Company: NXDT
Filing Date: 2025-01-30
Form Type: 424B5
Source: 0001437749-25-002263
Chunk: 38

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-30
Form: 424B5
Chunk 38
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 other the same ratio that accumulated dividends per share on the Series B Preferred Shares and such class or series of Parity Shares (which will not include any accrual in respect of unpaid dividends for prior dividend periods if such Parity Shares do not have a cumulative dividend) bear to each other.

Holders of our Series B Preferred Shares are not entitled to any dividend in excess of full dividends on our Series B Preferred Shares. Unless full dividends on our Series B Preferred Shares for all past dividend periods have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof in full is set apart for payment, we will not:

| ● | declare and pay or declare and set apart for payment dividends or declare and make any other distribution of cash or other property, directly or indirectly, on or with respect to, any shares of our common shares or any class or series of Junior Shares or Parity Shares (except as set forth above and other than dividends or distributions paid in Junior Shares or options, warrants or rights to purchase such shares) for any period; or |

| ● | except by conversion into or exchange for Junior Shares or options, warrants or rights to purchase such shares, and except for purchases or exchanges pursuant to a purchase or exchange offer made on the same terms to all holders of Series B Preferred Shares and all holders of Parity Shares, redeem, purchase or otherwise acquire for any consideration (other than a redemption, purchase or other acquisition of common shares for purposes of and in compliance with requirements of any incentive, benefit or share purchase plan of the Company or any subsidiary thereof, or a redemption, purchase or acquisition of Parity Shares or Junior Shares as permitted under Article XII of our Declaration) for any consideration, or pay or make available any monies for a sinking fund for the redemption of, any common shares or any class or series of our beneficial interests ranking junior to or on parity with the Series B Preferred Shares as to dividend rights or rights on our liquidation, dissolution, termination, cancellation or winding up. |

To the extent necessary to preserve our status as a REIT, the foregoing sentence, however, will not prohibit declaring or paying or setting apart for payment any dividend or other distribution on our common shares or any class or series of our beneficial interests ranking junior to or on parity with the Series B Preferred Shares as to dividend rights or rights on our liquidation, dissolution, termination, cancellation or winding up for any period.

If, for any taxable year, the Company elects to designate as “capital gain dividends”