X0202 SCHEDULE 13D/A 0001228922 XXXXXXXX LIVE 7 Class Z Shares of Beneficial Interest 06/30/2026 false 0001663712 65342M309 NEXPOINT REAL ESTATE STRATEGIES FUND

300 CRESCENT COURT SUITE 700 DALLAS TX 75201

Stephanie Vitiello, CCO 214-453-6500 NexPoint Advisors, L.P. 300 Crescent Court, Suite 700 Dallas TX 75201 0001617621 N NexPoint Advisors, L.P. b AF N DE 0.00 21445.61 0.00 21445.61 21445.61 N 1.8 IA 0001228922 N DONDERO JAMES D b AF N X1 0.00 96992.45 0.00 96992.45 96992.45 N 8.0 HC IN 0001656757 N DONDERO NANCY MARIE b AF N X1 0.00 17224.21 0.00 17224.21 17224.21 N 1.4 IN 0001620154 N Governance RE, Ltd. b AF N D0 0.00 58322.63 0.00 58322.63 58322.63 N 4.8 OO Class Z Shares of Beneficial Interest NEXPOINT REAL ESTATE STRATEGIES FUND 300 CRESCENT COURT SUITE 700 DALLAS TX 75201 This Amendment No. 7 (this "Amendment") is being filed on behalf of NexPoint Advisors, L.P. ("NexPoint"), James D. Dondero, Nancy Marie Dondero, and Governance Re, Ltd. ("Governance Re" and together with NexPoint, James D. Dondero and Nancy Marie Dondero, collectively, the "Reporting Persons"), and amends the Schedule 13D filed with the United States Securities and Exchange Commission on November 20, 2026 (the "Schedule 13D"). The Schedule 13D is supplementally amended as follows. As of August 31, 2026, (i) NexPoint may be deemed to beneficially own 21,445.61 Shares, which represents approximately 1.78% of the outstanding Shares, (ii) James D. Dondero may be deemed to beneficially own 96,992.4490 Shares, which represents approximately 8.03% of the outstanding Shares, (iii) Nancy Marie Dondero may be deemed to own 17,224.21 Shares, which represents approximately 1.43% of the outstanding Shares and (iv) Governance Re may be deemed to own 58,322.63 Shares, which represents approximately 4.83% of the outstanding Shares. (1) NexPoint has sole voting power and sole dispositive power with respect to 0 Shares and shared voting power and shared dispositive power with respect to 21,445.61 Shares. These Shares are held by NexPoint indirectly through advised accounts. Mr. Dondero is the sole member of NexPoint's general partner, and may be deemed to be an indirect beneficial owner of the Shares held by NexPoint. (2) Mr. Dondero has sole voting power and sole dispositive power with respect to 0 Shares and shared voting power and shared dispositive power with respect to 96,992.4490 Shares. This includes Shares held by Mr. Dondero indirectly through NexPoint. This also includes Shares that Mr. Dondero has the right to acquire beneficial ownership of that are held by a trust, for which he does not serve as trustee. Mr. Dondero is the sole member of the general partner of NexPoint, and may be deemed to be an indirect beneficial owner of the Shares held by NexPoint. Mr. Dondero disclaims beneficial ownership of such Shares except to the extent of his pecuniary interest therein. (3) A trust for which Ms. Dondero serves as trustee has sole voting power and sole dispositive power with respect to 0 Shares and shared voting power and shared dispositive power with respect to 17,224.21 Shares. Ms. Dondero is the sister of Mr. Dondero. Ms. Dondero and Mr. Dondero disclaim beneficial ownership of such Shares except to the extent of their pecuniary interest therein. (4) Governance Re Ltd. has sole voting and sole dispositive power with respect to 0 Shares and shared voting power and shared dispositive power with respect to 58,322.63 Shares. Governance Re Ltd. is ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of Shares held by Governance Re Ltd. Mr. Dondero disclaims beneficial ownership of such Shares except to the extent of his pecuniary interest therein. A trust for which Ms. Dondero serves as trustee acquired 158.65 Shares at a price per Share of $12.92 on July 31, 2026, and it acquired 167.26 Shares at a price per Share of $12.36 on August 31, 2026, in each case pursuant to the dividend reinvestment program of the issuer. NexPoint acquired 197.54 Shares at a price per Share of $12.92 on July 31, 2026, and it acquired 208.24 Shares at a price per Share of $12.36 on August 31, 2026. There have been no other transactions in the Shares by the Reporting Persons during the 60 days preceding August 31, 2026. No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares. Not applicable. NexPoint Advisors, L.P. /s/ James Dondero 09/25/2026 DONDERO JAMES D /s/ James Dondero 09/25/2026 DONDERO NANCY MARIE /s/ Nancy Dondero 09/25/2026 Governance RE, Ltd. /s/ James Dondero 09/25/2026