X0306 4 2022-06-09 0001356115 NEXPOINT DIVERSIFIED REAL ESTATE TRUST NXDT 0001228922 DONDERO JAMES D 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 1 1 See Remarks Common Stock 2022-06-09 4 P 0 18977 15.30 A 3411289 I See Footnote Common Stock 84791.12 D Common Stock 1825479 I See Footnote Common Stock 238175.52 I See Footnote Common Stock 509462 I See Footnote Common Stock 59969.32 I By employee benefit plan Includes shares acquired through the Issuer's Dividend Reinvestment Plan. These shares are held by The Dugaboy Investment Trust pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares. 549,863 shares are held by Highland Global Allocation Fund, 118,673 shares are held by Highland Small-Cap Equity Fund and 1,156,943 shares are held by Highland Income Fund. These entities are managed by Highland Capital Management Fund Advisers, 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. 62,395.52 shares are held by PCMG Trading Partners XXIII, L.P. and 175,780 shares are held by Governance Re Ltd. 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. These shares are held by subsidiaries of The Dugaboy Investment Trust. Mr. Dondero disclaims beneficial ownership of such shares. President and Principal Executive Officer /s/ James D. Dondero 2022-06-10