Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 722

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 722
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 awards that are granted by, or become obligations of, the Company under Sections 23(a) or 23(b) above will not reduce the Shares available for issuance or transfer under the Plan or otherwise count against the limits contained in Section 3 of the Plan. In addition, no Shares that are issued or transferred by, or that are subject to any awards that are granted by, or become obligations of, the Company under Sections 23(a) or 23(b) above will be added to the aggregate limit contained in Section 3(a)(i) of the Plan.

24. REIT Status. This Plan shall be interpreted and construed in a manner consistent with the Company’s status as a REIT. No award shall be granted or awarded, and with respect to any award granted under this Plan, such award shall not vest, be exercisable or be settled: (i) to the extent that the grant, vesting, exercise or settlement could cause the Participant or any other person to be in violation of the share ownership limit or any other limitation on ownership or transfer prescribed by the Company’s charter, or (ii) if, in the discretion of the Committee, the grant, vesting, exercise or settlement of the award could impair the Company’s status as a REIT.

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21

I-474</div>

The foregoing is hereby acknowledged as being the 2023 Long Term Incentive Plan as adopted by the Board on December 7, 2022, and by the Shareholders on January 30, 2023.

| NEXPOINT DIVERSIFIED REAL ESTATE TRUST |                                                                                         |
| By:                                    | /s/ Brian Mitts                                                                         |
|                                        | Name: Brian Mitts                                                                       |
|                                        | Title: Chief Financial Officer, Executive VP-Finance, Treasurer and Assistant Secretary |

<div align='center'>22

I-475</div>

Exhibit 10.6

<div align='center'>NEXPOINT DIVERSIFIED REAL ESTATE TRUST

FORM OF RESTRICTED SHARES UNITS AGREEMENT (Key Employee)</div>

This RESTRICTED SHARES UNITS AGREEMENT (this “Agreement”) is made as of ______ __, 20__, by and between NexPoint Diversified Real Estate Trust, a Delaware statutory trust (the “Company”), and ______ (the “Grantee”).

1.Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement will