Company: NREF
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001437749-25-007771
Chunk: 31

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 31
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 of twelve 30-day months. Dividends on the Series B Preferred Stock will accrue whether or not (i) we have earnings, (ii) there are funds legally available for the payment of such dividends and (iii) such dividends are authorized by our Board or declared by us. Accrued dividends on the Series B Preferred Stock will not bear interest.

When cumulative dividends are not paid in full (or a sum sufficient for such full payment is not set apart) upon the Series B Preferred Stock and the shares of any class or series of Parity Stock, all dividends declared upon the Series B Preferred Stock and any class or series of Parity Stock will be declared pro rata so that the amount of dividends declared per share of Series B Preferred Stock and such class or series of Parity Stock will in all cases bear to each other the same ratio that accumulated dividends per share on the Series B Preferred Stock and such class or series of Parity Stock (which will not include any accrual in respect of unpaid dividends for prior dividend periods if such Parity Stock does not have a cumulative dividend) bear to each other.

Holders of shares of our Series B Preferred Stock are not entitled to any dividend in excess of full dividends on shares of our Series B Preferred Stock. Unless full dividends on shares of our Series B Preferred Stock for all past dividend periods have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof in full is set apart for payment, we will not:

• declare and pay or declare and set apart for payment dividends or declare and make any other distribution of cash or other property, directly or indirectly, on or with respect to, any shares of our common stock or any class or series of Junior Stock or Parity Stock (other than dividends or distributions paid in Junior Stock or options, warrants or rights to purchase such shares) for any period; or

• except by conversion into or exchange for shares of Junior Stock or options, warrants or rights to purchase such shares, and except for purchases or exchanges pursuant to a purchase or exchange offer made on the same terms to all holders of Series B Preferred Stock and all holders of Parity Stock, redeem, purchase or otherwise acquire for any consideration (other than a redemption, purchase or other acquisition of common stock for purposes of and in compliance with requirements of any incentive, benefit or stock purchase plan of the Company or any subsidiary thereof, or a redemption, purchase or acquisition of Parity Stock or Junior Stock as permitted under Article VII of our charter) for