Company: NREF
Filing Date: 2025-10-01
Form Type: 424B5
Source: 0001437749-25-030192
Chunk: 1

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-10-01
Form: 424B5
Chunk 1
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. 333-276177), which was declared effective December 29, 2023 (the "2023 Registration Statement").

We are filing this Prospectus Supplement to amend the Prior Prospectus Supplement to increase the total maximum offering amount of shares of Series B Preferred Stock issuable and saleable pursuant to the 2023 Registration Statement by 1,200,000 shares to 17,200,000 shares of Series B Preferred Stock offered.

As of the date hereof, the Company has sold 13,717,142 shares of Series B Preferred Stock pursuant to the 2022 Registration Statement and 2023 Registration Statement. Accordingly, a maximum of 3,482,858 shares of Series B Preferred Stock may be issued and sold pursuant to the Prior Prospectus Supplement and this Prospectus Supplement.

Shares of our common stock are listed on the New York Stock Exchange (the “NYSE”) and NYSE Texas under the symbol “NREF.” On September 30, 2025, the last reported sale price of our common stock on the NYSE and NYSE Texas was $14.18 per share. There is currently no public trading market for the Series B Preferred Stock, and we do not expect a market to develop. We do not intend to apply for a listing of the Series B Preferred Stock on any national securities exchange.

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. You should read carefully the section entitledRisk Factorsbeginning on page S-2 of this Prospectus Supplement, the risks set forth under the caption“Risk Factors”in the Prior 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 SEC, which are incorporated by reference in this Prospectus Supplement, the Prior Prospectus Supplement and the Prospectus.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this Prospectus Supplement, the Prior Prospectus Supplement or the Prospectus. Any representation to the contrary is a criminal offense.

| Offering                         |     | Per Share |       |     | Maximum     
 Offering(1) |               |    |
|:---------------------------------|:----|:----------|------:|: