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NXDT - NexPoint Diversified: A Look-Through Approach To NAV Reveals Concerns
NexPoint Diversified Real Estate Trust
2024-05-13 22:06:50 ET
Summary
NexPoint Diversified Real Estate Trust common equity is down 27% since our previous coverage and more pain may be ahead due to its structure and complexity.
Two key assets, VineBrook Homes and Citiyplace Tower, make up 30% of NXDT's NAV and are at high risk of being wiped out.
Investors should avoid long positions and limit exposure to NXDT due to the potential for asset disposals at a loss and pressure on common equity.