Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2266

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2266
---
 — |     |            |       — |     |                 |  (1,155 | ) |     |       |    (1,155 | ) |
| Balances, March 31, 2023                                |     |                  | 3,359,593 |     | $      | 3 |     |               | 37,171,807 |     | $      | 37 |     | $          | 999,845 |     | $               |  (8,304 | ) |     | $     |   991,581 |   |

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

5

I-1815

NEXPOINT DIVERSIFIED REAL ESTATE TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)</div>

| Cash flows from operating activities                                                                                            |     | For the Three Months Ended March 31, 
 2024                                 |         |   |     | For the Three Months Ended March 31, 
 2023                                 |         |   |
|:--------------------------------------------------------------------------------------------------------------------------------|:----|:-------------------------------------|--------:|:--|:----|:-------------------------------------|--------:|:--|
| Net loss                                                                                                                        |     | $                                    | (21,548 | ) |     | $                                    | (19,521 | ) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                                       |     |                                      |         |   |     |                                      |         |   |
| Depreciation and amortization                                                                                                   |     |                                      |   2,796 |   |     |                                      |   3,524 |   |
| Amortization of intangible lease assets and liabilities                                                                         |     |                                      |    (257 | ) |     |                                      |    (371 | ) |
| Amortization of deferred financing costs                                                                                        |     |                                      |     271 |   |     |                                      |     474 |   |
| Paid-in-kind interest ($(1,296) and $0 with related parties, respectively)                                                      |     |                                      |  (2,356 | ) |     |                                      |  (1,008 | ) |
| Proceeds from paid-in-kind interest on paydowns or sales from investments                                                       |     |                                      |   2,271 |   |     |                                      |       — |   |
| Realized (