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| Subsidiary | Jurisdiction of Organization |
| NexPoint Real Estate Finance Operating Partnership, L.P. | Delaware |
| NexPoint Buffalo Pointe Holdings, LLC | Delaware |
| NexPoint Buffalo Pointe, LLC | Delaware |
| Nexpoint Hughes DST | Delaware |
| NexPoint Hughes Leaseco, LLC | Delaware |
| NexPoint Hughes Manager, LLC | Delaware |
| NexPoint Life Sciences DST | Delaware |
| Nexpoint WLIF I Borrower, LLC | Delaware |
| Nexpoint WLIF II Borrower, LLC | Delaware |
| NREA Casper Holdings, LLC | Delaware |
| NREA Casper Investment Co, LLC | Delaware |
| NREA Casper Leaseco, LLC | Delaware |
| NREA Casper, LLC | Delaware |
| NREF Alexander, LLC | Delaware |
| NREF Briar Forest, LLC | Delaware |
| NREF Casper, LLC | Delaware |
| NREF Center Pointe, LLC | Delaware |
| NREF Medley, LLC | Delaware |
| NREF Mercado, LLC | Delaware |
| NREF Mezz I Borrower, LLC | Delaware |
| NREF MGFV, LLC | Delaware |
| NREF MGFVI, LLC | Delaware |
| NREF MM, LLC | Delaware |
| NREF OP I, L.P. | Delaware |
| NREF OP II, L.P. | Delaware |
| NREF OP IV, L.P. | Delaware |
| NREF OP I Holdco, LLC | Delaware |
| NREF OP II Holdco, LLC | Delaware |
| NREF OP I SubHoldco, LLC | Delaware |
| NREF OP II SubHoldco, LLC | Delaware |
| NREF OP IV REIT Sub, LLC | Delaware |
| NREF OP IV REIT Sub TRS, LLC | Delaware |
| NREF OP IV SubHoldco, LLC | Delaware |
| NREF OP IV TRS, LLC | Delaware |
| NREF Palisades, LLC | Delaware |
| NREF Ridgeview, LLC | Delaware |
| NREF Rosemont, LLC | Delaware |
| NREF SK, LLC | Delaware |
| NREF Sub OP GP, LLC | Delaware |
| NREF Tivoli North Land, LLC | Delaware |
| SPG Alexander JV LLC | Delaware |
| LHNH Alexander LLC | Delaware |