Material Agreement - Form 8-K

Item 1.01 Entry into a Material Definitive Agreement.

Promissory Note

On April 19, 2024, NexPoint Diversified Real Estate Trust Operating Partnership, L.P. ("NXDT OP"), the operating partnership of NexPoint Diversified Real Estate Trust ("NXDT"), loaned $6.5 million to NREF OP IV, L.P. ("NREF OP IV"), a subsidiary of NexPoint Real Estate Finance, Inc. ("NREF"), an entity that is managed by an affiliate of the adviser of NXDT. In connection with the loan, NREF OP IV issued a promissory note in the principal amount of $6.5 million to NXDT OP (the "NREF Note"). The NREF Note bears interest at 7.535%, which is payable in kind, is interest only during the term of the NREF Note and matures on April 19, 2029.

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