Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 876

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 876
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 or approve such conversion.

| Dated: |     | Name of Limited Partner:      |
|        |     | -Signature of Limited Partner |
|        |     | -Street Address               |
|        |     | -City) (State) (Zip Code      |
|        |     | Signature Guaranteed by:      |

<div align='center'>F-1

I-621</div>

VineBrook Homes Operating Partnership, L.P. (the “”) hereby irrevocably elects to cause the number of LTIP Units held by the holder of LTIP Units set forth below to be converted into Class C Common Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended and/or restated from time to time.

Name of Holder:

Date of this Notice:

Number of LTIP Units to be Converted:

Please Print Exact Name as Registered

with Partnership:

<div align='center'>G-1

I-622

DESIGNATION OF CLASSES OF COMMON UNITS

OF

VINEBROOK HOMES OPERATING PARTNERSHIP, L.P.</div>

Section 1. . Three classes of Common Units of the Partnership designated as the “Class A Common Units” (the “”), the “Class B Common Units” (the “”) and the “Class C Common Units” (the “”) are hereby established in accordance with the terms of the Agreement as a subdivision of the class of Class A Units. Such class of Class A Units existing prior to the establishment of the aforementioned three classes, except solely as a subdivision into the aforementioned three classes, is hereby eliminated. The class of Class I Units existing prior to the establishment of the aforementioned three classes is also hereby eliminated.

Section 2. . The voting rights of each class of the Common Units are set forth as follows. When reference is made to Percentage Interest or holdings, majority or otherwise, of Partnership Units as a threshold for voting, consent, approval or any similar requirement in the Agreement, including where the same is specified to be as a single class, such reference will be adjusted to give effect to this , notwithstanding anything to the contrary in the Agreement; provided, however, that the consent requirements set forth in of the Agreement will not be affected by the terms of this .

a. . The Class A Common Units represent 50% of the voting, consent, approval or similar rights of the Common Units, as allocated to Common Units under the Agreement, except as required by