X0609 4 2026-06-10 0001356115 NEXPOINT DIVERSIFIED REAL ESTATE TRUST NXDT 0001228922 DONDERO JAMES D false 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 1 1 1 See Remarks 0 Common Stock 2026-06-10 4 M 0 36692 A 6046963.064 D Common Stock 7386.2797 I As custodian of UTMA account for child 1 Common Stock 7370.3694 I As custodian of UTMA account for child 2 Common Stock 7386.2907 I As custodian of UTMA account for child 3 Common Stock 5476.991 I As custodian of UTMA account for child 4 Common Stock 5242.3344 I As custodian of UTMA account for child 5 Common Stock 7386.2907 I As custodian of UTMA account for child 6 Common Stock 2895808.15 I See Footnote Common Stock 850356 I See Footnote Common Stock 2283589 I See Footnote Common Stock 643132 I See Footnote Common Stock 90471.1462 I By employee benefit plan Restricted Share Units 2026-06-10 4 M 0 36692 0 D Common Shares 36692 110076 D Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company"). Includes shares acquired under a dividend reinvestment plan and shares received pursuant to an elective stock dividend paid on the Company's common shares. 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. 43,224 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 95,972.27 shares are held by PCMG Trading Partners XXIII, L.P., 297,351 shares are held by Governance Re Ltd., 14,962.88 shares are held by Highland Capital Management Services, L.P. ("HCM") and 2,444,298 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. 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. 1,595,828 shares are held by Highland Opportunities and Income Fund and 687,761 shares are held by Highland Global Allocation Fund (both of which are managed by NexPoint Asset Management, L.P., which is 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. These shares are held by subsidiaries of The Dugaboy Investment Trust. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. On June 10, 2025, the reporting person was granted 146,768 restricted share units. The restricted share units vested one-fourth on June 10, 2026 and will vest 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. President /s/ Paul Richards, as attorney-in-fact for James Dondero 2026-06-12