James Dondero - Jun 24, 2021 Form 4 Insider Report for NexPoint Real Estate Finance, Inc. (NREF)

Role: President, Director
Signature: /s/ Brian Mitts, as attorney-in-fact for James Dondero
Stock symbol: NREF
Transactions as of: Jun 24, 2021
Transactions value $: $0
Form type: 4
Date filed: 6/28/2021, 06:02 PM
Previous filing: Aug 16, 2021
Next filing: Jun 29, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NREF	Common Stock	Options Exercise		+17.6K			17.6K	Jun 24, 2021	Direct	F1
holding	NREF	Common Stock						159K	Jun 24, 2021	See Footnote	F2, F3
holding	NREF	Common Stock						139K	Jun 24, 2021	See Footnote	F4
holding	NREF	Common Stock						1.8K	Jun 24, 2021	See Footnote	F5
holding	NREF	Common Stock						65.7K	Jun 24, 2021	See Footnote	F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NREF	Restricted Stock Units	Options Exercise	$0	-17.6K	-25%	$0.00	52.7K	Jun 24, 2021	Common Stock	17.6K		Direct	F1, F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.
F2	Includes shares acquired under the issuer's dividend reinvestment plan.
F3	These shares are held by a trust, of which Mr. Dondero is the beneficiary. Mr. Dondero disclaims beneficial ownership of such shares.
F4	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.
F5	These shares are held by a limited liability company in which the trust referenced in footnote 3 to this Form 4 owns a majority interest. Mr. Dondero disclaims beneficial ownership of such shares.
F6	These shares are held by NexPoint Advisors, L.P. ("NP") indirectly through an advised account. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of shares held by NP. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
F7	On June 24, 2020, the reporting person was granted 70,231 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, and will vest one-fourth on May 8, 2022, one-fourth on May 8, 2023, and one-fourth on May 8, 2024. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.