Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1740

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1740
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,281 |     | $               | (28,992 | ) |     | $     |   971,329 |   |

<div align='center'>See Notes to Consolidated Financial Statements

6

I-1372

NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)</div>

| Cash flows from operating activities                                                                                            |     | For the Six Months Ended June 30, 
 2024                              |          |   |     | 2023 |         |   |
|:--------------------------------------------------------------------------------------------------------------------------------|:----|:----------------------------------|---------:|:--|:----|:-----|--------:|:--|
| Net loss                                                                                                                        |     | $                                 |  (32,070 | ) |     | $    | (33,388 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities:                                                     |     |                                   |          |   |     |      |         |   |
| Depreciation and amortization                                                                                                   |     |                                   |    6,898 |   |     |      |   7,108 |   |
| Amortization of intangible lease assets and liabilities                                                                         |     |                                   |     (525 | ) |     |      |    (581 | ) |
| Amortization of deferred financing costs                                                                                        |     |                                   |      447 |   |     |      |     244 |   |
| Amortization of fair value adjustment of assumed debt                                                                           |     |                                   |      286 |   |     |      |       — |   |
| Paid-in-kind interest ($(2,613) and $0 with related parties, respectively)                                                      |     |                                   |   (4,748 | ) |     |      |  (1,961 | ) |
| Proceeds from paid-in-kind interest on paydowns or sales from investments                                                       |     |                                   |    2,272 |   |     |      |       — |   |
| Net cash received on derivative settlements                                                                                     |     |                                   |      330 |   |     |      |       — |   |
| Realized (gain) loss                                                                                                            |     |                                   |   21,875 |   |     |      |    (221 | ) |
| Net change in unrealized (gain) loss on investments held at fair value ($12