Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2003

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2003
---
 Additional Funds by causing the Company to incur Debt to any Person upon such terms as the Manager determines appropriate, including making such Debt convertible, redeemable or exchangeable for Membership Units or REIT Units; , , that the Company shall not incur any such Debt if such Debt is recourse to any Member (unless the Member otherwise agrees).

Section 4.4.

No Member shall be entitled to interest on its Capital Contribution or on such Member’s Capital Account.

Section 4.5.

No Person shall have any preemptive, preferential or other similar right with respect to (a) additional Capital Contributions or loans to the Company or (b) the issuance or sale of any Membership Units or other Membership Interests.

Section 4.6.

(a) . Subject to , the Manager may from time to time issue LTIP Units to Persons who provide services to the Company, the Manager or NHT, for such consideration as the Manager may determine to be appropriate, and admit such Persons as Members. LTIP Units may be issued as either capital interests for federal income tax purposes (each, a “”) or profits interests for federal income tax purposes (each, a “”). Subject to the following provisions of this and the special provisions of , or as otherwise provided in this Agreement with respect to Profits LTIP Units, LTIP Units shall be treated as Class B Units, with all of the rights, privileges and obligations attendant thereto, except the right to vote. For purposes of computing the Members’ Percentage Interests, holders of LTIP Units shall be treated as Class B Members and LTIP Units shall be treated as Class B Units. In particular, the Company shall maintain at all times a one-to-one correspondence between LTIP Units and Class B Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

(1) If an Adjustment Event (as defined below) occurs, then the Manager shall make a corresponding adjustment to the LTIP Units to maintain a one-for-one conversion and economic equivalence (subject to the economic differences between Profits LTIP Units and Class B Units) ratio between Class B Units and LTIP Units. The following shall be “”: (A) the

<div align='center'>22

I-1583</div>

Company makes a distribution on all outstanding Common Units in Membership Units, (B) the Company subdivides the outstanding Common Units into a greater number of units or combines the outstanding Common Units into a smaller number of units, or (C) the Company issues any Membership