Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 277

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 277
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. |

| 13.0 | Other considerations |

| 13.01 | On April 10, 2024, 2,176,256 NHT units were acquired by NHT from a certain shareholder at a negotiated price of US$0.36 per unit (total price of $783,452). This aligns with the consideration per the Merger Agreement. |

<div align='center'>E-16</div>

| 14.0 | Prior valuations |

| 14.02 | Appraisals were also conducted for specific hotels between May 2015 and February 2022 and broker opinions of value were prepared for specific hotels between September 2015 and September 2023. Doane Grant Thornton has reviewed the conclusions within the appraisal reports and broker opinions of value and notes that these conclusions would not impact our conclusions on the fairness of the Proposed Transaction. |

| 14.03 | Except as noted above, the Trust has represented to us that, to the best of senior management’s knowledge, information and belief after reasonable inquiry, there have been no other valuations or appraisals relating to the Trust or any of its subsidiaries, or any of their respective material assets or liabilities, for the 24 months before the Valuation Date. |

| 15.0 | Fairness Opinion |

| 15.01 | Based upon and subject to the foregoing, including the limitations and assumptions set forth herein, Doane Grant Thornton is of the opinion that, as at the date hereof, the Consideration to be received by the Unitholders in conjunction with the Proposed Transaction, is fair, from a financial point of view, to the Unitholders. |

Thank you for the opportunity to provide our Fairness Opinion services to you.

Yours sincerely,

Doane Grant Thornton LLP

<div align='center'>E-17</div>

| APPENDIX F                          
 CHANGE OF AUDITOR REPORTING PACKAGE |

<div align='center'>NOTICE</div>

November 29, 2023

| TO: | Ontario Securities Commission Alberta Securities Commission                                                                                                       
 British Columbia Securities Commission The Manitoba Securities Commission                                                                                         
 Financial and Consumer Services Commission (New Brunswick) Office of the Superintendent of Securities (Newfoundland & Labrador) Nova Scotia Securities Commission 
 The Office of the Superintendent Securities (Prince Edward Island) Financial and Consumer Affairs Authority of Saskatchewan                                       |

AND TO: Frazier & Deeter, LLC

| Re: | Change of Auditor – NexPoint Hospitality Trust (the “Trust”) |

This Notice