Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1598

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1598
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 Equity:                                                                                                               |     |   |                                |   |     |   |                   |   |
| Preferred shares, $0.001 par value: 4,800,000 shares authorized; 3,359,593 shares issued and outstanding                            |     |   |                              3 |   |     |   |                 3 |   |
| Common shares, $0.001 par value: unlimited shares authorized; 41,674,528 and 38,389,600 shares issued and outstanding, respectively |     |   |                             42 |   |     |   |                38 |   |
| Additional paid-in capital                                                                                                          |     |   |                      1,031,915 |   |     |   |         1,011,613 |   |
| Accumulated earnings (loss)                                                                                                         |     |   |                       (187,487 | ) |     |   |          (126,580 | ) |
| (Noncontrolling interests)                                                                                                          |     |   |                         (1,559 | ) |     |   |                 — |   |
| Total Shareholders' Equity                                                                                                          |     |   |                        842,914 |   |     |   |           885,074 |   |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                          |     | $ |                      1,240,714 |   |     | $ |         1,098,336 |   |

<div align='center'>See Notes to Consolidated Financial Statements

1

I-1275

NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts)

(Unaudited)</div>

| Revenues                                                                                                                          |     | For the Three Months Ended September 30, 
 2024                                     |         |   |     | 2023 |         |   |     | For the Nine Months Ended September 30 
 2024                                   |         |   |     | 2023 |          |   |
|:----------------------------------------------------------------------------------------------------------------------------------|:----|:-----------------------------------------|--------:|:--|:----|:-----|--------:|:--|:----|:---------------------------------------|--------:|:--|:----|:-----|---------:|:--|
| Rental income                                                                                                                     |     | $