Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 283

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 283
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 of each committee on which he or she serves. |

| (d) | Loyalty and Ethics.  In their roles as trustees, all members of the Board owe a duty of loyalty to the REIT. This duty of loyalty mandates that the best interests of the REIT take precedence over any other interest possessed by a trustee.  Trustees are expected to conduct themselves in accordance with the REIT’s Code of Business Conduct and Ethics. |

| (e) | Other Board Memberships and Significant Activities.  The REIT values the experience trustees bring from other boards on which they serve and other activities in which they participate, but recognizes that those boards and activities also may present demands on a trustee’s time and availability and may present conflicts or legal issues, including independence issues.  Each member of the Board should, when considering membership on another board or committee, make every effort to ensure that such membership will not impair the member’s time and availability for his or her commitment to the REIT.  Trustees should advise the Chair, the Lead Trustee and the Chief Executive Officer before accepting membership on other public company boards or any audit committee or other significant committee assignment on any other board, or establishing other significant relationships with businesses, institutions, governmental units or regulatory entities, particularly those that may result in significant time commitments or a change in the member’s relationship to the REIT. |

<div align='center'>G-3</div>

| (f) | Personal Conduct.  Trustees are expected to: (i) exhibit high standards of personal integrity, honesty and loyalty to the REIT; (ii) project a positive image of the REIT to news media, the financial community, governments and their agencies, unitholders and employees; (iii) be willing to contribute extra efforts, from time to time, as may be necessary including, among other things, being willing to serve on committees of the Board; and (iv) disclose any potential conflict of interest that may arise with the affairs or business of the REIT and, generally, avoid entering into situations where such conflicts could arise or could reasonably be perceived to arise. |

| (g) | Confidentiality. The proceedings and deliberations of the Board and its committees are confidential.  Each member of the Board will maintain the confidentiality of information received in connection with his or her service as a trustee. |

| 5. | Meetings |

The Board will meet not less than four times per year: three meetings to review quarterly results and one meeting prior to the issuance of the annual financial