NEXPOINT DIVERSIFIED REAL ESTATE TRUST - 23 Dec 2022 Form 3 Insider Report for NexPoint Real Estate Finance, Inc. (NREF)

Role: 10%+ Owner
Signature: /s/ Brian Mitts, Authorized Officer
Issuer symbol: NREF
Transactions as of: 23 Dec 2022
Net transactions value: $0
Form type: 3
Filing time: 23 Dec 2022, 15:32:17 UTC
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	NREF	Common Stock						2,100,000	23 Dec 2022	See Footnote	F1

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
holding	NREF	Class B OP Units							23 Dec 2022	Common Stock	4,869,081		See Footnote	F1, F2, F3

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

Explanation of Responses:

Id	Content
F1	These securities are owned directly by NexPoint Real Estate Opportunities, LLC ("NREO"), which is a wholly owned subsidiary of NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (the "NXDT OP"), which is a wholly owned subsidiary of NexPoint Diversified Real Estate Trust ("NXDT"). The NXDT OP and NXDT are indirect beneficial owners of the reported securities.
F2	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").
F3	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.