Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 5

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 5
---
ERS                                |   42 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS                                                      |   43 |
| DESCRIPTION OF NEW NXDT’S CAPITAL STOCK                                                              |   66 |
| WHERE YOU CAN FIND ADDITIONAL INFORMATION                                                            |   89 |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE                                                    |   90 |
| LEGAL MATTERS                                                                                        |   91 |
| EXPERTS                                                                                              |   91 |
| PART II INFORMATION NOT REQUIRED IN PROSPECTUS                                                       | II-1 |
| Item 20. Indemnification of Directors and Officers.                                                  | II-1 |
| Item 21. Exhibit and Financial Statement Schedules.                                                  | II-2 |
| Item 22. Undertakings.                                                                               | II-2 |
| SIGNATURES                                                                                           | II-5 |

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SUMMARY</div>

This summary highlights selected information from this prospectus and may not contain all of the information that is important to you. This summary is qualified in its entirety by, and should be read together with, the other parts of this prospectus and the other documents to which this prospectus refers to fully understand the Conversion. In particular, you should read the annexes attached to this prospectus including the plan of conversion (the“Plan of Conversion”), which is attached asAnnex A. You should also read the articles of incorporation of New NXDT (the“New NXDT Charter”) expected to be in effect at the time of the Conversion, attached asAnnex B, and the form of bylaws of New NXDT (the“New NXDT Bylaws”), attached asAnnex C, because these documents, together with Maryland law, will govern your rights as a New NXDT stockholder following the Conversion. For a discussion of the risk factors that you should carefully consider, see the section titled“Risk Factors”beginning on page 8of this prospectus and the risk factors described in our Annual Report on 10-K for the year ended December 31, 2024 (the“2024 Annual Report”), which are incorporated by reference herein. You should also consider the other information in this prospectus and the other documents incorporated by reference into this prospectus. See“Where You Can Find More Information.”

Old NXDT

NexPoint Diversified Real Estate Trust
300 Crescent Court, Suite 700
Dallas, Texas 75201
(214) 276-6300