Company: NXDT
Filing Date: 2025-06-12
Form Type: S-4
Source: 0001437749-25-020201
Chunk: 36

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-06-12
Form: S-4
Chunk 36
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,636,956 |     |  2.5 | % |     | Straight-line |     |                      | 1 | - |  3 |
| Total                          |     | $                 | 284,351,345 |     |      |   |     |               |     |                      |   |   |    |

<div align='center'>23

COMPARISON OF SHAREHOLDERS’RIGHTS</div>

The following is a summary comparison of material differences between the rights of Old NXDT’s shareholders under Delaware law and the Declaration of Trust, Statement of Preferences of 5.50% Series A Cumulative Preferred Shares (the“Series A Statement of Preferences”), Statement of Preferences of 9.00% Series B Cumulative Redeemable Preferred Shares (the“Series B Statement of Preferences”and, together with the Series A Statement of Preferences, the“Statements of Preferences”) and Old NXDT’s bylaws (the“Old Bylaws”; and together with the Declaration of Trust and the Statements of Preferences, the“Old NXDT organizational documents”), on the one hand, and the rights of New NXDT stockholders under the MGCL, the New NXDT Charter and the New NXDT Bylaws, on the other hand. The summary set forth below is not intended to be an exhaustive discussion of the foregoing and may not contain all the information that is important to you. We encourage you to carefully read the Declaration of Trust, the Old Bylaws and the Delaware Statutory Trust Act and the New NXDT Charter, the New NXDT Bylaws and the MGCL in their entirety. For information on how to obtain the Old NXDT organizational documents, see“Additional Information.”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.

<div align='center'>GENERAL</div>

As a holder of shares of Old NXDT, your rights are governed by Delaware law, and the Declaration of Trust, the Statements of Preferences and the Old Bylaws. If the Conversion is completed, shareholders of Old NXDT will become stockholders of New NXDT and your rights as a holder of shares of New Stock will be governed by the MGCL, the New NXDT Charter and the New NXDT Bylaws. There are differences between Delaware and Maryland law,