Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 119

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 119
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 may deem necessary or appropriate, except that the Required Voting Alternatives also apply to specified provisions of the NXDT Declaration pertaining to the liability of shareholders and the NXDT Board, indemnification of officers and the NXDT Board, voting requirements for shareholder votes, dissolution of NXDT, procedures for amending the NXDT Declaration, corporate transactions outside the ordinary course of business (including mergers, consolidations and sales of all or substantially all of NXDT’s assets) and Principal Shareholder Transactions or any amendment which would change any rights with respect to shares of NXDT by reducing any stated amount payable thereon in preference over all other classes or series of shares upon liquidation of NXDT or by eliminating any voting rights pertaining thereto (collectively, the “Restricted Amendments”) and the sale, lease or exchange of all or substantially all of NXDT’s property. The NXDT Declaration does not specify approval requirements with respect to a conversion of NXDT to another business entity. Neither the NXDT Declaration nor the restated certificate of trust specify approval requirements with respect to an amendment to NXDT’s restated certificate of trust. The NXDT Declaration and NXDT’s bylaws provide that the NXDT Board has the exclusive power to amend or repeal NXDT’s bylaws or adopt new bylaws at any time.

<div align='center'>-75-</div>

In addition, notwithstanding the foregoing, the NXDT Declaration provides that approval by a majority of the NXDT Board followed by the approval of 75% of the holders of shares of beneficial interest of each affected class or series outstanding, voting as separate classes or series (subject to the Statement of Preferences, the “Principal Shareholder Requirements”) will be required for certain transactions when a Principal Shareholder (defined generally to mean any corporation, person or other entity which is the beneficial owner, directly or indirectly, of 5% or more of the outstanding shares of beneficial interest of all outstanding classes or series and includes any affiliate or associate, as such terms are defined in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, of a Principal Shareholder) is a party to the transaction (“Principal Shareholder Transactions”). These transactions include any:

| ● | merger or consolidation of NXDT or any subsidiary of NXDT with or into any Principal Shareholder; |

| ● | issuance of any securities of NXDT to any Principal Shareholder for cash (other than pursuant to any automatic dividend reinvestment plan); |

The Principal Shareholder Requirements are not applicable if (i)