NREF

SEC source: 0001437749-22-004221 · rdgdoc.xml · derivative · entry 5

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,518

Underlying: Common Stock · 15,839 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F4 · derivative.exercise_date: On February 22, 2021, the reporting person was granted 63,357 restricted stock units. The restricted stock units vested one-fourth on February 22, 2022, and will vest one-fourth on February 22, 2023, one-fourth on February 22, 2024 and one-fourth on February 22, 2025. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F4 · derivative.expiration_date: On February 22, 2021, the reporting person was granted 63,357 restricted stock units. The restricted stock units vested one-fourth on February 22, 2022, and will vest one-fourth on February 22, 2023, one-fourth on February 22, 2024 and one-fourth on February 22, 2025. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004221 · rdgdoc.xml · nonDerivative · entry 2

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 57,679

SEC source: 0001437749-22-004221 · rdgdoc.xml · nonDerivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 62,250

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

SEC source: 0001437749-22-004225 · rdgdoc.xml · derivative · entry 3

Goetz Matthew · CIK 0001636204 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,979

Underlying: Common Stock · 8,993 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F3 · derivative.exercise_date: On February 22, 2021, the reporting person was granted 35,972 restricted stock units. The restricted stock units vested one-fourth on February 22, 2022, and will vest one-fourth on February 22, 2023, one-fourth on February 22, 2024 and one-fourth on February 22, 2025. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F3 · derivative.expiration_date: On February 22, 2021, the reporting person was granted 35,972 restricted stock units. The restricted stock units vested one-fourth on February 22, 2022, and will vest one-fourth on February 22, 2023, one-fourth on February 22, 2024 and one-fourth on February 22, 2025. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004225 · rdgdoc.xml · nonDerivative · entry 1

Goetz Matthew · CIK 0001636204 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,923

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

SEC source: 0001437749-22-004223 · rdgdoc.xml · derivative · entry 3

Wood Catherine D · CIK 0001820212 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 2,958 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F3 · derivative.exercise_date: On February 22, 2021, the reporting person was granted 2,958 restricted stock units which vested on February 22, 2022. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F3 · derivative.expiration_date: On February 22, 2021, the reporting person was granted 2,958 restricted stock units which vested on February 22, 2022. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004223 · rdgdoc.xml · nonDerivative · entry 1

Wood Catherine D · CIK 0001820212 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,190

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

SEC source: 0001437749-22-004220 · rdgdoc.xml · derivative · entry 3

Sauter Dennis Charles Jr · CIK 0001803863 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,003

Underlying: Common Stock · 1,334 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F3 · derivative.exercise_date: On February 22, 2021, the reporting person was granted 5,337 restricted stock units. The restricted stock units vested one-fourth on February 22, 2022, and will vest one-fourth on February 22, 2023, one-fourth on February 22, 2024 and one-fourth on February 22, 2025. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F3 · derivative.expiration_date: On February 22, 2021, the reporting person was granted 5,337 restricted stock units. The restricted stock units vested one-fourth on February 22, 2022, and will vest one-fourth on February 22, 2023, one-fourth on February 22, 2024 and one-fourth on February 22, 2025. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004220 · rdgdoc.xml · nonDerivative · entry 1

Sauter Dennis Charles Jr · CIK 0001803863 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,779

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

SEC source: 0001437749-22-004226 · rdgdoc.xml · derivative · entry 2

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,116

Underlying: Common Stock · 3,116 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F2 · derivative.exercise_date: On February 21, 2022, the reporting person was granted 3,116 restricted stock units which will vest on February 21, 2023. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On February 21, 2022, the reporting person was granted 3,116 restricted stock units which will vest on February 21, 2023. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004224 · rdgdoc.xml · derivative · entry 2

Constantino Edward N. · CIK 0001498322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,116

Underlying: Common Stock · 3,116 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F2 · derivative.exercise_date: On February 21, 2022, the reporting person was granted 3,116 restricted stock units which will vest on February 21, 2023. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On February 21, 2022, the reporting person was granted 3,116 restricted stock units which will vest on February 21, 2023. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004222 · rdgdoc.xml · derivative · entry 6

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 69,235

Underlying: Common Stock · 69,235 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F7 · derivative.exercise_date: On February 21, 2022, the reporting person was granted 69,235 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F7 · derivative.expiration_date: On February 21, 2022, the reporting person was granted 69,235 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004227 · rdgdoc.xml · derivative · entry 2

KAVANAUGH SCOTT F · CIK 0001218975 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,116

Underlying: Common Stock · 3,116 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F2 · derivative.exercise_date: On February 21, 2022, the reporting person was granted 3,116 restricted stock units which will vest on February 21, 2023. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On February 21, 2022, the reporting person was granted 3,116 restricted stock units which will vest on February 21, 2023. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004228 · rdgdoc.xml · derivative · entry 3

Mitts Brian · CIK 0001514845 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,155

Underlying: Common Stock · 22,155 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F2 · derivative.exercise_date: On February 21, 2022, the reporting person was granted 22,155 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On February 21, 2022, the reporting person was granted 22,155 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004221 · rdgdoc.xml · derivative · entry 4

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 69,235

Underlying: Common Stock · 69,235 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F3 · derivative.exercise_date: On February 21, 2022, the reporting person was granted 69,235 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F3 · derivative.expiration_date: On February 21, 2022, the reporting person was granted 69,235 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004225 · rdgdoc.xml · derivative · entry 2

Goetz Matthew · CIK 0001636204 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 43,756

Underlying: Common Stock · 43,756 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F2 · derivative.exercise_date: On February 21, 2022, the reporting person was granted 43,756 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On February 21, 2022, the reporting person was granted 43,756 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004223 · rdgdoc.xml · derivative · entry 2

Wood Catherine D · CIK 0001820212 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,116

Underlying: Common Stock · 3,116 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F2 · derivative.exercise_date: On February 21, 2022, the reporting person was granted 3,116 restricted stock units which will vest on February 21, 2023. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On February 21, 2022, the reporting person was granted 3,116 restricted stock units which will vest on February 21, 2023. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-004220 · rdgdoc.xml · derivative · entry 2

Sauter Dennis Charles Jr · CIK 0001803863 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,585

Underlying: Common Stock · 8,585 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F2 · derivative.exercise_date: On February 21, 2022, the reporting person was granted 8,585 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On February 21, 2022, the reporting person was granted 8,585 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-22-000665 · rdgdoc.xml · derivative · entry 11

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 276,946.28 shares

Expires not disclosed

F6 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of the NexPoint Real Estate Finance, Inc. (the "Issuer").

F7 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F10 · kind: OP Units were redeemed for cash.

F7 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F7 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · ownership.nature: These securities are held by NexPoint Advisors, L.P. ("NP") indirectly through advised accounts. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of securities held by NP. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-22-000665 · rdgdoc.xml · derivative · entry 10

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 4,497,626.14 shares

Expires not disclosed

F6 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of the NexPoint Real Estate Finance, Inc. (the "Issuer").

F7 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F10 · kind: OP Units were redeemed for cash.

F7 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F7 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F1 · ownership.nature: These securities are held by Highland Capital Management Fund Advisors, L.P. ("HCMFA") indirectly through advised accounts. Mr. Dondero is the sole stockholder and director of Strand Advisors XVI, Inc., HCMFA's general partner, and may be deemed to be an indirect beneficial owner of securities held by HCMFA. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-22-000665 · rdgdoc.xml · derivative · entry 9

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 276,946.28

Underlying: Common Stock · 276,946.28 shares

Expires not disclosed

F6 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of the NexPoint Real Estate Finance, Inc. (the "Issuer").

F7 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F9 · kind: The Reporting Person's acquisition of Class C OP Units reported herein was matchable under Section 16(b) of the Securities Exchange Act of 1934. The Reporting Person has disgorged $15,975.28 to NexPoint Residential Trust, Inc., representing the full amount of his pecuniary interest in the deemed profit realized in connection with the short-swing transaction.

F7 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F7 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · ownership.nature: These securities are held by NexPoint Advisors, L.P. ("NP") indirectly through advised accounts. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of securities held by NP. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-22-000665 · rdgdoc.xml · derivative · entry 8

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 4,497,626.14

Underlying: Common Stock · 4,497,626.14 shares

Expires not disclosed

F6 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of the NexPoint Real Estate Finance, Inc. (the "Issuer").

F7 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F7 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F7 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F1 · ownership.nature: These securities are held by Highland Capital Management Fund Advisors, L.P. ("HCMFA") indirectly through advised accounts. Mr. Dondero is the sole stockholder and director of Strand Advisors XVI, Inc., HCMFA's general partner, and may be deemed to be an indirect beneficial owner of securities held by HCMFA. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-22-000665 · rdgdoc.xml · derivative · entry 7

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 6,969,081.43

Underlying: Common Stock · 3,721,571.74 shares

Expires not disclosed

F6 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of the NexPoint Real Estate Finance, Inc. (the "Issuer").

F7 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F7 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F7 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · ownership.nature: These securities are held by NexPoint Advisors, L.P. ("NP") indirectly through advised accounts. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of securities held by NP. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-22-000665 · rdgdoc.xml · nonDerivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 763,485

F2 · ownership.nature: These securities are held by NexPoint Advisors, L.P. ("NP") indirectly through advised accounts. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of securities held by NP. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-22-000665 · rdgdoc.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 5,694,670

F1 · ownership.nature: These securities are held by Highland Capital Management Fund Advisors, L.P. ("HCMFA") indirectly through advised accounts. Mr. Dondero is the sole stockholder and director of Strand Advisors XVI, Inc., HCMFA's general partner, and may be deemed to be an indirect beneficial owner of securities held by HCMFA. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-22-000665 · rdgdoc.xml · derivative · entry 6

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 395,033.86 shares

Expires not disclosed

F6 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of the NexPoint Real Estate Finance, Inc. (the "Issuer").

F7 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F8 · kind: Includes 395,033.86 Class C OP Units previously held by the trust referenced in footnote 4 to this Form 4 which were transferred to the reporting person on December 16, 2021 and prior to the transaction were directly owned.

F7 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F7 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

SEC source: 0001437749-21-021918 · rdgdoc.xml · derivative · entry 7

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,247,509.69

Underlying: Common Stock · 420,841.77 shares

Expires not disclosed

F6 · security: Represents common units of limited partnership interest (the "OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the Issuer's operating partnership (the "OP").

F7 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F8 · kind: OP Units were redeemed for cash.

F7 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F7 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · ownership.nature: These securities are held by NexPoint Advisors, L.P. ("NP") indirectly through advised accounts. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of securities held by NP. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-21-021918 · rdgdoc.xml · derivative · entry 6

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 1,058,292.9 shares

Expires not disclosed

F6 · security: Represents common units of limited partnership interest (the "OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the Issuer's operating partnership (the "OP").

F7 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F8 · kind: OP Units were redeemed for cash.

F7 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F7 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F1 · ownership.nature: These securities are held by Highland Capital Management Fund Advisors, L.P. ("HCMFA") indirectly through advised accounts. Mr. Dondero is the sole stockholder and director of Strand Advisors XVI, Inc., HCMFA's general partner, and may be deemed to be an indirect beneficial owner of securities held by HCMFA. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-21-021918 · rdgdoc.xml · nonDerivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 486,540

F2 · ownership.nature: These securities are held by NexPoint Advisors, L.P. ("NP") indirectly through advised accounts. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of securities held by NP. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-21-021918 · rdgdoc.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,197,045

F1 · ownership.nature: These securities are held by Highland Capital Management Fund Advisors, L.P. ("HCMFA") indirectly through advised accounts. Mr. Dondero is the sole stockholder and director of Strand Advisors XVI, Inc., HCMFA's general partner, and may be deemed to be an indirect beneficial owner of securities held by HCMFA. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-21-026503 · rdgdoc.xml · derivative · entry 4

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 395,033.86

Underlying: Common Stock · 395,033.86 shares

Expires not disclosed

F1 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of NexPoint Real Estate Finance, Inc. (the "Issuer").

F2 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F3 · kind: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, each OP Unit reported herein was reclassified into a new Class B OP Unit or Class C OP Unit.

F3 · price: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, each OP Unit reported herein was reclassified into a new Class B OP Unit or Class C OP Unit.

F2 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F5 · ownership.nature: These securities are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such securities.

SEC source: 0001437749-21-026503 · rdgdoc.xml · derivative · entry 3

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,247,509.69

Underlying: Common Stock · 3,247,509.69 shares

Expires not disclosed

F1 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of NexPoint Real Estate Finance, Inc. (the "Issuer").

F2 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F3 · kind: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, each OP Unit reported herein was reclassified into a new Class B OP Unit or Class C OP Unit.

F3 · price: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, each OP Unit reported herein was reclassified into a new Class B OP Unit or Class C OP Unit.

F2 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F4 · ownership.nature: These OP Units are held by NexPoint Advisors, L.P. ("NP") indirectly through advised accounts. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of securities held by NP. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-21-026503 · rdgdoc.xml · derivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 395,033.86 shares

Expires not disclosed

F1 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of NexPoint Real Estate Finance, Inc. (the "Issuer").

F2 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F3 · kind: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, each OP Unit reported herein was reclassified into a new Class B OP Unit or Class C OP Unit.

F3 · price: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, each OP Unit reported herein was reclassified into a new Class B OP Unit or Class C OP Unit.

F2 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F5 · ownership.nature: These securities are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such securities.

SEC source: 0001437749-21-026503 · rdgdoc.xml · derivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 3,247,509.69 shares

Expires not disclosed

F1 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of NexPoint Real Estate Finance, Inc. (the "Issuer").

F2 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F3 · kind: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, each OP Unit reported herein was reclassified into a new Class B OP Unit or Class C OP Unit.

F3 · price: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, each OP Unit reported herein was reclassified into a new Class B OP Unit or Class C OP Unit.

F2 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F4 · ownership.nature: These OP Units are held by NexPoint Advisors, L.P. ("NP") indirectly through advised accounts. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of securities held by NP. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

SEC source: 0001437749-21-026501 · rdgdoc.xml · derivative · entry 4

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 126,975.17

Underlying: Common Stock · 126,975.17 shares

Expires not disclosed

F1 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of NexPoint Real Estate Finance, Inc. (the "Issuer").

F2 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F3 · kind: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each OP Unit reported herein was reclassified into a new Class C OP Unit.

F3 · price: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each OP Unit reported herein was reclassified into a new Class C OP Unit.

F2 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F5 · ownership.nature: These OP Units are held by trusts for which Mr. McGraner serves as trustee. Mr. McGraner disclaims beneficial ownership of such OP Units except to the extent of his pecuniary interest therein.

SEC source: 0001437749-21-026501 · rdgdoc.xml · derivative · entry 3

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 14,108.35

Underlying: Common Stock · 14,108.35 shares

Expires not disclosed

F1 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of NexPoint Real Estate Finance, Inc. (the "Issuer").

F2 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F3 · kind: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each OP Unit reported herein was reclassified into a new Class C OP Unit.

F3 · price: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each OP Unit reported herein was reclassified into a new Class C OP Unit.

F2 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F5 · ownership.nature: These OP Units are held by trusts for which Mr. McGraner serves as trustee. Mr. McGraner disclaims beneficial ownership of such OP Units except to the extent of his pecuniary interest therein.

SEC source: 0001437749-21-026501 · rdgdoc.xml · derivative · entry 2

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 126,975.17 shares

Expires not disclosed

F1 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of NexPoint Real Estate Finance, Inc. (the "Issuer").

F2 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F3 · kind: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each OP Unit reported herein was reclassified into a new Class C OP Unit.

F3 · price: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each OP Unit reported herein was reclassified into a new Class C OP Unit.

F2 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F4 · ownership.nature: Prior to the reclassification referred to in footnote 3 hereto, Mr. McGraner transferred 126,975.17 OP Units to another trust for which he serves as trustee.

SEC source: 0001437749-21-026501 · rdgdoc.xml · derivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 14,108.35 shares

Expires not disclosed

F1 · security: Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of NexPoint Real Estate Finance, Inc. (the "Issuer").

F2 · derivative.exercise_price: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F3 · kind: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each OP Unit reported herein was reclassified into a new Class C OP Unit.

F3 · price: Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each OP Unit reported herein was reclassified into a new Class C OP Unit.

F2 · derivative.exercise_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F2 · derivative.expiration_date: The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.

F4 · ownership.nature: Prior to the reclassification referred to in footnote 3 hereto, Mr. McGraner transferred 126,975.17 OP Units to another trust for which he serves as trustee.

SEC source: 0001437749-21-015838 · rdgdoc.xml · derivative · entry 6

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 52,673

Underlying: Common Stock · 17,558 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F7 · derivative.exercise_date: On June 24, 2020, the reporting person was granted 70,231 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023, and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F7 · derivative.expiration_date: On June 24, 2020, the reporting person was granted 70,231 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023, and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-015838 · rdgdoc.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,558

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

SEC source: 0001437749-21-015837 · rdgdoc.xml · derivative · entry 4

Mitts Brian · CIK 0001514845 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,340

Underlying: Common Stock · 5,781 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F3 · derivative.exercise_date: On June 24, 2020, the reporting person was granted 23,121 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023 and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F3 · derivative.expiration_date: On June 24, 2020, the reporting person was granted 23,121 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023 and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-015837 · rdgdoc.xml · nonDerivative · entry 2

Mitts Brian · CIK 0001514845 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,394

SEC source: 0001437749-21-015837 · rdgdoc.xml · nonDerivative · entry 1

Mitts Brian · CIK 0001514845 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,796

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

SEC source: 0001437749-21-015836 · rdgdoc.xml · derivative · entry 5

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,531

Underlying: Common Stock · 23,844 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F4 · derivative.exercise_date: On June 24, 2020, the reporting person was granted 95,375 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023 and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F4 · derivative.expiration_date: On June 24, 2020, the reporting person was granted 95,375 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023 and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-015836 · rdgdoc.xml · nonDerivative · entry 2

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 46,411

SEC source: 0001437749-21-015836 · rdgdoc.xml · nonDerivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,159

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

SEC source: 0001437749-21-015835 · rdgdoc.xml · derivative · entry 4

Goetz Matthew · CIK 0001636204 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,765

Underlying: Common Stock · 11,922 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F3 · derivative.exercise_date: On June 24, 2020, the reporting person was granted 47,687 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023 and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F3 · derivative.expiration_date: On June 24, 2020, the reporting person was granted 47,687 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023 and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-015835 · rdgdoc.xml · nonDerivative · entry 2

Goetz Matthew · CIK 0001636204 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,930

SEC source: 0001437749-21-015835 · rdgdoc.xml · nonDerivative · entry 1

Goetz Matthew · CIK 0001636204 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 48,474

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

SEC source: 0001437749-21-015834 · rdgdoc.xml · derivative · entry 2

Sauter Dennis Charles Jr · CIK 0001803863 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,335

Underlying: Common Stock · 1,445 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

F2 · derivative.exercise_date: On June 24, 2020, the reporting person was granted 5,780 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023 and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On June 24, 2020, the reporting person was granted 5,780 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023 and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.