Company: NXDT
Filing Date: 2025-01-30
Form Type: 424B5
Source: 0001437749-25-002263
Chunk: 73

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-30
Form: 424B5
Chunk 73
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 Crescent Court, Suite 700

Dallas, Texas 75201

(214) 276-6300

Attn: Corporate Secretary

S-43

LEGAL MATTERS</div>

Certain legal matters regarding the validity of the Series B Preferred Shares offered hereby and certain matters of Delaware law have been passed upon for us by Tuan Olona LLP, New York, New York. In addition, the description of material U.S. federal income tax matters will be passed upon for us by Winston & Strawn LLP.

<div align='center'>EXPERTS</div>

The consolidated financial statements of NexPoint Diversified Real Estate Trust as of and for the years ended December 31, 2023 and 2022 and management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2023, have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. The consolidated financial statements of NexPoint Diversified Real Estate Trust for the year ended December 31, 2021, incorporated by reference herein, have been audited by Cohen & Company, Ltd., independent registered public accounting firm, as stated in their report, incorporated by reference herein. Such financial statements are incorporated by reference in reliance upon the report of such firm and upon the authority of said firm as experts in accounting and auditing.

<div align='center'>S-44</div>

PROSPECTUS

<div align='center'>$500,000,000

NexPoint Diversified Real Estate Trust

Common Shares

Preferred Shares

Warrants

Debt</div>

NexPoint Diversified Real Estate Trust, a Delaware statutory trust, from time to time, may offer to sell up to an aggregate of $500,000,000 of common shares, preferred shares, warrants and debt securities in one or more primary offerings. The preferred shares, warrants and debt securities may be convertible into, or exercisable or exchangeable for, our common shares or our preferred shares.

We may offer and sell these securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. This prospectus describes some of the general terms that may apply to these securities. The specific terms of any securities to be offered, including the specific plan of distribution for any such securities, will be described in a supplement to this prospectus.