Nexpoint Diversified Real Estate Trust - Dec 23, 2022 Form 3 Insider Report for NexPoint Real Estate Finance, Inc. (NREF)

Role: 10%+ Owner
Signature: /s/ Brian Mitts, Authorized Officer
Stock symbol: NREF
Transactions as of: Dec 23, 2022
Transactions value $: $0
Form type: 3
Date filed: 12/23/2022, 03:32 PM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	NREF	Common Stock						2.1M	Dec 23, 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							Dec 23, 2022	Common Stock	4.87M		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.