Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 440

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 440
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 2,310 |   |
| Common share dividends declared ($0.30 per share)       |     |                  |         — |     |        | — |     |               |          — |     |        |  — |     |            |       — |     |                 | (11,153 | ) |     |       |   (11,153 | ) |
| Preferred share dividends declared ($0.68750 per share) |     |                  |         — |     |        | — |     |               |          — |     |        |  — |     |            |       — |     |                 |  (2,310 | ) |     |       |    (2,310 | ) |
| Balances, December 31, 2022                             |     |                  | 3,359,593 |     | $      | 3 |     |               | 37,171,807 |     | $      | 37 |     | $          | 999,845 |     | $               |  17,947 |   |     | $     | 1,017,832 |   |

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

88

I-93

NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (Predecessor Basis)

(in thousands, except share amounts)</div>

| Increase (decrease) in net assets operations:                                                                                                                                    |     | For the Six Months Ended June 30, 
 2022                              |           |   |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:----------------------------------|----------:|:--|
| Net investment income                                                                                                                                                            |     | $                                 |    67,404 |   |
| Preferred dividend expenses                                                                                                                                                      |     |                                   |    (2,310 | ) |
| Accumulated net realized gain (loss) on investments, securities sold short, written options, futures contracts, and foreign currency transactions                                |     |                                   |    29,146 |   |
| Net change in unrealized appreciation on investments, securities sold short, written options contracts and translation of assets and liabilities denominated in foreign currency |     |                                   |    32,594 |   |
| Net increase from operations                                                                                                                                                     |     |                                   |   126,834 |   |
| Distributions declared to common shareholders:                                                                                                                                   |     |                                   |