James Dondero - Nov 28, 2022 Form 4 Insider Report for NEXPOINT DIVERSIFIED REAL ESTATE TRUST (NXDT)

Role: President, Director, 10%+ Owner
Signature: /s/ James D. Dondero
Stock symbol: NXDT
Transactions as of: Nov 28, 2022
Transactions value $: $0
Form type: 4
Date filed: 11/30/2022, 04:56 PM
Previous filing: Nov 8, 2022
Next filing: Dec 13, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NXDT	Common Stock	Sale	-$1.64M	-119K	-6.5%	$13.83	1.71M	Nov 28, 2022	See Footnote	F1
transaction	NXDT	Common Stock	Purchase	$1.64M	+119K	+6.95%	$13.83	1.83M	Nov 28, 2022	See Footnote	F1
holding	NXDT	Common Stock						86.7K	Nov 28, 2022	Direct	F2
holding	NXDT	Common Stock						3.84M	Nov 28, 2022	See Footnote	F2, F3
holding	NXDT	Common Stock						239K	Nov 28, 2022	See Footnote	F2, F4
holding	NXDT	Common Stock						509K	Nov 28, 2022	See Footnote	F5
holding	NXDT	Common Stock						61.2K	Nov 28, 2022	By employee benefit plan

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On November 28, 2022, NexPoint Climate Tech Fund (f/k/a/ Highland Small-Cap Equity Fund) sold 118,673 shares to Highland Income Fund (the "Trade"). Following the Trade, 0 shares are held by NexPoint Climate Tech Fund, 1,275,616 shares are held by Highland Income Fund and 549,863 shares are held by Highland Global Allocation Fund. These entities are managed by NexPoint Asset Management, L.P. (f/k/a Highland Capital Management Fund Advisers), which is ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of shares held by such entities. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. The Trade was matchable under Section 16(b) of the Securities Exchange Act of 1934. The Reporting Person disgorged $2,743.03 to NexPoint Diversified Real Estate Trust, representing the full amount of his pecuniary interest in the deemed profit realized in connection with the short-swing transaction.
F2	Includes shares acquired under a dividend reinvestment plan.
F3	These shares are held by The Dugaboy Investment Trust pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares.
F4	63,632.11 shares are held by PCMG Trading Partners XXIII, L.P. and 175,780 shares are held by Governance Re Ltd. These entities are ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of shares held by such entities. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
F5	These shares are held by a subsidiary of The Dugaboy Investment Trust. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

Remarks:

President