Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1603

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1603
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 |       |     3,465 |   |
| Common stock dividends declared ($0.45 per share)       |     |                  |         — |     |        | — |     |               |    496,303 |     |        |  1 |     |            |     4,450 |     |                 |  (16,911 | ) |     |       |   (12,460 | ) |
| Preferred stock dividends declared ($1.03125 per share) |     |                  |         — |     |        | — |     |               |          — |     |        |  — |     |            |         — |     |                 |   (3,465 | ) |     |       |    (3,465 | ) |
| Balances, September 30, 2023                            |     |                  | 3,359,593 |     | $      | 3 |     |               | 37,682,699 |     | $      | 38 |     | $          | 1,005,364 |     | $               | (103,775 | ) |     | $     |   901,630 |   |

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

6

I-1280

NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)</div>

| Cash flows from operating activities                                                                                       |     | For the Nine Months Ended September 30, 
 2024                                    |          |   |     | 2023 |          |   |
|:---------------------------------------------------------------------------------------------------------------------------|:----|:----------------------------------------|---------:|:--|:----|:-----|---------:|:--|
| Net loss                                                                                                                   |     | $                                       |  (47,490 | ) |     | $    | (101,346 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities:                                                |     |                                         |          |   |     |      |          |   |
| Depreciation and amortization                                                                                              |     |                                         |   11,408 |   |     |      |   10,928 |   |
| Amortization of intangible lease assets and liabilities                                                                    |     |                                         |   (1,061 | ) |     |      |     (912 | )