Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2285

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2285
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 11 |     |   |                    164 |   |     |   |         39,553 |
| Total             |     | $ |           686,936 |     | $ |          2,693 |     | $ |     1,008 |     | $ | (4,971       | ) |     | $ | —                 |     | $ |          11 |     | $ |                (17,414 | ) |     | $ |        668,263 |

<div align='center'>21

I-1831</div>

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of March 31, 2024.

| Category          |     | Valuation Technique  |     | Significant Unobservable Inputs                       |     |     | Input Value(s)    
 (Arithmetic Mean) |        |    |     |   |        |    |     |       |        |    |     |         |         |    |     | Fair Value |         |
|:------------------|:----|:---------------------|:----|:------------------------------------------------------|:----|:----|:------------------|-------:|:---|:----|:--|-------:|:---|:----|:------|-------:|:---|:----|:--------|--------:|:---|:----|:-----------|--------:|
| Common Stock      |     | Market Approach      |     | Unadjusted Price/MHz-PoP                              |     |     | $                 |   0.10 |    |     |   |      — |    |     | $     |   0.90 |    |     | $       |   (0.48 | )  |     | $          | 174,386 |
|                   |     | Discounted Cash Flow |     | Discount Rate                                         |     |     |                   |   7.50 | %  |     |   |      — |    |     |       |  14.10 | %  |     |         |   (9.32 | )% |     |            |         |
|                   |     |                      |     | Market Rent (per sqft)                                |     |     | $                 |