X0306 4 2020-02-19 0 0001786248 NexPoint Real Estate Finance, Inc. NREF 0001636187 McGraner Matt 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 0 1 0 0 See Remarks Common Stock 2020-02-19 4 P 0 2400 18.975 A 2400 I See Footnote Common Stock 2020-02-20 4 P 0 84 18.91 A 2484 I See Footnote Common Stock 26315 D The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $18.95 to $18.99, 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 sold at each separate price within the ranges set forth in footnote (1) to this Form 4. These shares are held by NexPoint Real Estate Strategies Fund ("NRESF"). The Reporting Person is a co-portfolio manager of NRESF, and may be deemed to be an indirect beneficial owner of shares held by NRESF. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. Executive VP and Chief Investment Officer /s/ Lauren Thedford, as attorney-in-fact for Matt McGraner 2020-02-21