Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1627

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1627
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 interest     |     | Multifamily          |     |                                               |  20.9 | %     |     |                                              |   N/A |   |     | VIE                                   |     | N/A                                  |
| IQHQ Holdings, LP                                        |     | LP interest      |     | Life science         |     |                                               |  1.27 | %     |     |                                              |   1.3 | % |     | VIE                                   |     | VIE                                  |
| NexPoint Real Estate Finance Operating Partnership, L.P. |     | LP interest      |     | Mortgage             |     |                                               |  15.6 | %     |     |                                              |  15.6 | % |     | VIE                                   |     | VIE                                  |
| VineBrook Homes Operating Partnership, L.P.              |     | LP interest      |     | Single-family rental |     |                                               |  11.4 | %     |     |                                              |  11.2 | % |     | VIE                                   |     | VIE                                  |
| NexPoint SFR Operating Partnership, L.P.                 |     | LP interest      |     | Single-family rental |     |                                               |  31.2 | %     |     |                                              |  30.8 | % |     | VIE                                   |     | VIE                                  |
| NexAnnuity Holdings, Inc.                                |     | Preferred Shares |     | Annuities            |     |                                               | 100.0 | % (1) |     |                                              | 100.0 | % |     | VIE                                   |     | VIE                                  |

(1) The Company owns 100% of the preferred stock of NexAnnuity Holdings, Inc. ("NHI"), but it does not own any of the outstanding common stock of NHI.

Consolidated VIEs

The Company did not have any consolidated VIEs as of September 30, 2024 and December 31, 2023.

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8. Equity Method Investments

Below is a summary of the Company’s equity method investments as of September 30, 2024 (dollars in thousands):

| Investee Name                          |     | Instrument   |     | Asset Type           |     | NXDT Percentage Ownership |      |       |     | Investment Basis |        |    |     | Share of Investee