Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 694

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 694
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 together shall constitute the agreement of the parties. For purposes of executing this Amendment, a document signed and transmitted electronically shall be treated as an original document. The signature of any party thereon shall be considered an original signature, and the document transmitted shall be considered to have the same binding legal effect as an original signature on an original document.

(g). Any capitalized terms used herein for which a definition is not herein provided shall, unless otherwise indicated, have the same meanings as assigned to such terms in the Advisory Agreement.

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

I-452</div>

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set forth above.

| NEXPOINT DIVERSIFIED REAL ESTATE TRUST                                                  
 By: /s/ Brian Mitts                                                                     
 Name: Brian Mitts                                                                       
 Title: Chief Financial Officer, Executive VP-Finance, Treasurer and Assistant Secretary 
 NEXPOINT REAL ESTATE ADVISORS X, L.P.                                                   
 By: /s/ Brian Mitts                                                                     
 Name: Brian Mitts                                                                       
 Title: Chief Financial Officer, Executive VP-Finance, Secretary and Treasurer           |

<div align='center'>[Signature Page to the Second Amendment to the Advisory Agreement]

I-453</div>

Exhibit 10.1

Execution Version

<div align='center'>NEXPOINT DIVERSIFIED REAL ESTATE TRUST
2023 LONG TERM INCENTIVE PLAN</div>

1. Purpose. The purpose of this 2023 Long Term Incentive Plan is to enable the Company and its Affiliates and Subsidiaries to attract and retain trustees, officers and other key employees and advisors and to provide to such persons incentives and rewards for performance.

2. Definitions. As used in this Plan:

(a) “Adviser” means NexPoint Real Estate Advisors X, L.P., or any subsequent external adviser to the Company hired to perform similar services.

(b) “Affiliate” means any corporation, partnership, joint venture or other entity, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the Company as determined by the Committee or the Board, as applicable, in its discretion. For purposes of this Plan, “Affiliate” includes the Adviser and the Operating Partnership.

(c) “Appreciation Right” means a right granted pursuant to Section 5 of this Plan.

(d) “Award Agreement” means an agreement, certificate, resolution or other type or