Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2632

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2632
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together “”). 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 Administrative Fee shall be paid in cash. Each monthly installment of the Advisory Fee shall be paid one-half in cash and one-half in Common Shares. The Adviser’s ability to receive Common Shares in payment of a portion of the Advisory Fee shall be subject to . The number of Common Shares payable to the Adviser as a portion of the Advisory Fee for such month shall equal (i) one-half of the dollar value of the monthly installment of the Advisory Fee payable divided by (ii) the VWAP per Share for the 10 trading days prior to the end of the month for which the Fees will be paid. The Fees shall be payable independent of the performance of the Company or the Investments.

<div align='center'>I-2119</div>

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

The Adviser’s ability to receive Common Shares in payment of the Advisory Fee due to the Adviser under this Agreement shall be subject to the following: (i) the ownership of such Common Shares by the Adviser shall not violate the limit on ownership of Common Shares set forth in the Articles of Incorporation or otherwise raise a material risk to the status of the Company as a REIT, after giving effect to any exception from such limit that the Board may grant to the Adviser or its Affiliates; (ii) in no event shall the Common Shares issued to the Adviser under this Agreement exceed five percent of the number of Common Shares or five percent of the voting power of the Company outstanding prior to the first such issuance (the “”); (iii) in no event shall the Common Shares issued to the Adviser under this Agreement exceed 6,000,000 Common Shares; and (iv) the Company’s issuance of such Common Shares to the Adviser shall comply with all applicable restrictions under the U.S. federal securities laws and the rules of the NYSE; provided, however, that the Share Cap will not apply if the Company’s shareholders have