Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2323

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2323
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 unconsolidated equity method ventures   |     |      |                               1,154 |   |     |      |                                  76 |   |     |      |                                    283 |   |
| NOI                                                                  |     | $    |                                 415 |   |     | $    |                                 952 |   |     | $    |                                    870 |   |
| Less Non-Same Store                                                  |     |      |                                     |   |     |      |                                     |   |     |      |                                        |   |
| Revenues                                                             |     | $    |                              (3,752 | ) |     | $    |                              (4,382 | ) |     | $    |                                 (4,604 | ) |
| Operating expenses                                                   |     |      |                               3,507 |   |     |      |                               3,644 |   |     |      |                                  3,962 |   |
| Same Store NOI                                                       |     | $    |                                 170 |   |     | $    |                                 214 |   |     | $    |                                    228 |   |

(1) Non-operating property investment revenue is defined as revenue included in the consolidated financial statements, that are from non-operating properties such as dividend income and interest income.

Net Operating Income for Our Same Store and Non-Same Store Properties for the Three Months Ended March 31, 2024 and 2023 and December 31, 2023

There are two properties, White Rock Center and 5916 W Loop 289, in our same store pool for the three months ended March 31, 2024, and 2023 and December 31, 2023 (our "Same Store" properties). Our Same Store properties exclude Cityplace Tower as of March 31, 2024 and 2023 and December 31, 2023, because it was not yet stabilized, meaning construction or renovation was not completed. Non-Same Store properties include properties not yet stabilized.

The following table reflects the revenues, property operating expenses and NOI for the three months ended March 31, 2024 and 2023 and December 31, 2023 for our Same Store and Non-Same Store properties (dollars in thousands):

<div align='center'>45

I-1855</div>

| Revenues                                     
 Same Store                                   |     | For the Three Months Ended March 31 
 2024                                |       |