Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 542

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 542
---
2023

7

<div align='center'>I-335

ANNEX A

Covered Persons</div>

James Dondero

Dustin Norris

Brian Mitts

Matt McGraner

Scott Kavanaugh

Arthur Laffer

Paul Richards

Dave Willmore

Tom Chapline

Matt Goetz

Frank Waterhouse

Will Mabry

Edward Constantino

D.C. Sauter

Carol Swain

Catherine Wood

A-1

<div align='center'>I-336

ANNEX B

ACKNOWLEDGEMENT OF POLICY</div>

NexPoint Diversified Real Estate Trust
300 Crescent Court

Suite 700

Dallas, Texas 75201

To the Board of Trustees:

I acknowledge that I have read and understand the NexPoint Diversified Real Estate Trust Insider Trading Policy and agree to abide by its provisions.

Signature:

Name (Please Print):

Date:

Address:

Email:

B-1

<div align='center'>I-337

ANNEX C

NEXPOINT DIVERSIFIED REAL ESTATE TRUST

Sample Broker Instruction/Representation Letter

(Name of Employee)
(Address)
(Telephone/Fax/E-mail)
(Date)</div>

(Name of Broker)
(Name of Brokerage House)
(Address)

Dear (Name of Broker):

With regard to my holdings of securities in NexPoint Diversified Real Estate Trust (the “”) and those of my related parties, (names of related parties), held in my account with you, I instruct you:

| 1. | Not to enter any order (except for orders under and pursuant to pre-approved Rule 10b5-1 plans) without first: |

| • | verifying with the Company that the transaction was pre-cleared by calling [●], at [●], or the [●] at [●]; and |

| • | complying with your firm’s compliance procedures (e.g., Rule 144) |

| 2. | To report immediately to the Company via telephone at [●]; and in writing via e-mail to [●] or [●] or by fax to [●] the details of every transaction involving Company shares including gifts, transfers, pledges, and all Rule 10b5-1 transactions. |

Please execute and return both of the enclosed copies of this representation letter in the enclosed business-reply envelope to:

NexPoint Diversified Real Estate Trust
300 Crescent Court

Suite 700

Dallas, Texas 75201

Sincerely,

<div align='center'>