Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1501

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1501
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 Unit equal to the distributions made per Class C Common Unit.

<div align='center'>27

I-1170</div>

Section 5.2. .

All amounts withheld or paid pursuant to the Code or any provisions of any state, local or non-U.S. tax law and with respect to any allocation, payment or distribution to any Partner or Assignee shall be treated as amounts distributed to such Partner or Assignee pursuant to for all purposes under this Agreement.

Section 5.3. .

Proceeds from a Sale of the Partnership and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership shall be distributed to the Partners in accordance with .

Section 5.4. .

Notwithstanding any provision to the contrary contained in this Agreement, the Partnership, and the General Partner on behalf of the Partnership, shall not make a distribution to any Partner on account of its interest in the Partnership if such distribution would violate Section 17-607 of the Act or other applicable law.

Section 5.5. .

If the Company has determined to elect to be taxed as a REIT, the General Partner shall make such reasonable efforts, following Partnership Board Approval and consistent with the Company’s qualification as a REIT, to cause the Partnership to distribute sufficient amounts to enable the Company, for so long as the Company has determined to qualify as a REIT, to pay stockholder dividends that will (a) satisfy the requirements for qualifying as a REIT under the Code and Regulations (the “”) and (b) except to the extent otherwise determined by the Company, eliminate any federal income or excise tax liability of the Company.

<div align='center'>28

I-1171

ARTICLE 6.
ALLOCATIONS</div>

Section 6.1.

(a) After giving effect to the special allocations set forth in Section 1 of attached hereto for the applicable taxable year or other allocation period, and subject to Section 4 of attached hereto, Net Income for each taxable year or other allocation period shall be allocated to the Partners’ Capital Accounts in the following order of priority:

(1) First, to the General Partner until the cumulative Net Income allocated to the General Partner under this equals the cumulative Net Loss allocated to the General Partner under ;

(2) Second, to the holders of Series A Preferred Units until the cumulative Net Income allocated to such holders under this equals the cumulative Net Loss allocated to such holders under (pro rata in accordance with the excess of such Net Loss over such Net Income