NexPoint director reports RSU grant and share return

NexPoint Real Estate Finance, Inc. director Constantino Edward N. reported compensation-related stock activity.

Rhea-AI Filing Summary

NexPoint Real Estate Finance, Inc. director Constantino Edward N. reported compensation-related stock activity. On April 2, 2026, he received 6,154 restricted stock units, each representing a right to one share of common stock, scheduled to vest on April 2, 2027 and generally settle within 30 days, potentially in cash at the Compensation Committee’s discretion.

On April 3, 2026, 5,518 previously granted restricted stock units vested and were exercised into 5,518 shares of common stock, followed by the return of 2,759 common shares to the issuer. After these transactions, he directly held 33,898 shares of common stock.

Insider Trade Summary

5,518 shares exercised/converted

Exercise 4 txns

Insider Constantino Edward N.

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	5,518	$0.00	$0.00
Exercise	Common Stock	5,518	$0.00	$0.00
Disposition	Common Stock	2,759	$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 — 33,898 shares (Direct)

Footnotes (4)

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. Represents the portion of the previously reported restricted stock unit grant that vested on April 3, 2026 and settled in cash.
3. F3. 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.
4. F4. 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 restricted stock units Vested RSUs exercised: 5,518 restricted stock units Shares returned to issuer: 2,759 common shares +2 more

5 metrics

New RSU grant 6,154 restricted stock units Granted on April 2, 2026, vesting April 2, 2027

Vested RSUs exercised 5,518 restricted stock units Grant from April 3, 2025 vested on April 3, 2026

Shares returned to issuer 2,759 common shares Disposition to issuer on April 3, 2026

Shares held after transactions 33,898 common shares Direct holdings following April 3, 2026 transactions

Derivative exercises 5,518 shares Total shares from derivative exercise in transaction summary

Key Terms

Restricted Stock Units, Disposition to issuer, Compensation Committee, grant, award, or other acquisition

4 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.

Disposition to issuer financial

"transaction_code_description: "Disposition to issuer" for 2,759 common shares"

Compensation Committee financial

"Settlement will generally occur within 30 days of vesting and 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.

grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition" for 6,154 restricted stock units"

FAQ

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

What insider transactions did NexPoint Real Estate Finance (NREF) report for Constantino Edward N.?

NexPoint Real Estate Finance reported that director Constantino Edward N. received new restricted stock units, exercised a prior restricted stock unit award into common shares, and returned some common shares to the issuer. These are compensation-related transactions, not open-market stock purchases or sales.

How many restricted stock units did the NexPoint (NREF) director receive and when do they vest?

On April 2, 2026, the director was granted 6,154 restricted stock units that vest on April 2, 2027. Each unit represents a right to receive one share of common stock, with settlement generally occurring within 30 days after vesting, potentially in cash.

What happened to the 5,518 restricted stock units previously granted to the NexPoint (NREF) director?

A grant of 5,518 restricted stock units from April 3, 2025 vested on April 3, 2026. These units were exercised into 5,518 shares of common stock, and settlement generally occurs within 30 days of vesting, with potential cash settlement at the Compensation Committee’s discretion.

Did the NexPoint (NREF) director sell shares on the open market in this Form 4 filing?

The filing shows a disposition of 2,759 common shares coded as a transfer to the issuer, not an open-market sale. This type of transaction is typically part of compensation or plan mechanics rather than a discretionary market trade by the director.

How many NexPoint (NREF) shares does the director hold after these transactions?

Following the reported April 3, 2026 transactions, the director directly holds 33,898 shares of common stock. This figure reflects his position after exercising 5,518 vested restricted stock units and returning 2,759 shares to NexPoint Real Estate Finance, Inc. as reported.

Can NexPoint (NREF) restricted stock units be settled in cash instead of shares?

Yes. The footnotes state settlement of restricted stock units will generally occur within 30 days of vesting and may, at the Compensation Committee’s discretion, be settled in cash. This applies to both the 6,154-unit grant and the vested 5,518-unit award.

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

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Accepted by SEC EDGAR 04/06/2026 - 09:42 PM EDT 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^*

Constantino Edward N.

(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)	36,657	D
Common Stock	04/03/2026		D		2,759	D	(2)	33,898	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		(3)	(3)	Common Stock	6,154	$0	6,154	D
Restricted Stock Units	(1)	04/03/2026		M			5,518	(4)	(4)	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. Represents the portion of the previously reported restricted stock unit grant that vested on April 3, 2026 and settled in cash.

3. 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.

4. 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 Edward Constantino	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)