[Form 4] NexPoint Diversified Real Estate Trust Insider Trading Activity

Rhea-AI Filing Summary

Form 4 overview – ADT Inc. (symbol: ADT)

Chief Financial Officer and President, Corporate Development & Transformation, Jeffrey Likosar reported three transactions dated 07/08/2025.

• 350 common shares acquired (Code A) at $0 cost. Footnote 1 clarifies these are Dividend Equivalent Units tied to previously granted Restricted Stock Units that vest on March 1, 2026.
• 575,280 shares transferred out of direct ownership (Code G, disposition) with no monetary consideration.
• The same 575,280 shares received by MTCF LLC (Code G, acquisition). Footnote 2 states this is a change in the form of ownership; no shares were sold. MTCF LLC is identified in Footnote 3 as an entity that Mr. Likosar manages.

Post-transaction holdings

• Direct: 1,204,493 shares
• Indirect via MTCF LLC: 575,280 shares
• Indirect via JSKC LLC (unchanged): 1,899,274 shares

Total beneficial ownership remains substantial, and no open-market sales occurred.

Key takeaways for investors: The filing reflects estate/ownership structuring rather than an economic sale. Insider’s aggregate exposure to ADT stock is maintained, signalling a neutral-to-positive stance on the company’s prospects.

Insights

Financial Analyst

TL;DR – No shares sold; ownership simply re-titled, insider exposure intact.

The Form 4 shows administrative movements, not a change in economic interest. The 350 DEUs are immaterial (<0.03 % of total holdings) but indicate continued incentive alignment through equity compensation. The 575k-share shift to MTCF LLC is typically driven by tax or estate planning. With more than 3.6 million shares still controlled, the CFO remains heavily invested. From a market-impact perspective, the absence of sales reduces bearish interpretations and is neutral-to-slightly supportive for sentiment.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LAFFER ARTHUR B

(Last) (First) (Middle)

300 CRESCENT COURT, SUITE 700

(Street)

DALLAS TX 75201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NEXPOINT DIVERSIFIED REAL ESTATE TRUST [ NXDT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/08/2025		P		5,250	A	$4.88(1)	91,987	D
Common Stock	07/09/2025		P		5,250	A	$4.8	97,237	D
Common Stock								101,874	I	By limited liability company(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.88 to $4.90, inclusive. The reporting person undertakes to provide to NexPoint Diversified Real Estate Trust, any security holder of NexPoint Diversified Real Estate Trust, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

2. The reporting person holds these shares indirectly through a limited liability company which the reporting person controls. The reporting person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

	/s/ Paul Richards, as attorney-in-fact for Arthur Laffer	07/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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