Company: NXDT
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001437749-25-013177
Chunk: 229

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-25
Form: 424B3
Chunk 229
---
 shall not be deemed, except as so modified or superseded, to constitute a part of this proxy statement/prospectus.

We will provide to each person, including any beneficial owner, to whom a proxy statement/prospectus (or a notice of registration in lieu thereof) is delivered a copy of any or all of the documents incorporated by reference into this proxy statement/prospectus (including any exhibits that are specifically incorporated by reference in those documents) but not delivered with the proxy statement/prospectus at no cost upon written or oral request. Any such request can be made by writing or calling us at the following address and telephone number:

<div align='center'>NexPoint Diversified Real Estate Trust

300 Crescent Court, Suite 700

Dallas, Texas 75201

(214) 276-6300

ATTN: Corporate Secretary

153

LEGAL MATTERS</div>

The validity of the shares of the New Stock being offered hereby and certain matters of Maryland law have been passed upon for us by Ballard Spahr LLP, Baltimore, Maryland.

<div align='center'>EXPERTS</div>

The consolidated financial statements of NexPoint Diversified Real Estate Trust as of and for the years ended December 31, 2024 and 2023 have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

<div align='center'>OTHER MATTERS</div>

The Board does not know of any other matters that are to be presented for action at the Annual Meeting. If any other matters properly come before the Annual Meeting or any adjournment or postponement thereof, it is intended that the enclosed proxy will be voted in the discretion of the persons voting the proxy.

By Order of the Board of Trustees,

D.C. Sauter

General Counsel and Secretary

Dallas, Texas

April 25 , 2025

<div align='center'>154

ANNEX A: PLAN OF CONVERSION</div>

This Plan of Conversion (the “”), dated as of February 24, 2025 and effective as of the Effective Time (as defined below), is made to convert NexPoint Diversified Real Estate Trust, a Delaware Statutory Trust (the “”), into a Maryland corporation (the “”) to be named NexPoint Diversified Real Estate Trust, Inc. (the “”) pursuant to the provisions of Title 3, Subtitle 9