Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2026

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2026
---
 reclassification by a holder of the number of REIT Units for which such Class B Units could be purchased pursuant to this immediately prior to such reclassification.

(c) Notwithstanding the provisions of and , a Member shall not be entitled to exercise the Redemption Right pursuant to to the extent that the delivery of REIT Units to such Member on the Specified Redemption Date by NHT Holdings pursuant to (regardless of whether or not NHT Holdings would in fact exercise its rights under ) would (i) be prohibited, as determined in the sole discretion of NHT or NHT Holdings, under the Declaration of Trust or (ii) cause the acquisition of REIT Units by such Member to be “integrated” with any other distribution of REIT Units for purposes of complying with the Securities Act.

(d) Each Member covenants and agrees that all Class B Units delivered for redemption shall be delivered to the Company free and clear of all liens; and, notwithstanding anything contained herein to the contrary, the Company shall be under no obligation to acquire Class B Units which are or may be subject to any liens. Each Member further agrees that, if any state or local property transfer tax is payable as a result of the transfer of its Class B Units to the Company, such Member shall assume and pay such transfer tax.

(e) Notwithstanding anything in this Agreement, in no event shall the Class B Unitholders be entitled to receive REIT Units if such action would jeopardize NHT’s status as a “mutual fund trust” under the Tax Act. In the event this Section 8.6(e) applies, the rights of a Class B Unitholder will remain unaffected until such time as such exchange may be made in accordance with this Section 8.6(e).

Section 8.7.

(a) In the event of a take-over bid of not less than 90% of the REIT Units (including REIT Units issuable upon the redemption of Class B Units pursuant to ) by a Person (including Persons acting jointly or in concert with such Person), NHT Holdings will have the right, subject to applicable laws, to acquire outstanding Class B Units in exchange for an equal number of REIT Units, subject to adjustments for splits, consolidations and reorganizations in accordance with the Declaration of Trust.

<div align='center'>42

I-1603</div>

(b) The provisions of Section 7.23 of the Declaration of Trust are hereby incorporated into this Agreement and will be binding upon the Parties. If an