NexPoint Real Estate Finance (NYSE: NREF) officer nets shares from 10K RSU vesting

Rhea-AI Filing Summary

NexPoint Real Estate Finance, Inc. officer Paul Richards exercised restricted stock units that vested into 10,000 shares of common stock. These RSUs were part of a 40,000-unit grant made on March 13, 2024, vesting in four equal annual installments through March 13, 2028.

To cover tax obligations on the March 13, 2026 vesting, 5,580 common shares were withheld at a price of $13.15 per share, a non–open-market disposition. As a result, Richards effectively added 4,420 net new common shares to his direct holdings, bringing his direct ownership to 54,580 shares.

He also reports indirect ownership of 7,498 common shares through a 401(k) plan and 879 common shares through an IRA. No open-market purchases or sales were reported in this filing; the activity reflects routine equity compensation vesting and associated tax withholding.

Insider Trade Summary

Net Buyer: 4,420 shares

Net Buy 5 txns

Insider Richards Paul

Role See Remarks

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	10,000	$0.00	$0.00
Exercise	Common Stock	10,000	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	5,580	$13.15	$73K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 20,000 shares (Direct); Common Stock — 54,580 shares (Direct); Common Stock — 7,498 shares (Indirect, By 401(k) plan.); Common Stock — 879 shares (Indirect, By IRA.)

Footnotes (2)

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 March 13, 2024, the reporting person was granted 40,000 restricted stock units. The restricted stock units vested one-fourth on March 13, 2025 and one-fourth on March 13, 2026 and will vest one-fourth on March 13, 2027 and one-fourth on March 13, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 03/17/2026 - 04:47 PM Learn about SEC filing dates

FAQ

What insider transaction did NREF officer Paul Richards report on this Form 4?

Paul Richards reported the vesting and exercise of 10,000 restricted stock units into common stock. This equity award is part of a 40,000-unit grant from March 13, 2024 that vests in four equal annual tranches through March 13, 2028.

Did Paul Richards buy or sell NexPoint Real Estate Finance (NREF) shares on the open market?

No open-market buys or sells were reported. The filing shows RSU vesting and an associated tax withholding disposition, where 5,580 shares were withheld at $13.15 per share to satisfy tax obligations, rather than sold in the market.

How many NexPoint Real Estate Finance (NREF) shares does Paul Richards now hold directly?

After the March 13, 2026 transactions, Paul Richards directly holds 54,580 shares of NREF common stock. This reflects 10,000 RSUs settling into shares, offset by 5,580 shares withheld to cover taxes on the vesting event.

What are Paul Richards’ indirect holdings of NexPoint Real Estate Finance (NREF) stock?

In addition to his direct holdings, Paul Richards reports indirect ownership of 7,498 NREF common shares through a 401(k) plan and 879 common shares through an IRA. These accounts hold stock for his benefit but are categorized as indirect ownership.

How are Paul Richards’ restricted stock units in NREF structured and when do they vest?

Richards received 40,000 restricted stock units on March 13, 2024. These vest in four equal one-fourth installments on March 13 of 2025, 2026, 2027, and 2028, with settlement generally occurring within ten days of each vesting date.

Can NexPoint Real Estate Finance (NREF) settle Paul Richards’ RSUs in cash instead of shares?

Yes. Settlement of the restricted stock units generally occurs within ten days of vesting and may, at the discretion of the Compensation Committee, be settled in cash instead of NREF common stock, according to the award’s terms.

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^*

Richards Paul

(Last) (First) (Middle)

300 CRESCENT COURT, SUITE 700

(Street)

DALLAS TX 75201

(City) (State) (Zip)

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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

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

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

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

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	03/13/2026		M		10,000	A	(1)	60,160	D
Common Stock	03/13/2026		F		5,580	A	$13.15	54,580	D
Common Stock								7,498	I	By 401(k) plan.
Common Stock								879	I	By IRA.

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)	03/13/2026		M			10,000	(2)	(2)	Common Stock	10,000	$0	20,000	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 March 13, 2024, the reporting person was granted 40,000 restricted stock units. The restricted stock units vested one-fourth on March 13, 2025 and one-fourth on March 13, 2026 and will vest one-fourth on March 13, 2027 and one-fourth on March 13, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Remarks:

Chief Financial Officer, Executive VP-Finance, Assistant Secretary and Treasurer

	/s/ Paul Richards	03/17/2026
	** 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.