Company: NREF
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001437749-25-007771
Chunk: 52

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 52
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     | $                                     | 24.25 |
| 3.0                | % |     | $                                     | 24.00 |
| 2.0                | % |     | $                                     | 23.75 |
| 1.0                | % |     | $                                     | 23.50 |
| 0.0                | % |     | $                                     | 23.25 |

Additional information related to the fixed prices being offered to the public and which participating broker-dealers are selling the Series B Preferred Stock at such prices may be obtained by contacting Investor Services.

As part of our “friends and family” program, we may sell shares of Series B Preferred Stock to our 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. As used herein, we consider a family member to be a spouse, parent, stepparent, child, stepchild, sibling, cousin, mother- or father-in-law, son- or daughter-in-law or brother- or sister-in-law or a trust for the benefit of such persons, and includes adoptive relationships. 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 B 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. The dealer manager will serve as the broker-dealer of record for these sales. The net proceeds to us will not be affected by reducing the compensation payable in connection with such sales. “Friends and family” program investors will be expected to hold their Series B Preferred Stock for investment and not with a view towards distribution.

<div align='center'>S-33</div>

Underwriting Compensation

The table below sets forth the nature and estimated amount of selling commission and dealer manager fees assuming we sell all the shares of Series B Preferred Stock offered hereby and that no shares of Series B Preferred Stock are sold in our “friends and family” program.

| Selling commissions (maximum) |     | $ | 13,792,334.50 |
| Dealer manager