Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1917

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1917
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 each Unit that the holder would otherwise have received). For greater certainty, notwithstanding any adjustment |

<div align='center'>I-1502</div>

| - 48 - |

<div align='center'>I-1503</div>

| - 49 - |

| contemplated by this section, the holders of such Redeemable Units shall not be entitled to any adjustment to their entitlement to distributions until such time as such Redeemable Units are redeemed for Units. |

<div align='center'>ARTICLE 8

RESTRICTIONS ON TRANSFER AND OWNERSHIP OF UNITS</div>

1.1 Definitions

For the purpose of Sections 8.2, 8.3 and 8.4, the following terms shall have the following meanings:

| (a) | “Beneficial Ownership” shall mean ownership of Units by a Person, whether the interest in the Units is held directly or indirectly (including by a nominee), and shall include interests that are actually owned or would be treated as owned through the application of Section 544 of the Code, as modified by Sections 856(h)(1)(B) and 856(h)(3) of the Code. The terms “Beneficial Owner,” “Beneficially Own,” “Beneficially Owns” and “Beneficially Owned” shall have the correlative meanings. |

| (b) | “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in Toronto or New York City are authorized or required by law, regulation or executive order to close. |

| (c) | “Charitable Beneficiary” shall mean one or more beneficiaries of the Charitable Trust as determined pursuant to Section 8.3(f), provided that each such organization must be a “United States person” under the Code that is described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code. |

| (d) | “Charitable Trust” shall mean any trust provided for in Section 8.3(a) that is a “United States person” under the Code. |

| (e) | “Charitable Trustee” shall mean the Person unaffiliated with the Trust and any Prohibited Owner, that is appointed by the Trust to serve as trustee of a Charitable Trust. |

| (f)