCF —
Q2 '25
Gross —
Operating −0.6%
Net −215.1%
FCF —
Q3 '25
Gross —
Operating −19.1%
Net −78.4%
FCF —
Q4 '25
Gross —
Operating −18.8%
Net −200.8%
FCF —
Q1 '26
Gross —
Operating 15.1%
Net −100.4%
FCF —
Q2 '26
Gross —
Operating 10.9%
Net 0.3%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $245M
FY23
Net income —
FY24
Net income −$51.3M
FY25
Net income −$130M
Q3 '23
Net income −$59.0M
Q4 '23
Net income −$69.1M
Q1 '24
Net income −$22.7M
Q2 '24
Net income −$9.8M
Q3 '24
Net income −$10.0M
Q4 '24
Net income −$8.8M
Q1 '25
Net income −$34.3M
Q2 '25
Net income −$45.3M
Q3 '25
Net income −$13.7M
Q4 '25
Net income −$36.9M
Q1 '26
Net income −$23.0M
Q2 '26
Net income $0.1M
FY21
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS −$1.28
FY25
Diluted EPS −$2.81
Q3 '23
Diluted EPS −$1.62
Q4 '23
Diluted EPS −$1.86
Q1 '24
Diluted EPS −$0.59
Q2 '24
Diluted EPS −$0.24
Q3 '24
Diluted EPS −$0.25
Q4 '24
Diluted EPS −$0.20
Q1 '25
Diluted EPS −$0.80
Q2 '25
Diluted EPS −$0.99
Q3 '25
Diluted EPS −$0.29
Q4 '25
Diluted EPS −$0.73
Q1 '26
Diluted EPS −$0.46
Q2 '26
Diluted EPS $0.00
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity 26.9%
Return on assets 23.4%
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital —
Return on equity −6.0%
Return on assets −4.4%
FY25
Return on capital —
Return on equity −16.9%
Return on assets −11.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY21
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY21
Cash from operations $38.1M
Capital spending —
FY23
Cash from operations —
Capital spending —
FY24
Cash from operations −$11.7M
Capital spending —
FY25
Cash from operations $9.2M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $24.6M
Capital spending —
Q4 '23
Cash from operations $0.5M
Capital spending —
Q1 '24
Cash from operations −$2.6M
Capital spending —
Q2 '24
Cash from operations −$5.5M
Capital spending —
Q3 '24
Cash from operations $0.5M
Capital spending —
Q4 '24
Cash from operations −$4.1M
Capital spending —
Q1 '25
Cash from operations $7.1M
Capital spending —
Q2 '25
Cash from operations $0.1M
Capital spending —
Q3 '25
Cash from operations $0.8M
Capital spending —
Q4 '25
Cash from operations $1.2M
Capital spending —
Q1 '26
Cash from operations −$0.5M
Capital spending —
Q2 '26
Cash from operations −$4.6M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Nexpoint Diversified Real Estate Trust returned $7.9M to shareholders in fiscal 2025. The diluted share count rose 15.0%.
FY21
Dividends $20.1M
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends $4.9M
Buybacks $0.0M
FY25
Dividends $6.0M
Buybacks $1.9M
Dividends
Buybacks
Q3 '23
Dividends $5.6M
Buybacks —
Q4 '23
Dividends $5.6M
Buybacks —
Q1 '24
Dividends $1.2M
Buybacks —
Q2 '24
Dividends $1.3M
Buybacks —
Q3 '24
Dividends $1.2M
Buybacks —
Q4 '24
Dividends $1.3M
Buybacks $0.0M
Q1 '25
Dividends $1.5M
Buybacks $0.0M
Q2 '25
Dividends $1.5M
Buybacks $0.0M
Q3 '25
Dividends $1.4M
Buybacks $0.8M
Q4 '25
Dividends $1.6M
Buybacks $1.1M
Q1 '26
Dividends $1.8M
Buybacks $2.3M
Q2 '26
Dividends $2.1M
Buybacks $0.5M
Dividends
Buybacks
FY21
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably Nexpoint Diversified Real Estate Trust can carry it.
FY21
Cash $2.2M
Debt —
FY23
Cash $20.6M
Debt —
FY24
Cash $8.8M
Debt —
FY25
Cash $8.2M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $2.2M | $20.6M | $8.8M | $8.2M |
| Interest coverage | — | — | −0.1x | −0.1x |
| Total assets | $1.0B | $1.1B | $1.2B | $1.1B |
| Total liabilities | $53.6M | $213M | $391M | $354M |
| Shareholders' equity | $911M | $885M | $837M | $700M |
| Net debt (− = net cash) | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✕ | ✓ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | — | — | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 3 | — / 3 | — / 6 |
| Accruals ratio | 19.8% | −3.4% | −12.1% |
| Altman Z'' | — | — | — |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | — | — | $83.2M | $86.0M |
| Operating income | — | — | −$4.2M | −$1.4M |
| Interest expense | $2.4M | — | $28.4M | $26.6M |
| Income tax | — | $10.0M | $1.4M | −$0.1M |
| Net income | $245M | — | −$51.3M | −$130M |
| Net income to common | — | — | −$51.3M | −$130M |
| Diluted EPS | — | — | −$1.28 | −$2.81 |
| Diluted shares | — | — | 0.04B | 0.05B |
| Cash flow | ||||
| Cash from operations | $38.1M | — | −$11.7M | $9.2M |
| Depreciation and amortization | — | — | $15.6M | $17.7M |
| Stock-based compensation | — | — | $3.0M | $4.7M |
| Share buybacks | — | — | $0.0M | $1.9M |
| Dividends paid | $20.1M | — | $4.9M | $6.0M |
| Dividends and buybacks | $20.1M | — | $4.9M | $7.9M |
| Balance sheet | ||||
| Cash and short-term investments | $2.2M | $20.6M | $8.8M | $8.2M |
| Total assets | $1.0B | $1.1B | $1.2B | $1.1B |
| Total liabilities | $53.6M | $213M | $391M | $354M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $911M | $885M | $837M | $700M |
| Margins | ||||
| Operating margin | — | — | −5.0% | −1.6% |
| EBITDA margin | — | — | 13.8% | 19.0% |
| Net margin | — | — | −61.7% | −151.4% |
| Returns | ||||
| Return on equity | 26.9% | — | −6.0% | −16.9% |
| Return on assets | 23.4% | — | −4.4% | −11.3% |
| Return on tangible equity | 26.9% | — | −6.1% | −18.6% |
| Growth | ||||
| Revenue growth | — | — | — | 3.3% |
| Share count change | — | — | — | 15.0% |
| Financial health | ||||
| Interest coverage | — | — | −0.1x | −0.1x |
| Capital allocation | ||||
| Stock comp / revenue | — | — | 3.6% | 5.5% |
| Quality scores | ||||
| Accruals ratio | 19.8% | — | −3.4% | −12.1% |
Source: SEC EDGAR XBRL filings (CIK 0001356115). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.