Company: NXDT
Filing Date: 2025-01-30
Form Type: 424B5
Source: 0001437749-25-002263
Chunk: 74

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-30
Form: 424B5
Chunk 74
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 Prospectus supplements may also add, update or change information contained in this prospectus. You should read this prospectus and any applicable prospectus supplement carefully before you invest.

Our common shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “NXDT” and our 5.50% Series A Cumulative Preferred Shares (“Series A Preferred Shares”) are listed on the NYSE under the symbol “NXDT-PA.” On July 19, 2024, the last reported sales price for our common shares on the NYSE was $6.22 per share and the last reported sales price for our Series A Preferred Shares on the NYSE was $14.38 per share. As of the date of this prospectus, other than our common shares and Series A Preferred Shares, none of the securities that we may offer by this prospectus is listed on any national securities exchange or automated quotation system.

Investing in our securities involves a high degree of risk. You should read carefully the section entitled“Risk Factors”on page 2 herein and the“Risk Factors”section contained in the applicable prospectus supplement and in the documents incorporated by reference in this prospectus.

This prospectus may not be used to offer to sell any securities unless accompanied by a prospectus supplement.

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 August 1, 2024.

TABLE OF CONTENTS</div>

Page

| ABOUT THIS PROSPECTUS                                     |  ii |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | iii |
| THE COMPANY                                               |   1 |
| RISK FACTORS                                              |   2 |
| USE OF PROCEEDS                                           |   3 |
| DESCRIPTION OF CAPITAL SHARES                             |   4 |
| DESCRIPTION OF WARRANTS                                   |  17 |
| DESCRIPTION OF DEBT SECURITIES                            |  19 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS           |  22 |
| PLAN OF DISTRIBUTION                                      |  45 |
| WHERE YOU CAN FIND MORE INFORMATION                       |  47 |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE         |  48 |
| LEGAL MATTERS                                             |  49 |
| EXPERTS                                                   |