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NexPoint Real Estate Finance (NYSE: NREF) director logs RSU grant and cash-settled vesting

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

NexPoint Real Estate Finance, Inc. director Carol Swain reported routine equity compensation activity. On April 2, 2026, she received a grant of 6,154 restricted stock units (RSUs), each representing a contingent right to one share of common stock, vesting on April 2, 2027, with settlement generally within 30 days and potentially in cash.

On April 3, 2026, a prior award of 5,518 RSUs granted on April 3, 2025 vested and was exercised into common stock, and a portion was disposed of back to the issuer and settled in cash. After these transactions, she directly held 11,563 shares of common stock.

Positive

  • None.

Negative

  • None.
Insider Swain Carol
Role Director
Type Security Shares Price Value
Exercise Restricted Stock Units 5,518 $0.00 --
Exercise Common Stock 5,518 $0.00 --
Disposition Common Stock 2,759 $0.00 --
Grant/Award Restricted Stock Units 6,154 $0.00 --
Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock — 14,322 shares (Direct)
Footnotes (1)
  1. Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc. Represents the portion of the previously reported restricted stock unit grant that vested on April 3, 2026 and settled in cash. 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. 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.
New RSU grant 6,154 units Granted April 2, 2026; vests April 2, 2027
RSUs vested and exercised 5,518 units Grant from April 3, 2025; vested April 3, 2026
Shares disposed to issuer 2,759 shares Common stock disposition coded as D to issuer
Shares held after transactions 11,563 shares Direct common stock ownership after April 3, 2026 events
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.
Exercise or conversion of derivative security financial
"transaction_code_description: Exercise or conversion of derivative security"
Disposition to issuer financial
"transaction_code_description: Disposition to issuer"
Settled in cash financial
"vested on April 3, 2026 and settled in cash"
contingent right to receive one share financial
"Each restricted stock unit represents a contingent right to receive one share of common stock"
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Swain Carol
(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)
XDirector10% 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)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock04/03/2026M5,518A(1)14,322D
Common Stock04/03/2026D2,759D(2)11,563D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Stock Units(1)04/02/2026A6,154 (3) (3)Common Stock6,154$06,154D
Restricted Stock Units(1)04/03/2026M5,518 (4) (4)Common Stock5,518$00D
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 Carol Swain04/06/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did NREF director Carol Swain report on this Form 4?

Carol Swain reported a grant of 6,154 restricted stock units, the vesting and exercise of 5,518 previously granted RSUs into common stock, and a related disposition of 2,759 common shares back to the issuer, all as part of her equity compensation awards.

How many NexPoint Real Estate Finance (NREF) RSUs were granted to Carol Swain?

Carol Swain was granted 6,154 restricted stock units on April 2, 2026. Each RSU represents a contingent right to receive one share of NREF common stock, vesting on April 2, 2027, with settlement generally within 30 days and potentially in cash at the committee’s discretion.

What happened when Carol Swain’s previously granted NREF RSUs vested?

A prior grant of 5,518 restricted stock units, awarded on April 3, 2025, vested on April 3, 2026. Those RSUs were exercised into common stock, and a portion of the vested amount was disposed of to the issuer and settled in cash, as described in the filing footnotes.

How many NREF common shares does Carol Swain hold after these transactions?

Following the reported Form 4 transactions, Carol Swain directly holds 11,563 shares of NexPoint Real Estate Finance common stock. This total reflects the RSU vesting, related share issuance, and the disposition of a portion of shares back to the issuer in connection with cash settlement.

Are Carol Swain’s NREF Form 4 transactions open-market buys or sells?

The reported transactions are not open-market buys or sells. They involve RSU grants, the exercise of previously granted restricted stock units into common shares, and a disposition of some shares to the issuer in connection with cash settlement, all related to director compensation.