Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 266

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 266
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 provided. |

As defined by CBVI as “the highest price, expressed in terms of cash equivalents, at which property would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arm’s length in an open and unrestricted market, when neither is under compulsion to buy or sell and when both have reasonable knowledge of the relevant facts.”

<div align='center'>E-5</div>

| 4.04 | The preparation of a Fairness Opinion is a complex process and our opinion was arrived at giving consideration to our analyses viewed as a whole and is not susceptible to partial analysis. |

| 4.05 | We understand that our Fairness Opinion will be for the use of the Unitholders and the Committee and will be one factor, among others, the Unitholders and the Committee will consider in determining whether to approve and recommend the Proposed Transaction. Subject to the limitations noted herein, we further understand and agree that the Fairness Opinion, as set out herein, may be wholly or partially disclosed, referenced, or summarized in documents that may be provided to Unitholders in connection with the special meeting called to approve the Proposed Transaction. |

| 4.06 | Our report has been prepared to provide an opinion as to whether the consideration is fair, from a financial point of view, to the Unitholders, as a collective group. Our report is to be used in contemplation of this stated purpose only and may not be relied upon by any person other than the Trust, the Committee and the Unitholders, or for any other purpose without our prior written consent. We do not assume any responsibility or liability for losses occasioned by the Trust, the Committee, the Unitholders, or any other parties as a result of the circulation, reproduction, or use of our report, or its contents, in a manner contrary to the provisions of this paragraph. |

| 5.0 | Scope of review |

| 5.01 | In completing this assignment, we reviewed and relied on the following information, documents, and data as it pertains to the Proposed Transaction and the Trust: |

| e) | Copies of the 2023 Federal tax returns for the Hotels. |

| g) | Copy of the most recent NHT unitholders list. |

| h) | NHT incentive award schedule for deferred units and profit interest units and vesting schedules of each compensation plan. |

| k) | Franchise and management agreements for the Hotels. |

| l)