Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1977

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1977
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 other securities of the Trust on which the signature or signatures of any one or more of the foregoing officers or Trustees or the officers or Persons authorized as aforesaid shall be so reproduced pursuant to such authorization by the Trustees shall be deemed to have been manually signed by each such officer, Trustee or Person whose signature is so reproduced and shall be as valid to all intents and purposes as if they had been signed manually and notwithstanding that any such officer, Trustee or Person whose signature is so reproduced may have ceased to hold office at the date of the delivery or issue of such contracts, documents or instruments in writing or bonds, debentures or other securities of the Trust.

INCONSISTENCIES WITH DECLARATION OF TRUST OF TRUST

| 32. | Inconsistencies. In the event of any conflict or inconsistency between these Trustees’ Regulations and the provisions of the Declaration of Trust, as amended, restated or amended and restated from time to time, the provisions hereof shall be ineffective and shall be superseded by the provisions of such Declaration of Trust to the extent necessary to resolve such conflict or inconsistency. |

<div align='center'>I-1556</div>

Exhibit 10.3

<div align='center'>AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

NHT OPERATING PARTNERSHIP, LLC

a Delaware limited liability company

MEMBERSHIP INTERESTS ARE SUBJECT TO TRANSFER AND OTHER
RESTRICTIONS

AMENDED AND RESTATED AS OF JANUARY 8, 2019

I-1557

TABLE OF CONTENTS</div>

Page

ARTICLE 2. ORGANIZATIONAL MATTERS 15

Section 2.1. Continuation. 15

Section 2.2. Name. 15

Section 2.3. Registered Office and Agent; Principal Office. 15

Section 2.4. Power of Attorney. 16

Section 2.5. Term. 17

Section 2.6. Admission of Members. 17

ARTICLE 3. PURPOSE 17

Section 3.1. Purpose and Business. 17

Section 3.2. Powers. 17

Section 3.3. Representations and Warranties by the Parties. 17

Section 3.4. Not Publicly Traded. 19

ARTICLE 4. CAPITAL CONTRIBUTIONS 20

Section 4.1. Capital Contributions of the