Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 662

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 662
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 No Waiver                                                               | 15 |
| 24 | Pronouns and Plurals                                                    | 15 |
| 25 | Headings                                                                | 15 |
| 26 | Execution in Counterparts                                               | 15 |
| 27 | Change in Adviser’s Membership                                          | 15 |

<div align='center'>i

I-427

ADVISORY AGREEMENT</div>

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of July 1, 2022, is entered into by and among NexPoint Diversified Real Estate Trust, a Delaware statutory trust (the “Company”) and NexPoint Real Estate Advisors X, L.P., a Delaware limited partnership (the “Adviser”).

<div align='center'>RECITALS</div>

A. The Company is a Delaware statutory trust created in accordance with the Delaware Statutory Trust Act and intends to elect to qualify as a REIT for U.S. federal income tax purposes.

B. The Company desires to avail itself of the experience, sources of information, advice, assistance and certain facilities of the Adviser and its Affiliates and to have the Adviser undertake the duties and responsibilities set forth in this Agreement, on behalf of, and subject to the supervision of the Board of Trustees of the Company, all as provided in this Agreement.

C. The Adviser is willing to render such services, subject to the supervision of the Board of Trustees of the Company, on the terms and conditions set forth in this Agreement.

D. The Board of Trustees has approved this Agreement.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, hereby agree as follows:

| 1. | Definitions. As used in this Agreement, the following terms have the definitions set forth below: |

“1940 Act” means the Investment Company Act of 1940, as amended.

“Advisers Act Assignment” means the “assignment” of the Agreement, as the term “assignment” in defined in Section 202(a)(1) and used in Section 205(a)(2) of the Investment Advisers Act of 1940.

“Advisory Fee” means an annual fee, payable monthly, in an amount equal to 1.00% of the Company’s Managed Assets, determined in accordance with .

“Administrative Fee” means an annual fee, payable monthly, in an amount equal to 0.20 %