Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1572

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1572
---
 with the notice by the REIT to the holders of Series A Preferred Stock in connection with any redemption of the Series A Preferred Stock pursuant to the Charter, and shall be consistent with the notice procedures set forth in Section 5(d) of the Charter, including the content and information requirements of such notice.

(e) . Any Series A Preferred Units that shall at any time have been redeemed or otherwise acquired by the Partnership shall, after such redemption or acquisition, have the status of authorized but unissued Series A Preferred Units which may be issued by the General Partner, following Partnership Board Approval, from time to time at its discretion.

Section 8. . Holders of the Series A Preferred Units will not have any voting rights.

Section 9. . The Series A Preferred Units are not convertible into or exchangeable for any other property or securities of the Partnership.

Section 10. . The Series A Preferred Units have been created and are being issued in conjunction with the issuance and sale of Series A Preferred Stock by the Company, and as such the Series A Preferred Units intend to have designations, preferences and other rights and terms that are substantially the same as those of the Series A Preferred Stock, all such that the economic interests of the Series A Preferred Units and the Series A Preferred Stock are substantially identical, and the provisions, terms and conditions of this Amendment shall be interpreted in a fashion consistent with this intent.

Section 11. Except as modified herein, all terms and conditions of the Agreement shall remain in full force and effect, including but not limited to terms and conditions requiring Partnership Board Approval prior to the General Partner taking certain actions contemplated hereby, which terms and conditions the General Partner hereby ratifies and confirms.

<div align='center'>Annex B-6

I-1237

I-1238

I-1239

I-1240

I-1241

I-1242

I-1243

I-1244

I-1245

I-1246

I-1247

I-1248

I-1249

I-1250

I-1251

I-1252</div>

Execution Copy

Exhibit 10.4

<div align='center'>SEPARATION AGREEMENT</div>

THIS SEPARATION AGREEMENT (the “”) is made and entered into as of November 9, 2023 by and among (i) NexPoint Advisors, L.P. (the “”), (ii) NexPoint Residential Trust, Inc. (“”), (