Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1762

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1762
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-----------|--------:|---:|
| NexPoint Real Estate Finance Operating Partnership, L.P. |     | LP interest  |     | Mortgage             |     |                           | 15.6 | % (7) |     | $          |  66,804 | -6 |
| NexPoint Real Estate Finance, Inc.                       |     | Common stock |     | Mortgage             |     |                           | 12.0 | % (7) |     |            |  28,812 | -6 |
| VineBrook Homes Operating Partnership, L.P.              |     | LP interest  |     | Single-family rental |     |                           | 11.4 | % (7) |     |            | 156,659 | -6 |
| NexPoint Storage Partners, Inc.                          |     | Common stock |     | Self-storage         |     |                           | 52.8 | % (3) |     |            |  67,256 | -6 |
| NexPoint Storage Partners Operating Company, LLC         |     | LLC interest |     | Self-storage         |     |                           | 29.5 |       |     |            |  36,649 | -6 |
| NexPoint SFR Operating Partnership, L.P.                 |     | LP interest  |     | Single-family rental |     |                           | 30.8 |       |     |            |  46,310 | -6 |
| LLV Holdco, LLC                                          |     | LLC interest |     | Land                 |     |                           | 26.8 |       |     |            |   3,211 | -6 |
|                                                          |     |              |     |                      |     |                           |      |       |     | $          | 405,701 |    |

<div align='center'>21

I-1387</div>

Below is a summary of the Company’s equity method investments as of December 31, 2023 (dollars in thousands):

| Investee Name                          |     | Instrument   |     | Asset Type           |     | NXDT Percentage Ownership |      |     | Investment Basis |        |     | Share of Investee's Net Assets (1) |        |   |     | Basis Difference (2) |        |   |     | Share of Earnings (Loss) |       |   |
|:---------------------------------------|:----|:-------------|:----|:---------------------|:----