Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 9

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 9
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 your own situation. You are urged to consult your own tax advisors concerning the specific tax consequences of the Conversion to you, including any state, local or foreign tax consequences of the Conversion. See “Material U.S. Federal Income Tax Considerations.”

Accounting Treatment

The Conversion will have no effect for accounting purposes.

Risk Factors

You should carefully consider all of the information contained in this prospectus, as well as the specific factors under the heading “Risk Factors” beginning on page 8 of this prospectus. See the section titled “Where You Can Find More Information” for more information about the SEC filings incorporated by reference in this prospectus.

No Dissenters’(or Appraisal) Rights

Under Delaware law and Old NXDT’s agreement and declaration of trust (the “Declaration of Trust”), you are not entitled to dissenters’ rights of appraisal as a result of the Conversion.

Board of Directors and Executive Officers of New NXDT Following the Conversion

Immediately following the Conversion, New NXDT’s board of directors will consist of the same individuals who comprise the Board immediately prior to the Conversion, and these individuals will serve as directors for the balance of the term for which such person was elected as a trustee of Old NXDT. The individuals serving as named executive officers of Old NXDT immediately prior to the Conversion will hold the same positions at New NXDT immediately following the Conversion.

Listing

The Old Common Shares are listed on the NYSE under the symbol “NXDT,” and the Old Series A Preferred Shares are listed on NYSE under the symbol “NXDT PA.” There is no established public trading market for the Old Series B Preferred Shares, and we do not expect a market to develop.

Following the Conversion, shares of New Common Stock and New Series A Preferred Stock will be listed and traded on the NYSE in the same manner as Old Common Shares and Old Series A Preferred Shares currently are listed and traded on the NYSE. We do not intend to apply for a listing of the New Series B Preferred Stock on any national securities exchange.

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Historical Market Price for Old Shares The Old Common Shares are listed on the NYSE under the symbol “NXDT,” and the Old Series A Preferred Shares are listed on NYSE under the symbol “NXDT PA.” On April 22, 2025, the most recent trading date prior to the public announcement of the Conversion, the closing price per Old Common Share was $3.77, and the closing price per Old Series A Preferred Share