Board of Trustees

James Dondero serves as President and Chairman of the Board and as a trustee of NXDT. Mr. Dondero is President of NexPoint Real Estate Advisors, L.P., the Dallas-based affiliate of the external adviser of NXDT. He also serves as the President and as Chairman of the Board of NexPoint Real Estate Finance (NYSE: NREF), the President and Chairman of the Board of NexPoint Residential Trust, Inc. (NYSE: NXRT) and the Chief Executive Officer of NexPoint Hospitality Trust (TSX-V: NHT.U). Mr. Dondero has over 30 years of experience investing in credit and equity markets and has helped pioneer credit asset classes.

Brian Mitts, CPA serves as Chief Financial Officer, Executive VP-Finance, Treasurer and Assistant Secretary and as a trustee of NXDT. He also serves as Chief Financial Officer, Executive VP-Finance, Secretary and Treasurer of NexPoint Real Estate Finance, Inc. (NYSE: NREF); Chief Financial Officer, Executive Vice President-Finance; Treasurer and Secretary of NexPoint Residential Trust, Inc. (NYSE: NXRT); Interim President, Chief Financial Officer, Treasurer and Assistant Secretary of VineBrook Homes Trust, Inc. ("VineBrook"); Chief Financial Officer, Executive VP-Finance, Treasurer and Corporate Secretary of NexPoint Hospitality Trust (TSX.V: NHT.U); and Chief Financial Officer, Secretary and Treasurer of NexPoint Storage Partners, Inc. Mr. Mitts also serves as a member of the board of directors of NXRT, VineBrook and NREF. Mr. Mitts is also a member of the investment committee of NexPoint Real Estate Advisors, L.P. ("NREA"), the external advisor or affiliate of the external advisor of NXRT, NREF and NHT. Mr. Mitts co-founded NREA, as well as NXRT and other real estate businesses with Mr. McGraner and Mr. Dondero. 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 its affiliates since 2007.

Mr. Constantino serves as a trustee of NXDT. He has served as a member of the board of directors of NexPoint Real Estate Finance, Inc. (NYSE: NREF) since February 2020, as a member of the board of directors of NexPoint Residential Trust, Inc. (NYSE: NXRT) since March 2015, as a member of the board of directors of VineBrook Homes Trust, Inc. since February 2019. Mr. Constantino has over 40 years of audit, advisory and tax experience working for two major accounting firms, Arthur Andersen LLP and KPMG LLP. Mr. Constantino retired from KPMG in late 2009, where he was an audit partner in charge of the firm’s real estate and asset management businesses. Mr. Constantino is, and since 2010 has been, a member of the board of directors of Patriot National Bankcorp, Inc. Mr. Constantino has also served as a consultant for the law firm Skadden, Arps, Slate, Meagher & Flom LLP. He is a licensed CPA, a member of the American Institute of Certified Public Accountants and a member of the New York State Society of Public Accountants. He is currently a member of the Board of Trustees and part of the Finance and Investment Committee at St. Francis College in Brooklyn Heights, New York. He is also a Board member and Audit Committee Chair of ARCTRUST, Inc. and ARCTRUST III, Inc. Mr. Constantino was selected to serve on the Board because of his extensive accounting experience, particularly in the real estate field.

Mr. Kavanaugh serves as a trustee of NXDT. He has served as a member of the board of directors of NexPoint Real Estate Finance, Inc. (NYSE: NREF) since February 2020, as a member of the board of directors of NexPoint Residential Trust, Inc. (NYSE: NXRT) since March 2015 and as a member of the board of directors of VineBrook Homes Trust, Inc. since December 2018. Mr. Kavanaugh is, and since December 2009 has been the CEO of First Foundation Inc. (“FFI”), a financial services company From June 2007 until December 2009, he served as President and Chief Operating Officer of FFI. Mr. Kavanaugh has been the Vice-Chairman of FFI since June 2007. He also is, and since September 2007 has been, the Chairman and CEO of FFI’s wholly owned banking subsidiary, First Foundation Bank. Mr. Kavanaugh was a founding stockholder and served as an Executive Vice President and Chief Administrative Officer and a member of the board of directors of Commercial Capital Bancorp, Inc., the parent holding company of Commercial Capital Bank, from 1999 until 2003. From 1998 until 2003, Mr. Kavanaugh served as the Executive Vice President and Chief Operating Officer and a director of Commercial Capital Mortgage. From 1993 to 1998, Mr. Kavanaugh was a partner and head of trading for fixed income and equity securities at Great Pacific Securities, Inc., a west coast-based regional securities firm. Mr. Kavanaugh is, and since 2009 has been, a member of the board of directors of Colorado Federal Savings Bank and its parent holding company, Silver Queen Financial Services, Inc. Mr. Kavanaugh also served as a member of the boards of directors of NexBank SSB and its parent holding company, NexBank Capital, Inc. from 2014 until 2015. Mr. Kavanaugh was selected to serve on the Board because of his expertise in investment management and his experience as both an executive officer and a director of multiple companies.

Dr. Laffer serves as a trustee of NXDT. He has served as a member of the board of directors of NexPoint Real Estate Finance, Inc. (NYSE: NREF) since February 2020, as a member of the board of NexPoint Residential Trust, Inc. (NYSE: NXRT) since May 2015 and as a member of the board of directors of VineBrook Homes Trust, Inc. since December 2018. Dr. Arthur Laffer is the founder and chairman of Laffer Associates, an economic research and consulting firm, and served as the chairman and director of Laffer Investments, a registered investment advisor, from 1999 to 2019. Dr. Laffer served as a director of GEE Group, Inc., a provider of specialized staffing solutions, from 2014 to 2020. Dr. Laffer also served as a director of EVO Transportation and Energy Services, Inc. from 2018 to 2019. A former member of President Reagan’s Economic Policy Advisory Board during the 1980s, Dr. Laffer’s economic acumen and influence have earned him the distinction in many publications as The Father of Supply-Side Economics. He has served on several boards of directors of public and private companies, including staffing company MPS Group, Inc., which was sold to Adecco Group for $1.3 billion in 2009. Dr. Laffer has served as a director of VerifyMe, Inc. since 2019. Dr. Laffer was previously a consultant to Secretary of the Treasury William Simon, Secretary of Defense Donald Rumsfeld, and Secretary of the Treasury George Shultz. In the early 1970s, Dr. Laffer was the first to hold the title of Chief Economist at the Office of Management and Budget under Mr. Shultz. Additionally, Dr. Laffer was formerly the Distinguished University Professor at Pepperdine University and a member of the Pepperdine University board of directors. He also served as Charles B. Thornton Professor of Business Economics at the University of Southern California and as Associate Professor of Business Economics at the University of Chicago. Dr. Laffer was selected to serve on the Board because of his expertise in economics and his experience as a director of multiple companies.

Ms. Wood serves as a trustee of NXDT. She has served as a member of the board of directors of NexPoint Real Estate Finance, Inc. (NYSE: NREF), NexPoint Residential Trust, Inc. (NYSE: NXRT) and VineBrook Homes Trust, Inc. since July 2020. Ms. Wood is currently Chief Executive Officer, Chief Investment Officer and a board member of ARK Investment Management LLC (“ARK”), an SEC-registered investment adviser, which she founded in January 2014. Ms. Wood is also currently Chief Executive Officer, Chief Investment Officer, and a board member of ARK ETF Trust. Prior to ARK, Ms. Wood spent 12 years at AllianceBernstein as Chief Investment Officer of Global Thematic Strategies. Ms. Wood joined Alliance from Tupelo Capital Management, a hedge fund she co-founded. Prior to her tenure at Tupelo Capital, Ms. Wood worked for 18 years at Jennison Associates LLC as Chief Economic Officer and several other positions. Ms. Wood started her career in Los Angeles at The Capital Group as an Assistant Economist. Ms. Wood received her Bachelor of Science, summa cum laude, in Finance and Economics from the University of Southern California. Ms. Wood was selected to serve on the Board because of her experience as it relates to disruptive technologies, business models and processes, which provides a unique and important perspective to the Board.

Dr. Carol Swain, an award-winning political scientist and former tenured professor at Princeton and Vanderbilt Universities, is a Distinguished Senior Fellow for Constitutional Studies with the Texas Public Policy Foundation and an educational advisor for American Cornerstone Institute founded by Dr. Ben Carson. She has served on the Tennessee Advisory Committee to the U.S. Civil Rights Commission, the National Endowment for the Humanities, and the 1776 Commission. Dr. Swain is the author or editor of 11 books, including the bestseller, Black Eye for America: How Critical Race Theory is Burning Down the House (co-authored Christopher Schorr). Her latest book is Countercultural Living: What Jesus Has to Say About Life, Marriage, Race, Gender, and Materialism. She is an expert on critical race theory, American politics, and race relations. Her television appearances include ABC’s Headline News, BBC Radio and TV, NPR, CNN’s AC360, Fox and Friends, Judge Jeanine, The Ingraham Angle, and Tucker Carson. She has published opinion pieces in The New York Times, The Washington Post, The Wall Street Journal, the Epoch Times, The Financial Times and USA Today. Dr. Swain is an entrepreneur and her businesses include Carol Swain Enterprises, L.L.C. and Unity Training Solutions, L.L.C., which offers an alternative to Diversity, Equity, and Inclusion Training (DEI). She holds five degrees including a Ph.D. from University of North Carolina at Chapel Hill and an M.S.L. from Yale.