Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 60

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 60
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 consider a family member to be a spouse, parent, stepparent, child, stepchild, sibling, cousin, mother- or father-in-law, son- or daughter-in-law or brother- or sister-in-law or a trust for the benefit of such persons, and includes adoptive relationships. There will be no selling commissions with respect to any such sales and the dealer manager may in consultation with the Company waive or reduce the dealer manager fee. As a result, the public offering price per share of Series C Preferred Stock sold in our “friends and family” program will be decreased by an amount equal to the discount. The net proceeds to us will not be affected by reducing the compensation payable in connection with such sales. The dealer manager in consultation with the Company will make all final determinations regarding whether an individual or entity falls within the friends and family category and whether the dealer manager fee will be waived or reduced, including the extent of any reduction. The dealer manager will serve as the broker-dealer of record for these sales. “Friends and family” program investors will be expected to hold their Series C Preferred Stock for investment and not with a view towards distribution. The friends and family account holders’ transactions are not solicited, and all purchases and redemptions are self-directed by the account holder.

No volume discounts will apply. The 7.0% selling commission will not be reduced based on volume purchases, nor for any other reason except as described above.

Underwriting Compensation

The table below sets forth the nature and estimated amount of selling commission and dealer manager fees assuming we sell all the shares of Series C Preferred Stock offered hereby and that no shares of Series C Preferred Stock are sold in our “friends and family” program.

<div align='center'>Maximum Estimated Underwriting Fees and Expenses
At Maximum Offering of $200,000,000</div>

| Selling commissions (maximum) |     | $ | 14,000,000 |
| Dealer manager fee (maximum)  |     | $ |  6,000,000 |
| Total(1)                      |     | $ | 20,000,000 |

(1) We or our affiliates also may provide permissible forms of non-cash compensation to registered representatives of our dealer manager and the participating broker-dealers, as described in “Compensation of Dealer Manager and Participating Broker-Dealers” above. The value of such items will be considered underwriting compensation in connection with this offering. The dealer manager’s legal expenses will be paid by the dealer manager