McGraner Matt 4

What Happened
Matt McGraner, Executive Vice President and Chief Investment Officer of NexPoint Real Estate Finance (NREF), had 38,438 restricted stock units (RSUs vest) converted to common shares on March 13, 2026. To cover tax withholding, 13,554 of those shares were surrendered at $13.15 per share, generating $178,235. The remaining shares were issued to Mr. McGraner (net shares delivered after withholding).

Key Details

• Date of transaction: 2026-03-13; Form 4 filed 2026-03-17 (timely filing).
• Primary actions: Exercise/conversion of 38,438 RSUs (derivative code M).
• Tax withholding: 13,554 shares withheld/disposed at $13.15 each = $178,235 (code F).
• The RSUs were part of a 153,750-unit grant that vests in four equal annual installments (one-fourth vested 3/13/2025, one-fourth vested 3/13/2026; remaining vest in 2027–2028). Settlement generally occurs within 10 days and may be cash at the committee’s discretion (Footnotes F1, F3).
• Some shares are held by an LLC in which Mr. McGraner has an indirect minority pecuniary interest; he disclaims beneficial ownership except to the extent of that interest (Footnote F2).
• Shares owned after the transaction are not specified in the provided summary.

Context

• This was an RSU vesting/settlement event, not an open-market purchase or discretionary sale. The withholding of shares to satisfy tax obligations is routine and does not necessarily signal a change in the insider’s view of the company.
• The 38,438 shares correspond to one quarterly/annual vesting installment from the 153,750-unit grant (153,750 ÷ 4 ≈ 38,438).