Company: NXDT
Filing Date: 2025-08-22
Form Type: S-3
Source: 0001437749-25-027604
Chunk: 11

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-08-22
Form: S-3
Chunk 11
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 owned        
 prior to     
 offering     |      |   |     | Number of     
 shares        
 available     
 pursuant to   
 this          
 prospectus(2) |           |     | Common       
 shares       
 beneficially 
 owned after  
 offering     |   |     | Percentage   
 of common    
 shares       
 beneficially 
 owned        
 after        
 offering     |   |   |
| NexPoint Real Estate Advisors X, L.P.(1) |     |              | 1,697,859.24 |     |              | 3.59 | % |     |               | 6,000,000 |     |              | 0 |     |              | 0 | % |

(1) NexPoint Real Estate Advisors X, L.P. is a wholly owned subsidiary of NexPoint. The address of NexPoint is 300 Crescent Court, Suite 700, Dallas, Texas 75201.

(2) Represents the number of shares being registered on behalf of the selling shareholder pursuant to this registration statement, and includes the maximum number of shares which may be issued to the selling shareholder pursuant to the terms of the Advisory Agreement.

<div align='center'>8</div>

Material Relationships with Selling Shareholders

The Adviser

The Company is externally managed by the Adviser, pursuant to the Advisory Agreement for a term expiring July 1, 2026 and successive one-year terms thereafter expiring on July 1 of each year, unless earlier terminated. The Adviser manages the day-to-day operations of the Company and provides investment management services. All of the Company’s investment decisions are made by the Adviser, subject to general oversight by the Adviser’s investment committee and the Company’s Board. The Adviser is wholly owned by our Sponsor. The Adviser is ultimately controlled by James Dondero, who may be deemed to be an indirect beneficial owner of the shares held by the Adviser. James Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. The members of our Adviser’s investment committee are James Dondero and Matt McGraner. James Dondero is our President and a member of our Board, and Matt McGraner is our Executive VP and Chief Investment Officer.

We pay our Adviser annual fees. We do not pay any incentive fees to our Adviser. We also generally reimburse our Adviser for operating or offering expenses it incurs on our behalf or in connection with the services it performs for us. The Adviser may, at