Company: NXDT
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001437749-25-013177
Chunk: 139

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-25
Form: 424B3
Chunk 139
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 Old NXDT owned by such person on the date the decreased common share ownership limit or aggregate share ownership limit, as applicable, became effective will be in violation of the common share ownership limit or aggregate share ownership limit. No increase to the common share ownership limit or aggregate share ownership limit may be approved if the new common share ownership limit and/or aggregate share ownership limit would allow five or fewer persons to beneficially own, in the aggregate more than 49.8% in value of the outstanding shares of Old NXDT. 
 Any certificates representing shares of Old NXDT will bear a legend referring to the restrictions on ownership and transfer of our shares described above.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
 These restrictions on ownership and transfer of our shares of Old NXDT will not apply upon the Restriction Termination Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |     |          |

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| Old NXDT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |     | New NXDT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Change in Control                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Business Combinations. The Declaration of Trust provides that a merger or consolidation requires approval by two-thirds of the trustees without a requirement for approval by our shareholders, except that, subject to the Statements of Preferences, any merger or consolidation in which Old NXDT is not the surviving entity requires approval of seventy-five percent of the holders of shares of each affected class or series outstanding, voting as separate classes or series, unless such merger or consolidation has been approved by eighty percent of the trustees, in which case it must be approved by the affirmative vote of a majority of Old NXDT’s shares present in person or represented by proxy and entitled to vote thereon, at a meeting where a quorum is present. 
 Also, as described under “Comparison of Stockholders Rights—General—Related Party Transactions,” certain transactions, including mergers and consolidations, with a Principal Shareholder are subject to additional approval requirements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |     | Business Combinations. See “Certain Provisions of Maryland Law and of the New NXDT Charter and New NXDT Bylaws–Business Combinations” for a description of the provisions of MGCL applicable to business combinations. These provisions of the MGCL do not apply, however, to business combinations that are approved or exempted by a Maryland corporation’s board of directors prior to the time that the interested