SCHEDULE 13D/A 0001228922 XXXXXXXX LIVE 6 Class Z Shares of Beneficial Interest 9/30/2025 false 0001663712 65342M309 NEXPOINT REAL ESTATE STRATEGIES FUND

300 CRESCENT COURT SUITE 700 DALLAS TX 75201

Stephanie Vitiello, CCO 214-453-6500 NexPoint Advisors, L.P. 300 Crescent Court, Suite 700 Dallas TX 75201 0001617621 N NexPoint Advisors, L.P. b AF N DE 0.00 19581.74 0.00 19581.74 19581.74 N 1.4 IA 0001228922 N DONDERO JAMES D b AF N X1 0.00 93631.59 0.00 93631.59 93631.59 N 6.9 HC IN 0001656757 N DONDERO NANCY MARIE b AF N X1 0.00 15727.22 0.00 15727.22 15727.22 N 1.2 IN 0001620154 N Governance RE, Ltd. b AF N D0 0.00 58322.63 0.00 58322.63 58322.63 N 4.3 OO Class Z Shares of Beneficial Interest NEXPOINT REAL ESTATE STRATEGIES FUND 300 CRESCENT COURT SUITE 700 DALLAS TX 75201 This Amendment No. 6 (this "Amendment") is being filed on behalf of NexPoint Advisors, L.P. ("NexPoint"), James D. Dondero, Nancy Marie Dondero, and Governance Re, Ltd. (collectively, the "Reporting Persons"), and amends the Schedule 13D filed with the United States Securities and Exchange Commission on September 29, 2023 (the "Schedule 13D"). The Schedule 13D is supplementally amended as follows. As of November 20, 2025, (i) NexPoint may be deemed to beneficially own 19,581.74 Shares, which represents approximately 1.44% of the outstanding Shares, (ii) James D. Dondero may be deemed to beneficially own 93,631.59 Shares, which represents approximately 6.9% of the outstanding Shares, (iii) Nancy Marie Dondero may be deemed to own 15,727.22 Shares, which represents approximately 1.16% of the outstanding Shares and (iv) Governance Re may be deemed to own 58,322.63 Shares, which represents approximately 4.30% of the outstanding Shares. (1) NexPoint has sole voting power and sole dispositive power with respect to 0 Shares and shared voting power and shared dispositive power with respect to 19,581.74 Shares. These Shares are held by NexPoint indirectly through advised accounts. Mr. Dondero is the sole member of NexPoint's general partner, and may be deemed to be an indirect beneficial owner of the shares held by NexPoint. (2) Mr. Dondero has sole voting power and sole dispositive power with respect to 0 Shares and shared voting power and shared dispositive power with respect to 93,631.59 Shares. This includes Shares held by Mr. Dondero indirectly through NexPoint. This also includes Shares that Mr. Dondero has the right to acquire beneficial ownership of that are held by a trust, for which he does not serve as trustee. Mr. Dondero is the sole member of the general partner of NexPoint, and may be deemed to be an indirect beneficial owner of the Shares held by NexPoint. Mr. Dondero disclaims beneficial ownership of such Shares except to the extent of his pecuniary interest therein. (3) A trust for which Ms. Dondero serves as trustee has sole voting power and sole dispositive power with respect to 0 Shares and shared voting power and shared dispositive power with respect to 15,727.22 Shares. Ms. Dondero is the sister of Mr. Dondero. Ms. Dondero and Mr. Dondero disclaim beneficial ownership of such Shares except to the extent of their pecuniary interest therein. (4) Governance Re Ltd. has sole voting and sole dispositive power with respect to 0 Shares and shared voting power and shared dispositive power with respect to 58,322.63 Shares. Governance Re Ltd. is ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of Shares held by Governance Re Ltd. Mr. Dondero disclaims beneficial ownership of such Shares except to the extent of his pecuniary interest therein. A trust for which Ms. Dondero serves as trustee acquired 134.152 Shares at a price per Share of $14.01 on September 30, 2025, and it acquired 136.654 Shares at a price per Share of $13.86 on October 31, 2025, in each case pursuant to the dividend reinvestment program of the issuer. NexPoint acquired 167.031 Shares at a price per Share of $14.01 on September 29, 2025, and it acquired 170.146 Shares at a price per Share of $13.86 on October 30, 2025. There have been no other transactions in the Shares during the past 60 days by the Reporting Persons. No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares. Not applicable. NexPoint Advisors, L.P. /s/ James Dondero 11/20/2025 DONDERO JAMES D /s/ James D. Dondero 11/20/2025 DONDERO NANCY MARIE /s/ Nancy Dondero 11/20/2025 Governance RE, Ltd. /s/ James Dondero 11/20/2025