NXDT director settles 4,830 RSUs, returns shares

NexPoint Diversified Real Estate Trust director Edward N. Constantino reported routine equity compensation activity.

Rhea-AI Filing Summary

NexPoint Diversified Real Estate Trust director Edward N. Constantino reported routine equity compensation activity. On June 10, 2026, he exercised 4,830 restricted share units into common stock and returned 2,415 common shares to the issuer. Following these transactions, he directly holds 41,186 common shares.

Insider Trade Summary

4,830 shares exercised/converted

Exercise 3 txns

Insider Constantino Edward N.

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
Disposition	Common Stock	2,415	$0.00	$0.00

Holdings After Transaction: Restricted Share Units — 0 contracts (Direct); Common Stock — 41,186 shares (Direct)

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. Represents the portion of previously reported restricted share unit grant that vested on June 10, 2026 and settled in cash.
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 Shares disposed to issuer: 2,415 shares Shares held after transactions: 43,601 shares +2 more

5 metrics

RSUs exercised 4,830 units Restricted share units converted to common stock on June 10, 2026

Shares disposed to issuer 2,415 shares Common stock disposition to issuer on June 10, 2026

Shares held after transactions 43,601 shares Direct common stock ownership following June 10, 2026 transactions

Exercise price per RSU $0.00 per unit Reported for the 4,830 restricted share units exercised

Grant date of RSUs 4,830 units on June 10, 2025 Restricted share units that vested on June 10, 2026

Key Terms

restricted share units, derivative security, elective stock dividends, disposition to issuer, +1 more

5 terms

restricted share units financial

"Represents the portion of previously reported restricted share unit grant that vested on June 10, 2026 and settled in cash."

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.

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

elective stock dividends financial

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

disposition to issuer financial

"transaction_code_description": "Disposition to issuer""

contingent right financial

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

FAQ

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

What insider transactions did NXDT director Edward N. Constantino report?

He reported exercising 4,830 restricted share units into common stock and returning 2,415 common shares to the issuer. These non‑market transactions reflect equity compensation vesting and adjustments rather than open‑market buying or selling activity.

Did the NXDT insider filing show open-market buying or selling?

No, the Form 4 shows no open-market purchases or sales. It reports an exercise of 4,830 restricted share units and a 2,415-share disposition to the issuer, both linked to equity compensation rather than market trades.

How many NEXPOINT (NXDT) shares does the director hold after these transactions?

After the June 10, 2026 transactions, Edward N. Constantino directly holds 43,601 common shares of NexPoint Diversified Real Estate Trust. This figure reflects his position following the restricted share unit exercise and the related share disposition to the issuer.

What do the 4,830 restricted share units in the NXDT Form 4 represent?

Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust. The 4,830 units were granted on June 10, 2025 and vested on June 10, 2026, consistent with the company’s equity compensation terms.

Why were 2,415 NXDT shares disposed of to the issuer?

The filing records a 2,415-share disposition to the issuer at a reported price of $0.00 per share. This type of transaction typically reflects shares returned or adjusted in connection with equity award settlement, rather than an open‑market sale.

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

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Accepted by SEC EDGAR 06/12/2026 - 08:53 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 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)	43,601(2)	D
Common Stock	06/10/2026		D		2,415	D	(3)	41,186	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 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. Represents the portion of previously reported restricted share unit grant that vested on June 10, 2026 and settled in cash.

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 Edward Constantino	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)