NexPoint Diversified Real Estate Trust (NXDT) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		41,924,881.62
Entity Central Index Key	0001356115
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	Sep. 30, 2024	Dec. 31, 2023
Consolidated Real Estate Investments
Land	$ 67,138	$ 47,708
Buildings and improvements	327,007	206,213
Intangible lease assets	10,979	10,979
Construction in progress	25,020	19,177
Furniture, fixtures, and equipment	11,944	362
Right-of-use assets	1,465	0
Total Gross Consolidated Real Estate Investments	443,553	284,439
Accumulated depreciation and amortization	(30,998)	(20,525)
Total Net Consolidated Real Estate Investments	412,555	263,914
Real estate held for sale, net of accumulated depreciation of $133 and $0, respectively	8,134	0
Total Net Real Estate Investments	420,689	263,914
Investments, at fair value ($515,265 and $533,065 with related parties, respectively)	643,479	691,238
Equity method investments ($8,639 and $7,079 with related parties, respectively)	63,467	66,263
Investments in DSTs ($30,559 and $0, with related parties, respectively)	30,559	0
Cash and cash equivalents	8,519	20,608
Restricted cash	44,721	32,561
Accounts receivable, net	3,991	4,347
Prepaid and other assets	17,243	10,431
Accrued interest and dividends	4,971	6,078
Interest rate caps	397	0
Deferred tax asset, net	2,678	2,896
Total Assets	1,240,714	1,098,336
Liabilities:
Mortgages payable, net	262,169	142,186
Notes payable, net ($68,027 and $20,000 with related party, respectively)	95,167	52,919
Prime brokerage borrowing	1,412	1,782
Accounts payable and other accrued liabilities	22,125	8,633
Income tax payable	0	356
Accrued real estate taxes payable	4,386	231
Accrued interest payable	8,157	1,398
Security deposit liability	386	422
Prepaid rents	591	768
Intangible lease liabilities, net	3,407	4,567
Total Liabilities	397,800	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; 41,674,528 and 38,389,600 shares issued and outstanding, respectively	42	38
Additional paid-in capital	1,031,915	1,011,613
Accumulated earnings (loss)	(187,487)	(126,580)
(Noncontrolling interests)	(1,559)	0
Total Shareholders' Equity	842,914	885,074
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,240,714	$ 1,098,336

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets [Abstract]
Real estate held for sale, accumulated depreciation	$ 133	$ 0
Investments, at fair value	643,479	691,238
Equity method investments	63,467	66,263
Investments in DSTs	30,559	0
Liabilities and Equity [Abstract]
Mortgages payable, net	262,169	142,186
Notes payable, net	$ 95,167	$ 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)	41,674,528	38,389,600
Common stock, shares, outstanding (in shares)	41,674,528	38,389,600
Related Party
Assets [Abstract]
Investments, at fair value	$ 515,265	$ 533,065
Equity method investments	8,639	7,079
Investments in DSTs	30,559	0
Liabilities and Equity [Abstract]
Mortgages payable, net	10,000	0
Notes payable, net	$ 68,027	$ 20,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental income	$ 4,447	$ 5,404	$ 12,479	$ 15,541
Interest income	1,653	1,863	5,043	5,632
Dividend income	7,397	5,000	21,642	19,809
Other income	906	97	1,306	128
Total revenues	22,216	12,364	57,295	41,110
Expenses
Property operating expenses	6,339	1,527	14,672	5,553
Property management fees	664	191	1,025	553
Real estate taxes and insurance	1,639	1,360	4,653	4,057
Advisory and administrative fees	3,976	3,469	10,665	8,707
Property general and administrative expenses	2,057	833	4,949	2,601
Corporate general and administrative expenses	2,843	1,685	8,873	5,433
Conversion expenses	0	0	0	1,444
Depreciation and amortization	4,510	3,820	11,408	10,928
Impairment loss	6,134	0	6,134	0
Total expenses	28,162	12,885	62,379	39,276
Operating income (loss)	(5,946)	(521)	(5,084)	1,834
Interest expense	(8,288)	(4,173)	(20,670)	(11,397)
Distributions of earnings from unconsolidated ventures	400	(369)	(558)	(23)
Change in unrealized gains (losses)	(885)	(61,626)	2,251	(89,598)
Realized losses	(1)	(939)	(21,876)	(718)
Net income (loss) before income taxes	(14,720)	(67,628)	(45,937)	(99,902)
Income tax expense	(700)	(330)	(1,553)	(1,444)
Net loss	(15,420)	(67,958)	(47,490)	(101,346)
Net (income) loss attributable to preferred shareholders	(1,155)	(1,155)	(3,465)	(3,465)
Net (income) loss attributable to noncontrolling interests	6,538	0	8,432	0
Net loss attributable to common shareholders	$ (10,037)	$ (69,113)	$ (42,523)	$ (104,811)
Weighted average common shares outstanding - basic (in shares)	40,786	37,187	39,662	37,177
Weighted average common shares outstanding - diluted (in shares)	40,786	37,187	39,662	37,177
Loss per share - basic (in dollars per share)	$ (0.25)	$ (1.86)	$ (1.07)	$ (2.82)
Loss per share - diluted (in dollars per share)	$ (0.25)	$ (1.86)	$ (1.07)	$ (2.82)
Rooms
Revenues
Revenues	$ 7,280	$ 0	$ 15,480	$ 0
Food and beverage
Revenues
Revenues	$ 533	$ 0	$ 1,345	$ 0

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income	$ 1,653	$ 1,863	$ 5,043	$ 5,632
Dividend income	7,397	5,000	21,642	19,809
Equity in income (loss)	400	(369)	(558)	(23)
Change in unrealized (gains) losses from non-real estate investments	(885)	(61,626)	2,251	(89,598)
Related Party
Interest income	553	573	1,619	1,890
Dividend income	7,227	4,853	21,080	17,717
Equity in income (loss)	233	286	603	498
Change in unrealized (gains) losses from non-real estate investments	$ 17,142	$ (82,240)	$ 4,761	$ (98,248)

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 Interests)
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	913			913
Shares issued to advisor for admin and advisory fees (in shares)			14,589
Shares issued to Adviser for admin and advisory fees	156			156
Net loss attributable to common shareholders	(104,811)				(104,811)
Net loss attributable to noncontrolling interests	0
Net income (loss) attributable to preferred shareholders	3,465				3,465
Common share dividends declared (in shares)			496,303
Common share dividends declared	(12,460)		$ 1	4,450	(16,911)
Preferred share dividends declared	(3,465)				(3,465)
Ending balances (in shares) at Sep. 30, 2023		3,359,593	37,682,699
End of period at Sep. 30, 2023	901,630	$ 3	$ 38	1,005,364	(103,775)
Beginning balances (in shares) at Jun. 30, 2023		3,359,593	37,171,807
Beginning of period at Jun. 30, 2023	971,329	$ 3	$ 37	1,000,281	(28,992)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	477			477
Shares issued to advisor for admin and advisory fees (in shares)			14,589
Shares issued to Adviser for admin and advisory fees	156			156
Net loss attributable to common shareholders	(69,113)				(69,113)
Net loss attributable to noncontrolling interests	0
Net income (loss) attributable to preferred shareholders	1,155				1,155
Common share dividends declared (in shares)			496,303
Common share dividends declared	(1,219)		$ 1	4,450	(5,670)
Preferred share dividends declared	(1,155)				(1,155)
Ending balances (in shares) at Sep. 30, 2023		3,359,593	37,682,699
End of period at Sep. 30, 2023	901,630	$ 3	$ 38	1,005,364	(103,775)
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	1,991			1,991
Shares issued to advisor for admin and advisory fees (in shares)			617,273
Shares issued to Adviser for admin and advisory fees	4,027		$ 1	4,026
Net loss attributable to common shareholders	(42,523)				(42,523)
Net loss attributable to noncontrolling interests	(8,432)					(8,432)
Net income (loss) attributable to preferred shareholders	3,465				3,465
Common share dividends declared (in shares)			2,522,222
Common share dividends declared	(4,096)		$ 3	14,285	(18,384)
Preferred share dividends declared	(3,465)				(3,465)
Ending balances (in shares) at Sep. 30, 2024		3,359,593	41,674,528
End of period at Sep. 30, 2024	842,914	$ 3	$ 42	1,031,915	(187,487)	(1,559)
Beginning balances (in shares) at Jun. 30, 2024		3,359,593	40,650,118
Beginning of period at Jun. 30, 2024	859,066	$ 3	$ 41	1,025,144	(171,101)	4,979
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	544			544
Shares issued to advisor for admin and advisory fees (in shares)			239,235
Shares issued to Adviser for admin and advisory fees	1,322			1,322
Net loss attributable to common shareholders	(10,037)				(10,037)
Net loss attributable to noncontrolling interests	(6,538)					(6,538)
Net income (loss) attributable to preferred shareholders	1,155				1,155
Common share dividends declared (in shares)			785,175
Common share dividends declared	(1,443)		$ 1	4,905	(6,349)
Preferred share dividends declared	(1,155)				(1,155)
Ending balances (in shares) at Sep. 30, 2024		3,359,593	41,674,528
End of period at Sep. 30, 2024	$ 842,914	$ 3	$ 42	$ 1,031,915	$ (187,487)	$ (1,559)

CONSOLIDATED STATEMENT OF SHA_2

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common share dividends declared (in dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45
Preferred share dividends declared (in dollars per share)	$ 0.34375	$ 0.34375	$ 1.03125	$ 1.03125

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss		$ (47,490)	$ (101,346)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		11,408	10,928
Amortization of intangible lease assets and liabilities		(1,061)	(912)
Amortization of deferred financing costs		580	441
Amortization of fair value adjustment of assumed debt		731	0
Paid-in-kind interest ($(3,956) and $(455) with related parties, respectively)		(7,173)	(3,444)
Proceeds from paid-in-kind interest		2,271	0
Net cash received on derivative settlements		660	0
Realized loss		21,876	718
Change in unrealized (gain) loss on investments held at fair value		(2,251)	89,598
Unrealized (gain) loss on interest rate derivatives		7	0
Impairment loss		6,134	0
Equity in (income) losses of unconsolidated ventures ($(603) and $498 with related parties, respectively)		558	23
Distributions of earnings from unconsolidated ventures ($761 and $570 with related parties, respectively)		3,955	3,048
Stock-based compensation expense		2,193	913
Cash paid for life settlement premiums		0	(3,355)
Equity security dividends reinvested ($(4,817) and $0 with related parties, respectively)		(4,833)	0
Deferred tax (benefit) expense		218	1,596
Changes in operating assets and liabilities, net of effects of acquisitions:
Income tax payable		(356)	(10,720)
Real estate taxes payable		3,637	3,135
Operating assets		(1,815)	(4,210)
Operating liabilities		3,201	(4,887)
Net cash used in operating activities		(7,550)	(18,474)
Cash flows from investing activities
Proceeds from asset redemptions ($1,700 and $0 with related parties, respectively)		1,700	0
Distributions from CLO investments		1,266	0
Proceeds from sale of investments		2,438	29,490
Proceeds from paydowns of investments		12,071	0
Net cash acquired in acquisition of NexPoint Hospitality Trust		42,749	0
Purchases of investments ($(6,835) and $4,034 with related parties, respectively)		(34,685)	(3,579)
Additions to consolidated real estate investments		(7,079)	(8,926)
Proceeds from life settlement policy maturities		0	2,999
Cash outflow from deconsolidation of investment		0	(3,993)
Net cash provided by investing activities		18,460	15,991
Cash flows from financing activities
Proceeds received from notes payable		0	20,000
Mortgage proceeds received ($10,000 and $0 with related parties, respectively)		10,000	0
Mortgage payments		(4,452)	(1,773)
Prime brokerage borrowing		262	11,892
Credit facilities payments		(8,103)	(8,999)
Prime brokerage payments		(633)	(12,756)
Deferred financing costs paid		(563)	(771)
Payments for taxes related to net share settlement of stock-based compensation		(202)	0
Dividends paid to preferred shareholders		(3,465)	(3,465)
Dividends paid to common shareholders		(3,683)	(12,460)
Net cash used in financing activities		(10,839)	(8,332)
Net increase (decrease) in cash, cash equivalents and restricted cash		71	(10,815)
Cash, cash equivalents and restricted cash, beginning of period		53,240	37,834
Cash, cash equivalents and restricted cash, end of period		53,169	48,649
Supplemental Disclosure of Cash Flow Information
Interest paid		13,911	11,306
Income tax paid		0	13,700
Supplemental Disclosure of Noncash Activities
Non-cash dividend payment		14,285	4,462
Fair value assets acquired from the sale of consolidated investments	[1]	0	68,500
Non-cash advisory fee payment		4,026	156
Increase in dividends payable upon vesting of restricted stock units		412	0
Real estate investments assumed in acquisition of NexPoint Hospitality Trust		(167,624)	0
DST investments 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
Prepaid assets and other assets assumed in acquisition of NexPoint Hospitality Trust		(1,492)	0
Accounts payable and other liabilities assumed in acquisition of NexPoint Hospitality Trust		14,276	0
Real estate taxes payable assumed in acquisition of NexPoint Hospitality Trust		1,233	0
Change in capitalized construction costs included in accounts payable and other accrued liabilities		$ 627	$ 0
[1]For more information about this transaction, refer to Note 11. Life Settlement Portfolio

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Paid-in-kind interest	$ 7,173	$ 3,444
Net change in unrealized (gain) loss on investments held at fair value	(2,251)	89,598
Equity in (income) losses of unconsolidated ventures	(558)	(23)
Distributions of earnings from unconsolidated ventures	3,955	3,048
Equity security dividends reinvested	(4,833)	0
Proceeds from asset redemptions	1,700	0
Purchase of investments, related parties	(34,685)	(3,579)
Mortgage proceeds received	10,000	0
Related Party
Paid-in-kind interest	3,956	455
Net change in unrealized (gain) loss on investments held at fair value	(4,761)	98,248
Equity in (income) losses of unconsolidated ventures	603	498
Distributions of earnings from unconsolidated ventures	761	570
Equity security dividends reinvested	(4,817)	0
Proceeds from asset redemptions	1,700	0
Purchase of investments, related parties	(6,835)	(4,034)
Mortgage proceeds received	$ 10,000	$ 0

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 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 September 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 September 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	9 Months Ended
	Sep. 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 (“NCI”) 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	9 Months Ended
	Sep. 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 ("2023 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 September 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. The Company’s Consolidated Balance Sheet as of September 30, 2024 consists of a $18.0 million gross deferred tax asset at NHF TRS, LLC, a valuation allowance of $13.5 million for a consolidated net deferred tax asset of $4.5 million, a $0.3 million gross deferred tax asset at NREO TRS, Inc., a $2.1 million gross deferred tax liability at NREO TRS, Inc. for a consolidated net deferred tax liability of $1.8 million, a $6.2 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 $6.2 million at NHT's TRSs for a consolidated net deferred tax asset of $0.0 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 $1.8 million net deferred tax liability at NREO TRS, Inc. for a consolidated net deferred tax asset of $2.7 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 September 30, 2024 and 2023 were (4.76)% and (0.49)%, respectively. Our effective tax rates for the nine months ended September 30, 2024 and 2023 were (3.38)% and (1.45)%, 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 September 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 and 2021 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 nine months ended September 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 Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Expected tax at statutory rate $ (3,091) 21.0 % $ (14,202) 21.0 % $ (9,647) 21.0 % $ (20,979) 21.0 % Non-taxable REIT income 4,776 -32.4 % 12,947 -19.1 % 16,047 -34.9 % 21,066 -21.1 % Change in valuation allowance (985) 6.7 % 1,585 -2.3 % (4,847) 10.6 % 1,358 -1.4 % Total provision $ 700 -4.8 % $ 330 -0.5 % $ 1,553 -3.4 % $ 1,444 -1.4 % 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 is comprised 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. Impairment Real estate assets held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. For the three and nine months ended September 30, 2024, the Company recorded approximately $5.1 million of impairment loss on real estate held and used, which is included in Impairment loss on the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company did not record any impairment charges for the three and nine months ended September 30, 2023. Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met in accordance with U.S. generally accepted accounting principles ("GAAP"). At that time, the Company presents the net real estate assets and the liabilities associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of September 30, 2024 and December 31, 2023, there were one and zero properties classified as held for sale, respectively. In addition to the net real estate assets, the consolidated balance sheets also includes approximately $0.05 million and $0 million of accounts receivable and prepaid and other assets, and approximately $0.4 million and $0 million of accounts payable, real estate taxes payable, security deposits, prepaid rents, and other accrued liabilities related to assets held for sale as of September 30, 2024 and December 31, 2023, respectively. For the three and nine months ended September 30, 2024, the Company recorded approximately $1.0 million of losses on real estate held for sale, which are included in Impairment loss on the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company did not record any losses for the three and nine months ended September 30, 2023. 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	9 Months Ended
	Sep. 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 September 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 September 30, 2024 and December 31, 2023: Effective Ownership Percentage at Property Name Location Year Acquired September 30, 2024 December 31, 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) (4) 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. (4) Property classified as held for sale as of September 30, 2024.

Consolidated Real Estate Invest

Consolidated Real Estate Investments	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Consolidated Real Estate Investments	Consolidated Real Estate Investments As of September 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 $ 10,562 $ 1,921 $ (101) $ — $ — $ 5 $ 13,702 5916 W Loop 289 1,081 2,938 — — — — — 4,019 Cityplace Tower 18,812 194,997 9,058 (6,669) — 19,127 356 235,681 NexPoint Dominion Land, LLC 26,500 — — — — — — 26,500 Dallas Hilton Garden Inn 4,116 24,620 — — — 96 1,475 30,307 Addison Homewood Suites 2,576 4,977 — — — 482 824 8,859 Las Colinas Homewood Suites 2,335 10,337 — — — 313 1,016 14,001 St. Petersburg Marriott 5,829 33,650 — — — 3,417 2,303 45,199 Hyatt Place Park City 3,737 19,875 — — — 877 3,140 27,629 Bradenton Hampton Inn & Suites 837 25,051 — — 1,465 708 2,825 30,886 Accumulated depreciation and amortization — (22,098) (7,801) 3,363 (19) — (1,081) (27,636) Total Operating Properties $ 67,138 $ 304,909 $ 3,178 $ (3,407) $ 1,446 $ 25,020 $ 10,863 $ 409,147 Held for Sale Properties Plano Homewood Suites $ 2,106 $ 5,394 $ — $ — $ — $ 28 $ 739 $ 8,267 Accumulated depreciation and amortization — (77) — — — — (56) (133) Total Held for Sale Properties $ 2,106 $ 5,317 $ — $ — $ — $ 28 $ 683 $ 8,134 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 $3.9 million and $9.9 million for the three and nine months ended September 30, 2024 and $2.8 million and $7.2 million for the three and nine months ended September 30, 2023. Amortization expense related to the Company’s intangible lease assets was $0.4 million and $1.0 million for the three and nine months ended September 30, 2024 and $0.8 million and $3.3 million for the three and nine months ended September 30, 2023. Amortization expense related to the Company's intangible lease liabilities was $0.6 million and $1.2 million for the three and nine months ended September 30, 2024 and $0.4 million and $1.1 million for the three and nine months ended September 30, 2023. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.6 million and $1.1 million for the three and nine months ended September 30, 2024 and $0.3 million and $0.9 million for the three and nine months ended September 30, 2023. Impairment loss consists of $5.1 million relating to Las Colinas Homewood Suites and $1.0 million relating to Plano Homewood Suites, which was classified as held for sale, for the three and nine months ended September 30, 2024. The Company recognized no impairment loss for the three and nine months ended September 30, 2023. Acquisitions During the nine months ended September 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 nine months ended September 30, 2023.

Debt

Debt	9 Months Ended
	Sep. 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 $140.5 million principal balance outstanding as of September 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 $ 99,855 7.48 % 3/7/2025 Note A-2 21,843 11.48 % 3/7/2025 Note B-1 12,570 7.48 % 3/7/2025 Note B-2 3,120 11.48 % 3/7/2025 Mezzanine Note 1 2,750 11.48 % 3/7/2025 Mezzanine Note 2 393 11.48 % 3/7/2025 Mortgages payable 140,531 Deferred financing costs, net (152) Mortgages payable, net $ 140,379 The weighted average interest rate of the Company’s debt related to its Cityplace investment was 8.28% as of September 30, 2024 and 8.53% as of December 31, 2023. The one-month SOFR was 5.12% as of September 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 September 30, 2024, the Company believes it is in compliance with all such covenants. White Rock Center Debt On August 2, 2024, the Company, through Freedom LHV, LLC (“Freedom LHV”), an indirect subsidiary of the Company, borrowed approximately $10.0 million from The Ohio State Life Insurance Company. Due to the recently transacted nature of the note, the fair value of the note is approximately the outstanding balance. The note bears interest at an annual fixed rate of 10.0% and matures on August 2, 2029. The debt is secured by certain real property held by Freedom LHV and is guaranteed by the Company. 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, with two one-year extension options. Mortgages 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 8, 2025. The Note B Loan bears interest at a variable rate equal to the 30-day SOFR plus 6.46% and matures on March 8, 2025. The Note A Loan and Note B Loan principal amounts reflected their fair values on the date of the NHT Acquisition. As of September 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 6.85% and 11.31%, respectively. For the three months ended September 30, 2024, NHT paid $0.9 million and $0.7 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 September 30, 2024 was $37.6 million, with $2.2 million available to draw on for renovation purposes as of September 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 September 30, 2024, NHT is in compliance with all debt covenants. Due to the short-term nature of the PC & B Loan, the Note A Loan and Note B Loan, the fair value of the notes are approximately the outstanding balance. 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 30, 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 September 30, 2024, the net carrying amount of the convertible notes due to affiliates of the NHT Adviser was $50.2 million. Management determined the fair value of the promissory notes using a discounted cash flow approach, and determined that the fair value of the due to affiliates notes approximates its carrying value. The following table contains summary information concerning the debt of the NHT segment as of September 30, 2024 (dollars in thousands): Outstanding principal as of Debt Payable September 30, 2024 Interest Rate Maturity Date Lender Note A¹ $ 50,188 6.85% 3/8/2025 ACORE Note B¹ 24,165 11.31% 3/8/2025 ACORE PC & B Loan² 37,608 6.70% 2/5/2025 AREEIF Lender, LLC Convertible Notes Due to Affiliates 58,278 2.25% - 7.50% 2/14/2027 - 9/30/2042 Multiple $ 170,239 Fair market value adjustment, net of accumulated amortization³ (8,148) Debt payable, net $ 162,091 (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 nine months ended September 30, 2024, the Company paid down $6.0 million on the Credit Facility. As of September 30, 2024, the Credit Facility had an outstanding balance of $14.0 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, a maturity date of May 21, 2024 and the option to extend the maturity two times by six months. On May 21, 2024, the Company elected to extend the maturity by six months to November 21, 2024. During the nine months ended September 30, 2024, the Company paid down $2.1 million on the NexBank Revolver. As of September 30, 2024, the NexBank Revolver bears interest at one-month SOFR plus 3.50% and matures on November 21, 2024, with one option remaining to extend the maturity one time by six months. Due to the short-term nature of the debt, the fair value of the debt is approximately the outstanding balance. As of September 30, 2024, the NexBank Revolver had an outstanding balance of $17.9 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 September 30, 2024, the Company had a margin balance of approximately $1.4 million outstanding with Jefferies bearing interest at the Overnight Bank Funding Rate plus 0.50%. Securities with a fair value of approximately $10.0 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 September 30, 2024 are as follows (in thousands): Mortgages Payable Credit Facilities Notes Payable Prime Brokerage Borrowing Total 2024 $ — $ 20,897 $ — $ — $ 20,897 2025 252,492 11,000 13,250 — 276,742 2026 — — — — — 2027 — — 20,500 — 20,500 2028 — — — — — Thereafter 10,000 — 37,779 1,412 49,191 Total $ 262,492 $ 31,897 $ 71,529 $ 1,412 $ 367,330

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities As of September 30, 2024, and December 31, 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 September 30, 2024 Percentage Ownership as of December 31, 2023 Relationship as of September 30, 2024 Relationship as of December 31, 2023 Unconsolidated Entities: NexPoint Storage Partners, Inc. Common stock Self-storage 52.8 % 52.9 % VIE VIE NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.5 % 30.0 % 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 Life Sciences II DST LLC interest Life science 25.8 % N/A VIE N/A Semiconductor DST LLC interest Industrial 16.8 % N/A VIE N/A Capital Acquisitions Partners, LLC LLC interest Multifamily 20.9 % N/A VIE N/A IQHQ Holdings, LP LP interest Life science 1.27 % 1.3 % VIE VIE NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 15.6 % 15.6 % VIE VIE VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.4 % 11.2 % VIE VIE NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 31.2 % 30.8 % VIE VIE NexAnnuity Holdings, Inc. Preferred Shares Annuities 100.0 % (1) 100.0 % VIE VIE (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 September 30, 2024 and December 31, 2023.

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 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 September 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 % $ 10,374 $ (9,590) $ 19,964 $ 19 AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 18,895 15,288 3,607 (858) SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 6,842 6,914 (72) 434 Las Vegas Land Owner, LLC LLC interest Land 77.0 % (4) 12,321 12,321 — — Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % (9) 13,238 10,488 2,750 1,060 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) — — — Capital Acquisitions Partners, LLC LLC interest Multifamily 20.9 % 1,797 1,717 80 80 $ 63,467 $ 37,138 $ 26,329 $ 735 Below is a summary of the Company's investments as of September 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) $76,104 (6) NexPoint Real Estate Finance, Inc. Common stock Mortgage 12.0 % (7) 32,823 (6) VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.4 % (7) 148,892 (6) NexPoint Storage Partners, Inc. Common stock Self-storage 52.8 % (3) 73,443 (6) NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.5 % 40,021 (6) NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 31.2 % 46,943 (6) LLV Holdco, LLC LLC interest Land 26.8 % 2,877 (6) $ 421,103 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. There were no significant equity method investments for the nine months ended September 30, 2024. 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"), VineBrook Homes Trust, Inc. ("VineBrook") and NexPoint Storage Partners, Inc. (“NSP”) 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 nine months ended September 30, 2023 for the Company’s significant equity method investments (dollars in thousands). NREF VineBrook NSP Revenues Rental income $ 3,057 $ 259,121 $ 83,851 Net interest income 12,971 — 1,527 Other income — 4,362 6,154 Total revenues 16,028 263,483 91,532 Expenses Total expenses 16,950 368,968 103,968 Gain (loss) on sales of real estate — (65,108) (8,276) Other income (expense) 1,727 (43,130) (77,006) Unrealized gain (loss) on derivatives — 6,297 — Total comprehensive income (loss) $ 805 $ (207,426) $ (97,718)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 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 September 30, 2024 (in thousands): Fair Value Level 1 Level 2 Level 3 Total Assets Bond $ — $ 50 $ — $ 50 Common stock 43,874 — 151,073 194,947 Convertible notes — — 21,060 21,060 LLC interest — — 42,898 42,898 LP interest — 76,104 195,835 271,939 Preferred Shares — — 68,524 68,524 Rights and warrants — 1,788 — 1,788 Senior loan — 50 42,223 42,273 $ 43,874 $ 77,992 $ 521,613 $ 643,479 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 Level 1 Level 2 Level 3 Total Assets Bond $ — $ 30 $ — $ 30 CLO — — 1,215 1,215 Common stock 42,832 — 176,256 219,088 Convertible notes — — 42,251 42,251 LLC interest — — 39,399 39,399 LP interest — 76,688 195,898 272,586 Preferred Shares — — 66,268 66,268 Rights and warrants — 3,993 — 3,993 Senior loan — 55 46,353 46,408 $ 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 nine months ended September 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) September 30, 2024 CLO $ 1,215 $ — $ — $ — $ — $ — $ (1,266) $ (22,735) $ 22,786 $ — Common stock 176,256 904 — — (7,757) — — — (18,330) 151,073 Convertible notes 42,251 — — — (21,129) — — — (62) 21,060 LLC interest 39,399 564 — — — — — — 2,935 42,898 LP interest 195,898 4,818 — — — — — — (4,881) 195,835 Preferred Shares 66,268 — 3,956 — — (1,700) — — — 68,524 Senior loan 46,353 6,596 3,217 — — (14,343) — 574 (174) 42,223 Total $ 567,640 $ 12,882 $ 7,173 $ — $ (28,886) $ (16,043) $ (1,266) $ (22,161) $ 2,274 $ 521,613 (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 nine months ended September 30, 2023 (in thousands): December 31, 2022 Contributions/ Paid in- Redemptions/ Return of capital Realized Unrealized gain/(loss) September 30, 2023 CLO $ 6,412 $ — $ — $ — $ — $ — $ 11,839 $ 18,251 Common stock 234,667 — — — — — (53,794) 180,873 Convertible notes 50,828 (8,542) — — — — 1,162 43,448 Life settlement 67,711 3,355 — (67,506) — (1,101) (2,459) — LLC interest 60,836 70,222 — (68,500) — (1,722) (19,688) 41,148 LP interest 223,141 3,467 — — — — (30,621) 195,987 Senior loan 43,341 — 2,989 (4,971) — 11 497 41,867 Total $ 686,936 $ 137,002 $ 3,444 $ (142,977) $ — $ (2,812) $ (93,064) $ 588,529 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 September 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) $ 151,073 Discounted Cash Flow Discount Rate 7.25% — 13.80% (10.53)% Market Rent (per sqft) $12.50 — $42.00 $(27.25) RevPAR $74.00 — $119.00 $(92.00) Capitalization Rates 5.25% — 9.50% (7.67)% NAV Approach Discount Rate 10.00% Multiples Analysis Multiple of EBITDA 5.50x — 10.50x (8.00)x Multiple of NAV 1.00x — 1.10x (1.05)x Recent Transaction Implied Enterprise Value from Transaction Price ($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 5.83% — 7.58% (6.71)% 21,060 Option Pricing Model Volatility 55.00% — 65.00% (60.00)% LLC Interest Discounted Cash Flow Discount Rate 7.25% — 30.50% (13.81)% 42,898 Market Rent (per sqft) $12.50 — $42.00 $(27.25) Capitalization Rate 5% LP Interest Direct Capitalization Approach Capitalization Rate 3.80% — 6.70% (5.25)% 195,835 Market Approach Discount to NAV (0.04) Recent Transaction Price per Share $20.58 Preferred Shares Liquidation Analysis Par $1,000 68,524 Senior Loan Discounted Cash Flow Discount Rate 12.30% — 20.00% (16.15)% 42,223 Total $ 521,613 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 Volatility 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%) 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 Financial Instruments Not Carried at Fair Value At September 30, 2024 and December 31, 2023, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other assets, accrued interest and dividends, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, income tax payable, security deposits and prepaid rent approximated their carrying values because of the short-term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. 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 September 30, 2024, the interest rate cap agreements effectively cap one-month SOFR on $37.6 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 September 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 nine months ended September 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 $0.4 million as of September 30, 2024, and is recorded as interest rate caps in the Consolidated Balance Sheets. As of September 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

Investments in DSTs

Investments in DSTs	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Investments in DSTs	Investments in DSTs The Company invested in the Class 1 Beneficial Interests (“Class 1”) in two Delaware Statutory Trusts (DSTs). The Class 1 are accounted for as investments in equity securities without readily determinable fair values under the measurement alternative, which measures the investment at cost minus impairment, if any, plus or minus changes in fair value when observable prices are identified. As the Class 1 are still being actively issued, the investments are held at cost with no upward or downward fair value adjustment nor impairment losses to date. Therefore, the fair value of the Investment in DSTs utilizing Level 3 inputs approximate their carrying amount. The Company recognized $0.2 million and $0.3 million in dividend income for the three and nine months ended September 30, 2024, respectively, and no dividend income for the three and nine months ended September 30, 2023. As of September 30, 2024, the Company held the following investments (dollars in thousands): Balances, as of September 30, 2024 Number of Shares Carrying Amount NexPoint Life Sciences II DST 1,044,040 $9,600 NexPoint Semiconductor DST 2,296,851 20,959 Total $30,559

Life Settlement Portfolio

Life Settlement Portfolio	9 Months Ended
	Sep. 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 has 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. 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	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders ’ Equity Common Shares As of September 30, 2024, the Company had 41,674,528 common shares, par value $0.001 per share, issued and outstanding. 3,284,928 shares of which were issued during the nine months ended September 30, 2024. During the nine months ended September 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, June 28, 2024 to shareholders of record on May 15, 2024 and September 30, 2024 to shareholders of record on August 15, 2024. The dividend paid on March 28, 2024, June 28, 2024 and September 30, 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 September 30, 2023, the Company had 37,682,699 common shares, par value $0.001 per share, issued and outstanding. 510,891.75 shares were issued during the nine months ended September 30, 2023. During the nine months ended September 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, June 30, 2023 to shareholders of record on June 15, 2023 and September 29, 2023 to shareholders of record on August 14, 2023. The dividend paid on September 29, 2023 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. 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 nine months ended September 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, July 1, 2024, to shareholders of record on June 24, 2024 and September 30, 2024 to shareholders of record on September 23, 2024. During the nine months ended September 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 record of Series A Preferred Shares on March 31, 2023 to shareholders of record on March 24, 2023, June 30, 2023 to holders of record of Series A Preferred Shares on June 23, 2023 and September 30, 2023 to holders of record of Series A Preferred Shares on September 25, 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 employees of the Adviser. The following table includes the number of restricted share units granted, vested, forfeited and outstanding as of and for the nine months ended September 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 (6,785) 6.10 Outstanding September 30, 2024 1,438,052 $ 7.35 The following table contains information regarding the vesting of restricted share units under the 2023 LTIP for the next five calendar years subsequent to September 30, 2024: Shares Vesting March April Total 2024 — — — 2025 300,618 140,404 441,022 2026 242,128 135,323 377,451 2027 242,128 135,323 377,451 2028 242,128 — 242,128 Total 1,027,002 411,050 1,438,052

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for loss per share: Net income (loss) attributable to common shareholders $ (10,037) $ (69,113) $ (42,523) $ (104,811) Denominator for loss per share: Weighted average common shares outstanding 40,786 37,187 39,662 37,177 Denominator for basic and diluted loss per share 40,786 37,187 39,662 37,177 Weighted average unvested restricted share units 1,435 603 1,210 398 Denominator for diluted loss per share (1) 40,786 37,187 39,662 37,177 Loss per weighted average common share: Basic $ (0.25) $ (1.86) $ (1.07) $ (2.82) Diluted $ (0.25) $ (1.86) $ (1.07) $ (2.82) (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	9 Months Ended
	Sep. 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 September 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 nine months ended September 30, 2024, we issued 239,234.45 and 617,272.81 common shares to the Adviser in payment of the Fees in an amount of $1.32 million and $4.03 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. 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 September 30, 2024 there is a remaining payable of advisory fees of $7.1 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 1.5% of Managed Assets (the “Expense Cap”), 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 September 30, 2024 and 2023, the Company incurred Administrative Fees and Advisory Fees of $3.6 million and $3.5 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company incurred Administrative Fees and Advisory Fees of $10.1 million and $10.7 million, respectively, which excludes $0 and $2.0 million, respectively in fees that were waived to comply with the Expense Cap. 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 September 30, 2024, NHT incurred expenses subject to the NHT Expense Cap of $2.1 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 September 30, 2024, the NHT OP has entered into several convertible notes with certain affiliates of the NHT Adviser totaling $50.2 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. During the nine months ended September 30, 2024, the Company paid down approximately $2.1 million on the principal balance. As of September 30, 2024, the NexBank Revolver had an outstanding balance of $17.9 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 September 30, 2024, the outstanding balance of the pools of guaranties is $245.2 million. On October 3, 2024, NSP paid the debt in full. 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. On September 9, 2024, the BS Lender agreed to extend the maturity date on the two loans to October 9, 2024. On October 3, 2024, NSP paid the debt in full. Prior to repayment, borrowings outstanding under the BS Loan Agreement were secured by mortgages on real property owned by one or more of the borrowers comprising BS Borrower and bore interest at the one-month SOFR, subject to a floor of 0.50%, plus an applicable spread of approximately 4.0% with respect to approximately $133.3 million of principal as of September 30, 2024 and approximately 5.4% with respect to approximately $46.9 million of principal as of September 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 September 30, 2024. As of September 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 CMBS Loan Agreement provides for a loan of $356.5 million to CMBS Borrower. The Company, through its ownership in NSP, owns an indirect interest in CMBS Borrower and entered into the CMBS Guaranty as a condition of 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, but does not provide for a full guarantee of repayment in all circumstances. Amounts outstanding under the CMBS Loan Agreement were due and payable on September 9, 2024. On September 9, 2024, the CMBS Lender and NSP entered into a forbearance agreement, and the CMBS Lender agreed to, until October 9, 2024, forbear from proceeding to exercise its remedies relating to the failure to repay the debt by September 9, 2024. On October 3, 2024, NSP repaid the debt in full. Prior to repayment, borrowings outstanding under the CMBS Loan Agreement were secured by mortgages on real property owned by one or more of the borrowers comprising CMBS Borrower and bore interest at one-month SOFR plus a spread of approximately 3.6%, which would 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 nine months ended September 30, 2024 the Company through its subsidiaries has paid approximately $0.2 million and $0.5 million, respectively, in property management fees to NexVest. For the three and nine months ended September 30, 2023, the Company through its subsidiaries has paid approximately $0.2 million and $0.5 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 nine months ended September 30, 2024, the SPE holding Cityplace Tower reimbursed $0.4 million and $1.3 million, respectively, to NexVest for these expenses. For the three and nine months ended September 30, 2023, the SPE holding Cityplace Tower reimbursed $0.4 million and $1.3 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 NHT’s loans with an aggregate principal amount of $74.4 million as of September 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. The Company is a guarantor and an indemnitor on a loan from The Ohio State Life Insurance Company, an entity that has common ownership with the Adviser, taken by Freedom LHV which owns White Rock Center, with an aggregate principal amount of $10.0 million as of September 30, 2024. The obligations include a continuing guarantee, which is generally applicable to all current and future liabilities or obligations of the borrower, whether directly or indirectly incurred, including through an agreement with an affiliate, joint venture partner or other third party. This guarantee remains in effect until all such obligations have been satisfied in full, unless terminated in accordance with the terms of the guarantee agreement. The loan is secured by certain real property held by Freedom LHV. On December 8, 2022, the Company, through 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 September 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 September 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 and owns 68,254 and 66,268 shares, respectively, as of September 30, 2024 and December 31, 2023. 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. NREF OP IV is a subsidiary of NREF, which is managed by an affiliate of the Adviser. On September 11, 2024, NREF OP IV extinguished the note and paid down the remaining principal balance and accrued interest. Investments in DSTs On July 26, 2024, the Company, through NREO, acquired $4.6 million worth of Class 1 in NexPoint Life Sciences II DST ("Life Sciences DST"), a Delaware statutory trust. Life Sciences DST is managed by an affiliate of the Adviser. Life Sciences DST owns a manufacturing and production facility in Philadelphia, PA that is under a triple net lease. It is anticipated that the Company will receive an annual dividend of 4.36% in year one, and projected to range from 4.39% to 5.65% in years two through ten on this investment. On July 26, 2024, the Company, through NREO, acquired $14.9 million worth of Class 1 in NexPoint Semiconductor DST ("Semiconductor DST"), a Delaware statutory trust. Semiconductor DST is managed by an affiliate of the Adviser. Semiconductor DST owns a semiconductor manufacturing property in Temecula, CA that is under a triple net lease. On September 11, 2024, the Company acquired an additional $6.1 million worth of Class 1 in Semiconductor DST. It is anticipated that the Company will receive an annual dividend starting at 5.21% in year one, and projected to range from 5.33% to 7.57% in years two through ten on this investment. Capital Acquisitions Partners, LLC The Company owns approximately 20.9% of the total outstanding membership interests of Capital Acquisitions Partners, LLC. The remaining membership interests are held by NREF OP. See Notes 7 and 8 for additional information. Related Party Investments The Company, from time to time, may invest in entities managed by affiliates of the Adviser. For the nine months ended and as of September 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 Equity in income (loss) Interest and Total Income NexPoint Real Estate Finance, Inc. Common Stock $ 32,823 $ (252) $ — $ 3,150 $ 2,898 NexPoint Storage Partners, Inc. Common Stock 73,442 5,256 — — 5,256 NexPoint Residential Trust, Inc. Common Stock 4,192 909 — 130 1,039 NexPoint SFR Operating Partnership, L.P. Convertible Notes 21,060 247 — 1,225 1,472 NexPoint Hospitality Trust Common Stock — 2,088 (1) — — 2,088 NexPoint Storage Partners Operating Company, LLC LLC Units 40,021 2,864 — — 2,864 SFR WLIF III, LLC LLC Units 6,842 — 523 — 523 Claymore Holdings, LLC LLC Units — (454) — — (454) Allenby, LLC LLC Units — (110) — — (110) Haygood, LLC. LLC Units — — — — — VineBrook Homes Operating Partnership, L.P. Partnership Units 148,892 (567) — 4,434 3,867 NexPoint Real Estate Finance Operating Partnership, L.P. Partnership Units 76,104 (584) — 7,304 6,720 NexPoint SFR Operating Partnership, L.P. Partnership Units 46,943 (4,315) — 1,875 (2,440) Related Party Investmen

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2024. As of September 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. On October 3, 2024, NSP paid the debt in full. See Note 14 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 September 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 $140.5 million as of September 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 September 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. The Company is a guarantor and an indemnitor on a loan from The Ohio State Life Insurance Company, an entity that has common ownership with the Adviser, taken by Freedom LHV which owns White Rock Center. As of September 30, 2024, the loan had an outstanding amount of $10.0 million. As the guarantor, it owes obligations including a continuing guarantee, which is generally applicable to all current and future liabilities or obligations of the borrower under the loan agreement. This guarantee remains in effect until all such obligations have been satisfied in full, unless terminated in accordance with the terms of the guarantee agreement. As the indemnitor, it owes customary environmental indemnifications. The Company has not recorded a contingent liability as White Rock Center is current on all debt payments and in compliance with all debt compliance provisions. A subsidiary of the Company, together with Calida Holdings III, LP, is a guarantor and an indemnitor on a loan taken by the SPE that owns Tivoli. As of September 30, 2024, the loan had an outstanding balance of $13.5 million. As a guarantor, it owes the obligations including a guaranty of payment, which is generally applicable without the need for the lender to make any demand upon or pursue any rights or remedies against the borrower or any other loan party. The guarantor’s liability is immediate and not contingent on prior actions taken by the lender against other parties. As an indemnitor, it owes customary environmental indemnifications. The Company has not recorded a contingent liability as Tivoli 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 September 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	9 Months Ended
	Sep. 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 September 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 $ 2,171 2025 8,657 2026 7,862 2027 7,081 2028 5,124 Thereafter 28,412 Total $ 59,307 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 nine months ended September 30, 2024: For the Nine Months Ended September 30, 2024 Tenant Rental Income Neiman Marcus Group, LLC $ 1,579 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 nine months ended September 30, 2023: For the Nine Months Ended September 30, 2023 Tenant Rental Income Hudson Advisors LLC $ 2,135

Segment Information

Segment Information	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 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 September 30, 2024 2023 Revenues Expenses Other income and expenses Net loss Revenues Expenses Other income and expenses Net loss NexPoint Diversified Real Estate Trust $ 13,529 $ (12,037) $ (12,740) $ (11,247) $ 12,364 $ (12,885) $ (67,437) $ (67,958) NexPoint Hospitality Trust 8,687 (16,125) 3,266 (4,173) — — — — Total Company $ 22,216 $ (28,162) $ (9,474) $ (15,420) $ 12,364 $ (12,885) $ (67,437) $ (67,958) For the Nine Months Ended September 30, 2024 2023 Revenues Expenses Other income and expenses Net loss Revenues Expenses Other income and expenses Net loss NexPoint Diversified Real Estate Trust $ 39,285 $ (36,949) (41,566) $ (39,230) $ 41,110 $ (39,276) (103,180) $ (101,346) NexPoint Hospitality Trust 18,011 (25,431) (840) (8,260) — — — — Total Company $ 57,295 $ (62,379) $ (42,407) $ (47,490) $ 41,110 $ (39,276) $ (103,180) $ (101,346) The following presents select balance sheet data for the reportable segments (in thousands): As of September 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 $ 276,686 $ 166,867 $ 443,553 $ 284,439 $ — $ 284,439 Accumulated depreciation and amortization (28,485) (2,513) (30,998) (20,525) — (20,525) Net operating real estate investments 248,201 164,354 412,555 263,914 — 263,914 Net real estate investments 248,201 164,354 412,555 263,914 — 263,914 Other assets 808,061 20,098 828,159 834,422 — 834,422 Total assets $ 1,056,262 $ 184,452 $ 1,240,714 $ 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 nine months ended September 30, 2024 to net loss, the most directly comparable GAAP financial measure by reportable segment (in thousands): For the Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024 NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total Net loss $ (11,247) $ (4,173) $ (15,420) $ (39,230) $ (8,260) $ (47,490) Adjustments to reconcile net loss to NOI: Advisory and administrative fees 3,720 256 3,976 10,140 525 10,665 Corporate general and administrative expenses 1,646 1,197 2,843 7,107 1,766 8,873 Income tax expense 748 (48) 700 1,583 (30) 1,553 Depreciation and amortization 3,150 1,360 4,510 8,694 2,714 11,408 Interest expense 4,461 3,827 8,288 13,371 7,299 20,670 Non-operating property investment revenue ¹ (8,126) (925) (9,050) (25,386) (1,299) (26,685) Realized (gains) losses from non-real estate investments 1 — 1 21,876 — 21,876 Change in unrealized (gains) losses from non-real estate investments 885 — 885 (2,251) — (2,251) Equity in (income) losses of unconsolidated equity method ventures (400) — (400) 558 — 558 Impairment loss — 6,134 6,134 — 6,134 6,134 NOI $ (5,161) $ 7,628 $ 2,467 $ (3,538) $ 8,849 $ 5,311 (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	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends Declared On October 28, 2024, the Board approved a quarterly dividend of $0.15 per common share, payable on December 31, 2024 to shareholders of record on November 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 October 28, 2024, the Board approved a quarterly dividend of $0.34375 per Series A Preferred Share, payable on December 31, 2024 to shareholders of record on December 23, 2024. Issuance of Common Shares to Adviser On October 7, 2024, the Company issued 250,353.81 common shares to the Adviser as payment of a portion of the monthly Advisory Fees pursuant to the Advisory Agreement. Share Repurchase Program On October 24, 2022, the Board authorized a share repurchase program (the “Share Repurchase Program”) through which the Company may repurchase an indeterminate number of common shares and Series A Preferred Shares, at an aggregate market value of up to $20.0 million during a two-year period that expired on October 24, 2024. On October 28, 2024, the Board authorized the Company to repurchase an indeterminate number of common shares and Series A Preferred Shares, at an aggregate market value of up to $20.0 million during a two-year period that is set to expire on October 28, 2026. This authorization replaced the Board’s prior authorization of the Share Repurchase Program. As of September 30, 2024, the Company had not made any repurchases of common shares or Series A Preferred Shares pursuant to the Share Repurchase Program. NSP Debt Refinance On October 3, 2024, NSP paid down the full principal balances of the SAFStor Loan Agreements, CMBS Loan Agreement and BS Loan Agreement with the proceeds of a new loan from Citi Real Estate Funding, Inc. (“Citi”) and JPM. Separately, on October 3, 2024, the Company entered into a Guaranty Agreement (Recourse Obligations), dated October 4, 2024 (the “Citi Guaranty”) for the benefit of JPM and Citi (collectively, the “Citi Lender”) under a loan agreement (the "Citi Loan Agreement"), by and among the borrowers thereunder (collectively, “Citi Borrower”) and the Citi Lender. The Company is the owner of an indirect interest in Citi Borrower and entered into the Citi Guaranty as a condition of the Citi Lender lending to Citi Borrower under the Citi Loan Agreement. Pursuant to the Citi Guaranty, Company guarantees the Guaranteed Obligations (as defined in the Citi Loan Agreement). The Guaranteed Obligations consist of liability for losses suffered by the Citi Lender arising out of certain bad acts, such as if the borrower takes actions that are fraudulent or improper or upon certain violations of the Citi Loan Agreement. The Guaranteed Obligations also include the full payment of the debt upon the occurrence of certain events including borrower voluntarily filing for bankruptcy or similar liquidation or reorganization action or upon certain other violations of the Citi Loan Agreement. The Citi Loan Agreement provides for a loan of $750.0 million to Citi Borrower. The Citi Loan Agreement is set to mature on November 1, 2029. Borrowings outstanding under the Citi Loan Agreement are secured by mortgages on real property owned by one or more of the borrowers comprising Citi Borrower. NexBank Debt Amendment On October 22, 2024, the Company amended the NexBank Revolver agreement to allow for the Lubbock property to be used as collateral for the debt. Held for Sale, Las Colinas Homewood Suites On October 21, 2024, the Company classified Las Colinas Homewood Suites as held for sale.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 ("2023 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 September 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. The Company’s Consolidated Balance Sheet as of September 30, 2024 consists of a $18.0 million gross deferred tax asset at NHF TRS, LLC, a valuation allowance of $13.5 million for a consolidated net deferred tax asset of $4.5 million, a $0.3 million gross deferred tax asset at NREO TRS, Inc., a $2.1 million gross deferred tax liability at NREO TRS, Inc. for a consolidated net deferred tax liability of $1.8 million, a $6.2 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 $6.2 million at NHT's TRSs for a consolidated net deferred tax asset of $0.0 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 $1.8 million net deferred tax liability at NREO TRS, Inc. for a consolidated net deferred tax asset of $2.7 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 September 30, 2024 and 2023 were (4.76)% and (0.49)%, respectively. Our effective tax rates for the nine months ended September 30, 2024 and 2023 were (3.38)% and (1.45)%, 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 September 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 and 2021 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 nine months ended September 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 Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Expected tax at statutory rate $ (3,091) 21.0 % $ (14,202) 21.0 % $ (9,647) 21.0 % $ (20,979) 21.0 % Non-taxable REIT income 4,776 -32.4 % 12,947 -19.1 % 16,047 -34.9 % 21,066 -21.1 % Change in valuation allowance (985) 6.7 % 1,585 -2.3 % (4,847) 10.6 % 1,358 -1.4 % Total provision $ 700 -4.8 % $ 330 -0.5 % $ 1,553 -3.4 % $ 1,444 -1.4 %
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.
Impairment	Impairment Real estate assets held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. For the three and nine months ended September 30, 2024, the Company recorded approximately $5.1 million of impairment loss on real estate held and used, which is included in Impairment loss on the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company did not record any impairment charges for the three and nine months ended September 30, 2023.
Held for Sale	Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met in accordance with U.S. generally accepted accounting principles ("GAAP"). At that time, the Company presents the net real estate assets and the liabilities associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of September 30, 2024 and December 31, 2023, there were one and zero properties classified as held for sale, respectively. In addition to the net real estate assets, the consolidated balance sheets also includes approximately $0.05 million and $0 million of accounts receivable and prepaid and other assets, and approximately $0.4 million and $0 million of accounts payable, real estate taxes payable, security deposits, prepaid rents, and other accrued liabilities related to assets held for sale as of September 30, 2024 and December 31, 2023, respectively. For the three and nine months ended September 30, 2024, the Company recorded approximately $1.0 million of losses on real estate held for sale, which are included in Impairment loss on the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company did not record any losses for the three and nine months ended September 30, 2023.
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)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Expected tax at statutory rate $ (3,091) 21.0 % $ (14,202) 21.0 % $ (9,647) 21.0 % $ (20,979) 21.0 % Non-taxable REIT income 4,776 -32.4 % 12,947 -19.1 % 16,047 -34.9 % 21,066 -21.1 % Change in valuation allowance (985) 6.7 % 1,585 -2.3 % (4,847) 10.6 % 1,358 -1.4 % Total provision $ 700 -4.8 % $ 330 -0.5 % $ 1,553 -3.4 % $ 1,444 -1.4 %

Investments in Real Estate Su_2

Investments in Real Estate Subsidiaries (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023: Effective Ownership Percentage at Property Name Location Year Acquired September 30, 2024 December 31, 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) (4) 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. (4) Property classified as held for sale as of September 30, 2024.

Consolidated Real Estate Inve_2

Consolidated Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Components of Investments in Real Estate Properties	As of September 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 $ 10,562 $ 1,921 $ (101) $ — $ — $ 5 $ 13,702 5916 W Loop 289 1,081 2,938 — — — — — 4,019 Cityplace Tower 18,812 194,997 9,058 (6,669) — 19,127 356 235,681 NexPoint Dominion Land, LLC 26,500 — — — — — — 26,500 Dallas Hilton Garden Inn 4,116 24,620 — — — 96 1,475 30,307 Addison Homewood Suites 2,576 4,977 — — — 482 824 8,859 Las Colinas Homewood Suites 2,335 10,337 — — — 313 1,016 14,001 St. Petersburg Marriott 5,829 33,650 — — — 3,417 2,303 45,199 Hyatt Place Park City 3,737 19,875 — — — 877 3,140 27,629 Bradenton Hampton Inn & Suites 837 25,051 — — 1,465 708 2,825 30,886 Accumulated depreciation and amortization — (22,098) (7,801) 3,363 (19) — (1,081) (27,636) Total Operating Properties $ 67,138 $ 304,909 $ 3,178 $ (3,407) $ 1,446 $ 25,020 $ 10,863 $ 409,147 Held for Sale Properties Plano Homewood Suites $ 2,106 $ 5,394 $ — $ — $ — $ 28 $ 739 $ 8,267 Accumulated depreciation and amortization — (77) — — — — (56) (133) Total Held for Sale Properties $ 2,106 $ 5,317 $ — $ — $ — $ 28 $ 683 $ 8,134 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)	9 Months Ended
	Sep. 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 $ 99,855 7.48 % 3/7/2025 Note A-2 21,843 11.48 % 3/7/2025 Note B-1 12,570 7.48 % 3/7/2025 Note B-2 3,120 11.48 % 3/7/2025 Mezzanine Note 1 2,750 11.48 % 3/7/2025 Mezzanine Note 2 393 11.48 % 3/7/2025 Mortgages payable 140,531 Deferred financing costs, net (152) Mortgages payable, net $ 140,379
Schedule of Debt Information	The following table contains summary information concerning the debt of the NHT segment as of September 30, 2024 (dollars in thousands): Outstanding principal as of Debt Payable September 30, 2024 Interest Rate Maturity Date Lender Note A¹ $ 50,188 6.85% 3/8/2025 ACORE Note B¹ 24,165 11.31% 3/8/2025 ACORE PC & B Loan² 37,608 6.70% 2/5/2025 AREEIF Lender, LLC Convertible Notes Due to Affiliates 58,278 2.25% - 7.50% 2/14/2027 - 9/30/2042 Multiple $ 170,239 Fair market value adjustment, net of accumulated amortization³ (8,148) Debt payable, net $ 162,091 (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.
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 September 30, 2024 are as follows (in thousands): Mortgages Payable Credit Facilities Notes Payable Prime Brokerage Borrowing Total 2024 $ — $ 20,897 $ — $ — $ 20,897 2025 252,492 11,000 13,250 — 276,742 2026 — — — — — 2027 — — 20,500 — 20,500 2028 — — — — — Thereafter 10,000 — 37,779 1,412 49,191 Total $ 262,492 $ 31,897 $ 71,529 $ 1,412 $ 367,330

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	As of September 30, 2024, and December 31, 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 September 30, 2024 Percentage Ownership as of December 31, 2023 Relationship as of September 30, 2024 Relationship as of December 31, 2023 Unconsolidated Entities: NexPoint Storage Partners, Inc. Common stock Self-storage 52.8 % 52.9 % VIE VIE NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.5 % 30.0 % 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 Life Sciences II DST LLC interest Life science 25.8 % N/A VIE N/A Semiconductor DST LLC interest Industrial 16.8 % N/A VIE N/A Capital Acquisitions Partners, LLC LLC interest Multifamily 20.9 % N/A VIE N/A IQHQ Holdings, LP LP interest Life science 1.27 % 1.3 % VIE VIE NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 15.6 % 15.6 % VIE VIE VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.4 % 11.2 % VIE VIE NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 31.2 % 30.8 % VIE VIE NexAnnuity Holdings, Inc. Preferred Shares Annuities 100.0 % (1) 100.0 % VIE VIE (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)	9 Months Ended
	Sep. 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 September 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 % $ 10,374 $ (9,590) $ 19,964 $ 19 AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 18,895 15,288 3,607 (858) SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 6,842 6,914 (72) 434 Las Vegas Land Owner, LLC LLC interest Land 77.0 % (4) 12,321 12,321 — — Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % (9) 13,238 10,488 2,750 1,060 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) — — — Capital Acquisitions Partners, LLC LLC interest Multifamily 20.9 % 1,797 1,717 80 80 $ 63,467 $ 37,138 $ 26,329 $ 735 Below is a summary of the Company's investments as of September 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) $76,104 (6) NexPoint Real Estate Finance, Inc. Common stock Mortgage 12.0 % (7) 32,823 (6) VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.4 % (7) 148,892 (6) NexPoint Storage Partners, Inc. Common stock Self-storage 52.8 % (3) 73,443 (6) NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.5 % 40,021 (6) NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 31.2 % 46,943 (6) LLV Holdco, LLC LLC interest Land 26.8 % 2,877 (6) $ 421,103 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 nine months ended September 30, 2023 for the Company’s significant equity method investments (dollars in thousands). NREF VineBrook NSP Revenues Rental income $ 3,057 $ 259,121 $ 83,851 Net interest income 12,971 — 1,527 Other income — 4,362 6,154 Total revenues 16,028 263,483 91,532 Expenses Total expenses 16,950 368,968 103,968 Gain (loss) on sales of real estate — (65,108) (8,276) Other income (expense) 1,727 (43,130) (77,006) Unrealized gain (loss) on derivatives — 6,297 — Total comprehensive income (loss) $ 805 $ (207,426) $ (97,718)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 (in thousands): Fair Value Level 1 Level 2 Level 3 Total Assets Bond $ — $ 50 $ — $ 50 Common stock 43,874 — 151,073 194,947 Convertible notes — — 21,060 21,060 LLC interest — — 42,898 42,898 LP interest — 76,104 195,835 271,939 Preferred Shares — — 68,524 68,524 Rights and warrants — 1,788 — 1,788 Senior loan — 50 42,223 42,273 $ 43,874 $ 77,992 $ 521,613 $ 643,479 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 Level 1 Level 2 Level 3 Total Assets Bond $ — $ 30 $ — $ 30 CLO — — 1,215 1,215 Common stock 42,832 — 176,256 219,088 Convertible notes — — 42,251 42,251 LLC interest — — 39,399 39,399 LP interest — 76,688 195,898 272,586 Preferred Shares — — 66,268 66,268 Rights and warrants — 3,993 — 3,993 Senior loan — 55 46,353 46,408 $ 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 nine months ended September 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) September 30, 2024 CLO $ 1,215 $ — $ — $ — $ — $ — $ (1,266) $ (22,735) $ 22,786 $ — Common stock 176,256 904 — — (7,757) — — — (18,330) 151,073 Convertible notes 42,251 — — — (21,129) — — — (62) 21,060 LLC interest 39,399 564 — — — — — — 2,935 42,898 LP interest 195,898 4,818 — — — — — — (4,881) 195,835 Preferred Shares 66,268 — 3,956 — — (1,700) — — — 68,524 Senior loan 46,353 6,596 3,217 — — (14,343) — 574 (174) 42,223 Total $ 567,640 $ 12,882 $ 7,173 $ — $ (28,886) $ (16,043) $ (1,266) $ (22,161) $ 2,274 $ 521,613 (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 nine months ended September 30, 2023 (in thousands): December 31, 2022 Contributions/ Paid in- Redemptions/ Return of capital Realized Unrealized gain/(loss) September 30, 2023 CLO $ 6,412 $ — $ — $ — $ — $ — $ 11,839 $ 18,251 Common stock 234,667 — — — — — (53,794) 180,873 Convertible notes 50,828 (8,542) — — — — 1,162 43,448 Life settlement 67,711 3,355 — (67,506) — (1,101) (2,459) — LLC interest 60,836 70,222 — (68,500) — (1,722) (19,688) 41,148 LP interest 223,141 3,467 — — — — (30,621) 195,987 Senior loan 43,341 — 2,989 (4,971) — 11 497 41,867 Total $ 686,936 $ 137,002 $ 3,444 $ (142,977) $ — $ (2,812) $ (93,064) $ 588,529
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 September 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) $ 151,073 Discounted Cash Flow Discount Rate 7.25% — 13.80% (10.53)% Market Rent (per sqft) $12.50 — $42.00 $(27.25) RevPAR $74.00 — $119.00 $(92.00) Capitalization Rates 5.25% — 9.50% (7.67)% NAV Approach Discount Rate 10.00% Multiples Analysis Multiple of EBITDA 5.50x — 10.50x (8.00)x Multiple of NAV 1.00x — 1.10x (1.05)x Recent Transaction Implied Enterprise Value from Transaction Price ($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 5.83% — 7.58% (6.71)% 21,060 Option Pricing Model Volatility 55.00% — 65.00% (60.00)% LLC Interest Discounted Cash Flow Discount Rate 7.25% — 30.50% (13.81)% 42,898 Market Rent (per sqft) $12.50 — $42.00 $(27.25) Capitalization Rate 5% LP Interest Direct Capitalization Approach Capitalization Rate 3.80% — 6.70% (5.25)% 195,835 Market Approach Discount to NAV (0.04) Recent Transaction Price per Share $20.58 Preferred Shares Liquidation Analysis Par $1,000 68,524 Senior Loan Discounted Cash Flow Discount Rate 12.30% — 20.00% (16.15)% 42,223 Total $ 521,613 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 Volatility 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%) 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 September 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

Investments in DSTs (Tables)

Investments in DSTs (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Investments	As of September 30, 2024, the Company held the following investments (dollars in thousands): Balances, as of September 30, 2024 Number of Shares Carrying Amount NexPoint Life Sciences II DST 1,044,040 $9,600 NexPoint Semiconductor DST 2,296,851 20,959 Total $30,559

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 (6,785) 6.10 Outstanding September 30, 2024 1,438,052 $ 7.35 The following table contains information regarding the vesting of restricted share units under the 2023 LTIP for the next five calendar years subsequent to September 30, 2024: Shares Vesting March April Total 2024 — — — 2025 300,618 140,404 441,022 2026 242,128 135,323 377,451 2027 242,128 135,323 377,451 2028 242,128 — 242,128 Total 1,027,002 411,050 1,438,052

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for loss per share: Net income (loss) attributable to common shareholders $ (10,037) $ (69,113) $ (42,523) $ (104,811) Denominator for loss per share: Weighted average common shares outstanding 40,786 37,187 39,662 37,177 Denominator for basic and diluted loss per share 40,786 37,187 39,662 37,177 Weighted average unvested restricted share units 1,435 603 1,210 398 Denominator for diluted loss per share (1) 40,786 37,187 39,662 37,177 Loss per weighted average common share: Basic $ (0.25) $ (1.86) $ (1.07) $ (2.82) Diluted $ (0.25) $ (1.86) $ (1.07) $ (2.82) (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)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	For the nine months ended and as of September 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 Equity in income (loss) Interest and Total Income NexPoint Real Estate Finance, Inc. Common Stock $ 32,823 $ (252) $ — $ 3,150 $ 2,898 NexPoint Storage Partners, Inc. Common Stock 73,442 5,256 — — 5,256 NexPoint Residential Trust, Inc. Common Stock 4,192 909 — 130 1,039 NexPoint SFR Operating Partnership, L.P. Convertible Notes 21,060 247 — 1,225 1,472 NexPoint Hospitality Trust Common Stock — 2,088 (1) — — 2,088 NexPoint Storage Partners Operating Company, LLC LLC Units 40,021 2,864 — — 2,864 SFR WLIF III, LLC LLC Units 6,842 — 523 — 523 Claymore Holdings, LLC LLC Units — (454) — — (454) Allenby, LLC LLC Units — (110) — — (110) Haygood, LLC. LLC Units — — — — — VineBrook Homes Operating Partnership, L.P. Partnership Units 148,892 (567) — 4,434 3,867 NexPoint Real Estate Finance Operating Partnership, L.P. Partnership Units 76,104 (584) — 7,304 6,720 NexPoint SFR Operating Partnership, L.P. Partnership Units 46,943 (4,315) — 1,875 (2,440) Related Party Investment Fair Change in Unrealized Equity in income (loss) Interest and Total Income NexAnnuity Holdings, Inc. Preferred Shares 68,524 — — 3,956 3,956 NexPoint Hospitality Trust Promissory Note — (308) (1) — — (308) NexPoint Storage Partners Operating Company, LLC Promissory Note 2,763 (13) — 174 161 NexPoint SFR Operating Partnership, L.P. Promissory Note 500 — — 33 33 NREF OP IV, L.P. Promissory Note — — — 188 188 Semiconductor DST LLC Units 20,959 — — 86 86 Life Science II DST LLC Units 9,600 — — 144 144 Capital Acquisitions Partners, LLC LLC Units 1,797 — 80 — 80 Total $ 554,462 $ 4,761 $ 603 $22,699 $ 28,063 (1) Reflects the change in unrealized gain/(loss) prior to the NHT consolidation. For the nine months ended and as of September 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 Equity in income (loss) Interest and Total Income NexPoint Hospitality Trust Common Stock $ 9,500 $ (18,185) $ — $ — $ (18,185) NexPoint Real Estate Finance, Inc. Common Stock 34,356 987 — 4,316 5,303 NexPoint Storage Partners, Inc. Common Stock 69,484 (34,210) — — (34,210) NexPoint Residential Trust, Inc. Common Stock 2,910 (1,027) — 113 (914) NexPoint SFR Operating Partnership, L.P. Convertible Notes 21,275 468 — 1,411 1,879 NexPoint Hospitality Trust Convertible Notes 22,173 694 — 479 1,173 NexPoint Storage Partners Operating Company, LLC LLC Units 37,863 (18,642) — — (18,642) SFR WLIF III, LLC LLC Units 7,200 — 498 — 498 Claymore Holdings, LLC LLC Units — — — — — Allenby, LLC LLC Units — — — — — VineBrook Homes Operating Partnership, L.P. Partnership Units 146,419 (26,108) — 2,866 (23,242) NexPoint Real Estate Finance Operating Partnership, L.P. Partnership Units 79,658 2,288 — 8,764 — 11,052 NexPoint SFR Operating Partnership, L.P. Partnership Units 49,568 (4,513) — 1,203 — (3,310) NexAnnuity Holdings, Inc. Preferred Shares 66,955 — — 455 — 455 Total $ 547,361 $ (98,248) $ 498 $ 19,607 $ (78,143)

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 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 September 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 $ 2,171 2025 8,657 2026 7,862 2027 7,081 2028 5,124 Thereafter 28,412 Total $ 59,307
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 nine months ended September 30, 2024: For the Nine Months Ended September 30, 2024 Tenant Rental Income Neiman Marcus Group, LLC $ 1,579 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 nine months ended September 30, 2023: For the Nine Months Ended September 30, 2023 Tenant Rental Income Hudson Advisors LLC $ 2,135

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 2023 Revenues Expenses Other income and expenses Net loss Revenues Expenses Other income and expenses Net loss NexPoint Diversified Real Estate Trust $ 13,529 $ (12,037) $ (12,740) $ (11,247) $ 12,364 $ (12,885) $ (67,437) $ (67,958) NexPoint Hospitality Trust 8,687 (16,125) 3,266 (4,173) — — — — Total Company $ 22,216 $ (28,162) $ (9,474) $ (15,420) $ 12,364 $ (12,885) $ (67,437) $ (67,958) For the Nine Months Ended September 30, 2024 2023 Revenues Expenses Other income and expenses Net loss Revenues Expenses Other income and expenses Net loss NexPoint Diversified Real Estate Trust $ 39,285 $ (36,949) (41,566) $ (39,230) $ 41,110 $ (39,276) (103,180) $ (101,346) NexPoint Hospitality Trust 18,011 (25,431) (840) (8,260) — — — — Total Company $ 57,295 $ (62,379) $ (42,407) $ (47,490) $ 41,110 $ (39,276) $ (103,180) $ (101,346) The following presents select balance sheet data for the reportable segments (in thousands): As of September 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 $ 276,686 $ 166,867 $ 443,553 $ 284,439 $ — $ 284,439 Accumulated depreciation and amortization (28,485) (2,513) (30,998) (20,525) — (20,525) Net operating real estate investments 248,201 164,354 412,555 263,914 — 263,914 Net real estate investments 248,201 164,354 412,555 263,914 — 263,914 Other assets 808,061 20,098 828,159 834,422 — 834,422 Total assets $ 1,056,262 $ 184,452 $ 1,240,714 $ 1,098,336 $ — $ 1,098,336 For the Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024 NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total NexPoint Diversified Real Estate Trust NexPoint Hospitality Trust Total Net loss $ (11,247) $ (4,173) $ (15,420) $ (39,230) $ (8,260) $ (47,490) Adjustments to reconcile net loss to NOI: Advisory and administrative fees 3,720 256 3,976 10,140 525 10,665 Corporate general and administrative expenses 1,646 1,197 2,843 7,107 1,766 8,873 Income tax expense 748 (48) 700 1,583 (30) 1,553 Depreciation and amortization 3,150 1,360 4,510 8,694 2,714 11,408 Interest expense 4,461 3,827 8,288 13,371 7,299 20,670 Non-operating property investment revenue ¹ (8,126) (925) (9,050) (25,386) (1,299) (26,685) Realized (gains) losses from non-real estate investments 1 — 1 21,876 — 21,876 Change in unrealized (gains) losses from non-real estate investments 885 — 885 (2,251) — (2,251) Equity in (income) losses of unconsolidated equity method ventures (400) — (400) 558 — 558 Impairment loss — 6,134 6,134 — 6,134 6,134 NOI $ (5,161) $ 7,628 $ 2,467 $ (3,538) $ 8,849 $ 5,311 (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)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment property	Sep. 30, 2023 USD ($) segment	Dec. 31, 2023 USD ($) property
Tax Credit Carryforward [Line Items]
Net income (loss) before income taxes	$ (14,720)	$ (67,628)	$ (45,937)	$ (99,902)
Deferred tax asset, net	2,678		2,678		$ 2,896
Income tax payable	$ 0		$ 0		$ 356
Effective tax rate (in percent)	(4.76%)	(0.49%)	(3.38%)	(1.45%)
Number of reportable segments | segment			2	1
Impairment of real estate	$ 5,100	$ 0	$ 5,100	$ 0
Number of properties held for sale | property	1		1		0
Real estate property	$ 412,555		$ 412,555		$ 263,914
Losses on real estate held for sale	1,000	$ 0	1,000	$ 0
Accounts Receivable And Prepaid And Oher Assets
Tax Credit Carryforward [Line Items]
Real estate property	50		50		0
Accounts Payable Real Estate Taxes Payable Security Deposits Prepaid Rents And Other Accrued Liabilities
Tax Credit Carryforward [Line Items]
Liabilities directly associated with the assets held for sale	400		400		0
NHF TRS, LLC
Tax Credit Carryforward [Line Items]
Deferred tax asset, net	4,500		4,500		4,500
Income tax payable	1,800		1,800
Deferred tax assets, gross	18,000		18,000
DTA, valuation allowance	13,500		13,500
NHT TRS, LLC
Tax Credit Carryforward [Line Items]
Deferred tax asset, net	0		0
Deferred tax assets, gross	6,200		6,200
Deferred tax liabilities, gross	0		0
DTA, valuation allowance	6,200		6,200
NREO TRS, LLC
Tax Credit Carryforward [Line Items]
Deferred tax asset, net					2,700
Income tax payable					$ 1,800
Deferred tax assets, gross	300		300
Deferred tax liabilities, gross	$ 2,100		$ 2,100

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax at statutory rate	$ (3,091)	$ (14,202)	$ (9,647)	$ (20,979)
Non-taxable REIT income	4,776	12,947	16,047	21,066
Change in valuation allowance	(985)	1,585	(4,847)	1,358
Total provision	$ 700	$ 330	$ 1,553	$ 1,444
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Expected tax at statutory rate (in percent)	21%	21%	21%	21%
Non-taxable REIT income (in percent)	(32.20%)	(19.10%)	(34.90%)	(21.10%)
Change in valuation allowance (in percent)	6.60%	(2.30%)	10.60%	(1.40%)
Effective tax rate (in percent)	(4.76%)	(0.49%)	(3.38%)	(1.45%)

Investments in Real Estate Su_3

Investments in Real Estate Subsidiaries - Narrative (Details)	Sep. 30, 2024 property
Summary of Investment Holdings [Line Items]
Number of real estate properties	11
NexPoint Diversified Real Estate Trust
Summary of Investment Holdings [Line Items]
Number of real estate properties	4
NexPoint Hospitality Trust
Summary of Investment Holdings [Line Items]
Number of real estate properties	7

Investments in Real Estate Su_4

Investments in Real Estate Subsidiaries - Schedule of Investments in SPEs Properties (Details) - a	Sep. 30, 2024	Dec. 31, 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	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		$ 277,669
Accumulated depreciation and amortization	$ (27,636)	(18,322)
Total Operating Properties	409,147	259,347
Total Held for Sale Properties	8,134
White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	13,702	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	235,681	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	30,307
Addison Homewood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	8,859
Las Colinas Homewood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	14,001
St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	45,199
Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	27,629
Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	30,886
Plano Homewood Suites
Property, Plant and Equipment [Line Items]
Total Held for Sale Properties	8,267
Land
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		47,708
Accumulated depreciation and amortization	0	0
Total Operating Properties	67,138	47,708
Total Held for Sale Properties	2,106
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 | Las Colinas Homewood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,335
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 | Plano Homewood Suites
Property, Plant and Equipment [Line Items]
Total Held for Sale Properties	2,106
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		206,213
Accumulated depreciation and amortization	(22,098)	(13,490)
Total Operating Properties	304,909	192,723
Total Held for Sale Properties	5,317
Buildings and Improvements | White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	10,562	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	194,997	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	24,620
Buildings and Improvements | Addison Homewood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	4,977
Buildings and Improvements | Las Colinas Homewood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	10,337
Buildings and Improvements | St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	33,650
Buildings and Improvements | Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	19,875
Buildings and Improvements | Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	25,051
Buildings and Improvements | Plano Homewood Suites
Property, Plant and Equipment [Line Items]
Total Held for Sale Properties	5,394
Intangible Lease Assets
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		10,979
Accumulated depreciation and amortization	(7,801)	(6,798)
Total Operating Properties	3,178	4,181
Total Held for Sale Properties	0
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 | 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 | Plano Homewood Suites
Property, Plant and Equipment [Line Items]
Total Held for Sale Properties	0
Intangible Lease Liabilities
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		(6,770)
Accumulated depreciation and amortization	3,363	2,203
Total Operating Properties	(3,407)	(4,567)
Total Held for Sale Properties	0
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 | 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 | Plano Homewood Suites
Property, Plant and Equipment [Line Items]
Total Held for Sale Properties	0
Right of use assets
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	(19)
Total Operating Properties	1,446
Total Held for Sale Properties	0
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 | 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 | Plano Homewood Suites
Property, Plant and Equipment [Line Items]
Total Held for Sale Properties	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	25,020	19,177
Total Held for Sale Properties	28
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	19,127	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	482
Construction in Progress | Las Colinas Homewood Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	313
Construction in Progress | St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	3,417
Construction in Progress | Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	877
Construction in Progress | Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	708
Construction in Progress | Plano Homewood Suites
Property, Plant and Equipment [Line Items]
Total Held for Sale Properties	28
Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Investment in real estate, gross		362
Accumulated depreciation and amortization	(1,081)	(237)
Total Operating Properties	10,863	125
Total Held for Sale Properties	683
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	1,475
Furniture, Fixtures, and Equipment | Addison 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	1,016
Furniture, Fixtures, and Equipment | St. Petersburg Marriott
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,303
Furniture, Fixtures, and Equipment | Hyatt Place Park City
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	3,140
Furniture, Fixtures, and Equipment | Bradenton Hampton Inn & Suites
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,825
Furniture, Fixtures, and Equipment | Plano Homewood Suites
Property, Plant and Equipment [Line Items]
Total Held for Sale Properties	$ 739

Consolidated Real Estate Inve_4

Consolidated Real Estate Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation		$ 2.8	$ 9.9	$ 7.2
Amortization of leased assets	$ (0.4)		(1)
Net amount amortized as increase to rental revenue for capitalized above and below market lease	0.6	0.3	1.1	0.9
Impairment loss	5.1	0	5.1	0
Las Colinas Homewood Suites
Property, Plant and Equipment [Line Items]
Impairment loss	5.1		5.1
Plano Homewood Suites
Property, Plant and Equipment [Line Items]
Impairment loss	1		1
Leases, Acquired-in-Place | Intangible Lease Assets
Property, Plant and Equipment [Line Items]
Depreciation	3.9
Amortization of intangible assets		0.8		3.3
Leases, Acquired-in-Place | Intangible Lease Liabilities
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	$ 0.6	$ 0.4	$ 1.2	$ 1.1

Debt - Narrative (Details)

Debt - Narrative (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Nov. 20, 2023 USD ($)

Oct. 23, 2023 USD ($)

Sep. 08, 2023

May 22, 2023 USD ($) extension

Aug. 09, 2022 USD ($) a extension

Feb. 28, 2019 USD ($)

Aug. 15, 2018

Oct. 30, 2023 shares

Sep. 30, 2024 USD ($) $ / shares

Sep. 30, 2024 USD ($) $ / shares

Aug. 02, 2024 USD ($)

Dec. 31, 2023 USD ($)

Oct. 20, 2023 USD ($)

Feb. 15, 2022 USD ($)

Jan. 08, 2021 USD ($)

Debt Instrument [Line Items]

Outstanding principle amount

$ 367,330,000

$ 367,330,000

Debt instrument, face amount

$ 39,300,000

Interest expense and commitment fees

8,288,000

20,670,000

Unused borrowing capacity

2,200,000

2,200,000

Prime brokerage borrowing

1,412,000

1,412,000

$ 1,782,000

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

Convertible Notes Payable | Related Party

Debt Instrument [Line Items]

Debt instrument, face amount

$ 50,200,000

$ 50,200,000

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

Credit Facility

Debt Instrument [Line Items]

Outstanding principle amount

$ 31,897,000

$ 31,897,000

Credit Facility | Raymond James

Debt Instrument [Line Items]

Reference Rate

4.25%

Debt instrument, face amount

$ 30,000,000

Repayments of long-term debt, total

$ 6,000,000

Mortgages payable, net

14,000,000

$ 14,000,000

Revolving Credit Facility | Revolver | NexBank

Debt Instrument [Line Items]

Number of extension terms | extension

1

Renewal term

6 months

Line of credit facility, maximum borrowing capacity

$ 20,000,000

Repayments of long-term debt, total

2,100,000

Line of credit facility, optional maximum borrowing capacity

$ 50,000,000

Long-term line of credit

17,900,000

$ 17,900,000

Revolving Credit Facility | Revolver | NexBank | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Reference Rate

3.50%

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

140,531,000

$ 140,531,000

Mortgages payable, net

$ 140,379,000

$ 140,379,000

Mortgages | Cityplace Tower

Debt Instrument [Line Items]

Debt, weighted average interest rate

8.28%

8.28%

8.53%

Notes Payable, Other Payables | Gabriel Legacy, LLC

Debt Instrument [Line Items]

Extension term

1 year

Debt instrument, face amount

$ 13,300,000

Number of extension terms | extension

2

Notes Payable, Other Payables | PC & B Loan

Debt Instrument [Line Items]

Letters of credit outstanding, amount

$ 37,600,000

$ 37,600,000

Notes Payable, Other Payables | Ohio State Life Insurance Company

Debt Instrument [Line Items]

Debt instrument, face amount

$ 10,000,000

Interest Rate

10%

Note A loan

Debt Instrument [Line Items]

Outstanding principle amount

50,200,000

50,200,000

Reference Rate

2%

Debt instrument, face amount

$ 59,400,000

Interest expense and commitment fees

900,000

Note B loan

Debt Instrument [Line Items]

Outstanding principle amount

24,200,000

24,200,000

Reference Rate

6.46%

Debt instrument, face amount

$ 28,600,000

Interest expense and commitment fees

700,000

Prime Brokerage Borrowing | Merrill Lynch Professional Clearing Corp (BAML)

Debt Instrument [Line Items]

Prime brokerage borrowing

1,400,000

1,400,000

Debt instrument, collateral amount

$ 10,000,000

$ 10,000,000

Prime Brokerage Borrowing | Merrill Lynch Professional Clearing Corp (BAML) | Overnight Bank Funding Rate

Debt Instrument [Line Items]

Reference Rate

0.50%

Debt - Schedule of Long-Term No

Debt - Schedule of Long-Term Notes Payable (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Outstanding principle amount	$ 367,330
Mortgages
Debt Instrument [Line Items]
Outstanding principle amount	140,531
Deferred financing costs, net	(152)
Mortgages payable, net	140,379
Note A-1
Debt Instrument [Line Items]
Outstanding principle amount	$ 99,855
Interest Rate	7.48%
Note A-2
Debt Instrument [Line Items]
Outstanding principle amount	$ 21,843
Interest Rate	11.48%
Note B-1
Debt Instrument [Line Items]
Outstanding principle amount	$ 12,570
Interest Rate	7.48%
Note B-2
Debt Instrument [Line Items]
Outstanding principle amount	$ 3,120
Interest Rate	11.48%
Mezzanine Note 1
Debt Instrument [Line Items]
Outstanding principle amount	$ 2,750
Interest Rate	11.48%
Mezzanine Note 2
Debt Instrument [Line Items]
Outstanding principle amount	$ 393
Interest Rate	11.48%

Debt - Schedule of Debt Informa

Debt - Schedule of Debt Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Outstanding principle amount	$ 367,330
Senior loan
Debt Instrument [Line Items]
Outstanding principle amount	170,239
Fair market value adjustment, net of accumulated amortization	(8,148)
Debt payable, net	$ 162,091
Related Party | Convertible Debt | Minimum
Debt Instrument [Line Items]
Interest Rate	2.25%
Related Party | Convertible Debt | Maximum
Debt Instrument [Line Items]
Interest Rate	7.50%
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	$ 37,608
Interest Rate	6.70%
Note A loan | Senior loan
Debt Instrument [Line Items]
Outstanding principle amount	$ 50,188
Interest Rate	6.85%
Note B loan | Senior loan
Debt Instrument [Line Items]
Outstanding principle amount	$ 24,165
Interest Rate	11.31%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
2024	$ 20,897
2025	276,742
2026	0
2027	20,500
2028	0
Thereafter	49,191
Total	367,330
Credit Facilities
Debt Instrument [Line Items]
2024	20,897
2025	11,000
2026	0
2027	0
2028	0
Thereafter	0
Total	31,897
Prime Brokerage Borrowing
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	1,412
Total	1,412
Mortgages Payable
Debt Instrument [Line Items]
2024	0
2025	252,492
2026	0
2027	0
2028	0
Thereafter	10,000
Total	262,492
Notes Payable
Debt Instrument [Line Items]
2024	0
2025	13,250
2026	0
2027	20,500
2028	0
Thereafter	37,779
Total	$ 71,529

Variable Interest Entities (Det

Variable Interest Entities (Details)	Sep. 30, 2024	Dec. 31, 2023
Capital Acquisitions Partners, LLC
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	20.90%
VIE | NexPoint Storage Partners, Inc.
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	52.80%	52.90%
VIE | NexPoint Storage Partners Operating Company, LLC
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	29.50%	30%
VIE | Perilune Aero Equity Holdings One, LLC
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	16.40%	16.40%
VIE | SFR WLIF III, LLC
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	20%	20%
VIE | Life Sciences II DST
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	25.80%
VIE | Semiconductor DST
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	16.80%
VIE | Capital Acquisitions Partners, LLC
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	20.90%
VIE | IQHQ Holdings, LP
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	1.27%	1.30%
VIE | NexPoint Real Estate Finance Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	15.60%	15.60%
VIE | VineBrook Homes Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	11.40%	11.20%
VIE | NexPoint SFR Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	31.20%	30.80%
VIE | NexAnnuity Holdings, Inc.
Variable Interest Entity [Line Items]
Effective ownership (as a percent)	100%	100%

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) a	Dec. 08, 2022
Schedule of Equity Method Investments [Line Items]
Investment Basis	$ 63,467	$ 66,263
Share of Investee's Net Assets	37,138	38,032
Basis Difference	26,329	28,231
Share of Earnings (Loss)	735	1,570
Fair Value	$ 421,103	$ 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	$ 10,374	$ 11,458
Share of Investee's Net Assets	(9,590)	(9,590)
Basis Difference	19,964	21,048
Share of Earnings (Loss)	$ 19	$ 0
AM Uptown Hotel, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	60%	60%
Investment Basis	$ 18,895	$ 23,158
Share of Investee's Net Assets	15,288	17,581
Basis Difference	3,607	5,577
Share of Earnings (Loss)	$ (858)	$ (426)
SFR WLIF III, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	20%	20%
Investment Basis	$ 6,842	$ 7,079
Share of Investee's Net Assets	6,914	7,241
Basis Difference	(72)	(162)
Share of Earnings (Loss)	$ 434	$ 555
Las Vegas Land Owner, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	77%	77%
Investment Basis	$ 12,321	$ 12,312
Share of Investee's Net Assets	12,321	12,312
Basis Difference	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	$ 13,238	$ 12,256
Share of Investee's Net Assets	10,488	10,488
Basis Difference	2,750	1,768
Share of Earnings (Loss)	$ 1,060	$ 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	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	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	0	0
Share of Earnings (Loss)	$ 0	$ 0
Capital Acquisitions Partners, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	20.90%
Investment Basis	$ 1,797
Share of Investee's Net Assets	1,717
Basis Difference	80
Share of Earnings (Loss)	$ 80
Life Sciences II DST
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	15.60%	15.60%
Fair Value	$ 76,104	$ 76,688
NexPoint Real Estate Finance, Inc.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	12%	12%
Fair Value	$ 32,823	$ 33,075
VineBrook Homes Operating Partnership, L.P.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	11.40%	11.20%
Fair Value	$ 148,892	$ 146,516
NexPoint Storage Partners, Inc.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	52.80%	52.90%
Fair Value	$ 73,443	$ 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	$ 40,021	$ 37,157
NexPoint SFR Operating Partnership, L.P.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	31.20%	30.80%
Fair Value	$ 46,943	$ 49,383
LLV Holdco, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership	26.80%	26.80%
Fair Value	$ 2,877	$ 2,242
NexPoint Hospitality Trust
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		46.20%
Fair Value		$ 4,886
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental income	$ 4,447	$ 5,404	$ 12,479	$ 15,541
Other income	906	97	1,306	128
Revenues	22,216	12,364	57,295	41,110
Expenses
Expenses	28,162	12,885	62,379	39,276
Other income (expense)	$ (9,474)	$ (67,437)	(42,407)	(103,180)
Unrealized gain (loss) on derivatives			$ (7)	0
NREF
Revenues
Rental income				3,057
Net interest income				12,971
Other income				0
Revenues				16,028
Expenses
Expenses				16,950
Gain (loss) on sales and impairment of real estate				0
Other income (expense)				1,727
Unrealized gain (loss) on derivatives				0
Total comprehensive income (loss)				805
VineBrook
Revenues
Rental income				259,121
Net interest income				0
Other income				4,362
Revenues				263,483
Expenses
Expenses				368,968
Gain (loss) on sales and impairment of real estate				(65,108)
Other income (expense)				(43,130)
Unrealized gain (loss) on derivatives				6,297
Total comprehensive income (loss)				(207,426)
NexPoint Storage Partners, Inc.
Revenues
Rental income				83,851
Net interest income				1,527
Other income				6,154
Revenues				91,532
Expenses
Expenses				103,968
Gain (loss) on sales and impairment of real estate				(8,276)
Other income (expense)				(77,006)
Unrealized gain (loss) on derivatives				0
Total comprehensive income (loss)				$ (97,718)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets at Fair Value on a Recurring Basis (Details) - Fair Value - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	$ 643,479	$ 691,238
Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	43,874	42,832
Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	77,992	80,766
Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	521,613	567,640
Bond
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	50	30
Bond | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Bond | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	50	30
Bond | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
CLO
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure		1,215
CLO | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure		0
CLO | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure		0
CLO | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure		1,215
Common stock
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	194,947	219,088
Common stock | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	43,874	42,832
Common stock | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Common stock | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	151,073	176,256
Convertible notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	21,060	42,251
Convertible notes | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Convertible notes | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Convertible notes | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	21,060	42,251
LLC interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	42,898	39,399
LLC interest | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
LLC interest | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
LLC interest | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	42,898	39,399
LP interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	271,939	272,586
LP interest | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
LP interest | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	76,104	76,688
LP interest | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	195,835	195,898
Preferred Shares
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	68,524	66,268
Preferred Shares | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Preferred Shares | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Preferred Shares | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	68,524	66,268
Rights and warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	1,788	3,993
Rights and warrants | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Rights and warrants | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	1,788	3,993
Rights and warrants | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Senior loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	42,273	46,408
Senior loan | Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Senior loan | Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	50	55
Senior loan | Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	$ 42,223	$ 46,353

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Changes in Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	$ 567,640	$ 686,936
Contributions/ Purchases	12,882	137,002
Paid in- kind dividends	7,173	3,444
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation	(28,886)
Redemptions/ conversions	(16,043)	(142,977)
Return of capital	(1,266)	0
Realized gain/(loss)	(22,161)	(2,812)
Unrealized gain/(loss)	2,274	(93,064)
Fair value, ending balance	521,613	588,529
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 Consolidation	0
Redemptions/ conversions	0	0
Return of capital	(1,266)	0
Realized gain/(loss)	(22,735)	0
Unrealized gain/(loss)	22,786	11,839
Fair value, ending balance	0	18,251
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 Consolidation	(7,757)
Redemptions/ conversions	0	0
Return of capital	0	0
Realized gain/(loss)	0	0
Unrealized gain/(loss)	(18,330)	(53,794)
Fair value, ending balance	151,073	180,873
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 Consolidation	(21,129)
Redemptions/ conversions	0	0
Return of capital	0	0
Realized gain/(loss)	0	0
Unrealized gain/(loss)	(62)	1,162
Fair value, ending balance	21,060	43,448
Life settlement
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		67,711
Contributions/ Purchases		3,355
Paid in- kind dividends		0
Redemptions/ conversions		(67,506)
Return of capital		0
Realized gain/(loss)		(1,101)
Unrealized gain/(loss)		(2,459)
Fair value, ending balance		0
LLC interest
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	39,399	60,836
Contributions/ Purchases	564	70,222
Paid in- kind dividends	0	0
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation	0
Redemptions/ conversions	0	(68,500)
Return of capital	0	0
Realized gain/(loss)	0	(1,722)
Unrealized gain/(loss)	2,935	(19,688)
Fair value, ending balance	42,898	41,148
LP interest
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	195,898	223,141
Contributions/ Purchases	4,818	3,467
Paid in- kind dividends	0	0
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation	0
Redemptions/ conversions	0	0
Return of capital	0	0
Realized gain/(loss)	0	0
Unrealized gain/(loss)	(4,881)	(30,621)
Fair value, ending balance	195,835	195,987
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	3,956
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation	0
Redemptions/ conversions	(1,700)
Return of capital	0
Realized gain/(loss)	0
Unrealized gain/(loss)	0
Fair value, ending balance	68,524
Senior loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	46,353	43,341
Contributions/ Purchases	6,596	0
Paid in- kind dividends	3,217	2,989
Transfer Into (Out of) Level 3	0
Investments (Eliminated) Acquired Through Consolidation	0
Redemptions/ conversions	(14,343)	(4,971)
Return of capital	0	0
Realized gain/(loss)	574	11
Unrealized gain/(loss)	(174)	497
Fair value, ending balance	$ 42,223	$ 41,867

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Significant Unobservable Inputs of Level 3 Assets (Details) - Level 3 $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 521,613	$ 567,640
CLO | Discount Rate | Discounted Net Asset Value
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value		1,215
Common stock | Unadjusted Price/MHz-PoP | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 151,073	$ 176,256
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 | 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	$ 21,060	$ 42,251
LLC interest | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 42,898	$ 39,399
LLC interest | Capitalization Rates | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.05	0.0525
LP interest | Capitalization Rates | Direct Capitalization Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 195,835	$ 195,898
LP interest | Discount to NAV | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.04)
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	$ 68,524
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	$ 42,223	$ 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 | 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 | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0725	0.075
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)	5.50	3
Minimum | Common stock | Multiple of NAV | Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	1	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)	0.0583	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)	0.0725	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 | 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)
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 | 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 | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.1380	0.1390
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)	10.50	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)	0.0758	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 | 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)
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 | 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 | Discount Rate | Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.1053)	(0.0918)
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)	(0.0800)	(0.0350)
Weighted Average | Common stock | Multiple of NAV | Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0105)	(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)	(0.0671)	(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)	(0.1381)	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 | 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)	(0.0525)	0.0551
Weighted Average | LP interest | Discount to NAV | Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)
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) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 397	$ 397	$ 0
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	$ 37,600	$ 37,600
Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	(100)	100
Interest rate caps	$ 400	$ 400

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Schedule of Derivative Instruments (Details) - Interest Rate Cap	9 Months Ended
	Sep. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	$ 39,300
Strike Rate	2%
Reference Rate	2%

Investments in DSTs - Narrative

Investments in DSTs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Investments [Line Items]
Dividend income	$ 7,397	$ 5,000	$ 21,642	$ 19,809
Delaware Statutory Trusts
Schedule of Investments [Line Items]
Dividend income	$ 200	$ 0	$ 300	$ 0

Investments in DSTs (Details)

Investments in DSTs (Details)	Sep. 30, 2024 USD ($) shares
Schedule of Investments [Line Items]
Carrying Amount	$ 30,559,000
Investment, Identifier [Axis]: NexPoint Life Sciences II DST
Schedule of Investments [Line Items]
Number of Shares (in shares) | shares	1,044,040
Carrying Amount	$ 9,600,000
Investment, Identifier [Axis]: NexPoint Semiconductor DST
Schedule of Investments [Line Items]
Number of Shares (in shares) | shares	2,296,851
Carrying Amount	$ 20,959,000

Life Settlement Portfolio (Deta

Life Settlement Portfolio (Details) - shares			9 Months Ended	12 Months Ended
	Sep. 01, 2023	Jan. 08, 2021	Sep. 30, 2024	Dec. 31, 2023
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		68,254	66,268
Series A Preferred Stock
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
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) $ / shares in Units, $ in Millions					3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 28, 2024	Mar. 13, 2024 shares	Sep. 29, 2023	Jan. 08, 2021 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jan. 30, 2023 shares
Class of Stock [Line Items]
Common stock, shares, issued (in shares)					41,674,528	37,682,699	41,674,528	37,682,699	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)							3,284,928	510,891.75
Common stock, dividends paid (in dollars per share) | $ / shares							$ 0.15
Percentage of common stock, dividend paid as cash	0.20		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
Additional Paid-in Capital
Class of Stock [Line Items]
Equity based compensation expense related to grants | $					$ 0.8	$ 0.5	$ 2.2	$ 0.9
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)							1,033,787
Dividends payable | $					0.7		$ 0.7
Unrecognized compensation expense | $					$ 8.8		$ 8.8		$ 4.8
Period to recognize unrecognized compensation expense							1 year 9 months 18 days		1 year 7 months 6 days
Forfeited (in shares)							6,785
Total					1,438,052		1,438,052		589,906
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
Preferred stock, dividends paid (in dollars per share) | $ / shares							$ 0.34375	$ 0.34375

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock Units Activities (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Units
Restricted stock units at the beginning of the period (in shares) | shares	589,906
Granted (in shares) | shares	1,033,787
Vested (in shares) | shares	(178,856)
Forfeited (in shares) | shares	(6,785)
Restricted stock units at the end of the period (in shares) | shares	1,438,052
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) | $ / shares	$ 10.45
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares	6.10
Weighted-average grant date fair value, vested (in dollars per share) | $ / shares	10.36
Weighted-average grant date fair value, forfeited (in dollars per share) | $ / shares	6.10
Restricted stock units weighted-average grant date fair value at the end of the period (in dollars per share) | $ / shares	$ 7.35

Shareholders' Equity - Restri_2

Shareholders' Equity - Restricted Stock Units Vesting Schedule (Details) - Restricted Stock Units (RSUs) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
2024	0
2025	441,022
2026	377,451
2027	377,451
2028	242,128
Total	1,438,052	589,906
March
Class of Stock [Line Items]
2024	0
2025	300,618
2026	242,128
2027	242,128
2028	242,128
Total	1,027,002
April
Class of Stock [Line Items]
2024	0
2025	140,404
2026	135,323
2027	135,323
2028	0
Total	411,050

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator for loss per share:
Net income (loss) attributable to common shareholders	$ (10,037)	$ (69,113)	$ (42,523)	$ (104,811)
Denominator for loss per share:
Weighted average common shares outstanding (in shares)	40,786	37,187	39,662	37,177
Weighted average unvested restricted share units (in shares)	1,435	603	1,210	398
Denominator for diluted loss per share (in shares)	40,786	37,187	39,662	37,177
Loss per weighted average common share:
Basic (in dollars per share)	$ (0.25)	$ (1.86)	$ (1.07)	$ (2.82)
Diluted (in dollars per share)	$ (0.25)	$ (1.86)	$ (1.07)	$ (2.82)

Related Party Transactions - Ad

Related Party Transactions - Advisory and Administrative Fees, NXDT Segment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 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%
Voting percentage				5%
Advisory agreement, maximum common shares issuable (in shares)				6,000,000
Aadvisory fee percentage		1%
Advisory fees payable	$ 7,100	$ 7,100			$ 6,500
Advisor | Common stock | Advisory Agreement
Related Party Transaction [Line Items]
Stock issued during period, issued for services (in shares)	239,234.45	617,272.81
Stock issued during period, value, issued for services	$ 1,320	$ 4,030

Related Party Transactions - Re

Related Party Transactions - Reimbursement of Expenses; Expense Cap, NXDT Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
Maximum fee, percentage of managed assets			1.50%
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	$ (3.6)	$ 3.5	$ (10.1)	$ 10.7
Administrative and advisory fees expense waived to comply with cap			$ 0	$ 2
Maximum expense (as a percent)	1.50%		1.50%
Deferred expense to comply with cap	$ 2.1
Internalization Fee Percent			7.50%
Debt conversion, converted instrument, amount			$ 50.2

Related Party Transactions - _2

Related Party Transactions - Revolving Credit Facility, NXDT Segment and Guaranties of NexPoint Storage Partners, Inc. Debt (Details) - USD ($)				9 Months Ended
	May 22, 2023	Feb. 15, 2023	Sep. 14, 2022	Sep. 30, 2024	Apr. 24, 2023	Dec. 08, 2022	Feb. 15, 2022	Jul. 02, 2021
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				$ 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 | NSP
Related Party Transaction [Line Items]
Guarantor obligations, current carrying value		$ 49,200,000
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				$ 245,200,000
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
CMBS Loan Agreement | BS Borrower | Minimum
Related Party Transaction [Line Items]
Mortgages payable, net			$ 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 | Revolving Credit Facility, NXDT Segment | 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%
Repayments of debt				$ 2,100,000
Long-term line of credit				$ 17,900,000

Related Party Transactions - Su

Related Party Transactions - Subsidiary Investment Management Agreement (Details) - USD ($) $ in Thousands		3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 01, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Property management fees		$ 664	$ 191		$ 1,025	$ 553
SFR IMA | NexAnnuity Asset Management, L.P.
Related Party Transaction [Line Items]
Property management fees				$ 100
Management fee, percent	1%

Related Party Transactions - Ot

Related Party Transactions - Other Related Party Transactions (Details)					3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 01, 2023 company shares	Jan. 01, 2023 USD ($)	Dec. 23, 2022 shares	Jan. 01, 2014 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 shares	Dec. 08, 2022 shares
Related Party Transaction [Line Items]
Common stock, shares, issued (in shares) | shares					41,674,528	37,682,699	41,674,528	37,682,699	38,389,600
Noncontrolling interest shares redeemed (in shares) | shares			2,100,000
Stock issued during period shares conversion of redeemable noncontrolling interests (in shares) | shares			2,100,000
Number of company owned | company	1
Preferred Class A | NexAnnuity Holdings, Inc.
Related Party Transaction [Line Items]
Stock issued during period, new issues (in shares) | shares	68,500						68,254		66,268
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) | 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) | shares					86,369		86,369
Property Management Fees | Cityplace Tower | Reimbursements Member
Related Party Transaction [Line Items]
Cityplace Tower reimbursed | $					$ 400,000	$ 400,000	$ 1,300,000	$ 1,300,000
Property Management Fees | NexVest Realty Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party | $					200,000	$ 200,000	$ 500,000	$ 500,000
Related party transaction, monthly expenses from transactions with related party | $		$ 1,200		$ 750
Management fee, percent							300%
Property Management Fees | NexVest Realty Advisors | Cityplace Tower
Related Party Transaction [Line Items]
Management fee, percent							400%
Minimum management fee | $					$ 20,000		$ 20,000
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
Guarantor on Loans | White Rock Center
Related Party Transaction [Line Items]
Mortgages payable, net | $					$ 10,000,000		$ 10,000,000

Related Party Transactions - NR

Related Party Transactions - NREF OP Promissory Note (Details) - USD ($)	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	$ 6,500,000
Mortgages payable, net	$ 6,500,000
Interest Rate	7.535%

Related Party Transactions - In

Related Party Transactions - Investments in DSTs and Capital Acquisitions Partners, LLC (Details) $ in Millions	Sep. 30, 2024	Sep. 11, 2024 USD ($)	Jul. 26, 2024 USD ($)
Capital Acquisitions Partners, LLC | Capital Acquisitions Partners, LLC
Related Party Transaction [Line Items]
NXDT Percentage Ownership	20.90%
NexPoint Life Science II DST
Related Party Transaction [Line Items]
Stock issued during period, investment value, purchase of common shares			$ 4.6
Annual dividend, percentage			0.0436
NexPoint Life Science II DST | Minimum
Related Party Transaction [Line Items]
Annual dividend, percentage			0.0439
NexPoint Life Science II DST | Maximum
Related Party Transaction [Line Items]
Annual dividend, percentage			0.0565
NexPoint Semiconductor Manufacturing DST
Related Party Transaction [Line Items]
Stock issued during period, investment value, purchase of common shares		$ 6.1	$ 14.9
Annual dividend, percentage			0.0521
NexPoint Semiconductor Manufacturing DST | Minimum
Related Party Transaction [Line Items]
Annual dividend, percentage			0.0533
NexPoint Semiconductor Manufacturing DST | Maximum
Related Party Transaction [Line Items]
Annual dividend, percentage			0.0757

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Change in Unrealized Gain/(Loss)	$ (885)	$ (61,626)	$ 2,251	$ (89,598)
Equity in income (loss)	400	(369)	(558)	(23)
NexPoint Real Estate Finance, Inc.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	32,823	34,356	32,823	34,356
Change in Unrealized Gain/(Loss)			(252)	987
Equity in income (loss)			0	0
Interest and Dividends			3,150	4,316
Total Income			2,898	5,303
NexPoint Storage Partners, Inc.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	73,442	69,484	73,442	69,484
Change in Unrealized Gain/(Loss)			5,256	(34,210)
Equity in income (loss)			0	0
Interest and Dividends			0	0
Total Income			5,256	(34,210)
NexPoint Residential Trust, Inc.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	4,192	2,910	4,192	2,910
Change in Unrealized Gain/(Loss)			909	(1,027)
Equity in income (loss)			0	0
Interest and Dividends			130	113
Total Income			1,039	(914)
NexPoint SFR Operating Partnership, L.P.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	21,060	21,275	21,060	21,275
Change in Unrealized Gain/(Loss)			247	468
Equity in income (loss)			0	0
Interest and Dividends			1,225	1,411
Total Income			1,472	1,879
NexPoint Hospitality Trust
Related Party Transaction [Line Items]
Fair Value/Carrying Value		22,173		22,173
Change in Unrealized Gain/(Loss)				694
Equity in income (loss)				0
Interest and Dividends				479
Total Income				1,173
NexPoint Storage Partners Operating Company, LLC
Related Party Transaction [Line Items]
Fair Value/Carrying Value		37,863		37,863
Change in Unrealized Gain/(Loss)				(18,642)
Equity in income (loss)				0
Interest and Dividends				0
Total Income				(18,642)
NexPoint Hospitality Trust
Related Party Transaction [Line Items]
Fair Value/Carrying Value	0	9,500	0	9,500
Change in Unrealized Gain/(Loss)			2,088	(18,185)
Equity in income (loss)			0	0
Interest and Dividends			0	0
Total Income			2,088	(18,185)
NexPoint Storage Partners Operating Company, LLC
Related Party Transaction [Line Items]
Fair Value/Carrying Value	40,021		40,021
Change in Unrealized Gain/(Loss)			2,864
Equity in income (loss)			0
Interest and Dividends			0
Total Income			2,864
SFR WLIF III, LLC
Related Party Transaction [Line Items]
Fair Value/Carrying Value	6,842	7,200	6,842	7,200
Change in Unrealized Gain/(Loss)			0	0
Equity in income (loss)			523	498
Interest and Dividends			0	0
Total Income			523	498
Claymore Holdings, LLC
Related Party Transaction [Line Items]
Fair Value/Carrying Value	0	0	0	0
Change in Unrealized Gain/(Loss)			(454)	0
Equity in income (loss)			0	0
Interest and Dividends			0	0
Total Income			(454)	0
Allenby, LLC
Related Party Transaction [Line Items]
Fair Value/Carrying Value	0	0	0	0
Change in Unrealized Gain/(Loss)			(110)	0
Equity in income (loss)			0	0
Interest and Dividends			0	0
Total Income			(110)	0
VineBrook Homes Operating Partnership, L.P.
Related Party Transaction [Line Items]
Fair Value/Carrying Value		146,419		146,419
Change in Unrealized Gain/(Loss)				(26,108)
Equity in income (loss)				0
Interest and Dividends				2,866
Total Income				(23,242)
Haygood, LLC.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	0		0
Change in Unrealized 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]
Fair Value/Carrying Value	148,892		148,892
Change in Unrealized Gain/(Loss)			(567)
Equity in income (loss)			0
Interest and Dividends			4,434
Total Income			3,867
NexPoint Real Estate Finance Operating Partnership, L.P.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	76,104	79,658	76,104	79,658
Change in Unrealized Gain/(Loss)			(584)	2,288
Equity in income (loss)			0	0
Interest and Dividends			7,304	8,764
Total Income			6,720	11,052
NexPoint SFR Operating Partnership, L.P.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	46,943		46,943
Change in Unrealized Gain/(Loss)			(4,315)
Equity in income (loss)			0
Interest and Dividends			1,875
Total Income			(2,440)
NexPoint SFR Operating Partnership, L.P.
Related Party Transaction [Line Items]
Fair Value/Carrying Value		49,568		49,568
Change in Unrealized Gain/(Loss)				(4,513)
Equity in income (loss)				0
Interest and Dividends				1,203
Total Income				(3,310)
NexAnnuity Holdings, Inc.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	68,524	66,955	68,524	66,955
Change in Unrealized Gain/(Loss)			0	0
Equity in income (loss)			0	0
Interest and Dividends			3,956	455
Total Income			3,956	455
NexPoint Residential Trust, Inc.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	0		0
Change in Unrealized Gain/(Loss)			(308)
Equity in income (loss)			0
Interest and Dividends			0
Total Income			(308)
NexPoint Storage Partners Operating Company, LLC
Related Party Transaction [Line Items]
Fair Value/Carrying Value	2,763		2,763
Change in Unrealized Gain/(Loss)			(13)
Equity in income (loss)			0
Interest and Dividends			174
Total Income			161
NexPoint SFR Operating Partnership, L.P.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	500		500
Change in Unrealized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			33
Total Income			33
NREF OP IV, L.P.
Related Party Transaction [Line Items]
Fair Value/Carrying Value	0		0
Change in Unrealized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			188
Total Income			188
Semiconductor DST
Related Party Transaction [Line Items]
Fair Value/Carrying Value	20,959		20,959
Change in Unrealized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			86
Total Income			86
Life Science II DST
Related Party Transaction [Line Items]
Fair Value/Carrying Value	9,600		9,600
Change in Unrealized Gain/(Loss)			0
Equity in income (loss)			0
Interest and Dividends			144
Total Income			144
Capital Acquisitions Partners, LLC
Related Party Transaction [Line Items]
Fair Value/Carrying Value	1,797		1,797
Change in Unrealized Gain/(Loss)			0
Equity in income (loss)			80
Interest and Dividends			0
Total Income			80
Affiliates of the Advisor
Related Party Transaction [Line Items]
Fair Value/Carrying Value	$ 554,462	$ 547,361	554,462	547,361
Change in Unrealized Gain/(Loss)			4,761	(98,248)
Equity in income (loss)			603	498
Interest and Dividends			22,699	19,607
Total Income			$ 28,063	$ (78,143)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Feb. 15, 2023	Sep. 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		$ 140,500,000
Outstanding amount		74,400,000
Guarantor on Loans | White Rock Center
Other Commitments [Line Items]
Outstanding amount		10,000,000
Guarantor on Loans | Tivoli
Other Commitments [Line Items]
Outstanding amount		13,500,000
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		245,200,000
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		$ 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	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 2,171
2025	8,657
2026	7,862
2027	7,081
2028	5,124
Thereafter	28,412
Total	$ 59,307

Operating Leases - Schedule o_2

Operating Leases - Schedule of Concentration of Risk, by Risk Factor (Details) - Revenue Benchmark - Customer Concentration Risk - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Neiman Marcus Group, LLC
Lessor, Lease, Description [Line Items]
Rental Income	$ 1,579
Hudson Advisors LLC
Lessor, Lease, Description [Line Items]
Rental Income		$ 2,135

Segment Information - Narrative

Segment Information - Narrative (Details) - segment	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Number of reportable segments	2	1

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information 1 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 22,216	$ 12,364	$ 57,295	$ 41,110
Expenses	(28,162)	(12,885)	(62,379)	(39,276)
Other income and expenses	(9,474)	(67,437)	(42,407)	(103,180)
Net loss	(15,420)	(67,958)	(47,490)	(101,346)
ASSETS
Gross operating real estate investments	443,553		443,553		$ 284,439
Accumulated depreciation and amortization	(30,998)		(30,998)		(20,525)
Net operating real estate investments	412,555		412,555		263,914
Net real estate investments	412,555		412,555		263,914
Other assets	828,159		828,159		834,422
Total Assets	1,240,714		1,240,714		1,098,336
NexPoint Diversified Real Estate Trust
Segment Reporting Information [Line Items]
Revenues	13,529	12,364	39,285	41,110
Expenses	(12,037)	(12,885)	(36,949)	(39,276)
Other income and expenses	(12,740)	(67,437)	(41,566)	(103,180)
Net loss	(11,247)	(67,958)	(39,230)	(101,346)
ASSETS
Gross operating real estate investments	276,686		276,686		284,439
Accumulated depreciation and amortization	(28,485)		(28,485)		(20,525)
Net operating real estate investments	248,201		248,201		263,914
Other assets	808,061		808,061		834,422
Total Assets	1,056,262		1,056,262		1,098,336
NexPoint Hospitality Trust
Segment Reporting Information [Line Items]
Revenues	8,687	0	18,011	0
Expenses	(16,125)	0	(25,431)	0
Other income and expenses	3,266	0	(840)	0
Net loss	(4,173)	$ 0	(8,260)	$ 0
ASSETS
Gross operating real estate investments	166,867		166,867		0
Accumulated depreciation and amortization	(2,513)		(2,513)		0
Net operating real estate investments	164,354		164,354		0
Other assets	20,098		20,098		0
Total Assets	$ 184,452		$ 184,452		$ 0

Segment Information - Schedul_2

Segment Information - Schedule of Segment Reporting Information 2 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net loss	$ (15,420)	$ (67,958)	$ (47,490)	$ (101,346)
Advisory and administrative fees	3,976	3,469	10,665	8,707
Corporate general and administrative expenses	2,843		8,873
Income tax expense	700	330	1,553	1,444
Depreciation and amortization	4,510	3,820	11,408	10,928
Interest expense	8,288		20,670
Non-operating property investment revenue	(9,050)		(26,685)
Realized (gains) losses from non-real estate investments	1	939	21,876	718
Change in unrealized (gains) losses from non-real estate investments	885	61,626	(2,251)	89,598
Equity in (income) losses of unconsolidated equity method ventures	(400)	369	558	23
Impairment loss	6,134	0	6,134	0
NOI	2,467		5,311
NexPoint Diversified Real Estate Trust
Segment Reporting Information [Line Items]
Net loss	(11,247)	(67,958)	(39,230)	(101,346)
Advisory and administrative fees	3,720		10,140
Corporate general and administrative expenses	1,646		7,107
Income tax expense	748		1,583
Depreciation and amortization	3,150		8,694
Interest expense	4,461		13,371
Non-operating property investment revenue	(8,126)		(25,386)
Realized (gains) losses from non-real estate investments	1		21,876
Change in unrealized (gains) losses from non-real estate investments	885		(2,251)
Equity in (income) losses of unconsolidated equity method ventures	(400)		558
Impairment loss	0		0
NOI	(5,161)		(3,538)
NexPoint Hospitality Trust
Segment Reporting Information [Line Items]
Net loss	(4,173)	$ 0	(8,260)	$ 0
Advisory and administrative fees	256		525
Corporate general and administrative expenses	1,197		1,766
Income tax expense	(48)		(30)
Depreciation and amortization	1,360		2,714
Interest expense	3,827		7,299
Non-operating property investment revenue	(925)		(1,299)
Realized (gains) losses from non-real estate investments	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
Impairment loss	6,134		6,134
NOI	$ 7,628		$ 8,849

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)				3 Months Ended		9 Months Ended
	Oct. 28, 2024	Oct. 24, 2024	Oct. 07, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 03, 2024	Feb. 15, 2022
Subsequent Event [Line Items]
Common share dividends declared (in dollars per share)				$ 0.15	$ 0.15	$ 0.45	$ 0.45
Preferred share dividends declared (in dollars per share)				$ 0.34375	$ 0.34375	$ 1.03125	$ 1.03125
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%
Stock repurchase program, authorized amount	$ 20,000,000	$ 20,000,000
Stock repurchase program, period in force	2 years	2 years
Subsequent Event | Citi Loan Agreement | Citibank
Subsequent Event [Line Items]
Debt instrument, face amount								$ 750,000,000
Series A Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Preferred share dividends declared (in dollars per share)	$ 0.34375
Common stock | Advisor | Advisory Agreement
Subsequent Event [Line Items]
Stock issued during period, issued for services (in shares)				239,234.45		617,272.81
Common stock | Subsequent Event | Advisor | Advisory Agreement
Subsequent Event [Line Items]
Stock issued during period, issued for services (in shares)			250,353.81