Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 3

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 3
---
 a part), which may be extended by our board of directors (our “Board”) in its sole discretion. Our Board may elect to terminate this offering at any time.

We will sell shares of our Series C Preferred Stock through The Depository Trust Company (“DTC”) settlement (“DTC Settlement”); or through Direct Registration System settlement (“DRS Settlement”). We may also utilize Delivery Versus Payment settlement (“DVP Settlement”), which is a type of DTC Settlement. Investors who utilize DTC Settlement will not have their funds held in escrow. Investors who are permitted to utilize the DRS Settlement method will pay the full purchase price for their shares to the escrow agent (as set forth in the subscription agreement), to be held in trust for the investors’ benefit pending release to us. Subscribers may not withdraw funds from the escrow account. Subscriptions will be effective upon our acceptance, and we reserve the right to reject any subscription in whole or in part. See the section entitled “Plan of Distribution” in this prospectus supplement for a description of these settlement methods.

<div align='center'>NexPoint Securities, Inc.
as Dealer Manager

The date of this prospectus supplement is November 4, 2025.

TABLE OF CONTENTS

Prospectus Supplement</div>

| ABOUT THIS PROSPECTUS SUPPLEMENT AND THE PROSPECTUS          | S-ii  |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS    | S-iii |
| PROSPECTUS SUPPLEMENT SUMMARY                                | S-1   |
| THE OFFERING                                                 | S-2   |
| RISK FACTORS                                                 | S-10  |
| USE OF PROCEEDS                                              | S-18  |
| DESCRIPTION OF SERIES C PREFERRED STOCK                      | S-19  |
| SUPPLEMENTAL MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS | S-29  |
| PLAN OF DISTRIBUTION                                         | S-30  |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE            | S-39  |
| LEGAL MATTERS                                                | S-40  |
| EXPERTS                                                      | S-40  |

| Prospectus                                                    |     |
| ABOUT THIS PROSPECTUS                                         |  ii |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS     | iii |
| NEXPOINT REAL ESTATE FINANCE, INC.                            |   1 |
| RISK FACTORS                                                  |