<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>144</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001514845</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<issuerInfo>
<issuerCik>0001356115</issuerCik>
<issuerName>NexPoint Diversified Real Estate Trust</issuerName>
<secFileNumber>001-32921</secFileNumber>
<issuerAddress>
<com:street1>2151 McKinney Avenue, Suite 1100</com:street1>
<com:city>Dallas</com:city>
<com:stateOrCountry>TX</com:stateOrCountry>
<com:zipCode>75201</com:zipCode>
</issuerAddress>
<issuerContactPhone>833-463-6697</issuerContactPhone>
<nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Mitts, Brian</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
<relationshipsToIssuer>
<relationshipToIssuer>Director</relationshipToIssuer>
</relationshipsToIssuer>
</issuerInfo>
<securitiesInformation>
<securitiesClassTitle>Common Stock</securitiesClassTitle>
<brokerOrMarketmakerDetails>
<name>Charles Schwab &amp; Co. Inc.</name>
<address>
<com:street1>3000 Schwab Way</com:street1>
<com:city>Westlake</com:city>
<com:stateOrCountry>TX</com:stateOrCountry>
<com:zipCode>76262</com:zipCode>
</address>
</brokerOrMarketmakerDetails>
<noOfUnitsSold>14053</noOfUnitsSold>
<aggregateMarketValue>42159.00</aggregateMarketValue>
<noOfUnitsOutstanding>49020409</noOfUnitsOutstanding>
<approxSaleDate>12/12/2025</approxSaleDate>
<securitiesExchangeName>NYSE</securitiesExchangeName>
</securitiesInformation>
<securitiesToBeSold>
<securitiesClassTitle>Common Stock</securitiesClassTitle>
<acquiredDate>02/27/2007</acquiredDate>
<natureOfAcquisitionTransaction>Purchases of issuer securities through a 401(k) Plan</natureOfAcquisitionTransaction>
<nameOfPersonfromWhomAcquired>Open market</nameOfPersonfromWhomAcquired>
<isGiftTransaction>N</isGiftTransaction>
<amountOfSecuritiesAcquired>14053</amountOfSecuritiesAcquired>
<paymentDate>12/31/2024</paymentDate>
<natureOfPayment>Cash</natureOfPayment>
</securitiesToBeSold>
<nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
<remarks>Aggregate market value calculated based on the closing price of common stock as of December 10, 2025. The securities to be sold pursuant to this Form 144 were acquired by the reporting person through a 401(k) Plan in multiple transactions from February 27, 2007 to December 31, 2024 and funds are being transferred to a self-directed investment retirement account due to the reporting person's retirement as an officer of NexPoint Diversified Real Estate Trust. </remarks>
<noticeSignature>
<noticeDate>12/11/2025</noticeDate>
<signature>/s/ Brian Mitts</signature>
</noticeSignature>
</formData>
</edgarSubmission>
