Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 258

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 258
---
 | a demand for payment of the fair value of such Units. |

| (g) | Not later than the thirtieth day after the sending of a notice under Section 7.25(f), a dissenting Registered Unitholder shall send the Unit Certificates representing the Units held by the Registered Unitholder to the Trust or its transfer agent. |

| (h) | A dissenting Registered Unitholder who fails to comply with Section 7.25(g) has no right to make a claim under this Section 7.25. |

| (i) | The Trust or its transfer agent shall endorse on any Unit Certificate received under Section 7.25(g) a notice that the Registered Unitholder is a dissenting Registered Unitholder under this Section 7.25 and shall return forthwith the Unit Certificates to the dissenting Registered Unitholder. |

| (j) | On sending a notice under Section 7.25(f), a dissenting Registered Unitholder ceases to have any rights as a Registered Unitholder other than the right to be paid the fair value of the Units as determined under this Section 7.25 except where: |

| (i) | the dissenting Unitholder withdraws the notice before the Trust makes an offer under Section 7.25(l); |

| (ii) | the Trust fails to make an offer in accordance with Section 7.25(l) and the dissenting Registered Unitholder withdraws the notice; or |

| (iii) | the Merger Agreement is terminated,                                                                                                                                            
 in which case the dissenting Registered Unitholder’s rights are reinstated as of the date the dissenting Registered Unitholder sent the notice referred to in Section 7.25(f). |

| (k) | Registered Unitholders who properly exercise their dissent rights shall be deemed to have transferred their Units to the Trust as of the Reorganization Effective Time without any further act or formality on such Registered Unitholder’s part, and in consideration therefor, the Trust shall be deemed to have issued to such Registered Unitholder a debt-claim to be paid the fair value of those Units in accordance with this Section 7.25 and, in respect of the Units so deemed to be transferred: |

<div align='center'>D-4</div>

| (i) the dissenting Registered Unitholder shall have been deemed to have executed and delivered all consents, releases, assignments and waivers, statutory