Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 260

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 260
---
 the Trust shall be joined as parties and bound by the decision of the court; and |

| (ii) | the Trust shall notify each affected dissenting Registered Unitholder of the date, place and consequences of the application and of the dissenting Registered Unitholder’s right to appear and be heard in person or by counsel. |

| (t) | On an application to a court under Sections 7.25(o) or 7.25(p), the court may determine whether any other person is a dissenting Registered Unitholder who should be joined as a party, and the court shall then fix a fair value for the Units of all dissenting Registered Unitholders. |

| (u) | A court may in its discretion appoint one or more appraisers to assist the court to fix a fair value for the Units of the dissenting Registered Unitholders. |

| (v) | The final order of a court in the proceedings commenced by an application under Sections 7.25(o) or 7.25(p) shall be rendered against the Trust in favour of each dissenting Registered Unitholder and for the amount of the Units as fixed by the court. |

<div align='center'>D-5</div>

| (w) | The provisions of Section 12.6 shall apply mutatis mutandis to any payment to a Registered Unitholder under this Section 7.25. |

| (x) | Following the termination of the Trust in connection with the Reorganization, all of the obligations of the Trust under this Section 7.25 shall be assumed by NXDT and its subsidiaries, as successors to the Trust. |

Section 14.8Authorization of Trustee(s) shall be added and read as follows:

Section 14.8- Authorization of Trustee(s)

Any Trustee is authorized, without further notice to or approval of the Unitholders, to approve such other amendments to this Declaration of Trust as are in his, her or its discretion necessary or desirable in order to permit the Final Redemption and as otherwise may be necessary or desirable in order to give effect to the Transaction and the Merger Agreement.

Section 16.4 Procedure Upon Termination shall be deleted in its entirety.

<div align='center'>D-6</div>

| APPENDIX E       
 FAIRNESS OPINION |

NexPoint Hospitality Trust

Fairness Opinion

Opinion Date: November 22, 2024

<div align='center'>E-1</