Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 216

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 216
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 Timonium, Maryland 21093-2264. |

<div align='center'>[SIGNATURE PAGE FOLLOWS]

A-60</div>

In Witness Whereof, the undersigned have executed this Certificate of Conversion on this day of , A.D. .

| NEXPOINT DIVERSIFIED REAL ESTATE TRUST, a Delaware statutory trust |
| Board of Trustees:                                                 |
| Ed Constantino                                                     |
| James Dondero                                                      |
| Scott Kavanaugh                                                    |
| Arthur Laffer                                                      |
| Brian Mitts                                                        |
| Catherine Wood                                                     |
| Carol Swain                                                        |

| Delaware Trustee:                 |
| By: The Corporation Trust Company |
| By:                               |
| Name:                             |
| Title:                            |

<div align='center'>A-61</div>

| NEXPOINT DIVERSIFIED REAL      |
| ESTATE TRUST, INC., a Maryland |
| corporation                    |
| By:                            |
| Name:                          |
| Title:                         |

<div align='center'>A-62

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 NexPoint Diversified Real Estate Trust, a Delaware statutory trust (the “Statutory Trust”), is converting to a Maryland corporation to be known as NexPoint Diversified Real Estate Trust, Inc., the undersigned, being authorized to execute and file these Articles of Incorporation, hereby forms a corporation on the terms and conditions hereinafter set forth, and hereby certifies to the Department as follows:

<div align='center'>ARTICLE I
INCORPORATOR</div>

[•], whose address is 300 Crescent Court, Suite 700, Dallas, Texas 75201, being at least 18 years of age, does hereby form a corporation under the general laws of the State of Maryland.

<div align='center'>ARTICLE II
NAME</div>

The name of the corporation (the “Corporation”) is:

<div align='center'>NexPoint Diversified Real Estate Trust, Inc.

ARTICLE III
PURPOSE</div>

The purposes for which the Corporation is formed are to engage in any lawful act or activity (including, without limitation or obligation, engaging in business as a real estate investment trust under the Internal Revenue Code of 198