Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 236

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 236
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 public accounting firm, as stated in their report, incorporated by reference herein. Such financial statements are incorporated by reference in reliance upon the report of such firm and upon the authority of said firm as experts in accounting and auditing.

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| APPROVAL OF TRUSTEES |

The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.

The contents of this Information Circular and its distribution to Unitholders have been approved by the Board of Trustees.

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CONSENT OF DOANE GRANT THORNTON LLP</div>

TO: THE SPECIAL COMMITTEE OF THE BOARD OF TRUSTEES OF NEXPOINT HOSPITALITY TRUST

Reference is made to the fairness opinion dated November 22, 2024 which Doane Grant Thornton LLP (“Doane Grant Thornton”) prepared (the “Fairness Opinion”) for the special committee of NexPoint Hospitality Trust (the “REIT”) in connection withthe proposed transaction pursuant to which the REIT will be dissolved and its subsidiary entities merged with and into entities owned or controlled, directly or indirectly, by NexPoint Diversified Real Estate Trust.

We consent to the inclusion in the management information circular of the REIT dated January 21, 2025 (the “Information Circular”) of the Fairness Opinion and a summary of the Fairness Opinion. In providing such consent, Doane Grant Thornton does not intend that any person or persons other than the Special Committee shall be entitled to rely upon the Fairness Opinion.

All terms used but not defined herein have the meanings ascribed thereto in the Information Circular.

DATED at Toronto, Ontario, Canada this 31st day of December, 2024.

(Signed) “DOANE GRANT THORNTON LLP”

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| APPENDIX A        
 GLOSSARY OF TERMS |

In this Information Circular (including the Appendices hereto), the following terms shall have the following meanings, and grammatical variations shall have the respective corresponding meanings:

“Acceptable Confidentiality Agreement” means a confidentiality agreement containing terms no less restrictive to the counterparty thereto than the terms of the Confidentiality Agreement; provided, however, that such confidentiality agreement shall not (a) prohibit compliance by the Company with the provisions of Section 6.6 of the