NexPoint Real Estate director granted 6,154 RSUs

NexPoint Real Estate Finance director Scott F. Kavanaugh reported equity-based compensation activity.

Rhea-AI Filing Summary

NexPoint Real Estate Finance director Scott F. Kavanaugh reported equity-based compensation activity. On April 2, 2026, he was granted 6,154 restricted stock units that vest on April 2, 2027, each representing a right to receive one share of common stock or, at the Compensation Committee’s discretion, cash.

On April 3, 2026, 5,518 restricted stock units granted on April 3, 2025 vested and were settled into 5,518 shares of common stock at no exercise price, increasing his direct holdings to 25,309 common shares.

Insider Trade Summary

0 shares exercised/converted

Exercise 3 txns

Insider KAVANAUGH SCOTT F

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	0	$0.00	$0.00
Exercise	Common Stock	5,518	$0.00	$0.00
Grant/Award	Restricted Stock Units	6,154	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 6,154 contracts (Direct); Common Stock — 25,309 shares (Direct)

Footnotes (3)

1. F1. Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.
2. F2. On April 2, 2026, the reporting person was granted 6,154 restricted stock units, which vest on April 2, 2027. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.
3. F3. On April 3, 2025, the reporting person was granted 5,518 restricted stock units, which vested on April 3, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Key Figures

New RSU grant: 6,154 RSUs Vested RSUs: 5,518 RSUs Shares issued on vesting: 5,518 shares +2 more

5 metrics

New RSU grant 6,154 RSUs Granted on April 2, 2026, vesting on April 2, 2027

Vested RSUs 5,518 RSUs Granted April 3, 2025, vested April 3, 2026

Shares issued on vesting 5,518 shares Common stock received at $0.00 per share on April 3, 2026

Post-transaction holdings 25,309 shares Direct common stock ownership after April 3, 2026 transaction

RSU-to-share ratio 1:1 Each restricted stock unit represents one common share

Key Terms

Restricted Stock Units, vest, settlement, Compensation Committee, +1 more

5 terms

Restricted Stock Units financial

"Each restricted stock unit represents a contingent right to receive one share of common stock"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

vest financial

"6,154 restricted stock units, which vest on April 2, 2027"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

settlement financial

"Settlement will generally occur within 30 days of vesting"

Settlement is the process of completing a financial transaction, like buying or selling a stock, by transferring money and ownership between parties. It ensures that both the buyer gets the asset and the seller gets paid, making the deal official. Without settlement, the transaction wouldn't be finalized or legally recognized.

Compensation Committee financial

"may at the discretion of the Compensation Committee be settled in cash"

A compensation committee is a group within a company's leadership responsible for setting and reviewing how much top executives and employees are paid, including salaries, bonuses, and benefits. It matters to investors because fair and effective pay decisions can influence a company's performance, leadership motivation, and overall governance, helping ensure that the company’s management is aligned with shareholders’ interests.

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did NREF director Scott F. Kavanaugh report?

Scott F. Kavanaugh reported equity compensation transactions, not open-market trades. He received 6,154 restricted stock units on April 2, 2026 and had 5,518 previously granted restricted stock units vest into 5,518 common shares on April 3, 2026, all at no cash exercise price.

How many NexPoint Real Estate Finance (NREF) shares does Scott F. Kavanaugh now hold?

After the April 3, 2026 vesting, Scott F. Kavanaugh directly holds 25,309 shares of NexPoint Real Estate Finance common stock. This total reflects the issuance of 5,518 shares upon settlement of vested restricted stock units originally granted on April 3, 2025 as director compensation.

What restricted stock units were granted to NREF director Scott F. Kavanaugh in April 2026?

On April 2, 2026, Scott F. Kavanaugh was granted 6,154 restricted stock units tied to NexPoint Real Estate Finance common stock. These units vest on April 2, 2027, generally settle within 30 days after vesting, and may be settled in shares or cash at the Compensation Committee’s discretion.

When did Scott F. Kavanaugh’s earlier NREF restricted stock units vest and settle?

Restricted stock units granted to Scott F. Kavanaugh on April 3, 2025 vested on April 3, 2026. Each unit represented a contingent right to one share of NexPoint Real Estate Finance common stock, and settlement generally occurs within 30 days of vesting, potentially in shares or cash at committee discretion.

Are Scott F. Kavanaugh’s recent NREF transactions open-market buys or sells?

The reported transactions are compensation-related awards and vesting events, not open-market purchases or sales. They include a grant of 6,154 restricted stock units and the vesting of 5,518 previously granted restricted stock units into common shares at an exercise price of $0.00 per share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/06/2026 - 09:43 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KAVANAUGH SCOTT F

(Last) (First) (Middle)

300 CRESCENT COURT, SUITE 700

(Street)

DALLAS TEXAS 75201

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NexPoint Real Estate Finance, Inc. [ NREF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/03/2026		M		5,518	A	(1)	25,309	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	04/02/2026		A		6,154		(2)	(2)	Common Stock	6,154	$0	6,154	D
Restricted Stock Units	(1)	04/03/2026		M			$5,518	(3)	(3)	Common Stock	5,518	$0	0	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.

2. On April 2, 2026, the reporting person was granted 6,154 restricted stock units, which vest on April 2, 2027. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

3. On April 3, 2025, the reporting person was granted 5,518 restricted stock units, which vested on April 3, 2026. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

	/s/ Paul Richards, as attorney-in-fact for Scott Kavanaugh	04/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)