Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 262

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 262
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 newly formed Delaware corporation. Following the Reorganization, each common share of New NHT issued pursuant to the transactions described above, will be exchanged for a portion of a common share of NXDT with a value of US$0.36 (the “Consideration”).

We enclose our fairness opinion (the “Fairness Opinion” or “Opinion”) providing our conclusion as to the fairness, from a financial point of view, of the consideration to be paid to the Unitholders of NHT in connection with the Proposed Transaction.

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| 1.0 | Engagement of Doane Grant Thornton LLP |

| 1.02 | Doane Grant Thornton was not engaged to review any legal, tax or accounting aspects of the Proposed Transaction. |

| 2.0 | Credentials of Doane Grant Thornton LLP |

| 2.01 | Doane Grant Thornton is the Canadian member firm of GT International Ltd., one of the world’s leading organizations of independent audit, tax, and advisory firms. |

| 2.02 | In Canada, we serve a broad range of clients, including privately-held and publicly-listed companies.  Our core industry focuses include real estate and hospitality; technology; entertainment; energy; financial services; manufacturing and distribution; construction; mining; professional services; healthcare; and charity and not-for-profit. |

| 2.03 | Internationally, we are a firm with revenues of 7.5 billion USD, employ in excess of 73,000 people, which are spread out over approximately 750+ offices in over 149 markets. |

| 2.04 | The valuation practitioners involved in providing the Fairness Opinion are professionally trained, and hold Chartered Professional Accountant and Chartered Business Valuator designations. |

| 2.05 | Accountant and Chartered Business Valuator designations. |

| 3.0 | Independence of Doane Grant Thornton LLP |

| 3.01 | We confirm we have taken all reasonable steps to ascertain whether Doane Grant Thornton has any conflicts of interest related to our engagement to prepare this Opinion. We confirm we are unaware of any existing, potential, or perceived conflicts of interest by Doane Grant Thornton or any of the professionals or administrative staff assigned to this engagement and that, to the best of our knowledge and belief, we are independent in respect of this matter. |

| 3.02 | This Fairness Opinion has been prepared by a Chartered Business Valuator acting independently and