Company: NREF
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001437749-25-007770
Chunk: 39

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 39
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 LLP. Attorneys at Winston & Strawn LLP who have been involved in such matters own less than 0.5% of our common stock. Hunton Andrews Kurth LLP is acting as counsel to the sales agents.

<div align='center'>S-22

EXPERTS</div>

The consolidated financial statements of NexPoint Real Estate Finance, Inc. as of December 31, 2023 and 2022, and for the years then ended have been incorporated by reference herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

<div align='center'>S-23</div>

PROSPECTUS

<div align='center'>$750,000,000

NexPoint Real Estate Finance, Inc.

Common Stock

Preferred Stock

Warrants

Debt</div>

NexPoint Real Estate Finance, Inc., a Maryland corporation, from time to time, may offer to sell up to an aggregate of $750,000,000 of common stock, preferred stock, warrants and debt securities in one or more primary offerings. The preferred stock, warrants and debt securities may be convertible into, or exercisable or exchangeable for, our common stock or our preferred stock.

We may offer and sell these securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. This prospectus describes some of the general terms that may apply to these securities. The specific terms of any securities to be offered, including the specific plan of distribution for any such securities, will be described in a supplement to this prospectus. Prospectus supplements may also add, update or change information contained in this prospectus. You should read this prospectus and any applicable prospectus supplement carefully before you invest.

Shares of our common stock are listed on the New York Stock Exchange (the “NYSE”) under the symbol “NREF” and shares of our 8.50% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) are listed on the NYSE under the symbol “NREF-PRA.” On December 19, 2023, the last reported sales price for our common stock on the NYSE was $15.41 per share and the last reported sales price for our Series A Preferred Stock on the NYSE was $21.10 per share. As of the date of this prospectus, other than our common stock and Series