Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 59

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 59
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 commissions will be established by each participating broker-dealer or other financial intermediary based on various considerations, including but not limited to their compliance with Reg BI. Additionally, if applicable, any reduction in the dealer manager fee will result in a corresponding reduction in the offering price.

<div align='center'>S-32</div>

The table below provides examples of various possible offering prices within the established range of $23.25 to $25.00 per share of Series C Preferred Stock only at 100 basis point intervals of the corresponding selling commission percentage and assuming no reduction in the dealer manager fee. The selling commissions received by the participating broker-dealers in connection with the Series C Preferred Stock will never exceed 7.0% of the aggregate gross offering proceeds. The net proceeds to us from this offering will not be affected by the reduction in commissions and corresponding reduction in the offering price per share of Series C Preferred Stock on such sales.

| Selling Commission |   |     | Public Offering Price                 
 per Share of Series C Preferred Stock |       |
|:-------------------|:--|:----|:--------------------------------------|------:|
| 7.0                | % |     | $                                     | 25.00 |
| 6.0                | % |     | $                                     | 24.75 |
| 5.0                | % |     | $                                     | 24.50 |
| 4.0                | % |     | $                                     | 24.25 |
| 3.0                | % |     | $                                     | 24.00 |
| 2.0                | % |     | $                                     | 23.75 |
| 1.0                | % |     | $                                     | 23.50 |
| 0.0                | % |     | $                                     | 23.25 |

Additional information related to the fixed prices being offered to the public and which participating broker-dealers are selling the Series C Preferred Stock at such prices may be obtained by contacting Investor Services.

As part of our “friends and family” program, we may sell shares of Series C Preferred Stock to our Manager and its affiliates, our directors and officers, the families of or persons or entities having prior relationships with any of the foregoing, or persons who are selected by the dealer manager in consultation with the Company. As used herein, we consider a friend to be those individuals who have prior business and/or personal relationships with any of the above-described persons or entities. As used herein, we