Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2423

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2423
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☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

| Title of each class                                                                                              |     | Trading   
 Symbol(s) |     | Name of each exchange   
 on which registered     |
| Common Shares, $0.001 par value $0.001 per share                                                                 |     | NXDT      |     | New York Stock Exchange |
| 5.50% Series A Cumulative Preferred Shares, par value $0.001 per share ($25.00 liquidation preference per share) |     | NXDT-PA   |     | New York Stock Exchange |

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

<div align='center'>I-1951</div>

Item 1.01 Entry into Material Definitive Agreement.

On November 22, 2024, NexPoint Diversified Real Estate Trust (the “Company”), NexPoint Diversified Real Estate Trust Operating Partnership, L.P., (“NXDT OP”), NXDT Intermediary, LLC, (“NXDT Intermediary”) and NXDT Hospitality Holdco, LLC (“NXDT Merger Sub” and, together with the Company, NXDT OP and NXDT Intermediary, the “Company Parties”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with NexPoint Hospitality Trust (“Old NHT”), NHT Intermediary, LLC (“N