Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1439

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1439
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='center'>[Loan Agreement]

I-1107</div>

| LENDER: |                 |
| NEXBANK |                 |
| By:     | /s/ Jeff Kocher |
| Name:   | Jeff Kocher     |
| Title:  | Vice President  |

<div align='center'>[Loan Agreement]

I-1108

EXHIBIT A

Borrower’s Certificate

A-1

I-1109

EXHIBIT B

Certificate of Compliance

B-1

I-1110

EXHIBIT C

Borrowing Base Report

C-1

I-1111

EXHIBIT D

Form of Increase Amendment

D-1

I-1112

SCHEDULE 11

Indebtedness, Liens, Restrictive Agreements

Sch. 11

I-1113</div>

Exhibit 10.2

Execution Version

<div align='center'>GUARANTY AGREEMENT</div>

THIS GUARANTY AGREEMENT (this “”) is dated as of May 22, 2023, and is made and entered into by NEXPOINT DIVERSIFIED REAL ESTATE TRUST, a Delaware statutory trust (the “”), for the benefit of NEXBANK (“”).

The Guarantor is entering into this Guaranty as a material inducement to and in consideration of the agreement by Lender to accept the terms of (i) that certain Loan Agreement by and between NEXPOINT DIVERSIFIED REAL ESTATE TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“”), NEXPOINT REAL ESTATE CAPITAL, LLC, a Delaware limited liability company (“”), and NEXPOINT REAL ESTATE OPPORTUNITIES, LLC, a Delaware limited liability company (“,” jointly and severally with NXDTOP and NREC, the “”), and Lender, dated as of the date hereof (as amended, modified, or extended from time to time, the “”), and (ii) the Loan Documents (as defined in the Loan Agreement) (collectively, as amended, modified, or extended from time to time, the “”). Capitalized terms used herein and not defined herein shall have the meanings given thereto in the Loan Agreement.

Guarantor absolutely and unconditionally guarantees full and punctual payment and satisfaction of all Indebtedness (hereinafter defined) of Debtor to Lender, including, without limitation