DONDERO JAMES D → NexPoint Real Estate Finance, Inc. NREF-PA

Between November 1, 2025 and January 1, 2026, a trust of which Nancy Marie Dondero is trustee acquired 8,044.89 shares of Common Stock in connection with dividend reinvestments in the Issuer and James D. Dondero acquired 12,012.91 shares of Common Stock in connection with dividend reinvestments in the Issuer. On December 30, 2025, the Reporting Persons acquired an aggregate of 852,273 shares of Common Stock in connection with the redemption of 852,273 OP Units. At the Company's 2021 annual meeting, stockholders approved the issuance of shares of Common Stock in connection with the redemption of OP Units or common partnership units in the subsidiary partnerships of the OP that may be redeemed for OP Units held by the Reporting Persons.