Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2089

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2089
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.

32. Pronouns and Plurals. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

33. Headings. The titles of Sections and Subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.

34. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

35. Limitation of Recourse. There shall be no liability under this Agreement of, nor any recourse under this Agreement to, any Trustee, Manager director, officer, Unitholder, equityholder, employee or agent of the REIT Parties.

16

<div align='center'>I-1666</div>

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

NEXPOINT HOSPITALITY TRUST

By:_______________________

Name: Brian Mitts

Title: Corporate Secretary

NHT HOLDINGS, LLC

By:____________________

Name: Matt McGraner

Title: Authorized Signatory

NEXPOINT REALESTATE ADVISORS VI, L.P.

By: NexPoint Real Estate Advisors GP, LLC, its general partner

By: NexPoint Advisors, L.P., its sole member

By: NexPoint Advisors GP, LLC, its general partner

By: ___________________

Name: James Dondero

Title: President

[Signature Page to Advisory Agreement]

<div align='center'>I-1667

Exhibit A
Description of Administration Services.</div>

Advisor will perform the following administration services:

| (i) | Prepare monthly transaction listings; |

| (ii) | Supply various normal and customary portfolio and REIT Party statistical data as requested on an ongoing basis; |

| (iii) | Prepare for execution and file the REIT Parties’ Federal and state tax returns: prepare a fiscal tax provision in coordination with the annual audit; prepare an excise tax provision; and prepare all relevant 1099 calculations