Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1628

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1628
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, LLC                 |     | LLC interest |     | N/A                  |     |                           | 50.0 | % (5) |     |                  |      — | -6 |     |                                    |      — |   |     |                      |      — |   |     |                          |     — |   |
| Allenby, LLC                           |     | LLC interest |     | N/A                  |     |                           | 50.0 | % (5) |     |                  |      — | -6 |     |                                    |      — |   |     |                      |      — |   |     |                          |     — |   |
| Haygood, LLC                           |     | LLC interest |     | N/A                  |     |                           | 31.0 | % (8) |     |                  |      — | -6 |     |                                    |      — |   |     |                      |      — |   |     |                          |     — |   |
| Capital Acquisitions Partners, LLC     |     | LLC interest |     | Multifamily          |     |                           | 20.9 | %     |     |                  |  1,797 |    |     |                                    |  1,717 |   |     |                      |     80 |   |     |                          |    80 |   |
|                                        |     |              |     |                      |     |                           |      |       |     | $                | 63,467 |    |     | $                                  | 37,138 |   |     | $                    | 26,329 |   |     | $                        |   735 |   |

Below is a summary of the Company's investments as of September 30, 2024 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.

<div align='center'>21

I-1295</div>

| Investee Name                                            |     | Instrument   |     | Asset Type           |     | NXDT Percentage Ownership |      |       |     | Fair Value |         |    |
|:---------------------------------------------------------|:----|:-------------|:----|:---------------------|:----|:--------------------------|-----:|:------|:----|:-----------|--------:|---:|
| NexPoint Real Estate Finance Operating Partnership, L.P.