RICHARDS PAUL (See Remarks) exercised options at NEXPOINT REAL ESTATE FINANCE, INC.

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 2 exercises

RICHARDS PAUL

Filed: 4/7/2026ACC: 0001437749-26-011516

InsiderRICHARDS PAULCIK 2034963

→

IssuerNEXPOINT REAL ESTATE FINANCE, INC.CIK 1786248

Officer· See Remarks

Since Feb 2026

+50.48K

Net shares

Net buyer

$145.2K

Total sold

Open market trades

0B · 0S

Total transactions

83.33K acquired · 32.85K disposed

Non-Derivative Transactions4

Common Stock

Direct

M · Option Exercise

+15.09K

Price / share

—

Trade value

—

% of position

27.6%

4/3/2026

54.58K→69.67K

Common Stock

Direct

F · Tax Withholding

−6.83K

Price / share

$13.36

Trade value

$91.18K

% of position

9.8%

4/3/2026

69.67K→62.84K

Common Stock

Direct

M · Option Exercise

+6.89K

Price / share

—

Trade value

—

% of position

11.0%

4/4/2026

62.84K→69.74K

Common Stock

Direct

F · Tax Withholding

−4.04K

Price / share

$13.36

Trade value

$54.03K

% of position

5.8%

4/4/2026

69.74K→65.69K

Total

Net shares

+11.11K

Net value

-$145.21K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	4/3/2026	M · Option Exercise	+15.09K	—	—	27.6%	54.58K	69.67K
Common Stock Direct	4/3/2026	F · Tax Withholding	−6.83K	$13.36	$91.18K	9.8%	69.67K	62.84K
Common Stock Direct	4/4/2026	M · Option Exercise	+6.89K	—	—	11.0%	62.84K	69.74K
Common Stock Direct	4/4/2026	F · Tax Withholding	−4.04K	$13.36	$54.03K	5.8%	69.74K	65.69K
Total			+11.11K		-$145.21K

Derivative Transactions3

Restricted Stock Units

Direct

A · Award

Converts to

Common Stock

61.35K shares

+61.35K

Strike price

Held after

61.35K

Exercisable

—

4/2/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock

15.09K shares

−15.09K

Strike price

Held after

45.26K

Exercisable

—

4/3/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock

6.89K shares

−6.89K

Strike price

Held after

6.89K

Exercisable

—

4/4/2026

Security	Converts To	Date	Type	Shares	Exercisable	Held After
Restricted Stock Units Direct	Common Stock61.35K shares	4/2/2026	A · Award	+61.35K	—	61.35K
Restricted Stock Units Direct	Common Stock15.09K shares	4/3/2026	M · Option Exercise	−15.09K	—	45.26K
Restricted Stock Units Direct	Common Stock6.89K shares	4/4/2026	M · Option Exercise	−6.89K	—	6.89K

Non-Derivative Holdings (Post-Transaction)2

Common Stock

Indirect

Shares owned7.50K

Common Stock

Indirect

Shares owned879.00

Total

8.38K indirect8.38K

Security Title	Shares Owned	Ownership Type
Common Stock	7.50K	Indirect
Common Stock	879.00	Indirect
Total	8.38K	8.38K indirect

Derivative Holdings (Post-Transaction)0

No derivative holdings reported