Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 295

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 295
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 of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the common equity of the registrant held by non-affiliates of the registrant, based upon the closing price of such shares on June 30, 2023, was approximately $378,106,596.

As of March 13, 2024, the registrant had 38,559,520.61 common shares, par value $0.001 per share, outstanding.

<div align='center'>DOCUMENTS INCORPORATED BY REFERENCE</div>

Portions of the proxy statement for the registrant’s 2024 Annual Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K.

| Auditor Firm Id: |     | 185 |     | Auditor Name: |     | KPMG, LLP |     | Auditor Location: |     | Dallas, Texas, United States |

<div align='center'>I-2

NEXPOINT DIVERSIFIED REAL ESTATE TRUST

Form 10-K

Year Ended December 31, 2023

INDEX</div>

|            |     |                                                                                                              |     | Page |
|            |     | PART I                                                                                                       |     |      |
| Item 1.    |     | Business                                                                                                     |     |    1 |
| Item 1A.   |     | Risk Factors                                                                                                 |     |   13 |
| Item 1B.   |     | Unresolved Staff Comments                                                                                    |     |   51 |
| Item 1C.   |     | Cybersecurity                                                                                                |     |   51 |
| Item