Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1380

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1380
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 to them in the Second Amended and Restated Limited Liability Company Agreement of the Company.

| Dated: |     | Name of Member:          |
|        |     | -Signature of Member     |
|        |     | -Street Address          |
|        |     | -City) (State) (Zip Code |
|        |     | Signature Guaranteed by: |

<div align='center'>F-1</div>

AmericasActive:17820717.13

AmericasActive:17820717.17

<div align='center'>I-1051

EXHIBIT G
NOTICE OF ELECTION BY COMPANY TO FORCE CONVERSION OF
LTIP UNITS INTO CLASS A UNITS</div>

NexPoint Storage Partners Operating Company, LLC (the “Company”) hereby irrevocably elects to cause the number of LTIP Units held by the holder of LTIP Units set forth below to be converted into Class A Units in accordance with the terms of the Limited Liability Agreement of the Company, as amended (the “Agreement”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Agreement.

Name of Holder:

Date of this Notice:

Number of LTIP Units to be Converted:

Please Print: Exact Name as Registered with Company

<div align='center'>G-1</div>

AmericasActive:17820717.13

AmericasActive:17820717.17

<div align='center'>I-1052

Schedule 1.1

SAFStor Assets

Schedule 1.1-1</div>

AmericasActive:17820717.13

AmericasActive:17820717.17

<div align='center'>I-1053</div>

Exhibit 10.23

THIS CONVERTIBLE PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND LAWS.

<div align='center'>CONVERTIBLE PROMISSORY NOTE</div>

U.S. $[•] [•], 20[•]

FOR VALUE RECEIVED, NHT OPERATING PARTN