Matt McGraner - 13 Mar 2026 Form 4 Insider Report for NexPoint Real Estate Finance, Inc. (NREF)

Role: Executive VP and Chief Investment Officer
Signature: /s/ Paul Richards, as attorney-in-fact for Matt McGraner
Issuer symbol: NREF
Transactions as of: 13 Mar 2026
Net transactions value: $0
Form type: 4
Filing time: 17 Mar 2026, 16:45:33 UTC
Previous filing: 13 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
McGraner Matt	Executive VP and Chief Investment Officer	300 CRESCENT COURT, SUITE 700, DALLAS	/s/ Paul Richards, as attorney-in-fact for Matt McGraner	17 Mar 2026	0001636187

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NREF	Common Stock	Options Exercise		+38,438	+15%		299,172	13 Mar 2026	Direct	F1
transaction	NREF	Common Stock	Tax liability		-13,554	-4.5%	$13.15^*	285,618	13 Mar 2026	Direct
holding	NREF	Common Stock						1,800	13 Mar 2026	See Footnote	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NREF	Restricted Stock Units	Options Exercise		-38,438	-33%	$0.000000^*	76,874	13 Mar 2026	Common Stock	38,438		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.
F2	These shares are held by a limited liability company in which Mr. McGraner owns an indirect minority interest. Mr. McGraner disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
F3	On March 13, 2024, the reporting person was granted 153,750 restricted stock units. The restricted stock units vested one-fourth on March 13, 2025 and one-fourth on March 13, 2026 and will vest one-fourth on March 13, 2027 and one-fourth on March 13, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Remarks:

Executive VP and Chief Investment Officer