NXDT

SEC source: 0001437749-24-030959 · rdgdoc.xml · nonDerivative · entry 8

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

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 1,268,021.02

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 90,502.15 common shares to the Adviser as payment of its fees for the month of August at a VWAP of $5.7060 per share.

F2 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-030959 · rdgdoc.xml · nonDerivative · entry 7

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

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 1,177,518.87

F3 · 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 78,922.05 common shares to the Adviser as payment of its fees for the month of July at a VWAP of $6.4097 per share.

F4 · ownership.nature: 35,144 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 75,732 shares are held by PCMG Trading Partners XXIII, L.P., 190,810 shares are held by Governance Re Ltd. and 1,047,264.62 shares (following the transactions described herein) are held by the Adviser. Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and PCMG owns 99% of Drugcrafters. Drugcrafters, PCMG, Governance Re Ltd. 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: 0001437749-24-027025 · 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: 1,079,611.29

F4 · price: Under the terms of the Advisory Agreement, the Adviser may elect to receive 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 85,996.95 common shares to the Adviser as payment of its fees for the month of June at a VWAP of $5.1268 per share.

F5 · balance_after: Includes shares received pursuant to an elective stock dividend paid on the Company's common shares on June 28, 2024.

F2 · ownership.nature: 34,320 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 73,956.48 shares are held by PCMG Trading Partners XXIII, L.P., 187,645 shares are held by Governance Re Ltd. and 783,689.81 shares (following the transactions described herein) are held by the Adviser. Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and PCMG owns 99% of Drugcrafters. Drugcrafters, PCMG, Governance Re Ltd. 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: 0001437749-24-027025 · 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: 993,614.34

F3 · price: Under the terms of the Advisory Agreement, the Adviser may elect to receive 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 82,576.52 common shares to the Adviser as payment of its fees for the month of May at a VWAP of $5.4513 per share.

F2 · ownership.nature: 34,320 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 73,956.48 shares are held by PCMG Trading Partners XXIII, L.P., 187,645 shares are held by Governance Re Ltd. and 783,689.81 shares (following the transactions described herein) are held by the Adviser. Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and PCMG owns 99% of Drugcrafters. Drugcrafters, PCMG, Governance Re Ltd. 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: 0001437749-24-027025 · 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: 911,037.82

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, and as amended by that Second Amendment to Advisory Agreement, dated April 11, 2023 (the "Advisory Agreement"), the Adviser may elect to receive 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 70,660.98 common shares to the Adviser as payment of its fees for the month of April at a VWAP of $6.2395 per share.

F2 · ownership.nature: 34,320 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 73,956.48 shares are held by PCMG Trading Partners XXIII, L.P., 187,645 shares are held by Governance Re Ltd. and 783,689.81 shares (following the transactions described herein) are held by the Adviser. Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and PCMG owns 99% of Drugcrafters. Drugcrafters, PCMG, Governance Re Ltd. 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: 0001437749-24-022498 · rdgdoc.xml · nonDerivative · entry 2

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 80,386

F1 · balance_after: On June 28, 2024, NexPoint Diversified Real Estate Trust (the "Company") paid an elective stock dividend on its common shares. As a result, Mr. McGraner received 1,421 common shares of the Company.

SEC source: 0001437749-24-022498 · rdgdoc.xml · nonDerivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 75,386

F1 · balance_after: On June 28, 2024, NexPoint Diversified Real Estate Trust (the "Company") paid an elective stock dividend on its common shares. As a result, Mr. McGraner received 1,421 common shares of the Company.

SEC source: 0001437749-24-022309 · rdgdoc.xml · nonDerivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By limited liability company

Disclosed balance after: 93,652

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.45 to $5.50, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

F2 · 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: 0001437749-24-021724 · 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: 258,025

F1 · ownership.nature: These shares are held by The Dugaboy Investment Trust of which Mr. Dondero is the beneficiary pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-021724 · 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: 248,193

F1 · ownership.nature: These shares are held by The Dugaboy Investment Trust of which Mr. Dondero is the beneficiary pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-021449 · 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: 232,649

F1 · ownership.nature: These shares are held by The Dugaboy Investment Trust of which Mr. Dondero is the beneficiary pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-021299 · 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: 207,821

F1 · ownership.nature: These shares are held by The Dugaboy Investment Trust of which Mr. Dondero is the beneficiary pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-021299 · 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: 162,269

F1 · ownership.nature: These shares are held by The Dugaboy Investment Trust of which Mr. Dondero is the beneficiary pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-021094 · rdgdoc.xml · nonDerivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 63,965

SEC source: 0001437749-24-021136 · 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: 145,780

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.80 to $4.96, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

F2 · ownership.nature: These shares are held by The Dugaboy Investment Trust of which Mr. Dondero is the beneficiary pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-021092 · rdgdoc.xml · nonDerivative · entry 1

NORRIS DUSTIN DAVID · CIK 0001617176 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 104,057.49

F1 · price: The price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.725 to $4.74. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

F2 · balance_after: Includes shares held under a dividend reinvestment plan.

SEC source: 0001437749-24-020699 · rdgdoc.xml · nonDerivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 58,965

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 22

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 6

Disclosed balance after: 325

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 21

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 5

Disclosed balance after: 325

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 20

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 4

Disclosed balance after: 325

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 19

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 3

Disclosed balance after: 325

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 18

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 2

Disclosed balance after: 325

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 17

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 1

Disclosed balance after: 325

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 6

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 6

Disclosed balance after: 2,387

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 5

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 5

Disclosed balance after: 2,387

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 4

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 4

Disclosed balance after: 2,387

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 3

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 3

Disclosed balance after: 2,387

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 2

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 2

Disclosed balance after: 2,387

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020503 · rdgdoc.xml · nonDerivative · entry 1

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

10b5-1 filing: No plan indicated

Ownership: Indirect · As custodian of UTMA account for child 1

Disclosed balance after: 2,387

F1 · ownership.nature: The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001437749-24-020502 · rdgdoc.xml · nonDerivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,965

SEC source: 0001437749-24-014010 · 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: 815,136.11

F4 · price: Under the terms of the Advisory Agreement, the Adviser may elect to receive 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 71,409.78 common shares to the Adviser as payment of its fees for the month of March at a VWAP of $6.3131 per share.

F2 · ownership.nature: 32,082 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 71,171.75 shares are held by PCMG Trading Partners XXIII, L.P., 180,159 shares are held by Governance Re Ltd. and 523,786.35 shares (following the transactions described herein) are held by the Adviser. Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and PCMG owns 99% of Drugcrafters. These entities 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: 0001437749-24-014010 · 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: 743,726.33

F3 · price: Under the terms of the Advisory Agreement, the Adviser may elect to receive 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 71,309.60 common shares to the Adviser as payment of its fees for the month of February at a VWAP of $6.4507 per share.

F2 · ownership.nature: 32,082 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 71,171.75 shares are held by PCMG Trading Partners XXIII, L.P., 180,159 shares are held by Governance Re Ltd. and 523,786.35 shares (following the transactions described herein) are held by the Adviser. Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and PCMG owns 99% of Drugcrafters. These entities 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: 0001437749-24-014010 · 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: 672,416.73

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, and as amended by that Second Amendment to Advisory Agreement, dated April 11, 2023 (the "Advisory Agreement"), the Adviser may elect to receive 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 65,398.36 common shares to the Adviser as payment of its fees for the month of January at a VWAP of $6.8934 per share.

F2 · ownership.nature: 32,082 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 71,171.75 shares are held by PCMG Trading Partners XXIII, L.P., 180,159 shares are held by Governance Re Ltd. and 523,786.35 shares (following the transactions described herein) are held by the Adviser. Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and PCMG owns 99% of Drugcrafters. These entities 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: 0001437749-24-011586 · rdgdoc.xml · nonDerivative · entry 2

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By limited liability company

Disclosed balance after: 88,276

F3 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $6.12 to $6.18, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (3) to this Form 4.

F2 · ownership.nature: The reporting person holds these shares indirectly through a limited liability company in 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: 0001437749-24-011586 · rdgdoc.xml · nonDerivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By limited liability company

Disclosed balance after: 68,276

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $6.06 to $6.14, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

F2 · ownership.nature: The reporting person holds these shares indirectly through a limited liability company in 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: 0001437749-24-011457 · rdgdoc.xml · derivative · entry 3

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 7,463 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.

F3 · derivative.exercise_date: On April 4, 2023, the reporting person was granted 7,463 restricted shares units which vested on April 4, 2024. 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 April 4, 2023, the reporting person was granted 7,463 restricted shares units which vested on April 4, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-24-011457 · rdgdoc.xml · nonDerivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,478

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: 0001437749-24-011454 · rdgdoc.xml · derivative · entry 4

NORRIS DUSTIN DAVID · CIK 0001617176 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,313

Underlying: Common Shares · 12,438 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.

F3 · derivative.exercise_date: On April 4, 2023, the reporting person was granted 49,751 restricted shares units which vested one-fourth on April 4, 2024, and will vest one-fourth on April 4, 2025, one-fourth on April 4, 2026 and one-fourth on April 4, 2027. 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 April 4, 2023, the reporting person was granted 49,751 restricted shares units which vested one-fourth on April 4, 2024, and will vest one-fourth on April 4, 2025, one-fourth on April 4, 2026 and one-fourth on April 4, 2027. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-24-011454 · rdgdoc.xml · nonDerivative · entry 2

NORRIS DUSTIN DAVID · CIK 0001617176 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,613.6

F2 · balance_after: Includes shares held under a dividend reinvestment plan.

SEC source: 0001437749-24-011454 · rdgdoc.xml · nonDerivative · entry 1

NORRIS DUSTIN DAVID · CIK 0001617176 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,667.6

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.

F2 · balance_after: Includes shares held under a dividend reinvestment plan.

SEC source: 0001437749-24-011459 · rdgdoc.xml · derivative · entry 3

Constantino Edward N. · CIK 0001498322 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 7,463 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.

F3 · derivative.exercise_date: On April 4, 2023, the reporting person was granted 7,463 restricted shares units which vested on April 4, 2025. 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 April 4, 2023, the reporting person was granted 7,463 restricted shares units which vested on April 4, 2025. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-24-011459 · rdgdoc.xml · nonDerivative · entry 2

Constantino Edward N. · CIK 0001498322 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,630

F2 · price: Represents the portion of previously reported restricted shares unit grant that vested on April 4, 2024 and settled in cash.

SEC source: 0001437749-24-011459 · rdgdoc.xml · nonDerivative · entry 1

Constantino Edward N. · CIK 0001498322 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,362

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: 0001437749-24-011447 · rdgdoc.xml · derivative · entry 7

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 140,756

Underlying: Common Shares · 46,916 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.

F7 · derivative.exercise_date: On April 4, 2023, the reporting person was granted 187,662 restricted shares units which vested one-fourth on April 4, 2024, and will vest one-fourth on April 4, 2025, one-fourth on April 4, 2026 and one-fourth on April 4, 2027. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F7 · derivative.expiration_date: On April 4, 2023, the reporting person was granted 187,662 restricted shares units which vested one-fourth on April 4, 2024, and will vest one-fourth on April 4, 2025, one-fourth on April 4, 2026 and one-fourth on April 4, 2027. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-24-011447 · 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: 4,207,129.1875

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.

F2 · balance_after: Includes shares acquired under a dividend reinvestment plan.

SEC source: 0001437749-24-011458 · rdgdoc.xml · derivative · entry 3

KAVANAUGH SCOTT F · CIK 0001218975 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 7,463 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.

F3 · derivative.exercise_date: On April 4, 2023, the reporting person was granted 7,463 restricted shares units which vested on April 4, 2024. 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 April 4, 2023, the reporting person was granted 7,463 restricted shares units which vested on April 4, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-24-011458 · rdgdoc.xml · nonDerivative · entry 1

KAVANAUGH SCOTT F · CIK 0001218975 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,463

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: 0001437749-24-011456 · rdgdoc.xml · derivative · entry 4

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 135,373

Underlying: Common Shares · 45,125 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.

F2 · derivative.exercise_date: On April 4, 2023, the reporting person was granted 180,498 restricted shares units which vested one-fourth on April 4, 2024, and will vest one-fourth on April 4, 2025, one-fourth on April 4, 2026 and one-fourth on April 4, 2027. 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 April 4, 2023, the reporting person was granted 180,498 restricted shares units which vested one-fourth on April 4, 2024, and will vest one-fourth on April 4, 2025, one-fourth on April 4, 2026 and one-fourth on April 4, 2027. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-24-011456 · rdgdoc.xml · nonDerivative · entry 2

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 48,965

SEC source: 0001437749-24-011456 · rdgdoc.xml · nonDerivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 62,473

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.