Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 862

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 862
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 legal services to their respective client Limited Partners or Affiliates in matters related or unrelated to this Agreement.

<div align='center'>[Signature Page Follows.]

71

I-605</div>

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

| GENERAL PARTNER:                                                                                                                       |                  |
| VineBrook Homes OP GP, LLC                                                                                                             |                  |
| By:                                                                                                                                    | /s/ Dana Sprong  |
| Name:                                                                                                                                  | Dana Sprong      |
| Title:                                                                                                                                 | Managing Partner |
| LIMITED PARTNERS:                                                                                                                      |                  |
| All Limited Partners now and hereafter admitted pursuant to powers of attorney granted to the General Partner by each Limited Partner. |                  |
| VineBrook Homes OP GP, LLC                                                                                                             |                  |
| By:                                                                                                                                    | /s/ Dana Sprong  |
| Name:                                                                                                                                  | Dana Sprong      |
| Title:                                                                                                                                 | Managing Partner |
| As attorney-in-fact for the Limited Partners hereby admitted in accordance with the Agreement, to the extent not already so admitted.  |                  |

<div align='center'>72

I-606</div>

| 1. | Capital Accounts of the Partners |

A. The Partnership shall maintain for each Partner (and, to the extent necessary to effectuate the provisions of this Agreement, for each Partner’s interest in a specific class or series (or specified group of classes and/or series)) a separate Capital Account in accordance with the rules of Regulations Section 1.704-1(b)(2)(iv). Such Capital Account shall be increased by (i) the amount of all Capital Contributions and any other deemed contributions made by such Partner to the Partnership pursuant to the Agreement; and (ii) all items of Partnership income and gain (including income and gain exempt from tax) computed in accordance with hereof and allocated to such Partner pursuant to of the Agreement and of the Agreement, and decreased by (x) the amount of cash or Agreed Value of all actual and deemed distributions of cash or property made to such Partner pursuant to the Agreement, and (y) all items of Partnership deduction and loss computed in accordance with hereof and allocated to such Partner pursuant to of the Agreement and hereof.

B. For purposes of computing the amount of any item of income, gain, deduction or loss to be reflected in the Partners’ Capital Accounts, unless otherwise specified in the Agreement, the determination, recognition and classification of any such