Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 267

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 267
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 | Independent appraisal reports for each of the hotel properties with various dates ranging from April 2017 to February 2022. |

| m) | Opinions of value on the hotel properties prepared by third party brokers from the period September 2015 to September 2023. |

| n) | Precedent transactions for the hotel properties and financial metrics as prepared by Management. |

The hotel subsidiaries are defined as the operating entities that hold NHT’s hotel assets. These include Hilton Garden Inn – Dallas, Texas, Hyatt - Park City, Utah, Hampton Inn & Suites – Bradenton, Florida, Homewood Suites – Plano, Texas, Homewood Suites – Addison, Texas, Homewood Suites – Irving, Texas, Marriott – St. Petersburg, Florida.

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

| p) | Projected advisory fees as determined by Management. |

| t) | Public information with respect to comparable precedent transactions and companies to NHT where Doane Grant Thornton considered relevant in the context of the Proposed Transaction. |

| u) | Public information relating to the business, operations, financial performance and stock trading history of NHT. |

| v) | Public information regarding the United States real estate industry, including precedent hotel transactions and capitalization rates in the geographic areas that the hotel subsidiaries operate. |

| w) | Such other information, analyses and discussions (including discussions with third parties) as Doane Grant Thornton considered appropriate in relation to the Proposed Transaction. |

| 5.03 | In preparing the Opinion, Doane Grant Thornton has relied upon written letters of representation from Management and the Committee. |

| a) | The written representation from Management has stated that, among other things: |

| I) | To the best of their knowledge, and without independent inquiry, all of the Information provided, orally or in writing, to Doane Grant Thornton, is complete, true, and correct in all material respects and does not contain any untrue statement of a material fact in respect of the Trust, its operating assets, or the Proposed Transaction provided that any information that was created by a third party (and not by Management) is a true and accurate copy of the information and, to the knowledge of Management, does not contain any untrue statement of a material fact in respect of the Trust, its operating assets, or the Proposed Transaction. |

| II) | Since the Information was provided to Doane Grant Thornton, there have been, to the best of their knowledge, and without independent inquiry in respect