Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 54

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 54
---
 satisfied with respect to any particular U.S. Holder of Series C Preferred Stock depends upon the facts and circumstances at the time that the determination must be made, prospective investors are urged to consult their own tax advisors to determine such tax treatment.

If a redemption of the Series C Preferred Stock does not meet any of the three tests described above, the redemption proceeds will be taxable as a distribution. If a redemption of the Series C Preferred Stock is treated as a distribution that is taxable as a dividend, you are urged to consult with your own tax advisors regarding the allocation of basis between the redeemed shares and any shares of Series C Preferred Stock that you still hold (or that are held by a person related to you).

<div align='center'>S-29

PLAN OF DISTRIBUTION</div>

General

We are offering a maximum of 8,000,000 shares of our Series C Preferred Stock through NexPoint Securities, our dealer manager, on a “reasonable best efforts” basis, which means that the dealer manager is only required to use its good faith efforts and reasonable diligence to sell the Series C Preferred Stock and has no firm commitment or obligation to purchase any specific number or dollar amount of the Series C Preferred Stock. Each share of Series C Preferred Stock will be sold at a public offering price of $25.00 per share. The initial closing of the offering is expected to occur on or about December 5, 2025.

The termination date for this offering is the earlier of (i) December 29, 2026 (which is the third anniversary of the effective date of the registration statement of which this prospectus supplement and accompanying prospectus form a part), unless earlier terminated or extended by our Board, and (ii) the date on which all of the shares of Series C Preferred Stock offered in this offering are sold. Should this offering continue beyond December 29, 2026, we will file a new registration statement and supplement or amend this prospectus supplement accordingly. We may terminate this offering at any time or may offer shares of the Series C Preferred Stock pursuant to a new registration statement, including a follow-on registration statement.

You may buy shares of Series C Preferred Stock through your financial professional, a participating broker-dealer or other financial intermediary that has a selling agreement with our dealer manager. We will sell Series C Preferred Stock in this offering using two closing methods. The first service method is DTC Settlement and the second service method is DRS Settlement. The Company may also utilize DVP Settlement, which is a type of DTC