Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 71

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 71
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center'>The date of this prospectus is December 29, 2023.

TABLE OF CONTENTS</div>

Page

| ABOUT THIS PROSPECTUS                                         |  ii |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS     | iii |
| NEXPOINT REAL ESTATE FINANCE, INC.                            |   1 |
| RISK FACTORS                                                  |   2 |
| USE OF PROCEEDS                                               |   3 |
| DESCRIPTION OF CAPITAL STOCK                                  |   4 |
| DESCRIPTION OF WARRANTS                                       |  14 |
| DESCRIPTION OF DEBT SECURITIES                                |  16 |
| CERTAIN PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS |  19 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS               |  25 |
| PLAN OF DISTRIBUTION                                          |  49 |
| WHERE YOU CAN FIND MORE INFORMATION                           |  51 |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE             |  52 |
| LEGAL MATTERS                                                 |  53 |
| EXPERTS                                                       |  53 |

<div align='center'>i

ABOUT THIS PROSPECTUS</div>

This prospectus is part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission (the “SEC”) using a “shelf” registration process. Under this shelf process, we may from time to time sell any combination of the securities described in this prospectus in one or more offerings.

This prospectus provides you with a general description of the securities that we may offer. Each time we sell securities, we will provide a prospectus supplement that contains specific information about the terms of that offering. This prospectus may not be used to consummate sales of securities unless it is accompanied by a prospectus supplement. The prospectus supplement may add information to this prospectus or update or change information in this prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the information in the prospectus supplement. You should carefully read this prospectus and any prospectus supplement together with the additional information described under the headings “Where You Can Find More Information” and “Incorporation of Certain Information by Reference.”

You should rely only on the information contained in, or incorporated by reference into, this prospectus, in any accompanying prospectus supplement or in any free writing prospectus filed