Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1955

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1955
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 and qualification for distribution to the public of Units and other required governmental filings; and |

| (l) | all costs and expenses in connection with the incorporation or establishment, organization and maintenance of corporations and other entities formed to hold real property or other property of the Trust. |

1.2 Payment of Real Property and Brokerage Commissions

The Trust may pay real property and brokerage commissions at commercial rates in respect of the acquisition and disposition of any investment acquired or disposed of by it.

1.3 Asset Management, Development, Leasing and Financing Fees

The Trust may pay asset management fees, development fees, leasing fees and financing fees in respect of any real property owned by it.

<div align='center'>ARTICLE 14

AMENDMENTS TO THE DECLARATION OF TRUST</div>

1.1 Amendments by the Trustees

The Trustees may, without the approval of the Unitholders, make the following amendments to this Declaration of Trust:

| (a) | aimed at ensuring continuing compliance with applicable laws, regulations, requirements or policies of any governmental authority having jurisdiction over: (i) the Trustees or the Trust; (ii) the continuing status of the Trust as a “mutual fund trust” under the Tax Act; (iii) the continuing status of the Trust as a “real estate investment trust” for U.S. federal income tax purposes; or (iv) the distribution of Units; |

| (b) | to increase the 6.2% ownership limit to a maximum of 9.8% |

| (c) | which, in the opinion of the Trustees, provide additional protection for the Unitholders; |

| (d) | to address any conflicts or inconsistencies in this Declaration of Trust or to make minor corrections which are, in the opinion of the Trustees, necessary or desirable and not prejudicial to the Unitholders; |

| (e) | which, in the opinion of the Trustees, are necessary or desirable to address any conflicts or inconsistencies between the disclosure in the Prospectus and this Declaration of Trust; |

<div align='center'>I-1537</div>

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| (f) | of a minor or clerical nature or to correct typographical mistakes, ambiguities or manifest omissions or errors, which amendments, in the opinion of the Trustees, are necessary or desirable and not prejudicial to the Unitholders; |

| (g) | which, in the opinion of the Trustees, are necessary or desirable: (i) to ensure