Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2631

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2631
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12, 2023, which is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

| Exhibit 
 Number  |                                                                                 | Exhibit Description |
| 10.1    | Third Amendment to Advisory Agreement of NexPoint Diversified Real Estate Trust |                     |
| 104     | Cover Page Interactive Data File (embedded within the Inline XBRL document)     |                     |

<div align='center'>I-2117

SIGNATURES</div>

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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

Date: July 22, 2024

<div align='center'>I-2118</div>

Exhibit 10.1

<div align='center'>THIRD AMENDMENT

TO

ADVISORY AGREEMENT</div>

This Third Amendment (this “”) dated as of July 22, 2024 is to the Advisory Agreement, dated as of July 1, 2022 (the “”), by and among NexPoint Diversified Real Estate Trust (the “”) and NexPoint Real Estate Advisors X, L.P. (the “”), as amended by that First Amendment to Advisory Agreement, dated as of October 25, 2022, by and between the Company and the Adviser, and as further amended by that Second Amendment to Advisory Agreement, dated as of April 11, 2023, by and between the Company and the Adviser.

A. The Company and the Adviser desire to amend the Advisory Agreement as set forth herein.

B. In accordance with Section 13(b) of the Advisory Agreement, this Amendment has been duly approved by the Company’s board of trustees.

Section 1.

(a) The definition of “Election Notice” in Section 1 of the Advisory Agreement is hereby deleted in its entirety.

(b) Section 9(a) of the Advisory Agreement is deleted and replaced in its entirety by the following:

During the term hereof, as the same may be extended from time to time, the Company shall pay the Adviser the Advisory Fee and Administrative Fee (