Company: NXDT
Filing Date: 2025-01-30
Form Type: 424B5
Source: 0001437749-25-002263
Chunk: 0

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-30
Form: 424B5
Chunk 0
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Filed Pursuant to Rule 424(b)(5)
Registration No. 333-280954

PROSPECTUS SUPPLEMENT

(To Prospectus dated August 1, 2024)

<div align='center'>NexPoint Diversified Real Estate Trust

9.00% Series B Cumulative Redeemable Preferred Shares

(Series B Cumulative Redeemable Preferred Shares, Initial Stated Value $25.00 per share)

Maximum of 16,000,000 Shares</div>

This prospectus supplement and the accompanying prospectus relate to the issuance and sale of a maximum of 16,000,000 shares of our 9.00% Series B Cumulative Redeemable Preferred Shares, par value $0.001 per share (our “Series B Preferred Shares”), at a public offering price of $25.00 per share in this offering. The initial closing of the offering is expected to occur on or about February 7, 2025. To the extent a participating broker-dealer in this offering reduces its selling commissions below 7.0%, the public offering price per share of Series B Preferred Shares will be decreased by an amount equal to such reduction. The Series B Preferred Shares will rank senior to our common shares and pari passu with our 5.50% Series A Cumulative Preferred Shares, par value $0.001 per share (our “Series A Preferred Shares”), with respect to payment of dividends and distribution of amounts upon liquidation, dissolution, termination, cancellation or winding up. Holders of our Series B Preferred Shares will have no voting rights except as set forth in the statement of preferences establishing the Series B Preferred Shares (the “Series B Statement of Preferences”), including an exclusive voting right on any amendment to our agreement and declaration of trust (the “Declaration”) in a manner that materially and adversely affects the rights of the holders of Series B Preferred Shares. This prospectus supplement also covers our common shares that may be issuable upon redemption of the Series B Preferred Shares sold pursuant to this offering.

We are organized and conduct our operations to qualify as a real estate investment trust (a “REIT”) for federal income tax purposes. To assist us in qualifying as a REIT, among other purposes, the Declaration generally limits any person from beneficially or constructively owning more than 9.8% in value or number of shares, whichever is more restrictive, of our outstanding common shares, or 9.8% in value or in number of shares, whichever is more restrictive