X0508 4 2025-04-17 0001356115 NEXPOINT DIVERSIFIED REAL ESTATE TRUST NXDT 0001803863 Sauter Dennis Charles Jr 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 1 See Remarks 0 Common Stock 2025-04-17 4 J 0 6367 A 6367 I See Footnote Common Stock 5072 D Profits LTIP Units 2025-04-17 4 J 0 1813.125 A Common Shares 1813.125 1813.125 D Profits LTIP Units 2025-04-17 4 J 0 5439.375 A Common Shares 5439.375 7252.50 D Acquired pursuant to that certain Agreement and Plan of Merger, dated as of November 22, 2024, by and among NexPoint Diversified Real Estate Trust (the "Issuer"), the Issuer's operating partnership (the "OP"), and those certain other parties thereto, with the exchange rate being equal to the quotient of $0.36 divided by the volume weighted average price of the shares of Common Stock quoted on the New York Stock Exchange for the ten (10) trading days prior to the closing of the merger of NHT Hospitality, Inc. with and into one of the Issuer's wholly owned subsidiaries which equaled $3.7228. The reporting person holds these shares indirectly through a limited partnership the reporting person controls. The reporting person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. Represents Profits LTIP Units ("LTIP Units") in the OP . Each LTIP Units can ultimately be redeemed by the reporting person for cash or common shares of the Issuer at the option of the Issuer. On April 17, 2025, the reporting person was granted 7,252.5 LTIP Units of which 5,439.375 were vested immediately as of the grant date. The remaining LTIP Units will vest on December 13, 2025 and are not subject to expiration. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash. Subject to adjustment for certain events including stock splits, reverse stock splits, stock dividends and recapitalizations of Issuer. General Counsel and Secretary /s/ Paul Richards, as attorney-in-fact for D.C. Sauter 2025-04-21