Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 36

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 36
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 for a listing of the Series C Preferred Stock on any national securities exchange.

The transfer agent, registrar and dividend disbursement agent for the Series C Preferred Stock is Equiniti Trust Company, LLC.

Ranking

The Series C Preferred Stock will rank, with respect to dividend rights and rights upon our liquidation, winding-up or dissolution:

• senior to all classes or series of our common stock and to any other class or series of Junior Stock issued in the future unless the terms of that capital stock expressly provide that it ranks senior to, or on parity with, the Series C Preferred Stock;

• on parity with our Parity Stock; and

• junior to any other class or series of our capital stock, the terms of which expressly provide that it will rank senior to the Series C Preferred Stock, none of which exists on the date hereof, and subject to payment of or provision for our debts and other liabilities.

Dividends

Subject to the preferential rights of the holders of any class or series of our capital stock ranking senior to the Series C Preferred Stock if any such class or series is authorized in the future, the holders of Series C Preferred Stock are entitled to receive, when, as and if authorized by our Board and declared by us out of legally available funds, cumulative cash dividends on each share of Series C Preferred Stock at an annual rate of 8.00% of the Stated Value (each, a “Series C Cash Dividend”). We expect Series C Cash Dividends will be authorized and declared on a quarterly basis, payable monthly on the 5th day of each month (or if such payment date is not a business day, on the immediately succeeding business day, with the same force and effect as if made on such date) to holders of record on the 25th day of the prior month (or if such record date is not a business day, on the immediately preceding business day, with the same force and effect as if made on such date), unless our results of operations, our general financing conditions, general economic conditions, applicable provisions of Maryland law or other factors make it imprudent to do so or we are contractually unable to or our governing documents prevent us from doing so.

<div align='center'>S-19</div>

If a share of the Series C Preferred Stock is issued prior to the record date for the Series C Cash Dividend Period (defined below) in which such share is issued, the Series C Cash Dividends payable on such share will begin accruing on,