Company: NXDT
Filing Date: 2025-01-30
Form Type: 424B5
Source: 0001437749-25-002263
Chunk: 10

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-30
Form: 424B5
Chunk 10
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 if any, which remain subject to conversion.                                                                                                                                         
 If, as a result of such conversion, any holder of Series B Preferred Shares, other than a holder who has received an exception from the share ownership restrictions included in our organizational documents, would become a holder of a number of common shares in excess of the share ownership limits, then the Company will convert only a number of Series B Preferred Shares of the holder such that the holder will not hold a number of common shares in excess of the share ownership limits subsequent to such conversion.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
 Conversion of the Series B Preferred Shares will be made at the option of the holder 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 required procedures, including those of the Company’s transfer agent and DTC (collectively, the “Stated Transfer Procedures”). The number of common shares issuable to a holder of Series B Preferred Shares upon conversion will be determined based on the per share conversion rate in effect as of the date the holder delivers a duly completed notice to the Company or through the procedures of DTC. The conversion date for shares to be converted at the option of a holder will be a date selected by the Company in its discretion that is within 45 days of the date the Company receives a conversion notice from the holder. Each conversion notice will specify the number of Series B Preferred Shares to be converted, the number of Series B Preferred Shares owned prior to the conversion at issue and the number of Series B Preferred Shares owned subsequent to the conversion at issue. Conversion of the Series B Preferred Shares will not be subject to a redemption fee as described below. 
 See “Description of Series B Preferred Shares—Conversion at Option of Holders” in this prospectus supplement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

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| Redemption at Option of Holders |     | Beginning on the first day of the month following the date of original issuance, holders will have the right to require the Company to redeem the Series B Preferred Shares at a redemption price equal to the Stated Value less a redemption fee calculated thereon, plus an amount equal to accrued but unpaid cash dividends thereon, if any, to but not including the date of redemption.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 The redemption fee will be equal to:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 • Beginning