Company: NXDT
Filing Date: 2025-01-30
Form Type: 424B5
Source: 0001437749-25-002263
Chunk: 33

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-30
Form: 424B5
Chunk 33
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 which likely exist, our ability to raise capital will be adversely affected. You should ask your broker-dealer or other financial professional about whether reasonable alternatives exist for you, and how our offering compares to other types of investments that may have lower costs, complexities, and/or risks and that may be available for lower or no commission. If Reg BI reduces our ability to raise capital in this offering, it may harm our ability to achieve our objectives.

<div align='center'>S-21

USE OF PROCEEDS</div>

The table below estimates the proceeds raised in this offering assuming that we sell all 16,000,000 Series B Preferred Shares at the public offering price of $25.00 and that no Series B Preferred Shares are sold in our “friends and family” program. We are not making any representations as to the actual outcome of this offering, as the number of Series B Preferred Shares sold is uncertain and may differ significantly from what is shown on the tables below. For more information regarding the fees payable by us in this offering, see “Plan of Distribution.”

Estimated Proceeds of Offering

|                                   |     | Offering       
 Maximum Amount |             |     | Percent |        |   |
|:----------------------------------|:----|:---------------|------------:|:----|:--------|-------:|:--|
| Aggregate gross offering proceeds |     | $              | 400,000,000 |     |         | 100.00 | % |
| Offering expenses:                |     |                |             |     |         |        |   |
| Selling commissions(1)            |     | $              |  28,000,000 |     |         |   7.00 | % |
| Dealer manager fee(1)             |     | $              |  12,000,000 |     |         |   3.00 | % |
| Other offering expenses(2)        |     | $              |   5,000,000 |     |         |   1.25 | % |
| Estimated net proceeds            |     | $              | 355,000,000 |     |         |  88.75 | % |

| (1) | Assumes maximum selling commissions equal to 7.0% of aggregate gross offering proceeds and a dealer manager fee of 3.0% of aggregate gross offering proceeds from the sale of Series B Preferred Shares in this offering. Our dealer manager will reallow all or any portion of the selling commissions to