Company: NXDT
Filing Date: 2025-08-22
Form Type: S-3
Source: 0001437749-25-027604
Chunk: 3

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-08-22
Form: S-3
Chunk 3
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 last reported price of our common shares was $3.85 per share.

Investing in our common shares involves a high degree of risk. You should read carefully the section entitled“Risk Factors”on page 6herein and the“Risk Factors”section contained in any applicable prospectus supplement and in the documents incorporated by reference in this prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is , 2025.

TABLE OF CONTENTS</div>

Page

| ABOUT THIS PROSPECTUS                                     |  1 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS |  2 |
| THE COMPANY                                               |  5 |
| RISK FACTORS                                              |  6 |
| USE OF PROCEEDS                                           |  7 |
| SELLING SHAREHOLDERS                                      |  8 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS           | 12 |
| PLAN OF DISTRIBUTION                                      | 35 |
| LEGAL MATTERS                                             | 37 |
| EXPERTS                                                   | 38 |
| WHERE YOU CAN FIND MORE INFORMATION                       | 39 |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE         | 40 |

<div align='center'>i

ABOUT THIS PROSPECTUS</div>

This prospectus is part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission using a “shelf” registration process. Under this shelf process, the selling shareholders named in this prospectus may, from time to time, offer and sell up to 6,000,000 of our common shares. We will not receive any proceeds from the sale of the common shares offered by the selling shareholders.

This prospectus provides you with a general description of the common shares the selling shareholders may offer. We may also provide a prospectus supplement or free writing prospectus which may add, update or change information contained in this prospectus. You should read both this prospectus and any prospectus supplement or free writing prospectus, including all documents incorporated herein or therein by reference, together with additional information under the headings “Where You Can Find More Information” and “Incorporation of Certain Information by Reference.”

You should rely only on the information contained in, or incorporated by reference