Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 535

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 535
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 and representatives of the Company and its wholly owned subsidiaries, as specified in (“”) and their Related Persons (as defined in Section IV.D. below). The Company has determined that these Covered Persons are likely to have access to material, nonpublic information by virtue of their position with the Company. These procedures apply regardless of the dollar amount of the trade or the source of the material, nonpublic information. Any questions regarding the applicability of this Policy to a specific situation should be referred to the Company’s general counsel or the appropriate compliance officer.

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<div align='center'>I-330</div>

| IV. | Definition/Explanations |

| A. | Who is an “Insider”? |

The concept of “insider” is broad. Any person who possesses material, nonpublic information is considered an insider as to that information. Insiders include Company trustees, officers, employees, independent contractors and those persons in a special relationship with the Company (e.g., its auditors, consultants or attorneys). The definition of an insider is transaction specific; that is, an individual is an insider with respect to each material, nonpublic item of which he or she is aware.

| B. | What is “Material” Information? |

The materiality of a fact depends upon the circumstances. A fact is considered “material” if there is a substantial likelihood that a reasonable investor would consider it important in making a decision to buy, sell or hold a security or where the fact is likely to have a significant effect on the market price of the security. Material information can be positive or negative and can relate to virtually any aspect of a company’s business or to any type of security, debt or equity. Some examples of material information include:

| • | unpublished financial results (including earnings estimates); |

| • | news of a pending or proposed company transaction; |

| • | major litigation; |

| • | recapitalizations; |

| • | significant changes in corporate objectives; |

| • | a change in control or a significant change in management; |

| • | news of a significant sale of assets; |

| • | changes in dividend policies; |

| • | financial liquidity problems; and |

| • | cybersecurity attacks, breaches or other incidents. |

The above list is only illustrative and many other types of information may be considered “material” depending on the circumstances. The materiality of particular information is subject to reassessment on a regular basis. When in doubt, please contact the Company’s general counsel or the appropriate