Signatures of hot deformed Ni–Ti–Fe microstructures ranged from strain localizations and grain boundary serrations to presence of relatively fine nearly equiaxed grains. The latter was shown, through estimates of in-grain misorientations, as dynamically recrystallized. Their presence was more at higher working temperatures and at higher strain rates. Increased presence of such dynamically recrystallized grains led to clear suppression of austenite ↔ martensite phase transformations.