Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 1

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 1
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 6.2% in value of the outstanding shares of all classes or series of our stock, including the Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock. See “Description of Capital Stock—Restrictions on Ownership and Transfer” beginning on page 11 of the accompanying prospectus.

Shares of our common stock are listed on the New York Stock Exchange (the “NYSE”) and the NYSE Texas under the symbol “NREF.” On November 3, 2025, the last reported sale price of our common stock on the NYSE was $13.70 per share. There is currently no public trading market for the Series C Preferred Stock, and we do not expect a market to develop. We do not intend to apply for a listing of the Series C Preferred Stock on any national securities exchange.

As part of our “friends and family” program, we may sell shares of Series C Preferred Stock to NexPoint Real Estate Advisors VII, L.P. (our “Manager”), who acts as our external manager, and its affiliates, our directors and officers, the families of or persons or entities having prior relationships with any of the foregoing, or persons who are selected by the dealer manager in consultation with the Company. There will be no selling commissions with respect to any such sales and the dealer manager may in consultation with the Company waive or reduce the dealer manager fee. As a result, the public offering price per share of Series C Preferred Stock sold in our “friends and family” program will be decreased by an amount equal to the discount. The dealer manager in consultation with the Company will make all final determinations regarding whether an individual or entity falls within the friends and family category and whether the dealer manager fee will be waived or reduced, including the extent of any reduction.

We are an“emerging growth company”and a“smaller reporting company”under federal securities laws and are subject to reduced public company reporting requirements. Investing in our securities involves a high degree of risk. Before investing in our Series C Preferred Stock, you should read carefully the section entitledRisk Factorsbeginning on page S-10 of this prospectus supplement and the risks set forth under the caption“Item 1A. Risk Factors”in our most recent Annual Report on Form 10-K, as well as additional risks that may be described in future reports or information that we file with the Securities and Exchange Commission (the“SEC”), which are incorporated by reference in this prospectus supplement and the accompanying prospectus.

Neither the SEC nor any state