Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2010

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2010
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 be treated as having a separate Economic Capital Account Balance, and for this purpose a separate Capital Account with an appropriate share of Partnership Minimum Gain and Partner Minimum Gain shall be maintained, for each tranche of Profits LTIP Units with a different issuance date that it holds and a separate Capital Account for its Common Units or Capital LTIP Units, if applicable, and the Economic Capital Account Balance of each holder of Common Units or Capital LTIP Units shall not include any Economic Capital Account Balance attributable to other series or classes of Membership Units.

<div align='center'>ARTICLE 7.
MANAGEMENT AND OPERATIONS OF BUSINESS</div>

Section 7.1.

(a) Except as otherwise expressly provided in this Agreement or required by the Act, (i) all management powers over the business and affairs of the Company shall be vested in the Manager and (ii) the Manager shall have the power to bind or take action on behalf of the Company or to exercise any rights and powers granted to the Company under this Agreement or which arise as a result of the Company’s ownership of securities or otherwise in another Person. In addition to the powers now or hereafter granted to a manager of a limited liability company under applicable law or which are granted to the Manager under any other provision of this Agreement, the Manager, subject to the terms of this Agreement, shall have full power and authority to do all things deemed necessary, desirable or convenient by it to conduct the business of the Company, to exercise all powers set forth in and to effectuate the purposes set forth in . Notwithstanding the foregoing, the Manager shall not permit the Company, nor any of its Subsidiaries, to do any of the following without the prior approval of the Class A Members:

(1) the making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments on loans and borrowing money to permit the Company to make distributions to its Members in such amounts as will permit each of NHT and NHT Holdings (so long as it desires to maintain its

<div align='center'>28

I-1589</div>

qualification as a REIT) to avoid the payment of any U.S. federal income tax (including, for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions to its equity owners in amounts sufficient to permit it to maintain its REIT status), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidence of indebtedness (including