# EDGAR Filing Document

**Accession Number:** 0001356115
**File Stem:** 0001437749-26-001652
**Filing Date:** 2026-1
**Character Count:** 13492
**Document Hash:** 9d883ff3cd3dcb645112fa447a136c2b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-001652.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001437749-26-001652

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEXPOINT DIVERSIFIED REAL ESTATE TRUST
- **CENTRAL INDEX KEY:** 0001356115
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 800139099
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-83652
- **FILM NUMBER:** 26549159

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-276-6300

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NexPoint Strategic Opportunities Fund
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NexPoint Credit Strategies Fund
- **DATE OF NAME CHANGE:** 20120702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pyxis Credit Strategies Fund
- **DATE OF NAME CHANGE:** 20120109
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DONDERO JAMES D
- **CENTRAL INDEX KEY:** 0001228922

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

## Ex-99

**Exhibit 99.1**

**<u>Appendix A</u>**

**TRANSACTIONS**

The following table sets forth all transactions with respect to the Common Stock effected in the last sixty (60) days by the Reporting Persons or on behalf of the Reporting Persons in respect of the shares of Common Stock other than shares of Common Stock acquired under a DRIP and in connection with dividend reinvestments in the Issuer, which are described in Item 5(c). The transactions in the Common Stock were effected in the open market, except as otherwise noted.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Date</u>** | **<u>Effected By</u>** | **<u>Quantity</u>** | **<u>Price Per Share</u>** |
| 01/16/2026 | NexPoint Real Estate Advisers X, L.P. | 93380.41 | (1) |
| 01/16/2026 | NexPoint Real Estate Advisers X, L.P. | 119482.76 | (2) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Under the terms of the Advisory Agreement, prior to September 2025, the Adviser received payment for a portion of its monthly fees under the Advisory Agreement in shares of Common Stock. Such shares of Common Stock received as payment are valued at the volume-weighted average price ("VWAP") of the shares for the ten (10) trading days prior to the end of the month for which such fees will be paid. The Issuer issued 93,380.41 shares of Common Stock to the Adviser as payment of its fees for the month of July at a VWAP of $4.7863 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Under the terms of the Advisory Agreement, prior to September 2025, the Adviser received payment for a portion of its monthly fees under the Advisory Agreement in shares of Common Stock. Such shares of Common Stock received as payment are valued at the VWAP of the shares for the ten (10) trading days prior to the end of the month for which such fees will be paid. The Issuer issued 119,482.76 shares of Common Stock to the Adviser as payment of its fees for the month of August at a VWAP of $3.8346 per share.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 31)**

**NEXPOINT DIVERSIFIED REAL ESTATE TRUST**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**65340G106**

*(CUSIP Number)*

**Stephanie Vitiello, CCO**<br>NexPoint Advisors, L.P.<br>300 Crescent Court, Suite 700<br>Dallas TX 75201<br>214-453-6500

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**01/16/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **65340G106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**DONDERO JAMES D** | Name of reporting person<br>**DONDERO JAMES D** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**5547479.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6546070.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**5547479.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6546070.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12093550.00** | Aggregate amount beneficially owned by each reporting person<br>**12093550.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**24.0%** | Percent of class represented by amount in Row (11)<br>**24.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

| **CUSIP No.** | **65340G106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**DONDERO NANCY MARIE** | Name of reporting person<br>**DONDERO NANCY MARIE** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**25509.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1449366.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**25509.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1449366.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1474875.00** | Aggregate amount beneficially owned by each reporting person<br>**1474875.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.9%** | Percent of class represented by amount in Row (11)<br>**2.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
NEXPOINT DIVERSIFIED REAL ESTATE TRUST

**(c) Address of Issuer's Principal Executive Offices:**
300 CRESCENT COURT, SUITE 700, DALLAS, TX, 75201

This Amendment No. 31 (this "Amendment") is being filed on behalf of James D. Dondero and Nancy Marie Dondero (collectively, the "Reporting Persons"), and amends the Schedule 13D filed with the United States Securities and Exchange Commission on September 24, 2014, as subsequently amended on October 24, 2014, as subsequently amended on October 31, 2014, as subsequently amended on February 27, 2015, as subsequently amended on March 12, 2015, as subsequently amended on April 29, 2015, as subsequently amended on August 5, 2015, as subsequently amended on August 11, 2015, as subsequently amended on September 1, 2015, as subsequently amended on October 16, 2015, as subsequently amended on January 22, 2016, as subsequently amended on April 22, 2016, as subsequently amended on August 25, 2016, as subsequently amended on October 25, 2016, as subsequently amended on February 22, 2017, as subsequently amended on June 23, 2017, as subsequently amended on May 8, 2018, as subsequently amended on June 13, 2018, as subsequently amended on October 25, 2018, as subsequently amended on June 19, 2019, as subsequently amended on January 17, 2020, as subsequently amended on April 6, 2020, as subsequently amended on March 3, 2021, as subsequently amended on October 25, 2021, as subsequently amended on December 15, 2021, as subsequently amended on February 2, 2022, as subsequently amended on April 8, 2022, as subsequently amended on August 16, 2022, as subsequently amended on January 19, 2024, as subsequently amended on August 21, 2024 and as subsequently amended on April 18, 2025 relating to the Common Stock (the "Common Stock") of NexPoint Diversified Real Estate Trust (f/k/a NexPoint Strategic Opportunities Fund), a Delaware statutory trust (the "Issuer"), held by the Reporting Persons and certain related or other entities.

The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant. The Schedule 13D is supplementally amended as follows.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of January 16, 2026, (i) James D. Dondero may be deemed to beneficially own 12,093,550.44 shares of Common Stock, which represents approximately 24.02% of the outstanding Common Stock; and (ii) Nancy Marie Dondero, held in a joint account and in her capacity of trustee of a trust, may be deemed to beneficially own 1,474,875.8617 shares of Common Stock, which represents approximately 2.9% of the outstanding Common Stock. James D. Dondero has the right to acquire beneficial ownership of the 1,449,366 shares of Common Stock owned by the trust.

**(b)**
1 Mr. Dondero has sole voting power and sole dispositive power with respect to 5,547,479.8708 shares of Common Stock and shared voting power and shared dispositive power with respect to 6,546,070.5656 shares of Commmon Stock. These shares are held by Mr. Dondero directly and indirectly through certain managed accounts ultimately advised by Mr. Dondero, an employee benefit plan, custodial accounts established pursuant to the Uniform Transfers to Minors Act and a trust. These shares also include shares that Mr. Dondero has the right to acquire beneficial ownership of that are held by the trust referred to in Item 5(a), for which he does not serve as trustee. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

2 Ms. Dondero has sole voting power and sole dispositive power with respect to 25,509.8617 shares of Common Stock and shared voting power and shared dispositive power with respect to 1,449,366 shares of Common Stock. These shares include shares held by Ms. Dondero directly, in a joint account, and indirectly through a trust that Ms. Dondero may be deemed to beneficially own as the trustee of the trust. Ms. Dondero is the sister of Mr. Dondero. Ms. Dondero and Mr. Dondero disclaim beneficial ownership of such shares.

**(c)**
Appendix A attached hereto lists all transactions in the Common Stock during the past sixty (60) days by the Reporting Persons other than 367,472.22 shares of Common Stock acquired under the DRIP and Common Stock dividend payments from the Issuer on the Common Stock. Except as reported in this Item 5, the Reporting Persons did not acquire or dispose of any Common Stock in the 60 days preceding the date hereof.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** DONDERO JAMES D

**Signature:** /s/ James D. Dondero

**Name/Title:** James D. Dondero

**Date:** 01/21/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** DONDERO NANCY MARIE

**Signature:** /s/ Nancy Marie Dondero

**Name/Title:** Nancy Marie Dondero

**Date:** 01/21/2026