# EDGAR Filing Document

**Accession Number:** 0001356115
**File Stem:** 0001437749-25-020001
**Filing Date:** 2025-6
**Character Count:** 18106
**Document Hash:** 1b3ec562ab87cd0b2437e16c8c479542
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-020001.hdr.sgml**: 20250610

**ACCESSION NUMBER**: 0001437749-25-020001

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 6

**REFERENCES 429**: 333-269602

**FILED AS OF DATE**: 20250610

**DATE AS OF CHANGE**: 20250610

**EFFECTIVENESS DATE**: 20250610

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEXPOINT DIVERSIFIED REAL ESTATE TRUST
- **CENTRAL INDEX KEY:** 0001356115
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 800139099
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287923
- **FILM NUMBER:** 251037830

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-276-6300

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NexPoint Strategic Opportunities Fund
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NexPoint Credit Strategies Fund
- **DATE OF NAME CHANGE:** 20120702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pyxis Credit Strategies Fund
- **DATE OF NAME CHANGE:** 20120109

**As filed with the Securities and Exchange Commission on June 10, 2025**

Registration No. 333-

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC 20549** 

**FORM S-8**

**REGISTRATION STATEMENT** 

**UNDER** 

**THE SECURITIES ACT OF 1933** 

**NEXPOINT DIVERSIFIED REAL ESTATE TRUST**

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(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **80-0139099** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |
| **300 Crescent Court, Suite 700, Dallas, Texas** | **75201** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**AMENDED AND RESTATED NEXPOINT DIVERSIFIED REAL ESTATE TRUST**

**2023 LONG TERM INCENTIVE PLAN**

(Full title of the plan)

**Paul Richards**

**Chief Financial Officer, Executive VP-Finance,** 

**Treasurer and Assistant Secretary**

**300 Crescent Court, Suite 700**

**Dallas, Texas 75201**

(Name and address of agent for service)

**(214) 276-6300** 

(Telephone number, including area code, of agent for service)

with a copy to:

**Charles T. Haag**

**Justin S. Reinus**<br> **Winston & Strawn LLP**

**2121 North Pearl Street, Suite 900**<br> **Dallas, Texas 75201**<br> **(214) 453-6500**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | 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 7(a)(2)(B) of the Securities Act. ☐

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**REGISTRATION OF ADDITIONAL SECURITIES**

The shareholders of NexPoint Diversified Real Estate Trust (the "Company") approved the Amended and Restated NexPoint Diversified Real Estate Trust 2023 Long Term Incentive Plan (the "Plan") on June 10, 2025 (the "Effective Date").

This Registration Statement on Form S-8 (this "Registration Statement") is being filed with the Securities and Exchange Commission (the "Commission") for the purpose of registering an additional 943,000 common shares of beneficial interest, par value $0.001 per share ("Common Shares") for issuance pursuant to the Plan. Accordingly, the Company incorporates by reference the contents of the Company's [<u>Registration Statement on Form S-8 (No. 333-269602), filed with the Commission on February 6, 2023</u>](http://www.sec.gov/Archives/edgar/data/1356115/000143774923002603/nexsof20230201_s8.htm).

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3. Incorporation of Documents by Reference.** 

The following documents, which are on file with the Commission, are incorporated in this Registration Statement by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company's Annual Report on <u>[Form 10-K](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001356115/000135611525000003/nxdt-20241231.htm)</u> for the year ended December 31, 2024, filed with the Commission on March 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's Quarterly Report on [<u>Form 10-Q</u>](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001356115/000135611525000014/nxdt-20250331.htm) for the quarter ended March 31, 2025, filed with the Commission on May 15, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company's Current Reports on Form 8-K filed with the Commission on [<u>January 30, 2025</u>](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001356115/000143774925002277/nexsof20250115_8k.htm) , [<u>April 17, 2025</u>](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001356115/000143774925012294/nexsof20250417_8k.htm) , [<u>May 9, 2025</u>](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001356115/000143774925015782/nexsof20250508_8k.htm) and [June 10, 2025](http://www.sec.gov/Archives/edgar/data/1356115/000143774925019985/nexsof20250609_8k.htm) (excluding information deemed to be furnished and not filed with the Commission); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The description of the Common Shares, contained in the Company's Registration Statement on [<u>Form 8-A</u>](http://www.sec.gov/Archives/edgar/data/1356115/000095013406011842/d37187e8va12b.htm) filed with the Commission on June 20, 2006, including any amendment or report filed for purposes of updating the description.

All documents filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") (excluding information deemed to be furnished and not filed with the Commission) subsequent to the effective date of this Registration Statement and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold, will be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents. Any statement contained in any document incorporated or deemed to be incorporated by reference herein will be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed, except as modified or superseded, to constitute a part of this Registration Statement.

**Item 8. Exhibits.** 

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| | |
|:---|:---|
| Exhibit<br> Number | Description |
| 5.1\* | [Opinion of Tuan Olona, LLP.](ex_828781.htm) |
| 23.1\* | [Consent of KPMG LLP.](ex_829278.htm) |
| 23.2\* | [Consent of Tuan Olona, LLP (included in Exhibit 5.1)](ex_828781.htm) |
| 24.1\* | [<u>Power of Attorney (included on signature page hereto)</u>](#poa) |
| 107\* | [Filing Fee Table](ex_828782.htm) |
| \* Filed herewith |  |

---

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Dallas, State of Texas, on June 10, 2025.

---

| | |
|:---|:---|
| **NEXPOINT DIVERSIFIED REAL ESTATE TRUST** | **NEXPOINT DIVERSIFIED REAL ESTATE TRUST** |
| By: | /s/ Paul Richards |
| Name: | Paul Richards |
| Title: | Chief Financial Officer, Executive VP-Finance, Treasurer and Assistant Secretary |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints James Dondero, Paul Richards, and Matt McGraner, and each of them, with the full power to act without the other, such person's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign, execute and file this Registration Statement, and any or all amendments thereto (including, without limitation, post-effective amendments), with all exhibits and schedules thereto, and other documents in connection therewith with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** | **<u>Date</u>** |
| /s/ James Dondero | Trustee and President | June 10, 2025 |
| James Dondero | (Principal Executive Officer) |  |
| /s/ Paul Richards | Chief Financial Officer, Executive VP- | June 10, 2025 |
| Paul Richards | Finance, Treasurer and Assistant Secretary |  |
|  | (Principal Financial Officer and Principal |  |
|  | Accounting Officer) |  |
| /s/ Brian Mitts | Trustee | June 10, 2025 |
| Brian Mitts |  |  |
| /s/ Ed Constantino | Trustee | June 10, 2025 |
| Ed Constantino |  |  |
| /s/ Scott Kavanaugh | Trustee | June 10, 2025 |
| Scott Kavanaugh |  |  |
| /s/ Arthur Laffer | Trustee | June 10, 2025 |
| Arthur Laffer |  |  |
| /s/ Carol Swain | Trustee | June 10, 2025 |
| Carol Swain |  |  |
| /s/ Catherine Wood | Trustee | June 10, 2025 |
| Catherine Wood |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![image1.jpg](image1.jpg)<br> TUAN OLONA<br>

June 10, 2025

NexPoint Diversified Real Estate Trust<br> 300 Crescent Court, Suite 700<br> Dallas, Texas 75201

Re: <u>Form S-8 Registration Statement</u>

Ladies and Gentlemen:

We have acted as special Delaware counsel to NexPoint Diversified Real Estate Trust, a Delaware statutory trust (the "<u>Company</u>"), in connection with the preparation of the Company's registration statement on Form S-8 to be filed with the U.S. Securities and Exchange Commission (the "<u>Commission</u>") on or about the date hereof (the "<u>Registration Statement</u>"), under the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

The Registration Statement relates to the offer and sale of up to 1,007,258 transferable units of beneficial interest (the "<u>Shares</u>") of the Company, issuable pursuant to the terms and in the manner set forth in the NexPoint Diversified Real Estate Trust 2023 Long Term Incentive Plan as amended and restated effective June 10, 2025 (the "<u>Incentive Plan</u>").

This opinion letter is being delivered in accordance with the requirements of Item 601(b)(5) of Regulation S-K promulgated under the Securities Act.

In rendering the opinion set forth below, we examined and relied upon such certificates, statutory trust records, agreements, instruments and other documents, and examined such matters of law, that we considered necessary or appropriate as a basis for the opinions. In rendering the opinion set forth below, we have examined and are familiar with originals or copies, certified or otherwise identified to our satisfaction, of (i) the restated certificate of trust of the Company, as in effect on the date hereof, (ii) the Agreement and Declaration of Trust of the Company, as in effect on the date hereof (iii) the bylaws of the Company, as in effect on the date hereof, (iv) the Registration Statement, (v) the Incentive Plan, (vi) resolutions of the board of trustees of the Company relating to, among other matters, the approval of the Incentive Plan, the reservation for issuance of the Shares issuable thereunder and the filing of the Registration Statement, (vii) resolutions of the board of trustees of the Company relating to, among other matters, the approval of form of awards in the Incentive Plan and (viii) such other documents as we have deemed necessary or appropriate as a basis for the opinions set forth below. In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies, the authenticity of the originals of such latter documents, that all parties to such documents had the power, under the Delaware Statutory Trust Act or other, to enter into and perform all obligations thereunder and all such documents have been duly authorized by all requisite action, statutory trust or other, and duly executed and delivered by all parties thereto. As to any facts material to the opinion expressed herein that we did not independently establish or verify, we have relied upon oral or written statements and representations of officers and other representatives of the Company and others.

1325 Avenue of the Americas w 27th Floor ♦ New York, NY 10019

Tel: (646) 863-9754 ♦ Fax: (646) 478-9129

Colorado w Connecticut ♦ Delaware ♦ District of Columbia ♦ Georgia ♦ Hong Kong

Maryland ♦ New Jersey ♦ New York ♦ Pennsylvania ♦ Spain ♦ Virginia

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Attorneys admitted solely in the jurisdiction where listed office is located, unless otherwise noted

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NexPoint Diversified Real Estate Trust<br> June 10, 2025<br> Page 2

Based upon the foregoing and subject to the assumptions, qualifications and limitations set forth herein, we are of the opinion that the Shares have been duly authorized and, when issued by the Company in accordance with the terms and in the manner set forth in the Incentive Plan, the Shares will be validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the Delaware Statutory Trust Act and other laws of the State of Delaware as currently in effect. We express no opinion with respect to any other laws, statutes, regulations or ordinances.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving such consent, we do not thereby admit that we are experts within the meaning of the Securities Act or the rules and regulations of the Commission or that this consent is required by Section 7 of the Securities Act.

**/s/ TUAN OLONA, LLP**

## Exhibit 23.1

**Exhibit 23.1**

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| | |
|:---|:---|
| ![a01.jpg](a01.jpg) |  |
|  | KPMG LLP<br> Suite 1400<br> 2323 Ross Avenue<br> Dallas, TX 75201-2721 |

---

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated March 31, 2025, with respect to the consolidated financial statements of NexPoint Diversified Real Estate Trust and subsidiaries incorporated herein by reference.

/s/ KPMG LLP

Dallas, Texas<br> June 10, 2025

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table**

**Form S-8**<br> (Form Type)

**NexPoint Diversified Real Estate Trust**<br> (Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered Securities**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Fee Calculation Rule (1)** | **Amount Registered**<br> **(2)** | **Proposed** <br> **Maximum Offering** <br> **Price Per Unit (3)** | **Maximum** <br> **Aggregate Offering** <br> **Price** | **Fee Rate** | **Amount of** <br> **Registration Fee** |
| Equity | Common Shares, par value $0.001 per share | Other | 1007258 | $3.90 | $3928306.20 | .0001531 | $601.42 |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $3928306.20 |  | $601.42 |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $601.42 |

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(1) Fee calculated in accordance with Rule 457(c) and (h) of the Securities Act of 1933 (the "Securities Act").

(2) This Registration Statement on Form S-8 (this "Registration Statement") covers 1,007,258 shares of transferable units of beneficial interest, par value $0.001 per share (the "Common Shares") of NexPoint Diversified Real Estate Trust (the "Company") that are reserved for issuance pursuant to the Company's Amended and Restated 2023 Long Term Incentive Plan. Pursuant to Rule 416(a) under the Securities Act, this Registration Statement shall also cover any additional Common Shares of the Company that become issuable in respect of the securities identified in the above table by reason of any share dividend, share split, recapitalization or other similar transaction.

(3) Estimated in accordance with Rules 457(c) and (h) under the Securities Act solely for the purpose of calculating the registration fee on the basis of the average of the high and low prices of the Company's Common Stock as reported on the New York Stock Exchange on June 6, 2025.