X0306 4 2021-09-08 0001786248 NexPoint Real Estate Finance, Inc. NREF 0001636187 McGraner Matt 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 1 See Remarks OP Units 2021-09-08 5 J 0 14108.35 0 D Common Stock 14108.35 0 I See Footnote OP Units 2021-09-08 5 J 0 126975.17 0 D Common Stock 126975.17 0 I See Footnote Class C OP Units 2021-09-08 5 J 0 14108.35 0 A Common Stock 14108.35 14108.35 I See Footnote Class C OP Units 2021-09-08 5 J 0 126975.17 0 A Common Stock 126975.17 126975.17 I See Footnote Represents common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of NexPoint Real Estate Finance, Inc. (the "Issuer"). The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date. Pursuant to a reclassification exempt under Rule 16b-7 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each OP Unit reported herein was reclassified into a new Class C OP Unit. Prior to the reclassification referred to in footnote 3 hereto, Mr. McGraner transferred 126,975.17 OP Units to another trust for which he serves as trustee. These OP Units are held by trusts for which Mr. McGraner serves as trustee. Mr. McGraner disclaims beneficial ownership of such OP Units except to the extent of his pecuniary interest therein. Executive VP and Chief Investment Officer /s/ Brian Mitts, as attorney-in-fact for Matt McGraner 2021-11-12