Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1985

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1985
---
 the distribution of Available Cash pursuant to , which record date shall be the same as the record date established by NHT for a distribution to its unitholders of some or all of its portion of such distribution.

” means the fiscal year of the Company, which shall be the calendar year.

” or “” means ownership under the constructive ownership rules described in Exhibit E.

” means each property or other asset, in such form as may be permitted by the Act (but excluding cash), contributed or deemed contributed to the Company. Once the Carrying Value of a Contributed Property is adjusted pursuant to , such property shall no longer constitute a Contributed Property for purposes of , but shall be deemed an Adjusted Property for such purposes.

” has the meaning set forth in .

<div align='center'>5

I-1566</div>

” means 1.0, subject to adjustment as follows: (i) in case NHT shall (A) make a distribution on the outstanding REIT Units in REIT Units, (B) subdivide or reclassify the outstanding REIT Units into a greater number of REIT Units, or (C) combine or reclassify the outstanding REIT Units into a smaller number of REIT Units, the Conversion Factor in effect at the opening of business on the day following the date fixed for the determination of unitholders entitled to receive such distribution or subject to such subdivision, combination or reclassification shall be proportionately adjusted so that a holder of Membership Units shall be entitled to receive, upon exchange thereof, the number of REIT Units which the holder would have owned at the opening of business on the day following the date fixed for such determination had such Membership Units been exchanged immediately prior to such determination; (ii) in case the Company shall subdivide or reclassify the outstanding Membership Units into a greater number of Membership Units, the Conversion Factor in effect at the opening of business on the day following the date fixed for the determination of Membership Unit holders subject to such subdivision or reclassification shall be proportionately adjusted so that a holder of Membership Units shall be entitled to receive, upon exchange thereof, the number of REIT Units which the holder would have owned at the opening of business on the day following the date fixed for such determination had such Membership Units been exchanged immediately prior to such determination; (iii) in case NHT (A) shall issue rights or warrants to all holders of REIT Units entitling them to subscribe for or purchase REIT Units at a price per share less than the daily market price