Key facts
- This page summarizes James D. Dondero's Form 4 filing for NexPoint Real Estate Finance, Inc. (NREF).
- 2 reported transactions and 1 derivative row are listed below.
- Accepted by SEC: 02 Jan 2026, 19:10.
James D. Dondero - 30 Dec 2025 Form 4 Insider Report for NexPoint Real Estate Finance, Inc. (NREF)
- Reporting relationship
- President, Director, 10%+ Owner
- Issuer ticker
- NREF
- Reported as of
- 30 Dec 2025
- Net transaction value
- $0
- SEC form
- 4
- Accepted by SEC
- 02 Jan 2026, 19:10:32 UTC
- Prior SEC filing
- 24 Sep 2025
- Next SEC filing
- 21 Jan 2026
- Source filing
- View source filing
- Reporting owner signature
- /s/ Paul Richards, as attorney-in-fact for James Dondero
Source evidence
Original filing metadata and source links for verification.
5 source fields
Reporting owner
1 detail
Key filing fact
James D. Dondero filed Form 4 for NexPoint Real Estate Finance, Inc. (NREF) on 02 Jan 2026.
Change
- Previous filing in this sequence was filed on 24 Sep 2025.
- Current net transaction value: $0.
Research use
- This tells you what this filing adds before you inspect full transaction and derivative tables.
- You can trace every row back to the original SEC filing document.
Evidence
Filed on Form 4
View source filing
Ownership activity is grounded in SEC Form 4 disclosures.
Reporting Owners (1)
CIK 0001228922
Primary reporting owner
DONDERO JAMES D
- Relationship
- President, Director, 10%+ Owner
- Address
- 300 CRESCENT COURT, SUITE 700, DALLAS
- Signature
- /s/ Paul Richards, as attorney-in-fact for James Dondero
- Signature date
- 02 Jan 2026
Reported non-derivative transactions
Shares, units, or other non-derivative securities reported in this filing.
NREF
transaction
Common Stock
Options Exercise
- Transaction value
- Shares
- -852,273
- Change %
- -19%
- Price
- Shares after
- 3,649,759
- Date
- 30 Dec 2025
- Ownership
- See Footnote
- Footnotes
- F1, F2
NREF
holding
Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 327,286
- Date
- 30 Dec 2025
- Ownership
- See Footnote
- Footnotes
- F3
NREF
holding
Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 352,666
- Date
- 30 Dec 2025
- Ownership
- Direct
- Footnotes
- F4
NREF
holding
Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 5,694,671
- Date
- 30 Dec 2025
- Ownership
- See Footnote
- Footnotes
- F5
NREF
holding
Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 1,800
- Date
- 30 Dec 2025
- Ownership
- See Footnote
- Footnotes
- F6
NREF
holding
Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 240,124
- Date
- 30 Dec 2025
- Ownership
- See Footnote
- Footnotes
- F4, F7
Reported derivative securities
Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.
NREF
transaction
Derivative
Class C OP Units
Options Exercise
- Transaction value
- Shares
- -852,273
- Change %
- -100%
- Price
- Shares after
- 0
- Date
- 30 Dec 2025
- Ownership
- See Footnote
- Underlying class
- Common Stock
- Underlying amount
- 852,273
- Exercise price
- Footnotes
- F1, F8, F9
* marks a reported price that did not pass the local price check.
Additional SEC filing notes
Filing notes and footnotes
Explanation of responses 9 footnotes
Footnote F1
852,273 of the Class C common units of limited partnership interest ("OP Units") in NexPoint Real Estate Finance Operating Partnership, L.P., the operating partnership (the "OP") of NexPoint Real Estate Finance, Inc. (the "Issuer") were redeemed by a wholly owned subsidiary of NexPoint Diversified Real Estate Operating Partnership, L.P. ("NXDT OP") for an equal number of shares of the Issuer's common stock in accordance with the limited partnership agreement of the OP and distributed to NXDT OP.
Footnote F2
852,273 shares are held by NXDT OP, which is wholly owned by NexPoint Diversified Real Estate Trust, 2,100,000 shares are held by NexPoint Diversified Real Estate Trust, 281,817 shares are held by NexPoint Real Estate Strategies Fund and 415,669 shares are held by NexPoint Capital, Inc. These entities are managed or advised, directly or indirectly, by NexPoint Advisors, L.P. ("NP"). Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of securities held by NP. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
Footnote F3
95,207 shares are held by a company which is an indirect wholly owned subsidiary of a trust of which Mr. Dondero is the beneficiary. The remaining shares of common stock are held directly by the trust. Mr. Dondero disclaims beneficial ownership of the shares held directly or indirectly by the trust except to the extent of his pecuniary interest therein.
Footnote F4
Includes shares acquired under the dividend reinvestment plan.
Footnote F5
1,322,385 shares are held by Highland Global Allocation Fund and 4,372,286 shares are held by Highland Opportunities and Income Fund. These entities are managed by NexPoint Asset Management, L.P. ("NexPoint Asset Management"). Mr. Dondero is the sole stockholder and director of Strand Advisors XVI, Inc., NexPoint Asset Management's general partner, and may be deemed to be an indirect beneficial owner of securities held by NexPoint Asset Management. Mr. Dondero disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
Footnote F6
These shares are held by a limited liability company in which the trust referenced in footnote 3 to this Form 4 owns a majority interest. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
Footnote F7
These shares are held by a trust. Mr. Dondero disclaims beneficial ownership of such shares.
Footnote F8
Represents OP Units in the OP, the operating partnership of the Issuer.
Footnote F9
The OP Units are redeemable, subject to certain requirements, for cash or, at the election of the Issuer, for shares of the Issuer's common stock on a one-for-one basis. The OP Units were vested as of the date of issuance and have no expiration date.