Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1634

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1634
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 )% |     |   |      — |   |     |       |   (2.5 | )% |     |         |  (-7.5% | )  |     |            |         |
|                   |     | Market Approach                |     | Capitalization Rate                                   |     |                   |   5.00 | %  |     |   |      — |   |     |       |   5.50 | %  |     |         |   (5.22 | )% |     |            |         |
|                   |     | Recent Transaction             |     | Price per Share                                       |     |                   |        |    |     | $ |  21.59 |   |     |       |        |    |     |         |         |    |     |            |         |
| Preferred Shares  |     | Recent Transaction             |     | Price per Share                                       |     |                   |        |    |     | $ |  1,000 |   |     |       |        |    |     |         |         |    |     |            |  66,268 |
| Senior Loan       |     | Discounted Cash Flow           |     | Discount Rate                                         |     |                   |  12.30 | %  |     |   |      — |   |     |       |  20.00 | %  |     |         |  (16.15 | )% |     |            |  46,353 |
| Total             |     |                                |     |                                                       |     |                   |        |    |     |   |        |   |     |       |        |    |     |         |         |    |     | $          | 567,640 |

<div align='center'>28

I-1302</div>

Financial Instruments Not Carried at Fair Value

At September 30, 2024 and December 31, 2023, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other assets, accrued interest and dividends, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, income tax payable, security deposits and prepaid rent approximated their carrying values because of the short-term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values.