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

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 4
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 of a registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission (File No. 333-[____]), constitutes a prospectus of Old NXDT under Section 5 of the Securities Act of 1933 (the “Securities Act”), with respect to the New Common Stock, New Series A Preferred Stock and New Series B Preferred Stock to be issued in connection with the Conversion.

You should rely only on the information contained or incorporated by reference into this prospectus. No one has been authorized to provide you with information that is different from that contained in, or incorporated by reference into, this prospectus. This prospectus is dated [___], 2025. You should not assume that the information contained in, or incorporated by reference into, this prospectus is accurate as of any date other than the date on the front cover of those documents.

Unless the context otherwise indicates, the term “Old NXDT” refers to NexPoint Diversified Real Estate Trust and its consolidated subsidiaries, and the term “New NXDT” refers to NexPoint Diversified Real Estate Trust, Inc. and its consolidated subsidiaries. The terms “we,” “us” and our may refer to either NexPoint Diversified Real Estate Trust or NexPoint Diversified Real Estate Trust, Inc. and their consolidated subsidiaries, as the context may require. The phrase “this prospectus” refers to this prospectus and any applicable prospectus supplement, unless the context otherwise requires.

<div align='center'>TABLE OF CONTENTS</div>

|                                                                                                      | Page |
| SUMMARY                                                                                              |    1 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS                                            |    5 |
| RISK FACTORS                                                                                         |    7 |
| THE CONVERSION                                                                                       |   10 |
| CERTAIN PROVISIONS OF MARYLAND LAW AND OF THE NEW NXDT CHARTER AND NEW NXDT BYLAWS                   |   13 |
| INFORMATION REGARDING OLD NXDT’S PROPERTIES                                                          |   19 |
| TAX BASIS AND DEPRECIATION                                                                           |   23 |
| COMPARISON OF SHAREHOLDERS’ RIGHTS                                                                   |   24 |
| GENERAL                                                                                              |   24 |
| CERTAIN TAKEOVER DEFENSE PROVISIONS OF MARYLAND LAW AND THE NEW NXDT CHARTER AND THE NEW NXDT BYLAWS |   33 |
| LIMITATION OF LIABILITY AND INDEMNIFICATION OF DIRECTORS AND OFFIC