Company: NXDT
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001437749-25-011826
Chunk: 310

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-11
Form: S-4
Chunk 310
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 are subject to the provisions of Article VII of the Charter applicable to Capital Stock.

Section 15. . Prior to the receipt of the Requisite Stockholder Approval, no shares of Series B Preferred Stock shall be issued to (i) any officers, employees, trustees, directors or other service providers of the Corporation, (ii) any controlling shareholder or member of a control group or any other substantial shareholder of the Corporation that has an affiliated person who is an officer, trustee or director of the Corporation or (iii) any entity affiliated with NexPoint Real Estate Advisors X, L.P.

Section 16. . These Terms and Conditions set forth the rights, powers, preferences and privileges of the Series B Preferred Stock and the provisions set forth herein shall operate as additions to or modifications of the rights, powers, preferences and privileges of the holders of the Series B Preferred Stock under the Governing Instruments, as the context may require. To the extent the provisions set forth herein conflict with the provisions of the Governing Instruments with respect to any such rights, powers, preferences and privileges of the Series B Preferred Stock, these Terms and Conditions shall control. Except as set forth in this Section 16, the Governing Instruments shall control as to the Corporation generally and the rights, powers, preferences and privileges of other shares of the Corporation’s stock and the holders thereof.

<div align='center'>A-58

Exhibit C

Certificate of Conversion

[See attached.]

A-59

STATE OF DELAWARE
CERTIFICATE OF CONVERSION
FROM A DELAWARE STATUTORY TRUST
TO A NON-DELAWARE ENTITY
PURSUANT TO SECTION 3821 OF
THE STATUTORY TRUST CODE</div>

| 1. | The name of the Statutory Trust is NexPoint Diversified Real Estate Trust |

(If changed, the name under which its certificate of trust was originally filed: Highland Credit Strategies Fund).

| 3. | The jurisdiction in which the business form, to which the statutory trust shall be converted, is organized, formed or created is Maryland. |

| 4. | The future effective date of the conversion to a non-Delaware entity is [4:30 p.m. Eastern Time, [●], 2025]. |

| 5. | The conversion has been approved in accordance with Section 3821 of the Statutory Trust Code. |

| 6. | The statutory trust may be served with process in the State of Delaware in any action, suit or proceeding for