DONDERO JAMES D 4
4 · NEXPOINT DIVERSIFIED REAL ESTATE TRUST · Filed Mar 20, 2026
Research Summary
AI-generated summary of this filing
NexPoint (NXDT) President James Dondero Converts 73,125 RSUs
What Happened
- James D. Dondero, President and reported 10% owner of NexPoint Diversified Real Estate Trust (NXDT), had 73,125 derivative units converted into common shares on March 18, 2026 (transaction code M — exercise/conversion of derivative). The filing also reports the disposition of 73,125 shares on the same date at $0.00 per share (proceeds $0). The Form 4 was filed March 20, 2026.
Key Details
- Transaction date: March 18, 2026; Form 4 filed: March 20, 2026 (timely filing).
- Transaction type: M = exercise/conversion of derivative (restricted share units per footnote F1).
- Shares converted/acquired: 73,125; shares disposed: 73,125 at $0.00 (proceeds $0).
- Shares owned after transaction: not specified on the summary provided (see full filing/footnotes for detailed holdings).
- Relevant footnotes: F1 describes that each restricted share unit (RSU) represents a right to one common share; F8 notes a 292,500 RSU grant on March 18, 2024 with staggered vesting (one-fourth vested March 18, 2026). Other footnotes (F3–F7) list indirect holdings and disclaimers regarding beneficial ownership through related entities and trusts.
Context
- This was a conversion/settlement of restricted share units (derivative-to-share conversion). The filing reports an immediate disposition of the same number of shares at $0.00; the Form 4 does not explain the mechanism or reason for the $0.00 disposition (e.g., net settlement, transfer, or other administrative action). As a 10% owner and company insider, Dondero’s holdings include both direct and indirect positions listed in the footnotes; these disclosures are common for executives with ownership through related entities or trusts.
Insider Transaction Report
Form 4
DONDERO JAMES D
DirectorSee Remarks10% Owner
Transactions
- Exercise/Conversion
Common Stock
[F1][F2]2026-03-18+73,125→ 5,702,698.06 total - Exercise/Conversion
Restricted Share Units
[F1][F8]2026-03-18−73,125→ 146,250 total→ Common Shares (73,125 underlying)
Holdings
- 7,098.869(indirect: By Children)
Common Stock
[F2][F3] - 7,083.035(indirect: By Children)
Common Stock
[F2][F3] - 7,098.88(indirect: By Children)
Common Stock
[F2][F3] - 5,263.478(indirect: By Children)
Common Stock
[F2][F3] - 5,037.917(indirect: By Children)
Common Stock
[F2][F3] - 7,098.88(indirect: By Children)
Common Stock
[F2][F3] - 2,827,561.05(indirect: See Footnote)
Common Stock
[F2][F4] - 821,015(indirect: See Footnote)
Common Stock
[F5] - 2,231,103(indirect: See Footnote)
Common Stock
[F6] - 628,351(indirect: See Footnote)
Common Stock
[F7] - 87,330.648(indirect: By employee benefit plan)
Common Stock
[F2]
Footnotes (8)
- [F1]Each restricted share unit represents a contingent right to receive one common share of NexPoint Diversified Real Estate Trust (the "Company").
- [F2]Includes shares acquired under a dividend reinvestment plan and shares received pursuant to elective stock dividends paid on the Company's common shares.
- [F3]The shares are held for one of Mr. Dondero's children, through a custodial account established pursuant to the Uniform Transfer to Minors Act ("UTMA") for which Mr. Dondero serves as custodian. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- [F4]41,733 shares are held by Drugcrafters, L.P. ("Drugcrafters"), 92,230.17 shares are held by PCMG Trading Partners XXIII, L.P., 290,517 shares are held by Governance Re Ltd., 14,962.88 shares are held by Highland Capital Management Services, L.P. ("HCM") and 2,388,118 shares are held by NexPoint Real Estate Advisers X, L.P. (the "Adviser"). Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and HCM, and PCMG owns 99% of Drugcrafters. Drugcrafters, PCMG, Governance Re Ltd., HCM and the Adviser are ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of shares held by such entities. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- [F5]These shares are held by The Dugaboy Investment Trust of which Mr. Dondero is the beneficiary pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- [F6]1,559,149 shares are held by Highland Opportunities and Income Fund and 671,954 shares are held by Highland Global Allocation Fund (both of which are managed by NexPoint Asset Management, L.P., which is ultimately controlled by Mr. Dondero). Mr. Dondero may be deemed to be an indirect beneficial owner of shares held by such entities. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- [F7]These shares are held by subsidiaries of The Dugaboy Investment Trust. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- [F8]On March 18, 2024, the reporting person was granted 292,500 restricted share units. The restricted share units vested one-fourth on March 18, 2025 and one-fourth on March 18, 2026, and will vest one-fourth on March 18, 2027 and one-fourth on March 18, 2028. Settlement will generally occur within 10 days of vesting and may at the discretion of the Compensation Committee be settled in cash.
Signature
/s/ Paul Richards, as attorney-in-fact for James Dondero|2026-03-20