Form 4 for NREF NexPoint Real Estate Finance, Inc.

Accepted 2025-09-24 00:00:00 ET · period of report 2025-09-22 · accession 0001437749-25-029836 · SEC index · Original document

Summary rows

Aggregated the way they appear in lists: one row per insider, transaction code and security table.

X	Filed	Traded	Ticker	Insider	Title	Type	Price	Qty	Owned	ΔOwn	Value
I	2025-09-24	2025-09-22	NREF	DONDERO JAMES D	Pres, Dir, 10%	P - Purchase	$14.33	+66.0K	319.5K	+26%	+$945.8K
I	2025-09-24	2025-09-22	NREF	DONDERO JAMES D	Pres, Dir, 10%	S - Sale	$14.33	-66.0K	2.80M	-2%	-$945.8K

Purchase Sale Sale after option exercise All abbreviations

#	Table	Security	Date	Code	A/D	Shares	Price	Owned after	Own	Exercise / expiry	Underlying	Footnotes
1	Common	Common Stock	2025-09-22	P	A	66,000	$14.33	319,490	I See Footnote	—	—	(F2) 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.
2	Common	Common Stock	2025-09-22	S	D	66,000	$14.33	2,797,486	I See Footnote	—	—	(F1) 1,680,000 shares are held by NexPoint Real Estate Opportunities, LLC, which is wholly owned by NexPoint Diversified Real Estate Trust Operating Partnership, L.P., which is wholly owned by NexPoint Diversified Real Estate Trust, 420,000 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.