NexPoint Hospitality Trust : Investor Presentation

N Y S E : N X D T

NexPoint Diversified

Real Estate Trust

Q 2 2 0 2 2 I N V E S T O R C A L L

Table of Contents

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DISCLOSURES

MANAGEMENT & COMPANY OVERVIEW

VINEBROOK HOMES

NREF

NSP

CITYPLACE

NEXPOINT HOMES TRUST

TERRESTAR

SAFSTOR

NHT

MARRIOTT UPTOWN

CADDO

NXRT

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Disclosures

This presentation contains information about NexPoint Diversified Real Estate Trust (the "Company"). The Company deregistered as an investment company under the Investment Company Act of 1940 effective July 1, 2022. Following the deregistration, the Company intends to operate as a diversified real estate investment trust (a "REIT") that focuses primarily on investing in various commercial real estate property types and across the capital structure, including but not limited to: equity, mortgage debt, mezzanine debt and preferred equity (the "Business Change"). The Company intends to elect to be treated as a REIT for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2021.

Past performance is no guarantee of future results. No assurance can be given that the Company will achieve its investment objectives. The rate of return on an investment in the Company will vary, the principal value of such investment will fluctuate and shares of the Company's equity, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total investment returns are historical, include changes in the Company's share price and assume reinvestment of all distributions on the Company's equity. Total investment return does not reflect broker sales charges or commissions. All performance information is for common shares of the Company. Performance during time periods shown is limited and may not reflect the performance in difference economic and market cycles. There can be no assurance that similar performance will be experienced. See the Company's most recent shareholder reports and financial statements for more information before investing.

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect the current views of management with respect to future events and financial performance. Forward looking statements can be identified by words such as "anticipate", "expect", "could," "may", "potential", "will", "ability," "targets," "believe," "likely," "assumes," "available," "look," "focus", "allow", "design", "eligible", "estimate", "guidance", "waiting", "way", "think", "concentrate", "can", "help", "demand", "continue", "in contract", "targets", "remain", "aim," "threats", "feel", "growth", "underway", "plans", "slated", "thriving", "forefront", "well- positioned", "enhance", "projects", "leading", "starting", "ideal", "productive", "growing", "improving", "intend", "pursue", "seek" and similar statements of a future or forward looking nature. These forward-looking statements include, but are not limited to, statements regarding the Company's ability to fully implement the Business Change, including the Company's transition to a REIT, achievement of the Company's investment objectives and thesis and its ability to take advantage of changing market conditions to provide income and capital appreciation, inclusion of the Company's common shares in REIT indices and related inflows of capital, net asset value and the related components, the expected results and performance of the Company, and the fruition of projects and plans discussed in this presentation within the Company's investments. They are not guarantees of future results and forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, (1) risks related to the real estate industry, including (a) changes in general economic and market conditions; (b) changes in the value of real estate properties; (c) risks related to local economic conditions, overbuilding and increased competition; (d) increases in property taxes and operating expenses;

1. changes in zoning laws; (f) casualty and condemnation losses; (g) variations in rental income, neighborhood values or the appeal of property to tenants; (h) the availability of financing; (i) changes in interest rates and leverage and (j) recessions or general economic downturn where properties are located and (2) risks related to non-diversification and other focused strategies, including that a significant amount of the Company's investments could be invested in the instruments of only a few companies or other issuers or that at any particular point in time one investment strategy could be more heavily weighted than the others. Actual results may also vary due to risks associated with the duration and severity of the COVID-19 pandemic and resulting global economic, financial and healthcare system disruptions, as well as those risks associated with the ongoing war in Ukraine, related sanctions imposed against Russia, and related economic, financial and geopolitical disruption. Readers of this presentation should not place undue reliance on any forward-looking statements and are encouraged to review the Company's filings with the Securities and Exchange Commission for a more complete discussion of risks and other factors that could affect any forward-looking statement. The statements made herein speak only as of the date of this presentation and except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.

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P O R T F O L I O O V E R V I E W

NexPoint Real Estate Advisors Management Team

MATT MCGRANER

C h i e f I n v e s t m e n t O f f i c e r

Mr. McGraner serves in numerous roles across the NexPoint platform (NexPoint Real Estate Advisors, L.P. or "NREA"), including: Executive VP and Chief Investment Officer of NexPoint Residential Trust, Inc. (NYSE:NXRT); Executive VP and Chief Investment Officer of NexPoint Real Estate Finance, Inc. (NYSE:NREF); and Chief Investment Officer of NexPoint Hospitality Trust (TSX-V: NHT.U). From September 2014 to March 2015, Mr. McGraner served as NXRT's Secretary. Mr. McGraner has also served as a Managing Director at NexPoint or its affiliates since May 2013. With nearly two decades of real estate, private equity and legal experience, his primary responsibilities are to lead the operations of the real estate platform, as well as source and execute investments, manage risk and develop potential business opportunities, including fundraising, private investments and joint ventures. Mr. McGraner is also a licensed attorney and was formerly an associate at Jones Day from 2011 to 2013, with a practice primarily focused on private equity, real estate and mergers and acquisitions. Since joining the firm in 2013, Mr. McGraner has led the acquisition and financing of more than $16 billion of real estate investments.

BRIAN MITTS

C h i e f F i n a n c i a l O f f i c e r

Mr. Mitts serves in numerous roles across the NexPoint platform (NexPoint Real Estate Advisors, L.P. or "NREA"), including: Chief Financial Officer, Executive VP-Finance, Secretary and Treasurer of NexPoint Residential Trust, Inc. (NYSE:NXRT); Chief Financial Officer, Executive VP-Finance, Secretary and Treasurer of NexPoint Real Estate Finance, Inc. (NYSE:NREF); and Chief Financial Officer, Executive VP-Finance, Treasurer and Corporate Secretary, Treasurer of NexPoint Hospitality Trust (TSX.V-NHT.U). Mr. Mitts also serves as a member of the board of directors for NXRT and NREF. Mr. Mitts is also a member of the investment committee of NREA, which is an affiliate of the external advisor of NXRT, NREF and NHT. Mr. Mitts co-founded NREA, as well as NXRT and other real estate businesses. Currently, Mr. Mitts leads NexPoint's financial reporting and accounting teams and is integral in financing and capital allocation decisions. Prior to co-founding NREA and NXRT, Mr. Mitts was Chief Operations Officer of Highland Funds Asset Management, L.P., the external advisor of open-end and closed-end funds where he managed the operations of these funds and helped develop new products. Mr. Mitts was also a co-founder of NexPoint Advisors, L.P., the parent of NREA. He has worked for NREA or one of its affiliates since 2007.

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N E X P O I N T D I V E R S I F I E D R E A L E S T A T E T R U S T

NXDT Performance vs. Diversified REITs1

60.0%

40.0%

20.0%

0.0%

-20.0%

-40.0%

-60.0%

-80.0%

CLOSING OF SALE OF

NXDT POSITION IN

MGM

9.9%

8.0%

5.7% -1.2%

-14.3%-19.3%

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

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NXDT NXDT NAV RMZ Index AHH CTO GOOD

1 As of June 30, 2022. Based on stock price of public companies (not RMZ) including reinvestment of dividends

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