Company: NXDT
Filing Date: 2025-08-22
Form Type: S-3
Source: 0001437749-25-027604
Chunk: 57

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-08-22
Form: S-3
Chunk 57
---
 signed into law the legislation known as the One Big Beautiful Bill Act (the “OBBBA”). The OBBBA made significant changes to the U.S. federal income tax laws in various areas. Among the notable changes, the OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017, most of which were set to expire after December 31, 2025. You are urged to consult with your tax advisors with respect to the OBBBA and its potential effect on an investment in our shares.

The REIT rules are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department which may result in statutory changes as well as revisions to regulations and interpretations. We cannot predict the long-term effect of any recent or future law changes on REITs and their shareholders. Prospective investors are urged to consult with their own tax advisors regarding the effect of potential changes to the U.S. federal tax laws on an investment in our shares.

| ■​​​​​​​ | State and Local Taxes |

We and our subsidiaries and shareholders may be subject to state, local or foreign taxation in various jurisdictions including those in which we or they transact business, own property or reside. We may own real property assets located in numerous jurisdictions, and may be required to file tax returns in some or all of those jurisdictions. Our state, local or foreign tax treatment and that of our shareholders may not conform to the U.S. federal income tax treatment discussed above. Prospective investors should consult their tax advisors regarding the application and effect of state and local income and other tax laws on an investment in our shares.

<div align='center'>34

PLAN OF DISTRIBUTION</div>

We are registering 6,000,000 of our common shares to permit the resale of these shares by the selling shareholders from time to time after the date of this prospectus. As of the date of this prospectus, we have not been advised by the selling shareholders as to any plan of distribution. The selling shareholders will act independently of us in making decisions with respect to the timing, manner and size of each sale. The selling shareholders, or their permitted transferees, may offer and sell all or a portion of the common shares covered by this prospectus from time to time, in one or more or any combination of the following transactions:

| ● | on the NYSE or NYSE Texas, in the over-the-counter market or on any other national securities exchange on which our securities