X0508 4 2025-03-18 0001356115 NEXPOINT DIVERSIFIED REAL ESTATE TRUST NXDT 0001218975 KAVANAUGH SCOTT F 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 1 0 Common Stock 2025-03-18 4 M 0 11698 A 11698 D Common Stock 51988 I By Benefit Plan Restricted Shares Units 2025-03-18 4 M 0 11698 0 D Common Shares 11698 0 D Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust. Includes 7,463 shares previously owned directly which were contributed to a defined plan for the benefit of the reporting person on March 8, 2024 and shares acquired pursuant to elective stock dividends paid on the Company's common shares. These shares are held in a defined plan for the benefit of the reporting person. On March 18, 2024, the reporting person was granted 11,698 restricted shares units which vested on March 18, 2025. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash. Exhibit List: Exhibit 24 – Power of Attorney /s/ Paul Richards as attorney-in-fact for Scott Kavanaugh 2025-03-20