Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 444

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 444
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   |
| Proceeds from issuance of cumulative preferred shares                                         |     |                                 |   83,252 |   |
| Payments on notes payable                                                                     |     |                                 |   (2,500 | ) |
| Distributions paid in cash                                                                    |     |                                 |  (20,070 | ) |
| Payments on shares redeemed                                                                   |     |                                 | (105,002 | ) |
| Proceeds from shares sold                                                                     |     |                                 |      (72 | ) |
| Net cash flow used in financing activities                                                    |     |                                 |  (44,392 | ) |
| Net decrease in cash                                                                          |     |                                 |   (6,326 | ) |
| Cash, cash equivalents, foreign currency and restricted cash:                                 |     |                                 |          |   |

<div align='center'>95

I-100</div>

| Beginning of period                                                  |     |   | 9,004 |
|:---------------------------------------------------------------------|:----|:--|------:|
| End of period                                                        |     | $ | 2,678 |
| Supplemental disclosure of cash flow information                     |     |   |       |
| Reinvestment of distributions                                        |     | $ | 2,131 |
| Cash paid during the period for interest expense and commitment fees |     | $ | 2,371 |

<div align='center'>See Notes to Consolidated Financial Statements

96

I-101

NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

1. Organization and Description of Business

NexPoint Diversified Real Estate Trust (the "Company", "we", "us", or "our") was formed in Delaware and has elected to be taxed as a real estate investment trust (a “REIT”). Substantially all of the Company’s business is conducted through NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (the "OP"), the Company’s operating partnership. The Company conducts its business (the "Portfolio") through the OP and its wholly owned taxable REIT subsidiaries ("TRSs"). The Company's wholly owned subsidiary, NexPoint Diversified Real Estate Trust OP GP, LLC (the "OP GP"), is the sole general partner of the OP. As of December 31, 2023, there were 2,000 partnership units of the OP (the “OP Units”) outstanding, of which 100.0% were