Company: NXDT
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001437749-25-011826
Chunk: 129

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-04-11
Form: S-4
Chunk 129
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,127,306 of our Old Common Shares. The address of MS and MSSB is 1585 Broadway, New York, NY 1003. |

| 5. | Includes 5,849 shares issuable upon vesting of restricted share units within 60 days after February 25, 2025. |

| 6. | Includes 30,296 shares issuable upon vesting of restricted share units within 60 days after February 25, 2025. |

| 7. | Includes 118,249 shares issuable upon vesting of restricted share units within 60 days after February 25, 2025. |

| 8. | Includes 11,698 shares issuable upon vesting of restricted share units within 60 days of February 25, 2025. |

| 9. | Includes 12,821 shares issuable upon vesting of restricted share units within 60 days after February 25, 2025 and 5,457 shares held in a margin account with J.P. Morgan Chase. |

| 10. | Includes 45,499 shares which Dr. Laffer holds indirectly through a limited liability company in which Dr. Laffer has control. Dr. Laffer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. |

| 11. | Includes 353,738 shares issuable upon vesting of restricted share units within 60 days after February 25, 2025. |

| 12. | Mr. Dondero has shared voting and dispositive power with respect to 58,990 Old Series A Preferred Shares. Ms. Dondero has shared voting and dispositive power with respect to 45,986 Old Series A Preferred Shares. |

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AUDIT COMMITTEE REPORT</div>

The audit committee reviewed and discussed with both management and Old NXDT’s independent registered public accounting firm, KPMG LLP, the audited financial statements of Old NXDT for the year ended December 31, 2024 prior to their issuance. These reviews included discussion with the independent registered public accounting firm of matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) and the Securities and Exchange Commission. The audit committee also discussed with its independent registered public accounting firm matters relating to its independence and received the written disclosures and letter from KPMG required by applicable requirements of the PCAOB regarding the independent accountant’s communications