Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1246

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1246
---
o

Title: President and Principal Executive Officer

<div align='center'>[Signature page to Sponsor Guaranty Agreement]

I-939</div>

NEXPOINT STORAGE PARTNERS, INC., as Issuer

By:

Name: Brian Mitts

Title: Chief Financial Officer, Secretary and Treasurer

<div align='center'>[Signature page to Sponsor Guaranty Agreement]

I-940</div>

Acknowledged and Agreed by:

EXTRA SPACE STORAGE LP, as Preferred Holder

By: ESS Holdings Business Trust I

Its: General Partner

By:

Name: P. Scott Stubbs

Title: Trustee

<div align='center'>[Signature page to Sponsor Guaranty Agreement]

I-941

SCHEDULE A</div>

| NREF OP IV REIT SUB, LLC*               |     | 29.49% |
| HIGHLAND INCOME FUND                    |     | 12.69% |
| NEXPOINT REAL ESTATE STRATEGIES FUND    |     | 1.41%  |
| NEXPOINT DIVERSIFIED REAL ESTATE TRUST* |     | 56.41% |

* Jointly and severally liable for aggregate Guarantor Percentage of both Guarantors (i.e., 85.90%) of the Cap Amount.

AmericasActive:17842484.10

<div align='center'>I-942</div>

Exhibit 10.21

Execution Version

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

This Contribution Agreement (this “Agreement”) is dated effective as of December 8, 2022 (the “Effective Date”), by and among NexPoint Storage Partners Operating Company, LLC, a Delaware limited liability company (“NSP OC”), NFRO REIT Sub II, LLC, a Delaware limited liability company (“NFRO”), GAF REIT, LLC, a Delaware limited liability company (“GAF I”), GAF REIT SUB II, LLC, a Delaware limited liability company (“GAF II”), and NexPoint Real Estate Opportunities, LLC, a Delaware limited liability company (“NREO”).

WHEREAS, the parties hereto desire to engage in the transactions set forth in this Agreement.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, the parties do hereby agree as follows:

1. The parties hereto acknowledge and agree that the following contributions shall take place simultaneously (collectively, the “