# NEXPOINT Diversified Real Estate Trust

NEXPOINT Diversified Real Estate Trust is an Asset Manager based in Dallas, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Dallas, United States
- **Region:** North America
- **Address:** 300 Crescent Court, Suite 700, Dallas, TX 75201, United States
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** nexpoint.com

## Regulatory record

- **CRD number:** 305956
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-31T00:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/305956

## About

NexPoint Diversified Real Estate Trust is an externally advised diversified real estate investment trust. It is based in Dallas, Texas.

## Sectors

- Real Estate
- Private Credit
- Alternatives

## People

- James Dondero — Chairman of the Board
- Brian Mitts — Chief Financial Officer

## Questions

### Who controls investment decisions at NEXPOINT Diversified Real Estate Trust?

James Dondero, Chairman and co-founder of parent platform Highland Capital Management, has ultimate authority over capital allocation, per the firm's SEC filings. Day-to-day real estate underwriting and asset management are handled by NEXPOINT Real Estate Advisors, an affiliate entity where Dondero holds a majority ownership stake. The trust is externally managed, meaning investment decisions are made by the advisor rather than by a directly employed internal management team.

### Is NEXPOINT Diversified Real Estate Trust a REIT or a private fund?

It is a publicly registered, non-traded REIT listed on the New York Stock Exchange under ticker NXDT. Non-traded REITs sell shares to investors through broker-dealers rather than on an exchange, though NXDT achieved listing through a series of restructurings. The structure requires quarterly valuations of real estate holdings and distributes at least 90% of taxable income to shareholders to maintain REIT status.

### What is the relationship between NEXPOINT Diversified and Highland Capital Management?

NEXPOINT Diversified is externally advised by NEXPOINT Real Estate Advisors, a wholly owned subsidiary of Highland Capital Management, the $6 billion-plus Dallas-based alternative credit manager co-founded by James Dondero. Highland seeded the trust in 2012 and remains the source of deal origination, credit analysis, and back-office services under an evergreen advisory contract. This relationship means the trust can source deals from Highland's broader pipeline but also pays management and incentive fees to a Dondero-controlled entity.

### Does NEXPOINT Diversified invest alongside other Highland entities?

Yes, co-investment across Highland vehicles is permitted and occurs, particularly in rescue-financing scenarios where multiple pools of capital can be aggregated to take down larger positions. The trust's prospectus discloses that related-party transactions are subject to conflict-of-interest reviews, but the same principals control both sides of the allocation decision. For allocators, this is a key negotiation point around fairness opinions and independent director oversight.

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Last updated: 2026-06-03T20:00:00.000Z

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