Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2060

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2060
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 constitute a modification, amendment or waiver of any other provision of the Operating Agreement. Except as specifically amended by this Amendment, all other provisions of the Operating Agreement are hereby ratified and remain in full force and effect.

(b) . From and after the date hereof, all references to the Operating Agreement shall be deemed to be references to the Operating Agreement as amended by this Amendment.

(c) . In the event that any provision of this Amendment or the application of any provision of this Amendment is declared to be invalid or otherwise unenforceable by a court of competent jurisdiction, the remainder of this Amendment shall not be affected.

(d) . This Amendment shall be binding upon and inure to the benefit of the Members and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

(e) . The headings in this Amendment are for convenience only. They shall not be deemed part of this Amendment and in no way define, limit, extend or describe the scope or intent of any provisions hereof.

(f) . This Amendment may be executed 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.

<div align='center'>2

I-1639</div>

(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 Operating Agreement.

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

3

I-1640</div>

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

NHT HOLDINGS, LLC

By:

Name: Matt McGraner

Title: Authorized Signatory

NHT OPERATING PARTNERSHIP GP, LLC

By:

Name: Neal Labatte

Title: Sole Member

<div align='center'>Signature Page to First Amendment to Operating Agreement

I-1641</div>

Exhibit 10.5

<div align='center'>SECOND AMENDMENT
TO
AMENDED AND RESTATED COMPANY AGREEMENT
OF
NHT OPERATING PARTNERSHIP, LLC</div>

This Second