Richards Paul 4

What Happened
Paul Richards, Chief Financial Officer and Executive VP–Finance of NexPoint Diversified Real Estate Trust (NXDT), had 6,036 restricted share units (RSUs) vest and converted them into 6,036 common shares on June 10, 2026. To satisfy tax withholding, 3,014 of those shares were surrendered at an implied withholding rate of $5.07 per share, generating $15,281 in tax payment. The net increase to Richards’ holdings from this vesting/conversion was 3,022 shares.

Key Details

• Transaction date: June 10, 2026; Form 4 filed June 12, 2026 (appears timely).
• Conversion/Exercise code: M (exercise/conversion of derivative — RSUs converted into common shares).
• Tax withholding code: F — 3,014 shares withheld at $5.07 each for $15,281.
• Shares acquired via conversion: 6,036; shares disposed for tax withholding: 3,014; net increase: 3,022 shares.
• Footnotes: Each RSU represents a contingent right to one common share. The RSUs were part of a 24,150 RSU grant on June 10, 2025 that vests in four installments (one-fourth vested June 10, 2026; remaining vesting through Feb 2029). Settlement generally occurs within 10 days of vesting and may be cash-settled at the Compensation Committee’s discretion. An elective stock dividend may be included in reported totals (per filing footnote).
• Shares owned after transaction: not specified in the provided excerpt.

Context
This was a standard vesting/conversion of RSUs with shares withheld to cover tax obligations (a routine, non-open-market disposition). Such tax-withholding share surrenders are common and do not necessarily indicate a directional view by the insider.