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

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 25
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S-13</div>

Holders of the Series C Preferred Stock have extremely limited voting rights.

The voting rights of holders of shares of Series C Preferred Stock will be extremely limited. Our common stock is the only class or series of our stock carrying full voting rights. Holders of Series C Preferred Stock have certain limited voting rights with respect to amendments to our charter (including the Articles Supplementary establishing the Series C Preferred Stock) in a manner that materially and adversely affects the rights of the holders of Series C Preferred Stock and with respect to the authorization, creation or increase in the number of shares of any class or series of our capital stock expressly designated as ranking senior to the Series C Preferred Stock as to distribution rights and rights upon our liquidation, dissolution or winding up. Other than in these limited circumstances, holders of Series C Preferred Stock will generally not have voting rights.

The amount of the liquidation preference is fixed and holders of Series C Preferred Stock will have no right to receive any greater payment.

The payment due upon liquidation is fixed at the Stated Value of $25.00 per share, plus an amount equal to accrued but unpaid cash dividends thereon, if any, to but not including the date of payment, whether or not authorized or declared. If, in the case of our liquidation, there are remaining assets to be distributed after payment of this amount, you will have no right to receive or to participate in these amounts.

Our charter, including the Articles Supplementary establishing the Series C Preferred Stock, contains restrictions upon ownership and transfer of such preferred stock and shares of our common stock which may be issued upon the redemption of shares of Series C Preferred Stock, at the Company’s option.

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. You should