Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1682

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1682
---
 |        — |   |
| NOI                                                                  |     | $    |                                   2,467 |   |     | $    |   1,590 |   |     | $    |                                  5,311 |   |     | $    |    2,905 |   |
| Less Non-Same Store                                                  |     |      |                                         |   |     |      |         |   |     |      |                                        |   |     |      |          |   |
| Revenues                                                             |     | $    |                                 (12,801 | ) |     | $    |  (5,097 | ) |     | $    |                                (29,540 | ) |     | $    |  (14,543 | ) |
| Operating expenses                                                   |     |      |                                  10,536 |   |     |      |   3,749 |   |     |      |                                 24,849 |   |     |      |   12,348 |   |
| Same Store NOI                                                       |     | $    |                                     202 |   |     | $    |     242 |   |     | $    |                                    620 |   |     | $    |      710 |   |

| (1) | Non-operating property investment revenue is defined as revenue included in the consolidated financial statements that are from non-operating properties such as dividend income and interest income. |

<div align='center'>58

I-1332</div>

The following table, which has not been adjusted for the effects of NCI, reconciles our NOI for each of our segments for the three and nine months ended September 30, 2024 to net income (loss), the most directly comparable GAAP financial measure by reportable segment (in thousands):

|                                                                      |     | For the Three Months Ended September 30, 2024 |         |   |     |                            |        |   |     |       |         |   |     | For the Nine Months Ended September 30, 2024 |         |   |     |                            |        |   |     |       |         |   |
|:---------------------------------------------------------------------|:----|:----------------------------------------------|--------:|:--|:----|:---------------------------|-------:|:--|:----|:------|--------:|:--|:----|:---------------------------------------------|--------:|:--|:----|:---------------------------|-------: