Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2385

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2385
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, 2023:

| Adjustments                                                              |     | 2023 |            |   |
|:-------------------------------------------------------------------------|:----|:-----|-----------:|:--|
| Amounts reported under “Stock Awards” in Summary Compensation Table      |     | $    | (1,961,068 | ) |
| Fair Value of Awards Granted in Year that Remain Unvested as of Year-End |     | $    |  1,491,068 |   |
| Total Adjustments                                                        |     | $    |   (469,155 | ) |

(2) As described elsewhere in this proxy statement, we did not pay any compensation to any executive officers during the reporting years ended December 31, 2022 and 2021, so the Company has no non-PEO named executive officers for the reporting years ended December 31, 2022 and 2021. The non-PEOs for the year ended December 31, 2023 are Matt McGraner and Dustin Norris. The following are the adjustments made during the year ended December 31, 2023 to arrive at the average compensation actually paid to our non-PEOs during the year ended December 31, 2023:

| Adjustments                                                              |     | 2023 |            |   |
|:-------------------------------------------------------------------------|:----|:-----|-----------:|:--|
| Amounts reported under “Share Awards” in Summary Compensation Table      |     | $    | (1,193,051 | ) |
| Fair Value of Awards Granted in Year that Remain Unvested as of Year-End |     | $    |    915,240 |   |
| Total Adjustments                                                        |     | $    |   (277,811 | ) |

(3) On the Deregistration Date, the Company ceased to be an investment company registered under the 1940 Act. Since the Deregistration Date, we fully implemented the change in our business mandate that our shareholders had approved on June 19, 2020 to focus 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.

(4) Represents net investment income plus net realized and unrealized gain on investments for the periods presented in which the Company was an investment company registered under the 1940 Act.

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I-1921</div>

Relationship between Compensation Actually Paid