Company: NXDT
Filing Date: 2025-01-30
Form Type: 424B5
Source: 0001437749-25-002263
Chunk: 30

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-30
Form: 424B5
Chunk 30
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 on our shareholders unless the shareholder discloses it on its tax return.

<div align='center'>S-19</div>

Series B Preferred Shares may be redeemed for, or converted into, our common shares, which rank junior to the Series B Preferred Shares with respect to dividends and upon liquidation.

Beginning on the first day of the month following the original issuance of any Series B Preferred Shares, the holders of Series B Preferred Shares may require us to redeem such shares and, beginning on the first day of the first quarter following the second anniversary of the original issuance date the Company at its option may redeem all or some portion of the outstanding Series B Preferred Shares, with the redemption price payable, in our sole discretion, in cash or in equal value of our common shares, based on the closing price per share of our common shares for the single trading day prior to the date of redemption. We may opt to pay the redemption price in common shares. In addition, beginning on the first day of the month following the third anniversary of the original issuance of any Series B Preferred Shares, upon a Minimum Market Price Trigger, the holders of Series B Preferred Shares may opt to convert such shares into common shares. The rights of the holders of Series B Preferred Shares rank senior to the rights of the holders of our common shares as to dividends and payments upon liquidation. Unless full cumulative dividends on shares of our Series B Preferred Shares for all past dividend periods have been declared and paid (or set apart for payment), we will not declare or pay dividends with respect to any of our common shares for any period. Upon liquidation, dissolution, termination, cancellation or winding up of the Company, the holders of our Series B Preferred Shares are entitled to receive the Stated Value of $25.00 per share, subject to appropriate adjustment in relation to any recapitalizations, share dividends, share splits, share combinations, reclassifications or other similar events which affect the Series B Preferred Shares, plus an amount equal to accrued but unpaid cash dividends thereon, if any, to but not including the date of payment, in each case prior and in preference to any distribution to the holders of our common shares or any other class of our equity securities.

We established the offering price for the Series B Preferred Shares pursuant to discussions among us and our affiliated dealer manager; as a result, the actual value of an investment in the Series B Preferred Shares may be substantially less than the amount paid.

The selling price of the Series B Preferred Shares was determined pursuant to discussions among us and the dealer manager