N-CSRS 1 ncsrs-resi.htm CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES FILED ON FORM N-CSR

As filed with the Securities and Exchange Commission on June 26, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21421

NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND INC.

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Real Estate Securities Income Fund Inc.

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas
New York, New York 10104-0002

Lori L. Schneider, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Registrant's telephone number, including area code: (212) 476-8800

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Stockholders.

(a)	Following is a copy of the semi-annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.

Neuberger Berman
Real Estate Securities
Income Fund Inc.

Semi-Annual Report

April 30, 2025

Contents

PRESIDENT'S LETTER	1
PORTFOLIO COMMENTARY	2
SCHEDULE OF INVESTMENTS	7
FINANCIAL STATEMENTS	12
NOTES TO FINANCIAL STATEMENTS	16
FINANCIAL HIGHLIGHTS	23
Distribution Reinvestment Plan for the Fund	25
Directory	28
Proxy Voting Policies and Procedures	29
Quarterly Portfolio Schedule	29
Privacy NoticeLocated after the Fund's Report

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC. ©2025 Neuberger Berman Investment Advisers LLC. All rights reserved.

President’s Letter

Dear Stockholder,

I am pleased to present this semi-annual report for Neuberger Berman Real Estate Securities Income Fund Inc. (the Fund) for the six months ended April 30, 2025 (the reporting period). The report includes a portfolio commentary, a listing of the Fund’s investments and its unaudited financial statements for the reporting period.

The Fund seeks to provide high current income with capital appreciation as a secondary objective. To pursue both, we have assembled a portfolio with a broad mix of equity securities of real estate investment trusts (REITs) and other real estate companies. Our investment approach combines analysis of security fundamentals and real estate with property sector diversification. Our disciplined valuation methodology seeks real estate company securities that we believe are attractively priced relative to both their historical growth rates and the valuation of other property sectors.

As previously communicated, the Fund commenced a transferable rights offering (Offer) on January 23, 2025 (Record Date), whereby the Fund issued one transferable right (Right) for each share of common stock of the Fund held by stockholders of record as of the Record Date. Holders of Rights were entitled to purchase common stock by submitting three Rights and the subscription price per share for each share purchased. The final subscription price of $3.25 per share of common stock was equal to 90% of the Fund’s net asset value per share of common stock at the close of trading on the NYSE American on February 19, 2025, the expiration date of the Offer. The Offer, which was over-subscribed, resulted in the issuance of 15,840,458 shares of common stock and the gross proceeds of the Offer were approximately $51.5 million.

Thank you for your confidence in the Fund. We will continue to do our best to retain your trust in the years to come.

Sincerely,

Joseph V. Amato
President and CEO
Neuberger Berman Real Estate Securities Income Fund Inc.

Neuberger Berman Real Estate Securities Income Fund Inc.

Portfolio Commentary (Unaudited)

Neuberger Berman Real Estate Securities Income Fund Inc. (the Fund) generated a -9.36% total return on a net asset value (NAV) basis for the six-month period ended April 30, 2025 (the reporting period), underperforming its benchmark, the FTSE Nareit All Equity REITs Index (the Index), which posted a -4.03% total return for the same period. (Fund performance on a market price basis is provided in the table immediately following this commentary.) The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) detracted from the Fund’s performance during the reporting period. In addition, the Fund conducted a rights offering in late January, resulting in an issuance of approximately 15.8 million additional shares of common stock, which also weighed on returns during the period.

During the reporting period, U.S. equity markets were marked by heightened volatility, shifting sharply in response to evolving U.S. Federal Reserve Board (Fed) policy expectations, political developments, and renewed trade tensions. The S&P 500® Index’s performance was mixed, heavily driven by the seven mega-cap technology stocks, which contributed a disproportionate share of returns while the broader market lagged. Investor sentiment initially surged amid robust inflows but moderated as macroeconomic uncertainty and policy risks mounted, leading to a more cautious market tone and increased dispersion between sectors and styles. All told, the S&P 500 Index returned -1.74% during the reporting period. Real estate investment trusts (REITs), as measured by the Index, declined -4.03% over the reporting period, underperforming the broader stock market.

On average, the Fund had a roughly 31% allocation to REIT preferred shares during the reporting period. We invested in REIT preferred shares to pursue the Fund’s dual objective of income generation and price appreciation. This detracted from the Fund’s relative performance as preferred shares, as measured by the FTSE Nareit Preferred Stock Index, returned -5.70% during the reporting period.

Stock selection was additive for performance whereas sector allocation detracted from relative results. From a stock selection perspective, holdings in the Office, Health Care, and Lodging/Resorts sectors were the most additive to performance. On the downside, holdings in the Diversified, Specialty, and Single Family Homes sectors detracted the most from relative returns. In terms of sector positioning, an underweight to Industrial and an overweight to non-benchmark Mortgage Commercial Financing versus the Index were the most beneficial for relative performance. Conversely, an overweight to Office and underweight to Telecommunication REITs were the largest headwinds for results.

Core inflation has moderated but still remains above the Fed’s 2% target while real interest rates remain restrictive. We believe the Fed will eventually prioritize downside growth risks over inflation concerns and believe that policy should be more accommodative than restrictive.

First quarter earnings season has generally been positive for REITs, reinforcing our anticipations for ˃4% cash flow growth this year. With a market rotation towards value, a slowing supply backdrop, moderating expenses and our anticipated acceleration in earnings growth, we believe REITs are well positioned. Tax cuts and deregulation could lead to higher consumer spending, confidence and business investments, and drive demand across retail, residential, and commercial real estate sectors. However, higher tariffs and stricter immigration policies could add to inflationary pressures.

Our focus remains on REITs with low leverage, diverse demand drivers, superior fundamentals compared to peers, and clear visibility into earnings profiles. In our view, experienced REITs with good performance and robust balance sheets should be able to cement their market leadership positions.

Sincerely,

Steve Shigekawa and Brian Jones
Portfolio Co-Managers

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

Neuberger Berman Real Estate Securities Income Fund Inc.

Portfolio Commentary (Unaudited)

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

The value of securities owned by the Fund, as well as the market value of shares of the Fund’s common stock, may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional, national or global political, social or economic instability; regulatory or legislative developments; price, currency and interest rate fluctuations, including those resulting from changes in central bank policies; and changes in investor sentiment.

Real Estate Securities Income Fund Inc. (Unaudited)

TICKER SYMBOL
Real Estate Securities Income Fund Inc.	NRO

SECTOR ALLOCATION
(as a % of Total Investments*)
Apartments	6.6 %
Data Centers	5.6
Diversified	2.7
Free Standing	3.0
Gaming	2.1
Health Care	10.5
Industrial	4.4
Lodging/Resorts	6.2
Manufactured Homes	3.7
Mortgage Commercial Financing	4.8
Mortgage Home Financing	4.1
Office	10.3
Regional Malls	4.3
Self Storage	8.4
Shopping Centers	6.7
Single Family Homes	3.9
Specialty	0.2
Telecommunications	12.0
Short-Term Investments	0.5
Total	100.0 %

*	Does not include the impact of the Fund’s open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS
	Inception Date	Six Month Period Ended 04/30/2025	Average Annual Total Return Ended 04/30/2025
	Inception Date	Six Month Period Ended 04/30/2025	1 Year	5 Years	10 Years	Life of Fund
At NAV1
Real Estate Securities Income Fund Inc.	10/28/2003	-9.36%	14.43%	8.02%	3.90%	4.01%
At Market Price2
Real Estate Securities Income Fund Inc.	10/28/2003	-13.91%	13.51%	9.12%	5.10%	3.56%
Index
FTSE Nareit All Equity REITs Index3		-4.03%	16.27%	7.28%	6.03%	8.39%

Listed closed-end funds, unlike open-end funds, are not continually offered. Generally, there is an initial public offering and, once issued, shares of common stock of closed-end funds are sold in the secondary market on a stock exchange.

The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For current performance data, please visit www.nb.com/cef-performance.

The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a stockholder would pay on Fund distributions or on the sale of shares of the Fund’s common stock.

The investment return and market price will fluctuate and shares of the Fund’s common stock may trade at prices above or below NAV. Shares of the Fund’s common stock, when sold, may be worth more or less than their original cost.

Returns would have been lower if Neuberger Berman Investment Advisers LLC ("NBIA") had not waived a portion of its investment management fees during certain of the periods shown. The waived fees are from prior years that are no longer disclosed in the Financial Highlights.

Endnotes (Unaudited)

1	Returns based on the NAV of the Fund.
2	Returns based on the market price of shares of the Fund’s common stock on the NYSE American.
3	The FTSE Nareit All Equity REITs Index is a free float-adjusted, market capitalization-weighted index that tracks the performance of U.S. equity real estate investment trusts (REITs) that are listed on the New York Stock Exchange or NASDAQ. Equity REITs include all tax qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. Please note that the index does not take into account any fees and expenses or any tax consequences of investing in the individual securities that it tracks and that individuals cannot invest directly in any index. Data about the performance of this index are prepared or obtained by NBIA and include reinvestment of all income dividends and other distributions, if any. The Fund may invest in securities not included in the index and generally does not invest in all securities included in the index.

For more complete information on Neuberger Berman Real Estate Securities Income Fund Inc., call Neuberger Berman Investment Advisers LLC at (877) 461-1899, or visit our website at www.nb.com.

Legend April 30, 2025 (Unaudited)

Neuberger Berman Real Estate Securities Income Fund Inc.

Other Abbreviations:
Management or NBIA	= Neuberger Berman Investment Advisers LLC
Reference Rate Benchmarks:
LIBOR	= London Interbank Offered Rate
SOFR	= Secured Overnight Financing Rate

Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited)

April 30, 2025

Number of Shares		Value
Common Stocks 87.4%
Apartments 8.8%
33,489	AvalonBay Communities, Inc.	$7,032,020 (a)
50,975	Camden Property Trust	5,800,955 (a)
139,831	UDR, Inc.	5,856,123 (a)
		18,689,098
Data Centers 5.5%
30,507	Digital Realty Trust, Inc.	4,897,594 (a)
7,797	Equinix, Inc.	6,711,268 (a)
		11,608,862
Free Standing 2.4%
88,488	Realty Income Corp.	5,119,916 (a)
Gaming 2.8%
126,123	Gaming & Leisure Properties, Inc.	6,036,247 (a)
Health Care 14.0%
161,069	American Healthcare REIT, Inc.	5,199,307 (a)
187,707	Omega Healthcare Investors, Inc.	7,329,958 (a)
119,661	Ventas, Inc.	8,385,843 (a)
57,616	Welltower, Inc.	8,791,626 (a)
		29,706,734
Industrial 5.5%
89,861	Prologis, Inc.	9,183,794 (a)
73,037	Rexford Industrial Realty, Inc.	2,417,525 (a)
		11,601,319
Lodging/Resorts 0.8%
123,843	Host Hotels & Resorts, Inc.	1,748,663 (a)
Manufactured Homes 3.5%
30,096	Equity LifeStyle Properties, Inc.	1,949,619 (a)
43,227	Sun Communities, Inc.	5,378,735 (a)
		7,328,354
Mortgage Commercial Financing 6.1%
324,673	Blackstone Mortgage Trust, Inc. Class A	6,185,020 (a)
351,756	Starwood Property Trust, Inc.	6,750,197 (a)
		12,935,217
Mortgage Home Financing 5.4%
624,043	AGNC Investment Corp.	5,510,300 (a)
302,593	Annaly Capital Management, Inc.	5,930,823 (a)
		11,441,123
Office 5.3%
49,586	BXP, Inc.	3,160,116 (a)
170,072	Highwoods Properties, Inc.	4,836,847 (a)
102,598	Kilroy Realty Corp.	3,232,863 (a)
		11,229,826
Regional Malls 5.8%
77,811	Simon Property Group, Inc.	12,245,895 (a)

See Notes to Financial Statements

Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited) (cont’d)

Number of Shares		Value
Self Storage 4.2%
29,489	Public Storage	$8,859,380 (a)
Shopping Centers 3.8%
18,923	Federal Realty Investment Trust	1,779,140 (a)
316,651	Kimco Realty Corp.	6,326,687 (a)
		8,105,827
Single Family Homes 2.3%
143,644	Invitation Homes, Inc.	4,911,188 (a)
Telecommunications 11.2%
63,540	American Tower Corp.	14,322,551 (a)
88,814	Crown Castle, Inc.	9,392,970 (a)
		23,715,521

Total Common Stocks (Cost $173,754,538)		185,283,170
Preferred Stocks(b) 44.5%
Data Centers 2.0%
38,326	Digital Realty Trust, Inc., Series K, 5.85%	886,097
170,449	Digital Realty Trust, Inc., Series L, 5.20%	3,470,342 (a)
		4,356,439
Diversified 2.6%
93,000	Armada Hoffler Properties, Inc., Series A, 6.75%	2,055,300 (a)
94,155	Gladstone Commercial Corp., Series G, 6.00%	1,918,879
39,807	Global Net Lease, Inc., Series A, 7.25%	899,638
10,548	Global Net Lease, Inc., Series B, 6.88%	227,099
20,000	Global Net Lease, Inc., Series D, 7.50%	460,200
		5,561,116
Free Standing 1.7%
204,350	Agree Realty Corp., Series A, 4.25%	3,525,037 (a)
Industrial 0.4%
33,161	Rexford Industrial Realty, Inc., Series B, 5.88%	768,340
Lodging/Resorts 7.4%
116,869	Ashford Hospitality Trust, Inc., Series G, 7.38%	1,423,465 (a)
234,232	Chatham Lodging Trust, Series A, 6.63%	4,621,397
41,350	DiamondRock Hospitality Co., Series A, 8.25%	1,035,404 (a)
21,000	Pebblebrook Hotel Trust, Series E, 6.38%	372,540
42,947	Pebblebrook Hotel Trust, Series F, 6.30%	781,635
68,179	Pebblebrook Hotel Trust, Series G, 6.38%	1,247,676
95,420	Summit Hotel Properties, Inc., Series E, 6.25%	1,865,461 (a)
76,990	Summit Hotel Properties, Inc., Series F, 5.88%	1,455,111
85,527	Sunstone Hotel Investors, Inc., Series H, 6.13%	1,789,225
57,400	Sunstone Hotel Investors, Inc., Series I, 5.70%	1,152,592
		15,744,506
Manufactured Homes 1.4%
132,024	UMH Properties, Inc., Series D, 6.38%	3,007,507

See Notes to Financial Statements

Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited) (cont’d)

Number of Shares		Value
Mortgage Commercial Financing 0.3%
30,000	KKR Real Estate Finance Trust, Inc., Series A, 6.50%	$553,500 (a)
Office 8.4%
6,000	Highwoods Properties, Inc., Series A, 8.63%	6,297,218
186,404	Hudson Pacific Properties, Inc., Series C, 4.75%	2,479,173
89,188	SL Green Realty Corp., Series I, 6.50%	1,942,515
103,000	Vornado Realty Trust, Series L, 5.40%	1,802,500
134,100	Vornado Realty Trust, Series M, 5.25%	2,263,608
131,150	Vornado Realty Trust, Series N, 5.25%	2,229,550 (a)
50,143	Vornado Realty Trust, Series O, 4.45%	718,549
		17,733,113
Real Estate Management & Development 0.3%
50,000	Brookfield Property Partners LP, Series A, 5.75%	633,000
Self Storage 7.1%
72,100	National Storage Affiliates Trust, Series A, 6.00%	1,629,460
31,050	Public Storage, Series H, 5.60%	706,698
44,000	Public Storage, Series I, 4.88%	863,720
43,176	Public Storage, Series J, 4.70%	815,163 (a)
105,000	Public Storage, Series K, 4.75%	2,025,450 (a)
125,793	Public Storage, Series L, 4.63%	2,376,230 (a)
31,700	Public Storage, Series M, 4.13%	542,070 (a)
138,790	Public Storage, Series P, 4.00%	2,231,743 (a)
19,775	Public Storage, Series Q, 3.95%	315,609
45,000	Public Storage, Series R, 4.00%	727,650
169,200	Public Storage, Series S, 4.10%	2,808,720 (a)
		15,042,513
Shopping Centers 5.1%
16,193	Cedar Realty Trust, Inc., Series C, 6.50%	242,004
34,375	CTO Realty Growth, Inc., Series A, 6.38%	738,719
75,600	Federal Realty Investment Trust, Series C, 5.00%	1,549,800
72,058	Kimco Realty Corp., Series L, 5.13%	1,444,763
64,825	Kimco Realty Corp., Series M, 5.25%	1,340,581 (a)
68,930	Regency Centers Corp., Series A, 6.25%	1,612,962
123,750	Regency Centers Corp., Series B, 5.88%	2,840,062
50,674	Saul Centers, Inc., Series E, 6.00%	1,040,844 (a)
		10,809,735
Single Family Homes 2.8%
170,720	American Homes 4 Rent, Series G, 5.88%	4,003,384 (a)
76,065	American Homes 4 Rent, Series H, 6.25%	1,886,412
		5,889,796
Specialty 0.3%
31,908	EPR Properties, Series G, 5.75%	640,713 (a)
Telecommunications 4.7%
283,166	DigitalBridge Group, Inc., Series I, 7.15%	6,107,891 (a)

See Notes to Financial Statements

Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited) (cont’d)

Number of Shares		Value
Telecommunications – cont'd
185,800	DigitalBridge Group, Inc., Series J, 7.13%	$3,946,392 (a)
		10,054,283

Total Preferred Stocks (Cost $109,613,831)		94,319,598
Number of Units
Master Limited Partnerships and Limited Partnerships 0.6%
Real Estate Management & Development 0.6%
90,388	Brookfield Property Preferred LP, 6.25% (Cost $2,259,939)	1,333,223
Number of Shares


Short-Term Investments 0.7%
Investment Companies 0.7%
1,459,534	State Street Institutional U.S. Government Money Market Fund Premier Class, 4.29%(c) (Cost $1,459,534)	1,459,534
Total Investments 133.2% (Cost $287,087,842)		282,395,525
Liabilities Less Other Assets (33.2)%		(70,408,612 )
Net Assets Applicable to Common Stockholders 100.0%		$211,986,913

(a)	All or a portion of this security is pledged with the custodian in connection with the Fund's loans payable outstanding.
(b)	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.
(c)	Represents 7-day effective yield as of April 30, 2025.

See Notes to Financial Statements

Schedule of Investments Real Estate Securities Income Fund Inc.^ (Unaudited) (cont’d)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund’s investments as of April 30, 2025:

Asset Valuation Inputs	Level 1	Level 2	Level 3	Total
Investments:
Common Stocks#	$185,283,170	$—	$—	$185,283,170
Preferred Stocks
Office	11,435,895	6,297,218	—	17,733,113
Other Preferred Stocks#	76,586,485	—	—	76,586,485
Total Preferred Stocks	88,022,380	6,297,218	—	94,319,598
Master Limited Partnerships and Limited Partnerships#	1,333,223	—	—	1,333,223
Short-Term Investments	—	1,459,534	—	1,459,534
Total Investments	$274,638,773	$7,756,752	$—	$282,395,525

#	The Schedule of Investments provides information on the industry or sector categorization.

A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Statement of Assets and Liabilities (Unaudited)

Neuberger Berman

	Real Estate Securities Income Fund Inc.
	April 30, 2025
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers(a)	$282,395,525
Dividends and interest receivable	101,100
Prepaid offering costs (Note A)	229,869
Prepaid expenses and other assets	4,086
Total Assets	282,730,580
Liabilities
Loans payable (Note A)	70,000,000
Distributions payable—common stock	69,986
Payable to investment manager (Note B)	136,086
Payable to administrator (Note B)	56,703
Payable to directors	3,665
Payable for organization costs	212,133
Interest payable (Note A)	156,973
Other accrued expenses and payables	108,121
Total Liabilities	70,743,667
Net Assets applicable to Common Stockholders	$211,986,913
Net Assets applicable to Common Stockholders consist of:
Paid-in capital—common stock	$236,804,657
Total distributable earnings/(losses)	(24,817,744 )
Net Assets applicable to Common Stockholders	$211,986,913
Shares of Common Stock Outstanding ($0.0001 par value; 999,978,880 shares authorized)	63,361,833
Net Asset Value Per Share of Common Stock Outstanding	$3.35
*Cost of Investments:
(a) Unaffiliated issuers	$287,087,842

See Notes to Financial Statements

Statement of Operations (Unaudited)

Neuberger Berman

	Real Estate Securities Income Fund Inc.
	For the Six Months Ended April 30, 2025
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$6,689,266
Interest and other income—unaffiliated issuers	62,832
Foreign taxes withheld	(4,793 )
Total income	$6,747,305
Expenses:
Investment management fees (Note B)	738,045
Administration fees (Note B)	307,519
Audit fees	24,837
Custodian and accounting fees	21,546
Insurance	2,692
Legal fees	74,074
Stockholder reports	31,093
Stock exchange listing fees	3,325
Stock transfer agent fees	7,886
Directors' fees and expenses	30,497
Interest	1,500,612
Miscellaneous and other fees	3,812
Total expenses	2,745,938
Net investment income/(loss)	$4,001,367
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers	4,551,114
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers	(21,162,157 )
Net gain/(loss) on investments	(16,611,043 )
Net increase/(decrease) in net assets applicable to Common Stockholders resulting from operations	$(12,609,676 )

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman

	Real Estate Securities Income Fund Inc.
	Six Months Ended	Fiscal Year Ended
	April 30, 2025 (Unaudited)	October 31, 2024
Increase/(Decrease) in Net Assets Applicable to Common Stockholders:
From Operations (Note A):
Net investment income/(loss)	$4,001,367	$5,806,361
Net realized gain/(loss) on investments	4,551,114	4,793,499
Change in net unrealized appreciation/(depreciation) of investments	(21,162,157 )	50,181,077
Net increase/(decrease) in net assets applicable to Common Stockholders resulting from operations	(12,609,676 )	60,780,937
Distributions to Common Stockholders From (Note A):
Distributable earnings	(9,884,446 )	(5,516,372 )
Tax return of capital	—	(12,254,208 )
Total distributions to Common Stockholders	(9,884,446 )	(17,770,580 )
From Capital Share Transactions (Note D):
Proceeds from rights offering, net of offering costs (Note E)	49,099,069 (a)	—
Proceeds from reinvestment of dividends and distributions	63,776	189,406
Net increase/(decrease) from Fund share transactions	49,162,845	189,406
Net Increase/(Decrease) in Net Assets Applicable to Common Stockholders	26,668,723	43,199,763
Net Assets Applicable to Common Stockholders:
Beginning of period	185,318,190	142,118,427
End of period	$211,986,913	$185,318,190


(a)	Net of offering costs and related expenses of $2,392,669 for the six months ended April 30, 2025.

See Notes to Financial Statements

Statement of Cash Flows (Unaudited)

Neuberger Berman

	Real Estate Securities Income Fund Inc.
	For the Six Months Ended April 30, 2025
Increase/(Decrease) in cash:
Cash flows from operating activities:
Net decrease in net assets applicable to Common Stockholders resulting from operations	$(12,609,676 )
Adjustments to reconcile net increase in net assets applicable to Common Stockholders resulting from operations to net cash provided by operating activities:
Changes in assets and liabilities:
Purchase of investment securities	(78,582,345 )
Proceeds from disposition of investment securities	15,233,254
Purchase/sale of short-term investment securities, net	(153,168 )
Decrease in prepaid offering costs	120,155
Increase in dividends and interest receivable	(29,895 )
Increase in prepaid expenses and other assets	(274 )
Decrease in payable for securities purchased	(183,158 )
Decrease in interest payable	(16,133 )
Increase in payable to investment manager	14,572
Decrease in payable to directors	(560 )
Increase in payable to administrator	6,072
Increase in payable for organization costs	212,133
Decrease in other accrued expenses and payables	(23,180 )
Unrealized depreciation on investment securities of unaffiliated issuers	21,162,157
Net realized gain from transactions in investment securities of unaffiliated issuers	(4,551,114 )
Net cash provided by (used in) operating activities	$(59,401,160 )
Cash flows from financing activities:
Cash distributions paid on common stock	(9,814,459 )
Cash receipt from loan borrowings	20,000,000
Net proceeds from rights offering	49,099,069
Net cash provided by (used in) financing activities	$59,284,610
Net increase/(decrease) in cash	(116,550 )
Cash:
Cash, foreign currency and restricted cash, if any, at beginning of period	116,550
Cash, foreign currency and restricted cash, if any, at end of period	$—
Supplemental disclosure
Cash paid for interest	$1,516,745

See Notes to Financial Statements

Notes to Financial Statements Real Estate Securities Income Fund Inc. (Unaudited)

Note A—Summary of Significant Accounting Policies:

General: Neuberger Berman Real Estate Securities Income Fund Inc. (the "Fund") was organized as a Maryland corporation on August 28, 2003 as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the status of a fund that was registered as non-diversified may, under certain circumstances, change to that of a diversified fund. The Fund is currently a diversified fund. The Fund’s Board of Directors (the "Board") may classify or re-classify any unissued shares of capital stock into one or more classes of preferred stock without the approval of stockholders.

A balance indicated with a "—", reflects either a zero balance or a balance that rounds to less than 1.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services—Investment Companies."

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

Portfolio valuation: In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by the Fund are carried at the value that Management believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund's investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

•

Level 1 – unadjusted quoted prices in active markets for identical investments

•

Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

•

Level 3 – unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Fund’s investments in equity securities, master limited partnerships and limited partnerships, and certain preferred stocks, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations. The value of certain preferred stock is determined by Management by obtaining

valuations from independent pricing services which are based on market information which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data, such as market research publications, when available (generally Level 2 inputs).

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Investments in non-exchange traded investment companies are valued using the respective fund’s daily calculated net asset value ("NAV") per share (Level 2 inputs), when available.

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company’s or issuer’s financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded.

Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount (adjusted for original issue discount, where applicable), if any, is recorded on the accrual basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost and stated separately in the Statement of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlement of class action litigation(s) in which the Fund participated as a class member. The amount of such proceeds for the six months ended April 30, 2025, was $52,398.

Income tax information: It is the policy of the Fund to continue to qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its stockholders. To the extent the Fund distributes substantially all of its net investment income and net realized capital gains to stockholders, no federal income or excise tax provision is required.

ASC 740 "Income Taxes" sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statement of Operations. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. Management has analyzed the Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.

For federal income tax purposes, the estimated cost of investments held at April 30, 2025 was $291,361,703. The estimated gross unrealized appreciation was $29,006,471 and estimated gross unrealized depreciation was $37,972,649 resulting in net unrealized depreciation in value of investments of $8,966,178 based on cost for U.S. federal income tax purposes.

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterization of distributions made by the Fund.

Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of common stock of the Fund. For the year ended October 31, 2024, the Fund recorded permanent reclassifications primarily related to prior year true up adjustment on real estate investment trusts ("REITs"). For the year ended October 31, 2024, the Fund recorded the following permanent reclassifications:

	Paid-in Capital	Total Distributable Earnings/(Losses)
	$246,621	$(246,621 )

The tax character of distributions paid during the years ended October 31, 2024, and October 31, 2023, was as follows:

Distributions Paid From:
Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
2024	2023	2024	2023	2024	2023	2024	2023
$5,516,372	$5,116,490	$—	$—	$12,254,208	$12,650,964	$17,770,580	$17,767,454

As of October 31, 2024, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gain	Unrealized Appreciation/ (Depreciation)	Loss Carryforwards and Deferrals	Other Temporary Differences	Total
	$—	$—	$12,195,979	$(14,455,825 )	$(63,776 )	$(2,323,622 )

The temporary differences between book basis and tax basis distributable earnings are primarily due to timing differences of fund level distributions, losses disallowed and/or recognized on wash sales and tax adjustments related to partnerships and real estate investment trusts ("REITs")..

To the extent the Fund’s net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of the Fund not to distribute such gains. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at October 31, 2024, the Fund had unused capital loss carryforwards available for federal income tax purposes to offset future net realized capital gains, if any, as follows:

Capital Loss Carryforwards
Long-Term	Short-Term
$10,987,485	$3,468,340

During the fiscal year ended October 31, 2024, the Fund had utilized capital loss carryforwards of $5,501,928.

Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

Distributions to common stockholders: The Fund earns income, net of expenses, daily on its investments. It is the policy of the Fund to declare and pay monthly distributions to common stockholders. The Fund has adopted a policy to pay common stockholders a stable monthly distribution. The Fund’s ability to satisfy its policy will depend on a number of factors, including the amount and stability of income received from its investments, the availability of capital gains, interest paid on any borrowings and the level of other Fund

fees and expenses. In an effort to maintain a stable distribution amount, the Fund may pay distributions consisting of net investment income, net realized gains and paid-in capital. There is no assurance that the Fund will always be able to pay distributions of a particular size, or that distributions will consist solely of net investment income and net realized capital gains. The composition of the Fund’s distributions for the calendar year 2025 will be reported to Fund stockholders on IRS Form 1099-DIV. The Fund may pay distributions in excess of those required by its stable distribution policy to avoid excise tax or to satisfy the requirements of Subchapter M of the Internal Revenue Code. Distributions to common stockholders are recorded on the ex-date. Net realized capital gains, if any, will be offset to the extent of any available capital loss carryforwards. Any such offset will not reduce the level of the stable monthly distribution paid by the Fund.

The Fund invests a significant portion of its assets in securities issued by real estate companies, including REITs. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to the Fund until the following calendar year. For the year ended October 31, 2024, the character of distributions paid to stockholders of the Fund, if any, disclosed within the Statements of Changes in Net Assets was based on estimates made at that time. Based on past experience it is possible that a portion of the Fund’s distributions during the current fiscal year, if any, will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after the Fund’s fiscal year-end. After calendar year-end, when the Fund learns the nature of the distributions paid by REITs during that year, distributions previously identified as income may be re-characterized as return of capital and/or capital gain. After all applicable REITs have informed the Fund of the actual breakdown of distributions paid to the Fund during its fiscal year, estimates previously recorded are adjusted to reflect actual results. As a result, the composition of the Fund’s distributions as reported herein may differ from the final composition determined after calendar year-end and reported to Fund stockholders on IRS Form 1099-DIV.

On April 30, 2025, the Fund declared a monthly distribution to common stockholders in the amount of $0.0312 per share, payable on May 30, 2025 to stockholders of record on May 15, 2025, with an ex-date of May 15, 2025. Subsequent to April 30, 2025, the Fund declared a monthly distribution on May 30, 2025 to common stockholders in the amount of $0.0312 per share, payable on June 30, 2025 to stockholders of record on June 16, 2025, with an ex-date of June 16, 2025.

Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to the Fund are charged to the Fund. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which NBIA serves as investment manager, that are not directly attributable to a particular investment company (e.g., the Fund) are allocated among the Fund and the other investment companies or series thereof in the complex on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies or series thereof in the complex can otherwise be made fairly.

Financial leverage: In September 2014, the Fund entered into a $125 million secured, committed five-year credit facility (the "Old Facility") with State Street Bank and Trust Company ("State Street"). In September 2019, the Fund amended and extended the Old Facility and reduced the size to $100 million (the "Prior Facility"). Under the Prior Facility, in 2019 State Street made a 3-year Term Loan of $30 million due September 2022 and a 5-year Term Loan of $30 million due September 2024 and committed to making revolving LIBOR Loans and Base Rate Loans of up to $40 million. In March 2020, the Fund repaid the $30 million 3-year Term Loan due September 2022. In November 2021, the Fund amended the Prior Facility to increase the total commitment amount under the revolving credit facility from $40 million to $70 million. In December 2022, the Fund amended the Prior Facility to address the discontinuation of certain LIBOR-based interest rates and provide for the commitment to make revolving SOFR Loans. In September 2024, the Fund repaid the $30 million 5-year Term Loan due September 2024. In June 2025, the Fund entered into a $90 million secured, committed margin facility (the "Credit Facility") with State Street.

Under the Credit Facility, interest on SOFR Loans is charged at an adjusted SOFR rate and is payable (i) on the last day of the interest period in effect, (ii) in the event such interest period shall exceed three months,

on the last day of each three month interval during such interest period and (iii) the termination date. Interest on Base Rate Loans is charged at a rate equal to the highest of (i) Term SOFR; (ii) the Overnight Bank Funding Rate; and (iii) the federal funds rate as in effect on that day, plus a spread, and is payable (i) with respect to interest accrued during a calendar month, on the fifteenth day of the immediately succeeding calendar month, and (ii) with respect to all accrued and unpaid interest, on the termination date.

During the six months ended April 30, 2025, the average principal balance outstanding and average annualized interest rate under the Prior Facility were $58,309,392 and 5.17%, respectively. At April 30, 2025, the principal balance outstanding under the Prior Facility was $70,000,000.

The Fund pays a commitment fee in arrears based on the unused portion of the revolving commitment amount under the Credit Facility. This fee is included in the Interest expense line item that is reflected in the Statement of Operations. Under the terms of the Credit Facility, the Fund is required to satisfy certain collateral requirements and maintain a certain level of net assets.

Concentration of risk: Under normal market conditions, the Fund’s investments will be concentrated in income producing common equity securities, preferred securities, convertible securities and non-convertible debt securities issued by companies deriving the majority of their revenue from the ownership, construction, financing, management and/or sale of commercial, industrial, and/or residential real estate. The value and/or price of the Fund’s common stock may fluctuate more due to economic, legal, cultural, geopolitical or technological developments affecting the United States real estate industry, or a segment of the United States real estate industry in which the Fund owns a substantial position, than would the stock of a fund not concentrated in the real estate industry.

Securities lending: The Fund, using State Street as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender’s fees. These fees, if any, would be disclosed within the Statement of Operations under the caption "Income from securities loaned-net" and are net of expenses retained by State Street as compensation for its services as lending agent.

The initial collateral received by the Fund at the beginning of each transaction shall have a value equal to at least 102% of the prior day’s market value of the loaned securities (105% in the case of international securities). Collateral in the form of cash and/or securities issued or guaranteed by the U.S. government or its agencies, equivalent to at least 100% of the market value of securities, is maintained at all times. Thereafter, the value of the collateral is monitored on a daily basis, and collateral is moved daily between a counterparty and the Fund until the close of the transaction. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of State Street and is included in the Statement of Assets and Liabilities under the caption "Investments in securities, at value-Unaffiliated issuers." The total value of securities received as collateral for securities on loan is included in a footnote following the Schedule of Investments, but is not included within the Statement of Assets and Liabilities because the receiving Fund does not have the right to sell or repledge the securities received as collateral. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities during the term of the loan would accrue to the Fund.

During the six months ended April 30, 2025, the Fund did not participate in securities lending.

Indemnifications: Like many other companies, the Fund’s organizational documents provide that its officers ("Officers") and directors ("Directors") are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, both in some of its principal service contracts and in the normal course of its business, the Fund enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Fund’s maximum exposure under these arrangements is unknown as this could involve future claims against the Fund.

Shelf Registration Statement: The Fund has filed a registration statement with the SEC, which became effective on March 14, 2023, authorizing the Fund to issue up to $150,000,000 of additional shares of common stock through one or more offerings (the "Shelf Registration Statement"). Under the Shelf

Registration Statement, the Fund, subject to market conditions, may raise additional equity capital by issuing additional shares of common stock from time to time in varying amounts and by different offering methods. The Fund is not required to issue shares of its common stock pursuant to the Shelf Registration Statement and may choose not to do so. During the six months ended April 30, 2025, the Fund sold and issued shares of common stock under the Shelf Registration Statement (Note E).

Costs incurred by the Fund in connection with the initial Shelf Registration Statement are recorded as a prepaid asset and included in "Prepaid offering costs" in the Statement of Assets and Liabilities.

Segment Reporting: In this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The Fund’s investment manager acts as the Fund’s CODM. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and evaluates performance in accordance with the Fund’s principal investment strategy as disclosed in its prospectus and/or annual report. The CODM uses these measures to assess Fund performance and allocate resources effectively. The Fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess Fund performance and to make resource allocation decisions for the Fund’s single segment are consistent with that presented within the Fund’s financial statements.

Note B—Investment Management Fees, Administration Fees, and Other Transactions with Affiliates:

The Fund retains NBIA as its investment manager under a Management Agreement. For such investment management services, the Fund pays NBIA monthly, an investment management fee at an annual rate of 0.60% of the Fund's average daily Managed Assets. Managed Assets equal the total assets of the Fund, less liabilities other than the aggregate indebtedness entered into for purposes of leverage.

The Fund retains NBIA as its administrator under an Administration Agreement. The Fund pays NBIA monthly, an administration fee at an annual rate of 0.25% of its average daily Managed Assets under this agreement. Additionally, NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services received under the Sub-Administration Agreement.

Note C—Securities Transactions:

During the six months ended April 30, 2025, there were purchase and sale transactions of long-term securities of $79,186,570 and $12,712,994, respectively.

During the six months ended April 30, 2025, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Capital:

Transactions in shares of common stock for the six months ended April 30, 2025, and the year ended October 31, 2024, were as follows:

For the Six Months Ended April 30, 2025			For the Year Ended October 31, 2024
Stock Issued on Reinvestment of Dividends and Distributions	Stock Issued in Connection with Rights Offering (Note E)	Net Increase/ (Decrease) in Common Stock Outstanding	Stock Issued on Reinvestment of Dividends and Distributions	Net Increase/ (Decrease) in Common Stock Outstanding
16,353	15,840,458	15,856,811	49,216	49,216

Note E—Common Stock Rights Offering:

On January 23, 2025 (the "Record Date"), the Fund commenced a transferable rights offering (the "Offer") whereby the Fund issued one transferable right (a "Right") for each share of common stock of the Fund held by stockholders of record as of the Record Date. Pursuant to the Offer, holders of Rights were entitled to purchase shares of common stock by submitting three Rights and the subscription price per share for each share purchased. The Offer expired at 5:00 p.m. Eastern Time on February 19, 2025 (the "Expiration Date"). The final subscription price of $3.25 per share of common stock was equal to 90% of the Fund’s NAV per share of common stock at the close of trading on the NYSE American on the Expiration Date. The Offer, which was over-subscribed, resulted in the issuance of 15,840,458 shares of common stock and the gross proceeds of the Offer were approximately $51.5 million.

Note F—Unaudited Financial Information:

The financial information included in this interim report is taken from the records of the Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

Financial Highlights

Real Estate Securities Income Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each fiscal period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. A "—" indicates that the line item was not applicable in the corresponding fiscal period.

	Six Months Ended April 30,	Year Ended October 31,
	2025 (Unaudited)	2024	2023	2022	2021	2020
Common Stock Net Asset Value, Beginning of Period	$3.90	$2.99	$3.40	$5.25	$3.89	$5.88
Income/(Loss) From Investment Operations Applicable to Common Stockholders:
Net Investment Income/(Loss)a	0.08	0.12	0.11	0.09	0.13	0.11
Net Gains or (Losses) on Securities (both realized and unrealized)	(0.35 )	1.16	(0.15 )	(1.57 )	1.62	(1.62 )
Total From Investment Operations Applicable to Common Stockholders	(0.27 )	1.28	(0.04 )	(1.48 )	1.75	(1.51 )
Less Distributions to Common Stockholders From:
Net Investment Income	(0.19 )	(0.11 )	(0.10 )	(0.12 )	(0.15 )	(0.15 )
Tax Return of Capital	—	(0.26 )	(0.27 )	(0.25 )	(0.24 )	(0.33 )
Total Distributions to Common Stockholders	(0.19 )	(0.37 )	(0.37 )	(0.37 )	(0.39 )	(0.48 )
Dilutive Effect of Rights Offering	(0.09 )b	—	—	—	—	—
Common Stock Net Asset Value, End of Period	$3.35	$3.90	$2.99	$3.40	$5.25	$3.89
Common Stock Market Value, End of Period	$3.19	$3.91	$2.59	$3.36	$5.02	$3.70
Total Return, Common Stock Net Asset Valuec,d	(9.36 )%e	45.28 %	(0.92 )%	(29.49 )%	46.70 %	(25.65 )%
Total Return, Common Stock Market Valuec,d	(13.91 )%e	68.14 %	(13.15 )%	(27.12 )%	47.48 %	(25.48 )%
Supplemental Data/Ratios
Net Assets Applicable to Common Stockholders, End of Period (in millions)	$212.0

SEC Form N-CSRS filed by Neuberger Berman Real Estate Securities Income Fund Inc.