NexPoint Diversified Real Estate Trust has elected to be taxed as a real estate investment trust. Substantially all the Company's business is conducted through NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (the OP), the Company's operating partnership. The Company conducts its business through the OP and its wholly owned taxable REIT subsidiaries. The Company's wholly owned subsidiary, NexPoint Diversified Real Estate Trust OP GP, LLC, is the sole general partner of the OP. As of June 30, 2025, there were 44,536,894.47 common units of the OP outstanding, of which 99.96% were owned by the Company, 3,359,593 Series A Preferred Units of the OP outstanding, of which 100.0% were owned by the Company, and 145,554 Series B Preferred Units of the OP, of which 100.0% were owned by the Company.