NXDT · Nexpoint Diversified Real Estate Trust

Represents the portion of previously reported restricted share unit grant that vested on June 10, 2026 and settled in cash.

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.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

Includes shares received pursuant to an elective stock dividend paid on the Company's common shares.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

On June 10, 2025, the reporting person was granted 4,830 restricted share units which vested on June 10, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

On June 10, 2025, the reporting person was granted 4,830 restricted share units which vested on June 10, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

On June 10, 2025, the reporting person was granted 24,150 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.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

Includes shares received pursuant to an elective stock dividend paid on the Company's common shares.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

On June 10, 2025, the reporting person was granted 4,830 restricted share units which vested on June 10, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

On June 10, 2025, the reporting person was granted 4,830 restricted share units which vested on June 10, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

On June 10, 2025, the reporting person was granted 24,150 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.

Represents the portion of the previously reported restricted share unit grant that vested on June 10, 2026 and settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

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.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 10, 2025, the reporting person was granted 28,980 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.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

On June 10, 2025, the reporting person was granted 4,830 restricted share units which vested on June 10, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Represents the portion of previously reported restricted share unit grant that vested on June 10, 2026 and settled in cash.

Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

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.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

2. Includes shares received pursuant to an elective stock dividend paid on the Company's common shares.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

On June 10, 2025, the reporting person was granted 4,830 restricted share units which vested on June 10, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 2, 2026, the reporting person was granted 19,817 restricted share units. The restricted share units will vest one-fourth on June 2, 2027, one-fourth on February 15, 2028, one-fourth on February 15, 2029 and one-fourth on February 15, 2030. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 2, 2026, the reporting person was granted 245,415 restricted share units. The restricted share units will vest one-fourth on June 2, 2027, one-fourth on February 15, 2028, one-fourth on February 15, 2029 and one-fourth on February 15, 2030. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 2, 2026, the reporting person was granted 71,837 restricted share units. The restricted share units will vest one-fourth on June 2, 2027, one-fourth on February 15, 2028, one-fourth on February 15, 2029 and one-fourth on February 15, 2030. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 2, 2026, the reporting person was granted 7,077 restricted share units which will vest on June 2, 2027. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 2, 2026, the reporting person was granted 7,077 restricted share units which will vest on June 2, 2027. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 2, 2026, the reporting person was granted 7,077 restricted share units which will vest on June 2, 2027. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 2, 2026, the reporting person was granted 7,077 restricted share units which will vest on June 2, 2027. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 2, 2026, the reporting person was granted 7,077 restricted share units which will vest on June 2, 2027. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 2, 2026, the reporting person was granted 7,077 restricted share units which will vest on June 2, 2027. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On June 2, 2026, the reporting person was granted 245,415 restricted share units. The restricted share units will vest one-fourth on June 2, 2027, one-fourth on February 15, 2028, one-fourth on February 15, 2029 and one-fourth on February 15, 2030. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.86 to $4.90, inclusive. The reporting person undertakes to provide to NexPoint Diversified Real Estate Trust (the "Company"), any security holder of NexPoint Diversified Real Estate Trust, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

Includes shares received pursuant to an elective stock dividend paid on the Company's common shares.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On April 4, 2023, the reporting person was granted 22,388 restricted share units. The restricted share units vested one-fourth on April 4, 2024, one-fourth on April 4, 2025 and one-fourth on April 4, 2026, and will vest one-fourth on April 4, 2027. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On April 4, 2023, the reporting person was granted 9,950 restricted share units. The restricted share units vested one-fourth on April 4, 2024, one-fourth on April 4, 2025 and one-fourth on April 4, 2026, and will vest one-fourth on April 4, 2027. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On April 4, 2023, the reporting person was granted 180,498 restricted share units. The restricted share units vested one-fourth on April 4, 2024, one-fourth on April 4, 2025 and one-fourth on April 4, 2026, and will vest one-fourth on April 4, 2027. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

On April 4, 2023, the reporting person was granted 29,851 restricted share units. The restricted share units vested one-fourth on April 4, 2024, one-fourth on April 4, 2025 and one-fourth on April 4, 2026, and will vest one-fourth on April 4, 2027. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.