NXDT director granted 7,077 restricted share units

KAVANAUGH SCOTT F reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

KAVANAUGH SCOTT F reported acquisition or exercise transactions in this Form 4 filing.

NexPoint Diversified Real Estate Trust director Scott F. Kavanaugh received a compensation grant of 7,077 restricted share units. Each unit represents the right to receive one common share of NexPoint Diversified Real Estate Trust. The units were granted on June 2, 2026 and will vest on June 2, 2027. Settlement will generally occur within 30 days after vesting and, at the discretion of the Compensation Committee, may be settled in cash instead of shares. Following this award, Kavanaugh holds 7,077 restricted share units directly.

Insider Trade Summary

Grant/Award: 7,077 shares

Grant/Award 1 txn

Insider KAVANAUGH SCOTT F

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Share Units	7,077	$0.00	$0.00

Holdings After Transaction: Restricted Share Units — 7,077 contracts (Direct)

Footnotes (2)

1. F1. Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.
2. F2. On June 2, 2026, the reporting person was granted 7,077 restricted share units which will vest on June 2, 2027. Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Key Figures

RSU grant size: 7,077 restricted share units Underlying common shares: 7,077 common shares Vesting date: June 2, 2027 +2 more

5 metrics

RSU grant size 7,077 restricted share units Granted on June 2, 2026 to director Scott F. Kavanaugh

Underlying common shares 7,077 common shares Each RSU represents one common share of NXDT

Vesting date June 2, 2027 Vesting date for 7,077 restricted share units

Settlement window Within 30 days Settlement generally occurs within 30 days after vesting

Post-transaction RSU holdings 7,077 restricted share units Total RSUs held directly by Kavanaugh after grant

Key Terms

Restricted Share Units, vest, settled in cash, Compensation Committee

4 terms

Restricted Share Units financial

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

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

vest financial

"the reporting person was granted 7,077 restricted share units which will vest on June 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.

settled in cash financial

"Settlement will generally occur within 30 days of vesting and may at the discretion of the Compensation Committee be settled in cash"

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.

FAQ

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

What insider transaction did NXDT director Scott F. Kavanaugh report on this Form 4?

Scott F. Kavanaugh reported receiving 7,077 restricted share units as compensation. These units were granted on June 2, 2026 and give him a contingent right to receive common shares of NexPoint Diversified Real Estate Trust upon vesting and settlement.

How many restricted share units did NXDT grant to Scott F. Kavanaugh and what do they represent?

NexPoint Diversified Real Estate Trust granted 7,077 restricted share units to Scott F. Kavanaugh. Each restricted share unit represents a contingent right to receive one common share of the trust, aligning the director’s compensation with the company’s equity performance over time.

When will Scott F. Kavanaugh’s 7,077 NXDT restricted share units vest?

The 7,077 restricted share units granted to Scott F. Kavanaugh will vest on June 2, 2027. Vesting means the units convert from unvested awards into vested rights, after which they become eligible for settlement in shares or cash as specified.

How and when will the NXDT restricted share units granted to Scott F. Kavanaugh be settled?

Settlement of the 7,077 restricted share units will generally occur within 30 days after the June 2, 2027 vesting date. The Compensation Committee may choose to settle these vested units either in common shares or in cash, at its discretion under the plan’s terms.

Does Scott F. Kavanaugh hold any NXDT derivatives after this Form 4 transaction?

After this transaction, Scott F. Kavanaugh holds 7,077 restricted share units directly. These derivative awards relate to an equivalent number of underlying common shares and reflect his equity-based compensation position as disclosed in this Form 4 filing.

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Accepted by SEC EDGAR 06/04/2026 - 05:39 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^*

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 DIVERSIFIED REAL ESTATE TRUST [ NXDT ]

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)
06/02/2026

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

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 Share Units	(1)	06/02/2026		A		7,077		(2)	(2)	Common Shares	7,077	$0	7,077	D

Explanation of Responses:

1. Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

2. On June 2, 2026, the reporting person was granted 7,077 restricted share units which will vest on June 2, 2027. 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	06/04/2026
	** 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)