Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2032

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2032
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 to the Company to the extent that the cumulative amount of taxes withheld from or paid on behalf of, or with respect to, such Member exceeds the sum of such amounts (A) repaid to the Company by such Member, (B) withheld from distributions to such Member and (C) paid by the Manager on behalf of such Member.

<div align='center'>ARTICLE 11.
TRANSFERS AND WITHDRAWALS</div>

Section 11.1.

(a) The term “,” when used in this with respect to a Membership Unit, shall be deemed to refer to a transaction by which a Member purports to assign all or any part of its Membership Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. The term “transfer” when used in this does not include (a) any redemption of Membership Interests by the Company from a Member, (b) any acquisition of Membership Units from a Member by NHT Holdings pursuant to , or (c) any distribution of Membership Units by a Member to its beneficial owners.

(b) No Membership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in this . Any transfer or purported transfer of a Membership Interest not made in accordance with this shall be null and void.

<div align='center'>47

I-1608</div>

Section 11.2.

(a) Except as provided in , no Member shall transfer all or any portion of its Membership Interest to any transferee without the written consent of the Class A Members, which consent may be withheld in the Class A Members’ sole and absolute discretion; , , that if a Member is subject to Incapacity, such Incapacitated Member may transfer all or any portion of its Membership Interest.

(b) Notwithstanding any other provision of this , a Member may transfer all or any portion of its Membership Interest to any of its Affiliates and such transferee shall be admitted as a Substituted Member, all without obtaining the consent of the Class A Members, unless such Affiliate does not qualify as an “accredited investor” as such term is defined in Rule 501(a) of Regulation D.

(c) If a Member is subject to Incapacity, the executor, administrator, trustee, committee, guardian, conservator or receiver of such Member’s estate shall have all of the rights of a Member, but not more rights than those