Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 691

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 691
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 in any number of counterparts, each of which shall be deemed to be an original, all of which shall constitute the same instrument and all of which together shall constitute the agreement of the parties. For purposes of executing this Amendment, a document signed and transmitted electronically shall be treated as an original document. The signature of any party thereon shall be considered an original signature, and the document transmitted shall be considered to have the same binding legal effect as an original signature on an original document.

(g) . Any capitalized terms used herein for which a definition is not herein provided shall, unless otherwise indicated, have the same meanings as assigned to such terms in the Advisory Agreement.

<div align='center'>[Signature Page Follows]

I-448</div>

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set forth above.

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

| NEXPOINT REAL ESTATE ADVISORS X, L.P. |                 |                                        |
| By:                                   | /s/ Brian Mitts |                                        |
|                                       | Name:           | Brian Mitts                            |
|                                       | Title:          | Chief Financial Officer, Executive VP- 
 Finance, Secretary and Treasurer       |

<div align='center'>[Signature Page to the First Amendment to the Advisory Agreement]

I-449</div>

Exhibit 10.1

<div align='center'>SECOND AMENDMENT

TO

ADVISORY AGREEMENT</div>

This Second Amendment (this “”) dated as of April 11, 2023 is to the Advisory Agreement, dated as of July 1, 2022 (the “”), by and among NexPoint Diversified Real Estate Trust (the “”) and NexPoint Real Estate Advisors X, L.P. (the “”), as amended by that First Amendment to Advisory Agreement, dated as of October 25, 2022, by and between the Company and the Adviser.

A. The Company and the Adviser desire to amend the Advisory Agreement as set forth herein.

B. In accordance with Section 13(b) of the Advisory Agreement, this Amendment has been duly approved by the Company’s board of trustees.

Section 1.

(a) The following defined terms shall