Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 215

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 215
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 of the Corporation or (iii) any entity affiliated with NexPoint Real Estate Advisors X, L.P.

Section 16. . These Terms and Conditions set forth the rights, powers, preferences and privileges of the Series B Preferred Stock and the provisions set forth herein shall operate as additions to or modifications of the rights, powers, preferences and privileges of the holders of the Series B Preferred Stock under the Governing Instruments, as the context may require. To the extent the provisions set forth herein conflict with the provisions of the Governing Instruments with respect to any such rights, powers, preferences and privileges of the Series B Preferred Stock, these Terms and Conditions shall control. Except as set forth in this Section 16, the Governing Instruments shall control as to the Corporation generally and the rights, powers, preferences and privileges of other shares of the Corporation’s stock and the holders thereof.

<div align='center'>A-58

Exhibit C

Certificate of Conversion

[See attached.]

A-59

STATE OF DELAWARE
CERTIFICATE OF CONVERSION
FROM A DELAWARE STATUTORY TRUST
TO A NON-DELAWARE ENTITY
PURSUANT TO SECTION 3821 OF
THE STATUTORY TRUST CODE</div>

| 1. | The name of the Statutory Trust is NexPoint Diversified Real Estate Trust |

(If changed, the name under which its certificate of trust was originally filed: Highland Credit Strategies Fund).

| 3. | The jurisdiction in which the business form, to which the statutory trust shall be converted, is organized, formed or created is Maryland. |

| 4. | The future effective date of the conversion to a non-Delaware entity is [4:30 p.m. Eastern Time, [●], 2025]. |

| 5. | The conversion has been approved in accordance with Section 3821 of the Statutory Trust Code. |

| 6. | The statutory trust may be served with process in the State of Delaware in any action, suit or proceeding for enforcement of any obligation of the statutory trust arising while it was a statutory trust of the State of Delaware, and that it irrevocably appoints the Secretary of State as its agent to accept service of process in any such action, suit or proceeding. |

| 7. | The address to which a copy of the process shall be mailed to by the Secretary of State is c/o The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville