Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 17

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 17
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 Adviser, Jim Dondero and certain of his affiliates or their respective affiliates and New NXDT and (2) between any other person and New NXDT, provided that such business combination is first approved by New NXDT’s board of directors (including a majority of New NXDT’s directors who are not affiliates or associates of such person). The New NXDT Bylaws contain a provision exempting from the Maryland Control Share Acquisition Act any and all acquisitions by any person of shares of New NXDT’s stock. There can be no assurance that these exemptions or resolutions will not be amended or eliminated at any time in the future.

Additionally, Title 3, Subtitle 8 of the MGCL permits New NXDT’s board of directors, without stockholder approval and regardless of what is provided for in the New NXDT Charter or the New NXDT Bylaws, to implement certain takeover defenses, such as a classified board, some of which are not currently provided for in the New NXDT Charter or the New NXDT Bylaws. See “Certain Takeover Defense Provisions of Maryland Law and the New NXDT Charter and the New NXDT Bylaws.”

<div align='center'>9

THE CONVERSION</div>

General

The Board has unanimously approved and Old NXDT’s shareholders have voted to approve the Conversion, and the adoption of the Plan of Conversion, Articles of Conversion, the New NXDT Charter and the New NXDT Bylaws associated with such Conversion, each to become effective at or about the Effective Time. In addition, at the Effective Time, the New NXDT Bylaws will go into effect. The following discussion summarizes certain aspects of the conversion from a Delaware statutory trust to a Maryland corporation. This summary does not purport to be complete and is qualified in its entirety by reference to the Plan of Conversion, including the Articles of Conversion attached as an exhibit thereto, attached to this prospectus as , the New NXDT Charter, attached to this prospectus as and the New NXDT Bylaws, attached to this prospectus as , each of which is incorporated by reference into this prospectus.

Reasons for the Conversion

The purpose of the Conversion is to convert the jurisdiction of organization of Old NXDT from Delaware to Maryland and to change the legal form of Old NXDT from a statutory trust to a corporation. Our Board determined that these changes are in the best interests of our shareholders because (i) the change would make us more comparable to our peers inasmuch as approximately 75% of the public companies that qualify