Company: NXDT
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001437749-25-013177
Chunk: 442

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-25
Form: 424B3
Chunk 442
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 limitation on ownership or transfer prescribed by the Company’s charter, or (ii) if, in the discretion of the Committee, the grant, vesting, exercise or settlement of the award could impair the Company’s status as a REIT.

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D-26</div>

The foregoing is hereby acknowledged as being the amendment and restatement of the 2023 Long Term Incentive Plan, adopted by the Board on April 4, 2025 and by the Shareholders on June 10, 2025.

| NEXPOINT DIVERSIFIED REAL ESTATE TRUST                     |
| By:                                                        |
| Name: Matt McGraner                                        
 Title: Chief Investment Officer & Executive Vice President |

<div align='center'>D-27</div>