Company: NREF
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001437749-25-007771
Chunk: 4

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 4
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 offering is NexPoint Securities, Inc. (“NexPoint Securities”), an affiliate of our Manager. The dealer manager is not required to sell any specific number or dollar amount of shares of Series B Preferred Stock, but will use its “reasonable best efforts” to sell the shares of Series B Preferred Stock offered. The minimum permitted purchase is generally $5,000, but purchases of less than $5,000 may be made in the sole discretion of the dealer manager. This offering will terminate on the earlier of the date we sell all remaining 7,881,334 shares of Series B Preferred Stock and December 29, 2026 (which is the third anniversary of the effective date of the registration statement of which this prospectus supplement and accompanying prospectus form 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 B Preferred Stock through The Depository Trust Company (“DTC”) settlement (“DTC Settlement”); or, under special circumstances, through Direct Registration System settlement (“DRS 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 March 14, 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-3   |
| RISK FACTORS                                                 | S-11  |
| USE OF PROCEEDS                                              | S-18  |
| DESCRIPTION OF SERIES B PREFERRED STOCK                      | S-20  |
| SUPPLEMENTAL MATERIAL U.S