KAVANAUGH SCOTT F 4

What Happened
Scott F. Kavanaugh, a director of NexPoint Real Estate Finance, Inc. (NREF), received a grant of 6,154 restricted stock units (RSUs) on April 2, 2026 and had 5,518 previously granted RSUs vest and convert to common shares on April 3, 2026. Both the grant and the conversion are reported as derivative transactions (code A = award/grant; code M = exercise/conversion). The reported price for the RSUs is $0.00 (no cash paid); the filing does not disclose a market dollar value for the shares received.

Key Details

• Transaction dates: Award granted 2026-04-02 (6,154 RSUs); prior RSUs vested/exercised 2026-04-03 (5,518 RSUs → shares).
• Reported price: $0.00 per RSU; total dollar value not reported in the filing.
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes: F1 — each RSU represents a contingent right to one share; F2 — the Apr 2, 2026 RSUs vest on Apr 2, 2027 and settlement typically occurs within 30 days of vesting (may be settled in cash at the Compensation Committee's discretion); F3 — the 5,518 RSUs were granted Apr 3, 2025 and vested Apr 3, 2026.
• Timeliness: Filing dated Apr 6, 2026 covers transactions Apr 2–3, 2026 and appears to be filed within required Form 4 timing (no late filing indicated).

Context
RSUs are derivative awards that convert into shares upon vesting; this report shows vesting/conversion (acquisition) rather than an open-market purchase or a sale. The Apr 2 grant is a future award that vests next year (Apr 2, 2027); settlement of vested RSUs may occur in shares or, at the committee’s discretion, in cash. The filing does not include any sale of the newly converted shares or details on tax-withholding disposition.