Vault-13

NEXPOINT REAL ESTATE FIN INC NREF

COM · REIT · CUSIP 65342V101 · ISIN US65342V1017

78 institutional holders -8 vs Q1 2026
12,894,76512.9m shares reported held*
68.4% of all shares outstanding*
$199.8mreported value*
8 new 33 added 20 reduced 14 sold out net bought ≈ $330.0k (+22.9k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($32.3k this quarter). Holder counts are more reliable. Shares outstanding: 18.8m as of 2026-08-12, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $15.50. Options: 3 managers hold calls ($334.8k notional), 0 hold puts (—).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 55Q4 22: 60Q1 23: 57Q2 23: 55Q3 23: 61Q4 23: 61Q1 24: 63Q2 24: 66Q3 24: 70Q4 24: 78Q1 25: 76Q2 25: 77Q3 25: 76Q4 25: 79Q1 26: 86Q2 26: 7878Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202255
Q4 202260
Q1 202357
Q2 202355
Q3 202361
Q4 202361
Q1 202463
Q2 202466
Q3 202470
Q4 202478
Q1 202576
Q2 202577
Q3 202576
Q4 202579
Q1 202686
Q2 202678

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
50050Q3 24: 24 bought or addedQ3 24: 27 cut or sold outQ4 24: 40 bought or addedQ4 24: 19 cut or sold outQ4 24Q1 25: 35 bought or addedQ1 25: 33 cut or sold outQ2 25: 40 bought or addedQ2 25: 33 cut or sold outQ2 25Q3 25: 42 bought or addedQ3 25: 28 cut or sold outQ4 25: 33 bought or addedQ4 25: 44 cut or sold outQ4 25Q1 26: 40 bought or addedQ1 26: 36 cut or sold outQ2 26: 41 bought or addedQ2 26: 34 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242427
Q4 20244019
Q1 20253533
Q2 20254033
Q3 20254228
Q4 20253344
Q1 20264036
Q2 20264134

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100k$200k$300k$400kQ3 25 calls: $152.2kQ3 25 puts: $4.0kQ3 25P/C 0.03Q4 25 calls: $26.8kQ4 25 puts: $0Q4 25P/C 0.00Q1 26 calls: $31.0kQ1 26 puts: $0Q1 26P/C 0.00Q2 26 calls: $334.8kQ2 26 puts: $0Q2 26P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2025$152.2k$4.0k0.03
Q4 2025$26.8k$00.00
Q1 2026$31.0k$00.00
Q2 2026$334.8k$00.00

Biggest buyers

VANGUARD CAPITAL MANAGEMENT LLC Added +36,847+36.8k
BlackRock, Inc. Added +30,273+30.3k
Oak Grove Capital LLC New +27,000+27.0k
BRIDGEWAY CAPITAL MANAGEMENT, LLC New +18,400+18.4k
OPPENHEIMER & CO INC New +17,357+17.4k
Nuveen, LLC New +12,716+12.7k
AQR CAPITAL MANAGEMENT LLC New +10,088+10.1k
VANGUARD PORTFOLIO MANAGEMENT LLC Added +9,593+9.6k
Russell Investments Group, Ltd. Added +8,894+8.9k
NORTHERN TRUST CORP Added +7,346+7.3k

Biggest sellers

MILLENNIUM MANAGEMENT LLC Sold out -102,222-102.2k
GOLDMAN SACHS GROUP INC Reduced -19,971-20.0k
TWO SIGMA INVESTMENTS, LP Sold out -11,991-12.0k
PFG Investments, LLC Sold out -11,299-11.3k
RITHOLTZ WEALTH MANAGEMENT Reduced -7,970-8.0k
SG Americas Securities, LLC Sold out -7,948-7.9k
UBS Group AG Reduced -7,226-7.2k
Strategic Wealth Partners, Ltd. Sold out -6,185-6.2k
RAYMOND JAMES FINANCIAL INC Reduced -6,099-6.1k
ACADIAN ASSET MANAGEMENT LLC Sold out -3,637-3.6k

Biggest calls

CITADEL ADVISORS LLC New $213.9k13.8k shares
SIMPLEX TRADING, LLC New $82.2k5.3k shares
GROUP ONE TRADING LLC Added $38.8k2.5k shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
DONDERO JAMES D 13D · may seek influence filed 2026-01-02
Stated purposeBetween November 1, 2025 and January 1, 2026, a trust of which Nancy Marie Dondero is trustee acquired 8,044.89 shares of Common Stock in connection with dividend reinvestments in the Issuer and James D. Dondero acquired 12,012.91 shares of Common Stock in connection with dividend reinvestments in the Issuer. On December 30, 2025, the Reporting Persons acquired an aggregate of 852,273 shares of Common Stock in connection with the redemption of 852,273 OP Units. At the Company's 2021 annual meeting, stockholders approved the issuance of shares of Common Stock in connection with the redemption of OP Units or common partnership units in the subsidiary partnerships of the OP that may be redeemed for OP Units held by the Reporting Persons. Full filing
54.0% 10.0m≈ $155.5m 2026-01-02

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q4 24: 0 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 1 buyingQ2 25: 0 sellingQ3 25: 1 buyingQ3 25: 1 sellingQ3 25Q4 25: 0 buyingQ4 25: 1 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26Q2 26: 0 buyingQ2 26: 0 sellingQ3 26: 0 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20240—0——
Q1 20250—0——
Q2 20251$12.3k0——
Q3 20251$945.8k1$945.8k—
Q4 20250—1$172.7k—
Q1 20260—0——
Q2 20260—0——
Q3 20260—0——

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 NEXPOINT ASSET MANAGEMENT, L.P. 9.78% of their portfolio Dallas, TX 9,439,6359.4m $146.3m $146.3m 9.78% Unchanged
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 624,275624.3k $9.7m $9.7m 0.00% Added +30.3k +30,273
3 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 346,323346.3k $5.4m $5.4m 0.00% Added +36.8k +36,847
4 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 292,853292.9k $4.5m $4.5m 0.00% Reduced -6.1k -6,099
5 INDEPENDENT FINANCIAL GROUP, LLC 0.08% of their portfolio SAN DIEGO, CA 281,010281.0k $4.4m $4.4m 0.08% Added +4.4k +4,409
6 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 195,067195.1k $3.0m $3.0m 0.00% Added +3.3k +3,319
7 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 182,678182.7k $2.8m $2.8m 0.00% Added +3.4k +3,429
8 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 173,362173.4k $2.7m $2.7m 0.00% Reduced -2.2k -2,200
9 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.01% of their portfolio Stamford, CT 155,328155.3k $2.4m $2.4m 0.01% Reduced -387 -387
10 Copley Financial Group, Inc. 1.04% of their portfolio SAN DIEGO, CA 110,587110.6k $1.7m $1.7m 1.04% Added +80 +80
11 RITHOLTZ WEALTH MANAGEMENT 0.02% of their portfolio NEW YORK, NY 104,618104.6k $1.6m $1.6m 0.02% Reduced -8.0k -7,970
12 Penserra Capital Management LLC 0.01% of their portfolio ORINDA, CA 80,73280.7k $1.3m $1.3m 0.01% Reduced -2.6k -2,642
13 1776 Wealth LLC 0.40% of their portfolio ATLANTA, GA 72,39972.4k $1.1m $1.1m 0.40% Unchanged
14 WEDBUSH SECURITIES INC 0.02% of their portfolio PASADENA, CA 60,11760.1k $932.0k $932.0k 0.02% Reduced -2.4k -2,365
15 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 57,14157.1k $885.7k $885.7k 0.00% Added +7.3k +7,346
16 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 51,58551.6k $799.6k $799.6k 0.00% Reduced -20.0k -19,971
17 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 50,33250.3k $780.1k $780.1k 0.00% Added +4.8k +4,818
18 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 48,33448.3k $749.2k $749.2k 0.00% Added +9.6k +9,593
19 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 41,72241.7k $646.7k $646.7k 0.00% Added +5.2k +5,166
20 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 41,17441.2k $638.2k $638.2k 0.00% Added +650 +650
21 Morey & Quinn Wealth Partners, LLC 0.36% of their portfolio OMAHA, NE 36,56236.6k $566.7k $566.7k 0.36% Reduced -1.3k -1,322
22 JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio FLORHAM PARK, NJ 33,38733.4k $517.5k $517.5k 0.00% Reduced -3.6k -3,605
23 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 32,41332.4k $502.4k $502.4k 0.00% Added +4.7k +4,703
24 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 32,07532.1k $497.2k $497.2k 0.00% Added +8.9k +8,894
25 Oak Grove Capital LLC 0.03% of their portfolio Holderness, NH 27,00027.0k $418.5k $418.5k 0.03% New
26 Concorde Asset Management, LLC 0.23% of their portfolio ANN ARBOR, MI 25,95025.9k $402.2k $402.2k 0.23% Added +2.5k +2,500
27 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 23,62023.6k $366.1k $366.1k 0.00% Added +3.4k +3,449
28 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 23,44523.4k $363.4k $363.4k 0.00% Reduced -3.4k -3,421
29 Navis Wealth Advisors, LLC 0.12% of their portfolio RYE BROOK, NY 20,81920.8k $322.7k $322.7k 0.12% Added +653 +653
30 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio HOUSTON, TX 18,40018.4k $285.2k $285.2k 0.01% New
31 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 17,48917.5k $271.1k $271.1k 0.00% Added +2.4k +2,417
32 OPPENHEIMER & CO INC 0.00% of their portfolio NEW YORK, NY 17,35717.4k $269.0k $269.0k 0.00% New
33 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 15,44015.4k $208.0k $208.0k 0.00% Added +1.6k +1,600
34 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 14,88014.9k $230.6k $230.6k 0.00% Added +4.4k +4,400
35 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 12,71612.7k $197.1k $197.1k 0.00% New
36 Callan Family Office, LLC 0.00% of their portfolio RADNOR, PA 12,21812.2k $189.4k $189.4k 0.00% Unchanged
37 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 11,98912.0k $185.8k $185.8k 0.00% Added +128 +128
38 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 10,69410.7k $165.8k $165.8k 0.00% Reduced -720 -720
39 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 10,14110.1k $157.2k $157.2k 0.00% Unchanged
40 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 10,08810.1k $156.4k $156.4k 0.00% New
41 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 10,07310.1k $156.1k $156.1k 0.00% Reduced -396 -396
42 UBS Group AG 0.00% of their portfolio ZURICH, V8 8,0598.1k $124.9k $124.9k 0.00% Reduced -7.2k -7,226
43 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 7,0017.0k $108.5k $108.5k 0.00% Added +2.4k +2,426
44 Daytona Street Capital LLC 0.08% of their portfolio SAINT LOUIS, MO 7,0007.0k $112.4k $112.4k 0.08% Unchanged
45 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,7596.8k $104.8k $104.8k 0.00% Added +3.5k +3,519
46 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio COLUMBUS, OH 5,8205.8k $90.2k $90.2k 0.00% Unchanged
47 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 5,4685.5k $84.8k $84.8k 0.00% Unchanged
48 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 4,8624.9k $75.4k $75.4k 0.00% Added +3.1k +3,124
49 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,7483.7k $58.1k $58.1k 0.00% Reduced -400 -400
50 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 3,3053.3k $51.2k $51.2k 0.00% Reduced -277 -277
51 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 3,2913.3k $51.0k $51.0k 0.00% Unchanged
52 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,1693.2k $49.4k $49.4k 0.00% Added +247 +247
53 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 1,8851.9k $29.2k $29.2k 0.00% Unchanged
54 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 1,8461.8k $28.6k $28.6k 0.00% Unchanged
55 STRS OHIO 0.00% of their portfolio COLUMBUS, OH 1,7001.7k $26.4k $26.4k 0.00% Unchanged
56 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,5911.6k $25.0k $25.0k 0.00% Added +218 +218
57 NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio ST. LOUIS, MO 1,0371.0k $16.1k $16.1k 0.00% Reduced -443 -443
58 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 819819 $12.7k $12.7k 0.00% Reduced -964 -964
59 Legal & General Group Plc 0.00% of their portfolio London, X0 717717 $11.1k $11.1k 0.00% Unchanged
60 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 588588 $9.1k $9.1k 0.00% Unchanged
61 FMR LLC 0.00% of their portfolio BOSTON, MA 478478 $7.4k $7.4k 0.00% Added +36 +36
62 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 300300 $4.6k $4.6k 0.00% Unchanged
63 GAMMA Investing LLC 0.00% of their portfolio FOSTER CITY, CA 242242 $3.8k $3.8k 0.00% Added +16 +16
64 HARBOR CAPITAL ADVISORS, INC. 0.00% of their portfolio CHICAGO, IL 228228 $4.0k $4.0k 0.00% Unchanged
65 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 198198 $3.1k $3.1k 0.00% New
66 Covestor Ltd 0.00% of their portfolio LONDON, X0 137137 $2.0k $2.0k 0.00% Added +33 +33
67 Sterling Capital Management LLC 0.00% of their portfolio CHARLOTTE, NC 125125 $1.9k $1.9k 0.00% Reduced -97 -97
68 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 125125 $1.9k $1.9k 0.00% Added +6 +6
69 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 9494 $1.5k $1.5k 0.00% Reduced -243 -243
70 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 7979 $1.2k $1.2k 0.00% New
71 MassMutual Private Wealth & Trust, FSB 0.00% of their portfolio Windsor, CT 6464 $992 $992 0.00% Unchanged
72 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 4040 $620 $620 0.00% Unchanged
73 Essential Partners LLC 0.00% of their portfolio RANCHO SANTA FE, CA 1717 $264 $264 0.00% Added +1 +1
74 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 99 $140 $140 0.00% Added +7 +7
75 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 77 $108 $108 0.00% Reduced -1 -1
76 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 44 $62 $62 0.00% Added +1 +1
77 True Wealth Design, LLC 0.00% of their portfolio AKRON, OH 44 $62 $62 0.00% Added +3 +3
78 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 44 $62 $62 0.00% New