Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 19

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 19
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 Series C Preferred Stock that a holder my require us to complete. See “Description of Series C Preferred Stock—Redemption at Option of Holders” in this prospectus supplement for additional information.

Because we conduct substantially all of our operations through the OP, our ability to pay dividends on our Series C Preferred Stock depends almost entirely on the distributions we receive from the OP. We may not be able to pay dividends regularly on our Series C Preferred Stock.

We may not be able to pay dividends on a regular basis in the future on our Series C Preferred Stock. We intend to contribute the entire net proceeds from this offering to our OP in exchange for Series C Preferred Units that have substantially the same economic terms as the Series C Preferred Stock. Because we conduct substantially all of our operations through our OP, our ability to pay dividends on the Series C Preferred Stock will depend almost entirely on payments and distributions we receive on our interests in the OP. If the OP fails to operate profitably and to generate sufficient cash from operations (and the operations of its subsidiaries), we may not be able to pay dividends on the Series C Preferred Stock. Furthermore, any new shares of Series A Preferred Stock, Series B Preferred Stock or other preferred stock on parity with the Series A Preferred Stock, the Series B Preferred Stock and the Series C Preferred Stock will substantially increase the cash required to continue to pay cash dividends at stated levels. Any common stock or preferred stock that may be issued in the future to finance acquisitions, upon redemption of OP Units, upon vesting of equity awards or otherwise, would have a similar effect.

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Your interests in our Series C Preferred Stock or the rights of the holders of our common stock (which you may become upon receipt of redemption payments in shares of our common stock for any of your shares of Series C Preferred Stock) could be subordinated and/or diluted by the incurrence of additional debt or the issuance of additional shares of preferred stock or common stock, as applicable, and other transactions.

As of September 30, 2025, our total indebtedness was approximately $4.9 billion. Excluding indebtedness relating to the portion of the commercial mortgage-backed securities securitizations investments (“CMBS B-Pieces”) that we do not own but are required to consolidate pursuant to applicable accounting standards, our total indebtedness as of September 30, 2025 was approximately $0.7 billion. The Series C Preferred Stock and common stock (which you may acquire upon receipt of redemption payments in