Company: NXDT
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001437749-25-013177
Chunk: 233

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-25
Form: 424B3
Chunk 233
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 rights of the parties thereto and the participants therein to acquire Common Shares on the terms and subject to the conditions of the Plan, the award agreements and such other agreements will be converted on a one-for-one basis into rights to acquire shares of Common Stock, in each case, to the extent set forth in, and in accordance with, the terms of such Plan, awards and other agreements. From and after the Effective Time, the Corporation shall have all amendment and administrative authority with respect to such Plan, awards, and agreements to the extent that the Trust had such authority immediately prior to the Effective Time.

5. Income Tax Treatment. For U.S. federal income tax purposes, it is the intent of the Trust that (i) the Conversion qualify as a “reorganization” described in Section 368 of the Internal Revenue Code of 1986, as amended (the “”) and (ii) this Plan of Conversion constitutes, and is adopted as, a “plan of reorganization” within the meaning of Treasury Regulations Section 1.368-2(g) for this purpose. The Conversion of the Trust into the Corporation shall be reported for U.S. federal income tax purposes and all relevant state and local income tax purposes as a reorganization governed by Section 368(a)(1)(F) of the Code, unless otherwise required by law or administrative action, and the parties hereto shall comply with any applicable tax reporting requirements.

6. Termination. This Plan may be terminated by the Board of Trustees of the Trust at any time prior to the Effective Time, in which case the Trust shall not file the Articles of Conversion and Articles of Incorporation with the SDAT and the Conversion shall not occur, or, if the Articles of Conversion and Articles of Incorporation have already been filed with the SDAT at the time that the Board of Trustees determines to terminate this Plan, the Conversion shall automatically be deemed abandoned and the Trust shall give notice of such abandonment promptly to the SDAT and the Trust shall further withdraw, amend or supplement such filings as necessary to prevent the Conversion from occurring.

7. Taxpayer ID Number. The Corporation shall have the same federal taxpayer identification number as the Trust.

<div align='center'>A-3

Exhibit A

Articles of Conversion

[See attached.]

A-4

ARTICLES OF CONVERSION

converting

NEXPOINT DIVERSIFIED REAL ESTATE TRUST

a Delaware statutory trust

to

NEXPOINT DIVERSIFIED REAL ESTATE TRUST, INC.

a Maryland corporation</div>