Company: NXDT
Filing Date: 2025-01-30
Form Type: 424B5
Source: 0001437749-25-002263
Chunk: 65

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-30
Form: 424B5
Chunk 65
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 15.0% cap.

<div align='center'>S-38</div>

We will be responsible for the expenses of issuance and distribution of the Series B Preferred Shares in this offering, which we estimate will total approximately $5,000,000 million (excluding selling commissions, the dealer manager fee and permissible forms of non-cash compensation). These issuer expenses include, but are not limited to:

| ● | expenses for printing and amending registration statements or supplementing prospectuses; |

| ● | mailing and distribution costs; |

| ● | all advertising and marketing expenses (including actual costs incurred for travel, meals, and lodging for our employees to attend retail seminars hosted by broker-dealers or bona fide training and educational meetings hosted by us and road show presentations, presentations to participating broker-dealers and other broker-dealers and financial advisers with respect to the offering); |

| ● | charges of transfer agents, registrars, and experts; |

| ● | fees, expenses, and taxes related to the filing; |

| ● | registration and qualification, as necessary, of the sale of the shares of Series B Preferred Shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees; and |

| ● | expenses in connection with non-offering issuer support services related to the Series B Preferred Shares. |

The dealer manager agreement will terminate automatically upon the termination of this offering, upon the dissolution or liquidation of the Company, or upon the revocation or suspension of the dealer manager’s license or registration to act as a broker-dealer if the same is not cured within ten days. In addition, the dealer manager agreement may be terminated by the Company or the dealer manager upon ten calendar days’ written notice to the other party.

The dealer manager agreement provides that the dealer manager will reallow all or any portion of the selling commissions, subject to federal and state securities laws, to the participating broker-dealers who sold the Series B Preferred Shares, as will be described more fully in the applicable participating broker-dealer agreement.

Settlement Procedures

We will deliver the Series B Preferred Shares through DTC Settlement or DRS Settlement. We may also utilize DVP Settlement, which is a type of DTC Settlement. If your broker-dealer uses DTC Settlement, then you can place an order for the purchase of Series B Preferred Shares through your broker-dealer. A broker-dealer using this service will have an account with DTC in which your funds are placed to facilitate the anticipated semimonthly closing cycle