NXDT director exercises 4,830 restricted share units

NexPoint Diversified Real Estate Trust director Arthur B. Laffer exercised 4,830 restricted share units into common shares.

Rhea-AI Filing Summary

NexPoint Diversified Real Estate Trust director Arthur B. Laffer exercised 4,830 restricted share units into common shares. The units, granted on June 10, 2025, vested on June 10, 2026, with each unit representing one common share.

Following the transaction, he holds 133,465.521 common shares directly and 123,023 common shares indirectly through a limited liability company he controls, for which he disclaims beneficial ownership except to the extent of his pecuniary interest. No open‑market purchases or sales are reported in this filing.

Insider Trade Summary

4,830 shares exercised/converted

Exercise 3 txns

Insider LAFFER ARTHUR B

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Share Units	4,830	$0.00	$0.00
Exercise	Common Stock	4,830	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Share Units — 0 contracts (Direct); Common Stock — 133,465.521 shares (Direct); Common Stock — 123,023 shares (Indirect, By limited liability company)

Footnotes (4)

1. F1. Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").
2. F2. Includes shares received pursuant to elective stock dividends paid on the Company's common shares.
3. F3. The reporting person holds these shares indirectly through a limited liability company which the reporting person controls. The reporting person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
4. F4. On June 10, 2025, the reporting person was granted 4,830 restricted share units which vested on June 10, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Key Figures

RSUs exercised: 4,830 units Direct common shares after transaction: 133,465.521 shares Indirect common shares: 123,023 shares +2 more

5 metrics

RSUs exercised 4,830 units Restricted share units converted into common shares on June 10, 2026

Direct common shares after transaction 133,465.521 shares Total direct NXDT holdings following RSU exercise

Indirect common shares 123,023 shares Held through a limited liability company associated with the reporting person

RSU exercise price $0.0000 per unit Conversion or exercise price for the 4,830 restricted share units

Exercise transactions 1 derivative exercise TransactionSummary exerciseCount and exerciseShares of 4,830

Key Terms

restricted share units, elective stock dividends, pecuniary interest, beneficial ownership

4 terms

restricted share units financial

"On June 10, 2025, the reporting person was granted 4,830 restricted share units which vested on June 10, 2026."

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.

elective stock dividends financial

"Includes shares received pursuant to elective stock dividends paid on the Company's common shares."

pecuniary interest financial

"The reporting person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein."

beneficial ownership financial

"The reporting person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

FAQ

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

What insider transaction did NXDT director Arthur B. Laffer report?

Arthur B. Laffer reported exercising 4,830 restricted share units into NexPoint Diversified Real Estate Trust common shares. This was a derivative exercise, not an open-market trade, and reflects settlement of previously granted equity-based compensation.

How many NexPoint (NXDT) shares does Arthur B. Laffer hold after this Form 4?

After the reported transactions, Arthur B. Laffer holds 133,465.521 NexPoint common shares directly. He also has 123,023 common shares held indirectly through a limited liability company associated with him, subject to his stated pecuniary interest disclosure.

Were there any open-market buys or sells in this NXDT Form 4?

No open-market buys or sells are shown in this Form 4. The filing reflects an exercise of 4,830 restricted share units into common shares and updated holdings, not discretionary purchases or sales in the market.

What are the terms of the 4,830 restricted share units for NXDT?

The 4,830 restricted share units were granted on June 10, 2025, and vested on June 10, 2026. Each unit represents a contingent right to receive one common share, with settlement generally within 10 days and potentially in cash at the Compensation Committee’s discretion.

How are Arthur B. Laffer’s indirect NXDT holdings structured?

His indirect holdings are 123,023 NexPoint common shares held through a limited liability company he controls. He disclaims beneficial ownership of these shares except to the extent of his pecuniary interest, meaning his economic stake in that entity.

Did this NXDT Form 4 disclose any remaining derivative positions?

The filing’s derivative summary shows no remaining derivative positions after this transaction. The restricted share units underlying the 4,830 converted shares now have a reported remaining balance of zero following vesting and settlement.

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

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Accepted by SEC EDGAR 06/12/2026 - 08:54 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^*

LAFFER ARTHUR B

(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)
06/10/2026

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	06/10/2026		M		4,830	A	(1)	133,465.521(2)	D
Common Stock								123,023(2)	I	By limited liability company(3)

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)	06/10/2026		M			4,830	(4)	(4)	Common Shares	4,830	$0	0	D

Explanation of Responses:

1. Each restricted shares unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").

2. Includes shares received pursuant to elective stock dividends paid on the Company's common shares.

3. The reporting person holds these shares indirectly through a limited liability company which the reporting person controls. The reporting person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

4. On June 10, 2025, the reporting person was granted 4,830 restricted share units which vested on June 10, 2026. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

	/s/ Paul Richards, as attorney-in-fact for Arthur Laffer	06/12/2026
	** 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)