Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1539

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1539
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 permitted transfer of all of such Limited Partner’s Partnership Interest in accordance with this , pursuant to redemption of all of its Partnership Units, or the acquisition thereof by the Company, under , or pursuant to the acquisition of all of its Partnership Units under .

<div align='center'>60

I-1203</div>

(b) Any Limited Partner who shall transfer all of its Partnership Interest in a transfer permitted pursuant to this shall cease to be a Limited Partner upon the admission of all Assignees of such Partnership Interest as Substituted Limited Partners. Similarly, any Limited Partner who shall transfer all of its Partnership Units pursuant to a redemption of all of its Partnership Units, or the acquisition thereof by the Company under , or pursuant to the acquisition of all of its Partnership Units under , shall cease to be a Limited Partner.

(c) Transfers pursuant to this may only be made on the first day of a fiscal quarter of the Partnership, unless the General Partner, following Partnership Board Approval, otherwise agrees.

(d) If any Partnership Interest is transferred or assigned during any quarterly segment of the Partnership’s fiscal year in compliance with the provisions of this or redeemed or transferred pursuant to on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items attributable to such interest for such Partnership Year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests during the Partnership Year in accordance with Section 706(d) of the Code, using the interim closing of the books method. All distributions of Available Cash attributable to such Partnership Interest with respect to which the Partnership Record Date is before the date of such transfer, assignment, or redemption shall be made to the transferor Partner or the Redeeming Partner, as the case may be, and in the case of a transfer or assignment other than a redemption, all distributions of Available Cash thereafter attributable to such Partnership Interest shall be made to the transferee Partner.

<div align='center'>ARTICLE 12.
ADMISSION OF PARTNERS</div>

Section 12.1. .

A successor to all of the General Partner Interest pursuant to or the Side Letter who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately prior to such transfer. Any such transferee shall carry on the business of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions