Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 265

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 265
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 changes in consumer/investor preferences. |

| k) | Nothing contained herein is to be construed as a legal interpretation, an opinion on any contract or document, or a recommendation to invest or divest. |

| l) | The reader must consider the Opinion in its entirety, as selecting and relying on only a specific portion of the analysis or factors considered by Doane Grant Thornton, without considering all factors and analyses together, could create a misleading view of the processes underlying the Opinion. The preparation of the Opinion is a complex process and it is not appropriate to extract partial analyses or make summary descriptions. Any attempt to do so could lead to undue and incorrect emphasis on any particular factor or analysis. |

| m) | Our Opinion does not constitute a calculation, estimate or comprehensive valuation (as defined by the CBVI, also known as a valuation opinion) of the Trust or the units held by any Unitholder. |

| n) | Our Opinion is in regard to the Unitholders as a collective group and does not conclude on the fairness to each individual Unitholder, as the tax attributes to each individual Unitholder are expected to be diverse and the information cannot be known to us for the purpose of our analysis. Other than as described herein, we are not aware of the financial or tax circumstances of the Unitholders and consideration of such is beyond the scope of our Opinion. |

| o) | By accepting our Opinion, the Committee and management of the Trust (“Management”) affirm they have disclosed to us all information of a material nature concerning the Trust and its business prospects that could have a significant impact on our valuation conclusions. |

Assumptions

| 4.02 | The Opinion is based on several assumptions, any changes to which could have a significant impact on our fairness conclusion. We relied upon the assumptions noted below and throughout this Opinion. |

| a) | The Proposed Transaction will or would be completed substantially on the terms as described herein, consistent with the documents and agreements, listed as draft where appropriate, as noted in the Scope of Review section. |

| c) | The Trust has no material outstanding litigation or contingencies, positive or negative, unless otherwise noted herein or in the documents listed under Scope of Review, below. |

| 4.03 | We have rendered our Opinion on the basis of prevailing market and industry conditions and expectations, and on the condition that prospects, financial and otherwise, have been represented to Doane Grant Thornton in discussions with Management and their representatives and factored into information and analysis