Dennis Charles Sauter Jr. - 08 May 2023 Form 4 Insider Report for NexPoint Real Estate Finance, Inc. (NREF)

Role: General Counsel
Signature: /s/ Brian Mitts, as attorney-in-fact for Dennis Sauter Jr
Issuer symbol: NREF
Transactions as of: 08 May 2023
Net transactions value: $0
Form type: 4
Filing time: 10 May 2023, 16:30:21 UTC
Previous filing: 06 Apr 2023
Next filing: 15 May 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NREF	Common Stock	Options Exercise		+1,445	+11%		14,465	08 May 2023	Direct	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
transaction	NREF	Restricted Stock Units	Options Exercise	$0	-1,445	-50%	$0.000000	1,445	08 May 2023	Common Stock	1,445		Direct	F1, F2

* 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	On June 24, 2020, the reporting person was granted 5,780 restricted stock units. The restricted stock units vested one-fourth on June 24, 2021, one-fourth on May 8, 2022, and one-fourth on May 8, 2023, and will vest 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.