Company: NXDT
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001437749-25-011826
Chunk: 14

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-11
Form: S-4
Chunk 14
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 is attached as , will be filed with the State Department of Assessments and Taxation of Maryland (the “SDAT”) and will specify the date and time at which the Conversion will become effective (the “Effective Time”).

Regulatory Approvals

In connection with the issuance of the New Stock, we must file a registration statement with the SEC under the Securities Act, of which this proxy statement/prospectus forms a part, that is declared effective by the SEC.

Treatment of Old Shares in the Conversion

In connection with the Conversion, each Old Common Share will be converted into one share of New Common Stock, each Old Series A Preferred Share will be converted into one share of New Series A Preferred Stock and each Old Series B Preferred Share will be converted into one share of New Series B Preferred Stock. Shares of New Stock will not be evidenced by certificates and will be registered in book entry form.

Treatment of Old NXDT’s Compensation Plans and Outstanding Equity Awards in the Conversion

At the Effective Time, New NXDT will be deemed to have assumed Old NXDT’s equity incentive plans and applicable award agreements, which include the NexPoint Diversified Real Estate Trust 2023 Long Term Incentive Plan (the “2023 Plan”) and, subject to the receipt of necessary shareholder approval, the A&R 2023 Plan. As of the Effective Time, all outstanding rights of participants to acquire Old Common Shares under the 2023 Plan or the A&R 2023 Plan, as applicable, including pursuant to restricted share units issued by Old NXDT, will automatically convert into rights to acquire an equal number of shares of New Common Stock, on the same terms and conditions that were in effect prior to the Conversion.

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Comparative Rights of Shareholders of Old NXDT and New NXDT

Your rights as a holder of Old Shares are governed by Delaware law and Old NXDT’s organizational documents. If the Conversion is completed, you will become a holder of shares of New Stock and your rights as a shareholder will be governed by Maryland law and New NXDT’s organizational documents.Some important differences exist between your rights as a holder of Old Shares and your rights as a holder of shares of New Stock.See “Comparison of Rights of Shareholders of Old NXDT and New NXDT.”

Material U.S. Federal Income Tax Considerations

The Conversion is intended to qualify as a tax-free reorganization under U.S. federal income tax laws. We expect that U.S. shareholders of Old NXDT will