Company: NREF
Filing Date: 2025-10-01
Form Type: 424B5
Source: 0001437749-25-030192
Chunk: 9

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-10-01
Form: 424B5
Chunk 9
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 in our other filings with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act before making an investment decision. Each of the risks described in these documents could materially and adversely affect our business, financial condition, results of operations and prospects and could result in a partial or complete loss of your investment. See“Incorporation of Certain Information by Reference” in the Prior Prospectus Supplement. Some statements in this Prospectus Supplement, including statements in the following risk factors, constitute forward-looking statements. See“Cautionary Statement Regarding Forward-Looking Statements”in this Prospectus Supplement.

Additional Risks Related to our Company

Recent changes in tax law may impact your investment in our Series B Preferred Stock.

On July 4, 2025, President Trump signed into law the legislation known as the One Big Beautiful Bill Act (the “OBBBA”). The OBBBA made significant changes to the U.S. federal income tax laws in various areas. Among the notable changes, the OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017, most of which were set to expire after December 31, 2025. These include the permanent extension of (i) the reduced marginal U.S. federal income tax rates and (ii) the 20% deduction on “qualified REIT dividends” for individuals and other non-corporate taxpayers and (iii) the limitation on non-corporate taxpayers using “excess business losses” to offset other income. The OBBBA also increased the percentage limit under the REIT asset test applicable to taxable REIT subsidiaries (“TRSs”) from 20% to 25% for taxable years beginning after December 31, 2025. As a result, for taxable years beginning after December 31, 2025, the aggregate value of all securities of TRSs held by a REIT may not exceed 25% of the value of its gross assets. You are urged to consult with your tax advisors with respect to the OBBBA and its potential effect on an investment in our Series B Preferred Stock.

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USE OF PROCEEDS</div>

The table below estimates the proceeds raised in this offering assuming that we sell all remaining 3,482,858 shares of Series B Preferred Stock at the public offering price of $25.00 and that no shares of Series B Preferred Stock are sold in our “friends and family