Company: NXDT
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001437749-25-011826
Chunk: 38

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-11
Form: S-4
Chunk 38
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. New NXDT will register, or cause to be registered in book-entry form, the shares of New Stock into which each Old Share is converted as a result of the Conversion.

Accounting Treatment of the Conversion

The Conversion will have no effect for accounting purposes. The historical consolidated financial statements of Old NXDT previously reported to the SEC as of and for all periods through the Effective Time will remain the consolidated financial statements of New NXDT.

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Federal Income Tax Treatment of the Conversion

The Conversion is intended to qualify as a tax-free reorganization under U.S. federal income tax laws. We expect that U.S. shareholders of Old NXDT will not recognize any gain or loss for U.S. federal income tax purposes upon the exchange of their Old Shares for New Stock. However, the tax consequences to you will depend on your own situation. You are urged to consult your own tax advisors concerning the specific tax consequences of the Conversion to you, including any state, local or foreign tax consequences of the Conversion. See “Material U.S. Federal Income Tax Considerations.”

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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 proxy statement/prospectus, and to the extent that this proxy statement/prospectus, including the following summary, relates to those documents, it is qualified in its entirety by reference thereto. Except as otherwise noted, the summary set forth below assumes that the Conversion Proposal, including each of the New NXDT Charter and New NXDT Bylaws associated with the Conversion, is adopted at the Annual Meeting.

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