Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 22

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 22
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 Conversion to you, including any state, local or foreign tax consequences of the Conversion. See “Material U.S. Federal Income Tax Considerations.”

<div align='center'>12

CERTAIN PROVISIONS OF MARYLAND LAW AND OF THE NEW NXDT CHARTER
AND NEW NXDT BYLAWS</div>

The following summary of certain provisions of Maryland law and the New NXDT Charter and the New NXDT Bylaws may not contain all of the information that is important to you, and we encourage you to carefully read the New NXDT Charter, the New NXDT Bylaws and the relevant provisions of Maryland law for a more complete understanding of these provisions. Copies of the New NXDT Charter and the New NXDT Bylaws are attached asAnnex BandAnnex C, respectively, to this prospectus, and to the extent that this prospectus, including the following summary, relates to those documents, it is qualified in its entirety by reference thereto.

New NXDT’s Board of Directors

New NXDT’s board of directors will initially consist of seven directors. Immediately following the Conversion, New NXDT’s board of directors will consist of the same individuals who comprise the Board immediately prior to the Conversion.

The New NXDT Charter provides that the number of New NXDT directors may only be increased or decreased by the board of directors pursuant to the New NXDT Bylaws. The New NXDT Bylaws provide that the number of New NXDT directors may be established, increased or decreased by New NXDT’s board of directors but, unless the New NXDT Bylaws are amended, may not be fewer than the minimum number required by the MGCL, nor more than fifteen. The New NXDT Charter and New NXDT Bylaws provide for a single of class directors elected for a term of one year.

Subject to the terms of any class or series of preferred stock, vacancies on New NXDT’s board of directors may be filled only by a majority of the remaining directors, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will hold office for the remainder of the full term of the directorship in which the vacancy occurred and until his or her successor is duly elected an qualified.

Each of New NXDT’s directors will be elected by its stockholders to serve until the next annual meeting of the stockholders and until his or her successor is duly elected and qualified. Under the New NXDT Charter, there is no cumulative voting in the election of directors. Subject to the terms