Company: NREF
Filing Date: 2025-10-01
Form Type: 424B5
Source: 0001437749-25-030192
Chunk: 14

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-10-01
Form: 424B5
Chunk 14
---
 of the Series B Preferred Stock on any national securities exchange.

The transfer agent, registrar and dividend disbursement agent for the Series B Preferred Stock is Equiniti Trust Company, LLC.

<div align='center'>S-5

PLAN OF DISTRIBUTION</div>

General

We are offering a maximum of 3,482,858 shares of our Series B 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 B Preferred Stock and has no firm commitment or obligation to purchase any specific number or dollar amount of the Series B Preferred Stock. Each share of Series B Preferred Stock will be sold at a public offering price of $25.00 per share.

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 2023 Registration Statement of which this Prospectus Supplement, the Prior Prospectus Supplement and the Prospectus form a part), unless earlier terminated or extended by our Board, and (ii) the date on which all of the shares of Series B 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 B Preferred Stock pursuant to a new registration statement, including a follow-on registration statement.

We will sell shares of Series B Preferred Stock in this offering using two closing services provided by the DTC. The first service is DTC Settlement and the second service is DRS Settlement. Investors purchasing shares of Series B Preferred Stock through DTC Settlement will coordinate with their registered representatives to pay the full purchase price for their shares by the settlement date, and such payments will not be held in escrow. Investors who are permitted to utilize the DRS Settlement method will complete and sign subscription agreements, which will be delivered to the escrow agent as set forth in the subscription agreement. In addition, such investors will pay the full purchase price for their shares to the escrow agent (as set forth in the subscription agreement), to be held in trust for the investors’ benefit pending release to us as described herein. See “—Settlement Procedures” in the Prior Prospectus Supplement for a description of the closing procedures with respect to each of the closing methods.

Our dealer manager, NexPoint Securities