Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1604

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1604
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| Right of use assets assumed in acquisition of NexPoint Hospitality Trust                                                   |     | $                                       |   (1,465 | ) |     | $    |        — |   |
| Accrued interest payable assumed in acquisition of NexPoint Hospitality Trust                                              |     | $                                       |    6,353 |   |     | $    |        — |   |
| Noncontrolling interests assumed in acquisition of NexPoint Hospitality Trust                                              |     | $                                       |    6,873 |   |     | $    |        — |   |
| Deconsolidated investments at fair value from the acquisition of NexPoint Hospitality Trust                                |     | $                                       |   24,981 |   |     | $    |        — |   |
| Accounts receivable and other assets assumed in acquisition of NexPoint Hospitality Trust                                  |     | $                                       |   (1,305 | ) |     | $    |        — |   |
| Prepaid assets and other assets assumed in acquisition of NexPoint Hospitality Trust                                       |     | $                                       |   (1,492 | ) |     | $    |        — |   |
| Accounts payable and other liabilities assumed in acquisition of NexPoint Hospitality Trust                                |     | $                                       |   14,276 |   |     | $    |        — |   |
| Real estate taxes payable assumed in acquisition of NexPoint Hospitality Trust                                             |     | $                                       |    1,233 |   |     | $    |        — |   |
| Change in capitalized construction costs included in accounts payable and other accrued liabilities                        |     | $                                       |      627 |   |     | $    |        — |   |

*For more information about this transaction, refer to Note 11. Life Settlement Portfolio

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

7

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NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

1. Organization and Description of Business

NexPoint Diversified Real Estate Trust (the "Company", "we", "us", or "our") was formed in Delaware and has elected to be taxed as a real estate investment trust (a “REIT”). Substantially all of the Company’s business is conducted through NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (the "OP"), the Company’s