X0306 4 2020-03-13 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 2020-03-13 4 P 0 1800 14.45 A 1800 I See Footnote Common Stock 2020-03-25 4 P 0 1500 7.21 A 27815 D Common Stock 2020-03-26 4 P 0 1500 6.97 A 29315 D Common Stock 65700 I See Footnote These shares are held by a limited liability company in which Mr. McGraner owns an indirect minority interest. Mr. McGraner disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. Please refer to the Form 4 filed by James D. Dondero on March 17, 2020. These shares are held by NexPoint Real Estate Strategies Fund ("NRESF"). Mr. McGraner is a co-portfolio manager of NRESF, and may be deemed to be an indirect beneficial owner of shares held by NRESF. Mr. McGraner 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 2020-03-26