Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 96

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 96
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662 | 18.38%                             |
| NHT Holdco, LLC                         |                     1,045,848 | 3.56%                              |
| Governance RE Ltd                       |                     1,068,519 | 3.63%                              |
| NexPoint Real Estate Advisors, L.P.     |                        90,378 | 0.31%                              |
| Directors and Senior Officers of NXDT   |                       875,846 | 2.98%                              |

Notes:

(1) The percentages shown are based on 29,352,055 Units outstanding as of the date hereof.

<div align='center'>-61-</div>

The Board has unanimously approved the Transaction (with Mr. Dondero declaring his interest in the Amendments and abstaining from voting) and recommends that the Unitholders voteFORthe Transaction Resolution. Unless otherwise instructed, the persons named in the enclosed Form of Proxy intend to vote such Form of ProxyFORthe Transaction Resolution.

MI 61-101 requires that every “prior valuation” (as defined in MI 61-101) in respect of the REIT or its material assets or securities that has been made in the 24-month period preceding the date of this Information Circular, the existence of which is known, after reasonably inquiry, to the REIT or any Trustee or senior office of the REIT, be disclosed in this Information Circular.

Houlihan Lokey Financial Advisors, Inc. (the “Valuator”) was engaged by NexPoint Real Estate Advisors, L.P. to provide a valuation analysis of the fair value of the internal net asset value calculation of the REIT (the “Prior Valuation”) to assist NexPoint Real Estate Advisors, L.P. in its determination for financial reporting purposes of the fair value of units of the REIT held by funds advised by NexPoint Real Estate Advisors, L.P. The Prior Valuation was based on business, general economic, market, and other conditions that reasonably could be evaluated by the Valuator as of September 30, 2024 and is subject to the assumptions, limitations and qualifications set out therein. The Prior Valuation was prepared by the Valuator for financial reporting purposes and not for the benefit of the REIT, the Board, Unitholders or in contemplation of the Transaction. The Prior Valuation was provided solely for the benefit of NexPoint Real Estate Advisors, L.P. and is not to be relied upon by any other person or for any other purpose without the Val