Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1949

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1949
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, unless otherwise specified herein, be decided by a majority of the votes cast. |

| (b) | Each of the following matters will also require the approval of a majority of the Independent Trustees: |

| (i) | an acquisition of a property or an investment in a property, whether by co- investment or otherwise, in which any Related Party of the Trust has any direct or indirect interest, whether as owner, operator or manager; |

<div align='center'>I-1530</div>

| - 76 - |

<div align='center'>I-1531</div>

| - 77 - |

| (ii) | a material change to any agreement with a Related Party of the Trust or any renewal, extension or termination thereof or any increase in any fees (including any transaction fees) or distributions payable thereunder; |

| (iii) | the entering into of, or the waiver, exercise or enforcement of any rights or remedies under, any agreement entered into by the Trust, or the making, directly or indirectly, of any co-investment, in each case with (A) any Trustee, (B) any entity directly or indirectly controlled by any Trustee or in which any Trustee holds a significant interest, or (C) any entity for which any Trustee acts as a director or other similar capacity; |

| (iv) | the refinancing, increase or renewal of any indebtedness owed by or to (A) any Trustee, (B) any entity directly or indirectly controlled by any Trustee or in which any Trustee holds a significant interest, or (C) any entity for which any Trustee act as a director or other similar capacity; |

| (v) | decisions relating to any claims by or against one or more parties to any agreement with any Related Party to the Trust; and |

| (vi) | the election or appointment of members of the board of directors of U.S. Holdco. |

| (c) | In the case of an equality of votes at any meeting of Trustees or of a committee of Trustees, the chairperson of the meeting shall not have a second or casting vote in addition to his original vote, if any. |

| (d) | The powers of the Trustees may be exercised by resolution passed at a meeting at which a quorum is present or by resolution in writing signed by all Trustees. Resolutions in writing may be signed in counterparts, each of which shall be deemed to be an original, and all originals together shall be