Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 689

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 689
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 of the Company; |

| (xxxix) | Prepare such reports as the Board of Trustees of the Company may request from time to time; and |

| (xl) | Perform such additional administrative duties relating to the administration of the Company as may subsequently be agreed upon in writing between the Company and Adviser. |

<div align='center'>I-446</div>

Exhibit 10.1

<div align='center'>FIRST AMENDMENT

TO

ADVISORY AGREEMENT</div>

This First Amendment (this “”) dated as of October 25, 2022 is to the Advisory Agreement, dated as of July 1, 2022 (the ”), by and among NexPoint Diversified Real Estate Trust (the “”) and NexPoint Real Estate Advisors X, L.P. (the “”).

A. The Company and the Adviser desire to amend the Advisory Agreement as set forth herein.

B. In accordance with Section 13(b) of the Advisory Agreement, this Amendment has been duly approved by the Company’s board of trustees.

Section 1.

(a) The definition of “Election Notice” in Section 1 of the Advisory Agreement is hereby deleted in its entirety.

(b) Section 9(a) of the Advisory Agreement is deleted and replaced in its entirety by the following:

During the term hereof, as the same may be extended from time to time, the Company shall pay the Adviser the Advisory Fee and Administrative Fee (together “Fees”). The Adviser shall compute the Managed Assets of the Company as of the end of each fiscal quarter and then compute each installment of the Fees as promptly as possible after the end of the month with respect to which such installment is payable. The accrued Fees will be payable monthly as promptly as possible after the end of each month during which this Agreement is in effect. A copy of the computations made by the Adviser to calculate such installment shall thereafter, for informational purposes only, promptly be delivered to the Board. The first $1 million of each monthly installment of the Advisory Fee shall be paid in cash, and the remainder of the Advisory Fee, if any, shall be paid in Common Shares. The Adviser’s ability to receive Common Shares in payment of a portion of the Advisory Fees shall be subject to Section 9(c). The Administrative Fee shall be paid in cash. The number of Common Shares payable to the Adviser as a portion of the Advisory Fee shall equal (i) the total dollar amount of the monthly installment of the Advisory