Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2262

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2262
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 our shareholders;

• We pay substantial fees and expenses to our Adviser and its affiliates, which payments increase the risk that you will not earn a profit on your investment;

• If we fail to qualify as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes, cash available for distributions to be paid to our shareholders could decrease materially, which would limit our ability to make distributions to our shareholders; and

• Any other risks included under Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2024.

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date of this Quarterly Report. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.

<div align='center'>iii

I-1810

NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and par value amounts)</div>

|                                                                                       |     |   | March 31, 2024 (Unaudited) |   |     |   | December 31, 2023 |   |
|:--------------------------------------------------------------------------------------|:----|:--|---------------------------:|:--|:----|:--|------------------:|:--|
| ASSETS                                                                                |     |   |                            |   |     |   |                   |   |
| Consolidated Real Estate Investments                                                  |     |   |                            |   |     |   |                   |   |
| Land                                                                                  |     | $ |                     47,708 |   |     | $ |            47,708 |   |
| Buildings and improvements                                                            |     |   |                    206,546 |   |     |   |           206,213 |   |
| Intangible lease assets                                                               |     |   |                     10,979 |   |     |   |            10,979 |   |
| Construction in progress                                                              |     |   |                     19,993 |   |     |   |            19,177 |   |
| Furniture, fixtures, and equipment                                                    |     |   |                        362 |