Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2328

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2328
---
 diluted      |     | (1 | ) |     |      |                               39,321 |   |     |      |                                  38,388 |   |     |          |     2.4 | % |
| Dividends declared per common share                       |     |    |   |     | $    |                                 0.15 |   |     | $    |                                    0.15 |   |     |          |       — | % |
| Net income (loss) coverage                                |     | (2 | ) |     |      |                               -3.72x |   |     |      |                                  -2.76x |   |     |          |   34.09 | % |
| FFO Coverage - diluted                                    |     | (2 | ) |     |      |                                0.33x |   |     |      |                                  -2.45x |   |     |          | -113.60 | % |
| AFFO Coverage - diluted                                   |     | (2 | ) |     |      |                               -0.69x |   |     |      |                                   0.98x |   |     |          | -170.30 | % |

(1) The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO and AFFO.

(2) Indicates coverage ratio of net income (loss)/FFO/AFFO per common share (diluted) over dividends declared per common share during the period.

<div align='center'>51

I-1861</div>

The three months ended March 31, 2024 as compared to the three months ended March 31, 2023 and the three months ended December 31, 2023

FFO was $3.1 million for the three months ended March 31, 2024, compared to $(17.1) million for the three months ended March 31, 2023, which was an increase of approximately $20.3 million and compared to $(12.0) million for the three months ended December 31, 2023, which was an increase of approximately $15.1 million. The change in our FFO between the three months ended March 31, 2024 and the three months ended March 31, 2023, primarily relates to the redemptions of the collateralized loan obligation positions, which reclassified the change in unrealized to realized gains