Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 438

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 438
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759 | ) |
| Equity in income (losses) of unconsolidated equity method ventures ($624 and $(1,935) with related parties, respectively) |     |      |                            (306 | ) |     |      |                                (2,257 | ) |
| Change in unrealized gains (losses) ($(112,717) and $(57,846) with related parties, respectively)                         |     |      |                        (108,249 | ) |     |      |                               (92,031 | ) |
| Realized gains (losses)                                                                                                   |     |      |                          (1,634 | ) |     |      |                                (2,323 | ) |
| Net income (loss) before income taxes                                                                                     |     |      |                        (114,510 | ) |     |      |                               (71,598 | ) |
| Income tax expense                                                                                                        |     |      |                          (2,731 | ) |     |      |                                (9,975 | ) |
| Net income (loss)                                                                                                         |     |      |                        (117,241 | ) |     |      |                               (81,573 | ) |
| Net (income) loss attributable to preferred shareholders                                                                  |     |      |                          (4,619 | ) |     |      |                                (2,310 | ) |
| Net income (loss) attributable to common shareholders                                                                     |     | $    |                        (121,860 | ) |     | $    |                               (83,883 | ) |
| Weighted average common shares outstanding - basic                                                                        |     |      |                          37,334 |   |     |      |                                37,172 |   |
| Weighted average common shares outstanding - diluted                                                                      |     |      |                          37,334 |   |     |      |                                37,172 |   |
| Earnings (loss) per share - basic                                                                                         |     | $    |                           (3.26 | ) |     | $    |                                 (2.26 | ) |
| Earnings (loss) per share - diluted                                                                                       |     | $    |                           (3.26 | ) |     | $    |                                 (2.26 | ) |

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

83

I-88

NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS