Director at NexPoint (NXDT) receives grant of 3,247 RSUs

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 grant of 3,247 restricted share units on April 2, 2026. Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust.

The 3,247 restricted share units will vest on April 2, 2027. Settlement is generally expected to occur within 30 days after vesting and, at the discretion of the Compensation Committee, may be settled in either common shares or cash. After this grant, Kavanaugh holds 3,247 restricted share units directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider KAVANAUGH SCOTT F

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Share Units	3,247	$0.00	$0.00

Holdings After Transaction: Restricted Share Units — 3,247 shares (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 April 2, 2026, the reporting person was granted 3,247 restricted share units which will 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.

Key Figures

RSUs granted: 3,247 units Underlying common shares: 3,247 shares Vesting date: April 2, 2027 +2 more

5 metrics

RSUs granted 3,247 units Restricted share units granted on April 2, 2026

Underlying common shares 3,247 shares Each RSU represents one common share

Vesting date April 2, 2027 RSUs vest on this date

Settlement window Within 30 days Settlement after vesting, in shares or cash

RSUs held after grant 3,247 units Total restricted share units following transaction

Key Terms

Restricted Share Units, vest, Settlement, 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 3,247 restricted share units which will 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.

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

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 04/06/2026 - 07:41 PM Learn about SEC filing dates

FAQ

What insider transaction did NXDT director Scott F. Kavanaugh report?

Scott F. Kavanaugh reported receiving 3,247 restricted share units as a grant. These units are a form of equity-based compensation that can convert into common shares of NexPoint Diversified Real Estate Trust if vesting conditions are met, aligning his interests with shareholders.

How many restricted share units were granted to the NXDT director?

The director was granted 3,247 restricted share units. Each unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust, subject to vesting, which provides potential future ownership rather than an immediate open-market share purchase.

When do Scott F. Kavanaugh’s NXDT restricted share units vest?

The 3,247 restricted share units granted to Scott F. Kavanaugh vest on April 2, 2027. Vesting means he must remain eligible until that date for the award to settle into value, typically encouraging longer-term alignment with the company’s performance and governance.

How will the NXDT restricted share units granted to the director be settled?

Settlement of the 3,247 restricted share units will generally occur within 30 days after they vest. The Compensation Committee may choose to settle the award in common shares of NexPoint Diversified Real Estate Trust or in cash, providing flexibility in how compensation is ultimately delivered.

Does this NXDT Form 4 reflect a stock purchase or sale by the director?

This Form 4 reflects a grant of 3,247 restricted share units, not an open-market stock purchase or sale. The transaction code A indicates a grant or award acquisition, representing compensation rather than a discretionary trade in NexPoint Diversified Real Estate Trust shares.

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)
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

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)	04/02/2026		A		3,247		(2)	(2)	Common Shares	3,247	$0	3,247	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 April 2, 2026, the reporting person was granted 3,247 restricted share units which will 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.

	/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)