Company: NXDT
Filing Date: 2025-04-23
Form Type: S-4/A
Source: 0001437749-25-012810
Chunk: 3

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-23
Form: S-4/A
Chunk 3
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 its jurisdiction and form of organization (the “Conversion”) from a Delaware statutory trust to a Maryland corporation with the name “NexPoint Diversified Real Estate Trust, Inc.” (“New NXDT”). At the effective time of the Conversion, each outstanding transferable units of beneficial interest of Old NXDT, par value $0.001 per share (“Old Common Shares”) shall be converted into one share of common stock of New NXDT, par value $0.001 per share (“New Common Stock”), each outstanding 5.50% Series A Cumulative Preferred Share of Old NXDT, par value $0.001 per share, liquidation preference $25.00 per share (“Old Series A Preferred Shares”), shall be converted into one share of 5.50% Series A Cumulative Preferred Stock of New NXDT, par value $0.001 per share, liquidation preference $25.00 per share (“New Series A Preferred Stock”), and each outstanding 9.00% Series B Cumulative Redeemable Preferred Share of Old NXDT, par value $0.001 per share, liquidation preference $25.00 per share (“Old Series B Preferred Shares”), shall be converted into one share of 9.00% Series B Cumulative Redeemable Preferred Stock of New NXDT, par value $0.001 per share, liquidation preference $25.00 per share (“New Series B Preferred Stock”). We expect the shares of New Common Stock and New Series A Preferred Stock to trade on the New York Stock Exchange (the “NYSE”) under the current respective trading symbols of the Old Common Shares and Old Series A Preferred Shares, “NXDT” and “NXDT-PA.” On April 22, 2025, the last reported sale price of the Old Common Shares on the NYSE was $3.77, and the last reported sale price of the Old Series A Preferred Shares on the NYSE was $13.30. There is currently no public trading market for the Old Series B Preferred Shares, and we do not expect for one to develop for the New Series B Preferred Stock. We do not intend to apply for a listing of the New Series B Preferred Stock on any national securities exchange.

We are a“smaller reporting company”under federal securities laws and are subject to reduced public company reporting requirements. Investing in our securities involves a high degree of risk. You should read carefully the section entitledRisk Factorsbeginning on page 12 of the accompanying proxy statement/prospectus and the