Company: NXDT
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001437749-25-013177
Chunk: 130

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-25
Form: 424B3
Chunk 130
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 the relationship or interest is disclosed or known to: (i) the board of directors, and the board of directors approves the transaction by the affirmative vote of a majority of disinterested directors, even if the disinterested directors constitute less than a quorum; or (ii) the stockholders entitled to vote, and the transaction is approved by a majority of the votes cast by the stockholders entitled to vote other than the votes of shares owned by the interested director or entity; or (2) the transaction is fair and reasonable to the corporation. Consistent with the requirements of the NYSE, New NXDT’s audit committee charter will provide that the audit committee will review and approve, if appropriate, all related party transactions involving, among others, New NXDT and any affiliate. |

<div align='center'>95</div>

| Old NXDT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     | New NXDT |
| The Principal Shareholder Requirements are not applicable if (i) eighty percent of our trustees approve by resolution a memorandum of understanding with the Principal Shareholder with respect to and substantially consistent with such transaction followed by, subject to a resolution of the trustees specifying a greater or lesser requirement with respect to the vote or quorum, the affirmative vote of a majority of the shares of Old NXDT present in person or represented by proxy and entitled to vote thereon, at a meeting where the holders of a majority of our shares of Old NXDT entitled to vote on the matter are present in person or by proxy, or (ii) the transaction is with an entity of which a majority of the outstanding shares of all classes and series of a stock normally entitled to vote in elections of trustees is owned of record or beneficially by Old NXDT and its subsidiaries. |     |          |

<div align='center'>96

CERTAIN TAKEOVER DEFENSE PROVISIONS OF MARYLAND LAW AND
THE NEW NXDT CHARTER AND THE NEW NXDT BYLAWS</div>

The New NXDT Charter and the New NXDT Bylaws and Maryland law contain provisions that may delay, defer or prevent a change in control or other transaction that might involve a premium price for shares of New NXDT stock or otherwise be in the best interest of New NXDT’s stockholders.

| Old NXDT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |     | New NXDT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Removal of Directors                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| The Declaration of Trust provides that