Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 470

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 470
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 LLC interest |     | Aircraft             |     |                           | 16.4 | %(7) |     |                  | 10,923 |    |     |                                    |  8,751 |     |                      |  2,172 |   |     |                          |  665 |   |
| Claymore Holdings, LLC                 |     | LLC interest |     | N/A                  |     |                           | 50.0 | %(5) |     |                  |      — | -6 |     |                                    |      — |     |                      |      — |   |     |                          |    — |   |
| Allenby, LLC                           |     | LLC interest |     | N/A                  |     |                           | 50.0 | %(5) |     |                  |      — | -6 |     |                                    |      — |     |                      |      — |   |     |                          |    — |   |
|                                        |     |              |     |                      |     |                           |      |      |     | $                | 70,656 |    |     | $                                  | 49,863 |     | $                    | 20,793 |   |     | $                        |  501 |   |

Below is a summary of the Company's investments as of December 31, 2022 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "investments, at fair value" on the consolidated balance sheets.

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I-118</div>

| Investee Name                                            |     | Instrument   |     | Asset Type           |     | NXDT Percentage Ownership |      |     | Fair Value |         |    |
|:---------------------------------------------------------|:----|:-------------|:----|:---------------------|:----|--------------------------:|:-----|:----|:-----------|--------:|---:|
| NexPoint Real Estate Finance Operating Partnership, L.P. |     | LP interest  |     | Mortgage             |     |                      16.1 | %(7) |     | $          |  77,370 | -6 |
| NexPoint Real Estate Finance, Inc.                       |     | Common stock |     | Mortgage             |     |                      12.3 | %(7) |     |            |  33,369 | -6 |
| VineBrook Homes Operating Partnership, L