NEXPOINT REAL ESTATE FIN INC NREF
COM · REIT · CUSIP 65342V101 · ISIN US65342V1017
- SectorReal estate
- IndustryReal Estate Investment Trusts
- HeadquartersDallas, TX
- FilingsSEC EDGAR
* 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
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 55 |
| Q4 2022 | 60 |
| Q1 2023 | 57 |
| Q2 2023 | 55 |
| Q3 2023 | 61 |
| Q4 2023 | 61 |
| Q1 2024 | 63 |
| Q2 2024 | 66 |
| Q3 2024 | 70 |
| Q4 2024 | 78 |
| Q1 2025 | 76 |
| Q2 2025 | 77 |
| Q3 2025 | 76 |
| Q4 2025 | 79 |
| Q1 2026 | 86 |
| Q2 2026 | 78 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 24 | 27 |
| Q4 2024 | 40 | 19 |
| Q1 2025 | 35 | 33 |
| Q2 2025 | 40 | 33 |
| Q3 2025 | 42 | 28 |
| Q4 2025 | 33 | 44 |
| Q1 2026 | 40 | 36 |
| Q2 2026 | 41 | 34 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $152.2k | $4.0k | 0.03 |
| Q4 2025 | $26.8k | $0 | 0.00 |
| Q1 2026 | $31.0k | $0 | 0.00 |
| Q2 2026 | $334.8k | $0 | 0.00 |
Biggest buyers
| VANGUARD CAPITAL MANAGEMENT LLC | Added | +36.8k |
| BlackRock, Inc. | Added | +30.3k |
| Oak Grove Capital LLC | New | +27.0k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | New | +18.4k |
| OPPENHEIMER & CO INC | New | +17.4k |
| Nuveen, LLC | New | +12.7k |
| AQR CAPITAL MANAGEMENT LLC | New | +10.1k |
| VANGUARD PORTFOLIO MANAGEMENT LLC | Added | +9.6k |
| Russell Investments Group, Ltd. | Added | +8.9k |
| NORTHERN TRUST CORP | Added | +7.3k |
Biggest sellers
| MILLENNIUM MANAGEMENT LLC | Sold out | -102.2k |
| GOLDMAN SACHS GROUP INC | Reduced | -20.0k |
| TWO SIGMA INVESTMENTS, LP | Sold out | -12.0k |
| PFG Investments, LLC | Sold out | -11.3k |
| RITHOLTZ WEALTH MANAGEMENT | Reduced | -8.0k |
| SG Americas Securities, LLC | Sold out | -7.9k |
| UBS Group AG | Reduced | -7.2k |
| Strategic Wealth Partners, Ltd. | Sold out | -6.2k |
| RAYMOND JAMES FINANCIAL INC | Reduced | -6.1k |
| ACADIAN ASSET MANAGEMENT LLC | Sold out | -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.
| Holder | Stake |
|---|---|
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% |
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)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 1 | $12.3k | 0 | — | — |
| Q3 2025 | 1 | $945.8k | 1 | $945.8k | — |
| Q4 2025 | 0 | — | 1 | $172.7k | — |
| Q1 2026 | 0 | — | 0 | — | — |
| Q2 2026 | 0 | — | 0 | — | — |
| Q3 2026 | 0 | — | 0 | — | — |
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| NEXPOINT ASSET MANAGEMENT, L.P. 9.78% of their portfolio | 9.4m $146.3m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 624.3k $9.7m | Added +30.3k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 346.3k $5.4m | Added +36.8k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 292.9k $4.5m | Reduced -6.1k |
| INDEPENDENT FINANCIAL GROUP, LLC 0.08% of their portfolio | 281.0k $4.4m | Added +4.4k |
| MORGAN STANLEY 0.00% of their portfolio | 195.1k $3.0m | Added +3.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 182.7k $2.8m | Added +3.4k |
| STATE STREET CORP 0.00% of their portfolio | 173.4k $2.7m | Reduced -2.2k |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.01% of their portfolio | 155.3k $2.4m | Reduced -387 |
| Copley Financial Group, Inc. 1.04% of their portfolio | 110.6k $1.7m | Added +80 |
| RITHOLTZ WEALTH MANAGEMENT 0.02% of their portfolio | 104.6k $1.6m | Reduced -8.0k |
| Penserra Capital Management LLC 0.01% of their portfolio | 80.7k $1.3m | Reduced -2.6k |
| 1776 Wealth LLC 0.40% of their portfolio | 72.4k $1.1m | Unchanged |
| WEDBUSH SECURITIES INC 0.02% of their portfolio | 60.1k $932.0k | Reduced -2.4k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 57.1k $885.7k | Added +7.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 51.6k $799.6k | Reduced -20.0k |
| LPL Financial LLC 0.00% of their portfolio | 50.3k $780.1k | Added +4.8k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 48.3k $749.2k | Added +9.6k |
| Cetera Investment Advisers 0.00% of their portfolio | 41.7k $646.7k | Added +5.2k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 41.2k $638.2k | Added +650 |
| Morey & Quinn Wealth Partners, LLC 0.36% of their portfolio | 36.6k $566.7k | Reduced -1.3k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio | 33.4k $517.5k | Reduced -3.6k |
| HighTower Advisors, LLC 0.00% of their portfolio | 32.4k $502.4k | Added +4.7k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 32.1k $497.2k | Added +8.9k |
| Oak Grove Capital LLC 0.03% of their portfolio | 27.0k $418.5k | New |
| Concorde Asset Management, LLC 0.23% of their portfolio | 25.9k $402.2k | Added +2.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 23.6k $366.1k | Added +3.4k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 23.4k $363.4k | Reduced -3.4k |
| Navis Wealth Advisors, LLC 0.12% of their portfolio | 20.8k $322.7k | Added +653 |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 18.4k $285.2k | New |
| Bank of New York Mellon Corp 0.00% of their portfolio | 17.5k $271.1k | Added +2.4k |
| OPPENHEIMER & CO INC 0.00% of their portfolio | 17.4k $269.0k | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 15.4k $208.0k | Added +1.6k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 14.9k $230.6k | Added +4.4k |
| Nuveen, LLC 0.00% of their portfolio | 12.7k $197.1k | New |
| Callan Family Office, LLC 0.00% of their portfolio | 12.2k $189.4k | Unchanged |
| BARCLAYS PLC 0.00% of their portfolio | 12.0k $185.8k | Added +128 |
| Invesco Ltd. 0.00% of their portfolio | 10.7k $165.8k | Reduced -720 |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 10.1k $157.2k | Unchanged |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 10.1k $156.4k | New |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 10.1k $156.1k | Reduced -396 |
| UBS Group AG 0.00% of their portfolio | 8.1k $124.9k | Reduced -7.2k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 7.0k $108.5k | Added +2.4k |
| Daytona Street Capital LLC 0.08% of their portfolio | 7.0k $112.4k | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 6.8k $104.8k | Added +3.5k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 5.8k $90.2k | Unchanged |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 5.5k $84.8k | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 4.9k $75.4k | Added +3.1k |
| CITIGROUP INC 0.00% of their portfolio | 3.7k $58.1k | Reduced -400 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 3.3k $51.2k | Reduced -277 |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 3.3k $51.0k | Unchanged |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 3.2k $49.4k | Added +247 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 1.9k $29.2k | Unchanged |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 1.8k $28.6k | Unchanged |
| STRS OHIO 0.00% of their portfolio | 1.7k $26.4k | Unchanged |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 1.6k $25.0k | Added +218 |
| NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio | 1.0k $16.1k | Reduced -443 |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 819 $12.7k | Reduced -964 |
| Legal & General Group Plc 0.00% of their portfolio | 717 $11.1k | Unchanged |
| Ameritas Investment Partners, Inc. 0.00% of their portfolio | 588 $9.1k | Unchanged |
| FMR LLC 0.00% of their portfolio | 478 $7.4k | Added +36 |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 300 $4.6k | Unchanged |
| GAMMA Investing LLC 0.00% of their portfolio | 242 $3.8k | Added +16 |
| HARBOR CAPITAL ADVISORS, INC. 0.00% of their portfolio | 228 $4.0k | Unchanged |
| Arax Advisory Partners 0.00% of their portfolio | 198 $3.1k | New |
| Covestor Ltd 0.00% of their portfolio | 137 $2.0k | Added +33 |
| Sterling Capital Management LLC 0.00% of their portfolio | 125 $1.9k | Reduced -97 |
| EverSource Wealth Advisors, LLC 0.00% of their portfolio | 125 $1.9k | Added +6 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 94 $1.5k | Reduced -243 |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 79 $1.2k | New |
| MassMutual Private Wealth & Trust, FSB 0.00% of their portfolio | 64 $992 | Unchanged |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 40 $620 | Unchanged |
| Essential Partners LLC 0.00% of their portfolio | 17 $264 | Added +1 |
| Allworth Financial LP 0.00% of their portfolio | 9 $140 | Added +7 |
| IFP Advisors, Inc 0.00% of their portfolio | 7 $108 | Reduced -1 |
| ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio | 4 $62 | Added +1 |
| True Wealth Design, LLC 0.00% of their portfolio | 4 $62 | Added +3 |
| Farther Finance Advisors, LLC 0.00% of their portfolio | 4 $62 | New |