Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 37

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 37
---
 and be cumulative from and including, the first day of the Series C Cash Dividend Period in which such share is issued. If a share of the Series C Preferred Stock is issued after the record date for the Series C Cash Dividend Period in which such share is issued, the Series C Cash Dividends payable on such share will begin accruing on, and be cumulative from and including, the first day of the first Series C Cash Dividend Period commencing after its issuance. A “Series C Cash Dividend Period” will be the respective period commencing on and including the first day of each month and ending on and including the day preceding the first day of the next succeeding Series C Cash Dividend Period.

The timing and amount of any dividends on the Series C Preferred Stock will be determined by our Board, in its sole discretion, and may vary from time to time. All such dividends will accrue and be paid on the basis of a 360-day year consisting of twelve 30-day months. Dividends on the Series C Preferred Stock will accrue whether or not (i) we have earnings, (ii) there are funds legally available for the payment of such dividends and (iii) such dividends are authorized by our Board or declared by us. Accrued dividends on the Series C Preferred Stock will not bear interest.

When cumulative dividends are not paid in full (or a sum sufficient for such full payment is not set apart) upon the Series C Preferred Stock and the shares of any class or series of Parity Stock, all dividends declared upon the Series C Preferred Stock and any class or series of Parity Stock will be declared pro rata so that the amount of dividends declared per share of Series C Preferred Stock and such class or series of Parity Stock will in all cases bear to each other the same ratio that accumulated dividends per share on the Series C Preferred Stock and such class or series of Parity Stock (which will not include any accrual in respect of unpaid dividends for prior dividend periods if such Parity Stock does not have a cumulative dividend) bear to each other.

Holders of shares of our Series C Preferred Stock are not entitled to any dividend in excess of full dividends on shares of our Series C Preferred Stock. Unless full dividends on shares of our Series C Preferred Stock for all past dividend periods have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof in full is set apart for payment, we will not:

• declare and pay or declare and set apart for payment dividends