X0306 4 2022-06-02 0001663712 NEXPOINT REAL ESTATE STRATEGIES FUND NRSAX 0001723097 WATERHOUSE FRANK GEORGE 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 1 See Remarks Contingent Bonus Award 2022-06-02 4 A 0 8676.79 A Common Stock 8676.79 8676.79 D Each share of the contingent bonus award is the economic equivalent of one share of the Issuer's common stock. The Contingent Bonus Award is granted by Highgate Consulting Group, Inc. d/b/a Skyview Group ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2025. These awards will terminate if the Reporting Person's employment with Skyview is terminated. Principal Financial Officer, Principal Accounting Officer and Treasurer /s/ Frank Waterhouse 2022-07-01