Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 431

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 431
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 of Shareholders’ Equity for the Year Ended December 31, 2023 and Six Months Ended December 31, 2022                       |     |   87 |
| Consolidated Statement of Changes in Net Assets for the Six Months Ended June 30, 2022 (Predecessor Basis)                                        |     |   88 |
| Consolidated Statement of Changes in Net Assets for the Year Ended December 31, 2021 (Predecessor Basis)                                          |     |   88 |
| Consolidated Statements of Cash Flows for the Year Ended December 31, 2023 and Six Months Ended December 31, 2022                                 |     |   91 |
| Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2022 (Predecessor Basis)                                                   |     |   93 |
| Consolidated Statement of Cash Flows for the Year Ended December 31, 2021 (Predecessor Basis)                                                     |     |   95 |

<div align='center'>75

I-80</div>

KPMG LLP

Suite 1400

2323 Ross Avenue

Dallas, TX 75201-2721

<div align='center'>Report of Independent Registered Public Accounting Firm</div>

To the Shareholders and Board of Trustees of

NexPoint Diversified Real Estate Trust:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of NexPoint Diversified Real Estate Trust and subsidiaries (the Company) as of December 31, 2023 and 2022, the related consolidated statements of operations and comprehensive income (loss), shareholders’ equity, and cash flows for the year ended December 31, 2023 and the six month period ended December 31, 2022 and the statements of operations, change in net assets, and cash flows for the six month period ended June 30, 2022 (predecessor basis), and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the year ended December 31, 2023, the six month period ended December 31, 2022, and the six month period ended June 30, 2022 (predecessor basis), in conformity with U