Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 263

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 263
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 objectively, in accordance with the Practice Standards of the CBV Institute (“CBVI”). |

| 4.0 | Limitations & assumptions |

Limitations

| 4.01 | In arriving at our Opinion, we have relied upon the following statements: |

| a) | Doane Grant Thornton has relied upon the completeness, accuracy, and fair presentation of all of the financial and other factual information, data, advice, opinions, or representations obtained from public sources, or provided to Doane Grant Thornton by the Trust and any other affiliates, associates, advisors, or otherwise (collectively the “Information”). Our conclusions are conditional upon the completeness, accuracy, and fair presentation of such Information. Subject to the exercise of our professional judgment, Doane Grant Thornton has not attempted to verify independently the accuracy, completeness, or fair presentation of the Information. The Opinion is conditional upon such completeness and accuracy. |

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| b) | The financial information referred to under the “Scope of Review” section are complete in all material respects. |

| c) | Parts of the Information were received or obtained by Doane Grant Thornton directly or indirectly, and in various ways (oral, written, inspection), from third parties (i.e., individuals or entities other than the Trust and its trustees and officers, and the employees of NexPoint Advisors, L.P., the external management of the Trust). Doane Grant Thornton has assumed that the Information is complete, accurate, and not misleading, and that it does not omit any material facts. |

| d) | At the date of this Opinion, there were no contingent or unrecorded assets or liabilities, environmental liabilities, litigation, pending or threatened in writing, other than in the ordinary course of business, disclosed by the Trust, or contained in the public record that is material to the Trust. |

| e) | The Opinion is based on the securities markets, economic, general business, and financial conditions prevailing as of the Opinion Date and the conditions and prospects, financial or otherwise, of the Trust as they were reflected in the Information reviewed by Doane Grant Thornton. In preparing the Opinion, Doane Grant Thornton made numerous assumptions with respect to financial performance, general business, economic, and market conditions, and other matters, the outcome of which are beyond the control of Doane Grant Thornton, the Trust, or any party involved with the Trust and in connection with the Proposed Transaction. |

| f) | Acting in our capacity as financial advisors, the authors of