Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 15

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 15
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 in this offering to our OP in exchange for 8.00% Series C Cumulative Redeemable Preferred Units (stated value $25.00 per unit) in the OP (the “Series C Preferred Units”). The Series C Preferred Units have economic terms that are substantially the same as the terms of the Series C Preferred Stock. The Series C Preferred Units rank, as to distributions and upon liquidation, senior to OP Units and pari passu with Series A Preferred Units and Series B Preferred Units. Our OP intends to use the net proceeds contributed by us for general corporate purposes, which may include funding investments and repaying amounts outstanding under our debt obligations.                                                                                                                                                                                                                                                                                                                                 
 Pending these applications, the OP may invest the net proceeds contributed by us in interest-bearing accounts and short-term, interest-bearing securities or in any other manner that is consistent with our intention to qualify for taxation as a REIT and maintain our exclusion from registration under the Investment Company Act of 1940 (the “Investment Company Act”). See “Use of Proceeds” in this prospectus supplement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Restrictions on Ownership and Transfer |     | Our charter contains restrictions on the ownership and transfer of all classes or series of our stock, including the Series C Preferred Stock, that are intended to assist us in complying with the requirements for qualification as a REIT. Unless exempted by our Board, our charter provides, among other things, that subject to certain exceptions, no person or entity may actually or beneficially own, or be deemed to own by virtue of the applicable constructive ownership provisions of the Code more than 6.2% (in value or in number of shares, whichever is more restrictive) of the outstanding shares of our common stock or more than 6.2% in value of the aggregate of the outstanding shares of our capital stock, including the Series C Preferred Stock. See “Description of Capital Stock—Restrictions on Ownership and Transfer” in the accompanying prospectus.                                                                                                                                                                                                                            |

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| Risk Factors               |     | Investing in our securities involves significant risks. Before deciding to invest in our securities, please carefully read the section entitled “Risk Factors” herein and the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our other periodic reports filed with the SEC and incorporated by reference herein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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