Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * DONDERO JAMES D	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                    __X__ 10% Owner __X__ Officer (give title below)    _____ Other (specify below) See Remarks
(Last)          (First)          (Middle) 300 CRESCENT COURT, SUITE 700	3. Date of Earliest Transaction (MM/DD/YYYY) 11/28/2022
(Street) DALLAS, TX 75201 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	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. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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	11/28/2022		S		118673	D	$13.83	1706806	I	See Footnote (1)
Common Stock	11/28/2022		P		118673	A	$13.83	1825479	I	See Footnote (1)
Common Stock								86703.62 (2)	D
Common Stock								3843851 (2)	I	See Footnote (3)
Common Stock								239412.11 (2)	I	See Footnote (4)
Common Stock								509462	I	See Footnote (5)
Common Stock								61180.17	I	By employee benefit plan

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		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 of Derivative Security: 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)	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.
(2)	Includes shares acquired under a dividend reinvestment plan.
(3)	These shares are held by The Dugaboy Investment Trust pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares.
(4)	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.
(5)	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

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
DONDERO JAMES D 300 CRESCENT COURT, SUITE 700 DALLAS, TX 75201	X	X	See Remarks

Signatures
/s/ James D. Dondero		11/30/2022
**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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