Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 261

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 261
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| Doane Grant Thornton LLP     
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| Special Committee of the Board of Trustees of NexPoint Hospitality Trust 
 c/o Goodmans LLP                                                         
 34th Floor, 333 Bay Street, Toronto                                      
 M5H 2S7                                                                  
 Attention:  Neil Labatte, Jerry Patava, and Graham Senst                 |

November 22, 2024

Dear Sirs:

FAIRNESS OPINION

We understand that NexPoint Diversified Real Estate Trust (“NXDT”) is considering a transaction (the “Proposed Transaction”) among:

| ● | NXDT, NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (“NXDT OP”), NXDT Hospitality Holdco, LLC (“NXDT Merger Sub”) and NXDT Intermediary, LLC (“NXDT Intermediary” and, collectively with NXDT, NXDT OP, and NXDT Merger Sub, the “NXDT Parties”); and |

| ● | NexPoint Hospitality Trust (“NHT” or the “Trust”), NHT Intermediary, LLC (“NHT Intermediary”), NHT Holdings, LLC (“NHT Holdings”), and NHT Operating Partnership, LLC (“NHT OP” and together with NHT, NHT Intermediary, NHT Holdings, and NHT OP, the “NHT Parties”), |

pursuant to which NexPoint Hospitality Trust, Inc. (“New NHT”)(an entity to be formed by NHT), NHT Intermediary and NHT Holdings would merge with and into NXDT Intermediary, a wholly owned subsidiary of NXDT formed for the purpose of consummating the Proposed Transaction, with NXDT Intermediary as the surviving entity, and NHT OP would merge with and into NXDT Merger Sub, with NXDT Merger Sub as the surviving entity. Prior to the consummation of the foregoing mergers, it is contemplated that NHT would undergo a reorganization transaction (the “Reorganization”), pursuant to which the existing unitholders (the “Unitholders”) of NHT would, at their election, exchange each trust unit of NHT for either US$0.36 cash or one (1) common share of New NHT, a