NexPoint Diversified Real Estate Trust (NXDT) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-32921
Entity Registrant Name	NexPoint Diversified Real Estate Trust
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0139099
Entity Address, Address Line One	300 Crescent Court
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	276-6300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,650,118
Entity Central Index Key	0001356115
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common stock
Document Information [Line Items]
Title of 12(b) Security	Common Shares, par value $0.001 per share
Trading Symbol	NXDT
Security Exchange Name	NYSE
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	5.50% Series A Cumulative Preferred Shares, par value$0.001 per share ($25.00 liquidation preference per share)
Trading Symbol	NXDT-PA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Consolidated Real Estate Investments
Land	$ 70,381	$ 47,708
Buildings and improvements	336,269	206,213
Intangible lease assets	10,979	10,979
Construction in progress	25,935	19,177
Furniture, fixtures, and equipment	13,134	362
Right-of-use assets	1,465	0
Total Gross Consolidated Real Estate Investments	458,163	284,439
Accumulated depreciation and amortization	(27,123)	(20,525)
Total Net Consolidated Real Estate Investments	431,040	263,914
Investments, at fair value ($505,599 and $533,065 with related parties, respectively)	655,644	691,238
Equity method investments ($6,948 and $7,079 with related parties, respectively)	63,518	66,263
Cash and cash equivalents	28,372	20,608
Restricted cash	45,935	32,561
Accounts receivable, net	4,029	4,347
Prepaid and other assets	12,748	10,431
Accrued interest and dividends	4,546	6,078
Interest rate caps	815	0
Deferred tax asset, net	3,086	2,896
Total Assets	1,249,733	1,098,336
Liabilities:
Mortgages payable, net	252,580	142,186
Notes payable, net ($70,980 and $20,000 with related party, respectively)	101,085	52,919
Prime brokerage borrowing	1,349	1,782
Accounts payable and other accrued liabilities	19,990	8,633
Income tax payable	0	356
Accrued real estate taxes payable	2,035	231
Accrued interest payable	7,877	1,398
Security deposit liability	422	422
Prepaid rents	1,354	768
Intangible lease liabilities, net	3,975	4,567
Total Liabilities	390,667	213,262
Shareholders' Equity:
Preferred shares, $0.001 par value: 4,800,000 shares authorized; 3,359,593 shares issued and outstanding	3	3
Common shares, $0.001 par value: unlimited shares authorized; 40,650,118 and 38,389,600 shares issued and outstanding, respectively	41	38
Additional paid-in capital	1,025,144	1,011,613
Accumulated earnings (loss)	(171,101)	(126,580)
Noncontrolling interests	4,979	0
Total Shareholders' Equity	859,066	885,074
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,249,733	$ 1,098,336

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, at fair value	$ 655,644	$ 691,238
Equity method investments	63,518	66,263
Notes payable, net	$ 101,085	$ 52,919
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	4,800,000	4,800,000
Preferred stock, shares issued (in shares)	3,359,593	3,359,593
Preferred stock, shares outstanding (in shares)	3,359,593	3,359,593
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares, issued (in shares)	40,650,118	38,389,600
Common stock, shares, outstanding (in shares)	40,650,118	38,389,600
Related Party
Investments, at fair value	$ 505,599	$ 533,065
Equity method investments	6,948	7,079
Notes payable, net	$ 70,980	$ 20,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental income	$ 3,985	$ 5,417	$ 8,032	$ 10,137
Interest income	1,708	1,751	3,390	3,769
Dividend income	7,196	6,690	14,245	14,809
Other income	373	22	400	31
Total revenues	22,274	13,880	35,079	28,746
Expenses
Property operating expenses	6,756	2,520	8,333	4,026
Property management fees	185	191	361	362
Real estate taxes and insurance	1,775	1,340	3,014	2,697
Advisory and administrative fees	3,443	1,660	6,689	5,238
Property general and administrative expenses	2,225	1,025	2,892	1,768
Corporate general and administrative expenses	3,195	2,252	6,030	3,748
Conversion expenses	0	1,281	0	1,444
Depreciation and amortization	4,102	3,584	6,898	7,108
Total expenses	21,681	13,853	34,217	26,391
Operating income (loss)	593	27	862	2,355
Interest expense	(7,851)	(3,762)	(12,382)	(7,224)
Distributions of earnings from unconsolidated ventures	196	422	(958)	346
Unrealized Gain (Loss) on Investments	(3,154)	(9,332)	3,136	(27,972)
Realized gains (losses)	(3)	(914)	(21,875)	221
Net income (loss) before income taxes	(10,219)	(13,559)	(31,217)	(32,274)
Income tax expense	(303)	(308)	(853)	(1,114)
Net income (loss)	(10,522)	(13,867)	(32,070)	(33,388)
Net (income) loss attributable to preferred shareholders	(1,155)	(1,155)	(2,310)	(2,310)
Net (income) loss attributable to noncontrolling interests	1,894	0	1,894	0
Net income (loss) attributable to common shareholders	$ (9,783)	$ (15,022)	$ (32,486)	$ (35,698)
Weighted average common shares outstanding - basic (in shares)	39,616	37,172	39,094	37,172
Weighted average common shares outstanding - diluted (in shares)	39,616	37,172	39,094	37,172
Earnings (loss) per share - basic (in dollars per share)	$ (0.24)	$ (0.40)	$ (0.83)	$ (0.96)
Earnings (loss) per share - diluted (in dollars per share)	$ (0.24)	$ (0.40)	$ (0.83)	$ (0.96)
Rooms
Revenues
Revenues	$ 8,200	$ 0	$ 8,200	$ 0
Food and beverage
Revenues
Revenues	$ 812	$ 0	$ 812	$ 0

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income	$ 1,708	$ 1,751	$ 3,390	$ 3,769
Dividend income	7,196	6,690	14,245	14,809
Equity in income (loss)	196	422	(958)	346
Change in unrealized (gains) losses from non-real estate investments	(3,154)	(9,332)	3,136	(27,972)
Related Party
Interest income	584	692	1,066	1,317
Dividend income	6,948	6,438	13,853	12,864
Equity in income (loss)	156	209	370	(421)
Change in unrealized (gains) losses from non-real estate investments	$ 3,295	$ (1,303)	$ (12,381)	$ (17,311)

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Accumulated Earnings (Loss)	Noncontrolling Interest
Beginning balances (in shares) at Dec. 31, 2022		3,359,593	37,171,807
Beginning of period at Dec. 31, 2022	$ 1,017,832	$ 3	$ 37	$ 999,845	$ 17,947
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	436			436
Net loss attributable to common shareholders	(35,698)				(35,698)
Net loss attributable to noncontrolling interests	0
Net income (loss) attributable to preferred shareholders	2,310				2,310
Common share dividends declared	(11,241)				(11,241)
Preferred share dividends declared	(2,310)				(2,310)
Ending balances (in shares) at Jun. 30, 2023		3,359,593	37,171,807
End of period at Jun. 30, 2023	971,329	$ 3	$ 37	1,000,281	(28,992)
Beginning balances (in shares) at Mar. 31, 2023		3,359,593	37,171,807
Beginning of period at Mar. 31, 2023	991,581	$ 3	$ 37	999,845	(8,304)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	436			436
Net loss attributable to common shareholders	(15,022)				(15,022)
Net loss attributable to noncontrolling interests	0
Net income (loss) attributable to preferred shareholders	1,155				1,155
Common share dividends declared	(5,666)				(5,666)
Preferred share dividends declared	(1,155)				(1,155)
Ending balances (in shares) at Jun. 30, 2023		3,359,593	37,171,807
End of period at Jun. 30, 2023	971,329	$ 3	$ 37	1,000,281	(28,992)
Beginning balances (in shares) at Dec. 31, 2023		3,359,593	38,389,600
Beginning of period at Dec. 31, 2023	885,074	$ 3	$ 38	1,011,613	(126,580)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interests from NHT Acquisition	6,873					6,873
Stock-based compensation expense (in shares)			145,433
Stock-based compensation expense	1,447			1,447
Shares issued to advisor for admin and advisory fees, shares			378,038
Shares issued to Adviser for admin and advisory fees	2,705		$ 1	2,704
Net loss attributable to common shareholders	(32,486)				(32,486)
Net loss attributable to noncontrolling interests	(1,894)					(1,894)
Net income (loss) attributable to preferred shareholders	2,310				2,310
Common share dividends declared (in shares)			1,737,047
Common share dividends declared	(2,653)		$ 2	9,380	(12,035)
Preferred share dividends declared	(2,310)				(2,310)
Ending balances (in shares) at Jun. 30, 2024		3,359,593	40,650,118
End of period at Jun. 30, 2024	859,066	$ 3	$ 41	1,025,144	(171,101)	4,979
Beginning balances (in shares) at Mar. 31, 2024		3,359,593	39,301,419
Beginning of period at Mar. 31, 2024	863,023	$ 3	$ 39	1,018,136	(155,155)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interests from NHT Acquisition	6,873
Stock-based compensation expense (in shares)			145,433
Stock-based compensation expense	900			900
Shares issued to advisor for admin and advisory fees, shares			208,117
Shares issued to Adviser for admin and advisory fees	1,354		$ 1	1,353
Net loss attributable to common shareholders	(9,783)				(9,783)
Net loss attributable to noncontrolling interests	(1,894)
Net income (loss) attributable to preferred shareholders	1,155				1,155
Common share dividends declared (in shares)			995,149
Common share dividends declared	(1,407)		$ 1	4,755	(6,163)
Preferred share dividends declared	(1,155)				(1,155)
Ending balances (in shares) at Jun. 30, 2024		3,359,593	40,650,118
End of period at Jun. 30, 2024	$ 859,066	$ 3	$ 41	$ 1,025,144	$ (171,101)	$ 4,979

CONSOLIDATED STATEMENT OF SHA_2

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common share dividends declared (in dollars per share)	$ 0.15	$ 0.15	$ 0.30	$ 0.30
Preferred share dividends declared (in dollars per share)	$ 0.34375	$ 0.34375	$ 0.68750	$ 0.68750

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (32,070)	$ (33,388)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,898	7,108
Amortization of intangible lease assets and liabilities	(525)	(581)
Amortization of deferred financing costs	447	244
Amortization of fair value adjustment of assumed debt	286	0
Paid-in-kind interest ($(2,613) and $0 with related parties, respectively)	(4,748)	(1,961)
Proceeds from paid-in-kind interest on paydowns or sales from investments	2,272	0
Net cash received on derivative settlements	330	0
Realized (gain) loss	21,875	(221)
Net change in unrealized (gain) loss on investments held at fair value	(3,136)	27,972
Unrealized (gain) loss on interest rate derivatives	(81)	0
Equity in (income) losses of unconsolidated ventures ($(370) and $421 with related parties, respectively)	958	(346)
Distributions of earnings from unconsolidated ventures ($502 and $386 with related parties, respectively)	1,787	1,412
Stock-based compensation expense	1,779	436
Cash paid for life settlement premiums	0	(2,532)
Equity security dividends reinvested ($(4,185) and $0 with related parties, respectively)	(4,258)	0
Deferred tax (benefit) expense	(190)	264
Changes in operating assets and liabilities, net of effects of acquisitions:
Income tax payable	(356)	(10,720)
Real estate taxes payable	571	2,008
Operating assets	(567)	(5,064)
Operating liabilities	681	(5,480)
Net cash used in operating activities	(8,047)	(20,849)
Cash flows from investing activities
Proceeds from asset redemptions ($1,700 and $0 with related parties, respectively)	1,700	0
Distributions from CLO investments	1,266	0
Proceeds from sale of investments	2,437	25,084
Proceeds from paydowns of investments	5,977	0
Net cash acquired in acquisition of NexPoint Hospitality Trust	42,749	0
Purchases of investments ($(6,632) and $0 with related parties, respectively)	(6,862)	(2,102)
Additions to consolidated real estate investments	(5,045)	(7,348)
Proceeds from life settlement policy maturities	0	2,999
Net cash provided by investing activities	42,222	18,633
Cash flows from financing activities
Proceeds received from notes payable	0	20,000
Mortgage payments	(4,121)	(1,182)
Prime brokerage borrowing	155	9,922
Credit facilities payments	(3,000)	(6,000)
Prime brokerage payments	(588)	(10,428)
Deferred financing costs paid	(385)	(403)
Payments for taxes related to net share settlement of stock-based compensation	(332)	0
Dividends paid to preferred shareholders	(2,310)	(2,310)
Dividends paid to common shareholders	(2,456)	(11,241)
Net cash used in financing activities	(13,037)	(1,642)
Net increase (decrease) in cash, cash equivalents and restricted cash	21,138	(3,858)
Cash, cash equivalents and restricted cash, beginning of period	74,307	44,791
Cash, cash equivalents and restricted cash, end of period	53,169	48,649
Supplemental Disclosure of Cash Flow Information
Interest paid	5,903	7,053
Income tax paid	0	13,700
Supplemental Disclosure of Noncash Activities
Non-cash dividend payment	9,384	0
Non-cash advisory fee payment	2,705	0
Increase in dividends payable upon vesting of restricted stock units	197	0
Real estate investments assumed in acquisition of NexPoint Hospitality Trust	(167,624)	0
Investments at fair value assumed in acquisition of NexPoint Hospitality Trust	(5,000)	0
Interest rate caps assumed in acquisition of NexPoint Hospitality Trust	(1,064)	0
Notes payable assumed in acquisition of NexPoint Hospitality Trust	50,694	0
Mortgages payable assumed in acquisition of NexPoint Hospitality Trust	114,640	0
Right of use assets assumed in acquisition of NexPoint Hospitality Trust	(1,465)	0
Accrued interest payable assumed in acquisition of NexPoint Hospitality Trust	6,353	0
Noncontrolling interests assumed in acquisition of NexPoint Hospitality Trust	6,873	0
Deconsolidated investments at fair value from the acquisition of NexPoint Hospitality Trust	24,981	0
Accounts receivable and other assets assumed in acquisition of NexPoint Hospitality Trust	(1,305)	0
Accounts payable and other liabilities assumed in acquisition of NexPoint Hospitality Trust	14,276	0
Fair value assets acquired from equity security dividends reinvested	4,258	0
Change in capitalized construction costs included in accounts payable and other accrued liabilities	(410)	0
Real estate taxes payable assumed in acquisition of NexPoint Hospitality Trust	$ 1,233	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Paid-in-kind interest	$ 4,748	$ 1,961
Net change in unrealized (gain) loss on investments held at fair value	(3,136)	27,972
Equity in (income) losses of unconsolidated ventures	(958)	346
Distributions of earnings from unconsolidated ventures	1,787	1,412
Equity security dividends reinvested	(4,258)	0
Proceeds from asset redemptions	1,700	0
Purchase of investments, related parties	(6,862)	(2,102)
Related Party
Paid-in-kind interest	2,613	0
Net change in unrealized (gain) loss on investments held at fair value	(12,381)	17,311
Equity in (income) losses of unconsolidated ventures	370	(421)
Distributions of earnings from unconsolidated ventures	502	386
Equity security dividends reinvested	(4,185)	0
Proceeds from asset redemptions	1,700	0
Purchase of investments, related parties	$ (6,632)	$ 0

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business NexPoint Diversified Real Estate Trust (the "Company", "we", "us", or "our") was formed in Delaware and has elected to be taxed as a real estate investment trust (a “REIT”). Substantially all of the Company’s business is conducted through NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (the "OP"), the Company’s operating partnership. The Company conducts its business (the "Portfolio") through the OP and its wholly owned taxable REIT subsidiaries ("TRSs"). The Company's wholly owned subsidiary, NexPoint Diversified Real Estate Trust OP GP, LLC (the "OP GP"), is the sole general partner of the OP. As of June 30, 2024, there were 2,000 partnership units of the OP (the “OP Units”) outstanding, of which 100.0% were owned by the Company. On July 1, 2022 (the “Deregistration Date”), the Securities and Exchange Commission (the “SEC”) issued an order pursuant to Section 8(f) of the Investment Company Act of 1940 (the “Investment Company Act”) declaring that the Company has ceased to be an investment company under the Investment Company Act (the “Deregistration Order”). The issuance of the Deregistration Order enabled the Company to proceed with full implementation of its new business mandate to operate as a diversified REIT that focuses primarily on investing in various commercial real estate property types and across the capital structure, including but not limited to equity, mortgage debt, mezzanine debt and preferred equity (the “Business Change”). The Company is externally managed by NexPoint Real Estate Advisors X, L.P. (the “Adviser”), through an agreement dated July 1, 2022, amended on October 25, 2022, April 11, 2023 and July 22, 2024 (the “Advisory Agreement”), by and among the Company and the Adviser for an initial three-year term that will expire on July 1, 2025 and successive one-year terms thereafter unless earlier terminated. The Adviser manages the day-to-day operations of the Company and provides investment management services. The Company had no employees as of June 30, 2024 . All of the Company’s investment decisions are made by the Adviser, subject to general oversight by the Adviser’s investment committee and our board of trustees (the “Board”). The Adviser is wholly owned by NexPoint Advisors, L.P. (the “Sponsor” or “NexPoint”). As a diversified REIT, the Company’s primary investment objective is to provide both current income and capital appreciation. The Company seeks to achieve this objective through the Business Change. Target underlying property types primarily include, but are not limited to, single-family rentals, multifamily, self-storage, life science, office, industrial, hospitality, net lease and retail. The Company may, to a limited extent, hold, acquire or transact in certain non-real estate securities.

Asset Acquisition

Asset Acquisition	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Asset Acquisition	Asset Acquisition NHT Acquisition On April 10, 2024, NexPoint Real Estate Partners, LLC (“NREP”), an entity advised by an affiliate of the Adviser, and Highland Capital Management, L.P. (“Highland”), a third party, entered into a Purchase Agreement ("Purchase Agreement") whereby Highland agreed to sell, among other things, 2,176,257 units of NexPoint Hospitality Trust (“NHT”) (the “NHT Units”) to NREP. The Purchase Agreement was funded in part by cash of $0.8 million provided to NREP by the Company that was allocated for the sale of the NHT Units. Then on April 19, 2024, the Company, NexPoint Real Estate Opportunities, LLC ("NREO"), a wholly owned subsidiary of the Company, and NREP entered into an Assignment of Interests Agreement whereby NREP distributed, assigned, conveyed, transferred, set over, and delivered to NREO its right to purchase the NHT Units under the Purchase Agreement and all of its rights, title and interest in, to and under the NHT Units, including all voting, consent and financial rights, free and clear of all liens and encumbrances (the “NHT Acquisition”). As a result, the Company owned 53.65% of the outstanding NHT Units and was determined to hold the controlling financial interest in NHT and as a result consolidated NHT. The NHT Acquisition was accounted for as an asset acquisition under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 805, Business Combinations . Because the Company does not wholly own NHT, the Company recognized a noncontrolling interest of $6.9 million, which was recorded at fair value when the controlling financial interest was acquired. The Company also recorded an unrealized gain on its previously held interest in NHT of $3.9 million. The accumulated cost of the acquisition was allocated to the acquired assets and liabilities based on their relative fair values as follows: Description Land $ 22,673 Buildings and improvements 128,616 Construction in progress 3,613 Furniture, fixtures, and equipment 12,722 Investments, at fair value 5,000 Cash and cash equivalents 38,467 Restricted cash 5,065 Prepaid and other assets 4,001 Right-of-use asset 1,465 Interest-rate cap 1,064 Mortgages payable (114,640) Notes payable (70,529) Accounts payable and other accrued liabilities (21,826) Accrued real estate taxes (1,233) Identifiable Net Assets Acquired $ 14,458

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting Readers of this Quarterly Report on Form 10-Q ("Quarterly Report") should refer to the audited financial statements and notes to consolidated financial statements of the Company for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K ("202 3 Annual Report") , filed with the SEC and also available on our website (nxdt.nexpoint.com), since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements in our 2023 Annual Report for further discussion of our significant accounting policies and estimates. Information contained on, or accessible through, our website is not incorporated by reference into and does not constitute a part of this Quarterly Report or any other report or documents we file or furnish with the SEC. Income Taxes I. Canadian mutual fund status NHT is a mutual fund trust pursuant to the Income Tax Act (Canada) (the “Tax Act”). Under current tax legislation, a mutual fund trust that is not a specified investment flow-through trust (“SIFT”) pursuant to the Tax Act generally is entitled to deduct distributions of taxable income such that it is not liable to pay Canadian income taxes provided that its taxable income is fully distributed to unitholders. NHT intends to qualify as a mutual fund trust that is not a SIFT and to make distributions not less than the amount necessary to ensure that NHT will not be liable to pay Canadian income taxes. II. U.S REIT Status The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code"), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its shareholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to shareholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of June 30, 2024, the Company believes it is in compliance with all applicable REIT requirements. As a REIT for U.S. federal income tax purposes, the Company may deduct earnings distributed to shareholders against the income generated by our REIT operations. The Company continues to be subject to income taxes on the income of its taxable REIT subsidiaries. Our consolidated net loss before income taxes was $10.2 million and $13.6 million for the three months ended June 30, 2024 and 2023, respectively. Our consolidated net loss before income taxes was $31.2 million and $32.3 million for the six months ended June 30, 2024 and 2023, respectively. The Company’s Consolidated Balance Sheet as of June 30, 2024 consists of a $4.8 million net deferred tax asset at NHF TRS, LLC, a $1.7 million net deferred tax liability at NREO TRS, Inc., a $6.0 million gross deferred tax asset at NHT's TRSs, a gross deferred tax liability of $0.0 million at NHT's TRSs, and a valuation allowance of $6.0 million at NHT's TRSs for a consolidated net deferred tax asset of $3.1 million. The Company's Consolidated Balance Sheet as of December 31, 2023 consisted of a $4.5 million net deferred tax asset at NHF TRS, LLC and a $1.6 million net deferred tax liability at NREO TRS, Inc. for a consolidated net deferred tax asset of $2.9 million. The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. Our effective tax rates for the three months ended June 30, 2024 and 2023 were (2.97)% and (2.27)%, respectively. Our effective tax rates for the six months ended June 30, 2024 and 2023 were (2.73)% and (3.45)%, respectively. Our effective tax rate differs from the U.S. federal statutory corporate tax rate of 21.0% primarily due to our REIT operations generally not being subject to federal income taxes. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more-likely-than-not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of June 30, 2024 and 2023. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2023, 2022, 2021 and 2020 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its Consolidated Statement of Operations and Comprehensive Income (Loss). The Company has not recorded any uncertain tax positions for the six months ended June 30, 2024 and 2023. A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows (in thousands): For the Period Ended June 30, 2024 2023 Expected tax at statutory rate $ (6,556) 21.0 % $ (6,778) 21.0 % Non-taxable REIT income 7,600 -24.3 % 7,628 -23.6 % Change in valuation allowance (191) 0.6 % 264 -0.8 % Total provision $ 853 -2.7 % $ 1,114 -3.5 % Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has two reportable segments: NXDT and NHT. The NXDT segment primarily consists of activities focused on investing in various commercial real estate property types and across the capital structure, including but not limited to equity, mortgage debt, mezzanine debt and preferred equity. The majority of NXDT’s revenue comprise of Rental income, Dividend income, and Interest income. The NHT segment primarily consists of acquiring additional U.S. located hospitality assets that meet its investment objectives and criteria and seeking to own, renovate and operate its portfolio of income-producing hotel properties. The majority of NHT’s revenue is comprised of revenue from renting rooms and selling food and beverages ("F&B"). Our chief operating decision maker (“CODM”) regularly reviews the performance of our segments based in part on the Net Operating Income (“NOI”). We eliminate any inter-segment transactions and balances upon consolidation. Leases The Company’s leasing activities are accounted for under ASC 842, Leases , if an identified contract is, or contains, a lease. Lessors classify leases as either sales-type, direct financing or operating leases. A lease is classified as a sales-type lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying assets, or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. If none of the above criteria is met, a lease is classified as a direct financing lease if both of the following criteria are met: (1) the present value of the of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the underlying asset’s fair value and (2) it is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. A lease is classified as an operating lease if it does not qualify as a sales-type or direct financing lease. All of the leasing arrangements where the Company is the lessor are classified as operating leases. Lessees classify leases as either finance or operating leases. A lease is classified as a finance lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying asset, or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if none of the five criteria described above for finance lease classification is met. The Company has one finance lease in the NHT segment for a parking space related to the Bradenton Hampton Inn & Suites, which is included in “Right-of-use assets” on the Consolidated Balance Sheets. Hotel Revenue Recognition The Company's NHT segment generally recognizes revenue in accordance with ASC 606, Revenue From Contracts with Customers , which requires five steps to evaluate revenue recognition: (i) identify the contract(s) with a customer; (ii) identity the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Rooms revenue is recognized as the services are rendered to customers and upon completion of the hotel stay, provided there are no material remaining performance obligations required of the Company. F&B revenue generally consists of goods and ancillary service charges the customer separately chooses to purchase and are recognized generally when the goods or services are provided to the customer. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires a public entity to disclose significant segment expenses and other segment items in interim and annual periods and expands the ASC 280 disclosure requirements for interim periods. The ASU also explicitly requires public entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures under ASU 2023-07. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating ASU 2023-07 to determine its impact on the Company's disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), to clarify the scope application of profits interest and similar awards by adding illustrative guidance in ASC 718, Compensation-Stock Compensation ("ASC 718"). ASU 2024-01 clarifies how to determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement (ASC 718) or as a cash bonus or profit-sharing arrangement (ASC 710, Compensation-General, or other guidance) and applies to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to adding the illustrative guidance, ASU 2024-01 modified the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, including interim periods within those annual periods. Early adoption is permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interests and similar awards granted or modified on or after the adoption date. The Company is currently assessing the impacts of adopting ASU 2024-01 on its consolidated financial statements and disclosures.

Investments in Real Estate Subs

Investments in Real Estate Subsidiaries	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Investments in Real Estate Subsidiaries	Investments in Real Estate Subsidiaries The Company conducts its operations through the OP and NHT Operating Partnership, LLC ("NHT OP"), which collectively own several real estate properties through single asset limited liability companies that are special purpose entities (“SPEs”). The Company consolidates the SPEs that it controls as well as any variable interest entities ("VIEs") where it is the primary beneficiary. All of the properties the SPEs own are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company. As of June 30, 2024, the Company, through the OP, owned eleven properties through SPEs, including four in the NexPoint Diversified Real Estate Trust segment, and seven in the NexPoint Hospitality Trust segment. The following table represents the Company’s ownership in each property by virtue of its consolidation of the SPEs that directly own the title to each property as of June 30, 2024 and 2023: Effective Ownership Percentage at Property Name Location Year Acquired June 30, 2024 June 30, 2023 White Rock Center Dallas, Texas 2013 100 % 100 % 5916 W Loop 289 Lubbock, Texas 2013 100 % 100 % Cityplace Tower Dallas, Texas 2018 100 % 100 % NexPoint Dominion Land, LLC (1) Plano, Texas 2022 100 % 100 % Dallas Hilton Garden Inn (2) Dallas, Texas 2014 (3) 54 % N/A Addison HomeWood Suites (2) Addison, Texas 2017 (3) 54 % N/A Plano HomeWood Suites (2) Plano, Texas 2017 (3) 54 % N/A Las Colinas HomeWood Suites (2) Las Colinas, Texas 2017 (3) 54 % N/A St. Petersburg Marriott (2) St. Petersburg, Florida 2018 (3) 54 % N/A Hyatt Place Park City (2) Park City, Utah 2022 (3) 54 % N/A Bradenton Hampton Inn & Suites (2) Bradenton, Florida 2022 (3) 54 % N/A (1) NexPoint Dominion Land, LLC owns 100% of 21.5 acres of undeveloped land in Plano, Texas. (2) NHT owns 100% of the properties, and NXDT owns approximately 54% of NHT. (3) Reflects the date NHT or its predecessor acquired the property.

Consolidated Real Estate Invest

Consolidated Real Estate Investments	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Consolidated Real Estate Investments	Consolidated Real Estate Investments As of June 30, 2024, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the Consolidated Balance Sheet, were as follows (in thousands): Operating Properties Land Buildings and Intangible Lease Assets Intangible Lease Right of use assets Construction in Progress Furniture, Fixtures, and Totals White Rock Center $ 1,315 $ 10,471 $ 1,921 $ (101) $ — $ — $ 5 $ 13,611 5916 W Loop 289 1,081 2,938 — — — — — 4,019 Cityplace Tower 18,812 194,998 9,058 (6,669) — 19,103 356 235,658 NexPoint Dominion Land, LLC 26,500 — — — — — — 26,500 Dallas Hilton Garden Inn 4,116 — 24,398 — — — — — — 96 — 1,464 — 30,074 Addison HomeWood Suites 2,576 — 4,934 — — — — — — 443 — 824 — 8,777 Plano HomeWood Suites 2,369 — 6,055 — — — — — — 27 — 824 — 9,275 Las Colinas HomeWood Suites 3,209 — 14,386 — — — — — — 323 — 1,407 — 19,325 St. Petersburg Marriott 5,829 — 33,425 — — — — — — 1,714 — 2,298 — 43,266 Hyatt Place Park City 3,737 — 19,759 — — — — — — 852 — 3,130 — 27,478 Bradenton Hampton Inn & Suites 837 24,905 — — 1,465 417 2,826 30,450 HUB Research Triangle Park 0 — — — — — — — — — 2,960 — — 2,960 Accumulated depreciation and amortization — (18,968) (7,388) 2,795 (10) — (757) (24,328) Total Operating Properties $ 70,381 $ 317,301 $ 3,591 $ (3,975) $ 1,455 $ 25,935 $ 12,377 $ 427,065 As of December 31, 2023, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the Consolidated Balance Sheet, were as follows (in thousands): Operating Properties Land Buildings and Intangible Lease Assets Intangible Lease Construction in Progress Furniture, Fixtures, and Totals White Rock Center $ 1,315 $ 10,345 $ 1,921 $ (101) $ — $ 5 $ 13,485 5916 W Loop 289 1,081 2,938 — — — — 4,019 Cityplace Tower 18,812 192,930 9,058 (6,669) 19,177 357 233,665 NexPoint Dominion Land, LLC 26,500 — — — — — 26,500 47,708 206,213 10,979 (6,770) 19,177 362 277,669 Accumulated depreciation and amortization — (13,490) (6,798) 2,203 — (237) (18,322) Total Operating Properties $ 47,708 $ 192,723 $ 4,181 $ (4,567) $ 19,177 $ 125 $ 259,347 Depreciation expense was $3.7 million and $6.0 million for the three and six months ended June 30, 2024 and $2.3 million and $4.4 million for the three and six months ended June 30, 2023. Amortization expense related to the Company’s intangible lease assets was $0.3 million and $0.6 million for the three and six months ended June 30, 2024 and $1.2 million and $2.5 million for the three and six months ended June 30, 2023. Amortization expense related to the Company's intangible lease liabilities was $0.3 million and $0.6 million for the three and six months ended June 30, 2024 and $0.4 million and $0.7 million for the three and six months ended June 30, 2023. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.2 million and $0.5 million for the three and six months ended June 30, 2024 and $0.4 million and $0.7 million for the three and six months ended June 30, 2023. Acquisitions During the six months ended June 30, 2024, as a result of the NHT Acquisition, the Company consolidated the following properties: Dallas Hilton Garden Inn, Addison HomeWood Suites, Plano HomeWood Suites, Las Colinas HomeWood Suites, St. Petersburg Marriott, Hyatt Place Park City, Bradenton Hampton Inn & Suites. There were no acquisitions by the Company for the six months ended June 30, 2023.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Cityplace Debt The Company has debt on the Cityplace Tower pursuant to a Loan Agreement, originally dated August 15, 2018 and subsequently amended (the “Loan Agreement”). The debt is limited recourse to the Company and encumbers the property. The debt had an original maturity of September 8, 2022, and the Company deferred the maturity date with the lender to May 8, 2023, with the possibility to extend for an additional four months to September 8, 2023 provided certain metrics were met. On May 8, 2023, the lender agreed to defer the maturity of the Cityplace debt by four months to September 8, 2023. Also on May 8, 2023, the parties to the Loan Agreement agreed to convert the index upon which the interest rate is based to the one-month secured overnight financing rate ("SOFR") effective as of the first interest period beginning on or after May 8, 2023. On September 8, 2023, the lender agreed to defer the maturity of the Cityplace debt by six months to March 8, 2024. On March 8, 2024, the lender agreed to defer the maturity of the Cityplace debt by twelve months to March 7, 2025. The debt restructuring per the terms of the Thirteenth Omnibus Amendment Agreement was considered a debt modification. The purpose of the deferral was to allow for continued discussions around refinancing the debt. Management recognizes that finding an alternative source of funding is necessary to repay the debt by the maturity date. Management is evaluating multiple options to fund the repayment of the $141.1 million principal balance outstanding as of June 30, 2024, including refinancing the debt, securing additional equity or debt financing, selling a portion of the portfolio, or any combination thereof. Management believes that there is sufficient time before the maturity date and that the Company has sufficient access to capital to ensure the Company is able to meet its obligations as they become due. Due to the short term nature of the debt, the fair value of the debt is approximately the outstanding balance. The below table contains summary information related to the mortgages payable (dollars in thousands): Outstanding principal as of Interest Rate Maturity Date Note A-1 $ 100,275 7.69 % 3/7/2025 Note A-2 21,935 11.69 % 3/7/2025 Note B-1 12,623 7.69 % 3/7/2025 Note B-2 3,134 11.69 % 3/7/2025 Mezzanine Note 1 2,761 11.69 % 3/7/2025 Mezzanine Note 2 394 11.69 % 3/7/2025 Mortgages payable 141,122 Deferred financing costs, net (244) Mortgages payable, net $ 140,878 The weighted average interest rate of the Company’s debt related to its Cityplace investment was 8.49% as of June 30, 2024 and 8.53% as of December 31, 2023. The one-month SOFR was 5.33% as of June 30, 2024 and 5.35% as of December 31, 2023. The Loan Agreement contains customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of June 30, 2024, the Company believes it is in compliance with all such covenants. Notes Payable, NXDT Segment On August 9, 2022, the Company borrowed approximately $13.3 million from the seller, Gabriel Legacy, LLC to finance its acquisition of 21.5 acres of land in Plano, Texas held through NexPoint Dominion Land, LLC, a wholly owned subsidiary of the OP. Due to the short term nature of the note, the fair value of the note is approximately the outstanding balance. The note bears interest at an annual rate equal to the WSJ Prime Rate and matures on August 8, 2025. Notes Payable, NHT Segment On February 28, 2019, NHT, through subsidiaries of NHT OP, entered into a borrowing arrangement for a $59.4 million Note A loan (the “Note A Loan”) and a $28.6 million Note B loan (the “Note B Loan”) with ACORE Capital Mortgage, LP ("ACORE"). The Note A Loan and Note B Loan are secured by the HGI Property, Addison HomeWood Suites, Plano HomeWood Suites, Las Colinas HomeWood Suites and the St. Pete Property. The Note A Loan bears interest at a variable rate equal to the 30-day SOFR plus 2.00% and matures on March 1, 2025. The Note B Loan bears interest at a variable rate equal to the 30-day SOFR plus 6.46% and matures on March 1, 2025. The Note A Loan and Note B Loan principal amounts reflected their fair values on the date of the NHT Acquisition. As of June 30, 2024, the Note A Loan and the Note B Loan had an outstanding balance of $50.2 million and $24.2 million and effective interest rates of 7.34% and 11.75%, respectively. For the three months ended June 30, 2024, NHT paid $2.0 million and $1.5 million in interest on the Note A Loan and the Note B Loan, respectively. On February 15, 2022, in connection with the acquisition of the Park City and Bradenton properties, NHT, through subsidiaries of NHT OP, entered into a borrowing arrangement for a $39.3 million loan (the “PC & B Loan”) with AREEIF Lender, LLC. The PC & B Loan principal amount reflected its fair value on the date of the NHT Acquisition. The outstanding balance on the PC & B Loan as of June 30, 2024 was $37.3 million, with $2.5 million available to draw on for renovation purposes as of June 30, 2024. The PC & B Loan and the Note A Loan and Note B Loan contain customary representations, warranties, and events of default, which require NHT to comply with affirmative and negative covenants. As of June 30, 2024, NHT is in compliance with all debt covenants. The NHT OP also entered into several convertible notes with affiliates of the NHT Adviser (as defined in Note 11) since January 8, 2019. The fixed rate notes have rates ranging from 1.82% to 7.50% (which were market interest rates at the time of their issuance) while outstanding and mature in 20 years from their date of issuance, with the earliest maturing on February 14, 2027 and the latest maturing on September 30th, 2042. Upon the issuance of the convertible notes, the conversion feature resulted in a variable number of Class B Units of NHT OP (the "NHT OP Class B Units") to be issued, and, as such, resulted in a derivative liability. For $11.8 million of the notes, the principal and interest is convertible into NHT OP Class B Units (at the option of their respective holder) at the market price of the NHT Units at the time of conversion any time during the term of the note. For $38.0 million of the notes, the principal of the notes is convertible into NHT OP Class B Units, at prices ranging from $1.60 to $2.50 for a period of five years from its date of issuance (with the expiration of conversion rights ranging from June 25, 2026 to September 30, 2027). One note issued to Highland Global Allocation Fund in the amount of $8.5 million is not convertible into NHT OP Class B Units. On October 30, 2023, the TSX Venture Exchange (the "TSXV") approved the issuance of up to 21,075,012 NHT Units in connection with the redemption of NHT OP Class B Units issued to a holder of notes on conversion of the $38.0 million of notes. With respect to the $11.8 million of notes convertible on the basis of the market price of the NHT Units at the time of the conversion, any issuance of NHT Units in connection with a redemption of NHT OP Class B Units received by holders on a conversion of such notes is subject to the prior approval of the TSXV. The relative fair value of the convertible notes did not reflect the outstanding principal on the date of the NHT Acquisition. The difference between the fair value and the principal amount of debt is amortized into interest expense over the remaining term. As of June 30, 2024, the net carrying amount of the convertible notes due to affiliates of the NHT Adviser was $51.0 million. The following table contains summary information concerning the debt of the NHT segment as of June 30, 2024 (dollars in thousands): Outstanding principal as of Debt Payable June 30, 2024 Interest Rate Maturity Date Lender Note A¹ $ 50,188 7.34% 3/8/2025 ACORE Note B¹ 24,165 11.80% 3/8/2025 ACORE PC & B Loan² 37,348 6.70% 2/5/2025 AREEIF Lender, LLC Convertible Notes Due to Affiliates 58,278 - 2/14/2027 - 9/30/2042 Multiple $ 169,979 Fair market value adjustment, net of accumulated amortization³ (7,298) Debt payable, net $ 162,681 (1) This debt is secured by the following properties: HGI Property, Addison HomeWood Suites, Plano HomeWood Suites, Las Colinas HomeWood Suites and the St. Pete Property. (2) This debt is secured by the following properties: Park City and Bradenton. (3) The Company recorded a valuation adjustment of the Convertible Notes Due to Affiliates upon the consolidation of NHT to adjust for the difference between the fair value and the outstanding principal amount of the debt. The difference is amortized into interest expense. Credit Facility On January 8, 2021, the Company entered into a $30.0 million credit facility (the "Credit Facility") with Raymond James Bank, N.A. and drew the full balance. On October 20, 2023, Raymond James Bank, N.A. agreed to amend the terms of the Credit Facility, which, among other things, extended the maturity date to October 6, 2025 and amended the credit limit to $20.0 million. On October 23, 2023, the Company drew $6.0 million of the available balance. On November 20, 2023, the Company drew the remaining $13.0 million of the available balance. During the three months ended June 30, 2024, the Company paid down $3.0 million on the Credit Facility. As of June 30, 2024, the Credit Facility had an outstanding balance of $17.0 million and bore interest at the one-month SOFR plus 4.25%. Due to the short term nature of the debt, the fair value of the debt is approximately the outstanding balance. Revolving Credit Facility On May 22, 2023, the Company entered into a $20.0 million revolving credit facility (the "NexBank Revolver") with NexBank, in the initial principal balance of $20.0 million, with the option for the Company to receive additional disbursements thereunder up to a maximum of $50.0 million. As of June 30, 2024, the NexBank Revolver bears interest at one-month SOFR plus 3.50% and matures on November 21, 2024, with the option to extend the maturity one time by six months. On May 21, 2024, the Company elected to extend the maturity by six months to November 21, 2024. Due to the short term nature of the debt, the fair value of the debt is approximately the outstanding balance. As of June 30, 2024, the NexBank Revolver had an outstanding balance of $20.0 million. Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s Consolidated Balance Sheet. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs. Prime Brokerage Borrowing Effective July 2, 2022, the Company entered a prime brokerage account with Jefferies to hold securities owned by the Company (the "Prime Brokerage"). The Company from time to time borrows against the value of these securities. As of June 30, 2024, the Company had a margin balance of approximately $1.3 million outstanding with Jefferies bearing interest at the Overnight Bank Funding Rate plus 0.50%. Securities with a fair value of approximately $10.4 million are pledged as collateral against this margin balance. This arrangement has no stated maturity date. Due to the short term nature of the debt, the fair value of the debt is approximately the outstanding balance. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2024 are as follows (in thousands): Mortgages Payable Credit Facilities Notes Payable Prime Brokerage Borrowing Total 2024 $ — $ 26,000 $ — $ — $ 26,000 2025 252,823 11,000 13,250 — 277,073 2026 — — — — — 2027 — — 17,833 — 17,833 2028 — — — — — Thereafter — — 33,147 1,349 34,496 Total $ 252,823 $ 37,000 $ 64,230 $ 1,349 $ 355,402

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities As of June 30, 2024 and 2023, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments: Entities Instrument Asset Type Percentage Ownership as of June 30, 2024 Percentage Ownership as of June 30, 2023 Relationship as of June 30, 2024 Relationship as of June 30, 2023 Unconsolidated Entities: NexPoint Storage Partners, Inc. Common stock Self-storage 52.8 % 53.0 % VIE VIE NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.5 % 29.7 % VIE VIE Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % 16.4 % VIE VIE SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 20.0 % VIE VIE NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 15.6 % 16.0 % VIE VIE VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.4 % 11.1 % VIE VIE NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 30.8 % 30.8 % VIE VIE IQHQ Holdings, LP LP interest Life science 1.3 % 1.1 % VIE VIE NexAnnuity Holdings, Inc. Preferred Shares Annuities 100.0 % (1) N/A VIE N/A (1) The Company owns 100% of the preferred stock of NexAnnuity Holdings, Inc. ("NHI"), but it does not own any of the outstanding common stock of NHI. Consolidated VIEs The Company did not have any consolidated VIEs as of and for the six months ended June 30, 2024 and 2023.

Equity Method Investments

Equity Method Investments	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments Below is a summary of the Company’s equity method investments as of June 30, 2024 (dollars in thousands): Investee Name Instrument Asset Type NXDT Percentage Ownership Investment Basis Share of Investee's Net Assets (1) Basis Difference (2) Share of Earnings (Loss) Sandstone Pasadena Apartments, LLC LLC interest Multifamily 50.0 % $ 10,712 $ (9,590) $ 20,302 $ (13) AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 20,635 16,396 4,239 (1,098) SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 6,948 7,038 (90) 299 Las Vegas Land Owner, LLC LLC interest Land 77.0 % (4) 12,312 12,312 — — Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % (9) 12,911 10,488 2,423 707 Claymore Holdings, LLC LLC interest N/A 50.0 % (5) — (6) — — — Allenby, LLC LLC interest N/A 50.0 % (5) — (6) — — — Haygood, LLC LLC interest N/A 31.0 % (8) — (6) — — — $ 63,518 $ 36,644 $ 26,874 $ (105) Below is a summary of the Company's investments as of June 30, 2024 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "investments, at fair value" on the Consolidated Balance Sheets. Investee Name Instrument Asset Type NXDT Percentage Ownership Fair Value NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 15.6 % (7) $66,804 (6) NexPoint Real Estate Finance, Inc. Common stock Mortgage 12.0 % (7) 28,812 (6) VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.4 % (7) 156,659 (6) NexPoint Storage Partners, Inc. Common stock Self-storage 52.8 % (3) 67,256 (6) NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.5 % 36,649 (6) NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 30.8 % 46,310 (6) LLV Holdco, LLC LLC interest Land 26.8 % 3,211 (6) $ 405,701 Below is a summary of the Company’s equity method investments as of December 31, 2023 (dollars in thousands): Investee Name Instrument Asset Type NXDT Percentage Ownership Investment Basis Share of Investee's Net Assets (1) Basis Difference (2) Share of Earnings (Loss) Sandstone Pasadena Apartments, LLC LLC interest Multifamily 50.0 % $ 11,458 $ (9,590) $ 21,048 $ — AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 23,158 17,581 5,577 (426) SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 7,079 7,241 (162) 555 Las Vegas Land Owner, LLC LLC interest Land 77.0 % (4) 12,312 12,312 — — Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % (7) 12,256 10,488 1,768 1,441 Claymore Holdings, LLC LLC interest N/A 50.0 % (5) — (6) — — — Allenby, LLC LLC interest N/A 50.0 % (5) — (6) — — — Haygood, LLC LLC interest N/A 31.0 % (8) — (6) — — — $ 66,263 $ 38,032 $ 28,231 $ 1,570 Below is a summary of the Company's investments as of December 31, 2023 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "investments, at fair value" on the Consolidated Balance Sheets. Investee Name Instrument Asset Type NXDT Percentage Ownership Fair Value NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 15.6 % (7) $76,688 (6) NexPoint Real Estate Finance, Inc. Common stock Mortgage 12.0 % (7) 33,075 (6) VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.2 % (7) 146,516 (6) NexPoint Storage Partners, Inc. Common stock Self-storage 52.9 % (3) 68,187 (6) NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 30.0 % 37,157 (6) NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 30.8 % 49,383 (6) NexPoint Hospitality Trust Common stock Hospitality 46.2 % 4,886 (6) LLV Holdco, LLC LLC interest Land 26.8 % 2,242 (6) $ 418,134 (1) Represents the Company’s percentage share of net assets of the investee per the investee’s books and records. (2) Represents the difference between the basis at which the investments in unconsolidated ventures are carried by the Company and the Company's proportionate share of the equity method investee's net assets. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. (3) The Company owns greater than 50% of the outstanding common equity but is not deemed to be the primary beneficiary or have a controlling financial interest of the investee and as such, accounts for the investee using the equity method. (4) The Company owns 100% of Las Vegas Land Owner, LLC which owns 77% of a joint venture that owns an 8.5 acre tract of land (the "Tivoli North Property"). Through a tenants in common arrangement, the Company shares control and as such accounts for this investment using the equity method. (5) The Company has a 50% non-controlling interest in Claymore Holdings, LLC (“Claymore”) and Allenby, LLC, (“Allenby”). The Company has determined it is not the primary beneficiary and does not consolidate these entities. (6) The Company has elected the fair value option with respect to these investments. The basis in these investments is their fair value. (7) The Company owns less than 20% of the investee but has significant influence due to members of the management team serving on the board of the investee or its parent and as such, accounts for the investee using the equity method. (8) The Company has a 31% non-controlling interest in Haygood, LLC, (“Haygood”). The Company has determined it is not the primary beneficiary and does not consolidate this entity. (9) The Company owns less than 20% of the investee but has significant influence due to the legal nature of a partnership that implies an inherent right to influence the operating and financial policies of the partnership. Significant Equity Method Investments For its interim reporting, the Company assesses and presents summarized financial information for its significant equity method investments in accordance with Rule 10-01(b)(1) of Regulation S-X. The following were deemed significant. Beginning with its annual reporting for fiscal year ended December 31, 2023, the Company elected to report the financial information on a three-month lag. NexPoint Real Estate Finance, Inc. ("NREF") and VineBrook Homes Trust, Inc. ("VineBrook") do not prepare standalone financials for their operating companies as all operations and investments are owned through their operating companies and are consolidated by the corporate entities. The table below presents the summarized statement of operations for the three months ended March 31, 2024 for the Company’s significant equity method investments (dollars in thousands). NREF VineBrook Revenues Rental income $ 2,087 $ 88,783 Net interest income (12,814) — Other income 124 1,502 Total revenues (10,603) 90,285 Expenses Total expenses 11,026 129,441 Gain (loss) on sales and impairment of real estate — (3,887) Other income (expense) 6,988 (1,028) Unrealized gain (loss) on derivatives — 2,773 Total comprehensive income (loss) $ (14,641) $ (41,298) The table below presents the summarized statement of operations for the six months ended June 30, 2023 for the Company’s significant equity method investments (dollars in thousands). NREF VineBrook Revenues Rental income $ 2,035 $ 171,911 Net interest income 8,154 — Other income — 2,837 Total revenues 10,189 174,748 Expenses Total expenses 10,618 243,805 Gain (loss) on sales of real estate — (30,454) Other income (expense) 18,284 (41,910) Unrealized gain (loss) on derivatives — 25,852 Total comprehensive income (loss) $ 17,855 $ (115,569)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of June 30, 2024 (in thousands): Fair Value Cost Basis Level 1 Level 2 Level 3 Total Assets Bond $ 17 $ — $ 44 $ — $ 44 CLO 187 — — — — Common stock 284,598 39,282 — 162,475 201,757 Convertible notes 21,458 — — 20,824 20,824 LLC interest 71,982 — — 44,860 44,860 LP interest 330,739 — 66,804 202,969 269,773 Preferred Shares 67,181 — — 67,181 67,181 Rights and warrants 1,784 — 1,788 — 1,788 Senior loan 49,261 — 39 49,378 49,417 $ 827,207 $ 39,282 $ 68,675 $ 547,687 $ 655,644 The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of December 31, 2023 (in thousands): Fair Value Cost Basis Level 1 Level 2 Level 3 Total Assets Bond $ 17 $ — $ 30 $ — $ 30 CLO 24,187 — — 1,215 1,215 Common stock 311,576 42,832 — 176,256 219,088 Convertible notes 46,385 — — 42,251 42,251 LLC interest 66,825 — — 39,399 39,399 LP interest 326,555 — 76,688 195,898 272,586 Preferred Shares 66,268 — — 66,268 66,268 Rights and warrants 3,937 — 3,993 — 3,993 Senior loan 46,174 — 55 46,353 46,408 $ 891,924 $ 42,832 $ 80,766 $ 567,640 $ 691,238 The table below sets forth a summary of changes in the Company’s Level 3 assets (assets measured at fair value using significant unobservable inputs) for the six months ended June 30, 2024 (in thousands): December 31, 2023 Contributions/ Paid in- Transfer Into (Out of) Level 3 Investments (Eliminated) Acquired Through Consolidation¹ Redemptions/ Return of capital Realized Unrealized gain/(loss) June 30, 2024 CLO $ 1,215 $ — $ — $ — $ — $ — $ (1,266) $ (22,735) $ 22,786 $ — Common stock 176,256 904 — — (5,763) — — — (8,922) 162,475 Convertible notes 42,251 — — — (19,835) (2,125) — — 533 20,824 LLC interest 39,399 157 — — 5,000 — — — 304 44,860 LP interest 195,898 4,185 — — — — — — 2,886 202,969 Preferred Shares 66,268 — 2,613 — — (1,700) — — — 67,181 Senior loan 46,353 6,500 2,135 — — (6,123) — 574 (61) 49,378 Total $ 567,640 $ 11,746 $ 4,748 $ — $ (20,598) $ (9,948) $ (1,266) $ (22,161) $ 17,526 $ 547,687 (1) As a result of the NHT consolidation, certain investments were eliminated or acquired. The table below sets forth a summary of changes in the Company’s Level 3 assets (assets measured at fair value using significant unobservable inputs) for the six months ended June 30, 2023 (in thousands): December 31, 2022 Contributions/ Paid in- Redemptions/ Return of capital Realized Unrealized gain/(loss) June 30, 2023 CLO $ 6,412 $ — $ — $ — $ — $ — $ (1,559) $ 4,853 Common stock 234,667 — — — — — (12,804) 221,863 Convertible notes 50,828 (8,542) — — — — 1,445 43,731 Life settlement 67,711 2,532 — (2,999) — (502) (6,123) 60,619 LLC interest 60,836 — — — — — (243) 60,593 LP interest 223,141 2,028 — — — — (8,145) 217,024 Senior loan 43,341 — 1,960 (4,971) — 11 174 40,515 Total $ 686,936 $ (3,982) $ 1,960 $ (7,970) $ — $ (491) $ (27,255) $ 649,198 The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of June 30, 2024. Category Valuation Technique Significant Unobservable Inputs Input Value(s) Fair Value Common Stock Market Approach Unadjusted Price/MHz-PoP $0.10 — $0.90 $(0.48) $ 162,475 Discounted Cash Flow Discount Rate 7.50% — 14.10% (9.35)% Market Rent (per sqft) $12.50 — $42.00 $(27.25) RevPAR $74.00 — $119.00 $(92.00) Capitalization Rates 5.25% — 9.50% (7.67)% NAV Approach Discount Rate 10.00% Multiples Analysis Multiple of EBITDA 3.10x — 4.10x (3.60)x Multiple of NAV 0.85x — 1.10x (0.98)x Recent Transaction Implied Enterprise Value from Transaction Price ($mm) $841.00 N/A $25.31 — $28.00 $(26.66) Discount to NAV (30.00)% — (20.00)% (25.00)% Offer Price per Share $1.10 Convertible Notes Discounted Cash Flow Discount Rate 6.08% — 11.5% (8.79)% 20,824 Option Pricing Model Volatility 55.00% — 65.00% (60.00)% LLC Interest Discounted Cash Flow Discount Rate 7.50% — 30.50% 14% 44,860 Market Rent (per sqft) $12.50 — $42.00 $(27.25) Capitalization Rate 5.25% LP Interest Direct Capitalization Approach Capitalization Rate 3.80% — 6.70% 5.5% 202,969 Market Approach Discount to NAV (7.50)% — (2.50)% (5.00)% Recent Transaction Price per Share $20.58 Preferred Shares Recent Transaction Price per Share $1,000 67,181 Senior Loan Discounted Cash Flow Discount Rate 12.30% — 20.00% (16.15)% 49,378 Total $ 547,687 The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of December 31, 2023. Category Valuation Technique Significant Unobservable Inputs Input Value(s) Fair Value CLO Discounted Net Asset Value Discount N/A $ 1,215 Common Stock Market Approach Unadjusted Price/MHz-PoP $0.10 — $0.90 $(0.48) 176,256 Discounted Cash Flow Discount Rate 7.5% — 13.90% (9.18)% Market Rent (per sqft) $11.50 — $41.00 $(26.25) RevPAR $75.00 — $145.00 $(102.00) Capitalization Rates 5.25% — 9.5% (7.58)% NAV Approach Discount Rate 10.00% Multiples Analysis Multiple of EBITDA 3.00x — 4.00x (3.50)x Multiple of NAV 1.00x — 1.25x (1.13)x Recent Transaction Implied Enterprise Value from Transaction Price ($mm) $841.00 N/A $25.31 — $28.00 $(26.66) Discount to NAV (25.00)% — (10.00)% (17.50)% Offer Price per Share $1.10 Convertible Notes Discounted Cash Flow Discount Rate 6.08% — 10.25% (8.17)% 42,251 Option Pricing Model Volatilty 55.00% — 65.00% (60.00)% LLC Interest Discounted Cash Flow Discount Rate 7.50% — 30.50% 14% 39,399 Market Rent (per sqft) $11.5 — $41 $(26.25) Capitalization Rate 5.25% LP Interest Direct Capitalization Approach Capitalization Rate 4.00% — 6.80% 5.51% 195,898 Discount to NAV (12.5)% — (2.5)% (-7.5%) Discounted Cash Flow Discount Rate 18.00% — 28.00% (22.80)% Market Approach Capitalization Rate 5.00% — 5.50% (5.22)% Recent Transaction Price per Share $21.59 Preferred Shares Recent Transaction Price per Share $1,000 66,268 Senior Loan Discounted Cash Flow Discount Rate 12.30% — 20.00% (16.15)% 46,353 Total $ 567,640 Derivative Financial Instruments and Hedging Activities The NHT segment manages interest rate risks primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. The NHT segment performs market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The NHT segment has an interest rate cap agreement related to the notes payable on the Park City and Bradenton properties. As of June 30, 2024, the interest rate cap agreements effectively cap one-month SOFR on $37.3 million of the NHT segment's floating rate mortgage and mezzanine indebtedness at a weighted average rate of 6.70%. To comply with the provisions of ASC 820, Fair Value Measurement, the NHT segment incorporates credit valuation adjustments to appropriately reflect both the NHT segment’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the NHT segment’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the NHT segment and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to the NHT segment's derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. Additionally, in the case of interest rate caps, the NHT segment has no performance obligation, so no credit valuation adjustment is necessary. As a result, all of the NHT segment’s derivatives held as of June 30, 2024 were classified as Level 2 of the fair value hierarchy. Changes in fair value of the interest rate caps are recorded directly as interest expense on the Consolidated Statement of Operations and Comprehensive Income. For the three and six months ended June 30, 2024, NHT recorded $0.1 million, and $0.1 million, respectively, in interest expense related to changes in the fair value of interest rate caps. The combined fair value of the interest rate caps is $0.8 million as of June 30, 2024, and is recorded as interest rate caps in the Consolidated Balance Sheets. As of June 30, 2024, the NHT segment had the following outstanding interest rate caps: Type of Derivative Hedged Financial Instrument Notional Strike Rate Reference Rate Termination Date Interest rate cap Note payable $39,300 2.00% One-month SOFR 2.00% March 5, 2025

Life Settlement Portfolio

Life Settlement Portfolio	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Life Settlement Portfolio	Life Settlement Portfolio Prior to September 1, 2023, the Company, through one of its TRSs, owned 100% of the outstanding equity and debt of Specialty Financial Products, Ltd. ("SFP"), an Ireland domiciled private company with limited liability and a Designated Activity Company. At the proposal of NexAnnuity Asset Management, L.P. ("NexAnnuity"), an affiliate of the Adviser, SFP was formed for the purpose of entering into acquisitions of U.S. life settlement policies approved by NexAnnuity and funded by the issuance of debt securities, or the Structured Note purchased by the Company. SFP utilizes proceeds from maturing life settlement contracts to repay the Structured Note and to further invest in life settlement contracts. Prior to September 1, 2023, as the Company owned the outstanding ordinary shares of and Structured Note issued by SFP, the Company consolidated SFP in its entirety. On September 1, 2023, the Company, through one of its TRSs, entered into a contribution agreement to transfer the Structured Note in SFP and all its rights, title and interests to NHI and its wholly owned subsidiaries, which are related parties. The Company also transferred all of its ordinary shares in SFP to a separate share trustee. In exchange, the Company was issued 68,500 shares of Class A Preferred Stock in NHI. As a result, the Company now holds none of the outstanding equity and debt of SFP, and SFP no longer meets the requirements for consolidation under ASC 810 – Consolidation. The Company will have no continuing involvement with SFP. As such, SFP has been deconsolidated herein as of September 1, 2023. The Class A Preferred Stock in NHI is accounted for as an investment in an equity security. However, management has elected to account for the investment using the fair value option and presented it within Investments, at fair value. The fair value of the Class A Preferred Stock is its original issue price of $1,000 per share due to the recent nature of the transaction. Dividends on the Class A Preferred Stock are cumulative and are payable quarterly on March 31, June 30, September 30, and December 31 at an annual rate of 8.0% for years one through seven, 9.5% for years eight through ten, 11.0% for years eleven through thirteen, and 12.0% for years fourteen through sixteen and thereafter.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders ’ Equity Common Shares As of June 30, 2024, the Company had 40,650,118 common shares, par value $0.001 per share, issued and outstanding. 2,260,518 shares of which were issued during the six months ended June 30, 2024. During the six months ended June 30, 2024, the Company paid a distribution of $0.15 per share on its common shares on March 28, 2024 to shareholders of record on February 16, 2024, and June 28, 2024 to shareholders of record on May 15, 2024. The dividend paid on March 28, 2024 and June 28, 2024 consisted of a combination of cash and shares, with the cash component of the dividend (other than cash paid in lieu of fractional shares) comprising 20% of the dividend, with the balance being paid in the Company's common shares. As of June 30, 2023, the Company had 37,171,807 common shares, par value $0.001 per share, issued and outstanding. No shares were issued during the six months ended June 30, 2023. During the six months ended June 30, 2023, the Company paid a distribution of $0.15 per share on its common shares on March 31, 2023 to shareholders of record on March 15, 2023, and June 30, 2023 to shareholders of record on June 15, 2023. Preferred Shares On January 8, 2021, the Company issued 3,359,593 5.50% Series A Cumulative Preferred Shares, par value $0.001 per share, liquidation preference $25.00 per share ("Series A Preferred Shares") with an aggregate liquidation preference of approximately $84.0 million. The Series A Preferred Shares were issued as part of the consideration for an exchange offer for a portion of the Company’s common shares. The Series A Preferred Shares are callable beginning on December 15, 2023 at a price of $25 per share. The Company may exercise its call option at the Company's discretion. As a result, these are included in permanent equity. During the six months ended June 30, 2024, the Company declared distributions on its Series A Preferred Shares, in the amount of $0.34375 per share, which was paid to holders of Series A Preferred Shares on April 1, 2024, to shareholders of record on March 25, 2024 and July 1, 2024, to shareholders of record on June 24, 2024. The Company sent funding to the transfer agent for the dividend paid on July 1, 2024 prior to June 30, 2024, which was then paid to shareholders on July 1, 2024. During the six months ended June 30, 2023, the Company declared distributions on its Series A Preferred Shares in the amount of $0.34375 per share, which was paid to holders of Series A Preferred Shares on March 31, 2023 to shareholders of record on March 24, 2023 and in the amount of $0.34375 per share, which was paid to holders of Series A Preferred Shares on June 30, 2023 to shareholders of record on June 23, 2023. Dividends on the Series A Preferred Shares are cumulative from their original issue date at the annual rate of 5.5% of the $25 per share liquidation preference and are payable quarterly on March 31, June 30, September 30, and December 31 of each year, or in each case on the next succeeding business day. Long Term Incentive Plan, NXDT Segment On January 30, 2023, the Company’s shareholders approved a long-term incentive plan (the “2023 LTIP”) and the Company subsequently filed a registration statement on Form S-8 registering 2,545,000 common shares, which the Company may issue pursuant to the 2023 LTIP. The 2023 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of share options, appreciation rights, restricted shares, restricted share units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common shares or factors that may influence the value of the Company’s common shares, plus cash incentive awards, for the purpose of providing the Company’s trustees, officers and other key employees (and those of the Adviser and the Company’s subsidiaries), and potentially certain nonemployees who perform employee-type functions, incentives and rewards for performance (the "participants"). Restricted Share Units. Under the 2023 LTIP, restricted share units may be granted to the participants and typically vest over a three 2024 Number of Units Weighted Average Outstanding January 1, 2024 589,906 $ 10.45 Granted 1,033,787 6.10 Vested (178,856) 10.36 Forfeited (9,371) 6.10 Outstanding June 30, 2024 1,435,466 $ 7.36 The following table contains information regarding the vesting of restricted share units under the 2023 LTIP for the next five calendar years subsequent to June 30, 2024: Shares Vesting March April Total 2024 — — — 2025 299,971 140,404 440,375 2026 241,481 135,323 376,804 2027 241,482 135,323 376,805 2028 241,482 — 241,482 Total 1,024,416 411,050 1,435,466 For the three months ended June 30, 2024 and 2023, the company recognized approximately $0.9 million and $0.4 million, respectively of equity-based compensation expense related to grants of restricted share units. For the six months ended June 30, 2024 and 2023, the Company recognized approximately $1.4 million and $0.4 million, respectively, of equity-based compensation expense related to grants of restricted share units. As of June 30, 2024, the Company had recognized a liability of approximately $0.5 million related to dividends earned on restricted share units that are payable in cash upon vesting. As of June 30, 2024, total unrecognized compensation expense on restricted share units was approximately $9.6 million, and the expense is expected to be recognized over a weighted average vesting period of 2.0 years. As of June 30, 2023, there was no compensation expense on restricted share units. Incentive Compensation Plan, NHT Segment NHT has adopted an omnibus equity incentive plan (the “Omnibus Plan”) to allow for the grant of equity incentive awards to key officers and employees of NHT, independent trustees, and key employees of NexPoint Real Estate Advisors VI, L.P. (the "NHT Adviser"). Under the Omnibus Plan, subject to adjustments according to the terms of the plan, the maximum number of NHT Units available for issuance is 3,026,155, representing 20% of the issued and outstanding NHT Units at the time the Omnibus Plan was adopted. On May 21, 2022, the NHT board of trustees determined to suspend the Omnibus Plan. The Omnibus Plan provides for the granting of deferred units ("DUs") in NHT. On June 28, 2021, NHT granted 339,687 DUs to its independent trustees. On December 13, 2021, NHT granted 210,000 DUs to its independent trustees. These DUs are issued, but not outstanding and vested immediately upon grant. The Omnibus Plan also provides for the granting of profits interest units ("PIUs") in NHT OP which are convertible to NHT Units. On December 13, 2021, NHT granted 2,475,000 PIUs in the NHT OP to officers of NHT and employees of the NHT Adviser. However, two employees of the NHT Adviser forfeited 120,000 PIUs in November of 2022, leaving the remaining PIUs outstanding at 2,355,000. The PIUs will vest ratably over four years (i.e., 25% per year), however, 50% of the PIUs can vest sooner if the value of the units in the table below is achieved, as determined by a recognized national valuation firm which performs regular valuations of the units. In no case can PIUs vest within one year of grant: Vesting % Upon Unit Price Achieving 1 PIUs Vested 12.50% $2.00 294,375 12.50% 2.50 294,375 12.50% 3.00 294,375 12.50% 4.00 294,375 Total 1,177,500 (1) Price to be adjusted for dilutive events. Vesting % Date PIUs Vested 25.00% December 6, 2022 588,750 25.00% December 6, 2023 588,750 25.00% December 6, 2024 588,750 25.00% December 6, 2025 588,750 Total 2,355,000 Description Units Fair Value PIUs vested in the NHT OP, December 31, 2023 1,471,875 $ 456 Time vesting PIUs — (177) PIUs vested in the NHT OP, June 30, 2024 1,471,875 $ 279 Upon conversion, grantees of the PIUs will receive NHT OP Class B Units. As of June 30, 2024, 549,687 DUs and 2,355,000 PIUs have been granted under the Omnibus Plan with 121,468 DUs or PIUs remaining that may be granted. On May 31, 2022, NHT's board of trustees passed a resolution adopting a deferred unit plan (the “Deferred Unit Plan”). The Deferred Unit Plan was subsequently approved by unitholders at the annual general meeting held on June 30, 2022. The maximum number of DUs reserved for issuance under the Deferred Unit Plan at any time is 2,844,256. On September 11, 2023, NHT granted 1,295,668 DUs to certain independent trustees of NHT, pursuant to the Deferred Unit Plan. The DUs were granted in respect of accrued trustee fees up to the June 30, 2023, in the aggregate amount of $323,917 and pursuant to NHT’s matching program. The DUs granted in respect of trustee fees vested immediately upon grant, while the DUs granted pursuant to the matching program will vest on the first anniversary of the grant date. Since the September 2023 grant would have exceeded the insider participation limits under the Deferred Unit Plan, the grant was subject to the adoption of an amended and restated deferred unit plan (the “Amended and Restated Deferred Unit Plan”), which was subject to approval by the TSXV and an affirmative vote of a simple majority of the votes cast by disinterested unitholders of NHT at the annual and special meetings of unitholders. The Amended and Restated Deferred Unit Plan was approved by the requisite majority of the votes cast by disinterested unitholders of NHT on October 26, 2023 and the grant of DUs on September 11, 2023 was ratified by unitholders at the meeting. The TSXV issued its final acceptance letter in respect of the Amended and Restated Deferred Unit Plan on November 20, 2023. On January 10, 2024, the NHT board of trustees determined to suspend the Amended and Restated Deferred Unit Plan. As of June 30, 2024, 1,295,688 DUs have been issued under the Amended and Restated Deferred Unit Plan.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of the Company’s common shares outstanding and excludes any unvested restricted share units issued pursuant to the 2023 LTIP. Diluted earnings (loss) per share is computed by adjusting basic earnings per share for the dilutive effect of the assumed vesting of restricted share units. During periods of net loss, the assumed vesting of restricted share units is anti-dilutive and is not included in the calculation of earnings (loss) per share. The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Six Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 Numerator for loss per share: Net income (loss) attributable to common shareholders $ (32,486) $ (35,698) $ (9,783) $ (15,022) Denominator for loss per share: Weighted average common shares outstanding 39,094 37,172 39,616 37,172 Denominator for basic and diluted loss per share 39,094 37,172 39,616 37,172 Weighted average unvested restricted share units 1,210 37 1,435 38 Denominator for diluted loss per share (1) 39,094 37,172 39,616 37,172 Loss per weighted average common share: Basic $ (0.83) $ (0.96) $ (0.24) $ (0.40) Diluted $ (0.83) $ (0.96) $ (0.24) $ (0.40) (1) If the Company sustains a net loss for the period presented, unvested restricted share units are not included in the diluted earnings per share calculation.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Advisory and Administrative Fees, NXDT Segment Pursuant to the Advisory Agreement, subject to the overall supervision of our Board, the Adviser manages the day-to-day operations of the Company, and provides investment management services. As of June 30, 2024 and 2023, as consideration for the Adviser’s services under the Advisory Agreement, we pay our Adviser an annual fee (the "Advisory Fee") of 1.00% of Managed Assets (defined below) and an annual fee (the "Administrative Fee" and, together with the Advisory Fee, the "Fees") of 0.20% of the Company’s Managed Assets. On July 22, 2024, we entered into an amendment to the Advisory Agreement whereby the monthly installment of the Administrative Fee shall be paid in cash and the monthly installment of the Advisory Fee shall be paid in one-half in cash and one-half in common shares of the Company, subject to certain restrictions including that in no event shall the common shares issued to the Adviser under the Advisory Agreement exceed five percent of the number of common shares or five percent of the voting power of the Company outstanding prior to the first such issuance (the “Share Cap”) and that in no event shall the common shares issued to the Adviser under the Advisory Agreement exceed 6,000,000 common shares; provided, however, that the Share Cap will not apply if the Company’s shareholders have approved issuances in excess of the Share Cap. At the Company’s 2023 annual meeting of shareholders, the Company’s shareholders did not approve issuances in excess of the Share Cap. During the three and six months ended June 30, 2024, we issued 208,117.75 and 378,038.36 common shares to the Adviser in payment of the Fees in an amount of $1.35 million and $2.70 million , respectively. Under the Advisory Agreement, “Managed Assets” means an amount equal to the total assets of the Company, including any form of leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing to purchase or develop real estate or other investments, borrowing through a credit facility, or the issuance of debt securities), (ii) the issuance of preferred shares or other preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the Company’s investment objectives and policies, and/or (iv) any other means. In the event the Company holds collateralized mortgage-backed securities ("CMBS") where the Company holds the controlling tranche of the securitization and is required to consolidate under U.S. generally accepted accounting principles ("GAAP") all assets and liabilities of a specific CMBS trust, the consolidated assets and liabilities of the consolidated trust will be netted to calculate the allowable amount to be included as Managed Assets. In addition, in the event the Company consolidates another entity it does not wholly own as a result of owning a controlling interest in such entity or otherwise, Managed Assets will be calculated without giving effect to such consolidation and instead such entity’s assets, leverage, expenses, liabilities and obligations will, on a pro rata basis consistent with the Company’s percentage ownership, be considered those of the Company for purposes of calculation of Managed Assets. The Adviser computes Managed Assets as of the end of each fiscal quarter and then computes each installment of the Fees as promptly as possible after the end of the month with respect to which such installment is payable. Advisory Fees, NHT Segment NHT is externally managed by the NHT Adviser. In accordance with the agreement entered into with the NHT Adviser (the “NHT Advisory Agreement”), the Company pays the NHT Adviser an advisory fee equal to 1.00% of the REIT Asset Value (as defined below). Under the direct supervision of the REIT, the duties performed by NHT’s Adviser under the terms of the NHT Advisory Agreement include, but are not limited to: providing daily management for NHT, selecting and working with third party service providers, overseeing the third party manager, formulating an investment strategy for NHT and selecting suitable properties and investments, managing NHT’s outstanding debt and its interest rate exposure through derivative instruments, determining when to sell assets, and managing the renovation program or overseeing a third party vendor that implements the renovation program. REIT Asset Value means the value of NHT’s total assets, as determined in accordance with International Financial Reporting Standards (IFRS) except that such value shall only consolidate NHT’s and NHT Holdings, LLC assets plus NHT’s pro rata share of leverage at NHT OP. Pursuant to the terms of the NHT Advisory Agreement, NHT will reimburse the NHT Adviser for all documented Operating Expenses and offering expenses it incurs on behalf of NHT. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the NHT Adviser that outside professionals or outside consultants would otherwise perform and NHT’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the NHT Adviser required for NHT’s operations. Operating Expenses do not include expenses for the advisory services described in the NHT Advisory Agreement. Certain Operating Expenses, such as NHT’s ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the NHT Adviser or its affiliates that relate to the operations of NHT, may be billed monthly to NHT under a shared services agreement. As of April 19, 2024, the date of the NHT Acquisition, NHT had a payable balance of advisory fees of $6.5 million. As of June 30, 2024 there is a remaining payable of advisory fees of $6.8 million. Reimbursement of Expenses; Expense Cap, NXDT Segment We also generally reimburse our Adviser for operating or offering expenses it incurs on our behalf or in connection with the services it performs for us. Direct payment of operating expenses by us together with reimbursement of operating expenses to the Adviser, plus compensation expenses relating to equity awards granted under a long-term incentive plan and all other corporate general and administrative expenses of the Company, including the Fees payable under the Advisory Agreement, may not exceed the Expense Cap of 1.5% of Managed Assets, calculated as of the end of each quarter, for the twelve-month period following the Company’s receipt of the Deregistration Order. This limitation ended on June 30, 2023 and did not apply to Offering Expenses, legal, accounting, financial, due diligence and other service fees incurred in connection with extraordinary litigation and mergers and acquisitions or other events outside the ordinary course of our business or any out-of-pocket acquisition or due diligence expenses incurred in connection with the acquisition or disposition of certain real estate-related investments; provided, in the event the Company consolidates another entity that it does not wholly own as a result of owning a controlling interest in such entity or otherwise, expenses will be calculated without giving effect to such consolidation and instead such entity’s expenses will, on a pro rata basis consistent with the Company’s percentage ownership, be considered those of the Company for purposes of calculation of expenses. The Adviser may, at its discretion and at any time, waive its right to reimbursement for eligible out-of-pocket expenses paid on the Company’s behalf. Once waived, those expenses are considered permanently waived and became non-recoupable. The Advisory Agreement has an initial term of three years that will expire on July 1, 2025, and successive additional one-year terms thereafter unless earlier terminated. We have the right to terminate the Advisory Agreement on 30 days’ written notice upon the occurrence of a cause event (as defined in the Advisory Agreement). The Advisory Agreement can be terminated by us or the Adviser without cause upon the expiration of the then-current term with at least 180 days’ written notice to the other party prior to the expiration of such term. The Adviser may also terminate the agreement with 30 days’ written notice if we have materially breached the agreement and such breach has continued for 30 days before we are given such notice. In addition, the Advisory Agreement will automatically terminate in the event of an Advisers Act Assignment (as defined in the Advisory Agreement) unless we provide written consent. A termination fee will be payable to the Adviser by us upon termination of the Advisory Agreement for any reason, including non-renewal, other than a termination by us upon the occurrence of a cause event or due to an Advisers Act Assignment. The termination fee will be equal to three times the Fees earned by the Adviser during the twelve month period immediately preceding the most recently completed calendar quarter prior to the effective termination date; provided, however, if the Advisory Agreement is terminated prior to the one year anniversary of the date of the Advisory Agreement, the Fees earned during such period will be annualized for purposes of calculating the Fees. For the three months ended June 30, 2024 and 2023, the Company incurred Administrative Fees and Advisory Fees of $3.2 million and $1.7 million, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred Administrative Fees and Advisory Fees of $6.4 million and $5.2 million, respectively. Expense Cap, NHT Segment Pursuant to the terms of the NHT Advisory Agreement, expenses paid or incurred by NHT for advisory fees payable to the NHT Adviser, Operating Expenses incurred by the NHT Adviser or its affiliates in connection with the services it provides to NHT and its subsidiaries and compensation expenses relating to equity awards granted under a long-term incentive plan of NHT will not exceed 1.5% of REIT Asset Value for the calendar year (or part thereof) that the NHT Advisory Agreement is in effect (the “NHT Expense Cap”). The NHT Expense Cap does not apply to legal, accounting, financial, due diligence and other service fees incurred in connection with mergers and acquisitions, extraordinary litigation, or other events outside NHT’s ordinary course of business or any out-of-pocket acquisition or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets. From the date of the NHT Acquisition to the period ended June 30, 2024, NHT incurred expenses subject to the NHT Expense Cap of $1.0 million. Internalization Fee, NHT Segment NHT and/or the NHT OP may elect to acquire all of the outstanding and issued equity interests of the NHT Adviser (an “NHT Adviser Internalization”) by exercising its rights, in its sole discretion, under the NHT Advisory Agreement (subject to certain terms and conditions) to effect an NHT Adviser Internalization. NHT will pay the Adviser a fee equal to three times the prior 12 months’ advisory fees. Such internalization fee is limited to 7.5% of the combined equity value of NHT and the NHT OP on a consolidated basis as of the date of the NHT Adviser Internalization. Loans from Affiliates As of June 30, 2024, the NHT OP has entered into several convertible notes with certain affiliates of the NHT Adviser totaling $51.0 million see Note 6 to our consolidated financial statements. The proceeds of the notes were primarily used for general corporate and working capital purposes and have been consolidated into one account on the Consolidated Balance Sheet. Revolving Credit Facility, NXDT Segment On May 22, 2023, the Company entered into the NexBank Revolver in the initial principal amount of $20.0 million, with the option for the Company to receive additional disbursements thereunder up to a maximum amount of $50.0 million and bears interest at one-month SOFR plus 3.50%. The Company drew the $20.0 million on May 22, 2023. On May 21, 2024, the Company elected to extend the maturity by six months to November 21, 2024. As of June 30, 2024, the NexBank Revolver had an outstanding balance of $20.0 million. Guaranties of NexPoint Storage Partners, Inc. Debt On July 2, 2021, the Company, together with Highland Opportunities and Income Fund (“HFRO”) and Highland Global Allocation Fund (collectively, the “Co-Guarantors”) as limited guarantors, entered into a Guaranty of Recourse Obligations (“SAFStor Recourse Guaranty I”) in favor of ACORE in its capacity as Administrative Agent for and on behalf of the Lenders under a Loan Agreement ("SAFStor Loan Agreement I"), in an aggregate principal amount of $235.86 million, for the benefit of entities indirectly owned by SAFStor NREA JV – I, LLC (“SAFStor – I”), SAFStor NREA JV – III, LLC (“SAFStor – III”), SAFStor NREA JV – IV, LLC (“SAFStor – IV”), SAFStor NREA JV – V, LLC (“SAFStor – V”), SAFStor NREA JV – VI, LLC (“SAFStor – VI”), SAFStor NREA JV – VII, LLC (“SAFStor – VII”), and SAFStor NREA JV – VIII, LLC (“SAFStor – VIII”) (collectively, “SAFStor”), pursuant to which the Company and the Co-Guarantors guaranteed certain obligations of SAFStor. On July 2, 2021, the Company also entered a substantively identical guaranty in favor of ACORE in its capacity as Administrative Agent for and on behalf of the Lenders under a Mezzanine Loan Agreement ("SAFStor Mezzanine Loan Agreement I"), in the amount of $6.05 million, for the benefit of entities indirectly owned by SAFStor. On December 8, 2022, NSP completed a transaction that resulted in it acquiring 100% of the equity interest in SAFStor. On April 24, 2023, the Company joined certain separate guaranties previously made in favor of ACORE by the Co-Guarantors pursuant to an Omnibus Amendment to and Reaffirmation of Loan Documents (the “SAFStor Recourse Guaranty II”) in favor of ACORE in its capacity as (i) Administrative Agent for and on behalf of the Lenders under a Loan Agreement (“SAFStor Loan Agreement II”), in an aggregate principal amount of $41.99 million, for the benefit of SAFStor, and (ii) Administrative Agent for and on behalf of the Lenders under a Mezzanine Loan Agreement (“SAFStor Mezzanine Loan Agreement II”), in the amount of $1.08 million, for the benefit of entities indirectly owned by SAFStor. Pursuant to the SAFStor Recourse Guaranty I and SAFStor Recourse Guaranty II, the Company guarantees the loss recourse liability and obligation for any Recourse Liabilities (as defined in the respective SAFStor Loan Agreement) arising out of or in connection with certain bad acts, such as if the borrower takes actions that are fraudulent or improper or upon certain violations of the respective SAFStor Loan Agreement. The Company also guarantees the full payment of the debt upon the occurrence of any Springing Recourse Events (as defined in the respective SAFStor Loan Agreement), such as if the borrower voluntarily files a bankruptcy or similar liquidation or reorganization action or upon certain other violations of the respective SAFStor Loan Agreement. The guarantees by the Company are limited for loss recourse events, to the loss attributable to properties in which it indirectly owns an interest and for Springing Recourse Events (as defined in the respective SAFStor Loan Agreement) to the pro-rata share of the aggregate liability of all guarantors within the pool of the guarantor properties. As of June 30, 2024, the outstanding balance of the pools of guaranties is $244.44 million. On September 14, 2022, the Company entered into guaranties (the “BS Guaranties”) for the benefit of JPMorgan Chase Bank, National Association (“JPM”) and any additional or subsequent lenders from time to time (collectively, “BS Lender”) under a loan agreement (the "BS Loan Agreement"), pursuant to which the Company guaranteed certain obligations of the borrowers (“BS Borrower”) under the BS Loan Agreement. The Company, through its ownership in NSP, owns an indirect interest in BS Borrower and entered into the BS Guaranties as a condition of BS Lender lending to BS Borrower under the BS Loan Agreement. Pursuant to the BS Guaranties, the Company guaranteed certain carrying obligations, including interest payments, of BS Borrower and certain recourse obligations of BS Borrower pertaining to exculpation or indemnification of BS Lender. The BS Guaranties also provide that the Company may be required to repay principal amounts upon the occurrence of certain events, including certain action or inaction by BS Borrower, but does not provide for a full guarantee of repayment in all circumstances. The BS Loan Agreement provides for a single initial advance of the loan in the amount of $221.8 million to BS Borrower on the closing date and provides BS Borrower the right to request additional advances in connection with subsequently acquired properties. Amounts outstanding under the BS Loan Agreement are due and payable on March 9, 2024 which date may, at the option of BS Borrower, be extended for an additional six months upon the satisfaction of certain terms and conditions. On March 8, 2024, the BS Lender agreed to extend the maturity date to March 22, 2024. On March 22, 2024, the BS Lender agreed to extend the maturity date on the two loans to September 9, 2024. Borrowings outstanding under the BS Loan Agreement are secured by mortgages on real property owned by one or more of the borrowers comprising BS Borrower and bear interest at the one-month SOFR, subject to a floor of 0.5%, plus an applicable spread of approximately 4.0% with respect to approximately $133.3 million of principal as of June 30, 2024 and approximately 5.4% with respect to approximately $46.9 million of principal as of June 30, 2024. On December 8, 2022 and in connection with a restructuring of NSP, the Company, together with NREF, HFRO and NexPoint Real Estate Strategies Fund (collectively, the "NSP Co-Guarantors"), as guarantors, entered into a Sponsor Guaranty Agreement in favor of Extra Space Storage, LP ("Extra Space") pursuant to which the Company and the NSP Co-Guarantors guaranteed obligations of NSP with respect to accrued dividends on NSP’s newly created Series D Preferred Stock and two promissory notes in an aggregate principal amount of approximately $64.2 million issued to Extra Space. The guaranties by the Company and the NSP Co-Guarantors were capped at $97.6 million, and each of the Company and the NSP Co-Guarantors generally guaranteed the foregoing obligations of NSP up to the cap amount on a pro rata basis with respect to its percentage ownership of NSP’s common stock. On February 15, 2023, NSP paid down approximately $15.0 million of these promissory notes, resulting in an aggregate principal amount of approximately $49.2 million. On December 8, 2023, NSP paid down the remaining principal balance of $49.2 million. The Series D Preferred Stock remains outstanding as of June 30, 2024. As of June 30, 2024, the outstanding NSP Series D Preferred Stock accrued dividends was $11.6 million, and the Company and NREF OP IV REIT Sub, LLC are jointly and severally liable for 85.90% of the guaranteed amount. Separately, on September 14, 2022, the Company entered into a Guaranty Agreement (Recourse Obligations), dated September 14, 2022 (the “CMBS Guaranty”) for the benefit of JPM and any additional or subsequent lenders from time to time (collectively, the “CMBS Lender”) under a loan agreement (the "CMBS Loan Agreement"), by and among the borrowers thereunder (collectively, “CMBS Borrower”) and the CMBS Lender. The Company, through its ownership in NSP, owns an indirect interest in CMBS Borrower and entered into the CMBS Guaranty as a condition of CMBS Lender lending to CMBS Borrower under the CMBS Loan Agreement. Pursuant to the CMBS Guaranty, the Company guaranteed certain recourse obligations of CMBS Borrower pertaining to exculpation or indemnification of CMBS Lender. The CMBS Guaranty also provides that the Company may be required to repay principal amounts upon the occurrence of certain events, including certain action or inaction by CMBS Borrower, but does not provide for a full guarantee of repayment in all circumstances. The CMBS Loan Agreement provides for a loan of $356.5 million to CMBS Borrower. Amounts outstanding under the CMBS Loan Agreement are due and payable on September 9, 2024 which date may, at the option of CMBS Borrower, be extended for three successive one-year terms upon the satisfaction of certain terms and conditions. Borrowings outstanding under the CMBS Loan Agreement are secured by mortgages on real property owned by one or more of the borrowers comprising CMBS Borrower and bear interest at one-month SOFR plus a spread of approximately 3.6%, which will increase by 0.1% upon a second extension of the loan maturity and by an additional approximately 0.15% upon a third extension of the loan maturity. Subsidiary Investment Management Agreement SFP is a party to a management agreement (the "SFP IMA") with NexAnnuity pursuant to which NexAnnuity provides investment management services to SFP. Mr. Dondero serves as President of NexAnnuity, which is indirectly owned by a trust of which Mr. Dondero is the primary beneficiary. As discussed in Note 9, the Company disposed of its interest in SFP on September 1, 2023. Prior to its disposition, the Company paid $0.1 million in management fees to NexAnnuity. In exchange for its services, the SFP IMA provided that NexAnnuity would receive a management fee (the "SFP Management Fee") paid monthly in an amount equal to 1.0% of the average weekly value of an amount equal to the total assets of SFP, including any form of leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the investment objective, investment guidelines and policies under the SFP IMA, and/or (iv) any other means, plus any value added tax or any other applicable tax, if any, thereon. NexAnnuity could waive all or a portion of the SFP Management Fee. Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. The Company holds multiple operating accounts at NexBank. The Company’s operating properties, other than undeveloped land, are managed by NexVest Realty Advisors, LLC ("NexVest"), an affiliate of the Adviser. For the three and six months ended June 30, 2024 the Company through its subsidiaries has paid approximately $0.1 million and $0.3 million, respectively, in property management fees to NexVest. For the three and six months ended June 30, 2023, the Company through its subsidiaries has paid approximately $0.2 million and $0.3 million respectively, in property management fees to NexVest. The property management agreement with NexVest for the retail property in Lubbock, Texas is dated January 1, 2014 and had a fixed fee of $750 per month. Effective January 1, 2023, the property management agreement was amended and the property management fee was increased to $1,200 per month. The property management agreement with NexVest for Cityplace Tower is dated August 15, 2018, and the management fee is calculated on 3% of gross revenues, with a minimum fee of $20,000 per month. The property management agreement with NexVest for the White Rock Center is dated June 1, 2013, and the management fee is calculated on 4% of gross receipts, payable monthly. The property management agreement with NexVest for Cityplace Tower also allows for the manager, as the agent of CP Tower Owner, LLC (“Owner”), to draw on the operating account when required in connection with the operation or maintenance of the property, the payment of certain expenses defined in the agreement, or as expressly approved in writing by Owner. For the three and six months ended June 30, 2024, the SPE holding Cityplace Tower reimbursed $0.4 million and $0.9 million, respectively, to NexVest for these expenses. For the three and six months ended June 30, 2023, the SPE holding Cityplace Tower reimbursed $0.5 million and $0.9 million, respectively, to NexVest for these expenses. A director and officer of the Company, who controls the Adviser, which externally manages the Company, also (i) is the beneficiary of a trust that indirectly owns 100% of the limited partnership interests in the parent of the Adviser and directly owns 100% of the general partnership interests in the parent of the Adviser and (ii) is a director of NexBank Capital, the holding company of NexBank, directly owns a minority of the common stock of NexBank, and is the beneficiary of a trust that directly owns a substantial portion of the common stock of NexBank. The Company is a limited guarantor and an indemnitor on one of NHTs loans with an aggregate principal amount of $74.4 million as of June 30, 2024. NHT is a publicly traded hospitality REIT that is managed by an affiliate of the Adviser. The obligations include a customary environmental indemnity and a so-called "bad boy" guarantee, which is generally only applicable if and when the borrower directly, or indirectly through an agreement with an affiliate, joint venture partner or other third party, voluntarily files a bankruptcy or similar liquidation or reorganization action or takes other actions that are fraudulent or improper. On December 8, 2022, the Company, through NexPoint Real Estate Opportunities, LLC ("NREO"), entered into a Contribution Agreement pursuant to which NREO contributed all of its interests in the joint ventures (the "SAFStor Ventures") with SAFStor NREA GP – I, LLC, SAFStor NREA GP – II, LLC and NREA GP – III, LLC to NexPoint Storage Partners Operating Company, LLC (the "NSP OC") in exchange for approximately 47,064 newly created Class B common operating company units of the NSP OC ("Class B Units"), representing 14.8% of the outstanding combined classes of common units of the NSP OC (the "NSP OC Common Units") immediately after NREO’s acquisition of Class B Units. The NSP OC is the operating company of NSP, of which the Company owns approximately 86,369 shares, or 52.8%, of the outstanding common stock as of June 30, 2024. In connection with the foregoing, the NSP OC acquired all of the other interests in the SAFStor Ventures from affiliates of the Adviser following which they were wholly owned by a subsidiary of the NSP OC. The SAFStor Ventures are invested, through subsidiaries, in various self-storage real estate development projects primarily located on the East Coast of the United States. As of June 30, 2024, the Company owns approximately 47,064 Class B Units, or 29.5%, of the outstanding NSP OC Common Units. On December 23, 2022, the Company, through NREO, redeemed 2,100,000 common units of limited partnership (the "NREF OP Units") of NexPoint Real Estate Finance Operating Partnership, L.P. (the "NREF OP") for 2,100,000 shares of common stock of NREF. The NREF OP is the operating partnership of NREF, a publicly traded mortgage REIT managed by an affiliate of the Adviser. On September 1, 2023, the Company, through one of its wholly owned TRSs, entered into a contribution agreement to transfer the Structured Note in SFP and all its rights, title and interests to related party NHI and its wholly owned subsidiaries. The Company also transferred all of its ordinary shares in SFP to a separate share trustee. In exchange, the Company was issued 68,500 shares of Class A Preferred Stock in NHI. On September 28, 2023, the Company, through one of its wholly owned TRSs, redeemed 2,000 shares of Class A Preferred Stock in NHI. On October 24, 2023, the Company, through one of its wholly owned TRSs, redeemed 1,000 shares of Class A Preferred Stock in NHI. On November 10, 2023, the Company, through one of its wholly owned TRSs, redeemed 1,000 shares of Class A Preferred Stock in NHI. On January 12, 2024, the Company, through one of its wholly owned TRSs, redeemed 1,700 shares of Class A Preferred Stock in NHI. NREF OP Promissory Note On April 19, 2024, the Company, through the OP, loaned $6.5 million to NREF OP IV, L.P. ("NREF OP IV"). In connection with the loan, NREF OP IV issued a promissory note to the OP in the principal amount of $6.5 million bearing interest at 7.535%, which is payable in kind, interest only during the term and matures on April 19, 2029. On June 4, 2024 NREF OP IV paid down $0.6 million in principal. As of June 30, 2024, the outstanding principal balance is $5.9 million. NREF OP IV is a subsidiary of NREF, which is managed by an affiliate of the Adviser. Related Party Investments The Company, from time to time, may invest in entities managed by affiliates of the Adviser. For the six months ended and as of June 30, 2024, the Company had the following investments in entities managed or advised by, or directly or indirectly owned by entities managed or advised by, affiliates of the Adviser (in thousands). Related Party Investment Fair Change in Unrealized Realized Equity in income (loss) Interest and Total Income NexPoint Real Estate Finance, Inc. Common Stock $ 28,812 $ (4,263) $ — $ — $ 2,100 $ (2,163) NexPoint Storage Partners, Inc. Common Stock 67,256 (932) — — — (932) NexPoint Residential Trust, Inc. Common Stock 3,719 481 — — 86 567 NexPoint SFR Operating Partnership, L.P. Convertible Notes 20,824 11 — — 814 825 NexPoint Storage Partners Operating Company, LLC LLC Units 36,649 (508) — — — (508) SFR WLIF III, LLC LLC Units 6,948 — — 370 — 370 Claymore Holdings, LLC LLC Units — (110) — — — (110) Allenby, LLC LLC Units — (46) — — — (46) Haygood, LLC. LLC Units — — — — — — VineBrook Homes Operating Partnership, L.P. Partnership Units 156,658 7,201 — — 2,943 10,144 Related Party Investment Fair Change in Unrealized Realized Equity in income (loss) Interest and Total Income NexPoint Real Estate Finance Operating Partnership, L.P. Partnership Units 66,804 (9,885) — — 4,869 (5,016) NexPoint SFR Operating Partnership, L.P. Partnership Units 46,310 (4,315) — — 1,242 (3,073) NexAnnuity Holdings, Inc. Preferred Shares 67,181 — — — 2,613 2,613 NexPoint Storage Partners Operating Company, LLC Promissory Note 4,986 (15) — — 134 119 NexPoint SFR Operating Partnership, L.P. Promissory Note 500 — — — 22 22 NREF OP IV, L.P. Promissory Note 5,900 — — — 96 96 Total $ 512,547 $ (12,381) $ — $ 370 $ 14,919 $ 2,908 For the six months ended and as of June 30, 2023, the Company had the following investments in entities managed or advised by, or directly or indirectly owned by entities managed or advised by, affiliates of the Adviser (in thousands). Related Party Investment Fair Change in Unrealized Realized Equity in income (loss) Interest and Total Income SFR WLIF III, LLC LLC Units $ 7,306 $ — $ — $ 421 $ — $ 421 NexPoint Residential Trust, Inc. Common Stock 4,075 175 — — 75 250 NexPoint Hospitality Trust Common Stock 16,964 (10,721) — — — (10,721) NexPoint Hospitality Trust Convertible Notes 22,531 1,052 — — 319 1,371 NexPoint Storage Partners, Inc. Common Stock 105,005 1,311 — — — 1,311 NexPoint Storage Partners Operating Company, LLC LLC Units 57,220 714 — — — 714 NexPoint SFR Operating Partnership, L.P. Partnership Units 49,720 (4,361) — — 1,203 (3,158) NexPoint SFR Operating Partnership, L.P. Convertible Notes 21,200 393 — — 998 1,391 Claymore Holdings, LLC LLC Units — — — — — — Allenby, LLC LLC Units — — — — — — NexPoint Real Estate Finance Operating Partnership, L.P. Partnership Units 75,909 (1,461) — — 5,843 4,382 NexPoint Real Estate Finance, Inc. Common Stock 32,739 (630) — — — 2,877 — 2,247 VineBrook Homes Operating Partnership, L.P. Partnership Units 167,305 (3,784) — — — 2,866 — (918) Total $ 559,974 $ (17,312) $ — $ 421 $ 14,181 $ (2,710)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments On December 8, 2022 and in connection with a restructuring of NSP, the Company, together with the NSP Co-Guarantors, as guarantors, entered into a Sponsor Guaranty Agreement in favor of Extra Space pursuant to which the Company and the NSP Co-Guarantors guaranteed obligations of NSP with respect to accrued dividends on NSP’s newly created Series D Preferred Stock and two promissory notes in an aggregate principal amount of approximately $64.2 million issued to Extra Space. The guaranties by the Company and the NSP Co-Guarantors were capped at $97.6 million, and each of the Company and the NSP Co-Guarantors generally guaranteed the foregoing obligations of NSP up to the cap amount on a pro rata basis with respect to its percentage ownership of NSP’s common stock. On February 15, 2023, NSP paid down approximately $15.0 million of these promissory notes, resulting in an aggregate principal amount of approximately $49.2 million. On December 8, 2023, NSP paid down the remaining principal balance of $49.2 million. The NSP Series D Preferred Stock remains outstanding as of June 30, 2024. As of June 30, 2024, the outstanding NSP Series D Preferred Stock accrued dividends was $11.6 million, and the Company and NREF OP IV REIT SUB, LLC are jointly and severally liable for 85.90% of the guaranteed amount. On July 2, 2021, the Company, together the Co-Guarantors as limited guarantors, entered into a SAFStor Recourse Guaranty I in favor of ACORE in its capacity as Administrative Agent for and on behalf of the Lenders under the SAFStor Loan Agreement I, in an aggregate principal amount of $235.86 million, for the benefit of entities indirectly owned by SAFStor, pursuant to which the Company and the Co-Guarantors guaranteed certain obligations of SAFStor. On July 2, 2021, the Company also entered a substantively identical guaranty in favor of ACORE in its capacity as Administrative Agent for and on behalf of the Lenders under the SAFStor Mezzanine Loan Agreement I, in the amount of $6.05 million, for the benefit of entities indirectly owned by SAFStor. On April 24, 2023, the Company joined certain separate guaranties previously made in favor of ACORE by the Co-Guarantors pursuant to the SAFStor Recourse Guaranty II in favor of ACORE in its capacity as (i) Administrative Agent for and on behalf of the Lenders under the SAFStor Loan Agreement II, for the benefit of SAFStor, and (ii) Administrative Agent for and on behalf of the Lenders under the SAFStor Mezzanine Loan Agreement II, for the benefit of entities indirectly owned by SAFStor. See Note 13 to our consolidated financial statements for additional information. The Company is a limited guarantor and an indemnitor on one of NHT's loans with an aggregate principal amount of $74.4 million outstanding, as of June 30, 2024. The obligations include a customary environmental indemnity and a so-called "bad boy" guarantee, which is generally only applicable if and when the borrower directly, or indirectly through an agreement with an affiliate, joint venture partner or other third party, voluntarily files a bankruptcy or similar liquidation or reorganization action or takes other actions that are fraudulent or improper. The Company has not recorded a contingent liability as NHT is current on all debt payments and in compliance with all debt compliance provisions. The Company is a guarantor and an indemnitor on a loan taken by the SPE which owns Cityplace Tower with an aggregate principal amount of $141.1 million as of June 30, 2024. The obligations include a completion guarantee, which is generally only applicable if and when the borrower, which is a subsidiary of the Company, directly, or indirectly through an agreement with an affiliate, joint venture partner or other third party, voluntarily terminates construction services prior to the completion of the project, files a bankruptcy or similar liquidation or reorganization action or takes other actions that are fraudulent or improper. As of June 30, 2024, management does not anticipate any material deviations from schedule or budget related to construction projects current in process, and Cityplace is current on all debt payments and in compliance with all debt compliance provisions. Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the Consolidated Balance Sheets or Consolidated Statements of Operations and Comprehensive Income (Loss) of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries. Environmental liabilities could have a material adverse effect on the Company’s business, assets, cash flows or results of operations. As of June 30, 2024, the Company was not aware of any environmental liabilities. There can be no assurance that material environmental liabilities do not exist. Claymore, Allenby and Haygood are engaged in ongoing litigation that could result in a possible gain contingency to the Company. The probability, timing, and potential amount of recovery, if any, are unknown.

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Operating Leases	Operating Leases Lessor Accounting The following table summarizes the future minimum lease payments to the Company as the lessor under the operating lease obligations at June 30, 2024 (in thousands). These amounts do not reflect future rental revenues from renewal or replacement of existing leases. Reimbursements of operating expenses and variable rent increases are excluded from the table below. Year: Operating Leases 2024 $4,490 2025 8,955 2026 8,178 2027 7,267 2028 5,080 Thereafter 28,316 Total $62,286 The following table lists the tenants where the rental revenue from the tenants represented 10% or more of total rental income in the Company’s Consolidated Statements of Operations and Comprehensive Income (in thousands) for the six months ended June 30, 2024: For the Six Months Ended June 30, 2024 Tenant Rental Income Neiman Marcus Group, LLC $979 Saputo Dairy Foods $924 The following table lists the tenants where the rental revenue from the tenants represented 10% or more of total rental income in the Company’s Consolidated Statements of Operations and Comprehensive Income (in thousands) for the six months ended June 30, 2023: For the Six Months Ended June 30, 2023 Tenant Rental Income Hudson Advisors, LLC $1,424

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Reportable Segments Following the consolidation of NHT, the Company has two reportable segments. For the three and six months ended June 30, 2024, the majority of the Company’s operations are included within the Company’s primary reportable segment, NXDT, as the NHT reportable segment was acquired on April 19, 2024. For the three and six months ended June 30, 2023, the Company had one reportable segment, NXDT. The following presents select operational results for the reportable segments (in thousands): For the Three Months Ended June 30, 2024 2023 Revenues Expenses Net loss Revenues Expenses Net loss NexPoint Diversified Real Estate Trust 12,950 12,376 (6,435) 13,880 13,853 (13,867) NexPoint Hospitality Trust 9,324 9,305 (4,087) — — — Total Company $ 22,274 $ 21,681 $ (10,522) $ 13,880 $ 13,853 $ (13,867) For the Six Months Ended June 30, 2024 2023 Revenues Expenses Net loss Revenues Expenses Net loss NexPoint Diversified Real Estate Trust 25,755 24,912 (27,983) 28,746 26,391 (33,388) NexPoint Hospitality Trust 9,324 9,305 (4,087) — — — Total Company $ 35,079 $ 34,217 $ (32,070) $ 28,746 $ 26,391 $ (33,388) The following presents select balance sheet data for the reportable segments (in thousands): As of June 30, 2024 As of December 31, 2023 NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total Company NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total Company Assets Gross operating real estate investments $ 288,023 $ 170,139 $ 458,163 $ 284,439 $ — $ 284,439 Accumulated depreciation and amortization (25,769) (1,355) (27,123) (20,525) — (20,525) Net operating real estate investments 262,255 168,785 431,040 263,914 — 263,914 Net real estate investments 262,255 168,785 431,040 263,914 — 263,914 Other assets 802,036 16,657 818,693 834,422 — 834,422 Total assets $ 1,064,291 $ 185,442 $ 1,249,733 $ 1,098,336 $ — $ 1,098,336 Although the Company considers NOI a useful measure of a segment's or segments' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income and consistent with how the Company's CODM evaluates total NOI. The following table, which has not been adjusted for the effects of NCI, reconciles our NOI for the three and six months ended June 30, 2024 to net loss, the most directly comparable GAAP financial measure by reportable segment (in thousands): For the Three Months Ended June 30, 2024 For the Six Months Ended June 30, 2024 NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total Net loss $ (6,435) $ (4,087) $ (10,522) $ (27,983) $ (4,087) $ (32,070) Adjustments to reconcile net loss to NOI: Advisory and administrative fees 3,174 269 3,443 6,420 269 6,689 Corporate general and administrative expenses 2,625 570 3,195 5,460 570 6,030 Income tax expense 285 18 303 835 18 853 Depreciation and amortization 2,747 1,355 4,102 5,543 1,355 6,898 Interest expense 4,380 3,471 7,851 8,911 3,471 12,382 Non-operating property investment revenue (8,530) (374) (8,904) (17,261) (374) (17,635) Realized gains (losses) from non-real estate investments 3 — 3 21,875 — 21,875 Change in unrealized (gains) losses from non-real estate investments 3,154 — 3,154 (3,136) — (3,136) Equity in (income) losses of unconsolidated equity method ventures (196) — (196) 958 — 958 NOI $ 1,208 $ 1,221 $ 2,429 $ 1,623 $ 1,221 $ 2,844 (1) Non-operating property investment revenue is defined as revenue included in the consolidated financial statements that are from non-operating properties such as dividend income and interest income.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends Declared On July 27, 2024, the Board approved a quarterly dividend of $0.15 per common share, payable on September 30, 2024 to shareholders of record on August 15, 2024. The dividend on the Company’s common shares consists of a combination of cash and shares, with the cash component of the dividend (other than cash paid in lieu of fractional shares) not to exceed 20% in the aggregate, with the balance being paid in the Company’s common shares. Also on July 27, 2024, the Board approved a quarterly dividend of $0.34375 per Series A Preferred Share, payable on September 30, 2024 to shareholders of record on September 23, 2024. NexPoint Semiconductor Manufacturing DST On July 26, 2024, NREO purchased $14.9 million of LLC interests in NexPoint Semiconductor Manufacturing DST. NexPoint Life Science II DST On July 26, 2024, NREO purchased $4.6 million of LLC interests in NexPoint Life Science II DST. White Rock Center Loan On August 2, 2024, the Company, through Freedom LHV, LLC (“Freedom LHV”), an indirect subsidiary of the Company, entered into a loan agreement with The Ohio State Life Insurance Company (“OSL”), an entity that may be deemed an affiliate of the Adviser through common beneficial ownership, pursuant to which OSL provided a loan to Freedom LHV in the aggregate principal amount of $10.0 million (the "OSL Loan"). The OSL loan bears interest at 10.00% per annum, is payable monthly and matures on August 2, 2029.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting Readers of this Quarterly Report on Form 10-Q ("Quarterly Report") should refer to the audited financial statements and notes to consolidated financial statements of the Company for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K ("202 3 Annual Report") , filed with the SEC and also available on our website (nxdt.nexpoint.com), since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements in our 2023 Annual Report for further discussion of our significant accounting policies and estimates. Information contained on, or accessible through, our website is not incorporated by reference into and does not constitute a part of this Quarterly Report or any other report or documents we file or furnish with the SEC.
Income Taxes	Income Taxes I. Canadian mutual fund status NHT is a mutual fund trust pursuant to the Income Tax Act (Canada) (the “Tax Act”). Under current tax legislation, a mutual fund trust that is not a specified investment flow-through trust (“SIFT”) pursuant to the Tax Act generally is entitled to deduct distributions of taxable income such that it is not liable to pay Canadian income taxes provided that its taxable income is fully distributed to unitholders. NHT intends to qualify as a mutual fund trust that is not a SIFT and to make distributions not less than the amount necessary to ensure that NHT will not be liable to pay Canadian income taxes. II. U.S REIT Status The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code"), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its shareholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to shareholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of June 30, 2024, the Company believes it is in compliance with all applicable REIT requirements. As a REIT for U.S. federal income tax purposes, the Company may deduct earnings distributed to shareholders against the income generated by our REIT operations. The Company continues to be subject to income taxes on the income of its taxable REIT subsidiaries. Our consolidated net loss before income taxes was $10.2 million and $13.6 million for the three months ended June 30, 2024 and 2023, respectively. Our consolidated net loss before income taxes was $31.2 million and $32.3 million for the six months ended June 30, 2024 and 2023, respectively. The Company’s Consolidated Balance Sheet as of June 30, 2024 consists of a $4.8 million net deferred tax asset at NHF TRS, LLC, a $1.7 million net deferred tax liability at NREO TRS, Inc., a $6.0 million gross deferred tax asset at NHT's TRSs, a gross deferred tax liability of $0.0 million at NHT's TRSs, and a valuation allowance of $6.0 million at NHT's TRSs for a consolidated net deferred tax asset of $3.1 million. The Company's Consolidated Balance Sheet as of December 31, 2023 consisted of a $4.5 million net deferred tax asset at NHF TRS, LLC and a $1.6 million net deferred tax liability at NREO TRS, Inc. for a consolidated net deferred tax asset of $2.9 million. The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. Our effective tax rates for the three months ended June 30, 2024 and 2023 were (2.97)% and (2.27)%, respectively. Our effective tax rates for the six months ended June 30, 2024 and 2023 were (2.73)% and (3.45)%, respectively. Our effective tax rate differs from the U.S. federal statutory corporate tax rate of 21.0% primarily due to our REIT operations generally not being subject to federal income taxes. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more-likely-than-not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of June 30, 2024 and 2023. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2023, 2022, 2021 and 2020 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its Consolidated Statement of Operations and Comprehensive Income (Loss). The Company has not recorded any uncertain tax positions for the six months ended June 30, 2024 and 2023. A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows (in thousands): For the Period Ended June 30, 2024 2023 Expected tax at statutory rate $ (6,556) 21.0 % $ (6,778) 21.0 % Non-taxable REIT income 7,600 -24.3 % 7,628 -23.6 % Change in valuation allowance (191) 0.6 % 264 -0.8 % Total provision $ 853 -2.7 % $ 1,114 -3.5 %
Segment Reporting	Segment Reporting Under the provision of ASC 280, Segment Reporting
Leases	Leases The Company’s leasing activities are accounted for under ASC 842, Leases , if an identified contract is, or contains, a lease. Lessors classify leases as either sales-type, direct financing or operating leases. A lease is classified as a sales-type lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying assets, or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. If none of the above criteria is met, a lease is classified as a direct financing lease if both of the following criteria are met: (1) the present value of the of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the underlying asset’s fair value and (2) it is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. A lease is classified as an operating lease if it does not qualify as a sales-type or direct financing lease. All of the leasing arrangements where the Company is the lessor are classified as operating leases. Lessees classify leases as either finance or operating leases. A lease is classified as a finance lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying asset, or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if none of the five criteria described above for finance lease classification is met. The Company has one finance lease in the NHT segment for a parking space related to the Bradenton Hampton Inn & Suites, which is included in “Right-of-use assets” on the Consolidated Balance Sheets.
Hotel Revenue Recognition	Hotel Revenue Recognition The Company's NHT segment generally recognizes revenue in accordance with ASC 606, Revenue From Contracts with Customers , which requires five steps to evaluate revenue recognition: (i) identify the contract(s) with a customer; (ii) identity the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Rooms revenue is recognized as the services are rendered to customers and upon completion of the hotel stay, provided there are no material remaining performance obligations required of the Company.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires a public entity to disclose significant segment expenses and other segment items in interim and annual periods and expands the ASC 280 disclosure requirements for interim periods. The ASU also explicitly requires public entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures under ASU 2023-07. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating ASU 2023-07 to determine its impact on the Company's disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), to clarify the scope application of profits interest and similar awards by adding illustrative guidance in ASC 718, Compensation-Stock Compensation ("ASC 718"). ASU 2024-01 clarifies how to determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement (ASC 718) or as a cash bonus or profit-sharing arrangement (ASC 710, Compensation-General, or other guidance) and applies to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to adding the illustrative guidance, ASU 2024-01 modified the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, including interim periods within those annual periods. Early adoption is permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interests and similar awards granted or modified on or after the adoption date. The Company is currently assessing the impacts of adopting ASU 2024-01 on its consolidated financial statements and disclosures.

Asset Acquisition (Tables)

Asset Acquisition (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Asset Acquisition	The accumulated cost of the acquisition was allocated to the acquired assets and liabilities based on their relative fair values as follows: Description Land $ 22,673 Buildings and improvements 128,616 Construction in progress 3,613 Furniture, fixtures, and equipment 12,722 Investments, at fair value 5,000 Cash and cash equivalents 38,467 Restricted cash 5,065 Prepaid and other assets 4,001 Right-of-use asset 1,465 Interest-rate cap 1,064 Mortgages payable (114,640) Notes payable (70,529) Accounts payable and other accrued liabilities (21,826) Accrued real estate taxes (1,233) Identifiable Net Assets Acquired $ 14,458

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows (in thousands): For the Period Ended June 30, 2024 2023 Expected tax at statutory rate $ (6,556) 21.0 % $ (6,778) 21.0 % Non-taxable REIT income 7,600 -24.3 % 7,628 -23.6 % Change in valuation allowance (191) 0.6 % 264 -0.8 % Total provision $ 853 -2.7 % $ 1,114 -3.5 %

Investments in Real Estate Su_2

Investments in Real Estate Subsidiaries (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Investments in SPEs Properties	The following table represents the Company’s ownership in each property by virtue of its consolidation of the SPEs that directly own the title to each property as of June 30, 2024 and 2023: Effective Ownership Percentage at Property Name Location Year Acquired June 30, 2024 June 30, 2023 White Rock Center Dallas, Texas 2013 100 % 100 % 5916 W Loop 289 Lubbock, Texas 2013 100 % 100 % Cityplace Tower Dallas, Texas 2018 100 % 100 % NexPoint Dominion Land, LLC (1) Plano, Texas 2022 100 % 100 % Dallas Hilton Garden Inn (2) Dallas, Texas 2014 (3) 54 % N/A Addison HomeWood Suites (2) Addison, Texas 2017 (3) 54 % N/A Plano HomeWood Suites (2) Plano, Texas 2017 (3) 54 % N/A Las Colinas HomeWood Suites (2) Las Colinas, Texas 2017 (3) 54 % N/A St. Petersburg Marriott (2) St. Petersburg, Florida 2018 (3) 54 % N/A Hyatt Place Park City (2) Park City, Utah 2022 (3) 54 % N/A Bradenton Hampton Inn & Suites (2) Bradenton, Florida 2022 (3) 54 % N/A (1) NexPoint Dominion Land, LLC owns 100% of 21.5 acres of undeveloped land in Plano, Texas. (2) NHT owns 100% of the properties, and NXDT owns approximately 54% of NHT. (3) Reflects the date NHT or its predecessor acquired the property.

Consolidated Real Estate Inve_2

Consolidated Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Components of Investments in Real Estate Properties	As of June 30, 2024, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the Consolidated Balance Sheet, were as follows (in thousands): Operating Properties Land Buildings and Intangible Lease Assets Intangible Lease Right of use assets Construction in Progress Furniture, Fixtures, and Totals White Rock Center $ 1,315 $ 10,471 $ 1,921 $ (101) $ — $ — $ 5 $ 13,611 5916 W Loop 289 1,081 2,938 — — — — — 4,019 Cityplace Tower 18,812 194,998 9,058 (6,669) — 19,103 356 235,658 NexPoint Dominion Land, LLC 26,500 — — — — — — 26,500 Dallas Hilton Garden Inn 4,116 — 24,398 — — — — — — 96 — 1,464 — 30,074 Addison HomeWood Suites 2,576 — 4,934 — — — — — — 443 — 824 — 8,777 Plano HomeWood Suites 2,369 — 6,055 — — — — — — 27 — 824 — 9,275 Las Colinas HomeWood Suites 3,209 — 14,386 — — — — — — 323 — 1,407 — 19,325 St. Petersburg Marriott 5,829 — 33,425 — — — — — — 1,714 — 2,298 — 43,266 Hyatt Place Park City 3,737 — 19,759 — — — — — — 852 — 3,130 — 27,478 Bradenton Hampton Inn & Suites 837 24,905 — — 1,465 417 2,826 30,450 HUB Research Triangle Park 0 — — — — — — — — — 2,960 — — 2,960 Accumulated depreciation and amortization — (18,968) (7,388) 2,795 (10) — (757) (24,328) Total Operating Properties $ 70,381 $ 317,301 $ 3,591 $ (3,975) $ 1,455 $ 25,935 $ 12,377 $ 427,065 As of December 31, 2023, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the Consolidated Balance Sheet, were as follows (in thousands): Operating Properties Land Buildings and Intangible Lease Assets Intangible Lease Construction in Progress Furniture, Fixtures, and Totals White Rock Center $ 1,315 $ 10,345 $ 1,921 $ (101) $ — $ 5 $ 13,485 5916 W Loop 289 1,081 2,938 — — — — 4,019 Cityplace Tower 18,812 192,930 9,058 (6,669) 19,177 357 233,665 NexPoint Dominion Land, LLC 26,500 — — — — — 26,500 47,708 206,213 10,979 (6,770) 19,177 362 277,669 Accumulated depreciation and amortization — (13,490) (6,798) 2,203 — (237) (18,322) Total Operating Properties $ 47,708 $ 192,723 $ 4,181 $ (4,567) $ 19,177 $ 125 $ 259,347

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Notes Payable	The below table contains summary information related to the mortgages payable (dollars in thousands): Outstanding principal as of Interest Rate Maturity Date Note A-1 $ 100,275 7.69 % 3/7/2025 Note A-2 21,935 11.69 % 3/7/2025 Note B-1 12,623 7.69 % 3/7/2025 Note B-2 3,134 11.69 % 3/7/2025 Mezzanine Note 1 2,761 11.69 % 3/7/2025 Mezzanine Note 2 394 11.69 % 3/7/2025 Mortgages payable 141,122 Deferred financing costs, net (244) Mortgages payable, net $ 140,878
Schedule of Maturities of Long-Term Debt	The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2024 are as follows (in thousands): Mortgages Payable Credit Facilities Notes Payable Prime Brokerage Borrowing Total 2024 $ — $ 26,000 $ — $ — $ 26,000 2025 252,823 11,000 13,250 — 277,073 2026 — — — — — 2027 — — 17,833 — 17,833 2028 — — — — — Thereafter — — 33,147 1,349 34,496 Total $ 252,823 $ 37,000 $ 64,230 $ 1,349 $ 355,402
Schedule of Debt Information	The following table contains summary information concerning the debt of the NHT segment as of June 30, 2024 (dollars in thousands): Outstanding principal as of Debt Payable June 30, 2024 Interest Rate Maturity Date Lender Note A¹ $ 50,188 7.34% 3/8/2025 ACORE Note B¹ 24,165 11.80% 3/8/2025 ACORE PC & B Loan² 37,348 6.70% 2/5/2025 AREEIF Lender, LLC Convertible Notes Due to Affiliates 58,278 - 2/14/2027 - 9/30/2042 Multiple $ 169,979 Fair market value adjustment, net of accumulated amortization³ (7,298) Debt payable, net $ 162,681 (1) This debt is secured by the following properties: HGI Property, Addison HomeWood Suites, Plano HomeWood Suites, Las Colinas HomeWood Suites and the St. Pete Property. (2) This debt is secured by the following properties: Park City and Bradenton. (3) The Company recorded a valuation adjustment of the Convertible Notes Due to Affiliates upon the consolidation of NHT to adjust for the difference between the fair value and the outstanding principal amount of the debt. The difference is amortized into interest expense.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	As of June 30, 2024 and 2023, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments: Entities Instrument Asset Type Percentage Ownership as of June 30, 2024 Percentage Ownership as of June 30, 2023 Relationship as of June 30, 2024 Relationship as of June 30, 2023 Unconsolidated Entities: NexPoint Storage Partners, Inc. Common stock Self-storage 52.8 % 53.0 % VIE VIE NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.5 % 29.7 % VIE VIE Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % 16.4 % VIE VIE SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 20.0 % VIE VIE NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 15.6 % 16.0 % VIE VIE VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.4 % 11.1 % VIE VIE NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 30.8 % 30.8 % VIE VIE IQHQ Holdings, LP LP interest Life science 1.3 % 1.1 % VIE VIE NexAnnuity Holdings, Inc. Preferred Shares Annuities 100.0 % (1) N/A VIE N/A (1) The Company owns 100% of the preferred stock of NexAnnuity Holdings, Inc. ("NHI"), but it does not own any of the outstanding common stock of NHI.

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investments	Below is a summary of the Company’s equity method investments as of June 30, 2024 (dollars in thousands): Investee Name Instrument Asset Type NXDT Percentage Ownership Investment Basis Share of Investee's Net Assets (1) Basis Difference (2) Share of Earnings (Loss) Sandstone Pasadena Apartments, LLC LLC interest Multifamily 50.0 % $ 10,712 $ (9,590) $ 20,302 $ (13) AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 20,635 16,396 4,239 (1,098) SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 6,948 7,038 (90) 299 Las Vegas Land Owner, LLC LLC interest Land 77.0 % (4) 12,312 12,312 — — Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % (9) 12,911 10,488 2,423 707 Claymore Holdings, LLC LLC interest N/A 50.0 % (5) — (6) — — — Allenby, LLC LLC interest N/A 50.0 % (5) — (6) — — — Haygood, LLC LLC interest N/A 31.0 % (8) — (6) — — — $ 63,518 $ 36,644 $ 26,874 $ (105) Below is a summary of the Company's investments as of June 30, 2024 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "investments, at fair value" on the Consolidated Balance Sheets. Investee Name Instrument Asset Type NXDT Percentage Ownership Fair Value NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 15.6 % (7) $66,804 (6) NexPoint Real Estate Finance, Inc. Common stock Mortgage 12.0 % (7) 28,812 (6) VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.4 % (7) 156,659 (6) NexPoint Storage Partners, Inc. Common stock Self-storage 52.8 % (3) 67,256 (6) NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.5 % 36,649 (6) NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 30.8 % 46,310 (6) LLV Holdco, LLC LLC interest Land 26.8 % 3,211 (6) $ 405,701 Below is a summary of the Company’s equity method investments as of December 31, 2023 (dollars in thousands): Investee Name Instrument Asset Type NXDT Percentage Ownership Investment Basis Share of Investee's Net Assets (1) Basis Difference (2) Share of Earnings (Loss) Sandstone Pasadena Apartments, LLC LLC interest Multifamily 50.0 % $ 11,458 $ (9,590) $ 21,048 $ — AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 23,158 17,581 5,577 (426) SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 7,079 7,241 (162) 555 Las Vegas Land Owner, LLC LLC interest Land 77.0 % (4) 12,312 12,312 — — Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % (7) 12,256 10,488 1,768 1,441 Claymore Holdings, LLC LLC interest N/A 50.0 % (5) — (6) — — — Allenby, LLC LLC interest N/A 50.0 % (5) — (6) — — — Haygood, LLC LLC interest N/A 31.0 % (8) — (6) — — — $ 66,263 $ 38,032 $ 28,231 $ 1,570 Below is a summary of the Company's investments as of December 31, 2023 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "investments, at fair value" on the Consolidated Balance Sheets. Investee Name Instrument Asset Type NXDT Percentage Ownership Fair Value NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 15.6 % (7) $76,688 (6) NexPoint Real Estate Finance, Inc. Common stock Mortgage 12.0 % (7) 33,075 (6) VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.2 % (7) 146,516 (6) NexPoint Storage Partners, Inc. Common stock Self-storage 52.9 % (3) 68,187 (6) NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 30.0 % 37,157 (6) NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 30.8 % 49,383 (6) NexPoint Hospitality Trust Common stock Hospitality 46.2 % 4,886 (6) LLV Holdco, LLC LLC interest Land 26.8 % 2,242 (6) $ 418,134 (1) Represents the Company’s percentage share of net assets of the investee per the investee’s books and records. (2) Represents the difference between the basis at which the investments in unconsolidated ventures are carried by the Company and the Company's proportionate share of the equity method investee's net assets. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. (3) The Company owns greater than 50% of the outstanding common equity but is not deemed to be the primary beneficiary or have a controlling financial interest of the investee and as such, accounts for the investee using the equity method. (4) The Company owns 100% of Las Vegas Land Owner, LLC which owns 77% of a joint venture that owns an 8.5 acre tract of land (the "Tivoli North Property"). Through a tenants in common arrangement, the Company shares control and as such accounts for this investment using the equity method. (5) The Company has a 50% non-controlling interest in Claymore Holdings, LLC (“Claymore”) and Allenby, LLC, (“Allenby”). The Company has determined it is not the primary beneficiary and does not consolidate these entities. (6) The Company has elected the fair value option with respect to these investments. The basis in these investments is their fair value. (7) The Company owns less than 20% of the investee but has significant influence due to members of the management team serving on the board of the investee or its parent and as such, accounts for the investee using the equity method. (8) The Company has a 31% non-controlling interest in Haygood, LLC, (“Haygood”). The Company has determined it is not the primary beneficiary and does not consolidate this entity. (9) The Company owns less than 20% of the investee but has significant influence due to the legal nature of a partnership that implies an inherent right to influence the operating and financial policies of the partnership.
Equity Method Investments, Statement of Operations Summary	The table below presents the summarized statement of operations for the three months ended March 31, 2024 for the Company’s significant equity method investments (dollars in thousands). NREF VineBrook Revenues Rental income $ 2,087 $ 88,783 Net interest income (12,814) — Other income 124 1,502 Total revenues (10,603) 90,285 Expenses Total expenses 11,026 129,441 Gain (loss) on sales and impairment of real estate — (3,887) Other income (expense) 6,988 (1,028) Unrealized gain (loss) on derivatives — 2,773 Total comprehensive income (loss) $ (14,641) $ (41,298) The table below presents the summarized statement of operations for the six months ended June 30, 2023 for the Company’s significant equity method investments (dollars in thousands). NREF VineBrook Revenues Rental income $ 2,035 $ 171,911 Net interest income 8,154 — Other income — 2,837 Total revenues 10,189 174,748 Expenses Total expenses 10,618 243,805 Gain (loss) on sales of real estate — (30,454) Other income (expense) 18,284 (41,910) Unrealized gain (loss) on derivatives — 25,852 Total comprehensive income (loss) $ 17,855 $ (115,569)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Assets at Fair Value on a Recurring Basis	The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of June 30, 2024 (in thousands): Fair Value Cost Basis Level 1 Level 2 Level 3 Total Assets Bond $ 17 $ — $ 44 $ — $ 44 CLO 187 — — — — Common stock 284,598 39,282 — 162,475 201,757 Convertible notes 21,458 — — 20,824 20,824 LLC interest 71,982 — — 44,860 44,860 LP interest 330,739 — 66,804 202,969 269,773 Preferred Shares 67,181 — — 67,181 67,181 Rights and warrants 1,784 — 1,788 — 1,788 Senior loan 49,261 — 39 49,378 49,417 $ 827,207 $ 39,282 $ 68,675 $ 547,687 $ 655,644 The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of December 31, 2023 (in thousands): Fair Value Cost Basis Level 1 Level 2 Level 3 Total Assets Bond $ 17 $ — $ 30 $ — $ 30 CLO 24,187 — — 1,215 1,215 Common stock 311,576 42,832 — 176,256 219,088 Convertible notes 46,385 — — 42,251 42,251 LLC interest 66,825 — — 39,399 39,399 LP interest 326,555 — 76,688 195,898 272,586 Preferred Shares 66,268 — — 66,268 66,268 Rights and warrants 3,937 — 3,993 — 3,993 Senior loan 46,174 — 55 46,353 46,408 $ 891,924 $ 42,832 $ 80,766 $ 567,640 $ 691,238
Summary of Changes in Level 3 Assets	The table below sets forth a summary of changes in the Company’s Level 3 assets (assets measured at fair value using significant unobservable inputs) for the six months ended June 30, 2024 (in thousands): December 31, 2023 Contributions/ Paid in- Transfer Into (Out of) Level 3 Investments (Eliminated) Acquired Through Consolidation¹ Redemptions/ Return of capital Realized Unrealized gain/(loss) June 30, 2024 CLO $ 1,215 $ — $ — $ — $ — $ — $ (1,266) $ (22,735) $ 22,786 $ — Common stock 176,256 904 — — (5,763) — — — (8,922) 162,475 Convertible notes 42,251 — — — (19,835) (2,125) — — 533 20,824 LLC interest 39,399 157 — — 5,000 — — — 304 44,860 LP interest 195,898 4,185 — — — — — — 2,886 202,969 Preferred Shares 66,268 — 2,613 — — (1,700) — — — 67,181 Senior loan 46,353 6,500 2,135 — — (6,123) — 574 (61) 49,378 Total $ 567,640 $ 11,746 $ 4,748 $ — $ (20,598) $ (9,948) $ (1,266) $ (22,161) $ 17,526 $ 547,687 (1) As a result of the NHT consolidation, certain investments were eliminated or acquired. The table below sets forth a summary of changes in the Company’s Level 3 assets (assets measured at fair value using significant unobservable inputs) for the six months ended June 30, 2023 (in thousands): December 31, 2022 Contributions/ Paid in- Redemptions/ Return of capital Realized Unrealized gain/(loss) June 30, 2023 CLO $ 6,412 $ — $ — $ — $ — $ — $ (1,559) $ 4,853 Common stock 234,667 — — — — — (12,804) 221,863 Convertible notes 50,828 (8,542) — — — — 1,445 43,731 Life settlement 67,711 2,532 — (2,999) — (502) (6,123) 60,619 LLC interest 60,836 — — — — — (243) 60,593 LP interest 223,141 2,028 — — — — (8,145) 217,024 Senior loan 43,341 — 1,960 (4,971) — 11 174 40,515 Total $ 686,936 $ (3,982) $ 1,960 $ (7,970) $ — $ (491) $ (27,255) $ 649,198
Schedule of Significant Unobservable Inputs of Level 3 Assets	The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of June 30, 2024. Category Valuation Technique Significant Unobservable Inputs Input Value(s) Fair Value Common Stock Market Approach Unadjusted Price/MHz-PoP $0.10 — $0.90 $(0.48) $ 162,475 Discounted Cash Flow Discount Rate 7.50% — 14.10% (9.35)% Market Rent (per sqft) $12.50 — $42.00 $(27.25) RevPAR $74.00 — $119.00 $(92.00) Capitalization Rates 5.25% — 9.50% (7.67)% NAV Approach Discount Rate 10.00% Multiples Analysis Multiple of EBITDA 3.10x — 4.10x (3.60)x Multiple of NAV 0.85x — 1.10x (0.98)x Recent Transaction Implied Enterprise Value from Transaction Price ($mm) $841.00 N/A $25.31 — $28.00 $(26.66) Discount to NAV (30.00)% — (20.00)% (25.00)% Offer Price per Share $1.10 Convertible Notes Discounted Cash Flow Discount Rate 6.08% — 11.5% (8.79)% 20,824 Option Pricing Model Volatility 55.00% — 65.00% (60.00)% LLC Interest Discounted Cash Flow Discount Rate 7.50% — 30.50% 14% 44,860 Market Rent (per sqft) $12.50 — $42.00 $(27.25) Capitalization Rate 5.25% LP Interest Direct Capitalization Approach Capitalization Rate 3.80% — 6.70% 5.5% 202,969 Market Approach Discount to NAV (7.50)% — (2.50)% (5.00)% Recent Transaction Price per Share $20.58 Preferred Shares Recent Transaction Price per Share $1,000 67,181 Senior Loan Discounted Cash Flow Discount Rate 12.30% — 20.00% (16.15)% 49,378 Total $ 547,687 The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of December 31, 2023. Category Valuation Technique Significant Unobservable Inputs Input Value(s) Fair Value CLO Discounted Net Asset Value Discount N/A $ 1,215 Common Stock Market Approach Unadjusted Price/MHz-PoP $0.10 — $0.90 $(0.48) 176,256 Discounted Cash Flow Discount Rate 7.5% — 13.90% (9.18)% Market Rent (per sqft) $11.50 — $41.00 $(26.25) RevPAR $75.00 — $145.00 $(102.00) Capitalization Rates 5.25% — 9.5% (7.58)% NAV Approach Discount Rate 10.00% Multiples Analysis Multiple of EBITDA 3.00x — 4.00x (3.50)x Multiple of NAV 1.00x — 1.25x (1.13)x Recent Transaction Implied Enterprise Value from Transaction Price ($mm) $841.00 N/A $25.31 — $28.00 $(26.66) Discount to NAV (25.00)% — (10.00)% (17.50)% Offer Price per Share $1.10 Convertible Notes Discounted Cash Flow Discount Rate 6.08% — 10.25% (8.17)% 42,251 Option Pricing Model Volatilty 55.00% — 65.00% (60.00)% LLC Interest Discounted Cash Flow Discount Rate 7.50% — 30.50% 14% 39,399 Market Rent (per sqft) $11.5 — $41 $(26.25) Capitalization Rate 5.25% LP Interest Direct Capitalization Approach Capitalization Rate 4.00% — 6.80% 5.51% 195,898 Discount to NAV (12.5)% — (2.5)% (-7.5%) Discounted Cash Flow Discount Rate 18.00% — 28.00% (22.80)% Market Approach Capitalization Rate 5.00% — 5.50% (5.22)% Recent Transaction Price per Share $21.59 Preferred Shares Recent Transaction Price per Share $1,000 66,268 Senior Loan Discounted Cash Flow Discount Rate 12.30% — 20.00% (16.15)% 46,353 Total $ 567,640
Schedule of Derivative Instruments	As of June 30, 2024, the NHT segment had the following outstanding interest rate caps: Type of Derivative Hedged Financial Instrument Notional Strike Rate Reference Rate Termination Date Interest rate cap Note payable $39,300 2.00% One-month SOFR 2.00% March 5, 2025

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Share-Based Payment Arrangement, Restricted Stock Unit, Activity	The following table includes the number of restricted share units granted, vested, forfeited and outstanding as of and for the six months ended June 30, 2024: 2024 Number of Units Weighted Average Outstanding January 1, 2024 589,906 $ 10.45 Granted 1,033,787 6.10 Vested (178,856) 10.36 Forfeited (9,371) 6.10 Outstanding June 30, 2024 1,435,466 $ 7.36 The following table contains information regarding the vesting of restricted share units under the 2023 LTIP for the next five calendar years subsequent to June 30, 2024: Shares Vesting March April Total 2024 — — — 2025 299,971 140,404 440,375 2026 241,481 135,323 376,804 2027 241,482 135,323 376,805 2028 241,482 — 241,482 Total 1,024,416 411,050 1,435,466
Schedule of Nonvested Share Activity	In no case can PIUs vest within one year of grant: Vesting % Upon Unit Price Achieving 1 PIUs Vested 12.50% $2.00 294,375 12.50% 2.50 294,375 12.50% 3.00 294,375 12.50% 4.00 294,375 Total 1,177,500 (1) Price to be adjusted for dilutive events. Vesting % Date PIUs Vested 25.00% December 6, 2022 588,750 25.00% December 6, 2023 588,750 25.00% December 6, 2024 588,750 25.00% December 6, 2025 588,750 Total 2,355,000 Description Units Fair Value PIUs vested in the NHT OP, December 31, 2023 1,471,875 $ 456 Time vesting PIUs — (177) PIUs vested in the NHT OP, June 30, 2024 1,471,875 $ 279

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Six Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 Numerator for loss per share: Net income (loss) attributable to common shareholders $ (32,486) $ (35,698) $ (9,783) $ (15,022) Denominator for loss per share: Weighted average common shares outstanding 39,094 37,172 39,616 37,172 Denominator for basic and diluted loss per share 39,094 37,172 39,616 37,172 Weighted average unvested restricted share units 1,210 37 1,435 38 Denominator for diluted loss per share (1) 39,094 37,172 39,616 37,172 Loss per weighted average common share: Basic $ (0.83) $ (0.96) $ (0.24) $ (0.40) Diluted $ (0.83) $ (0.96) $ (0.24) $ (0.40) (1) If the Company sustains a net loss for the period presented, unvested restricted share units are not included in the diluted earnings per share calculation.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	For the six months ended and as of June 30, 2024, the Company had the following investments in entities managed or advised by, or directly or indirectly owned by entities managed or advised by, affiliates of the Adviser (in thousands). Related Party Investment Fair Change in Unrealized Realized Equity in income (loss) Interest and Total Income NexPoint Real Estate Finance, Inc. Common Stock $ 28,812 $ (4,263) $ — $ — $ 2,100 $ (2,163) NexPoint Storage Partners, Inc. Common Stock 67,256 (932) — — — (932) NexPoint Residential Trust, Inc. Common Stock 3,719 481 — — 86 567 NexPoint SFR Operating Partnership, L.P. Convertible Notes 20,824 11 — — 814 825 NexPoint Storage Partners Operating Company, LLC LLC Units 36,649 (508) — — — (508) SFR WLIF III, LLC LLC Units 6,948 — — 370 — 370 Claymore Holdings, LLC LLC Units — (110) — — — (110) Allenby, LLC LLC Units — (46) — — — (46) Haygood, LLC. LLC Units — — — — — — VineBrook Homes Operating Partnership, L.P. Partnership Units 156,658 7,201 — — 2,943 10,144 Related Party Investment Fair Change in Unrealized Realized Equity in income (loss) Interest and Total Income NexPoint Real Estate Finance Operating Partnership, L.P. Partnership Units 66,804 (9,885) — — 4,869 (5,016) NexPoint SFR Operating Partnership, L.P. Partnership Units 46,310 (4,315) — — 1,242 (3,073) NexAnnuity Holdings, Inc. Preferred Shares 67,181 — — — 2,613 2,613 NexPoint Storage Partners Operating Company, LLC Promissory Note 4,986 (15) — — 134 119 NexPoint SFR Operating Partnership, L.P. Promissory Note 500 — — — 22 22 NREF OP IV, L.P. Promissory Note 5,900 — — — 96 96 Total $ 512,547 $ (12,381) $ — $ 370 $ 14,919 $ 2,908 For the six months ended and as of June 30, 2023, the Company had the following investments in entities managed or advised by, or directly or indirectly owned by entities managed or advised by, affiliates of the Adviser (in thousands). Related Party Investment Fair Change in Unrealized Realized Equity in income (loss) Interest and Total Income SFR WLIF III, LLC LLC Units $ 7,306 $ — $ — $ 421 $ — $ 421 NexPoint Residential Trust, Inc. Common Stock 4,075 175 — — 75 250 NexPoint Hospitality Trust Common Stock 16,964 (10,721) — — — (10,721) NexPoint Hospitality Trust Convertible Notes 22,531 1,052 — — 319 1,371 NexPoint Storage Partners, Inc. Common Stock 105,005 1,311 — — — 1,311 NexPoint Storage Partners Operating Company, LLC LLC Units 57,220 714 — — — 714 NexPoint SFR Operating Partnership, L.P. Partnership Units 49,720 (4,361) — — 1,203 (3,158) NexPoint SFR Operating Partnership, L.P. Convertible Notes 21,200 393 — — 998 1,391 Claymore Holdings, LLC LLC Units — — — — — — Allenby, LLC LLC Units — — — — — — NexPoint Real Estate Finance Operating Partnership, L.P. Partnership Units 75,909 (1,461) — — 5,843 4,382 NexPoint Real Estate Finance, Inc. Common Stock 32,739 (630) — — — 2,877 — 2,247 VineBrook Homes Operating Partnership, L.P. Partnership Units 167,305 (3,784) — — — 2,866 — (918) Total $ 559,974 $ (17,312) $ — $ 421 $ 14,181 $ (2,710)

Operating Leases (Tables)

Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Lessee, Operating Lease, Liability, Maturity	The following table summarizes the future minimum lease payments to the Company as the lessor under the operating lease obligations at June 30, 2024 (in thousands). These amounts do not reflect future rental revenues from renewal or replacement of existing leases. Reimbursements of operating expenses and variable rent increases are excluded from the table below. Year: Operating Leases 2024 $4,490 2025 8,955 2026 8,178 2027 7,267 2028 5,080 Thereafter 28,316 Total $62,286
Schedule of Concentration of Risk, by Risk Factor	The following table lists the tenants where the rental revenue from the tenants represented 10% or more of total rental income in the Company’s Consolidated Statements of Operations and Comprehensive Income (in thousands) for the six months ended June 30, 2024: For the Six Months Ended June 30, 2024 Tenant Rental Income Neiman Marcus Group, LLC $979 Saputo Dairy Foods $924 The following table lists the tenants where the rental revenue from the tenants represented 10% or more of total rental income in the Company’s Consolidated Statements of Operations and Comprehensive Income (in thousands) for the six months ended June 30, 2023: For the Six Months Ended June 30, 2023 Tenant Rental Income Hudson Advisors, LLC $1,424

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following presents select operational results for the reportable segments (in thousands): For the Three Months Ended June 30, 2024 2023 Revenues Expenses Net loss Revenues Expenses Net loss NexPoint Diversified Real Estate Trust 12,950 12,376 (6,435) 13,880 13,853 (13,867) NexPoint Hospitality Trust 9,324 9,305 (4,087) — — — Total Company $ 22,274 $ 21,681 $ (10,522) $ 13,880 $ 13,853 $ (13,867) For the Six Months Ended June 30, 2024 2023 Revenues Expenses Net loss Revenues Expenses Net loss NexPoint Diversified Real Estate Trust 25,755 24,912 (27,983) 28,746 26,391 (33,388) NexPoint Hospitality Trust 9,324 9,305 (4,087) — — — Total Company $ 35,079 $ 34,217 $ (32,070) $ 28,746 $ 26,391 $ (33,388) The following presents select balance sheet data for the reportable segments (in thousands): As of June 30, 2024 As of December 31, 2023 NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total Company NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total Company Assets Gross operating real estate investments $ 288,023 $ 170,139 $ 458,163 $ 284,439 $ — $ 284,439 Accumulated depreciation and amortization (25,769) (1,355) (27,123) (20,525) — (20,525) Net operating real estate investments 262,255 168,785 431,040 263,914 — 263,914 Net real estate investments 262,255 168,785 431,040 263,914 — 263,914 Other assets 802,036 16,657 818,693 834,422 — 834,422 Total assets $ 1,064,291 $ 185,442 $ 1,249,733 $ 1,098,336 $ — $ 1,098,336 For the Three Months Ended June 30, 2024 For the Six Months Ended June 30, 2024 NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total Net loss $ (6,435) $ (4,087) $ (10,522) $ (27,983) $ (4,087) $ (32,070) Adjustments to reconcile net loss to NOI: Advisory and administrative fees 3,174 269 3,443 6,420 269 6,689 Corporate general and administrative expenses 2,625 570 3,195 5,460 570 6,030 Income tax expense 285 18 303 835 18 853 Depreciation and amortization 2,747 1,355 4,102 5,543 1,355 6,898 Interest expense 4,380 3,471 7,851 8,911 3,471 12,382 Non-operating property investment revenue (8,530) (374) (8,904) (17,261) (374) (17,635) Realized gains (losses) from non-real estate investments 3 — 3 21,875 — 21,875 Change in unrealized (gains) losses from non-real estate investments 3,154 — 3,154 (3,136) — (3,136) Equity in (income) losses of unconsolidated equity method ventures (196) — (196) 958 — 958 NOI $ 1,208 $ 1,221 $ 2,429 $ 1,623 $ 1,221 $ 2,844 (1) Non-operating property investment revenue is defined as revenue included in the consolidated financial statements that are from non-operating properties such as dividend income and interest income.

Organization and Description _2

Organization and Description of Business (Details)	6 Months Ended
	Jun. 30, 2024 shares
Summary of Investment Holdings [Line Items]
Advisory agreement, term	3 years
Advisory agreement, additional term	1 year
NexPoint Diversified Real Estate Trust OP GP, LLC
Summary of Investment Holdings [Line Items]
General partners' capital account, units outstanding (in shares)	2,000
Ownership interest	100%

Asset Acquisition - Narrative (

Asset Acquisition - Narrative (Details) $ in Millions	Apr. 10, 2024 USD ($) shares
Asset Acquisition, Contingent Consideration [Line Items]
Noncontrolling interest	$ 6.9
NHT Acquisition
Asset Acquisition, Contingent Consideration [Line Items]
Stock issued during period (in shares) | shares	2,176,257
Purchase price	$ 0.8
Percentage of shares acquired (in percent)	53.65%
Payments to acquire businesses	$ 3.9

Asset Acquisition - Schedule of

Asset Acquisition - Schedule of Asset Acquisition (Details) - NHT Acquisition $ in Thousands	Apr. 10, 2024 USD ($)
Asset Acquisition, Contingent Consideration [Line Items]
Land	$ 22,673
Buildings and improvements	128,616
Construction in progress	3,613
Furniture, fixtures, and equipment	12,722
Investments, at fair value	5,000
Cash and cash equivalents	38,467
Restricted cash	5,065
Prepaid and other assets	4,001
Right-of-use asset	1,465
Interest-rate cap	1,064
Mortgages payable	(114,640)
Notes payable	(70,529)
Accounts payable and other accrued liabilities	(21,826)
Accrued real estate taxes	(1,233)
Identifiable Net Assets Acquired	$ 14,458

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Tax Credit Carryforward [Line Items]
Net income (loss) before income taxes	$ (10,219)	$ (13,559)	$ (31,217)				$ (32,274)
Deferred tax asset, net	3,086		3,086	$ 3,086	$ 3,086	$ 3,086		$ 2,896
Income tax payable	0		0	0	0	0		356
Deferred tax assets, gross	$ 6,000		6,000	$ 6,000	$ 6,000	$ 6,000
Effective tax rate (in percent)	(2.97%)	(2.27%)		(2.73%)			(3.45%)
Number of reportable segments	2				2	2
NHF TRS, LLC
Tax Credit Carryforward [Line Items]
Deferred tax asset, net	$ 4,800		4,800	$ 4,800	$ 4,800	$ 4,800		4,500
NHT TRS, LLC
Tax Credit Carryforward [Line Items]
Deferred tax liabilities, gross	0		0	0	0	0
DTA, valuation allowance	6,000		6,000	6,000	6,000	6,000
NREO TRS, LLC
Tax Credit Carryforward [Line Items]
Deferred tax asset, net								2,900
Income tax payable	$ 1,700		$ 1,700	$ 1,700	$ 1,700	$ 1,700		$ 1,600

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax at statutory rate			$ (6,556)	$ (6,778)
Non-taxable REIT income			7,600	7,628
Change in valuation allowance			(191)	264
Total provision	$ 303	$ 308	$ 853	$ 1,114
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Expected tax at statutory rate (in percent)			21%	21%
Non-taxable REIT income (in percent)			(24.30%)	(23.60%)
Change in valuation allowance (in percent)			0.60%	(0.80%)
Effective tax rate (in percent)	(2.97%)	(2.27%)	(2.73%)	(3.45%)

Investments in Real Estate Su_3

Investments in Real Estate Subsidiaries - Narrative (Details)	Jun. 30, 2024 property
Investments, All Other Investments [Abstract]
Number of real estate properties	11

Investments in Real Estate Su_4

Investments in Real Estate Subsidiaries - Schedule of Investments in SPEs Properties (Details) - a	Jun. 30, 2024	Jun. 30, 2023
White Rock Center | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	100%	100%
5916 W Loop 289 | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	100%	100%
Cityplace Tower | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	100%	100%
NexPoint Dominion Land, LLC | Undeveloped Land in Plano, Texas
Summary of Investment Holdings [Line Items]
Area of land (acre)	21.5
NexPoint Dominion Land, LLC | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	100%	100%
Dallas Hilton Garden Inn | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	54%
Addison HomeWood Suites | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	54%
Plano HomeWood Suites | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	54%
Las Colinas HomeWood Suites | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	54%
St. Petersburg Marriott | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	54%
Hyatt Place Park City | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	54%
Bradenton Hampton Inn & Suites | Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	54%

Consolidated Real Estate Inve_3

Consolidated Real Estate Investments - Schedule of Components of Investments in Real Estate Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		$ 277,669
Accumulated depreciation and amortization	$ (24,328)	(18,322)
Total Operating Properties	427,065	259,347
White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	13,611	13,485
5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	4,019	4,019
Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	235,658	233,665
NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	26,500	26,500
Dallas Hilton Garden Inn
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	30,074
Addison HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	8,777
Plano HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	9,275
Las Colinas HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	19,325
St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	43,266
Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	27,478
Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	30,450
HUB Research Triangle Park
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,960
Land
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		47,708
Accumulated depreciation and amortization	0	0
Total Operating Properties	70,381	47,708
Land | White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	1,315	1,315
Land | 5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	1,081	1,081
Land | Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	18,812	18,812
Land | NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	26,500	26,500
Land | Dallas Hilton Garden Inn
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	4,116
Land | Addison HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,576
Land | Plano HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,369
Land | Las Colinas HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	3,209
Land | St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	5,829
Land | Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	3,737
Land | Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	837
Land | HUB Research Triangle Park
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		206,213
Accumulated depreciation and amortization	(18,968)	(13,490)
Total Operating Properties	317,301	192,723
Buildings and Improvements | White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	10,471	10,345
Buildings and Improvements | 5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,938	2,938
Buildings and Improvements | Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	194,998	192,930
Buildings and Improvements | NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Buildings and Improvements | Dallas Hilton Garden Inn
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	24,398
Buildings and Improvements | Addison HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	4,934
Buildings and Improvements | Plano HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	6,055
Buildings and Improvements | Las Colinas HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	14,386
Buildings and Improvements | St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	33,425
Buildings and Improvements | Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	19,759
Buildings and Improvements | Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	24,905
Buildings and Improvements | HUB Research Triangle Park
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Assets
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		10,979
Accumulated depreciation and amortization	(7,388)	(6,798)
Total Operating Properties	3,591	4,181
Intangible Lease Assets | White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	1,921	1,921
Intangible Lease Assets | 5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Intangible Lease Assets | Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	9,058	9,058
Intangible Lease Assets | NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Intangible Lease Assets | Dallas Hilton Garden Inn
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Assets | Addison HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Assets | Plano HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Assets | Las Colinas HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Assets | St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Assets | Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Assets | Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Assets | HUB Research Triangle Park
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Liabilities
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		(6,770)
Accumulated depreciation and amortization	2,795	2,203
Total Operating Properties	(3,975)	(4,567)
Intangible Lease Liabilities | White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	(101)	(101)
Intangible Lease Liabilities | 5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Intangible Lease Liabilities | Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	(6,669)	(6,669)
Intangible Lease Liabilities | NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Intangible Lease Liabilities | Dallas Hilton Garden Inn
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Liabilities | Addison HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Liabilities | Plano HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Liabilities | Las Colinas HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Liabilities | St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Liabilities | Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Liabilities | Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Intangible Lease Liabilities | HUB Research Triangle Park
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	(10)
Total Operating Properties	1,455
Right of use assets | White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets | 5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets | Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets | NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets | Dallas Hilton Garden Inn
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets | Addison HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets | Plano HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets | Las Colinas HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets | St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets | Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Right of use assets | Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	1,465
Right of use assets | HUB Research Triangle Park
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0
Construction in Progress
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		19,177
Accumulated depreciation and amortization	0	0
Total Operating Properties	25,935	19,177
Construction in Progress | White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Construction in Progress | 5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Construction in Progress | Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	19,103	19,177
Construction in Progress | NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Construction in Progress | Dallas Hilton Garden Inn
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	96
Construction in Progress | Addison HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	443
Construction in Progress | Plano HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	27
Construction in Progress | Las Colinas HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	323
Construction in Progress | St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	1,714
Construction in Progress | Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	852
Construction in Progress | Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	417
Construction in Progress | HUB Research Triangle Park
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,960
Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		362
Accumulated depreciation and amortization	(757)	(237)
Total Operating Properties	12,377	125
Furniture, Fixtures, and Equipment | White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	5	5
Furniture, Fixtures, and Equipment | 5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Furniture, Fixtures, and Equipment | Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	356	357
Furniture, Fixtures, and Equipment | NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	$ 0
Furniture, Fixtures, and Equipment | Dallas Hilton Garden Inn
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	1,464
Furniture, Fixtures, and Equipment | Addison HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	824
Furniture, Fixtures, and Equipment | Plano HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	824
Furniture, Fixtures, and Equipment | Las Colinas HomeWood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	1,407
Furniture, Fixtures, and Equipment | St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,298
Furniture, Fixtures, and Equipment | Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	3,130
Furniture, Fixtures, and Equipment | Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,826
Furniture, Fixtures, and Equipment | HUB Research Triangle Park
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	$ 0

Consolidated Real Estate Inve_4

Consolidated Real Estate Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 3.7	$ 2.3	$ 6	$ 4.4
Net amount amortized as increase to rental revenue for capitalized above and below market lease	0.2	0.4	0.5	0.7
Leases, Acquired-in-Place | Intangible Lease Assets
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	0.3	1.2	0.6	2.5
Leases, Acquired-in-Place | Intangible Lease Liabilities
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	$ 0.3	$ 0.4	$ 0.6	$ 0.7

Debt - Narrative 1 (Details)

Debt - Narrative 1 (Details)					1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 08, 2023	May 22, 2023	Feb. 28, 2019 USD ($)	Aug. 15, 2018	Oct. 30, 2023 shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Dec. 31, 2023	Aug. 09, 2022 USD ($) a	Feb. 15, 2022 USD ($)
Debt Instrument [Line Items]
Outstanding principle amount						$ 355,402,000	$ 355,402,000
Debt instrument, face amount										$ 39,300,000
Interest expense and commitment fees						7,851,000	12,382,000
Unused borrowing capacity						2,500,000	2,500,000
Convertible Notes Payable | Related Party
Debt Instrument [Line Items]
Debt instrument, face amount						$ 51,000,000	$ 51,000,000
Warrants and rights outstanding, term						20 years	20 years
Conversion of convertible securities (in shares) | shares					11,800,000
Convertible Notes Payable | Related Party | Class B Units
Debt Instrument [Line Items]
Debt instrument, face amount						$ 11,800,000	$ 11,800,000
Conversion of stock, amount converted							$ 38,000,000
Renewal term							5 years
Convertible notes payable						$ 8,500,000	$ 8,500,000
Common unit, issued (in shares) | shares					21,075,012
Conversion of convertible securities (in shares) | shares					38,000,000
Convertible Notes Payable | Minimum | Related Party
Debt Instrument [Line Items]
Interest Rate						1.82%	1.82%
Convertible Notes Payable | Minimum | Related Party | Class B Units
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares						$ 1.60	$ 1.60
Convertible Notes Payable | Maximum | Related Party
Debt Instrument [Line Items]
Interest Rate						7.50%	7.50%
Convertible Notes Payable | Maximum | Related Party | Class B Units
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares						$ 2.50	$ 2.50
Revolving Credit Facility | Revolver | NexBank
Debt Instrument [Line Items]
Reference rate		3.50%					5.33%	5.35%
Renewal term							6 months
Undeveloped Land in Plano, Texas
Debt Instrument [Line Items]
Area of land (acre) | a									21.5
Mortgages
Debt Instrument [Line Items]
Extension term				4 months
Deferral period	6 months
Outstanding principle amount						$ 141,122,000	$ 141,122,000
Mortgages | Cityplace Tower
Debt Instrument [Line Items]
Debt, weighted average interest rate						8.49%	8.49%	8.53%
Notes Payable, Other Payables | Gabriel Legacy, LLC
Debt Instrument [Line Items]
Debt instrument, face amount									$ 13,300,000
Notes Payable, Other Payables | PC & B Loan
Debt Instrument [Line Items]
Letters of credit outstanding, amount						$ 37,300,000	$ 37,300,000
Note A loan
Debt Instrument [Line Items]
Outstanding principle amount						50,200,000	$ 50,200,000
Reference rate			2%				7.34%
Debt instrument, face amount			$ 59,400,000
Interest expense and commitment fees							$ 2,000,000
Note B loan
Debt Instrument [Line Items]
Outstanding principle amount						$ 24,200,000	$ 24,200,000
Reference rate			6.46%				11.75%
Debt instrument, face amount			$ 28,600,000
Interest expense and commitment fees							$ 1,500,000

Debt - Narrative 2 (Details)

Debt - Narrative 2 (Details) - USD ($)				3 Months Ended	6 Months Ended	12 Months Ended
	Nov. 20, 2023	Oct. 23, 2023	May 22, 2023	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Oct. 20, 2023	Feb. 15, 2022	Jan. 08, 2021
Debt Instrument [Line Items]
Debt instrument, face amount								$ 39,300,000
Prime brokerage borrowing				$ 1,349,000	$ 1,349,000	$ 1,782,000
Merrill Lynch Professional Clearing Corp (BAML) | Prime Brokerage Borrowing
Debt Instrument [Line Items]
Prime brokerage borrowing				1,300,000	1,300,000
Debt instrument, collateral amount				10,400,000	$ 10,400,000
Overnight Bank Funding Rate | Merrill Lynch Professional Clearing Corp (BAML) | Prime Brokerage Borrowing
Debt Instrument [Line Items]
Reference rate					0.50%
Raymond James Bank, N.A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 20,000,000
Draws on credit facility	$ 13,000,000	$ 6,000,000
Credit Facility | Raymond James
Debt Instrument [Line Items]
Debt instrument, face amount									$ 30,000,000
Repayments of long-term debt, total				3,000,000
Mortgages payable, net				17,000,000	$ 17,000,000
Reference rate					4.25%
Revolving Credit Facility | Revolver | NexBank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 20,000,000
Reference rate			3.50%		5.33%	5.35%
Line of credit facility, optional maximum borrowing capacity			$ 50,000,000
Renewal term					6 months
Long-term line of credit				$ 20,000,000	$ 20,000,000
Revolving Credit Facility | Revolver | NexBank | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Reference rate					3.50%

Debt - Schedule of Long-Term No

Debt - Schedule of Long-Term Notes Payable (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Outstanding principle amount	$ 355,402
Mortgages
Debt Instrument [Line Items]
Outstanding principle amount	141,122
Deferred financing costs, net	(244)
Mortgages payable, net	140,878
Note A-1
Debt Instrument [Line Items]
Outstanding principle amount	$ 100,275
Interest Rate	7.69%
Note A-2
Debt Instrument [Line Items]
Outstanding principle amount	$ 21,935
Interest Rate	11.69%
Note B-1
Debt Instrument [Line Items]
Outstanding principle amount	$ 12,623
Interest Rate	7.69%
Note B-2
Debt Instrument [Line Items]
Outstanding principle amount	$ 3,134
Interest Rate	11.69%
Mezzanine Note 1
Debt Instrument [Line Items]
Outstanding principle amount	$ 2,761
Interest Rate	11.69%
Mezzanine Note 2
Debt Instrument [Line Items]
Outstanding principle amount	$ 394
Interest Rate	11.69%

Debt - Schedule of Debt Informa

Debt - Schedule of Debt Information (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Outstanding principle amount	$ 355,402
Senior loan
Debt Instrument [Line Items]
Outstanding principle amount	169,979
Fair market value adjustment, net of accumulated amortization	(7,298)
Debt payable, net	$ 162,681
Related Party | Convertible Debt | Minimum
Debt Instrument [Line Items]
Interest Rate
Related Party | Convertible Debt | Maximum
Debt Instrument [Line Items]
Interest Rate
Related Party | Senior loan | Convertible Debt
Debt Instrument [Line Items]
Outstanding principle amount	$ 58,278
PC & B Loan | Senior loan
Debt Instrument [Line Items]
Outstanding principle amount	$ 37,348
Interest Rate	6.70%
Note A loan | Senior loan
Debt Instrument [Line Items]
Outstanding principle amount	$ 50,188
Interest Rate	7.34%
Note B loan | Senior loan
Debt Instrument [Line Items]
Outstanding principle amount	$ 24,165
Interest Rate	11.80%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
2024	$ 26,000
2025	277,073
2026	0
2027	17,833
2028	0
Thereafter	34,496
Total	355,402
Credit Facilities
Debt Instrument [Line Items]
2024	26,000
2025	11,000
2026	0
2027	0
2028	0
Thereafter	0
Total	37,000
Prime Brokerage Borrowing
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	1,349
Total	1,349
Mortgages Payable
Debt Instrument [Line Items]
2024	0
2025	252,823
2026	0
2027	0
2028	0
Thereafter	0
Total	252,823
Notes Payable
Debt Instrument [Line Items]
2024	0
2025	13,250
2026	0
2027	17,833
2028	0
Thereafter	33,147
Total	$ 64,230

Variable Interest Entities (Det

Variable Interest Entities (Details) - VIE	Jun. 30, 2024	Jun. 30, 2023
NexPoint Storage Partners, Inc.
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	52.80%	53%
NexPoint Storage Partners Operating Company, LLC
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	29.50%	29.70%
Perilune Aero Equity Holdings One, LLC
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	16.40%	16.40%
SFR WLIF III, LLC
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	20%	20%
NexPoint Real Estate Finance Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	15.60%	16%
VineBrook Homes Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	11.40%	11.10%
NexPoint SFR Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	30.80%	30.80%
IQHQ Holdings, LP
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	1.30%	1.10%
NexAnnuity Holdings, Inc.
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	100%

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) a	Dec. 08, 2022
Schedule of Equity Method Investments [Line Items]
Investment Basis	$ 63,518	$ 66,263
Share of Investee's Net Assets	36,644	38,032
Basis Difference (2)	26,874	28,231
Share of Earnings (Loss)	(105)	1,570
Fair Value	$ 405,701	$ 418,134
Allenby, LLC
Schedule of Equity Method Investments [Line Items]
Effective ownership		50%
Haygood, LLC.
Schedule of Equity Method Investments [Line Items]
Effective ownership		31%
Sandstone Pasadena Apartments, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	50%	50%
Investment Basis	$ 10,712	$ 11,458
Share of Investee's Net Assets	(9,590)	(9,590)
Basis Difference (2)	20,302	21,048
Share of Earnings (Loss)	$ (13)	$ 0
AM Uptown Hotel, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	60%	60%
Investment Basis	$ 20,635	$ 23,158
Share of Investee's Net Assets	16,396	17,581
Basis Difference (2)	4,239	5,577
Share of Earnings (Loss)	$ (1,098)	$ (426)
SFR WLIF III, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	20%	20%
Investment Basis	$ 6,948	$ 7,079
Share of Investee's Net Assets	7,038	7,241
Basis Difference (2)	(90)	(162)
Share of Earnings (Loss)	$ 299	$ 555
Las Vegas Land Owner, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	77%	77%
Investment Basis	$ 12,312	$ 12,312
Share of Investee's Net Assets	12,312	12,312
Basis Difference (2)	0	0
Share of Earnings (Loss)	$ 0	$ 0
Perilune Aero Equity Holdings One, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	16.40%	16.40%
Investment Basis	$ 12,911	$ 12,256
Share of Investee's Net Assets	10,488	10,488
Basis Difference (2)	2,423	1,768
Share of Earnings (Loss)	$ 707	$ 1,441
Claymore Holdings, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	50%	50%
Investment Basis	$ 0	$ 0
Share of Investee's Net Assets	0	0
Basis Difference (2)	0	0
Share of Earnings (Loss)	$ 0	$ 0
Allenby, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	50%	50%
Investment Basis	$ 0	$ 0
Share of Investee's Net Assets	0	0
Basis Difference (2)	0	0
Share of Earnings (Loss)	$ 0	$ 0
Haygood, LLC.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	31%	31%
Investment Basis	$ 0	$ 0
Share of Investee's Net Assets	0	0
Basis Difference (2)	0	0
Share of Earnings (Loss)	$ 0	$ 0
NexPoint Real Estate Finance Operating Partnership, L.P.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	15.60%	15.60%
Fair Value	$ 66,804	$ 76,688
NexPoint Real Estate Finance, Inc.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	12%	12%
Fair Value	$ 28,812	$ 33,075
VineBrook Homes Operating Partnership, L.P.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	11.40%	11.20%
Fair Value	$ 156,659	$ 146,516
NexPoint Storage Partners, Inc.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	52.80%	52.90%
Fair Value	$ 67,256	$ 68,187
NexPoint Storage Partners Operating Company, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	29.50%	30%	14.80%
Fair Value	$ 36,649	$ 37,157
NexPoint SFR Operating Partnership, L.P.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	30.80%	30.80%
Fair Value	$ 46,310	$ 49,383
NexPoint Hospitality Trust
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		46.20%
Fair Value		$ 4,886
LLV Holdco, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	26.80%	26.80%
Fair Value	$ 3,211	$ 2,242
Tivoli North Property
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		100%
Percentage of ownership in real estate property		77%
Tivoli North Property | Las Vegas Land Owner, LLC
Schedule of Equity Method Investments [Line Items]
Area of land (acre) | a		8.5

Equity Method Investments - S_2

Equity Method Investments - Schedule of Statement of Operations Summary (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental income	$ 3,985		$ 5,417	$ 8,032	$ 10,137
Other income	373		22	400	31
Revenues	22,274		13,880	35,079	28,746
Expenses
Expenses	$ 21,681		$ 13,853	34,217	26,391
Unrealized gain (loss) on derivatives				$ 81	0
NexPoint Real Estate Finance Operating Partnership, LP
Revenues
Rental income		$ 2,087			2,035
Net interest income		(12,814)			8,154
Other income		124			0
Revenues		(10,603)			10,189
Expenses
Expenses		11,026			10,618
Gain (loss) on sales and impairment of real estate		0			0
Other income (expense)		6,988			18,284
Unrealized gain (loss) on derivatives		0			0
Total comprehensive income (loss)		(14,641)			17,855
VineBrook
Revenues
Rental income		88,783			171,911
Net interest income		0			0
Other income		1,502			2,837
Revenues		90,285			174,748
Expenses
Expenses		129,441			243,805
Gain (loss) on sales and impairment of real estate		(3,887)			(30,454)
Other income (expense)		(1,028)			(41,910)
Unrealized gain (loss) on derivatives		2,773			25,852
Total comprehensive income (loss)		$ (41,298)			$ (115,569)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	$ 827,207	$ 891,924
Bond
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	17	17
CLO
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	187	24,187
Common stock
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	284,598	311,576
Convertible notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	21,458	46,385
LLC interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	71,982	66,825
LP interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	330,739	326,555
Preferred Shares
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	67,181	66,268
Rights and warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	1,784	3,937
Senior loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	49,261	46,174
Fair Value
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	655,644	691,238
Fair Value | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	39,282	42,832
Fair Value | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	68,675	80,766
Fair Value | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	547,687	567,640
Fair Value | Bond
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	44	30
Fair Value | Bond | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | Bond | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	44	30
Fair Value | Bond | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | CLO
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	1,215
Fair Value | CLO | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | CLO | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | CLO | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	1,215
Fair Value | Common stock
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	201,757	219,088
Fair Value | Common stock | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	39,282	42,832
Fair Value | Common stock | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | Common stock | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	162,475	176,256
Fair Value | Convertible notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	20,824	42,251
Fair Value | Convertible notes | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | Convertible notes | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | Convertible notes | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	20,824	42,251
Fair Value | LLC interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	44,860	39,399
Fair Value | LLC interest | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | LLC interest | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | LLC interest | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	44,860	39,399
Fair Value | LP interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	269,773	272,586
Fair Value | LP interest | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | LP interest | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	66,804	76,688
Fair Value | LP interest | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	202,969	195,898
Fair Value | Preferred Shares
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	67,181	66,268
Fair Value | Preferred Shares | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | Preferred Shares | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | Preferred Shares | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	67,181	66,268
Fair Value | Rights and warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	1,788	3,993
Fair Value | Rights and warrants | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | Rights and warrants | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	1,788	3,993
Fair Value | Rights and warrants | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | Senior loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	49,417	46,408
Fair Value | Senior loan | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value | Senior loan | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	39	55
Fair Value | Senior loan | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	$ 49,378	$ 46,353

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Changes in Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	$ 567,640	$ 686,936
Contributions/ Purchases	11,746	(3,982)
Paid in- kind dividends	4,748	1,960
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation¹	(20,598)
Redemptions/ conversions	(9,948)	(7,970)
Return of capital	(1,266)	0
Realized gain/(loss)	(22,161)	(491)
Unrealized gain/(loss)	17,526	(27,255)
Fair value, ending balance	547,687	649,198
CLO
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	1,215	6,412
Contributions/ Purchases	0	0
Paid in- kind dividends	0	0
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation¹	0
Redemptions/ conversions	0	0
Return of capital	(1,266)	0
Realized gain/(loss)	(22,735)	0
Unrealized gain/(loss)	22,786	(1,559)
Fair value, ending balance	0	4,853
Common stock
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	176,256	234,667
Contributions/ Purchases	904	0
Paid in- kind dividends	0	0
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation¹	(5,763)
Redemptions/ conversions	0	0
Return of capital	0	0
Realized gain/(loss)	0	0
Unrealized gain/(loss)	(8,922)	(12,804)
Fair value, ending balance	162,475	221,863
Convertible notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	42,251	50,828
Contributions/ Purchases	0	(8,542)
Paid in- kind dividends	0	0
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation¹	(19,835)
Redemptions/ conversions	(2,125)	0
Return of capital	0	0
Realized gain/(loss)	0	0
Unrealized gain/(loss)	533	1,445
Fair value, ending balance	20,824	43,731
Life settlement
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		67,711
Contributions/ Purchases		2,532
Paid in- kind dividends		0
Redemptions/ conversions		(2,999)
Return of capital		0
Realized gain/(loss)		(502)
Unrealized gain/(loss)		(6,123)
Fair value, ending balance		60,619
LLC interest
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	39,399	60,836
Contributions/ Purchases	157	0
Paid in- kind dividends	0	0
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation¹	5,000
Redemptions/ conversions	0	0
Return of capital	0	0
Realized gain/(loss)	0	0
Unrealized gain/(loss)	304	(243)
Fair value, ending balance	44,860	60,593
LP interest
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	195,898	223,141
Contributions/ Purchases	4,185	2,028
Paid in- kind dividends	0	0
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation¹	0
Redemptions/ conversions	0	0
Return of capital	0	0
Realized gain/(loss)	0	0
Unrealized gain/(loss)	2,886	(8,145)
Fair value, ending balance	202,969	217,024
Preferred Shares
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	66,268
Contributions/ Purchases	0
Paid in- kind dividends	2,613
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation¹	0
Redemptions/ conversions	(1,700)
Return of capital	0
Realized gain/(loss)	0
Unrealized gain/(loss)	0
Fair value, ending balance	67,181
Senior loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	46,353	43,341
Contributions/ Purchases	6,500	0
Paid in- kind dividends	2,135	1,960
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation¹	0
Redemptions/ conversions	(6,123)	(4,971)
Return of capital	0	0
Realized gain/(loss)	574	11
Unrealized gain/(loss)	(61)	174
Fair value, ending balance	$ 49,378	$ 40,515

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Significant Unobservable Inputs of Level 3 Assets (Details) - Level 3 $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 547,687	$ 567,640
CLO | Discount Rate | Discounted Net Asset Value
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value		$ 1,215
Common stock | Discount Rate | Discounted Net Asset Value
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.1000	0.1000
Common stock | Unadjusted Price/MHz-PoP | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 162,475	$ 176,256
Common stock | Implied Enterprise Value from Transaction Price ($mm) | Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	841	841
Common stock | Offer Price per Share | Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	1.10	1.10
Convertible notes | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 20,824	$ 42,251
LLC interest | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 44,860	$ 39,399
LLC interest | Capitalization Rates | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0525	0.0525
LP interest | Capitalization Rates | Direct Capitalization Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 202,969	$ 195,898
LP interest | Discount to NAV | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0
LP interest | Offer Price per Share | Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	20.58	21.59
Preferred Shares | Offer Price per Share | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 67,181
Preferred Shares | Offer Price per Share | Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	1,000	1,000
Fair Value		$ 66,268
Senior loan | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 49,378	$ 46,353
Minimum | Common stock | Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	25.31	25.31
Minimum | Common stock | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0750	0.075
Minimum | Common stock | Unadjusted Price/MHz-PoP | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.10	0.10
Minimum | Common stock | Market Rent (per sqft) | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	12.50	11.50
Minimum | Common stock | RevPAR | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	74	75
Minimum | Common stock | Capitalization Rates | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0525	0.0525
Minimum | Common stock | Multiple of EBITDA | Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	3.10	3
Minimum | Common stock | Multiple of NAV | Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.85	1
Minimum | Common stock | Discount to NAV | Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.3000)	(0.2500)
Minimum | Convertible notes | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0608	0.0608
Minimum | Convertible notes | Volatility | Option Pricing Model
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.5500	0.5500
Minimum | LLC interest | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0750	0.0750
Minimum | LLC interest | Market Rent (per sqft) | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	12.50	11.5
Minimum | LP interest | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)		0.1800
Minimum | LP interest | Capitalization Rates | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)		0.0500
Minimum | LP interest | Capitalization Rates | Direct Capitalization Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0380	0.0400
Minimum | LP interest | Discount to NAV | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0750)
Minimum | LP interest | Discount to NAV | Direct Capitalization Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)		(0.125)
Minimum | Senior loan | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.1230	0.1230
Maximum | Common stock | Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	28	28
Maximum | Common stock | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.1410	0.1390
Maximum | Common stock | Unadjusted Price/MHz-PoP | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.90	0.90
Maximum | Common stock | Market Rent (per sqft) | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	42	41
Maximum | Common stock | RevPAR | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	119	145
Maximum | Common stock | Capitalization Rates | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0950	0.095
Maximum | Common stock | Multiple of EBITDA | Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	4.10	4
Maximum | Common stock | Multiple of NAV | Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	1.10	1.25
Maximum | Common stock | Discount to NAV | Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.2000)	(0.1000)
Maximum | Convertible notes | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.115	0.1025
Maximum | Convertible notes | Volatility | Option Pricing Model
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.6500	0.6500
Maximum | LLC interest | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.3050	0.3050
Maximum | LLC interest | Market Rent (per sqft) | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	42	41
Maximum | LP interest | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)		0.2800
Maximum | LP interest | Capitalization Rates | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)		0.0550
Maximum | LP interest | Capitalization Rates | Direct Capitalization Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0670	0.0680
Maximum | LP interest | Discount to NAV | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0250)
Maximum | LP interest | Discount to NAV | Direct Capitalization Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)		(0.025)
Maximum | Senior loan | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.2000	0.2000
Weighted Average | Common stock | Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(26.66)	(26.66)
Weighted Average | Common stock | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0935)	(0.0918)
Weighted Average | Common stock | Unadjusted Price/MHz-PoP | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.48)	(0.48)
Weighted Average | Common stock | Market Rent (per sqft) | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(27.25)	(26.25)
Weighted Average | Common stock | RevPAR | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(92)	(102)
Weighted Average | Common stock | Capitalization Rates | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0767)	(0.0758)
Weighted Average | Common stock | Multiple of EBITDA | Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0360)	(0.0350)
Weighted Average | Common stock | Multiple of NAV | Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0098)	(0.0113)
Weighted Average | Common stock | Discount to NAV | Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.2500)	(0.1750)
Weighted Average | Convertible notes | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0879)	(0.0817)
Weighted Average | Convertible notes | Volatility | Option Pricing Model
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.6000)	(0.6000)
Weighted Average | LLC interest | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.14	0.14
Weighted Average | LLC interest | Market Rent (per sqft) | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(27.25)	(26.25)
Weighted Average | LP interest | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)		(0.2280)
Weighted Average | LP interest | Capitalization Rates | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)		(0.0522)
Weighted Average | LP interest | Capitalization Rates | Direct Capitalization Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.055	0.0551
Weighted Average | LP interest | Discount to NAV | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0500)
Weighted Average | LP interest | Discount to NAV | Direct Capitalization Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)		(0.075)
Weighted Average | Senior loan | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.1615)	(0.1615)

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Mortgages
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Indebtedness at a weighted average rate	6.70%	6.70%
Interest Rate Swap | Mortgages
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Mortgage loans on real estate	$ 37.3	$ 37.3
Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	$ 0.1	$ 0.1

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Schedule of Derivative Instruments (Details) - Interest Rate Cap	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	$ 39,300
Strike Rate	2%
Reference Rate	2%

Life Settlement Portfolio (Deta

Life Settlement Portfolio (Details) - $ / shares			6 Months Ended
	Sep. 01, 2023	Jan. 08, 2021	Jun. 30, 2024
Preferred Class A | NexAnnuity Holdings, Inc.
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Stock issued during period, new issues (in shares)	68,500
Series A Preferred Stock
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Original issue price per share (in dollars per share)			$ 1,000
Preferred stock, dividend rate, percentage		5.50%
Series A Preferred Stock | Dividend Payable Years One Through Seven
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Preferred stock, dividend rate, percentage			8%
Series A Preferred Stock | Dividend Payable Years Eight Through Ten
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Preferred stock, dividend rate, percentage			9.50%
Series A Preferred Stock | Dividend Payable Years Eleven Through Thirteen
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Preferred stock, dividend rate, percentage			11%
Series A Preferred Stock | Dividend Payable Years Fourteen Through Sixteen and Thereafter
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Preferred stock, dividend rate, percentage			12%
Specialty Financial Products, LLC
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Ownership percentage	100%

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)					3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 28, 2024	Mar. 13, 2024 shares	Sep. 11, 2023 shares	Jan. 08, 2021 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares	Jan. 30, 2023 shares	May 31, 2022 shares	Dec. 13, 2021 shares	Jun. 28, 2021 shares
Class of Stock [Line Items]
Common stock, shares, issued (in shares)					40,650,118	37,171,807	40,650,118	37,171,807	38,389,600
Common stock, par value per share (in dollars per share) | $ / shares					$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common shares pursuant to terminated dividend reinvestment plan (in shares)					2,260,518
Common stock, dividends paid (in dollars per share) | $ / shares							$ 0.15
Percentage of common stock, dividend paid as cash	0.20
Preferred stock, shares issued (in shares)					3,359,593		3,359,593		3,359,593
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.001		$ 0.001		$ 0.001
Cash paid for life settlement premiums | $							$ 1,779,000	$ 436,000
Additional Paid-in Capital
Class of Stock [Line Items]
Equity based compensation expense related to grants | $					$ 900,000	$ 400,000	$ 1,400,000	400,000
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)							1,033,787
Dividends payable | $					500,000		$ 500,000
Unrecognized compensation expense | $					$ 9,600,000		$ 9,600,000
Period to recognize unrecognized compensation expense							2 years
Deferred Unit
Class of Stock [Line Items]
Shares available for grant					3,026,155		3,026,155					210,000	339,687
Percentage of issued and outstanding							20%
Number of shares authorized					549,687		549,687				2,844,256
RSUs granted (in shares)			1,295,668				121,468
Trustees fees | $								$ 323,917
Antidilutive securities excluded from computation of earnings per share (in shares)							1,295,688
Profit Interest Units
Class of Stock [Line Items]
Award vesting period							4 years
Shares available for grant												2,475,000
Number of shares authorized					2,355,000		2,355,000
Minimum | Profit Interest Units
Class of Stock [Line Items]
Vesting %							25%
Maximum | Profit Interest Units
Class of Stock [Line Items]
Vesting %							50%
Long Term Incentive Plan
Class of Stock [Line Items]
Common stock, shares authorized (in shares)										2,545,000
Award vesting period									4 years
Long Term Incentive Plan | Director | Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)		58,490
Long Term Incentive Plan | Officer | Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)		975,297
Long Term Incentive Plan | Minimum
Class of Stock [Line Items]
Award vesting period									3 years
Long Term Incentive Plan | Maximum
Class of Stock [Line Items]
Award vesting period									5 years
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)				3,359,593
Preferred stock, dividend rate, percentage				5.50%
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.001
Preferred stock, redemption price per share (in dollars per share) | $ / shares				$ 25
Proceeds from issuance of preferred stock | $				$ 84,000,000
Preferred stock, dividends paid (in dollars per share) | $ / shares							$ 0.34375	$ 0.34375

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock Units Activities (Details) - $ / shares		6 Months Ended
	Dec. 13, 2021	Jun. 30, 2024
Number of Units
Forfeited (in shares)	(120,000)
Restricted stock units at the end of the period (in shares)	2,355,000
Restricted Stock Units (RSUs)
Number of Units
Restricted stock units at the beginning of the period (in shares)		589,906
Granted (in shares)		1,033,787
Vested (in shares)		(178,856)
Forfeited (in shares)		(9,371)
Restricted stock units at the end of the period (in shares)		1,435,466
Weighted Average Grant Date Fair Value
Restricted stock units weighted-average grant date fair value at the beginning of the period (in dollars per share)		$ 10.45
Weighted-average grant date fair value, granted (in dollars per share)		6.10
Weighted-average grant date fair value, vested (in dollars per share)		10.36
Weighted-average grant date fair value, forfeited (in dollars per share)		6.10
Restricted stock units weighted-average grant date fair value at the end of the period (in dollars per share)		$ 7.36

Shareholders' Equity - Restri_2

Shareholders' Equity - Restricted Stock Units Vesting Schedule (Details) - shares	Jun. 30, 2024	Dec. 31, 2023	Dec. 13, 2021
Class of Stock [Line Items]
Total			2,355,000
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
2024	0
2025	440,375
2026	376,804
2027	376,805
2028	241,482
Total	1,435,466	589,906
Restricted Stock Units (RSUs) | March
Class of Stock [Line Items]
2024	0
2025	299,971
2026	241,481
2027	241,482
2028	241,482
Total	1,024,416
Restricted Stock Units (RSUs) | April
Class of Stock [Line Items]
2024	0
2025	140,404
2026	135,323
2027	135,323
2028	0
Total	411,050

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Vested Share Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Profit Interest Units
Class of Stock [Line Items]
Vested (in shares)	1,177,500	2,355,000
Units
Vested (in shares)	1,177,500	2,355,000
Profit Interest Units 1
Class of Stock [Line Items]
Vesting %	12.50%	25%
Upon unit price achieving (in dollars per share)	$ 2
Vested (in shares)	294,375	588,750
Units
Vested (in shares)	294,375	588,750
Profit Interest Units 2
Class of Stock [Line Items]
Vesting %	12.50%	25%
Upon unit price achieving (in dollars per share)	$ 2.50
Vested (in shares)	294,375	588,750
Units
Vested (in shares)	294,375	588,750
Profit Interest Units 3
Class of Stock [Line Items]
Vesting %	12.50%	25%
Upon unit price achieving (in dollars per share)	$ 3
Vested (in shares)	294,375	588,750
Units
Vested (in shares)	294,375	588,750
Profit Interest Units 4
Class of Stock [Line Items]
Vesting %	12.50%	25%
Upon unit price achieving (in dollars per share)	$ 4
Vested (in shares)	294,375	588,750
Units
Vested (in shares)	294,375	588,750
Timebased Profit Interest Units
Class of Stock [Line Items]
Vested (in shares)	0
Units
Beginning balance	1,471,875
Vested (in shares)	0
Ending balance	1,471,875	1,471,875
Fair Value
Beginning balance	$ 456
Time vesting PIUs	(177)
Ending balance	$ 279	$ 456

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for loss per share:
Net income (loss) attributable to common shareholders	$ (9,783)	$ (15,022)	$ (32,486)	$ (35,698)
Denominator for loss per share:
Weighted average common shares outstanding (in shares)	39,616	37,172	39,094	37,172
Weighted average unvested restricted share units (in shares)	1,435	38	1,210
Denominator for diluted loss per share (in shares)	39,616	37,172	39,094	37,172
Loss per weighted average common share:
Basic (in dollars per share)	$ (0.24)	$ (0.40)	$ (0.83)	$ (0.96)
Diluted (in dollars per share)	$ (0.24)	$ (0.40)	$ (0.83)	$ (0.96)

Related Party Transactions - Ad

Related Party Transactions - Advisory and Administrative Fees (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jul. 22, 2024	Apr. 19, 2024
Related Party Transaction [Line Items]
Annual advisory fee, percent		1%	1%
Administrative fee, percent		0.20%	0.20%
Aadvisory fee percentage		1%
Advisory fees payable	$ 6,800	$ 6,800			$ 6,500
Maximum fee, percentage of managed assets		1.50%
Subsequent Event
Related Party Transaction [Line Items]
Voting percentage				5%
Advisory agreement, maximum common shares issuable (in shares)				6,000,000
Advisor | Common stock | Advisory Agreement
Related Party Transaction [Line Items]
Stock issued during period, issued for services (in shares)	208,117.75	378,038.36
Stock issued during period, value, issued for services	$ 1,350	$ 2,700

Related Party Transactions - Re

Related Party Transactions - Reimbursement of Expenses; Expense Cap, NXDT Segment (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)
Related Party Transactions [Abstract]
Advisory agreement, term			3 years
Advisory agreement, additional term			1 year
Termination threshold with cause			30 days
Termination threshold without cause			180 days
Termination threshold, material breach of contract			30 days
Material breach of contract, term			30 days
Fees earned multiplier	3		3
Termination fee calculation, threshold period			1 year
Administrative fees and advisory fees	$ (3.2)	$ 1.7	$ (6.4)
Deferred expense to comply with cap	$ 1
Internalization Fee Percent			7.50%
Debt conversion, converted instrument, amount			$ 51

Related Party Transactions - _2

Related Party Transactions - Revolving Credit Facilities (Details)				6 Months Ended	12 Months Ended
	May 22, 2023 USD ($)	Feb. 15, 2023 USD ($)	Sep. 14, 2022 USD ($) extension	Jun. 30, 2024 USD ($)	Dec. 31, 2023	Apr. 24, 2023 USD ($)	Dec. 08, 2022 USD ($)	Feb. 15, 2022 USD ($)	Jul. 02, 2021 USD ($)
Related Party Transaction [Line Items]
Debt instrument, face amount								$ 39,300,000
REIT Sub and the Co-Guarantors
Related Party Transaction [Line Items]
Guarantor obligations, current carrying value		$ 49,200,000		$ 11,600,000			$ 64,200,000
Guarantor obligations, maximum exposure							$ 97,600,000
Guarantor obligation, serverally liable, percentage				85.90%
SAFStor Ventures | NSP
Related Party Transaction [Line Items]
Percentage of voting interests acquired									100%
NexPoint Storage Partners, Inc.
Related Party Transaction [Line Items]
Debt instrument, face amount									$ 235,860,000
NexPoint Storage Partners, Inc. | Guarantor on Loans
Related Party Transaction [Line Items]
Other commitment				$ 244,440,000
CMBS Borrower
Related Party Transaction [Line Items]
Long-term debt, additional term			1 year
Number of extension terms | extension			3
Mezzanine Loan Agreement I | NexPoint Storage Partners, Inc.
Related Party Transaction [Line Items]
Debt instrument, face amount						$ 1,080,000			$ 6,050,000
Loan Arrangement | NexPoint Storage Partners, Inc.
Related Party Transaction [Line Items]
Debt instrument, face amount						$ 41,990,000
BS Loan Agreement | BS Borrower
Related Party Transaction [Line Items]
Mortgages payable, net				$ 133,300,000
Long-term debt, additional term			6 months
BS Loan Agreement | BS Borrower | Minimum
Related Party Transaction [Line Items]
Reference Rate				0.50%
Mortgages payable, net			$ 221,800,000
BS Loan Agreement, First Initial Principal | BS Borrower
Related Party Transaction [Line Items]
Reference Rate				5.40%
Mortgages payable, net				$ 46,900,000
BS Loan Agreement, First Initial Principal | BS Loan Agreement
Related Party Transaction [Line Items]
Reference Rate				4%
Promissory Notes | REIT Sub and the Co-Guarantors
Related Party Transaction [Line Items]
Extinguishment of debt, amount		$ 15,000,000
BS Loan Agreement, Second Initial Principal | BS Borrower
Related Party Transaction [Line Items]
Debt instrument, face amount			$ 356,500,000
CMBS Loan Agreement | CMBS Borrower
Related Party Transaction [Line Items]
Reference Rate			3.60%
CMBS Loan Agreement, Second Extension | CMBS Borrower
Related Party Transaction [Line Items]
Debt instrument, basis spread on variable rate, increase			0.10%
CMBS Loan Agreement, Third Extension | CMBS Borrower
Related Party Transaction [Line Items]
Debt instrument, basis spread on variable rate, increase			0.15%
Revolving Credit Facility | Revolver | NexBank
Related Party Transaction [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000
Line of credit facility, optional maximum borrowing capacity	$ 50,000,000
Reference Rate	3.50%			5.33%	5.35%
Long-term line of credit				$ 20,000,000
Revolving Credit Facility | Revolver | NexBank | Secured Overnight Financing Rate (SOFR)
Related Party Transaction [Line Items]
Reference Rate				3.50%

Related Party Transactions - Su

Related Party Transactions - Subsidiary Investment Management Agreement (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		8 Months Ended
	Sep. 14, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Aug. 31, 2023
Related Party Transaction [Line Items]
Property management fees		$ 185	$ 191	$ 361	$ 362
SFR IMA | NexAnnuity Asset Management, L.P.
Related Party Transaction [Line Items]
Property management fees						$ 100
Management fee, percent	1%

Related Party Transactions - Gu

Related Party Transactions - Guaranties of NexPoint Storage Partners Debt (Details)			6 Months Ended
	Feb. 15, 2023 USD ($)	Sep. 14, 2022 USD ($) extension	Jun. 30, 2024 USD ($)	Apr. 24, 2023 USD ($)	Dec. 08, 2022 USD ($)	Feb. 15, 2022 USD ($)	Jul. 02, 2021 USD ($)
Related Party Transaction [Line Items]
Debt instrument, face amount						$ 39,300,000
CMBS Borrower
Related Party Transaction [Line Items]
Long-term debt, additional term		1 year
Number of extension terms | extension		3
REIT Sub and the Co-Guarantors
Related Party Transaction [Line Items]
Guarantor obligations, current carrying value	$ 49,200,000		$ 11,600,000		$ 64,200,000
Guarantor obligations, maximum exposure					$ 97,600,000
Guarantor obligation, serverally liable, percentage			85.90%
SAFStor Ventures | NSP
Related Party Transaction [Line Items]
Percentage of voting interests acquired							100%
BS Loan Agreement | BS Borrower
Related Party Transaction [Line Items]
Mortgages payable, net			$ 133,300,000
Long-term debt, additional term		6 months
BS Loan Agreement | Minimum | BS Borrower
Related Party Transaction [Line Items]
Mortgages payable, net		$ 221,800,000
Reference Rate			0.50%
BS Loan Agreement, First Initial Principal | BS Borrower
Related Party Transaction [Line Items]
Mortgages payable, net			$ 46,900,000
Reference Rate			5.40%
BS Loan Agreement, First Initial Principal | BS Loan Agreement
Related Party Transaction [Line Items]
Reference Rate			4%
Promissory Notes | REIT Sub and the Co-Guarantors
Related Party Transaction [Line Items]
Extinguishment of debt, amount	$ 15,000,000
BS Loan Agreement, Second Initial Principal | BS Borrower
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 356,500,000
CMBS Loan Agreement | CMBS Borrower
Related Party Transaction [Line Items]
Reference Rate		3.60%
CMBS Loan Agreement, Second Extension | CMBS Borrower
Related Party Transaction [Line Items]
Debt instrument, basis spread on variable rate, increase		0.10%
CMBS Loan Agreement, Third Extension | CMBS Borrower
Related Party Transaction [Line Items]
Debt instrument, basis spread on variable rate, increase		0.15%
NexPoint Storage Partners, Inc.
Related Party Transaction [Line Items]
Debt instrument, face amount							$ 235,860,000
NexPoint Storage Partners, Inc. | Guarantor on Loans
Related Party Transaction [Line Items]
Other commitment			$ 244,440,000
NexPoint Storage Partners, Inc. | Mezzanine Loan Agreement I
Related Party Transaction [Line Items]
Debt instrument, face amount				$ 1,080,000			$ 6,050,000
NexPoint Storage Partners, Inc. | Loan Arrangement
Related Party Transaction [Line Items]
Debt instrument, face amount				$ 41,990,000

Related Party Transactions - Ot

Related Party Transactions - Other Related Party Transactions (Details)									3 Months Ended		6 Months Ended
	Jan. 12, 2024 shares	Nov. 10, 2023 shares	Oct. 24, 2023 shares	Sep. 28, 2023 company shares	Sep. 01, 2023 company shares	Jan. 01, 2023 USD ($)	Dec. 23, 2022 shares	Jan. 01, 2014 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2023 shares	Dec. 08, 2022 shares
Related Party Transaction [Line Items]
Common stock, shares, issued (in shares)									40,650,118	37,171,807	40,650,118	37,171,807	38,389,600
Noncontrolling interest shares redeemed (in shares)							2,100,000
Stock issued during period shares conversion of redeemable noncontrolling interests (in shares)							2,100,000
Number of company owned | company				1	1
Preferred Class A | NexAnnuity Holdings, Inc.
Related Party Transaction [Line Items]
Noncontrolling interest shares redeemed (in shares)	1,700	1,000	1,000	2,000
Stock issued during period, new issues (in shares)					68,500
NexPoint Storage Partners Operating Company, LLC
Related Party Transaction [Line Items]
NXDT Percentage Ownership									29.50%		29.50%		30%	14.80%
NexPoint Storage Partners, Inc.
Related Party Transaction [Line Items]
NXDT Percentage Ownership									52.80%		52.80%		52.90%
NexPoint Storage Partners Operating Company, LLC | Common Class B
Related Party Transaction [Line Items]
Common stock, shares, issued (in shares)									47,064		47,064			47,064
NexPoint Storage Partners, Inc. | Common Class B
Related Party Transaction [Line Items]
Common stock, shares, issued (in shares)									86,369		86,369
Property Management Fees | Cityplace Tower | Reimbursements Member
Related Party Transaction [Line Items]
Cityplace Tower reimbursed | $									$ 400,000	$ 900,000	$ 500,000	$ 900,000
Property Management Fees | NexVest Realty Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party | $									300,000	$ 100,000	$ 200,000	$ 300,000
Related party transaction, monthly expenses from transactions with related party | $						$ 1,200		$ 750
Management fee, percent											3%
Property Management Fees | NexVest Realty Advisors | Cityplace Tower
Related Party Transaction [Line Items]
Minimum management fee | $									$ 20,000		$ 20,000
Property Management Fees | White Rock Center | Cityplace Tower
Related Party Transaction [Line Items]
Management fee, percent											4%
Guarantor on Loans | NexPoint Storage Partners Operating Company, LLC
Related Party Transaction [Line Items]
NXDT Percentage Ownership									100%		100%
Guarantor on Loans | NexPoint Hospitality Trust
Related Party Transaction [Line Items]
Mortgages payable, net | $									$ 74,400,000		$ 74,400,000

Related Party Transactions - NR

Related Party Transactions - NREF OP Promissory Note (Details) - USD ($)	Jun. 04, 2024	Jun. 30, 2024	Apr. 19, 2024	Feb. 15, 2022
Related Party Transaction [Line Items]
Debt instrument, face amount				$ 39,300,000
NREF OP Promissory Note Transaction
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 5,900,000	$ 6,500,000
Mortgages payable, net			$ 6,500,000
Interest Rate			7.535%
Borrower paid down	$ 600,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Change in Unrealized Gain/(Loss)	$ (3,154)	$ (9,332)	$ 3,136	$ (27,972)
Realized Gain/(Loss)	(3)	(914)	(21,875)	221
Equity in income (loss)	196	422	(958)	346
NexPoint Hospitality Trust
Related Party Transaction [Line Items]
Investments		16,964		16,964
Change in Unrealized Gain/(Loss)		(10,721)
Realized Gain/(Loss)		0
Equity in income (loss)		0
Interest and Dividends		0
Total Income		(10,721)
NexPoint Real Estate Finance, Inc.
Related Party Transaction [Line Items]
Investments	28,812	32,739	28,812	32,739
Change in Unrealized Gain/(Loss)		(630)	(4,263)
Realized Gain/(Loss)		0	0
Equity in income (loss)		0	0
Interest and Dividends		2,877	2,100
Total Income		2,247	(2,163)
NexPoint Storage Partners, Inc.
Related Party Transaction [Line Items]
Investments	67,256		67,256
Change in Unrealized Gain/(Loss)			(932)
Realized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			0
Total Income			(932)
NexPoint Residential Trust, Inc.
Related Party Transaction [Line Items]
Investments	3,719	4,075	3,719	4,075
Change in Unrealized Gain/(Loss)		175	481
Realized Gain/(Loss)		0	0
Equity in income (loss)		0	0
Interest and Dividends		75	86
Total Income		250	567
NexPoint SFR Operating Partnership, L.P.
Related Party Transaction [Line Items]
Investments	20,824	21,200	20,824	21,200
Change in Unrealized Gain/(Loss)		393	11
Realized Gain/(Loss)		0	0
Equity in income (loss)		0	0
Interest and Dividends		998	814
Total Income		1,391	825
0
Related Party Transaction [Line Items]
Investments		22,531		22,531
Change in Unrealized Gain/(Loss)		1,052
Realized Gain/(Loss)		0
Equity in income (loss)		0
Interest and Dividends		319
Total Income		1,371
NexPoint Storage Partners Operating Company, LLC
Related Party Transaction [Line Items]
Investments	36,649	105,005	36,649	105,005
Change in Unrealized Gain/(Loss)		1,311	(508)
Realized Gain/(Loss)		0	0
Equity in income (loss)		0	0
Interest and Dividends		0	0
Total Income		1,311	(508)
SFR WLIF III, LLC
Related Party Transaction [Line Items]
Investments	6,948	7,306	6,948	7,306
Change in Unrealized Gain/(Loss)		0	0
Realized Gain/(Loss)		0	0
Equity in income (loss)		421	370
Interest and Dividends		0	0
Total Income		421	370
Claymore Holdings, LLC
Related Party Transaction [Line Items]
Investments	0	0	0	0
Change in Unrealized Gain/(Loss)		0	(110)
Realized Gain/(Loss)		0	0
Equity in income (loss)		0	0
Interest and Dividends		0	0
Total Income		0	(110)
Allenby, LLC
Related Party Transaction [Line Items]
Investments	0	0	0	0
Change in Unrealized Gain/(Loss)		0	(46)
Realized Gain/(Loss)		0	0
Equity in income (loss)		0	0
Interest and Dividends		0	0
Total Income		0	(46)
Haygood, LLC.
Related Party Transaction [Line Items]
Investments	0		0
Change in Unrealized Gain/(Loss)			0
Realized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			0
Total Income			0
VineBrook Homes Operating Partnership, L.P.
Related Party Transaction [Line Items]
Investments	156,658	167,305	156,658	167,305
Change in Unrealized Gain/(Loss)		(3,784)	7,201
Realized Gain/(Loss)		0	0
Equity in income (loss)		0	0
Interest and Dividends		2,866	2,943
Total Income		(918)	10,144
NexPoint Real Estate Finance Operating Partnership, L.P.
Related Party Transaction [Line Items]
Investments	66,804		66,804
Change in Unrealized Gain/(Loss)			(9,885)
Realized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			4,869
Total Income			(5,016)
NexPoint SFR Operating Partnership, LP - Partnership Units
Related Party Transaction [Line Items]
Investments	46,310		46,310
Change in Unrealized Gain/(Loss)			(4,315)
Realized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			1,242
Total Income			(3,073)
NexAnnuity Holdings, Inc.
Related Party Transaction [Line Items]
Investments	67,181		67,181
Change in Unrealized Gain/(Loss)			0
Realized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			2,613
Total Income			2,613
NexPoint Storage Partners Operating Company, LLC, Investment Two
Related Party Transaction [Line Items]
Investments	4,986		4,986
Change in Unrealized Gain/(Loss)			(15)
Realized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			134
Total Income			119
NexPoint SFR Operating Partnership, LP, Investment Two
Related Party Transaction [Line Items]
Investments	500	49,720	500	49,720
Change in Unrealized Gain/(Loss)		(4,361)	0
Realized Gain/(Loss)		0	0
Equity in income (loss)		0	0
Interest and Dividends		1,203	22
Total Income		(3,158)	22
NREF OP IV, L.P.
Related Party Transaction [Line Items]
Investments	5,900		5,900
Change in Unrealized Gain/(Loss)			0
Realized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			96
Total Income			96
Affiliates of the Advisor
Related Party Transaction [Line Items]
Investments	$ 512,547	559,974	512,547	559,974
Change in Unrealized Gain/(Loss)		(17,312)	(12,381)
Realized Gain/(Loss)		0	0
Equity in income (loss)		421	370
Interest and Dividends		14,181	14,919
Total Income		(2,710)	$ 2,908
NexPoint Storage Partners Operating Company, LLC - LLC Units
Related Party Transaction [Line Items]
Investments		57,220		57,220
Change in Unrealized Gain/(Loss)		714
Realized Gain/(Loss)		0
Equity in income (loss)		0
Interest and Dividends		0
Total Income		714
NexPoint Real Estate Finance Operating Partnership, LP
Related Party Transaction [Line Items]
Investments		75,909		$ 75,909
Change in Unrealized Gain/(Loss)		(1,461)
Realized Gain/(Loss)		0
Equity in income (loss)		0
Interest and Dividends		5,843
Total Income		$ 4,382

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Feb. 15, 2023	Jun. 30, 2024	Apr. 24, 2023	Dec. 08, 2022	Feb. 15, 2022	Jul. 02, 2021
Other Commitments [Line Items]
Debt instrument, face amount					$ 39,300,000
Guarantor on Loans | NexPoint Hospitality Trust
Other Commitments [Line Items]
Other commitment		$ 141,100,000
NexPoint Hospitality Trust | Guarantor on Loans
Other Commitments [Line Items]
Other commitment		74,400,000
NexPoint Storage Partners, Inc.
Other Commitments [Line Items]
Debt instrument, face amount						$ 235,860,000
NexPoint Storage Partners, Inc. | Guarantor on Loans
Other Commitments [Line Items]
Other commitment		244,440,000
Mezzanine Loan Agreement I | NexPoint Storage Partners, Inc.
Other Commitments [Line Items]
Debt instrument, face amount			$ 1,080,000			$ 6,050,000
REIT Sub and the Co-Guarantors
Other Commitments [Line Items]
Guarantor obligations, current carrying value	$ 49,200,000	$ 11,600,000		$ 64,200,000
Guarantor obligations, maximum exposure				$ 97,600,000
Guarantor obligation, serverally liable, percentage		85.90%
REIT Sub and the Co-Guarantors | Promissory Notes
Other Commitments [Line Items]
Extinguishment of debt, amount	$ 15,000,000

Operating Leases - Schedule of

Operating Leases - Schedule of Lessee, Operating Lease, Liability, Maturity (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 4,490
2025	8,955
2026	8,178
2027	7,267
2028	5,080
Thereafter	28,316
Total	$ 62,286

Operating Leases - Schedule o_2

Operating Leases - Schedule of Concentration of Risk, by Risk Factor (Details) - Revenue Benchmark - Customer Concentration Risk - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Neiman Marcus Group, LLC
Lessor, Lease, Description [Line Items]
Rental Income	$ 979
Saputo Dairy Foods
Lessor, Lease, Description [Line Items]
Rental Income	$ 924
Hudson Advisors, LLC
Lessor, Lease, Description [Line Items]
Rental Income		$ 1,424

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2024 segment	Jun. 30, 2024 property	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2	2	2

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information 1 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 22,274	$ 13,880	$ 35,079	$ 28,746
Expenses	21,681	13,853	34,217	26,391
Net loss	(10,522)	(13,867)	(32,070)	(33,388)
ASSETS
Gross operating real estate investments	458,163		458,163		$ 284,439
Accumulated depreciation and amortization	(27,123)		(27,123)		(20,525)
Net operating real estate investments	431,040		431,040		263,914
Net real estate investments	431,040		431,040		263,914
Other assets	818,693		818,693		834,422
Total Assets	1,249,733		1,249,733		1,098,336
NexPoint Diversified Real Estate Trust
Segment Reporting Information [Line Items]
Total revenues	12,950	13,880	25,755	28,746
Expenses	12,376	13,853	24,912	26,391
Net loss	(6,435)	(13,867)	(27,983)	(33,388)
ASSETS
Gross operating real estate investments	288,023		288,023		284,439
Accumulated depreciation and amortization	(25,769)		(25,769)		(20,525)
Net operating real estate investments	262,255		262,255		263,914
Net real estate investments	262,255		262,255		263,914
Other assets	802,036		802,036		834,422
Total Assets	1,064,291		1,064,291		1,098,336
NexPoint Hospitality Trust
Segment Reporting Information [Line Items]
Total revenues	9,324	0	9,324	0
Expenses	9,305	0	9,305	0
Net loss	(4,087)	$ 0	(4,087)	$ 0
ASSETS
Gross operating real estate investments	170,139		170,139		0
Accumulated depreciation and amortization	(1,355)		(1,355)		0
Net operating real estate investments	168,785		168,785		0
Net real estate investments	168,785		168,785		0
Other assets	16,657		16,657		0
Total Assets	$ 185,442		$ 185,442		$ 0

Segment Information - Schedul_2

Segment Information - Schedule of Segment Reporting Information 2 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net income (loss)	$ (10,522)	$ (13,867)	$ (32,070)	$ (33,388)
Advisory and administrative fees	3,443	1,660	6,689	5,238
Corporate general and administrative expenses	3,195		6,030
Income tax expense	303	308	853	1,114
Depreciation and amortization	4,102	3,584	6,898	7,108
Interest expense	7,851		12,382
Non-operating property investment revenue	(8,904)		(17,635)
Realized gains (losses)	3	914	21,875	(221)
Change in unrealized (gains) losses from non-real estate investments	3,154	9,332	(3,136)	27,972
Equity in (income) losses of unconsolidated equity method ventures	(196)	(422)	958	(346)
NOI	2,429		2,844
NexPoint Diversified Real Estate Trust
Segment Reporting Information [Line Items]
Net income (loss)	(6,435)	(13,867)	(27,983)	(33,388)
Advisory and administrative fees	3,174		6,420
Corporate general and administrative expenses	2,625		5,460
Income tax expense	285		835
Depreciation and amortization	2,747		5,543
Interest expense	4,380		8,911
Non-operating property investment revenue	(8,530)		(17,261)
Realized gains (losses)	3		21,875
Change in unrealized (gains) losses from non-real estate investments	3,154		(3,136)
Equity in (income) losses of unconsolidated equity method ventures	(196)		958
NOI	1,208		1,623
NexPoint Hospitality Trust
Segment Reporting Information [Line Items]
Net income (loss)	(4,087)	$ 0	(4,087)	$ 0
Advisory and administrative fees	269		269
Corporate general and administrative expenses	570		570
Income tax expense	18		18
Depreciation and amortization	1,355		1,355
Interest expense	3,471		3,471
Non-operating property investment revenue	(374)		(374)
Realized gains (losses)	0		0
Change in unrealized (gains) losses from non-real estate investments	0		0
Equity in (income) losses of unconsolidated equity method ventures	0		0
NOI	$ 1,221		$ 1,221

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jul. 27, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Aug. 02, 2024	Jul. 26, 2024	Feb. 15, 2022
Subsequent Event [Line Items]
Common share dividends declared (in dollars per share)		$ 0.15	$ 0.15	$ 0.30	$ 0.30
Preferred share dividends declared (in dollars per share)		$ 0.34375	$ 0.34375	$ 0.68750	$ 0.68750
Debt instrument, face amount								$ 39,300,000
Subsequent Event
Subsequent Event [Line Items]
Common share dividends declared (in dollars per share)	$ 0.15
Dividend cash percentage	20%
Subsequent Event | NexPoint Semiconductor Manufacturing DST
Subsequent Event [Line Items]
Stock issued during period, investment value, purchase of common shares							$ 14,900,000
Subsequent Event | NexPoint Life Science II DST
Subsequent Event [Line Items]
Stock issued during period, investment value, purchase of common shares							$ 4,600,000
Subsequent Event | White Rock Center | Ohio State Life Insurance Company
Subsequent Event [Line Items]
Debt instrument, face amount						$ 10,000,000
Interest Rate						10%
Subsequent Event | Series A Preferred Stock
Subsequent Event [Line Items]
Preferred share dividends declared (in dollars per share)	$ 0.34375