Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1370

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1370
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 to carry over amounts for more than one Fiscal Year, such payments shall be applied to the earliest Fiscal Year first.

<div align='center'>[Remainder of page intentionally left blank, signature page follows]

81

I-1037</div>

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

| MANAGING MEMBER:                |
| NexPoint Storage Partners, Inc. |
| By: /s/ Brian Mitts             |
| Name: Brian Mitts               
 Title: Chief Financial Officer, 
 Secretary and Treasurer         |

<div align='center'>[Signature Page to Second A&R LLCA of

NexPoint Storage Partners Operating Company, LLC]

I-1038</div>

NON-MANAGING MEMBERS:

NexPoint Real Estate Opportunities, LLC

| By: /s/ Brian Mitts         |
| Name: Brian Mitts           
 Title: Authorized Signatory |

NFRO REIT Sub II, LLC

| By: /s/ Brian Mitts                                                                                     |
| Name: Brian Mitts                                                                                       
 Title: Executive Vice President, Chief Financial Officer and Principal Financial and Accounting Officer |

GAF REIT, LLC

| By: /s/ Dustin Norris           |
| Name: Dustin Norris             
 Title: Executive Vice President |

GAF REIT Sub II, LLC

| By: /s/ Brian Mitts         |
| Name: Brian Mitts           
 Title: Authorized Signatory |

<div align='center'>[Signature Page to Second A&R LLCA of

NexPoint Storage Partners Operating Company, LLC]

I-1039</div>

| Extra Space Storage LP            |
| By: ESS Holdings Business Trust I 
 Its: General Partner              |
| By: /s/ P. Scott Stubbs           |
| Name: P. Scott Stubbs             
 Title: Trustee                    |

<div align='center'>[Signature Page to Second A&R LLCA of

NexPoint Storage Partners Operating Company, LLC]

I-1040

EXHIBIT A
FORM OF MEMBER REGISTRY</div>

| CLASS A UNITS                   |     |               |            |     |                          |           |   |     |                         |          |   |
| Name And Address Of Member      |     | Class A Units |            |     | Percentage               
 Interest (Class A Units) |           |   |     | Percentage              
 Interest (Common Units) |          |   |
| NexPoint Storage Partners, Inc. |