Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1600

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1600
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     |               |    785,175 |     |        |  1 |     |            |     4,905 |     |                 |   (6,349 | ) |     |                            | —      |   |     |       |  (1,443 | ) |
| Preferred stock dividends declared ($0.34375 per share) |     |                  |         — |     |        | — |     |               |          — |     |        |  — |     |            |         — |     |                 |   (1,155 | ) |     |                            | —      |   |     |       |  (1,155 | ) |
| Balances, September 30, 2024                            |     |                  | 3,359,593 |     | $      | 3 |     |               | 41,674,528 |     | $      | 42 |     | $          | 1,031,915 |     | $               | (187,487 | ) |     | $                          | (1,559 | ) |     | $     | 842,914 |   |

<div align='center'>See Notes to Consolidated Financial Statements

3

I-1277

NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’EQUITY

(in thousands, except share and per share amounts)

(Unaudited)</div>

| Nine Months Ended                                       
 September 30, 2024                                      
 Balances, December 31, 2023                             |     | Preferred Shares 
 Number of        
 Shares           | 3,359,593 |     | Amount | 3 |     | Common Shares 
 Number of     
 Shares        | 38,389,600 |     | Amount | 38 |     | Additional 
 Paid-in    
 Capital    | 1,011,613 |     | Accumulated     
 Earnings (Loss) | (126,580 | ) |     | (Noncontrolling Interests) |      — |   |     | Total | 885,074 |   |
|:--------------------------------------------------------|:----|:-----------------|----------:|:----|:-------|--:|:----|:--------------|-----------:|:----|:-------|---:|:----|:-----------|----------:|:----|:----------------|---------:|:--|:----