Richards Paul 4

What Happened

• Paul Richards, Chief Financial Officer (also Executive VP‑Finance, Assistant Secretary and Treasurer) of NexPoint Real Estate Finance, reported that 10,000 restricted stock units (RSUs) converted to common shares on March 13, 2026.
• To satisfy tax withholding, 5,580 of those shares were withheld at $13.15 per share for a total withholding value of $73,377. The net result is approximately 4,420 shares delivered to Richards.
• The filing shows the RSU conversion/exercise and the related tax‑withholding share payment; this is a routine vesting/settlement event rather than an open‑market purchase or sale.

Key Details

• Transaction date: March 13, 2026; Form 4 filed March 17, 2026 (timely — within SEC two business‑day window).
• RSUs converted: 10,000 (reported as exercise/conversion of derivative, code M).
• Shares withheld for taxes: 5,580 at $13.15/share = $73,377 (code F).
• Net shares delivered: ~4,420 (10,000 converted − 5,580 withheld).
• Footnotes: F1 — each RSU equals the right to one common share; F2 — these RSUs were part of a 40,000 RSU grant on March 13, 2024 with annual one‑quarter vesting (one‑quarter vested 3/13/2025, one‑quarter vested 3/13/2026).
• Shares owned after the transaction are not specified in the excerpt of the filing.

Context

• This was a vesting/settlement of RSUs (derivative conversion), not an open‑market buy or sell. The withholding is a common method to satisfy tax liabilities and is routine for equity compensation.
• Because some shares were withheld rather than sold on the open market, this action does not represent an outright insider sale that would signal a liquidity decision.