Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2287

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2287
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22.80 | )% |     |            |         |
|                   |     | 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 |

<div align='center'>23

I-1833</div>

| Total |     | $ | 567,640 |

9. Life Settlement Portfolio

Prior to September 1, 2023, the Company, through one of its TRSs, owned 100% of the outstanding equity and debt of Specialty Financial Products, Ltd. ("SFP"), an Ireland domiciled private company with limited liability and a Designated Activity Company. At the proposal of NexAnnuity Asset Management, L.P. ("NexAnnuity"), an affiliate of the Adviser, SFP was formed for the purpose of entering into acquisitions of U.S. life settlement policies approved by NexAnnuity and funded by the issuance of debt securities, or the Structured Note purchased by the Company. SFP utilizes proceeds from maturing life settlement contracts to repay the Structured Note and to further invest in life settlement contracts. Prior to September 1, 2023, as the Company owned the outstanding ordinary shares of and Structured Note issued by SFP, the Company consolidated SFP in its entirety