Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 264

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 264
---
 this report have not conducted an audit or review of the financial affairs of the Trust, nor has Doane Grant Thornton sought external verification, unless otherwise noted herein, of the Information that which was extracted from public sources. Doane Grant Thornton accepts no responsibility or liability for any losses occasioned by any party as a result of our reliance on the Information that was provided to Doane Grant Thornton or that Doane Grant Thornton has obtained from third parties. |

| g) | The Opinion is limited to the fairness, from a financial point of view, of the consideration to be paid to the existing unitholders of NHT, as at the Opinion Date, and not the strategic merits of the Proposed Transaction. The Opinion does not provide assurance that the best possible price or transaction was or would be paid. It represents an impartial expert judgment, not a statement of facts. |

| h) | The Opinion has been provided for the use of the Committee, the Trust, and the Unitholders in connection with the Proposed Transaction and should not be construed as a recommendation to vote in favour of the Proposed Transaction. Except as provided herein, the Opinion may not be used by any other person or relied upon by any other person without the express prior written consent of Doane Grant Thornton. Doane Grant Thornton will not be held liable for any losses sustained by any person should the Opinion be circulated, distributed, published, reproduced, or used contrary to the provisions of this paragraph. In addition, pursuant to the Engagement Agreement, Doane Grant Thornton’s liability is limited, and Doane Grant Thornton will be indemnified under certain circumstances. |

| i) | The Opinion is given as of the Opinion Date only and Doane Grant Thornton disclaims any undertaking or obligation to advise any person of any change in any fact or matter affecting the Opinion, which may come or be brought to Doane Grant Thornton’s attention after the date hereof. Without limiting the foregoing, in the event there is any material change in any fact or matter after the date hereof, Doane Grant Thornton reserves the right to change, modify, or withdraw the Opinion. |

<div align='center'>E-4</div>

| j) | The Opinion is rendered as at the Opinion Date. It must be recognized that fair market value5 (“Fair Market Value” or “FMV”), and hence fairness from a financial point of view, changes from time to time, not only as a result of internal factors, but also because of external factors such as changes in the economy, competition, and