NexPoint Diversified Real Estate Trust (NXDT) 10-Q14 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 14, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,813,729.99
Entity Central Index Key	0001356115
Document Fiscal Year Focus	2023
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 Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Consolidated Real Estate Investments
Land	$ 47,708	$ 47,708
Buildings and improvements	198,190	174,469
Intangible lease assets	10,979	10,979
Construction in progress	24,928	39,731
Furniture, fixtures, and equipment	362	354
Total Gross Consolidated Real Estate Investments	282,167	273,241
Accumulated depreciation and amortization	(17,673)	(7,158)
Total Net Consolidated Real Estate Investments	264,494	266,083
Investments, at fair value	714,186	754,910
Equity method investments	67,585	70,656
Life insurance policies, at fair value	0	67,711
Cash and cash equivalents	3,713	13,360
Restricted cash	34,121	35,289
Accounts receivable, net	1,853	1,903
Prepaid and other assets	9,726	6,441
Accrued interest and dividends	4,706	4,302
Deferred tax asset, net	651	2,247
TOTAL ASSETS	1,101,035	1,222,902
Liabilities:
Mortgages payable, net	142,561	144,414
Notes payable, net ($20,000 and $0 with related party, respectively)	35,000	24,250
Prime brokerage borrowing	1,760	2,624
Accounts payable and other accrued liabilities	9,207	13,865
Income tax payable	0	10,720
Accrued real estate taxes payable	3,389	254
Accrued interest payable	1,206	1,115
Security deposit liability	414	416
Prepaid rents	843	1,273
Intangible lease liabilities, net	4,913	6,027
Due to affiliates	112	112
Total Liabilities	199,405	205,070
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; 37,682,699 and 37,171,807 shares issued and outstanding, respectively	38	37
Additional paid-in capital	1,005,364	999,845
Accumulated earnings (loss)	(103,775)	17,947
Total Shareholders' Equity	901,630	1,017,832
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,101,035	$ 1,222,902

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments, at fair value	$ 714,186	$ 754,910
Equity method investments	67,585	70,656
Notes payable, net	$ 35,000	$ 24,250
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)	37,682,699	37,171,807
Common stock, shares, outstanding (in shares)	37,682,699	37,171,807
Affiliated Entity
Investments, at fair value	$ 540,161	$ 576,419
Equity method investments	7,200	7,272
Notes payable, net	$ 20,000	$ 0

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, 2023	Sep. 30, 2022	Sep. 30, 2023
Revenues
Rental income	$ 5,404	$ 4,603	$ 15,541
Interest income	1,863	1,836	5,632
Dividend income	5,000	34,306	19,809
Other income	97	18	128
Total revenues	12,364	40,763	41,110
Expenses
Property operating expenses	1,527	1,756	5,553
Property management fees	191	166	553
Real estate taxes and insurance	1,360	1,502	4,057
Advisory and administrative fees	3,469	2,939	8,707
Conversion expenses	0	0	1,444
Depreciation and amortization	3,820	3,561	10,928
Total expenses	12,885	12,720	39,276
Operating income (loss)	(521)	28,043	1,834
Interest expense	(4,173)	(2,541)	(11,397)
Equity in income (losses) of unconsolidated equity method ventures	(369)	(1,581)	(23)
Change in unrealized gains (losses) ($(82,240), $(43,785) and $(98,248) with related parties, respectively)	(61,626)	(78,238)	(89,598)
Realized gains (losses)	(939)	2,846	(718)
Net income (loss) before income taxes	(67,628)	(51,471)	(99,902)
Income tax expense	(330)	(7,516)	(1,444)
Net income (loss)	(67,958)	(58,987)	(101,346)
Net (income) loss attributable to preferred shareholders	(1,155)	(1,155)	(3,465)
Net income (loss) attributable to common shareholders	$ (69,113)	$ (60,142)	$ (104,811)
Weighted average common shares outstanding - basic (in shares)	37,187	37,172	37,177
Weighted average common shares outstanding - diluted (in shares)	37,187	37,172	37,177
Earnings (loss) per share - basic (in dollars per share)	$ (1.86)	$ (1.62)	$ (2.82)
Earnings (loss) per share - diluted (in dollars per share)	$ (1.86)	$ (1.62)	$ (2.82)
Property general and administrative expenses
Expenses
General and administrative expense	$ 833	$ 858	$ 2,601
Corporate general and administrative expenses
Expenses
General and administrative expense	$ 1,685	$ 1,938	$ 5,433

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, 2023	Sep. 30, 2022	Sep. 30, 2023
Interest income	$ 1,863	$ 1,836	$ 5,632
Dividend income	5,000	34,306	19,809
Equity in income (losses) of unconsolidated equity method ventures	(369)	(1,581)	(23)
Change in Unrealized Gain/(Loss)	(61,626)	(78,238)	(89,598)
Affiliated Entity
Interest income	573	1,472	1,890
Dividend income	4,853	6,371	17,717
Equity in income (losses) of unconsolidated equity method ventures	286	(1,155)	498
Change in Unrealized Gain/(Loss)	$ (82,240)	$ (43,785)	$ (98,248)

Consolidated Statement Of Opera

Consolidated Statement Of Operations (Predecessor Basis) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Income:
Total income	$ 79,196
Expenses
Investment advisory	6,279
Income tax expense	2,000
Legal fees	987
Interest expense and commitment fees	696
Conversion expenses	471
Accounting services fees	334
Insurance	185
Reports to shareholders	136
Trustees fees	109
Audit and tax preparation fees	77
Transfer agent fees	72
Pricing fees	68
Registration fees	56
Other	322
Total expenses	11,792
Net investment income	67,404
Preferred dividend expenses	(2,310)
Realized gain on:
Realized gains (losses)	29,146
Net change in unrealized gain on:
Net realized and unrealized gain on investments	61,740
Total increase in net assets resulting from operations	126,834
Securities Sold, Not yet Purchased
Realized gain on:
Realized gains (losses)	253
Non-Affiliated Entity
Income:
Dividends from affiliated/unaffiliated issuers	60,178
Interest from unaffiliated/affiliated issuers	991
Realized gain on:
Realized gains (losses)	28,893
Net change in unrealized gain on:
Unrealized gain (loss) on investments excluding securities sold short	(43,752)
Affiliated Entity
Income:
Dividends from affiliated/unaffiliated issuers	15,025
Interest from unaffiliated/affiliated issuers	3,002
Net change in unrealized gain on:
Unrealized gain (loss) on investments excluding securities sold short	$ 76,346

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common stock	Additional Paid-in Capital	Accumulated Earnings (Loss)
Beginning balances (in shares) at Jun. 30, 2022		3,359,593	37,171,807
Beginning of period at Jun. 30, 2022	$ 1,112,868	$ 3	$ 37	$ 998,557	$ 114,271
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs associated with Business Change	(92)			(92)
Net loss attributable to common shareholders	(60,142)				(60,142)
Net (income) loss attributable to preferred shareholders	1,155				1,155
Common share dividends declared	(5,577)				(5,577)
Preferred share dividends declared	(1,155)				(1,155)
Ending balances (in shares) at Sep. 30, 2022		3,359,593	37,171,807
End of period at Sep. 30, 2022	1,047,057	$ 3	$ 37	998,465	48,552
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 Advisor for admin and advisory fees	156			156
Net loss attributable to common shareholders	(104,811)				(104,811)
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 Advisor for admin and advisory fees	156			156
Net loss attributable to common shareholders	(69,113)				(69,113)
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)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common share dividends declared (in dollars per share)	$ 0.15	$ 0.15	$ 0.45
Preferred share dividends declared (in dollars per share)	$ 0.34375	$ 0.34375	$ 1.03125
Shares issued to Advisor for admin and advisory fees	$ 156		$ 156

Consolidated Statement of Chang

Consolidated Statement of Changes in Net Assets (Predecessor Basis) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023
Balances, June 30, 2022
Costs associated with Business Change		$ 67,404
Preferred dividend expenses	$ 1,155	(2,310)	$ 3,465
Accumulated net realized gain (loss) on investments, securities sold short, written options, futures contracts, and foreign currency transactions	2,846	29,146	(718)
Net change in unrealized appreciation on investments, securities sold short, written options contracts and translation of assets and liabilities denominated in foreign currency	(78,238)	32,594	(89,598)
Net increase from operations		126,834
Distributions declared to common shareholders:
Distribution		(11,139)
Total distributions declared to common shareholders:	(5,577)	(11,139)	(12,460)
Increase in net assets from operations and distributions		115,695
Share transactions:
Proceeds from sale of shares		1,288
Net increase from shares transactions		2,713
Total increase in net assets		118,408
Net assets
Beginning of period	$ 1,029,616		911,208
End of period		$ 1,029,616
Change in Common Shares
Issued for distribution reinvested (in shares)		92
Net increase in common shares (in shares)		92
Common stock
Distributions declared to common shareholders:
Total distributions declared to common shareholders:			$ 1
Share transactions:
Value of distributions reinvested		$ 1,425

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (58,987)	$ (101,346)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,643	10,928
Amortization of intangible lease assets and liabilities	(371)	(912)
Amortization of deferred financing costs	(25)	441
Paid-in-kind interest	(1,016)	(3,444)
Realized (gain) loss	(2,846)	718
Net change in unrealized (gain) loss on investments held at fair value	78,238	89,598
Equity in income (losses) of unconsolidated equity method ventures	(1,581)	(23)
Distributions of earnings from unconsolidated ventures	1,692	3,048
Stock-based compensation expense	0	913
Cash paid for life settlement premiums	(3,022)	(3,355)
Changes in operating assets and liabilities, net of effects of acquisitions:
Deferred tax asset	0	1,596
Income tax payable	0	(10,720)
Real estate taxes payable	0	3,135
Operating assets	(3,795)	(4,210)
Operating liabilities	9,459	(4,887)
Net cash provided by (used in) operating activities:	24,551	(18,474)
Cash flows from investing activities
Proceeds from asset redemptions	10,872	0
Distributions from CLO investments	18,100	0
Proceeds from sale of investments	0	29,490
Purchases of investments ($4,034 and $(9,925) with related parties, respectively)	9,925	3,579
Contributions to equity method investments	1,382	0
Additions to consolidated real estate investments	(1,317)	(8,926)
Acquisitions of consolidated real estate investments	(26,500)	0
Proceeds from life settlement policy maturities	0	2,999
Cash from deconsolidation of investment	0	(3,993)
Net cash provided by (used in) investing activities	(10,152)	15,991
Cash flows from financing activities
Proceeds received from notes payable	13,250	20,000
Mortgage payments	(591)	(1,773)
Prime brokerage borrowing	2,567	11,892
Credit facilities payments	(9,500)	(8,999)
Prime brokerage payments	(92)	(12,756)
Deferred financing costs paid	(379)	(771)
Dividends paid to preferred shareholders	(1,155)	(3,465)
Dividends paid to common shareholders	(5,577)	(12,460)
Net cash used in financing activities:	(1,477)	(8,332)
Net decrease in cash, cash equivalents and restricted cash	12,922	(10,815)
Beginning of period	50,776	48,649
End of period	63,698	37,834
Supplemental disclosure of cash flow information
Interest paid	2,722	11,306
Income tax paid	0	13,700
Supplemental Disclosure of Noncash Activities
Non-cash dividend payment	0	4,462
Fair value assets acquired from the contribution of consolidated investments	0	68,500	[1]
Noncash Advisory Fee Payment	$ 0	$ 156

[1]For more information about this transaction, refer to Note 10. Life Settlement Portfolio

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Predecessor Basis) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Cash flows from operating activities
Net increase in net assets resulting from operations	$ 126,834
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of securities sold short	(177)
Amortization (accretion) of premiums	(171)
Changes in operating assets and liabilities
Dividends and interest receivable	741
Due from custodian	192
Prepaid expenses and other assets	(1,583)
Reclaim receivable	1,250
Foreign tax reclaim receivable	(1,274)
Due to broker	(1,695)
Payable for administrative fees	(11)
Payable for investment advisory fees	49
Due to custodian	(110)
Payable for interest expense and commitment fees	82
Accrued expenses and other liabilities	(150)
Net cash provided by (used in) operating activities:	36,336
Cash flows from financing activities
Payments on notes payable	(26,500)
Distributions paid in cash	(9,714)
Proceeds from shares sold	1,288
Proceeds from dividend reinvestment	(44)
Net cash used in financing activities:	(34,970)
Net increase in cash	1,366
Cash, cash equivalents and restricted cash:
Beginning of period	2,678
End of period	4,044
Supplemental disclosure of cash flow information
Reinvestment of distributions	1,425
Cash paid during the period for interest expense and commitment fees	614
Securities Sold, Not yet Purchased
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net realized (gain)/loss on investments	(253)
Non-Affiliated Entity
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of investment securities	(350,369)
Proceeds from the disposition of investment securities	428,007
Net realized (gain)/loss on investments	(28,893)
Net change in unrealized depreciation on investments	43,752
Affiliated Entity
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of investment securities	(105,674)
Proceeds from the disposition of investment securities	2,135
Net change in unrealized depreciation on investments	$ (76,346)

Consolidated Statement of Cas_3

Consolidated Statement of Cash Flows (Parentheticals) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023
Net change in unrealized (gain) loss on investments held at fair value			$ 78,238	$ 89,598
Equity in income (losses) of unconsolidated ventures	$ 369	$ 1,581	1,581	23
Distributions of earnings from unconsolidated ventures			1,692	3,048
Purchase of investments, related parties			(9,925)	(3,579)
Affiliated Entity
Net change in unrealized (gain) loss on investments held at fair value			(43,785)	98,248
Equity in income (losses) of unconsolidated ventures	$ (286)	$ 1,155	1,155	(498)
Distributions of earnings from unconsolidated ventures			110	570
Purchase of investments, related parties			$ (9,925)	$ (4,034)

Organization and Description of

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2023
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, 2023, 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 and April 11, 2023, (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, 2023 . 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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, 2022, which are included in our 2022 Annual Report on Form 10-K ("2022 Annual Report") , filed with the United States Securities and Exchange Commission (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 2022 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 As a REIT for U.S. federal income tax purposes, the Company may deduct earnings distributed to stockholders against the income generated by our REIT operations. The Company continues to be subject to income taxes on the income of its taxable REIT subsidiaries. Our consolidated net loss before income taxes was $67.6 million for the three months ended September 30, 2023 and $99.9 million for the nine months ended September 30, 2023. The Company’s consolidated balance sheet as of September 30, 2023 consists of a $2.2 million net deferred tax asset at NHF TRS, LLC and a $1.5 million net deferred tax liability at NREO TRS, Inc. for a consolidated net Deferred Tax asset of $0.7 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 and nine months ended September 30,

Business Change

Business Change	9 Months Ended
Business Change	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Business Change	Business ChangeAs discussed in Note 1, on the Deregistration Date, the SEC issued an order pursuant to Section 8(f) of the Investment Company Act declaring that the Company has ceased to be an investment company under the Investment Company Act. The issuance of the Deregistration Order enabled the Company to proceed with full implementation of the Business Change. Upon the Deregistration Order, the Company discontinued the use of guidance in FASB ASC 946. To effectuate this change, the fair values of the Company’s investments became the July 1, 2022 cost basis. The change also required the consolidation of several investments that were previously not required to be consolidated under FASB ASC 946.

Investments in Real Estate Subs

Investments in Real Estate Subsidiaries	9 Months Ended
Investments in Real Estate Subsidiaries	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Investments in Real Estate Subsidiaries	Investments in Real Estate Subsidiaries The Company conducts its operations through the OP, which owns 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 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, 2023, the Company, through the OP, owned four properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the SPEs that directly own the title to each property as of September 30, 2023: Effective Ownership Percentage at Property Name Location Year Acquired September 30, 2023 White Rock Center Dallas, Texas 2013 100 % 5916 W Loop 289 Lubbock, Texas 2013 100 % Cityplace Tower Dallas, Texas 2018 100 % NexPoint Dominion Land, LLC (1) Plano, Texas 2022 100 % (1) NexPoint Dominion Land, LLC owns 100% of 21.5 acres of undeveloped land in Plano, Texas.

Consolidated Real Estate Invest

Consolidated Real Estate Investments	9 Months Ended
Consolidated Real Estate Investments	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Consolidated Real Estate Investments	Consolidated Real Estate Investments As of September 30, 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 18,812 184,907 9,058 (6,669) 24,928 357 231,393 NexPoint Dominion Land, LLC 26,500 — — — — — 26,500 47,708 198,190 10,979 (6,770) 24,928 362 275,397 Accumulated depreciation and amortization — (11,295) (6,155) 1,857 — (223) (15,816) Total Operating Properties $ 47,708 $ 186,895 $ 4,824 $ (4,913) $ 24,928 $ 139 $ 259,581 As of December 31, 2022, 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 $ 10,314 $ 1,921 $ (101) $ — $ 5 $ 13,454 5916 W Loop 289 1,081 2,939 — — — — 4,020 Cityplace Tower 18,812 161,216 9,058 (6,669) 39,731 349 222,497 NexPoint Dominion Land, LLC 26,500 — — — — — 26,500 47,708 174,469 10,979 (6,770) 39,731 354 266,471 Accumulated depreciation and amortization — (4,114) (2,863) 743 — (181) (6,415) Total Operating Properties $ 47,708 $ 170,355 $ 8,116 $ (6,027) $ 39,731 $ 173 $ 260,056 Depreciation expense was $2.8 million and $7.2 million for the three and nine months ended September 30, 2023, respectively. Amortization expense related to the Company’s intangible lease assets was $0.8 million and $3.3 million for the three and nine months ended September 30, 2023, respectively. Amortization expense related to the Company's intangible lease liabilities was $0.4 million and $1.1 million for the three and nine months ended September 30, 2023, respectively. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.3 million and $0.9 million for the three and nine months ended September 30, 2023, respectively. Acquisitions There were no acquisitions by the Company for the nine months ended September 30, 2023.

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Cityplace Debt The Company has debt on its real estate property 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. The debt restructuring per the terms of the Twelfth Omnibus Amendment Agreement is 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 $142.9 million principal balance outstanding as of September 30, 2023, 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 $ 101,535 7.69 % 3/8/2024 Note A-2 22,211 11.69 % 3/8/2024 Note B-1 12,782 7.69 % 3/8/2024 Note B-2 3,173 11.69 % 3/8/2024 Mezzanine Note 1 2,796 11.69 % 3/8/2024 Mezzanine Note 2 399 11.69 % 3/8/2024 Mortgages payable 142,896 Deferred financing costs, net (335) Mortgages payable, net $ 142,561 The weighted average interest rate of the Company’s debt related to its Cityplace investment was 8.5% as of September 30, 2023 and 7.3% as of December 31, 2022. 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, 2023, the Company believes it is in compliance with all covenants. Notes Payable 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. 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. The Credit Facility, as amended, would have matured on November 6, 2023, (see Note 16 for information regarding the extension of the maturity date of the Credit Facility) and as of September 30, 2023, bore interest at the one-month SOFR plus 4.25%. During the nine months ended September 30, 2023, the Company paid down $9.0 million on the Credit Facility. As of September 30, 2023, the Credit Facility had an outstanding balance of $2.0 million. Due to the short term nature of the debt, the fair value of the debt is approximately the outstanding balance. Management believes that the Company has sufficient access to capital to ensure the Company is able to meet its obligations as they become due. Revolving Credit Facility On May 22, 2023, the Company entered into a $20.0 million revolving credit facility (the "NexBank Revolver") with NexBank, in the initial principal balance of $20.0 million, with the option for the Company to receive additional disbursements thereunder up to a maximum of $50.0 million. As of September 30, 2023, the NexBank Revolver bears interest at one-month SOFR plus 3.50% and matures on May 20, 2024, with the option to extend the maturity by one year, twice. Due to the short term nature of the debt, the fair value of the debt is approximately the outstanding balance. As of September 30, 2023, the NexBank Revolver had an outstanding balance of $20.0 million. Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheet. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs. Prime Brokerage Borrowing Effective July 2, 2022, the Company entered a prime brokerage account with Jefferies to hold securities owned by the Company. The Company from time to time borrows against the value of these securities. As of September 30, 2023, the Company had a margin balance of approximately $1.8 million outstanding with Jefferies bearing interest at the Overnight Bank Funding Rate plus 0.50%. Securities with a fair value of approximately $6.9 million are pledged as collateral against this margin balance. This arrangement has no stated maturity date. Due to the floating interest rate 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, 2023 are as follows (in thousands): Mortgages Payable Notes Payable Prime Brokerage Borrowing Total 2023 $ — $ 2,000 $ — $ 2,000 2024 142,896 20,000 — 162,896 2025 — 13,250 — 13,250 2026 — — — — 2027 — — — — Thereafter — — 1,760 1,760 Total $ 142,896 $ 35,250 $ 1,760 $ 179,906

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities As of September 30, 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, 2023 Relationship as of September 30, 2023 Unconsolidated Entities: NexPoint Storage Partners, Inc. Common stock Self-storage 53.0 % VIE NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.7 % VIE Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % VIE SFR WLIF III, LLC LLC interest Single-family rental 20.0 % VIE NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 16.0 % VIE VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.1 % VIE NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 30.8 % VIE IQHQ Holdings, LP LP interest Life science 1.1 % VIE NexAnnuity Holdings, Inc. Preferred Shares Annuities 100.0 % (1) VIE (1) The Company owns 100% of the preferred stock of NexAnnuity Holdings, Inc., but it does not own any of the outstanding common stock of NexAnnunity Holdings, Inc. Consolidated VIEs The Company did not have any consolidated VIEs for the period ended September 30, 2023.

Equity Method Investments

Equity Method Investments	9 Months Ended
Equity Method Investments	Sep. 30, 2023
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, 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 % $ 11,815 $ (9,590) $ 21,405 $ (14) AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 24,336 21,334 3,002 (111) SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 7,200 7,466 (266) 447 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) 11,922 9,990 1,932 1,081 Claymore Holdings, LLC LLC interest N/A 50.0 % (5) — (6) — — — Allenby, LLC LLC interest N/A 50.0 % (5) — (6) — — — $ 67,585 $ 41,512 $ 26,073 $ 1,403 Below is a summary of the Company’s equity method investments as of December 31, 2022 (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 % $ 13,013 $ — $ 13,013 $ (217) AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 27,136 21,334 5,802 (227) SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 7,272 7,466 (194) 280 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) 10,923 8,751 2,172 665 Claymore Holdings, LLC LLC interest N/A 50.0 % (5) — (6) — — — Allenby, LLC LLC interest N/A 50.0 % (5) — (6) — — — $ 70,656 $ 49,863 $ — $ 20,793 $ 501 Below is a summary of the Company's investments as of September 30, 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 sheet. Investee Name Instrument Asset Type NXDT Percentage Ownership Fair Value NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 16.0 % (7) $ 79,658 NexPoint Real Estate Finance, Inc. Common stock Mortgage 12.2 % (7) 34,356 VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.1 % (7) 146,419 NexPoint Storage Partners, Inc. Common stock Self-storage 53.0 % (3) 69,484 NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.7 % 37,863 NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 30.8 % 49,568 NexPoint Hospitality Trust Common stock Hospitality 45.4 % 9,500 LLV Holdco, LLC LLC interest Land 26.8 % 3,267 $ 430,115 (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 by the Company to be the primary beneficiary (for a VIE) 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 September 30, 2023 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. Significant Equity Method Investments The table below presents the unaudited summary balance sheets for the Company’s significant equity method investments as of September 30, 2023 (dollars in thousands). NexPoint Real Estate Finance, Inc. ("NREF"), NexPoint Storage Partners, Inc. ("NSP") and VineBrook Homes Trust, Inc. ("VineBrook") do not prepare standalone financials for their operating companies as all operations and investments are owned through their operating companies and are consolidated by the corporate entities. As such, only the financial information for NREF, NSP and VineBrook are presented below. NREF VineBrook NSP ASSETS Investments $ 6,814,871 $ 2,500 $ — Real estate assets 58,563 3,359,816 1,205,678 Cash and cash equivalents 10,977 34,115 12,746 Other assets 1,942 208,109 191,441 TOTAL ASSETS $ 6,886,353 $ 3,604,540 $ 1,409,865 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Debt $ 1,212,740 $ 2,487,524 $ 890,508 Other liabilities 5,239,450 148,345 402,928 Total Liabilities 6,452,190 2,635,869 1,293,436 Redeemable noncontrolling interests in the operating company 89,148 482,149 211,082 Noncontrolling interests in consolidated VIEs — 12,786 — Total Shareholders' Equity 345,015 473,736 (94,653) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 6,886,353 $ 3,604,540 $ 1,409,865 The table below presents the unaudited summary 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 Derivatives and F

Fair Value of Derivatives and Financial Instruments	9 Months Ended
Fair Value of Derivatives and Financial Instruments	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivatives and Financial Instruments	Fair Value of Derivatives and Financial Instruments The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The table below summarizes the inputs used to value the Company’s assets carried at fair value on a recurring basis as of September 30, 2023 (in thousands): Fair Value Cost Basis Level 1 Level 2 Level 3 Total Assets Bond $ 17 $ — $ 22 $ — $ 22 CLO 34,958 — 563 18,251 18,814 Common stock 311,789 41,605 — 180,873 222,478 Convertible notes 46,260 — — 43,448 43,448 LLC interest 66,492 — — 41,148 41,148 LP interest 324,494 — 79,658 195,987 275,645 Preferred Shares 66,955 — — 66,955 66,955 Rights and warrants 3,937 — 3,751 — 3,751 Senior loan 41,428 — 58 41,867 41,925 $ 896,330 $ 41,605 $ 84,052 $ 588,529 $ 714,186 The table below summarizes the inputs used to value the Company’s assets carried at fair value on a recurring basis as of December 31, 2022 (in thousands): Fair Value Cost Basis Level 1 Level 2 Level 3 Total Assets Bond $ 17 $ — $ 20 $ — $ 20 CLO 34,958 — 563 6,412 6,975 Common stock 325,275 53,872 — 234,667 288,539 Convertible notes 54,802 — — 50,828 50,828 Life settlement 64,267 — — 67,711 67,711 LLC interest 66,492 — — 60,836 60,836 LP interest 321,026 — 77,370 223,141 300,511 Rights and warrants 3,947 — 3,794 — 3,794 Senior loan 43,399 — 66 43,341 43,407 $ 914,183 $ 53,872 $ 81,813 $ 686,936 $ 822,621 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 Preferred Shares — 68,500 455 (2,000) — — — 66,955 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 Category Valuation Technique Significant Unobservable Inputs Input Value(s) Fair Value CLO Discounted Net Asset Value Discount 70% $ 18,251 Common Stock Market Approach Unadjusted Price/MHz-PoP $0.10 — $0.90 $(0.48) 180,873 Discounted Cash Flow Discount Rate 7.75% — 12.50% (10.2)% Market Rent (per sqft) $4.91 — $24.98 $(14.95) RevPAR $95.00 — $203.00 $(127.78) Capitalization Rates 5.38% — 10% (8.88)% NAV Approach Discount Rate 10.00% Multiples Analysis Multiple of EBITDA 1.00x — 4.25x (2.43)x Recent Transaction Implied Enterprise Value from Transaction Price ($mm) $841.00 N/A $25.31 — $28.00 $(26.66) Offer Price per Share $1.10 Convertible Notes Discounted Cash Flow Discount Rate 8.00% — 10.25% (9.13)% 43,448 Option Pricing Model Volatilty 25.00% — 60.00% (47.86)% LLC Interest Discounted Cash Flow Discount Rate 7.75% — 30.00% (14.06)% 41,148 Market Rent (per sqft) $4.91 — $24.98 $(14.95) Capitalization Rate 5.375% LP Interest Discounted Cash Flow Capitalization Rate 3.90% — 6.90% 5.51% 195,987 Discount Rate 10% — 20.0% (15)% Recent Transaction Price per Share $22.88 Preferred Shares Recent Transaction Cost ($mm) $66.955 66,955 Senior Loan Discounted Cash Flow Discount Rate 12.30% — 20.00% (16.15)% 41,867 Total $ 588,529

Life Settlement Portfolio

Life Settlement Portfolio	9 Months Ended
Life Settlement Portfolio	Sep. 30, 2023
Insurance [Abstract]
Life Settlement Portfolio	Life Settlement PortfolioAs of June 30, 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. On June 30, 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 a related party NexAnnuity Holdings, Inc. ("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. As a result, the Company now holds none of the outstanding equity and debt of SFP, and SFP no longer meets the requirements for consolidation under ASC 810 – Consolidation. The Company will have no continuing involvement with SFP. As such, SFP has been deconsolidated herein as of September 1, 2023. The Class A Preferred Stock in NexAnnuity Holdings, Inc. 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 as Investments, at fair value. The fair value of the Class A Preferred Stock is its original issue price of $1,000 per share due to the recent nature of the transaction. Dividends on the Class A Preferred Stock are cumulative and are payable quarterly on March 31, June 30, September 30, and December 31 at an annual rate of 8.0% for years one through seven, 9.5% for years eight through ten, 11.0% for years eleven through thirteen, and 12.0% for years fourteen through sixteen and thereafter.The transfer of the Structured Note qualified as a sale under ASC 860 – Transfers and Servicing as (1) the transfer legally isolated the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders ’ Equity 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, 2023, the Company declared three distributions on its Series A Preferred Shares, each in the amount of $0.34375 per share, which were paid to holders of Series A Preferred Shares on March 31, 2023 to shareholders of record on March 24, 2023, on June 30, 2023 to shareholders of record on June 23, 2023 and on September 30, 2023 to shareholders of record 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 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, par value $0.001 per share, 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 2023 Number of Units Weighted Average Outstanding January 1, 2023 — $ — Granted 603,482 10.45 Vested — — Forfeited — — Outstanding September 30, 2023 603,482 $ 10.45 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, 2023: Shares Vesting April Total 2023 — — 2024 178,856 178,856 2025 141,542 141,542 2026 141,542 141,542 2027 141,542 141,542 Total 603,482 603,482 As of September 30, 2023, the Company had issued no common shares under the 2023 LTIP. For the three and nine months ended September 30, 2023, the Company recognized approximately $0.5 million and $0.9 million, respectively, of equity-based compensation expense related to grants of restricted share units. As of September 30, 2023, the Company had recognized a liability of approximately $0.2 million related to dividends earned on restricted share units that are payable in cash upon vesting.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
Earnings (Loss) Per Share	Sep. 30, 2023
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, 2023 2023 Numerator for loss per share: Net income (loss) attributable to common shareholders $ (69,113) $ (104,811) Denominator for loss per share: Weighted average common shares outstanding 37,187 37,177 Denominator for basic and diluted loss per share 37,187 37,177 Weighted average unvested restricted share units 603 398 Denominator for diluted loss per share (1) 37,187 37,177 Loss per weighted average common share: Basic $ (1.86) $ (2.82) Diluted $ (1.86) $ (2.82) (1) For the three and nine months ended September 30, 2023, excludes approximately 397,900 and 603,482 shares, related to assumed vesting of RSUs as the effect would be anti-dilutive.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Advisory and Administrative Fees Prior to the Deregistration Date, the Company was party to an investment advisory agreement (the "Former Advisory Agreement") with an affiliate of the Adviser (the "Former Adviser") pursuant to which the Former Adviser provided investment advisory services to the Company and certain of its subsidiaries. The Company's contractual fee under the Former Advisory Agreement was an annual fee, payable monthly, in an amount equal to 1.00% an amount (the "Former Managed Assets”) equal to the total assets of the Company, including any form of investment 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 Company’s investment objectives and policies, and/or (iv) any other means. The Former Adviser was permitted to waive a portion of its fees. Prior to the Deregistration Date, the Company was also party to an administration services agreement (the “Administration Services Agreement”) pursuant to which the Former Adviser previously performed administrative functions for us in connection with our operation as a closed-end investment company. For its services, the Former Adviser received an annual fee, payable monthly, in an amount equal to 0.20% of the average weekly value of the Former Managed Assets. In connection with the Business Change and effective on the Deregistration Date, the Company terminated its investment advisory agreement and its administrative services agreement with the Former Adviser and entered into the Advisory Agreement with the Adviser, a subsidiary of NexPoint. The Company also terminated the investment advisory agreements between NexPoint and its wholly owned subsidiaries, NexPoint Real Estate Opportunities, LLC ("NREO") and NexPoint Real Estate Capital, LLC, effective on the Deregistration Date. 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, 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 and an annual fee (the "Administrative Fee" and, together with the Advisory Fee, the "Fees") of 0.20% of the Company’s Managed Assets (defined below). On April 11, 2023, we entered into an amendment to the Advisory Agreement whereby the monthly installment of the Fees shall be paid in cash unless the Adviser elects, in its sole discretion, to receive all or a portion of the monthly installment of the Fees 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 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, 2023, we issued 14,588.75 and 14,588.75 common shares, respectively, to the Advisor in payment of the Fees in an amount of $0.16 million and $0.16 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 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. Revolving Credit Facility On May 22, 2023, the Company entered into the NexBank Revolver pursuant to which the Company in the initial principal amount of $20.0 million, with the option for the Company to receive additional disbursements thereunder up to a maximum of $50.0 million, and bears interest at one-month SOFR plus 3.50% and matures on May 20, 2024. The Company drew the $20.0 million on May 22, 2023. The fair value of the revolving credit facility is equal to its carrying value as the Company has the ability to repay the outstanding principal at par value at any time. As of September 30, 2023, the NexBank Revolver had an outstanding balance of $20.0 million. Reimbursement of Expenses; Expense Cap The Company is required to pay directly or reimburse the Adviser for all of the documented “operating expenses” (all out-of-pocket expenses of the Adviser in performing services for us, including but not limited to the expenses incurred by the Adviser in connection with any provision by the Adviser of legal, accounting, financial, due diligence, investor relations or other services performed by the Adviser that outside professionals or outside consultants would otherwise perform and our pro rata share of rent, telephone, utilities, office furniture, equipment, machinery or other office, internal and overhead expenses of the Adviser required for our operations) and any and all expenses (other than underwriters' discounts) paid or to be paid by us in connection with an offering of our securities, including, without limitation, our legal, accounting, printing, mailing and filing fees and other documented offering expenses (collectively, "Offering Expenses"), paid or incurred by the Adviser or its affiliates in connection with the services it provides to us pursuant to the Advisory Agreement. 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, could not exceed 1.5% (the "Expense Cap") of Managed Assets, calculated as of the end of each quarter, for the twelve-month period which followed the Company’s receipt of the Deregistration Order; provided, however, that this limitation 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, further, in the event the Company consolidated another entity that it does not wholly own as a result of owning a controlling interest in such entity or otherwise, expenses would have been calculated without giving effect to such consolidation and instead such entity’s expenses would have been, on a pro rata basis consistent with the Company’s percentage ownership, be considered those of the Company for purposes of calculation of expenses. On occasion, the Adviser may waive additional fees to the extent assets are invested in certain affiliated investments. 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, these expenses are considered permanently waived and become non-recoupable in the future. The Expense Cap expired on June 30, 2023. 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 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 and nine months ended September 30, 2023, the Company incurred Administrative Fees and Advisory Fees of $3.5 million and $10.7 million, which excludes $0 and $2.0 million, respectively, in fees that were waived to comply with the Expense Cap. Should the Fees and expenses and any other items subject to the Expense Cap have been less than the 1.5% limit for the twelve-month period subsequent to the Deregistration Date, some or all of the deferred expenses could be recouped by the Adviser up to the Expense Cap. No Advisory Fees were recouped by the Adviser as of September 30, 2023. Guaranties of NexPoint Storage Partners, Inc. Debt 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. Borrowings outstanding under the BS Loan Agreement are secured by mortgages on real property owned by one or more of the borrowers comprising BS Borrower and bear interest at the one-month SOFR, subject to a floor of 0.5%, plus an applicable spread of approximately 4.0% with respect to approximately $184.9 million of initial principal thereunder and approximately 5.4% with respect to approximately $36.9 million of initial principal thereunder. On December 8, 2022 and in connection with a restructuring of NSP, the Company, together with NREF, Highland Opportunities and Income Fund ("HFRO") and NexPoint Real Estate Strategies Fund (collectively, the "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 Co-Guarantors guaranteed obligations of NSP with respect to 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 Co-Guarantors are capped at $97.6 million, which cap amount will be reduced as the guaranteed obligations of NSP are paid. Each of the Company and the 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. As of September 30, 2023, the maximum liability of the Company under the guaranties was approximately $71.0 million. The Company has not recorded a contingent liability due to NSP being current on all debt and preferred dividend payments and in compliance with all debt compliance provisions of the Sponsor Guaranty Agreement. As of September 30, 2023, the Company owns approximately 53.0% of the total outstanding shares of common stock of NSP. Separately, on September 14, 2022, the Company entered into a Guaranty Agreement (Recourse Obligations), dated September 14, 2022 (the “CMBS Guaranty”) for the benefit of JPM and any additional or subsequent lenders from time to time (collectively, the “CMBS Lender”) under a loan agreement (the "CMBS Loan Agreement"), by and among the borrowers thereunder (collectively, “CMBS Borrower”) and the CMBS Lender. The Company, through its ownership in NSP, owns an indirect interest in CMBS Borrower and entered into the CMBS Guaranty as a condition of CMBS Lender lending to CMBS Borrower under the CMBS Loan Agreement. Pursuant to the CMBS Guaranty, the Company guaranteed certain recourse obligations of CMBS Borrower pertaining to exculpation or indemnification of CMBS Lender. The CMBS Guaranty also provides that the Company may be required to repay principal amounts upon the occurrence of certain events, including certain action or inaction by CMBS Borrower, but does not provide for a full guarantee of repayment in all circumstances. The CMBS Loan Agreement provides for a loan of $356.5 million to CMBS Borrower. Amounts outstanding under the CMBS Loan Agreement are due and payable on September 9, 2024 which date may, at the option of CMBS Borrower, be extended for three successive one-year terms upon the satisfaction of certain terms and conditions. Borrowings outstanding under the CMBS Loan Agreement are secured by mortgages on real property owned by one or more of the borrowers comprising CMBS Borrower and bear interest at one-month SOFR plus a spread of approximately 3.6%, which will increase by 0.1% upon a second extension of the loan maturity and by an additional approximately 0.15% upon a third extension of the loan maturity. Subsidiary Investment Management Agreement SFP is a party to a management agreement (the "SFP IMA") with NexAnnuity pursuant to which NexAnnuity provides investment management services to SFP. Mr. Dondero serves as President of NexAnnuity, which is indirectly owned by a trust of which Mr. Dondero is the primary beneficiary. As discussed in Note 10, 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 provides that NexAnnuity will 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 may 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 an affiliate of the Adviser through common beneficial ownership. The Company’s operating properties, other than undeveloped land, are managed by NexVest Realty Advisors, LLC ("NexVest"), an affiliate of the Adviser. For the nine months ended September 30, 2023, the Company through its subsidiaries has paid approximately $0.5 million 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 Company is a limited guarantor and an indemnitor on one of NexPoint Hospitality Trust's ("NHTs") loans with an aggregate principal amount of $77.4 million as of September 30, 2023. NHT is a publicly traded hospitality REIT that is managed by an affiliate of the Adviser. The Company owns 45.4% of the outstanding common stock of NHT. 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. On March 31, 2022, the Company, through an unconsolidated subsidiary, borrowed approximately $13.5 million from NREF, an entity advised by an affiliate of the Adviser, to finance its acquisition of a 77.0% interest in Tivoli North Property. The bridge note bore interest at an annual rate equal to the WSJ Prime Rate plus 1.5% and had a maturity date of October 1, 2022. The Company refinanced this bridge note with PNC Bank, N.A ("PNC Bank") on August 8, 2022. The new loan had a principal amount of $13.5 million and bears interest at an annual rate of daily simple SOFR plus 3.5%. Proceeds from the note with PNC Bank were used to repay in full the financing provided by NREF on August 9, 2022. On August 8, 2023, the Company elected to extend the maturity date of this loan to January 8, 2024. 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 Units of the NSP OC, 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 53.0%, of the outstanding common stock as of September 30, 2023. 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, 2023, the Company owns approximately 47,064 units, or 29.7%, 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 NexAnnuity Holdings, Inc. 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 NexAnnuity Holdings, Inc. On September 28, 2023, the Company, through one of its wholly owned TRSs, redeemed 2,000 shares of Class A Preferred Stock in NexAnnuity Holdings, Inc. 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, 2023, the Company has the following investments in entities managed or advised by, or directly or indirectly owned by entities managed or advised by, affiliates of the Adviser (in thousands). Related Party Investment Fair Change in Unrealized Realized Equity in income (loss) Interest and Total Income NexPoint 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) On June 13, 2023, HFRO, a fund managed by an affiliate of the Adviser, loaned $11 million to NexPoint SFR Operating Partnership, L.P. (the "SFR OP") in exchange for $11 million of 7.50% convertible notes of the SFR OP (the "SFR OP Convertible Notes"). The SFR OP Convertible Notes bear interest at 7.50%, are interest only during the term of the SFR OP Convertible Note and mature on June 30, 2027. The SFR OP is a subsidiary of NexPoint Homes Trust, Inc. ("NXHT"), a single-family rental REIT managed by an affiliate of the Adviser. From August 1, 2022 through March 31,

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
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 Co-Guarantors, as guarantors, entered into a Sponsor Guaranty Agreement in favor of Extra Space pursuant to which the Company and the Co-Guarantors guaranteed obligations of NSP with respect to 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 Co-Guarantors are capped at $97.6 million, which cap amount will be reduced as the guaranteed obligations of NSP are paid. Each of the Company and the 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. As of September 30, 2023, the maximum liability of the Company under the guaranties was approximately $71.0 million. The Company has not recorded a contingent liability due to NSP being current on all debt and preferred dividend payments and in compliance with all debt compliance provisions of the Sponsor Guaranty Agreement. As of September 30, 2023, the Company owns approximately 53.0% of the total outstanding shares of common stock of NSP. See Note 13 for additional information. The Company is a limited guarantor and an indemnitor on one of NHT's loans with an aggregate principal amount of $77.4 million outstanding, as of September 30, 2023. 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. 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, 2023, the Company was not aware of any environmental liabilities. There can be no assurance that material environmental liabilities do not exist. Claymore and Allenby 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
Operating Leases	Sep. 30, 2023
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, 2023 (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 2023 $2,939 2024 9,536 2025 9,227 2026 7,911 2027 7,097 Thereafter 26,222 Total $62,932 The following table lists the tenants where the rental revenue from the tenants during the period presented represented 10% or more of total rental income in the Company’s consolidated statements of operations (in thousands): For the Nine Months Ended September 30, Tenant Rental Income Hudson Advisors LLC $2,135

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends Declared On November 6, 2023, the Board approved a quarterly dividend of $0.15 per common share, payable on December 29, 2023 to shareholders of record on November 17, 2023. 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 November 6, 2023, the Board approved a quarterly dividend of $0.34375 per Series A Preferred Share, payable on January 2, 2024 to shareholders of record on December 22, 2023. Issuance of Common Shares to Adviser On October 25, 2023, the Company issued 131,031.24 common shares to the Adviser as payment of a portion of the monthly Advisory Fees pursuant to the April 11, 2023 amendment to Advisory Agreement. Redemption of Series A Preferred Stock in NexAnnuity Holdings, Inc. On October 24, 2023, the Company, through one of its wholly owned TRSs, redeemed 1,000 shares of Class A Preferred Stock in NHI for $1.0 million . Credit Facility Amendment 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 increased the credit limit to $20 million. On October 23, 2023, the Company drew $7.0 million of the available balance.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Income Taxes	Income Taxes As a REIT for U.S. federal income tax purposes, the Company may deduct earnings distributed to stockholders against the income generated by our REIT operations. The Company continues to be subject to income taxes on the income of its taxable REIT subsidiaries. Our consolidated net loss before income taxes was $67.6 million for the three months ended September 30, 2023 and $99.9 million for the nine months ended September 30, 2023. The Company’s consolidated balance sheet as of September 30, 2023 consists of a $2.2 million net deferred tax asset at NHF TRS, LLC and a $1.5 million net deferred tax liability at NREO TRS, Inc. for a consolidated net Deferred Tax asset of $0.7 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 and nine months ended September 30,

Investments in Real Estate Su_2

Investments in Real Estate Subsidiaries (Tables)	9 Months Ended
Investments in Real Estate Subsidiaries (Tables)	Sep. 30, 2023
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 100% ownership of the SPEs that directly own the title to each property as of September 30, 2023: Effective Ownership Percentage at Property Name Location Year Acquired September 30, 2023 White Rock Center Dallas, Texas 2013 100 % 5916 W Loop 289 Lubbock, Texas 2013 100 % Cityplace Tower Dallas, Texas 2018 100 % NexPoint Dominion Land, LLC (1) Plano, Texas 2022 100 % (1) NexPoint Dominion Land, LLC owns 100% of 21.5 acres of undeveloped land in Plano, Texas.

Consolidated Real Estate Inve_2

Consolidated Real Estate Investments (Tables)	9 Months Ended
Consolidated Real Estate Investments (Tables)	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Schedule of Components of Investments in Real Estate Properties	As of September 30, 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 18,812 184,907 9,058 (6,669) 24,928 357 231,393 NexPoint Dominion Land, LLC 26,500 — — — — — 26,500 47,708 198,190 10,979 (6,770) 24,928 362 275,397 Accumulated depreciation and amortization — (11,295) (6,155) 1,857 — (223) (15,816) Total Operating Properties $ 47,708 $ 186,895 $ 4,824 $ (4,913) $ 24,928 $ 139 $ 259,581 As of December 31, 2022, 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 $ 10,314 $ 1,921 $ (101) $ — $ 5 $ 13,454 5916 W Loop 289 1,081 2,939 — — — — 4,020 Cityplace Tower 18,812 161,216 9,058 (6,669) 39,731 349 222,497 NexPoint Dominion Land, LLC 26,500 — — — — — 26,500 47,708 174,469 10,979 (6,770) 39,731 354 266,471 Accumulated depreciation and amortization — (4,114) (2,863) 743 — (181) (6,415) Total Operating Properties $ 47,708 $ 170,355 $ 8,116 $ (6,027) $ 39,731 $ 173 $ 260,056

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary 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 $ 101,535 7.69 % 3/8/2024 Note A-2 22,211 11.69 % 3/8/2024 Note B-1 12,782 7.69 % 3/8/2024 Note B-2 3,173 11.69 % 3/8/2024 Mezzanine Note 1 2,796 11.69 % 3/8/2024 Mezzanine Note 2 399 11.69 % 3/8/2024 Mortgages payable 142,896 Deferred financing costs, net (335) Mortgages payable, net $ 142,561
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, 2023 are as follows (in thousands): Mortgages Payable Notes Payable Prime Brokerage Borrowing Total 2023 $ — $ 2,000 $ — $ 2,000 2024 142,896 20,000 — 162,896 2025 — 13,250 — 13,250 2026 — — — — 2027 — — — — Thereafter — — 1,760 1,760 Total $ 142,896 $ 35,250 $ 1,760 $ 179,906

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	As of September 30, 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, 2023 Relationship as of September 30, 2023 Unconsolidated Entities: NexPoint Storage Partners, Inc. Common stock Self-storage 53.0 % VIE NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.7 % VIE Perilune Aero Equity Holdings One, LLC LLC interest Aircraft 16.4 % VIE SFR WLIF III, LLC LLC interest Single-family rental 20.0 % VIE NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 16.0 % VIE VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.1 % VIE NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 30.8 % VIE IQHQ Holdings, LP LP interest Life science 1.1 % VIE NexAnnuity Holdings, Inc. Preferred Shares Annuities 100.0 % (1) VIE (1) The Company owns 100% of the preferred stock of NexAnnuity Holdings, Inc., but it does not own any of the outstanding common stock of NexAnnunity Holdings, Inc.

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
Equity Method Investments (Tables)	Sep. 30, 2023
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, 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 % $ 11,815 $ (9,590) $ 21,405 $ (14) AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 24,336 21,334 3,002 (111) SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 7,200 7,466 (266) 447 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) 11,922 9,990 1,932 1,081 Claymore Holdings, LLC LLC interest N/A 50.0 % (5) — (6) — — — Allenby, LLC LLC interest N/A 50.0 % (5) — (6) — — — $ 67,585 $ 41,512 $ 26,073 $ 1,403 Below is a summary of the Company’s equity method investments as of December 31, 2022 (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 % $ 13,013 $ — $ 13,013 $ (217) AM Uptown Hotel, LLC LLC interest Hospitality 60.0 % (3) 27,136 21,334 5,802 (227) SFR WLIF III, LLC LLC interest Single-family rental 20.0 % 7,272 7,466 (194) 280 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) 10,923 8,751 2,172 665 Claymore Holdings, LLC LLC interest N/A 50.0 % (5) — (6) — — — Allenby, LLC LLC interest N/A 50.0 % (5) — (6) — — — $ 70,656 $ 49,863 $ — $ 20,793 $ 501 Below is a summary of the Company's investments as of September 30, 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 sheet. Investee Name Instrument Asset Type NXDT Percentage Ownership Fair Value NexPoint Real Estate Finance Operating Partnership, L.P. LP interest Mortgage 16.0 % (7) $ 79,658 NexPoint Real Estate Finance, Inc. Common stock Mortgage 12.2 % (7) 34,356 VineBrook Homes Operating Partnership, L.P. LP interest Single-family rental 11.1 % (7) 146,419 NexPoint Storage Partners, Inc. Common stock Self-storage 53.0 % (3) 69,484 NexPoint Storage Partners Operating Company, LLC LLC interest Self-storage 29.7 % 37,863 NexPoint SFR Operating Partnership, L.P. LP interest Single-family rental 30.8 % 49,568 NexPoint Hospitality Trust Common stock Hospitality 45.4 % 9,500 LLV Holdco, LLC LLC interest Land 26.8 % 3,267 $ 430,115 (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 by the Company to be the primary beneficiary (for a VIE) 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 September 30, 2023 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.
Equity Method Investments, Balance Sheet Summary	As such, only the financial information for NREF, NSP and VineBrook are presented below. NREF VineBrook NSP ASSETS Investments $ 6,814,871 $ 2,500 $ — Real estate assets 58,563 3,359,816 1,205,678 Cash and cash equivalents 10,977 34,115 12,746 Other assets 1,942 208,109 191,441 TOTAL ASSETS $ 6,886,353 $ 3,604,540 $ 1,409,865 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Debt $ 1,212,740 $ 2,487,524 $ 890,508 Other liabilities 5,239,450 148,345 402,928 Total Liabilities 6,452,190 2,635,869 1,293,436 Redeemable noncontrolling interests in the operating company 89,148 482,149 211,082 Noncontrolling interests in consolidated VIEs — 12,786 — Total Shareholders' Equity 345,015 473,736 (94,653) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 6,886,353 $ 3,604,540 $ 1,409,865
Equity Method Investments, Statement of Operations Summary	The table below presents the unaudited summary 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 Derivatives and_2

Fair Value of Derivatives and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Assets at Fair Value on a Recurring Basis	The table below summarizes the inputs used to value the Company’s assets carried at fair value on a recurring basis as of September 30, 2023 (in thousands): Fair Value Cost Basis Level 1 Level 2 Level 3 Total Assets Bond $ 17 $ — $ 22 $ — $ 22 CLO 34,958 — 563 18,251 18,814 Common stock 311,789 41,605 — 180,873 222,478 Convertible notes 46,260 — — 43,448 43,448 LLC interest 66,492 — — 41,148 41,148 LP interest 324,494 — 79,658 195,987 275,645 Preferred Shares 66,955 — — 66,955 66,955 Rights and warrants 3,937 — 3,751 — 3,751 Senior loan 41,428 — 58 41,867 41,925 $ 896,330 $ 41,605 $ 84,052 $ 588,529 $ 714,186 The table below summarizes the inputs used to value the Company’s assets carried at fair value on a recurring basis as of December 31, 2022 (in thousands): Fair Value Cost Basis Level 1 Level 2 Level 3 Total Assets Bond $ 17 $ — $ 20 $ — $ 20 CLO 34,958 — 563 6,412 6,975 Common stock 325,275 53,872 — 234,667 288,539 Convertible notes 54,802 — — 50,828 50,828 Life settlement 64,267 — — 67,711 67,711 LLC interest 66,492 — — 60,836 60,836 LP interest 321,026 — 77,370 223,141 300,511 Rights and warrants 3,947 — 3,794 — 3,794 Senior loan 43,399 — 66 43,341 43,407 $ 914,183 $ 53,872 $ 81,813 $ 686,936 $ 822,621
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, 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 Preferred Shares — 68,500 455 (2,000) — — — 66,955 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, 2023. Category Valuation Technique Significant Unobservable Inputs Input Value(s) Fair Value CLO Discounted Net Asset Value Discount 70% $ 18,251 Common Stock Market Approach Unadjusted Price/MHz-PoP $0.10 — $0.90 $(0.48) 180,873 Discounted Cash Flow Discount Rate 7.75% — 12.50% (10.2)% Market Rent (per sqft) $4.91 — $24.98 $(14.95) RevPAR $95.00 — $203.00 $(127.78) Capitalization Rates 5.38% — 10% (8.88)% NAV Approach Discount Rate 10.00% Multiples Analysis Multiple of EBITDA 1.00x — 4.25x (2.43)x Recent Transaction Implied Enterprise Value from Transaction Price ($mm) $841.00 N/A $25.31 — $28.00 $(26.66) Offer Price per Share $1.10 Convertible Notes Discounted Cash Flow Discount Rate 8.00% — 10.25% (9.13)% 43,448 Option Pricing Model Volatilty 25.00% — 60.00% (47.86)% LLC Interest Discounted Cash Flow Discount Rate 7.75% — 30.00% (14.06)% 41,148 Market Rent (per sqft) $4.91 — $24.98 $(14.95) Capitalization Rate 5.375% LP Interest Discounted Cash Flow Capitalization Rate 3.90% — 6.90% 5.51% 195,987 Discount Rate 10% — 20.0% (15)% Recent Transaction Price per Share $22.88 Preferred Shares Recent Transaction Cost ($mm) $66.955 66,955 Senior Loan Discounted Cash Flow Discount Rate 12.30% — 20.00% (16.15)% 41,867 Total $ 588,529

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
Shareholders' Equity (Tables)	Sep. 30, 2023
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 September 30, 2023: 2023 Number of Units Weighted Average Outstanding January 1, 2023 — $ — Granted 603,482 10.45 Vested — — Forfeited — — Outstanding September 30, 2023 603,482 $ 10.45 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, 2023: Shares Vesting April Total 2023 — — 2024 178,856 178,856 2025 141,542 141,542 2026 141,542 141,542 2027 141,542 141,542 Total 603,482 603,482

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
Earnings (Loss) Per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted 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, 2023 2023 Numerator for loss per share: Net income (loss) attributable to common shareholders $ (69,113) $ (104,811) Denominator for loss per share: Weighted average common shares outstanding 37,187 37,177 Denominator for basic and diluted loss per share 37,187 37,177 Weighted average unvested restricted share units 603 398 Denominator for diluted loss per share (1) 37,187 37,177 Loss per weighted average common share: Basic $ (1.86) $ (2.82) Diluted $ (1.86) $ (2.82) (1) For the three and nine months ended September 30, 2023, excludes approximately 397,900 and 603,482 shares, related to assumed vesting of RSUs as the effect would be anti-dilutive.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	For the nine months ended and as of September 30, 2023, the Company has the following investments in entities managed or advised by, or directly or indirectly owned by entities managed or advised by, affiliates of the Adviser (in thousands). Related Party Investment Fair Change in Unrealized Realized Equity in income (loss) Interest and Total Income NexPoint 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
Operating Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
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, 2023 (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 2023 $2,939 2024 9,536 2025 9,227 2026 7,911 2027 7,097 Thereafter 26,222 Total $62,932
Schedules of Concentration of Risk, by Risk Factor	The following table lists the tenants where the rental revenue from the tenants during the period presented represented 10% or more of total rental income in the Company’s consolidated statements of operations (in thousands): For the Nine Months Ended September 30, Tenant Rental Income Hudson Advisors LLC $2,135

Organization and Description _2

Organization and Description of Business (Details)	9 Months Ended
Organization and Description of Business (Details)	Sep. 30, 2023 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%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Effective tax rate (in percent)	(0.49%)		(1.45%)
Tax Credit Carryforward [Line Items]
Deferred tax asset, net	$ 651		$ 651	$ 2,247
Income tax payable	0		0	$ 10,720
Net income (loss) before income taxes	(67,628)	$ (51,471)	(99,902)
NHS TRS, LLC
Tax Credit Carryforward [Line Items]
Deferred tax asset, net	2,200		2,200
NREO TRS, LLC
Tax Credit Carryforward [Line Items]
Income tax payable	$ 1,500		$ 1,500

Investments in Real Estate Su_3

Investments in Real Estate Subsidiaries - Narrative (Details)	Sep. 30, 2023 property
Summary of Investment Holdings [Line Items]
Number of real estate properties	4
Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	100%

Investments in Real Estate Su_4

Investments in Real Estate Subsidiaries - Schedule of Investments in SPEs Properties (Details)	Sep. 30, 2023 a
Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	100%
White Rock Center \| Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	100%
5916 W Loop 289 \| Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	100%
Cityplace Tower \| Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	100%
NexPoint Dominion Land, LLC \| Special Purpose Entities Directly Owned Companies
Summary of Investment Holdings [Line Items]
Effective ownership (as a percent)	100%
NexPoint Dominion Land, LLC \| Undeveloped Land in Plano, Texas
Summary of Investment Holdings [Line Items]
Area of land (acre)	21.5

Consolidated Real Estate Inve_3

Consolidated Real Estate Investments - Components of Investments in Real Estate Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	$ 275,397	$ 266,471
Accumulated depreciation and amortization	(15,816)	(6,415)
Total Operating Properties	259,581	260,056
White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	13,485	13,454
5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	4,019	4,020
Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	231,393	222,497
NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	26,500	26,500
Land
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	47,708	47,708
Accumulated depreciation and amortization	0	0
Total Operating Properties	47,708	47,708
Land \| White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	1,315	1,315
Land \| 5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	1,081	1,081
Land \| Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	18,812	18,812
Land \| NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	26,500	26,500
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	198,190	174,469
Accumulated depreciation and amortization	(11,295)	(4,114)
Total Operating Properties	186,895	170,355
Buildings and Improvements \| White Rock Center
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	10,345	10,314
Buildings and Improvements \| 5916 W Loop 289
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	2,938	2,939
Buildings and Improvements \| Cityplace Tower
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	184,907	161,216
Buildings and Improvements \| NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Intangible Lease Assets
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	10,979	10,979
Accumulated depreciation and amortization	(6,155)	(2,863)
Total Operating Properties	4,824	8,116
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 Liabilities
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	(6,770)	(6,770)
Accumulated depreciation and amortization	1,857	743
Total Operating Properties	(4,913)	(6,027)
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
Construction in Progress
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	24,928	39,731
Accumulated depreciation and amortization	0	0
Total Operating Properties	24,928	39,731
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	24,928	39,731
Construction in Progress \| NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	0	0
Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	362	354
Accumulated depreciation and amortization	(223)	(181)
Total Operating Properties	139	173
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	357	349
Furniture, Fixtures, and Equipment \| NexPoint Dominion Land, LLC
Property, Plant and Equipment [Line Items]
Investment in real estate, gross	$ 0	$ 0

Consolidated Real Estate Inve_4

Consolidated Real Estate Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 2.8	$ 7.2
Net Amount Amortized As Increase To Rental Revenue For Capitalized Above and Below Market Lease	(0.3)	(0.9)
Leases, Acquired-in-Place \| Intangible Lease Assets
Property, Plant and Equipment [Line Items]
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	$ 0.4	$ 1.1

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands		9 Months Ended
Debt - Narrative (Details) $ in Thousands	May 22, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 09, 2022 USD ($) a	Jan. 08, 2021 USD ($)
Debt Instrument [Line Items]
Total		$ 179,906
Prime brokerage borrowing		1,760	$ 2,624
Credit Facility
Debt Instrument [Line Items]
Total		35,250
Revolver \| Revolving Credit Facility \| NexBank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000
Line of credit facility, optional maximum borrowing capacity	$ 50,000
Renewal term	1 year
Long-term line of credit		20,000
Revolver \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility \| NexBank
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Raymond James \| Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount					$ 30,000
Repayments of long-term debt, total		9,000
Mortgages payable, net		$ 2,000
Raymond James \| Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		4.25%
Undeveloped Land in Plano, Texas
Debt Instrument [Line Items]
Area of land (acre) \| a				21.5
Mortgages
Debt Instrument [Line Items]
Total		$ 142,896
Mortgages payable, net		$ 142,561
Mortgages \| Cityplace Tower
Debt Instrument [Line Items]
Debt, weighted average interest rate		8.50%	7.30%
Notes Payable, Other Payables \| Gabriel Legacy, LLC
Debt Instrument [Line Items]
Debt instrument, face amount				$ 13,300
Prime Brokerage Borrowing \| Merrill Lynch Professional Clearing Corp (BAML)
Debt Instrument [Line Items]
Prime brokerage borrowing		$ 1,800
Debt instrument, collateral amount		$ 6,900
Prime Brokerage Borrowing \| Merrill Lynch Professional Clearing Corp (BAML) \| Overnight Bank Funding Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.50%

Debt - Summary of Long-Term Not

Debt - Summary of Long-Term Notes Payable (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Total	$ 179,906
Mortgages
Debt Instrument [Line Items]
Total	142,896
Deferred financing costs, net	(335)
Mortgages payable, net	142,561
Note A-1
Debt Instrument [Line Items]
Total	$ 101,535
Interest rate	7.69%
Note A-2
Debt Instrument [Line Items]
Total	$ 22,211
Interest rate	11.69%
Note B-1
Debt Instrument [Line Items]
Total	$ 12,782
Interest rate	7.69%
Note B-2
Debt Instrument [Line Items]
Total	$ 3,173
Interest rate	11.69%
Mezzanine Note 1
Debt Instrument [Line Items]
Total	$ 2,796
Interest rate	11.69%
Mezzanine Note 2
Debt Instrument [Line Items]
Total	$ 399
Interest rate	11.69%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
2023	$ 2,000
2024	162,896
2025	13,250
2026	0
2027	0
Thereafter	1,760
Total	179,906
Notes Payable
Debt Instrument [Line Items]
2023	2,000
2024	20,000
2025	13,250
2026	0
2027	0
Thereafter	0
Total	35,250
Prime Brokerage Borrowing
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	1,760
Total	1,760
Mortgages Payable
Debt Instrument [Line Items]
2023	0
2024	142,896
2025	0
2026	0
2027	0
Thereafter	0
Total	$ 142,896

Variable Interest Entities (Det

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

Equity Method Investments - Equ

Equity Method Investments - Equity Method Investments (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) a	Dec. 31, 2022 USD ($)	Dec. 08, 2022	Aug. 08, 2022
Schedule of Equity Method Investments [Line Items]
Investment Basis		$ 67,585	$ 70,656
Share of Investee's Net Assets		41,512	49,863
Basis Difference		26,073	$ 20,793
Share of Earnings (Loss)	$ 501	1,403
Investment Basis		$ 430,115
Allenby, LLC
Schedule of Equity Method Investments [Line Items]
Effective ownership		50%
Sandstone Pasadena Apartments, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		50%	50%
Investment Basis		$ 11,815	$ 13,013
Share of Investee's Net Assets		(9,590)	0
Basis Difference		21,405	$ 13,013
Share of Earnings (Loss)	(217)	$ (14)
AM Uptown Hotel, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		60%	60%
Investment Basis		$ 24,336	$ 27,136
Share of Investee's Net Assets		21,334	21,334
Basis Difference		3,002	$ 5,802
Share of Earnings (Loss)	(227)	$ (111)
SFR WLIF III, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		20%	20%
Investment Basis		$ 7,200	$ 7,272
Share of Investee's Net Assets		7,466	7,466
Basis Difference		(266)	$ (194)
Share of Earnings (Loss)	280	$ 447
Las Vegas Land Owner, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		77%	77%
Investment Basis		$ 12,312	$ 12,312
Share of Investee's Net Assets		12,312	12,312
Basis Difference		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		$ 11,922	$ 10,923
Share of Investee's Net Assets		9,990	8,751
Basis Difference		1,932	$ 2,172
Share of Earnings (Loss)	665	$ 1,081
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
NexPoint Real Estate Finance Operating Partnership, L.P.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		16%
Investment Basis		$ 79,658
NexPoint Real Estate Finance, Inc.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		12.20%
Investment Basis		$ 34,356
VineBrook Homes Operating Partnership, L.P.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		11.10%
Investment Basis		$ 146,419
NexPoint Storage Partners, Inc.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		53%
Investment Basis		$ 69,484
NexPoint Storage Partners Operating Company, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		29.70%		14.80%
Investment Basis		$ 37,863
NexPoint SFR Operating Partnership, L.P.
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		30.80%
Investment Basis		$ 49,568
NexPoint Hospitality Trust
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		45.40%
Investment Basis		$ 9,500
LLV Holdco, LLC
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership		26.80%
Investment Basis		$ 3,267
Tivoli North Property
Schedule of Equity Method Investments [Line Items]
NXDT Percentage Ownership					77%
Percentage of ownership in real estate property					100%
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 - Bal

Equity Method Investments - Balance Sheet Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022
ASSETS
Real estate assets	$ 264,494		$ 266,083
Cash and cash equivalents	3,713		13,360
TOTAL ASSETS	1,101,035		1,222,902
Liabilities:
Total Liabilities	199,405		205,070
Total Shareholders' Equity	901,630	$ 971,329	1,017,832	$ 1,047,057	$ 1,112,868
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,101,035		$ 1,222,902
NexPoint Real Estate Finance Operating Partnership, LP (NREF OP) [Member]
ASSETS
Investments	6,814,871
Real estate assets	58,563
Cash and cash equivalents	10,977
Other assets	1,942
TOTAL ASSETS	6,886,353
Liabilities:
Debt	1,212,740
Other liabilities	5,239,450
Total Liabilities	6,452,190
Redeemable noncontrolling interests in the operating company	89,148
Noncontrolling interests in consolidated VIEs	0
Total Shareholders' Equity	345,015
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	6,886,353
VineBrook
ASSETS
Investments	2,500
Real estate assets	3,359,816
Cash and cash equivalents	34,115
Other assets	208,109
TOTAL ASSETS	3,604,540
Liabilities:
Debt	2,487,524
Other liabilities	148,345
Total Liabilities	2,635,869
Redeemable noncontrolling interests in the operating company	482,149
Noncontrolling interests in consolidated VIEs	12,786
Total Shareholders' Equity	473,736
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	3,604,540
NexPoint Storage Partners, Inc.
ASSETS
Investments	0
Real estate assets	1,205,678
Cash and cash equivalents	12,746
Other assets	191,441
TOTAL ASSETS	1,409,865
Liabilities:
Debt	890,508
Other liabilities	402,928
Total Liabilities	1,293,436
Redeemable noncontrolling interests in the operating company	211,082
Noncontrolling interests in consolidated VIEs	0
Total Shareholders' Equity	(94,653)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,409,865

Equity Method Investments - Sta

Equity Method Investments - Statement of Operations Summary (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023
Revenues
Rental income	$ 5,404	$ 4,603		$ 15,541
Net interest income			$ 67,404
Other income	97	18		128
Total revenues	12,364	40,763		41,110
Expenses
Total expenses	$ 12,885	$ 12,720		39,276
NexPoint Real Estate Finance Operating Partnership, LP (NREF OP) [Member]
Revenues
Rental income				3,057
Net interest income				12,971
Other income				0
Total revenues				16,028
Expenses
Total expenses				16,950
Gain (loss) on sales 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
Total revenues				263,483
Expenses
Total expenses				368,968
Gain (loss) on sales 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
Total revenues				91,532
Expenses
Total expenses				103,968
Gain (loss) on sales 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 Derivatives and_3

Fair Value of Derivatives and Financial Instruments - Assets at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	$ 896,330	$ 914,183
Bond
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	17	17
CLO
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	34,958	34,958
Common stock
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	311,789	325,275
Convertible notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	46,260	54,802
Life settlement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure		64,267
LLC interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	66,492	66,492
LP interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	324,494	321,026
Preferred Shares
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	66,955
Rights and warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	3,937	3,947
Senior loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	41,428	43,399
Fair Value
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	714,186	822,621
Fair Value \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	41,605	53,872
Fair Value \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	84,052	81,813
Fair Value \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	588,529	686,936
Fair Value \| Bond
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	22	20
Fair Value \| Bond \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| Bond \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	22	20
Fair Value \| Bond \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| CLO
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	18,814	6,975
Fair Value \| CLO \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| CLO \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	563	563
Fair Value \| CLO \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	18,251	6,412
Fair Value \| Common stock
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	222,478	288,539
Fair Value \| Common stock \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	41,605	53,872
Fair Value \| Common stock \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| Common stock \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	180,873	234,667
Fair Value \| Convertible notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	43,448	50,828
Fair Value \| Convertible notes \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| Convertible notes \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| Convertible notes \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	43,448	50,828
Fair Value \| Life settlement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure		67,711
Fair Value \| Life settlement \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure		0
Fair Value \| Life settlement \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure		0
Fair Value \| Life settlement \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure		67,711
Fair Value \| LLC interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	41,148	60,836
Fair Value \| LLC interest \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| LLC interest \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| LLC interest \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	41,148	60,836
Fair Value \| LP interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	275,645	300,511
Fair Value \| LP interest \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| LP interest \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	79,658	77,370
Fair Value \| LP interest \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	195,987	223,141
Fair Value \| Preferred Shares
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	66,955
Fair Value \| Preferred Shares \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0
Fair Value \| Preferred Shares \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0
Fair Value \| Preferred Shares \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	66,955
Fair Value \| Rights and warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	3,751	3,794
Fair Value \| Rights and warrants \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| Rights and warrants \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	3,751	3,794
Fair Value \| Rights and warrants \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| Senior loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	41,925	43,407
Fair Value \| Senior loan \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	0	0
Fair Value \| Senior loan \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	58	66
Fair Value \| Senior loan \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments, fair value disclosure	$ 41,867	$ 43,341

Fair Value of Derivatives and_4

Fair Value of Derivatives and Financial Instruments - Changes in Level 3 Assets (Details) - Level 3 $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	$ 686,936
Contributions/ Purchases	137,002
Paid in- kind dividends	3,444
Redemptions/ Conversions	(142,977)
Return of capital	0
Realized gain/(loss)	(2,812)
Unrealized gain/(loss)	(93,064)
Fair value, ending balance	588,529
CLO
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	6,412
Contributions/ Purchases	0
Paid in- kind dividends	0
Redemptions/ Conversions	0
Return of capital	0
Realized gain/(loss)	0
Unrealized gain/(loss)	11,839
Fair value, ending balance	18,251
Common stock
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	234,667
Contributions/ Purchases	0
Paid in- kind dividends	0
Redemptions/ Conversions	0
Return of capital	0
Realized gain/(loss)	0
Unrealized gain/(loss)	(53,794)
Fair value, ending balance	180,873
Convertible notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	50,828
Contributions/ Purchases	(8,542)
Paid in- kind dividends	0
Redemptions/ Conversions	0
Return of capital	0
Realized gain/(loss)	0
Unrealized gain/(loss)	1,162
Fair value, ending balance	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	60,836
Contributions/ Purchases	70,222
Paid in- kind dividends	0
Redemptions/ Conversions	(68,500)
Return of capital	0
Realized gain/(loss)	(1,722)
Unrealized gain/(loss)	(19,688)
Fair value, ending balance	41,148
LP interest
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	223,141
Contributions/ Purchases	3,467
Paid in- kind dividends	0
Redemptions/ Conversions	0
Return of capital	0
Realized gain/(loss)	0
Unrealized gain/(loss)	(30,621)
Fair value, ending balance	195,987
Preferred Shares
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	0
Contributions/ Purchases	68,500
Paid in- kind dividends	455
Redemptions/ Conversions	(2,000)
Return of capital	0
Realized gain/(loss)	0
Unrealized gain/(loss)	0
Fair value, ending balance	66,955
Senior loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	43,341
Contributions/ Purchases	0
Paid in- kind dividends	2,989
Redemptions/ Conversions	(4,971)
Return of capital	0
Realized gain/(loss)	11
Unrealized gain/(loss)	497
Fair value, ending balance	$ 41,867

Fair Value of Derivatives and_5

Fair Value of Derivatives and Financial Instruments - Significant Unobservable Inputs of Level 3 Assets (Details) - Level 3 $ in Thousands	Sep. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 588,529
CLO \| Discount Rate \| Discounted Net Asset Value
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.70
Fair Value	$ 18,251
Common stock \| Discount Rate \| Discounted Net Asset Value
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.1000
Common stock \| Unadjusted Price/MHz-PoP \| Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 180,873
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
Common stock \| Offer Price per Share \| Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	1.10
Convertible notes \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 43,448
LLC interest \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 41,148
LLC interest \| Capitalization Rates \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.05375
LP interest \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 195,987
LP interest \| Offer Price per Share \| Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	22.88
Preferred Shares \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 66,955
Preferred Shares \| Offer Price per Share \| Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	66.955
Senior loan \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 41,867
Minimum \| Common stock \| Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	25.31
Minimum \| Common stock \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0775
Minimum \| Common stock \| Unadjusted Price/MHz-PoP \| Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.10
Minimum \| Common stock \| Market Rent (per sqft) \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	4.91
Minimum \| Common stock \| RevPAR \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	95
Minimum \| Common stock \| Capitalization Rates \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0538
Minimum \| Common stock \| Multiple of EBITDA \| Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	1
Minimum \| Convertible notes \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0800
Minimum \| Convertible notes \| Volatilty \| Option Pricing Model
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.2500
Minimum \| LLC interest \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0775
Minimum \| LLC interest \| Market Rent (per sqft) \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	4.91
Minimum \| LP interest \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0390
Minimum \| LP interest \| Capitalization Rates \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.10
Minimum \| Senior loan \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.1230
Maximum \| Common stock \| Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	28
Maximum \| Common stock \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.1250
Maximum \| Common stock \| Unadjusted Price/MHz-PoP \| Market Approach
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.90
Maximum \| Common stock \| Market Rent (per sqft) \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	24.98
Maximum \| Common stock \| RevPAR \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	203
Maximum \| Common stock \| Capitalization Rates \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.10
Maximum \| Common stock \| Multiple of EBITDA \| Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	4.25
Maximum \| Convertible notes \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.1025
Maximum \| Convertible notes \| Volatilty \| Option Pricing Model
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.6000
Maximum \| LLC interest \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.3000
Maximum \| LLC interest \| Market Rent (per sqft) \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	24.98
Maximum \| LP interest \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0690
Maximum \| LP interest \| Capitalization Rates \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.200
Maximum \| Senior loan \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.2000
Weighted Average \| Common stock \| Recent Transaction
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(26.66)
Weighted Average \| Common stock \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.102)
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)
Weighted Average \| Common stock \| Market Rent (per sqft) \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(14.95)
Weighted Average \| Common stock \| RevPAR \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(127.78)
Weighted Average \| Common stock \| Capitalization Rates \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0888)
Weighted Average \| Common stock \| Multiple of EBITDA \| Multiples Analysis
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(2.43)
Weighted Average \| Convertible notes \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.0913)
Weighted Average \| Convertible notes \| Volatilty \| Option Pricing Model
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.4786)
Weighted Average \| LLC interest \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.1406)
Weighted Average \| LLC interest \| Market Rent (per sqft) \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(14.95)
Weighted Average \| LP interest \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	0.0551
Weighted Average \| LP interest \| Capitalization Rates \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.15)
Weighted Average \| Senior loan \| Discount Rate \| Discounted Cash Flow
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input Value(s) (Arithmetic Mean)	(0.1615)

Life Settlement Portfolio (Deta

Life Settlement Portfolio (Details) - $ / shares			9 Months Ended
Life Settlement Portfolio (Details) - $ / shares	Sep. 01, 2023	Jan. 08, 2021	Sep. 30, 2023	Jun. 30, 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
Series A Preferred Stock
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Original issue price per share (in dollars per share)			$ 1,000
Preferred stock, dividend rate, percentage		5.50%
Series A Preferred Stock \| Dividend Payable Years One Through Seven
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Preferred stock, dividend rate, percentage			8%
Series A Preferred Stock \| Dividend Payable Years Eight Through Ten
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Preferred stock, dividend rate, percentage			9.50%
Series A Preferred Stock \| Dividend Payable Years Eleven Through Thirteen
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Preferred stock, dividend rate, percentage			11%
Series A Preferred Stock \| Dividend Payable Years Fourteen Through Sixteen and Thereafter
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Preferred stock, dividend rate, percentage			12%
Specialty Financial Products, LLC
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Ownership percentage				100%

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions				3 Months Ended	9 Months Ended
	Sep. 29, 2023	Apr. 04, 2023 shares	Jan. 08, 2021 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) distribution $ / shares shares	Jan. 01, 2023 shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Common stock, shares, issued (in shares)				37,682,699	37,682,699		37,171,807
Common stock, par value per share (in dollars per share) \| $ / shares				$ 0.001	$ 0.001		$ 0.001
Common shares pursuant to terminated dividend reinvestment plan (in shares)					510,891.75
Common stock, dividends paid (in dollars per share) \| $ / shares					$ 0.15
Percentage of common stock, dividend paid as cash	0.20
Preferred stock, shares issued (in shares)				3,359,593	3,359,593		3,359,593
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.001	$ 0.001		$ 0.001
Additional Paid-in Capital
Class of Stock [Line Items]
Stock-based compensation expense \| $				$ 0.5	$ (0.9)
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)					603,482
Dividends payable \| $				$ 0.2	$ 0.2
Long Term Incentive Plan
Class of Stock [Line Items]
Common stock, shares, issued (in shares)				0	0
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)		37,313
Long Term Incentive Plan \| Officer \| Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)		566,169
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	$ 0.001
Preferred stock, redemption price per share (in dollars per share) \| $ / shares			$ 25
Proceeds from issuance of preferred stock \| $			$ 84
Number of distribution declared \| distribution					3
Preferred stock, dividends paid (in dollars per share) \| $ / shares					$ 0.34375

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock Units Activities (Details) - Restricted Stock Units (RSUs) - $ / shares		9 Months Ended
	Apr. 04, 2023	Sep. 30, 2023
Number of Units
Restricted stock units at the beginning of the period (in shares)		0
Granted (in shares)		603,482
Vested (in shares)		0
Forfeited (in shares)		0
Restricted stock units at the end of the period (in shares)	603,482	603,482
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)		$ 0
Weighted-average grant date fair value, granted (in dollars per share)		10.45
Weighted-average grant date fair value, vested (in dollars per share)		0
Weighted-average grant date fair value, forfeited (in dollars per share)		0
Restricted stock units weighted-average grant date fair value at the end of the period (in dollars per share)		$ 10.45

Shareholders' Equity - Restri_2

Shareholders' Equity - Restricted Stock Units Vesting Schedule (Details) - Restricted Stock Units (RSUs) - shares	Sep. 30, 2023	Apr. 04, 2023	Dec. 31, 2022
Class of Stock [Line Items]
2023		0
2024		178,856
2025		141,542
2026		141,542
2027		141,542
Total	603,482	603,482	0
April
Class of Stock [Line Items]
2023		0
2024		178,856
2025		141,542
2026		141,542
2027		141,542
Total		603,482

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Numerator for loss per share:
Net income (loss) attributable to common shareholders	$ (69,113)	$ (60,142)	$ (104,811)
Denominator for loss per share:
Weighted average common shares outstanding (in shares)	37,187,000	37,172,000	37,177,000
Weighted average unvested restricted stock units (in shares)	603,000		398,000
Denominator for diluted loss per share (in shares)	37,187,000	37,172,000	37,177,000
Loss per weighted average common share:
Earnings (loss) per share - basic (in dollars per share)	$ (1.86)	$ (1.62)	$ (2.82)
Earnings (loss) per share - diluted (in dollars per share)	$ (1.86)	$ (1.62)	$ (2.82)
Antidilutive securities excluded from computation of earnings per share (in shares)	397,900		603,482

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)

3 Months Ended

8 Months Ended

9 Months Ended

Sep. 28, 2023 company shares

Sep. 01, 2023 company shares

May 22, 2023 USD ($)

Feb. 15, 2023 USD ($)

Jan. 01, 2023 USD ($)

Dec. 23, 2022 shares

Sep. 14, 2022 USD ($)

Aug. 08, 2022 USD ($)

Mar. 31, 2022

Jan. 01, 2014 USD ($)

Sep. 30, 2023 USD ($) shares

Sep. 30, 2022 USD ($)

Aug. 31, 2023 USD ($)

Sep. 30, 2023 USD ($) shares

Jun. 13, 2023 USD ($)

Apr. 11, 2023 shares

Dec. 31, 2022 shares

Dec. 08, 2022 shares

Related Party Transaction [Line Items]

Annual advisory fee, percent

Administrative fee, percent

0.20%

Advisory agreement, maximum common shares issuable (in shares) | shares

6,000,000

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

Termination fee calculation, threshold period

1 year

Administrative and advisory fees expense

$ 3,500,000

$ 10,700,000

Administrative and advisory fees expense waived to comply with cap

2,000,000

Property management fees

$ 191,000

$ 166,000

$ 553,000

Common stock, shares, issued (in shares) | shares

37,682,699

37,171,807

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

Tivoli North Property

Related Party Transaction [Line Items]

Percentage of ownership in real estate property

77%

NexPoint Storage Partners, Inc.

Related Party Transaction [Line Items]

NXDT Percentage Ownership

53%

NexPoint Storage Partners Operating Company, LLC

Related Party Transaction [Line Items]

NXDT Percentage Ownership

29.70%

14.80%

NexPoint Hospitality Trust

Related Party Transaction [Line Items]

NXDT Percentage Ownership

45.40%

REIT Sub and the Co-Guarantors

Related Party Transaction [Line Items]

Guarantor obligations, current carrying value

$ 49,200,000

$ 64,200,000

Guarantor obligations, maximum exposure

97,600,000

REIT Sub

Related Party Transaction [Line Items]

Guarantor obligations, maximum exposure

$ 71,000,000

NexAnnuity Asset Management, L.P. | SFR IMA

Related Party Transaction [Line Items]

Property management fees

$ 100,000

Management fee, percent

NexVest Realty Advisors | Property Management Fees

Related Party Transaction [Line Items]

Management fee, percent

Related party transaction, expenses from transactions with related party

$ 500,000

Related party transaction, monthly expenses from transactions with related party

$ 1,200

$ 750

NexVest Realty Advisors | Property Management Fees | Cityplace Tower

Related Party Transaction [Line Items]

Minimum management fee

$ 20,000

White Rock Center | Property Management Fees | Cityplace Tower

Related Party Transaction [Line Items]

Management fee, percent

NexPoint Hospitality Trust | Guarantor on Loans

Related Party Transaction [Line Items]

Mortgages payable, net

77,400,000

$ 77,400,000

NexPoint SFR Operating Partnership, L.P. | NexPoint SFR Operating Partnership, L.P.

Related Party Transaction [Line Items]

Debt instrument, face amount

$ 11,000,000

NexPoint SFR Operating Partnership, L.P. | Highland Opportunities and Income Fund (HFRO)

Related Party Transaction [Line Items]

Convertible notes

$ 11,000,000

Interest rate

7.50%

Threshold percentage ownership

0.500

BS Loan Agreement | BS Borrower

Related Party Transaction [Line Items]

Mortgages payable, net

$ 184,900,000

Long-term debt, additional term

6 months

BS Loan Agreement | BS Borrower | Minimum

Related Party Transaction [Line Items]

Mortgages payable, net

$ 221,800,000

BS Loan Agreement | BS Borrower | Secured Overnight Financing Rate (SOFR) | Minimum

Related Party Transaction [Line Items]

Debt instrument, basis spread on variable rate

0.50%

BS Loan Agreement, First Initial Principal | BS Borrower

Related Party Transaction [Line Items]

Debt instrument, basis spread on variable rate

5.40%

Mortgages payable, net

$ 36,900,000

BS Loan Agreement, First Initial Principal | BS Loan Agreement | Secured Overnight Financing Rate (SOFR)

Related Party Transaction [Line Items]

Debt instrument, basis spread on variable rate

Promissory Notes | REIT Sub and the Co-Guarantors

Related Party Transaction [Line Items]

Extinguishment of debt, amount

$ 15,000,000

BS Loan Agreement, Second Initial Principal | BS Borrower | Secured Overnight Financing Rate (SOFR)

Related Party Transaction [Line Items]

Debt instrument, face amount

$ 356,500,000

CMBS Loan Agreement | CMBS Borrower | Secured Overnight Financing Rate (SOFR)

Related Party Transaction [Line Items]

Debt instrument, basis spread on variable rate

3.60%

CMBS Loan Agreement, Second Extension | CMBS Borrower | Secured Overnight Financing Rate (SOFR)

Related Party Transaction [Line Items]

Debt instrument, basis spread on variable rate, increase

0.10%

CMBS Loan Agreement, Third Extension | CMBS Borrower | Secured Overnight Financing Rate (SOFR)

Related Party Transaction [Line Items]

Debt instrument, basis spread on variable rate, increase

0.15%

Bridge Note | PNC Bank, N.A.

Related Party Transaction [Line Items]

Debt instrument, face amount

$ 13,500,000

Bridge Note | Secured Overnight Financing Rate (SOFR) | PNC Bank, N.A.

Related Party Transaction [Line Items]

Debt instrument, basis spread on variable rate

3.50%

Bridge Note | Prime Rate | NexPoint Real Estate Finance, Inc.

Related Party Transaction [Line Items]

Debt instrument, basis spread on variable rate

1.50%

Revolving Credit Facility | Revolver | NexBank

Related Party Transaction [Line Items]

Line of credit facility, maximum borrowing capacity

$ 20,000,000

Line of credit facility, optional maximum borrowing capacity

$ 50,000,000

Long-term line of credit

$ 20,000,000

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

Related Party Transaction [Line Items]

Debt instrument, basis spread on variable rate

3.50%

Common Class B | NexPoint Storage Partners Operating Company, LLC

Related Party Transaction [Line Items]

Common stock, shares, issued (in shares) | shares

47,064

Common Class B | NexPoint Storage Partners, Inc.

Related Party Transaction [Line Items]

Common stock, shares, issued (in shares) | shares

86,369

Preferred Class A | NexAnnuity Holdings, Inc.

Related Party Transaction [Line Items]

Noncontrolling interest shares redeemed (in shares) | shares

2,000

Stock issued during period, new issues (in shares) | shares

68,500

Advisor | Common stock | Advisory Agreement

Related Party Transaction [Line Items]

Stock issued during period, issued for services (in shares) | shares

14,588.75

Stock issued during period, value, issued for services

$ 160,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023
Related Party Transaction [Line Items]
Change in Unrealized Gain/(Loss)	$ (61,626)		$ (78,238)	$ 32,594	$ (89,598)
Realized gains (losses)	(939)		2,846	$ 29,146	(718)
Equity in income (loss)	(369)	$ (1,581)	$ (1,581)		(23)
NexPoint Hospitality Trust
Related Party Transaction [Line Items]
Investments	9,500				9,500
Change in Unrealized Gain/(Loss)					(18,185)
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					0
Total Income					(18,185)
NexPoint Real Estate Finance, Inc.
Related Party Transaction [Line Items]
Investments	34,356				34,356
Change in Unrealized Gain/(Loss)					987
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					4,316
Total Income					5,303
NexPoint Storage Partners, Inc.
Related Party Transaction [Line Items]
Investments	69,484				69,484
Change in Unrealized Gain/(Loss)					(34,210)
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					0
Total Income					(34,210)
NexPoint Residential Trust, Inc.
Related Party Transaction [Line Items]
Investments	2,910				2,910
Change in Unrealized Gain/(Loss)					(1,027)
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					113
Total Income					(914)
NexPoint SFR Operating Partnership, L.P.
Related Party Transaction [Line Items]
Investments	21,275				21,275
Change in Unrealized Gain/(Loss)					468
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					1,411
Total Income					1,879
NexPoint Hospitality Trust
Related Party Transaction [Line Items]
Investments	22,173				22,173
Change in Unrealized Gain/(Loss)					694
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					479
Total Income					1,173
NexPoint Storage Partners Operating Company, LLC
Related Party Transaction [Line Items]
Investments	37,863				37,863
Change in Unrealized Gain/(Loss)					(18,642)
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					0
Total Income					(18,642)
SFR WLIF III, LLC
Related Party Transaction [Line Items]
Investments	7,200				7,200
Change in Unrealized Gain/(Loss)					0
Realized gains (losses)					0
Equity in income (loss)					498
Interest and Dividends					0
Total Income					498
Claymore Holdings, LLC
Related Party Transaction [Line Items]
Investments	0				0
Change in Unrealized Gain/(Loss)					0
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					0
Total Income					0
Allenby, LLC
Related Party Transaction [Line Items]
Investments	0				0
Change in Unrealized Gain/(Loss)					0
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					0
Total Income					0
VineBrook Homes Operating Partnership, L.P.
Related Party Transaction [Line Items]
Investments	146,419				146,419
Change in Unrealized Gain/(Loss)					(26,108)
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					2,866
Total Income					(23,242)
NexPoint Real Estate Finance Operating Partnership, L.P.
Related Party Transaction [Line Items]
Investments	79,658				79,658
Change in Unrealized Gain/(Loss)					2,288
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					8,764
Total Income					11,052
NexPoint SFR Operating Partnership, L.P.
Related Party Transaction [Line Items]
Investments	49,568				49,568
Change in Unrealized Gain/(Loss)					(4,513)
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					1,203
Total Income					(3,310)
NexAnnuity Holdings, Inc.
Related Party Transaction [Line Items]
Investments	66,955				66,955
Change in Unrealized Gain/(Loss)					0
Realized gains (losses)					0
Equity in income (loss)					0
Interest and Dividends					455
Total Income					455
Affiliates of the Advisor
Related Party Transaction [Line Items]
Investments	$ 547,361				547,361
Change in Unrealized Gain/(Loss)					(98,248)
Realized gains (losses)					0
Equity in income (loss)					498
Interest and Dividends					19,607
Total Income					$ (78,143)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Feb. 15, 2023	Sep. 30, 2023	Sep. 14, 2022
NexPoint Hospitality Trust \| Guarantor on Loans
Other Commitments [Line Items]
Other commitment		$ 77.4
NexPoint Storage Partners, Inc.
Other Commitments [Line Items]
Ownership percentage		53%
REIT Sub and the Co-Guarantors
Other Commitments [Line Items]
Guarantor obligations, current carrying value	$ 49.2		$ 64.2
Guarantor obligations, maximum exposure			97.6
REIT Sub and the Co-Guarantors \| Promissory Notes
Other Commitments [Line Items]
Extinguishment of debt, amount	$ 15
REIT Sub
Other Commitments [Line Items]
Guarantor obligations, maximum exposure			$ 71

Operating Leases - Lessee, Oper

Operating Leases - Lessee, Operating Lease, Liability, Maturity (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 2,939
2024	9,536
2025	9,227
2026	7,911
2027	7,097
Thereafter	26,222
Total	$ 62,932

Operating Leases - Concentratio

Operating Leases - Concentration Risk (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Revenue Benchmark \| Customer Concentration Risk \| Hudson Advisors LLC
Lessor, Lease, Description [Line Items]
Rental Income	$ 2,135

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions								3 Months Ended		9 Months Ended
	Nov. 06, 2023 $ / shares	Oct. 26, 2023 shares	Oct. 24, 2023 USD ($) company shares	Oct. 23, 2023 USD ($)	Sep. 28, 2023 company shares	Sep. 01, 2023 company	Dec. 23, 2022 shares	Sep. 30, 2023 $ / shares	Sep. 30, 2022 $ / shares	Sep. 30, 2023 $ / shares	Oct. 20, 2023 USD ($)
Subsequent Event [Line Items]
Common share dividends declared (in dollars per share) \| $ / shares								$ 0.15	$ 0.15	$ 0.45
Preferred share dividends declared (in dollars per share) \| $ / shares								$ 0.34375	$ 0.34375	$ 1.03125
Number of company owned \| company					1	1
Noncontrolling interest shares redeemed (in shares) \| shares							2,100,000
Subsequent Event
Subsequent Event [Line Items]
Common share dividends declared (in dollars per share) \| $ / shares	$ 0.15
Preferred share dividends declared (in dollars per share) \| $ / shares	$ 0.34375
Stock issued during period, issued for services (in shares) \| shares		131,031.24
Number of company owned \| company			1
Raymond James Bank, N.A \| Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity \| $											$ 20
Drawn down on available balance \| $				$ 7
Preferred Class A \| NexAnnuity Holdings, Inc.
Subsequent Event [Line Items]
Noncontrolling interest shares redeemed (in shares) \| shares					2,000
Preferred Class A \| NexAnnuity Holdings, Inc. \| Subsequent Event
Subsequent Event [Line Items]
Noncontrolling interest shares redeemed (in shares) \| shares			1,000
Proceeds from noncontrolling interests \| $			$ 1