Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1564

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1564
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 of an interest in either its assets or net profits.

<div align='center'>D-1

I-1227</div>

NONE

<div align='center'>E-1

I-1228</div>

The undersigned holder of LTIP Units hereby irrevocably (i) elects to convert __________ LTIP Units in NexPoint SFR Operating Partnership, L.P. (the “”) into Class C Common Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended and/or restated from time to time, and (ii) directs that any cash in lieu of Common Units that may be deliverable upon such conversion be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has title to such LTIP Units, free and clear of the rights or interests of any other person or entity other than the Partnership, (b) has the full right, power, and authority to cause the conversion of such LTIP Units as provided herein, and (c) has obtained the consent to or approval of all persons or entities, if any, having the right to consent or approve such conversion.

| Dated: |     | Name of Limited Partner:      |
|        |     | -Signature of Limited Partner |
|        |     | -Street Address               |
|        |     | -City) (State) (Zip Code      |
|        |     | Signature Guaranteed by:      |

<div align='center'>F-1

I-1229</div>

NexPoint SFR Operating Partnership, L.P. (the “”) hereby irrevocably elects to cause the number of LTIP Units held by the holder of LTIP Units set forth below to be converted into Class C Common Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended and/or restated from time to time.

Name of Holder:

Date of this Notice:

Number of LTIP Units to be Converted:

Please Print Exact Name as Registered with Partnership:

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I-1230

DESIGNATION OF CLASSES OF COMMON UNITS

OF

NEXPOINT SFR OPERATING PARTNERSHIP, L.P.</div>

Section 1. . Three classes of Common Units of the Partnership designated as the “Class A Common Units” (the “”), the “Class B Common Units”