Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 18

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 18
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 as REITs are currently organized under Maryland law and (ii) in comparison to Delaware, Maryland has a comprehensive regulatory system governing, and courts with extensive expertise in addressing issues pertinent to, corporations operating as REITs. As a result of these considerations, our Board has concluded that the Conversion is advisable and in the best interest of Old NXDT and our shareholders.

Structure and Completion of the Conversion; Effective Time of the Conversion

Subject to the conditions to the Conversion described herein, Old NXDT will convert from a statutory trust formed under the laws of the State of Delaware to a corporation formed under the laws of the State of Maryland. At the Effective Time, the converted entity’s name will change to “NexPoint Diversified Real Estate Trust, Inc.”

To convert to a Maryland corporation, Old NXDT will file the New NXDT Charter and Articles of Conversion with the SDAT. The Articles of Conversion will specify the date and time the Conversion is to be effective. At the Effective Time, each outstanding Old Common Share will be converted into one share of New Common Stock, each Old Series A Preferred Share will be converted into one share of New Series A Preferred Stock and each Old Series B Preferred Share will be converted into one share of New Series B Preferred Stock. We anticipate that the Conversion will be completed on or about [___], 2025.

Following the Conversion, your rights, and the limitations thereon, as a shareholder of New Stock will be governed by the New NXDT Charter, the New NXDT Bylaws and Maryland law, which we believe are substantially similar, but not identical, to the rights and limitations thereon of Old Shares under Old NXDT. See “Comparison of Rights of Shareholders of Old NXDT and New NXDT.”

No Change in Business Jobs, Physical Location, Etc.

The business of New NXDT will be the same as the business of Old NXDT and will not result in any change in headquarters, business, management, location, assets or liabilities (other than as a result of the costs related to the Conversion, including legal and accounting fees). Old NXDT’s management, including all trustees and officers, will remain the same in connection with the Conversion and will assume identical positions with New NXDT, except that the position of trustee will be referred to as a director. The Conversion is not expected to result in a change in Old NXDT’s current trading status on the NYSE, and the New Common Stock will trade on the NYSE under the ticker symbol “NXDT,” and