NEXPOINT DIVERSIFIED REAL ESTATE TRUST

NexPoint Diversified Real Estate Trust is an externally advised, publicly traded real estate investment trust (REIT) that acquires, manages, develops, and sells opportunistic, value-add real estate properties across the United States. The company primarily invests in various commercial real estate property types and across the capital structure, including equity, mortgage debt, mezzanine debt, and preferred equity. The company was formed as a Delaware statutory trust on March 10, 2006, as "Highland Credit Strategies Fund" and changed its name to "NexPoint Diversified Real Estate Trust" in 2021. It has elected to be taxed as a REIT. Substantially all of its business is conducted through NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (the "OP") and its wholly owned taxable REIT subsidiaries. As of December 31, 2025, there were 44,536,894.47 common units of the OP outstanding, with the company owning 99.96%. NexPoint Diversified Real Estate Trust OP GP, LLC is the sole general partner of the OP. In 2025, the company invested an aggregate of $16.3 million in AMS C-Store JV, LLC ("AMS") through a subsidiary, acquiring preferred equity interests. This investment provides an 18% cumulative, compounding preferred return and a full return of invested capital before common members participate. AMS is a real estate development platform focused on acquiring, developing, and operating new 7-Eleven convenience store projects in high-growth Texas markets. As of year-end 2025, AMS had started development on multiple sites, with some locations already under construction or operating.