Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2281

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2281
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 |     | $                | 63,531 |    |     | $                                  | 36,610 |   |     | $                    | 26,921 |   |     | $                        |   (747 | ) |

Below is a summary of the Company's investments as of March 31, 2024 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "investments, at fair value" on the consolidated balance sheets.

<div align='center'>15

I-1825</div>

| Investee Name                                            |     | Instrument   |     | Asset Type           |     | NXDT Percentage Ownership |      |       |     | Fair Value |         |    |
|:---------------------------------------------------------|:----|:-------------|:----|:---------------------|:----|:--------------------------|-----:|:------|:----|:-----------|--------:|---:|
| NexPoint Real Estate Finance Operating Partnership, L.P. |     | LP interest  |     | Mortgage             |     |                           | 15.6 | % (7) |     | $          |  69,920 | -6 |
| NexPoint Real Estate Finance, Inc.                       |     | Common stock |     | Mortgage             |     |                           | 12.1 | % (7) |     |            |  30,156 | -6 |
| VineBrook Homes Operating Partnership, L.P.              |     | LP interest  |     | Single-family rental |     |                           | 11.3 | % (7) |     |            | 145,433 | -6 |
| NexPoint Storage Partners, Inc.                          |     | Common stock |     | Self-storage         |     |                           | 52.8 | % (3) |     |            |  69,494 | -6 |
| NexPoint Storage Partners Operating Company, LLC         |     | LLC interest |     | Self-storage         |     |                           | 29.9 | %     |     |            |  37,869 | -6 |
| NexPoint SFR Operating Partnership, L.P.                 |     | LP interest  |     | Single-family rental |     |                           | 31.2 | %     |     |            |  47,676 | -6 |
| NexPoint Hospitality Trust                               |     | Common stock |     | Hospitality