Richards Paul 4
4 · NexPoint Real Estate Finance, Inc. · Filed Apr 6, 2026
Research Summary
AI-generated summary of this filing
NexPoint (NREF) CFO Paul Richards Exercises RSUs and Surrenders Shares
What Happened
Paul Richards (Chief Financial Officer; Executive VP—Finance; Assistant Secretary & Treasurer) received a new grant of 61,347 restricted stock units (RSUs) on April 2, 2026. Prior RSU tranches vested and were converted to common shares on April 3 and April 4, 2026 (21,981 shares converted total). To satisfy tax withholding, Richards surrendered 6,825 shares on April 3 and 4,044 shares on April 4 at $13.36 per share, totaling 10,869 shares withheld for approximately $145,210. Net shares delivered to him from the conversions were 11,112 shares (21,981 converted minus 10,869 withheld). These were compensation/vesting events rather than open-market purchases or voluntary sales.
Key Details
- Transaction dates: April 2–4, 2026; Form 4 filed April 6, 2026 (filing covers all events).
- Grants and conversions:
- Apr 2, 2026: Grant of 61,347 RSUs (new award; 1/4 vests each year per footnote).
- Apr 3, 2026: 15,087 RSUs converted; 6,825 shares surrendered for tax withholding @ $13.36 = $91,182.
- Apr 4, 2026: 6,894 RSUs converted; 4,044 shares surrendered for tax withholding @ $13.36 = $54,028.
- Total surrendered for taxes: 10,869 shares for ~$145,210.
- Shares owned after the transactions: not specified in the provided filing details.
- Relevant footnotes: describe RSU vesting schedules (April 2, 2026 grant vests quarterly over 2027–2030; prior grants from Apr 3, 2025 and Apr 4, 2023 had scheduled vesting that explains the conversions).
- No late-filing flag indicated; Form 4 filed April 6, 2026 covering transactions from Apr 2–4, 2026.
Context
- Codes: M = exercise/conversion of a derivative (here, RSUs converting to common shares); F = payment of exercise price or tax liability (shares surrendered to cover withholding). This is a common cashless settlement method for RSUs: shares are issued on vesting and a portion is immediately retained/surrendered to cover taxes.
- These actions are routine compensation-related events rather than open-market buys or discretionary sales, and therefore are not a direct bullish or bearish signal about the stock.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-04-03+15,087→ 69,667 total - Tax Payment
Common Stock
2026-04-03$13.36/sh−6,825$91,182→ 62,842 total - Exercise/Conversion
Common Stock
[F1]2026-04-04+6,894→ 69,736 total - Tax Payment
Common Stock
2026-04-04$13.36/sh−4,044$54,028→ 65,692 total - Award
Restricted Stock Units
[F1][F2]2026-04-02+61,347→ 61,347 total→ Common Stock (61,347 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-04-03−15,087→ 45,258 total→ Common Stock (15,087 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F4]2026-04-04−6,894→ 6,894 total→ Common Stock (6,894 underlying)
- 7,498(indirect: By 401(k))
Common Stock
- 879(indirect: By IRA)
Common Stock
Footnotes (4)
- [F1]Each restricted stock unit represents a contingent right to receive one share of common stock of NexPoint Real Estate Finance, Inc.
- [F2]On April 2, 2026, the reporting person was granted 61,347 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.
- [F3]On April 3, 2025, the reporting person was granted 60,345 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.
- [F4]On April 4, 2023, the reporting person was granted 27,578 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.