# EDGAR Filing Document

**Accession Number:** 0001228922
**File Stem:** 0001437749-25-035900
**Filing Date:** 2025-11
**Character Count:** 14633
**Document Hash:** dadc4554d804b08c04fecb03965b8f04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-035900.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001437749-25-035900

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEXPOINT REAL ESTATE STRATEGIES FUND
- **CENTRAL INDEX KEY:** 0001663712

**ORGANIZATION NAME:**
- **EIN:** 811061590
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89594
- **FILM NUMBER:** 251504482

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-276-6300

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DONDERO JAMES D
- **CENTRAL INDEX KEY:** 0001228922

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 6)**

**NEXPOINT REAL ESTATE STRATEGIES FUND**

*(Name of Issuer)*

**Class Z Shares of Beneficial Interest**

*(Title of Class of Securities)*

**65342M309**

*(CUSIP Number)*

**Stephanie Vitiello, CCO**<br>NexPoint Advisors, L.P.<br>300 Crescent Court, Suite 700<br>Dallas TX 75201<br>214-453-6500

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**9/30/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **65342M309** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**NexPoint Advisors, L.P.** | Name of reporting person<br>**NexPoint Advisors, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**19581.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**19581.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**19581.00** | Aggregate amount beneficially owned by each reporting person<br>**19581.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.4%** | Percent of class represented by amount in Row (11)<br>**1.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **65342M309** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**DONDERO JAMES D** | Name of reporting person<br>**DONDERO JAMES D** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**93631.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**93631.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**93631.00** | Aggregate amount beneficially owned by each reporting person<br>**93631.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.9%** | Percent of class represented by amount in Row (11)<br>**6.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

| **CUSIP No.** | **65342M309** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**DONDERO NANCY MARIE** | Name of reporting person<br>**DONDERO NANCY MARIE** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**15727.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**15727.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**15727.00** | Aggregate amount beneficially owned by each reporting person<br>**15727.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.2%** | Percent of class represented by amount in Row (11)<br>**1.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **65342M309** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Governance RE, Ltd.** | Name of reporting person<br>**Governance RE, Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D0** | Citizenship or place of organization<br>**D0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**58322.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**58322.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**58322.00** | Aggregate amount beneficially owned by each reporting person<br>**58322.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.3%** | Percent of class represented by amount in Row (11)<br>**4.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class Z Shares of Beneficial Interest

**(b) Name of Issuer:**
NEXPOINT REAL ESTATE STRATEGIES FUND

**(c) Address of Issuer's Principal Executive Offices:**
300 CRESCENT COURT, SUITE 700, DALLAS, TX, 75201

This Amendment No. 6 (this "Amendment") is being filed on behalf of NexPoint Advisors, L.P. ("NexPoint"), James D. Dondero, Nancy Marie Dondero, and Governance Re, Ltd. (collectively, the "Reporting Persons"), and amends the Schedule 13D filed with the United States Securities and Exchange Commission on September 29, 2023 (the "Schedule 13D").  The Schedule 13D is supplementally amended as follows.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of November 20, 2025, (i) NexPoint may be deemed to beneficially own 19,581.74 Shares, which represents approximately 1.44% of the outstanding Shares, (ii) James D. Dondero may be deemed to beneficially own 93,631.59 Shares, which represents approximately 6.9% of the outstanding Shares, (iii) Nancy Marie Dondero may be deemed to own 15,727.22 Shares, which represents approximately 1.16% of the outstanding Shares and (iv) Governance Re may be deemed to own 58,322.63 Shares, which represents approximately 4.30% of the outstanding Shares.

**(b)**
(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 19,581.74 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 93,631.59 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 15,727.22 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.

**(c)**
A trust for which Ms. Dondero serves as trustee acquired 134.152 Shares at a price per Share of $14.01 on September 30, 2025, and it acquired 136.654 Shares at a price per Share of $13.86 on October 31, 2025, in each case pursuant to the dividend reinvestment program of the issuer. NexPoint acquired 167.031 Shares at a price per Share of $14.01 on September 29, 2025, and it acquired 170.146 Shares at a price per Share of $13.86 on October 30, 2025. There have been no other transactions in the Shares during the past 60 days by the Reporting Persons.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** NexPoint Advisors, L.P.

**Signature:** /s/ James Dondero

**Name/Title:** James Dondero, Sole Member of its General Partner

**Date:** 11/20/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** DONDERO JAMES D

**Signature:** /s/ James D. Dondero

**Name/Title:** James D. Dondero

**Date:** 11/20/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** DONDERO NANCY MARIE

**Signature:** /s/ Nancy Dondero

**Name/Title:** Nancy Dondero

**Date:** 11/20/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Governance RE, Ltd.

**Signature:** /s/ James Dondero

**Name/Title:** James Dondero, President

**Date:** 11/20/2025