Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 770

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 770
---
 this Amendment is declared to be invalid or otherwise unenforceable by a court of competent jurisdiction, the remainder of this Amendment shall not be affected.

(d) . This Amendment shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

(e) . The headings in this Amendment are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof.

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

3

I-518</div>

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first written above.

| GENERAL PARTNER                                                               |                    |
| NexPoint Real Estate Finance OP GP, LLC, a Delaware limited liability company |                    |
| By:                                                                           | /s/ Dana Sprong    |
|                                                                               | Name: Dana Sprong  
 Title: Sole Member |

<div align='center'>[Signature Page to Fifth Amendment
to the Amended and Restated Limited Partnership Agreement
of NexPoint Real Estate Finance Operating Partnership, L.P.]

I-519</div>

Exhibit 10.1

<div align='center'>FIRST AMENDMENT

TO

SECOND AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT
OF
NEXPOINT REAL ESTATE FINANCE OPERATING PARTNERSHIP, L.P.
a Delaware limited partnership</div>

THIS FIRST AMENDMENT (this “”) to the Second Amended and Restated Limited Partnership Agreement of NexPoint Real Estate Finance Operating Partnership, L.P. (the “”), dated as of November 2, 2023, is entered into by NexPoint Real Estate Finance OP GP, LLC, a Delaware limited liability company (the “”) on behalf of the Partnership pursuant to its agreement of limited partnership (as now or hereafter amended, restated, modified, supplemented, or replaced, the “”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Agreement, unless the context shall otherwise require.

WHEREAS, the Partnership was formed on June 7, 2019 and the original agreement of limited partnership of the Partnership (the “”) was entered into as of June 10, 2019;

WHEREAS, the Original Agreement was amended and restated as of February 11, 2020 and subsequently amended on July 20, 2020,