Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 257

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 257
---
:

Section 7.25 Dissent Rights

| (a) | Subject to this Section 7.25, any Registered Unitholder may dissent in respect of the Reorganization. |

| (b) | In addition to any other right the Registered Unitholder may have, a Registered Unitholder who complies with Section 7.25 is entitled, after the Reorganization Effective Time, to be paid by the Trust the fair value of the Units held by the Registered Unitholder, determined as of the close of business on the day before the Transaction Resolution was adopted. |

| (c) | A dissenting Registered Unitholder may only claim under this Section 7.25 with respect to all of the Units held by the Registered Unitholder and registered in the name of the dissenting Registered Unitholder at the record date set by the Trust in respect of the Meeting. |

<div align='center'>D-3</div>

| (d) | A dissenting Registered Unitholder shall send to the Trust, at least two days prior to the Meeting, a written objection to the Transaction Resolution, unless the Trust did not give notice to the Registered Unitholder of the purpose of the Meeting and of the Registered Unitholder’s right to dissent. |

| (e) | The Trust shall, within ten days after the Registered Unitholders adopt the Transaction Resolution, send to each Registered Unitholder who has filed the objection referred to in Section 7.25(d) notice that the Transaction Resolution has been adopted, but such notice is not required to be sent to any Registered Unitholder who voted for or abstained from voting for the Transaction Resolution or who has withdrawn its objection (and, for greater certainty, a Registered Unitholder who voted for or abstained from voting for the Transaction Resolution or who has withdrawn its objection will not be considered a dissenting Registered Unitholder). |

| (f) | A dissenting Registered Unitholder entitled to receive notice under Section 7.25(e) shall, within twenty days after receiving such notice, or, if the dissenting Registered Unitholder does not receive such notice, within twenty days after learning that the Transaction Resolution has been adopted, send to the Trust a written notice containing: |

| (i) | the dissenting Registered Unitholder’s name and address; |

| (ii) | the number of Units in respect of which the dissenting Registered Unitholder dissents; and |

| (ii)