Company: NXDT
Filing Date: 2025-04-23
Form Type: S-4/A
Source: 0001437749-25-012810
Chunk: 90

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-23
Form: S-4/A
Chunk 90
---
 our Adviser. We also generally reimburse our Adviser for operating or offering expenses it incurs on our behalf or in connection with the services it performs for us. The Adviser may, at its discretion and at any time, waive its right to reimbursement for eligible out-of-pocket expenses paid on Old NXDT’s behalf. Once waived, these expenses are considered permanently waived and become non-recoupable in the future.

Under the terms of the Advisory Agreement, our Adviser will, among other things:

| ● | identify, evaluate and negotiate the structure of our investments (including performing due diligence); |

| ● | find, present and recommend investment opportunities consistent with our investment policies and objectives; |

| ● | structure the terms and conditions of our investments; |

| ● | review and analyze financial information for each investment in our overall portfolio; |

| ● | close, monitor and administer our investments; and |

| ● | identify debt and equity capital needs and procure the necessary capital. |

As consideration for the Adviser’s services under the Advisory Agreement, we pay our Adviser an annual Advisory Fee of 1.00% of Managed Assets and an annual Administrative Fee of 0.20% of Old NXDT’s Managed Assets. The Advisory Agreement provides that the Administrative Fee shall be paid in cash and the monthly installment of the Advisory Fee shall be paid one-half in cash and one-half in Old Common Shares of Old NXDT, subject to certain restrictions related to maintaining Old NXDT’s status as a REIT and compliance with federal securities laws and rules promulgated by the NYSE. In addition, in no event will the Old Common Shares issued to the Adviser under the Advisory Agreement exceed five percent of the number of Old Common Shares or five percent of the voting power of Old NXDT outstanding prior to the first such issuance (the “Share Cap”) and that in no event shall the Old Common Shares issued to the Adviser under the Advisory Agreement exceed 6,000,000 Old Common Shares; provided, however that the Share Cap will not apply if Old NXDT’s shareholders have approved issuances in excess of the Share Cap. The Fees shall be payable independent of the performance of Old NXDT or its investments. During the years ended December 31, 2024 and 2023, we paid approximately $13.3 million and $13.7 million, respectively, in Fees to the Adviser.

<div align='center'>61</div>

Incentive compensation may be payable to our executive officers and certain other