Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 3

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 3
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 Stock Exchange (the “NYSE”) under the current respective trading symbols of the Old Common Shares and Old Series A Preferred Shares, “NXDT” and “NXDT-PA.” On [___], 2025, the last reported sale price of the Old Common Shares on the NYSE was $[___], and the last reported sale price of the Old Series A Preferred Shares on the NYSE was $[___]. There is currently no public trading market for the Old Series B Preferred Shares, and we do not expect for one to develop for the New Series B Preferred Stock. We do not intend to apply for a listing of the New Series B Preferred Stock on any national securities exchange.

We are a “smaller reporting company” under federal securities laws and are subject to reduced public company reporting requirements. Investing in our securities involves a high degree of risk. You should read carefully the section entitled Risk Factors beginning on page 8of the accompanying prospectus and the risks set forth under the caption “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K, as well as additional risks that may be described in future reports or other information that we filed with the Securities and Exchange Commission (the “SEC”), which are incorporated by reference in the accompanying prospectus.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of the accompanying prospectus. Any representation to the contrary is a criminal offense.

We Are Not Asking You for a Proxy and You are Requested Not To Send Us a Proxy.

<div align='center'>The date of this prospectus is , 2025.

ADDITIONAL INFORMATION</div>

This prospectus incorporates by reference important business and financial information about Old NXDT from other documents that are not included in or delivered with this prospectus. This information is available to you without charge upon your request. You can obtain the documents incorporated by reference into this prospectus by requesting them in writing or by telephone from Old NXDT at the following address and telephone number:

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

300 Crescent Court, Suite 700
Dallas, Texas 75201
Attention: Corporate Secretary
Telephone: (214) 276-6300</div>

In order to receive timely delivery of such documents incorporated by reference, requests must be made no later than [___], 2025.

<div align='center'>ABOUT THIS DOCUMENT</div>

This prospectus, which forms part