Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2415

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2415
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 Adviser or its affiliates, and there can be no assurance that we will be able to participate in all such investment opportunities.

<div align='center'>40

I-1939

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL HOLDERS AND MANAGEMENT</div>

The tables below set forth the beneficial ownership information of our Common Shares and Preferred Shares as of April 1, 2024 for:

| ● | each person known to us to be the beneficial owner of more than 5% of our Common Shares and Preferred Shares; |

| ● | each of our named executive officers; |

| ● | each of our trustees; and |

| ● | all of our executive officers and trustees as a group. |

Unless otherwise noted below, the address of the persons and entities listed in the table is the address of our Adviser’s office, 300 Crescent Court, Suite 700, Dallas, Texas 75201. We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power with respect to all Common Shares of the Company and Preferred Shares of the Company reflected as beneficially owned, subject to applicable community property laws.

Beneficial ownership and percentage of beneficial ownership is based on 39,301,419 Common Shares outstanding at April 1, 2024 and 3,359,593 Preferred Shares outstanding at April 1, 2024.

| CLASS     |     | NAME                                                            |     | BENEFICIALLY 
        OWNED |     | PERCENT OF 
 CLASS      |
| Common    |     | 5% Shareholders                                                 |     |              |     |            |
| Shares    |     | James Dondero(1)                                                |     |    7,404,348 |     | 18.8%      |
|           |     | Vanguard(2)                                                     |     |    3,273,881 |     | 8.3%       |
|           |     | BlackRock, Inc.(3)                                              |     |    2,316,321 |     | 5.9%       |
|           |     | Morgan Stanley(4)                                               |     |    2,209,098 |     | 5.6%       |
|           |     | Named Executive Officers and Trustees                           |     |              |     |            |
|