Company: NREF
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001437749-25-007771
Chunk: 38

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 38
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<div align='center'>S-24</div>

Optional Redemption by the Company

Beginning on the first day of the month following the second anniversary of the date of original issuance of the shares of Series B Preferred Stock to be redeemed, we will have the right (but not the obligation) to redeem all or some portion of outstanding shares of Series B Preferred Stock at a redemption price equal to 100% of the liquidation preference, plus an amount equal to accrued but unpaid cash dividends thereon, if any, to but not including the date of redemption. If we choose to redeem any shares of Series B Preferred Stock, for so long as our common stock is listed or admitted to trading on the NYSE or another national securities exchange or automated quotation system, we will have the right, in our sole discretion, to pay the redemption price in cash or in equal value of shares of our common stock, based on the closing price per share of our common stock for the single trading day prior to the date of redemption. Any such redemption may be made conditional on such factors as may be determined by the Board and as set forth in the notice of redemption.

If fewer than all of the outstanding shares of Series B Preferred Stock are to be redeemed pursuant to the Company’s redemption right, the shares of Series B Preferred Stock to be redeemed will be redeemed pro rata (as nearly as may be practicable without creating fractional shares), by lot or by any other equitable method that the Company determines. If such redemption is to be by lot and, as a result of such redemption, any holder of shares of Series B Preferred Stock, other than a holder of shares of Series B Preferred Stock that has received an exemption, would become a holder of a number of shares of Series B Preferred Stock in excess of the aggregate stock ownership limit because such holder’s shares of Series B Preferred Stock were not redeemed, or were only redeemed in part, then, except as otherwise provided in Article VII of the Company’s charter, the Company will redeem the requisite number of shares of Series B Preferred Stock of such holder such that no holder will hold a number of shares in excess of the aggregate stock ownership limit subsequent to such redemption.

Unless full cumulative dividends on all shares of Series B Preferred Stock for all past Series B Cash Dividend Periods that have ended will have been or contemporaneously are declared and paid in cash or shares of common stock or declared and a sum sufficient for the payment thereof is set apart for payment, (i) no shares of Series B Preferred Stock will be redeemed at