Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1275

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1275
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 Date), plus (ii) the Series D Redemption Price as of the applicable Series D First Repurchase Date of such Series D Preferred Unit being redeemed (i.e., 105% of the applicable Series D Liquidation Preference), assuming that, for purposes of calculating clauses (i) and (ii), such Series D Preferred Unit were to remain outstanding through the Series D First Repurchase Date, and then be redeemed on the Series D First Repurchase Date at such Series D Redemption Price described above, and with the present value of such sum being computed using an annual discount rate (applied quarterly) equal to the interest rate on U.S. Treasury notes with a maturity closest to the Series D First Repurchase Date at such Series D Redemption Date plus 50 basis points, less (b) the applicable Series D Liquidation Preference of such Series D Preferred Unit being redeemed as of such Series D Redemption Date.

“Series D Mandatory Redemption” has the meaning set forth in .

“Series D Maturity Date” means the Series D Sixth Anniversary, subject to two one-year extension options at the election of the Managing Member.

“Series D Minimum Cash Distribution” has the meaning set forth in .

“Series D Minimum Cash Distribution Payment Date” has the meaning set forth in .

“Series D Minimum Cash Distribution Rate” means a rate expressed as a percentage per annum of the Series D Liquidation Amount payable in Series D Minimum Cash Distributions as set forth below:

<div align='center'>14

I-970</div>

| Anniversary of Series D                    
 First Issuance Date                        |     | Cash Portion of the Series D Minimum Cash Distribution Rate |     | Non-Cash Portion of the Series D Minimum Cash Distribution Rate |
| First Issuance Date - 18-month Anniversary |     | 0.0%                                                        |     | 1.1%                                                            |
| 18-month Anniversary - Thereafter          |     | 1.1%                                                        |     | 0.0%                                                            |

“Series D Optional Redemption” has the meaning set forth in .

“Series D Participating Dividend” has the meaning set forth in the definition of “Participating Dividend” in the Series D Articles Supplementary.

“Series D Preferred Stock” means the Series D Preferred Stock, par value $0.01 per share, of the Managing Member.

“Series D Preferred Units” has the meaning set forth in .

“Series D Redemption Date” means the date set for redemption by the Managing Member of shares of Series D Preferred Stock,