NXDT

SEC source: 0001437749-26-009281 · rdgdoc.xml · nonDerivative · entry 2

Richards Paul · CIK 0002034963 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 128,295

SEC source: 0001437749-26-009281 · rdgdoc.xml · nonDerivative · entry 1

Richards Paul · CIK 0002034963 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 133,367

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

F2 · balance_after: Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

SEC source: 0001437749-26-009282 · rdgdoc.xml · derivative · entry 4

NORRIS DUSTIN DAVID · CIK 0001617176 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,714

Underlying: Common Shares · 17,857 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

F3 · derivative.exercise_date: On March 18, 2024, the reporting person was granted 71,429 restricted share units. The restricted share units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F3 · derivative.expiration_date: On March 18, 2024, the reporting person was granted 71,429 restricted share units. The restricted share units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-26-009282 · rdgdoc.xml · nonDerivative · entry 2

NORRIS DUSTIN DAVID · CIK 0001617176 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 777,320.07

SEC source: 0001437749-26-009282 · rdgdoc.xml · nonDerivative · entry 1

NORRIS DUSTIN DAVID · CIK 0001617176 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 783,871.07

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

F2 · balance_after: Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

SEC source: 0001437749-26-009284 · rdgdoc.xml · derivative · entry 13

DONDERO JAMES D · CIK 0001228922 · Director · See Remarks · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 146,250

Underlying: Common Shares · 73,125 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

F8 · derivative.exercise_date: On March 18, 2024, the reporting person was granted 292,500 restricted share units. The restricted share units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F8 · derivative.expiration_date: On March 18, 2024, the reporting person was granted 292,500 restricted share units. The restricted share units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-26-009284 · rdgdoc.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · See Remarks · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,702,698.06

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

F2 · balance_after: Includes shares acquired under a dividend reinvestment plan and shares received pursuant to elective stock dividends paid on the Company's common shares.

SEC source: 0001437749-26-009283 · rdgdoc.xml · derivative · entry 3

Sauter Dennis Charles Jr · CIK 0001803863 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,358

Underlying: Common Shares · 2,679 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F3 · derivative.exercise_date: On March 18, 2024, the reporting person was granted 2,679 restricted share units. The restricted share units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F3 · derivative.expiration_date: On March 18, 2024, the reporting person was granted 2,679 restricted share units. The restricted share units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-26-009283 · rdgdoc.xml · nonDerivative · entry 2

Sauter Dennis Charles Jr · CIK 0001803863 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,630

SEC source: 0001437749-26-009283 · rdgdoc.xml · nonDerivative · entry 1

Sauter Dennis Charles Jr · CIK 0001803863 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,152

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · balance_after: Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

SEC source: 0001437749-26-009652 · rdgdoc.xml · derivative · entry 4

Mitts Brian · CIK 0001514845 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,714

Underlying: Common Shares · 5,357 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

F4 · derivative.exercise_date: On March 18, 2024, the reporting person was granted 21,429 restricted share units. The restricted share units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F4 · derivative.expiration_date: On March 18, 2024, the reporting person was granted 21,429 restricted share units. The restricted share units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-26-009652 · rdgdoc.xml · nonDerivative · entry 3

Mitts Brian · CIK 0001514845 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,689

SEC source: 0001437749-26-009652 · rdgdoc.xml · nonDerivative · entry 2

Mitts Brian · CIK 0001514845 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 17,889

F3 · price: Represents the portion of the previously reported restricted share unit grant that vested on March 18, 2026 and settled in cash.

SEC source: 0001437749-26-009652 · rdgdoc.xml · nonDerivative · entry 1

Mitts Brian · CIK 0001514845 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 18,693

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

F2 · balance_after: Includes shares received pursuant to an elective stock dividend paid on the Company's common shares.

SEC source: 0001437749-26-011670 · rdgdoc.xml · nonDerivative · entry 2

Richards Paul · CIK 0002034963 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 128,235

SEC source: 0001437749-26-011670 · rdgdoc.xml · nonDerivative · entry 1

Richards Paul · CIK 0002034963 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 133,307

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On March 20, 2026, the reporting person filed a Form 4 (the "Form 4") that inadvertently reported that 8,989 shares were acquired on March 18, 2026 upon the vesting of restricted shares units granted on March 18, 2024. The number of shares actually acquired was 8,929. This amendment is being filed to correctly state the number of shares directly held by the reporting person following the transactions reported in the Form 4.

F2 · price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

F3 · balance_after: Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

SEC source: 0001437749-26-011669 · rdgdoc.xml · derivative · entry 9

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 146,250

Underlying: Common Shares · 73,125 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F4 · derivative.exercise_date: On March 18, 2024, the reporting person was granted 292,500 restricted shares units. The restricted shares units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F4 · derivative.expiration_date: On March 18, 2024, the reporting person was granted 292,500 restricted shares units. The restricted shares units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-26-011669 · rdgdoc.xml · nonDerivative · entry 2

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 236,015.8675

SEC source: 0001437749-26-011669 · rdgdoc.xml · nonDerivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 263,836.8675

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

SEC source: 0001437749-26-020696 · rdgdoc.xml · nonDerivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 238,999.9675

F1 · shares: On April 6, 2026, the reporting person filed a Form 4 (the "Form 4") which inadvertently reported that 27,821 shares were withheld to satisfy tax liability upon the vesting of 73,125 restricted share units. The number of shares actually withheld was 24,837. This amendment is being filed to correctly state the number of shares withheld upon the vesting of the restricted share units on March 18, 2026 reported on the Form 4 and the number of shares directly held thereafter.

SEC source: 0001437749-26-001651 · rdgdoc.xml · nonDerivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · See Remarks · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 2,827,109.62

F4 · price: Under the terms of the Advisory Agreement, prior to September 2025, the Adviser received payment for a portion of its monthly fees under the Advisory Agreement in common shares of the Company. Such common shares received as payment are valued at the VWAP of the shares for the 10 trading days prior to the end of the month for which such fees will be paid. The Company issued 119,482.76 common shares to the Adviser as payment of its fees for the month of August at a VWAP of $3.8346 per share.

F3 · ownership.nature: Following the transactions disclosed herein, 41,733 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 91,778.57 shares are held by PCMG Trading Partners XXIII, L.P., 290,517 shares are held by Governance Re Ltd., 14,962.88 shares are held by Highland Capital Management Services, L.P. ("HCM") and 2,388,118.17 shares are held by NexPoint Real Estate Advisers X, L.P. (the "Adviser"). Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and HCM, and PCMG owns 99% of Drugcrafters. Drugcrafters, PCMG, Governance Re Ltd., HCM and the Adviser are ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of shares held by such entities. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-26-001651 · rdgdoc.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · See Remarks · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 2,707,626.86

F1 · price: Under the terms of the Advisory Agreement, dated July 1, 2022, by and between NexPoint Diversified Real Estate Trust (the "Company") and NexPoint Real Estate Advisers X, L.P. (the "Adviser"), as amended (the "Advisory Agreement"), prior to September 2025, the Adviser received payment for a portion of its monthly fees under the Advisory Agreement in common shares of the Company. Such common shares received as payment are valued at the volume-weighted average price ("VWAP") of the shares for the 10 trading days prior to the end of the month for which such fees will be paid. The Company issued 93,380.41 common shares to the Adviser as payment of its fees for the month of July at a VWAP of $4.7863 per share.

F2 · balance_after: Includes shares acquired under a dividend reinvestment plan and shares received pursuant to elective stock dividends paid on the Company's common shares.

F3 · ownership.nature: Following the transactions disclosed herein, 41,733 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 91,778.57 shares are held by PCMG Trading Partners XXIII, L.P., 290,517 shares are held by Governance Re Ltd., 14,962.88 shares are held by Highland Capital Management Services, L.P. ("HCM") and 2,388,118.17 shares are held by NexPoint Real Estate Advisers X, L.P. (the "Adviser"). Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and HCM, and PCMG owns 99% of Drugcrafters. Drugcrafters, PCMG, Governance Re Ltd., HCM and the Adviser are ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of shares held by such entities. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-25-038579 · rdgdoc.xml · nonDerivative · entry 1

Mitts Brian · CIK 0001514845 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By 401(k) Plan

Disclosed balance after: 0

SEC source: 0001437749-25-037147 · rdgdoc.xml · nonDerivative · entry 3

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By limited liability company

Disclosed balance after: 114,606

F3 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.86 to $2.87, inclusive.

F4 · ownership.nature: The reporting person holds these shares indirectly through a limited liability company which the reporting person controls. The reporting person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-25-037147 · rdgdoc.xml · nonDerivative · entry 2

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 117,792.521

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.86 to $2.87, inclusive.

SEC source: 0001437749-25-037147 · rdgdoc.xml · nonDerivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 112,906.979

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.65 to $2.67, inclusive. The reporting person undertakes to provide to NexPoint Diversified Real Estate Trust, any security holder of NexPoint Diversified Real Estate Trust, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) to this Form 4.

SEC source: 0001437749-25-036843 · rdgdoc.xml · nonDerivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 107,635.556

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.73 to $2.74, inclusive. The reporting person undertakes to provide to NexPoint Diversified Real Estate Trust, any security holder of NexPoint Diversified Real Estate Trust, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

F2 · balance_after: Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

SEC source: 0001437749-25-035887 · rdgdoc.xml · nonDerivative · entry 1

Richards Paul · CIK 0002034963 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 119,820.1

F1 · balance_after: Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

SEC source: 0001437749-25-028420 · rdgdoc.xml · nonDerivative · entry 3

DONDERO JAMES D · CIK 0001228922 · Director · See Remarks · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 2,493,168.65

F5 · price: Under the terms of the Advisory Agreement, the Adviser receives payment for a portion of its monthly fees under the Advisory Agreement in common shares of the Company. Such common shares received as payment are valued at the VWAP of the shares for the 10 trading days prior to the end of the month for which such fees will be paid. The Company issued 115,123.38 common shares to the Adviser as payment of its fees for the month of June at a VWAP of $4.1289 per share.

F3 · ownership.nature: Following the transactions disclosed herein, 38,768 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 84,663.87 shares are held by PCMG Trading Partners XXIII, L.P., 276,324 shares are held by Governance Re Ltd., 14,963 shares are held by Highland Capital Management Services, L.P. ("HCM") and 2,078,449.78 shares are held by NexPoint Real Estate Advisers X, L.P. (the "Adviser"). Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and HCM, and PCMG owns 99% of Drugcrafters. Drugcrafters, PCMG, Governance Re Ltd., HCM and the Adviser are ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of shares held by such entities. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-25-028420 · rdgdoc.xml · nonDerivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · See Remarks · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 2,378,045.27

F4 · price: Under the terms of the Advisory Agreement, the Adviser receives payment for a portion of its monthly fees under the Advisory Agreement in common shares of the Company. Such common shares received as payment are valued at the VWAP of the shares for the 10 trading days prior to the end of the month for which such fees will be paid. The Company issued 135,113.97 common shares to the Adviser as payment of its fees for the month of May at a VWAP of $3.6634 per share.

F3 · ownership.nature: Following the transactions disclosed herein, 38,768 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 84,663.87 shares are held by PCMG Trading Partners XXIII, L.P., 276,324 shares are held by Governance Re Ltd., 14,963 shares are held by Highland Capital Management Services, L.P. ("HCM") and 2,078,449.78 shares are held by NexPoint Real Estate Advisers X, L.P. (the "Adviser"). Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and HCM, and PCMG owns 99% of Drugcrafters. Drugcrafters, PCMG, Governance Re Ltd., HCM and the Adviser are ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of shares held by such entities. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-25-028420 · rdgdoc.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · See Remarks · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 2,242,931.3

F1 · price: Under the terms of the Advisory Agreement, dated July 1, 2022, by and between NexPoint Diversified Real Estate Trust (the "Company") and NexPoint Real Estate Advisers X, L.P. (the "Adviser"), as amended by that First Amendment to Advisory Agreement dated October 25, 2022, as amended by that Second Amendment to Advisory Agreement, dated April 11, 2023 and as amended by that Third Amendment to Advisory Agreement dated July 22, 2024 (the "Advisory Agreement"), the Adviser receives payment for a portion of its monthly fees under the Advisory Agreement in common shares of the Company. Such common shares received as payment are valued at the volume-weighted average price ("VWAP") of the shares for the 10 trading days prior to the end of the month for which such fees will be paid. The Company issued 130,353.19 common shares to the Adviser as payment of its fees for the month of April at a VWAP of $3.6465 per share.

F2 · balance_after: Includes shares acquired under a dividend reinvestment plan and shares received pursuant to an elective stock dividend paid on the Company's common shares.

F3 · ownership.nature: Following the transactions disclosed herein, 38,768 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 84,663.87 shares are held by PCMG Trading Partners XXIII, L.P., 276,324 shares are held by Governance Re Ltd., 14,963 shares are held by Highland Capital Management Services, L.P. ("HCM") and 2,078,449.78 shares are held by NexPoint Real Estate Advisers X, L.P. (the "Adviser"). Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and HCM, and PCMG owns 99% of Drugcrafters. Drugcrafters, PCMG, Governance Re Ltd., HCM and the Adviser are ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of shares held by such entities. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-25-027381 · rdgdoc.xml · nonDerivative · entry 2

Mitts Brian · CIK 0001514845 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 65,900

SEC source: 0001437749-25-022537 · rdgdoc.xml · nonDerivative · entry 2

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 97,237

SEC source: 0001437749-25-022537 · rdgdoc.xml · nonDerivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 91,987

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.88 to $4.90, inclusive. The reporting person undertakes to provide to NexPoint Diversified Real Estate Trust, any security holder of NexPoint Diversified Real Estate Trust, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

SEC source: 0001437749-25-022273 · rdgdoc.xml · nonDerivative · entry 2

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 86,737

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.60 to $4.63, inclusive.

SEC source: 0001437749-25-022273 · rdgdoc.xml · nonDerivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 81,487

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.66 to $4.67, inclusive. The reporting person undertakes to provide to NexPoint Diversified Real Estate Trust, any security holder of NexPoint Diversified Real Estate Trust, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1) and (2) to this Form 4.

SEC source: 0001437749-25-021470 · rdgdoc.xml · nonDerivative · entry 2

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 76,487

SEC source: 0001437749-25-021470 · rdgdoc.xml · nonDerivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 70,737

SEC source: 0001437749-25-020236 · rdgdoc.xml · derivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,830

Underlying: Common Shares · 4,830 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-020238 · rdgdoc.xml · derivative · entry 1

Richards Paul · CIK 0002034963 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,150

Underlying: Common Shares · 24,150 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 24,150 restricted share units. The restricted share units will vest one-fourth on June 10, 2026, one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 24,150 restricted share units. The restricted share units will vest one-fourth on June 10, 2026, one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-020233 · rdgdoc.xml · derivative · entry 1

NORRIS DUSTIN DAVID · CIK 0001617176 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 28,980

Underlying: Common Shares · 28,980 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 28,980 restricted share units. The restricted share units will vest one-fourth on June 10, 2026, one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 28,980 restricted share units. The restricted share units will vest one-fourth on June 10, 2026, one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-020234 · rdgdoc.xml · derivative · entry 1

Constantino Edward N. · CIK 0001498322 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,830

Underlying: Common Shares · 4,830 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-020231 · rdgdoc.xml · derivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · See Remarks · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 146,768

Underlying: Common Shares · 146,768 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 146,768 restricted share units. The restricted share units will vest one-fourth on June 10, 2026, one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 146,768 restricted share units. The restricted share units will vest one-fourth on June 10, 2026, one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-020235 · rdgdoc.xml · derivative · entry 1

KAVANAUGH SCOTT F · CIK 0001218975 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,830

Underlying: Common Shares · 4,830 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-020241 · rdgdoc.xml · derivative · entry 1

Wood Catherine D. · CIK 0001820212 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,830

Underlying: Common Shares · 4,830 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-020240 · rdgdoc.xml · derivative · entry 1

Swain Carol · CIK 0001941224 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,830

Underlying: Common Shares · 4,830 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-020239 · rdgdoc.xml · derivative · entry 1

Sauter Dennis Charles Jr · CIK 0001803863 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,150

Underlying: Common Shares · 24,150 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 24,150 restricted share units. The restricted share units will vest one-fourth on June 10, 2026, one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 24,150 restricted share units. The restricted share units will vest one-fourth on June 10, 2026, one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-020237 · rdgdoc.xml · derivative · entry 1

Mitts Brian · CIK 0001514845 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,830

Underlying: Common Shares · 4,830 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 4,830 restricted share units. The restricted share units will vest on June 10, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-020232 · rdgdoc.xml · derivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 146,768

Underlying: Common Shares · 146,768 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

F2 · derivative.exercise_date: On June 10, 2025, the reporting person was granted 146,768 restricted share units. The restricted share units will vest one-fourth on June 10, 2026, one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 10, 2025, the reporting person was granted 146,768 restricted share units. The restricted share units will vest one-fourth on June 10, 2026, one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-25-019738 · rdgdoc.xml · nonDerivative · entry 2

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 65,237