Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 505

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 505
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 requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NEXPOINT DIVERSIFIED REAL ESTATE TRUST

March 13, 2024 Jim Dondero

President (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

| Signature           
 /s/ Jim Dondero     |     | Title                                          
 President and Trustee                          |     | Date           
 March 13, 2024 |
|:--------------------|:----|:-----------------------------------------------|:----|:---------------|
| Jim Dondero         |     | -Principal Executive Officer                   |     |                |
| /s/ Brian Mitts     |     | Chief Financial Officer, Executive VP-Finance, 
 Treasurer, Assistant Secretary and Trustee     |     | March 13, 2024 |
| Brian Mitts         |     | -Principal Financial Officer and Principal     
 Accounting Officer                             |     |                |
| /s/ Ed Constantino  |     | Trustee                                        |     | March 13, 2024 |
| Ed Constantino      |     |                                                |     |                |
| /s/ Scott Kavanaugh |     | Trustee                                        |     | March 13, 2024 |
| Scott Kavanaugh     |     |                                                |     |                |
| /s/ Arthur Laffer   |     | Trustee                                        |     | March 13, 2024 |
| Arthur Laffer       |     |                                                |     |                |
| /s/ Carol Swain     |     | Trustee                                        |     | March 13, 2024 |
| Carol Swain         |     |                                                |     |                |
| /s/ Catherine Wood  |     | Trustee                                        |     | March 13, 2024 |
| Catherine Wood      |     |                                                |     |                |

<div align='center'>143

I-148</div>

Exhibit 10.5

<div align='center'>NEXPOINT DIVERSIFIED REAL ESTATE TRUST

FORM OF RESTRICTED SHARES UNITS AGREEMENT (Trustee)</div>

This RESTRICTED SHARES UNITS AGREEMENT (this “”) is made as of _______,