X0306 4 2020-09-04 0 0001786248 NexPoint Real Estate Finance, Inc. NREF 0001228922 DONDERO JAMES D 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 1 1 0 0 President 8.50% Series A Cumulative Redeemable Preferred Stock 2020-09-04 4 P 0 400 23.98 A 8200 I See Footnote Common Stock 2020-09-08 4 P 0 2098 15.17 A 147521 I See Footnote Common Stock 138753 I See Footnote Common Stock 1800 I See Footnote Common Stock 65700 I See Footnote These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares. These shares are held by Highland Capital Management Fund Advisors, L.P. ("HCMFA") indirectly through advised accounts. Mr. Dondero is the sole stockholder and director of Strand Advisors XVI, Inc., HCMFA's general partner, and may be deemed to be an indirect beneficial owner of shares held by HCMFA. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are held by a limited liability company in which the trust referenced in footnote 1 to this Form 4 owns a majority interest. Mr. Dondero disclaims beneficial ownership of such shares. These shares are held by NexPoint Real Estate Strategies Fund ("NRESF"). Mr. Dondero is a co-portfolio manager of NRESF, and may be deemed to be an indirect beneficial owner of shares held by NRESF. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. /s/ Lauren Thedford as attorney-in-fact for James Dondero 2020-09-08