X0306 4 2022-02-21 0001786248 NexPoint Real Estate Finance, Inc. NREF 0001228922 DONDERO JAMES D 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 1 1 1 President Common Stock 2022-02-22 4 M 0 15839 A 33397 D Common Stock 5694670 I See Footnote Common Stock 763485 I See Footnote Common Stock 168669.219 I See Footnote Common Stock 1800 I See Footnote Restricted Stock Units 2022-02-21 4 A 0 69235 0 A Common Stock 69235 69235 D Restricted Stock Units 2022-02-22 4 M 0 15839 0 D Common Stock 15839 47518 D Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc. These securities 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 securities held by HCMFA. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. These securities are held by NexPoint Advisors, L.P. ("NP") indirectly through advised accounts. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of securities held by NP. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. Includes shares acquired under dividend reinvestment plan. These securities are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such securities. These shares are held by a limited liability company in which the trust referenced in footnote 5 to this Form 4 owns a majority interest. Mr. Dondero disclaims beneficial ownership of such shares. On February 21, 2022, the reporting person was granted 69,235 restricted stock units. The restricted stock units will vest one-fourth on February 21, 2023, one-fourth on February 21, 2024, one-fourth on February 21, 2025, and one-fourth on February 21, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash. On February 22, 2021, the reporting person was granted 63,357 restricted stock units. The restricted stock units vested one-fourth on February 22, 2022, and will vest one-fourth on February 22, 2023, one-fourth on February 22, 2024 and one-fourth on February 22, 2025. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash. /s/ Brian Mitts, as attorney-in-fact for James Dondero 2022-02-23