Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 145

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 145
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 Trust Series B Preferred Shares”), shall, without any action on the part of any stockholder of the Converting Trust, be converted into one share of preferred stock of the Converted Corporation, designated “9.00% Series B Cumulative Redeemable Preferred Stock,” par value $0.001 per share, liquidation preference $25.00 per share.

(d) No transferable units of beneficial interest in the Converting Trust of any class or series other than Converting Trust Common Shares, Converting Trust Series A Preferred Shares and Converting Trust Series B Preferred Shares are issued or outstanding.

: The terms and conditions of the Conversion were approved in accordance with the provisions of Subtitle 9 of Title 3 of the Maryland General Corporation Law (Titles 1 through 3 of the Corporations and Associations Article of the Annotated Code of Maryland).

: These Articles of Conversion shall become effective at [4:30 p.m. Eastern Time on [●], 2025] (the “Effective Time”).

: Prior to the Effective Time, the Conversion may be abandoned in the manner and by the vote required by the governing document of the Converting Trust, the laws of the State of Delaware and the Plan.

: The undersigned acknowledges these Articles of Conversion to be the act and deed of the Converting Trust and, further, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these matters and facts relating to the Converting Trust are true in all material respects and that this statement is made under the penalties of perjury.

<div align='center'>Signature page follows

A-6</div>

IN WITNESS WHEREOF, these Articles of Conversion have been duly executed and attested on behalf of the Converting Trust as of the _____ day of __________, 2024.

| ATTEST: 
 By:     
 Name:   
 Title:  | NEXPOINT DIVERSIFIED REAL ESTATE TRUST 
 a Delaware statutory trust             
 By:                                    
 Name:                                  
 Title:                                 |

<div align='center'>A-7

Exhibit B

Articles of Incorporation

[See attached.]

A-8

NEXPOINT DIVERSIFIED REAL ESTATE TRUST, INC.

ARTICLES OF INCORPORATION</div>

Pursuant to Articles of Conversion filed with the State Department of Assessments and Taxation of Maryland (the “Department”) contemporaneously herewith (the “Articles of Conversion”), under which