Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1256

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1256
---
</div>

Exhibit 10.22

Execution Version

| SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT |
| OF                                                              |
| NEXPOINT STORAGE PARTNERS OPERATING COMPANY, LLC                |

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS.

<div align='center'>Dated as of December 8, 2022</div>

AmericasActive:17820717.17

<div align='center'>I-952

TABLE OF CONTENTS</div>

| ARTICLE I DEFINED TERMS                                                                             |     |  1 |
| ARTICLE II ORGANIZATIONAL MATTERS                                                                   |     | 19 |
| Section 2.1Organization                                                                             |     | 19 |
| Section 2.2Name                                                                                     |     | 20 |
| Section 2.3Registered Office and Agent; Principal Office                                            |     | 20 |
| Section 2.4Term                                                                                     |     | 20 |
| Section 2.5Interests as Securities                                                                  |     | 20 |
| Section 2.6Certificates Describing Units                                                            |     | 20 |
| ARTICLE III PURPOSE                                                                                 |     | 21 |
| Section 3.1Purpose and Business                                                                     |     | 21 |
| Section 3.2Powers                                                                                   |     | 21 |
| ARTICLE IV CAPITAL CONTRIBUTIONS AND ISSUANCES OF INTERESTS                                         |     | 22 |
| Section 4.1Capital Contributions of the Members                                                     |     | 22 |
| Section 4.2Issuances of Interests                                                                   |     | 22 |
| Section 4.3No Preemptive Rights                                                                     |     | 23 |
| Section 4.4Other Contribution Provisions                                                            |     | 23 |
| Section 4.5No Interest on Capital                                                                   |     | 24 |
| Section 4.6LTIP