NREF

SEC source: 0001437749-21-015834 · rdgdoc.xml · nonDerivative · entry 1

Sauter Dennis Charles Jr · CIK 0001803863 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,445

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: 0001437749-21-011707 · rdgdoc.xml · derivative · entry 2

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 4,913 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 May 8, 2020, the reporting person was granted 4,913 restricted stock units which vested on May 8, 2021. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On May 8, 2020, the reporting person was granted 4,913 restricted stock units which vested on May 8, 2021. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-011707 · rdgdoc.xml · nonDerivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,613

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: 0001437749-21-011710 · rdgdoc.xml · derivative · entry 2

Constantino Edward N. · CIK 0001498322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 4,913 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 May 8, 2020, the reporting person was granted 4,913 restricted stock units which vested on May 8, 2021. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On May 8, 2020, the reporting person was granted 4,913 restricted stock units which vested on May 8, 2021. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-011710 · rdgdoc.xml · nonDerivative · entry 1

Constantino Edward N. · CIK 0001498322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,663

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: 0001437749-21-011709 · rdgdoc.xml · derivative · entry 2

KAVANAUGH SCOTT F · CIK 0001218975 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 4,913 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 May 8, 2020, the reporting person was granted 4,913 restricted stock units which vested on May 8, 2021. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: On May 8, 2020, the reporting person was granted 4,913 restricted stock units which vested on May 8, 2021. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-011709 · rdgdoc.xml · nonDerivative · entry 1

KAVANAUGH SCOTT F · CIK 0001218975 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,913

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: 0001437749-21-006826 · rdgdoc.xml · nonDerivative · entry 2

Wood Catherine D · CIK 0001820212 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,232

SEC source: 0001437749-21-006826 · rdgdoc.xml · nonDerivative · entry 1

Wood Catherine D · CIK 0001820212 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,432

SEC source: 0001437749-21-004323 · rdgdoc.xml · derivative · entry 1

LAFFER ARTHUR B · CIK 0001090307 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,958

Underlying: Common Stock · 2,958 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: The restricted stock units vest on February 22, 2022. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: The restricted stock units vest on February 22, 2022. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-004320 · rdgdoc.xml · derivative · entry 1

Constantino Edward N. · CIK 0001498322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,958

Underlying: Common Stock · 2,958 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: The restricted stock units vest on February 22, 2022. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: The restricted stock units vest on February 22, 2022. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-004321 · rdgdoc.xml · derivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,357

Underlying: Common Stock · 63,357 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: The restricted stock units vest one-fourth on February 22, 2022, 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.

F2 · derivative.expiration_date: The restricted stock units vest one-fourth on February 22, 2022, 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: 0001437749-21-004322 · rdgdoc.xml · derivative · entry 1

KAVANAUGH SCOTT F · CIK 0001218975 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,958

Underlying: Common Stock · 2,958 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: The restricted stock units vest on February 22, 2022. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: The restricted stock units vest on February 22, 2022. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-004324 · rdgdoc.xml · derivative · entry 1

Mitts Brian · CIK 0001514845 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,654

Underlying: Common Stock · 20,654 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: The restricted stock units vest one-fourth on February 22, 2022, 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.

F2 · derivative.expiration_date: The restricted stock units vest one-fourth on February 22, 2022, 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: 0001437749-21-004327 · rdgdoc.xml · derivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,357

Underlying: Common Stock · 63,357 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: The restricted stock units vest one-fourth on February 22, 2022, 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.

F2 · derivative.expiration_date: The restricted stock units vest one-fourth on February 22, 2022, 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: 0001437749-21-004328 · rdgdoc.xml · derivative · entry 1

Goetz Matthew · CIK 0001636204 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,972

Underlying: Common Stock · 35,972 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: The restricted stock units vest one-fourth on February 22, 2022, 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.

F2 · derivative.expiration_date: The restricted stock units vest one-fourth on February 22, 2022, 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: 0001437749-21-004326 · rdgdoc.xml · derivative · entry 1

Wood Catherine D · CIK 0001820212 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,958

Underlying: Common Stock · 2,958 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: The restricted stock units vest on February 22, 2022. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

F2 · derivative.expiration_date: The restricted stock units vest on February 22, 2022. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

SEC source: 0001437749-21-004325 · rdgdoc.xml · derivative · entry 1

Sauter Dennis Charles Jr · CIK 0001803863 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,337

Underlying: Common Stock · 5,337 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: The restricted stock units vest one-fourth on February 22, 2022, 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.

F2 · derivative.expiration_date: The restricted stock units vest one-fourth on February 22, 2022, 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: 0000899243-20-032157 · doc4.xml · nonDerivative · entry 1

Wood Catherine D · CIK 0001820212 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,232

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $16.15 to $16.16, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

SEC source: 0000899243-20-026950 · doc4.xml · derivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,058,292.9

Underlying: Common Stock · 1,058,292.9 shares

Expires not disclosed

F1 · 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").

F2 · derivative.exercise_price: The OP Units are redeemable, beginning on September 30, 2021, for cash equal to the then-current market value of one share of the Issuer's common stock or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units are vested as of the date of issuance. The OP Units have no expiration date.

F3 · kind: The reporting person redeemed their common units of NREF OP IV, L.P. ("OP IV"), a subsidiary of the OP, on a one-for-one basis for OP Units after receiving the approval of the General Partner of OP IV and the Issuer's Board of Directors.

F3 · price: The reporting person redeemed their common units of NREF OP IV, L.P. ("OP IV"), a subsidiary of the OP, on a one-for-one basis for OP Units after receiving the approval of the General Partner of OP IV and the Issuer's Board of Directors.

F2 · derivative.exercise_date: The OP Units are redeemable, beginning on September 30, 2021, for cash equal to the then-current market value of one share of the Issuer's common stock or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units are vested as of the date of issuance. The OP Units have no expiration date.

F2 · derivative.expiration_date: The OP Units are redeemable, beginning on September 30, 2021, for cash equal to the then-current market value of one share of the Issuer's common stock or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units are vested as of the date of issuance. The OP Units have no expiration date.

F5 · ownership.nature: These OP Units are held by Highland Capital Management Fund Advisors, L.P. ("HCMFA") indirectly through advised accounts. Mr. Dondero is the sole stockholder 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: 0000899243-20-026950 · doc4.xml · derivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,668,351.46

Underlying: Common Stock · 3,668,351.46 shares

Expires not disclosed

F1 · 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").

F2 · derivative.exercise_price: The OP Units are redeemable, beginning on September 30, 2021, for cash equal to the then-current market value of one share of the Issuer's common stock or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units are vested as of the date of issuance. The OP Units have no expiration date.

F3 · kind: The reporting person redeemed their common units of NREF OP IV, L.P. ("OP IV"), a subsidiary of the OP, on a one-for-one basis for OP Units after receiving the approval of the General Partner of OP IV and the Issuer's Board of Directors.

F3 · price: The reporting person redeemed their common units of NREF OP IV, L.P. ("OP IV"), a subsidiary of the OP, on a one-for-one basis for OP Units after receiving the approval of the General Partner of OP IV and the Issuer's Board of Directors.

F2 · derivative.exercise_date: The OP Units are redeemable, beginning on September 30, 2021, for cash equal to the then-current market value of one share of the Issuer's common stock or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units are vested as of the date of issuance. The OP Units have no expiration date.

F2 · derivative.expiration_date: The OP Units are redeemable, beginning on September 30, 2021, for cash equal to the then-current market value of one share of the Issuer's common stock or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units are vested as of the date of issuance. The OP Units 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: 0000899243-20-025717 · doc4.xml · nonDerivative · entry 1

Goetz Matthew · CIK 0001636204 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,552

F1 · balance_after: Due to an inadvertent clerical error, the balance reported in the Form 4 filed on March 26, 2020, and the number of shares purchased on that date as reported therein, were overstated by 500 shares. The balance shown on this Form 4 has been adjusted to correct the overstatement.

SEC source: 0000899243-20-024907 · doc4.xml · nonDerivative · entry 3

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 148,972

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-025001 · doc4.xml · nonDerivative · entry 1

Mitts Brian · CIK 0001514845 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · By 401(k) plan

Disclosed balance after: 5,398.993

SEC source: 0000899243-20-024907 · doc4.xml · nonDerivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 148,618

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-024907 · doc4.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 8,500

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-024594 · doc4.xml · nonDerivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 147,521

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-024594 · doc4.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 8,200

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-024284 · doc4.xml · nonDerivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 7,800

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-024284 · doc4.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 7,400

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-023784 · doc4.xml · nonDerivative · entry 5

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 145,423

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-023784 · doc4.xml · nonDerivative · entry 4

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 144,910

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-023784 · doc4.xml · nonDerivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 7,000

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-023784 · doc4.xml · nonDerivative · entry 3

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 144,807

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-023784 · doc4.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 5,867

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-023630 · doc4.xml · nonDerivative · entry 3

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 5,500

F2 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-023630 · doc4.xml · nonDerivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 4,250

F2 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-023630 · doc4.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,550

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $24.10 to $24.20, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

F2 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-022157 · doc4.xml · nonDerivative · entry 3

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 136,177

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-022160 · doc4.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,250

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-022157 · doc4.xml · nonDerivative · entry 2

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 135,566

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-022157 · doc4.xml · nonDerivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 132,972

F1 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.

SEC source: 0000899243-20-017579 · doc4.xml · derivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 70,231

Underlying: Common Stock · 70,231 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: The restricted stock units vest one-fourth on June 24, 2021, 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: The restricted stock units vest one-fourth on June 24, 2021, 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: 0000899243-20-017578 · doc4.xml · derivative · entry 1

Mitts Brian · CIK 0001514845 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,121

Underlying: Common Stock · 23,121 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: The restricted stock units vest one-fourth on June 24, 2021, 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: The restricted stock units vest one-fourth on June 24, 2021, 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: 0000899243-20-017577 · doc4.xml · derivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 95,375

Underlying: Common Stock · 95,375 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: The restricted stock units vest one-fourth on June 24, 2021, 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: The restricted stock units vest one-fourth on June 24, 2021, 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: 0000899243-20-017575 · doc4.xml · derivative · entry 1

Goetz Matthew · CIK 0001636204 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,687

Underlying: Common Stock · 47,687 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: The restricted stock units vest one-fourth on June 24, 2021, 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: The restricted stock units vest one-fourth on June 24, 2021, 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: 0000899243-20-017572 · doc4.xml · derivative · entry 1

Sauter Dennis Charles Jr · CIK 0001803863 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,780

Underlying: Common Stock · 5,780 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: The restricted stock units vest one-fourth on June 24, 2021, 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: The restricted stock units vest one-fourth on June 24, 2021, 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: 0000899243-20-014572 · doc4.xml · derivative · entry 1

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 395,034

Underlying: Common Stock · 395,034 shares

Expires not disclosed

F1 · 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").

F2 · derivative.exercise_price: The OP Units are redeemable, beginning on May 29, 2021, for cash equal to the then current-market value of one share of the Issuer's common stock or, at the election of the Issuer and only after receiving the approval of the Issuer's stockholders, for shares of the Issuer's common stock on a one-for-one basis.

F3 · kind: The OP Units were issued in connection with a contribution agreement, pursuant to which the reporting person contributed his interest in an entity to the OP.

F3 · price: The OP Units were issued in connection with a contribution agreement, pursuant to which the reporting person contributed his interest in an entity to the OP.

F4 · derivative.exercise_date: The OP Units are vested as of the date of issuance. The OP Units have no expiration date.

F4 · derivative.expiration_date: The OP Units are vested as of the date of issuance. The OP Units have no expiration date.

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

SEC source: 0000899243-20-014573 · doc4.xml · derivative · entry 1

McGraner Matt · CIK 0001636187 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 141,084

Underlying: Common Stock · 141,084 shares

Expires not disclosed

F1 · 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").

F2 · derivative.exercise_price: The OP Units are redeemable, beginning on May 29, 2021, for cash equal to the then current-market value of one share of the Issuer's common stock or, at the election of the Issuer and only after receiving the approval of the Issuer's stockholders, for shares of the Issuer's common stock on a one-for-one basis.

F3 · kind: The OP Units were issued in connection with a contribution agreement, pursuant to which the reporting person contributed his interest in an entity to the OP.

F3 · price: The OP Units were issued in connection with a contribution agreement, pursuant to which the reporting person contributed his interest in an entity to the OP.

F4 · derivative.exercise_date: The OP Units are vested as of the date of issuance. The OP Units have no expiration date.

F4 · derivative.expiration_date: The OP Units are vested as of the date of issuance. The OP Units have no expiration date.

F5 · ownership.nature: The OP Units are held in a trust. Mr. McGraner is the trustee of the trust. Mr. McGraner disclaims beneficial ownership of such OP Units except to the extent of his pecuniary interest therein.

SEC source: 0000899243-20-014184 · doc4.xml · nonDerivative · entry 4

DONDERO JAMES D · CIK 0001228922 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 128,972

F2 · ownership.nature: These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.