Company: NXDT
Filing Date: 2025-04-23
Form Type: S-4/A
Source: 0001437749-25-012810
Chunk: 4

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-23
Form: S-4/A
Chunk 4
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 risks set forth under the caption“Item 1A. Risk Factors”in our most recent Annual Report on Form 10-K, as well as additional risks that may be described in future reports or other information that we filed with the Securities and Exchange Commission (the“SEC”), which are incorporated by reference in the accompanying proxy statement/prospectus.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of the accompanying proxy statement/prospectus. Any representation to the contrary is a criminal offense.

It is important that your shares be represented. Whether or not you plan to virtually attend the meeting, please vote using the internet or telephone procedures described on the proxy card or sign, date and promptly mail a proxy card in the provided pre-addressed, postage-paid envelope. If you would like to vote during the annual meeting, you may do so by entering the control number found on your proxy card.

Sincerely,

James Dondero
President and Chairman

<div align='center'>NEXPOINT DIVERSIFIED REAL ESTATE TRUST

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON JUNE 10, 2025</div>

The 2025 Annual Meeting of Shareholders of NexPoint Diversified Real Estate Trust, a Delaware statutory trust (“Old NXDT”), will be held virtually, on Tuesday, June 10, 2025, at 10:30 a.m. Central Time, for the following purposes:

| 1. | to elect seven trustees to serve until the 2026 annual meeting of shareholders; |

| 2. | to approve, on an advisory basis, the compensation of our named executive officers; |

| 3. | to approve the conversion of Old NXDT from a Delaware statutory trust into a Maryland corporation named NexPoint Diversified Real Estate Trust, Inc. (“New NXDT”), and to approve the adoption of a plan of conversion, articles of incorporation and bylaws of New NXDT associated with such conversion; |

| 4. | to approve the Amended and Restated NexPoint Diversified Real Estate Trust 2023 Long Term Incentive Plan; |

| 5. | to approve the issuance of common shares to Old NXDT’s adviser as payment of fees under the advisory agreement which may exceed five percent of the common equity or the voting power of Old NXDT prior to such issuance; |

| 6. | to ratify the