Company: NXDT
Filing Date: 2025-01-30
Form Type: 424B5
Source: 0001437749-25-002263
Chunk: 46

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-30
Form: 424B5
Chunk 46
---
 owned by spouses who are joint registered holders (or holders by tenants in the entirety), the surviving spouse; and (iv) in the case of the qualifying disability of a holder, (A) such disability must meet the requirements of Section 72(m)(7) of the Code (i.e., the individual must be unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or to be of a long continued and indefinite duration), (B) a determination of disability must be made by the U.S. governmental agency responsible for reviewing the disability retirement benefits that the holder could be eligible to receive, (C) the condition causing the disability will have occurred after the date that the holder became a holder of Series B Preferred Shares and (D) the condition causing the disability will have occurred before the holder reached full retirement age, which is the age at which workers can claim full Social Security retired-worker benefits. The Company may in its discretion request from the holder, and the holder must promptly provide, reasonable documentation supporting the satisfaction of the foregoing conditions.

If a holder of Series B Preferred Shares causes the Company to redeem such Series B Preferred Shares pursuant to an optional redemption following death or qualifying disability, for so long as our common shares are listed or admitted to trading on the NYSE or another national securities exchange or automated quotation system, we have the right, in our sole discretion, to pay the redemption price in cash or in equal value of our common shares, based on the closing price per share of our common shares for the single trading day prior to the date of redemption.

Our ability to redeem Series B Preferred Shares in cash may be limited to the extent that we do not have sufficient funds available to fund such cash redemption. Further, our obligation to redeem any of the Series B Preferred Shares submitted for redemption in cash may be restricted by Delaware law. No redemptions of Series B Preferred Shares will be made at such time as the terms and provisions of any agreement to which we are a party prohibits such redemption or provides that such redemption would constitute a breach thereof or a default thereunder, or if such redemption would result in a Change of Control.

<div align='center'>S-28</div>

Redemption of the Series B Preferred Shares will be made following death or qualifying disability upon delivery by the holder of a duly completed notice to the Company or through the procedures of DTC, which will be irrevocable except upon written consent of the Company, in compliance with the