James D. Dondero - 02 Apr 2026 Form 4 Insider Report for NexPoint Real Estate Finance, Inc. (NREF)

Reporting relationship: President, Director, 10%+ Owner
Issuer ticker: NREF
Reported as of: 02 Apr 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 06 Apr 2026, 21:42:49 UTC
Prior SEC filing: 31 Mar 2026
Next SEC filing: 07 Apr 2026
Source filing: View source filing
Reporting owner signature: /s/ Paul Richards, as attorney-in-fact for James Dondero

Key filing fact

James D. Dondero filed Form 4 for NexPoint Real Estate Finance, Inc. (NREF) on 06 Apr 2026.

Key facts

This page summarizes James D. Dondero's Form 4 filing for NexPoint Real Estate Finance, Inc. (NREF).
5 reported transactions and 3 derivative rows are listed below.
Accepted by SEC: 06 Apr 2026, 21:42.

Change

Previous filing in this sequence was filed on 31 Mar 2026.
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

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

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: 06 Apr 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: +36,830
Change %: +8.7%
Price
Shares after: 458,966
Date: 03 Apr 2026
Ownership: Direct
Footnotes: F1, F2

NREF transaction

Common Stock

Options Exercise

Transaction value
Shares: +33,284
Change %: +7.3%
Price
Shares after: 492,250
Date: 04 Apr 2026
Ownership: Direct
Footnotes: F1

NREF holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 5,694,671
Date: 02 Apr 2026
Ownership: See Footnote
Footnotes: F3

NREF holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 3,649,759
Date: 02 Apr 2026
Ownership: See Footnote
Footnotes: F4

NREF holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 327,286
Date: 02 Apr 2026
Ownership: See Footnote
Footnotes: F5

NREF holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 1,800
Date: 02 Apr 2026
Ownership: See Footnote
Footnotes: F6

NREF holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 248,996
Date: 02 Apr 2026
Ownership: By Trust
Footnotes: F2, F7

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

NREF transaction Derivative

Restricted Stock Units

Award

Transaction value
Shares: +197,789
Change %
Price: $0.000000^*
Shares after: 197,789
Date: 02 Apr 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 197,789
Exercise price
Footnotes: F1, F8

NREF transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value
Shares: -36,830
Change %: -25%
Price: $0.000000^*
Shares after: 110,489
Date: 03 Apr 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 36,830
Exercise price
Footnotes: F1, F9

NREF transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value
Shares: -33,284
Change %: -50%
Price: $0.000000^*
Shares after: 33,283
Date: 04 Apr 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 33,284
Exercise price
Footnotes: F1, F10

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 10 footnotes

Footnote F1

Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc. (the "Issuer").

Footnote F2

Includes shares acquired under the dividend reinvestment plan of the Issuer.

Footnote F3

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 F4

2,952,273 shares are held by NexPoint Diversified Real Estate Trust Operating Partnership, L.P., 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 F5

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 F6

These shares are held by a limited liability company in which the trust referenced in footnote 5 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

On April 2, 2026, the reporting person was granted 197,789 restricted stock units. The restricted stock units vest one-fourth on April 2, 2027, one-fourth on February 15, 2028, one-fourth on February 15, 2029 and one-fourth on February 15, 2030. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Footnote F9

On April 3, 2025, the reporting person was granted 147,319 restricted stock units. The restricted stock units vested one-fourth on April 3, 2026 and will vest one-fourth on February 15, 2027, one-fourth on February 15, 2028 and one-fourth on February 15, 2029. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

Footnote F10

On April 4, 2023, the reporting person was granted 133,135 restricted stock units. The restricted stock units vested one-fourth on April 4, 2024, one-fourth on April 4, 2025 and one-fourth on April 4, 2026 and will vest one-fourth on April 4, 2027. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.

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