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

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-10-01
Form: 424B5
Chunk 10
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” program. We are not making any representations as to the actual outcome of this offering, as the number of shares of Series B Preferred Stock sold is uncertain and may differ significantly from what is shown on the tables below. For more information regarding the fees payable by us in this offering, see “Plan of Distribution” in this Prospectus Supplement and the Prior Prospectus Supplement.

Estimated Proceeds of Offering

|                                   |     | Offering       
 Maximum Amount |               |     | Percent |        |   |
|:----------------------------------|:----|:---------------|--------------:|:----|:--------|-------:|:--|
| Aggregate gross offering proceeds |     | $              | 87,071,450.00 |     |         | 100.00 | % |
| Offering expenses:                |     |                |               |     |         |        |   |
| Selling commissions(1)            |     | $              |  6,095,001.50 |     |         |   7.00 | % |
| Dealer manager fee(1)             |     | $              |  2,612,143.50 |     |         |   3.00 | % |
| Other offering expenses(2)        |     | $              |  1,088,393.13 |     |         |   1.25 | % |
| Estimated net proceeds            |     | $              | 77,275,911.87 |     |         |  88.75 | % |

| (1) | Assumes maximum selling commissions equal to 7.0% of aggregate gross offering proceeds and a dealer manager fee of 3.0% of aggregate gross offering proceeds from the sale of Series B Preferred Stock in this offering. Our dealer manager will reallow all or any portion of the selling commissions to the participating broker-dealer who sold the shares of Series B Preferred Stock. The amount of the reallowance of selling commissions to any participating broker-dealer will be determined pursuant to the participating broker-dealer agreement. See the “Plan of Distribution” section of this Prospectus Supplement and the Prior Prospectus Supplement for a description of these commissions and fees. 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, including gifts. In no event will such gifts exceed an aggregate value of $100 per annum per participating salesperson, or be pre-conditioned on achievement of a