Exhibit 10.1

AGREEMENT REGARDING CERTAIN VOLUME DISCOUNT SALES

This agreement (this “Agreement”), effective as of September 14, 2016, is entered into by and among NEXPOINT MULTIFAMILY CAPITAL TRUST, INC., a Maryland corporation (the “Company”), NEXPOINT REAL ESTATE ADVISORS II, L.P., a Delaware limited partnership, the Company’s advisor (the “Advisor”), and HIGHLAND CAPITAL FUNDS DISTRIBUTOR, INC., a Delaware corporation, the Company’s exclusive dealer manager (the “Dealer Manager”) for the Offering (as defined below).

WHEREAS, the Company has registered for public sale (the “Offering”) up to $1,100,000,000 in shares of its common stock, $0.01 par value per share, in any combination of shares of its Class A common stock (the “Class A Shares”) and Class T common stock pursuant to a registration statement on Form S-11 (Registration No. 333-200221) filed with the Securities and Exchange Commission (the “Registration Statement”);

WHEREAS, Company has entered into that certain dealer manager agreement dated August 10, 2015, as amended from time to time (the “Dealer Manager Agreement”), that sets forth the selling commissions and dealer manager fees to be paid by the Company to the Dealer Manager in connection with the Offering;

WHEREAS, pursuant to Section 5.1 of the Dealer Manager Agreement and as set forth in the Registration Statement, the Company is obligated to pay the Dealer Manager certain selling commissions; and

WHEREAS, with respect to aggregated sales of Class A Shares of $1,000,001 or more in the Offering, the Company and the Dealer Manager desire to revise the volume discount in the Registration Statement and the Advisor agrees to pay certain selling commissions with respect to such sales.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and notwithstanding any other provisions of the Dealer Manager Agreement to the contrary, the Company, Advisor and Dealer Manager hereby agree as follows:

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