X0306 4 2022-03-11 0001663712 NEXPOINT REAL ESTATE STRATEGIES FUND NRSAX 0001228922 DONDERO JAMES D 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 1 1 See Remarks Class Z Shares of Beneficial Interest 2022-03-11 4 P 0 220653.15 20.66 A 464493.67 I See Footnote Class Z Shares of Beneficial Interest 14493 I See Footnote Includes shares acquired under the issuer's dividend reinvestment plan. These shares are held by The Dugaboy Investment Trust pursuant to an employee purchase plan. The Reporting Person disclaims beneficial ownership of such shares to the extent of his pecuniary interest therein. These shares are held by NexPoint Advisors, L.P. ("NexPoint"). The Reporting Person is the President and the director of NexPoint Advisors GP, LLC, NexPoint's general partner, and may be deemed to be an indirect beneficial owner of shares held by NexPoint. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. Effective January 2020 as a result of the change of control of Highland Capital Management, L.P. ("HCMLP"), Mr. Dondero no longer serves as the President or sole director of Strand Advisors, Inc., HCMLP's general partner, and consequently, no longer has direct or indirect voting or investment control with respect to shares held by HCMLP directly or indirectly through advised accounts. Accordingly, Mr. Dondero will no longer report beneficial ownership of shares held by HCMLP on a going forward basis. President and Principal Executive Officer /s/ James D. Dondero 2022-03-16