Company: NXDT
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001437749-25-011826
Chunk: 132

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-11
Form: S-4
Chunk 132
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 foregoing and may not contain all the information that is important to you. The summary set forth below assumes, except as otherwise indicated, that the Conversion Proposal will be adopted at the Annual Meeting. We encourage you to carefully read the Declaration of Trust, the Old Bylaws and the Delaware Statutory Trust Act and the New NXDT Charter, the New NXDT Bylaws and the MGCL in their entirety. For information on how to obtain the Old NXDT organizational documents, see“Additional Information.”Copies of the New NXDT Charter and the New NXDT Bylaws are attached asAnnex BandAnnex C, respectively, to this proxy statement/prospectus, and to the extent that this proxy statement/prospectus, including the following summary, relates to those documents, it is qualified in its entirety by reference thereto.

<div align='center'>GENERAL</div>

As a holder of shares of Old NXDT, your rights are governed by Delaware law, and the Declaration of Trust, the Statements of Preferences and the Old NXDT Bylaws. If the Conversion is completed, shareholders of Old NXDT will become stockholders of New NXDT and your rights as a holder of shares of New Stock will be governed by the MGCL, the New NXDT Charter and the New NXDT Bylaws. There are differences between Delaware and Maryland law, as well as between the organizational documents of Old NXDT and New NXDT.

The New NXDT Charter and the New NXDT Bylaws and the MGCL may contain provisions that could have the effect of delaying, deferring or preventing a transaction or a change in control of New NXDT by means of a tender offer, proxy contest or otherwise that might involve a premium price for holders of shares of New Common Stock or otherwise be in the best interest of New NXDT stockholders. See “Certain Takeover Defense Provisions of Maryland Law and the New NXDT Charter and the New NXDT Bylaws.”

| Old NXDT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |     | New NXDT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Corporate Structure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Old NXDT is a Delaware statutory trust that qualifies as a REIT under the Code. The rights of Old NXDT’s shareholders are governed by Delaware law and Old NXDT’s organizational documents (i.e., the Declaration of Trust, Statements of Preferences and the Old NXDT Bylaws).