Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2286

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2286
---
 Capitalization Rate                                   |     |     |                   |   3.70 | %  |     |   |      — |    |     |       |   6.60 | %  |     |         |    5.24 | %  |     |            | 193,109 |
|                   |     |                      |     | Discount to NAV                                       |     |     |                   |        |    |     |   | (10.05 | )% |     |       |        |    |     |         |         |    |     |            |         |
|                   |     | Recent Transaction   |     | Price per Share                                       |     |     |                   |        |    |     | $ |  21.46 |    |     |       |        |    |     |         |         |    |     |            |         |
| Preferred Shares  |     | Recent Transaction   |     | Price per Share                                       |     |     |                   |        |    |     | $ |  1,000 |    |     |       |        |    |     |         |         |    |     |            |  65,864 |
| Senior Loan       |     | Discounted Cash Flow |     | Discount Rate                                         |     |     |                   |  12.30 | %  |     |   |      — |    |     |       |  20.00 | %  |     |         |  (16.15 | )% |     |            |  42,599 |
| Total             |     |                      |     |                                                       |     |     |                   |        |    |     |   |        |    |     |       |        |    |     |         |         |    |     | $          | 557,861 |

<div align='center'>22

I-1832</div>

The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of December 31, 2023.

| Category          |     | Valuation Technique            |     | Significant Unobservable Inputs                       |     |     | Input Value(s)    
 (Arithmetic Mean) |        |    |     |   |        |   |     |       |        |    |     |         |         |    |     | Fair Value |         |
|:------------------|:----|: