Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 17

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 17
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 to our common stock and equal in seniority to the Series A Preferred Stock which is listed on NYSE and therefore is exempt from state registration. There are several advantages to both issuers and investors of a security being deemed a covered security. These include:

| ● | More Investors — Covered securities can be purchased by a broader range of investors than can non-covered securities. Non-covered securities are subject to suitability requirements that vary from state to state. These so-called “Blue Sky” regulations often prohibit the sale of securities to certain investors and may prohibit the sale of securities altogether until a specific volume of sales have been achieved in other states. |

| ● | Issuance Costs — Covered securities may have lower issuance costs since they avoid the expense of dealing with the various regulations of each of the 50 states, Washington, D.C., and U.S. territories. This could save time and money and allows issuers of covered securities the flexibility to make real estate investments at a time of their choosing. All of our investors would benefit from any lower issuance costs that may be achieved. |

There are several disadvantages to investors of a security being deemed a covered security. These include:

| ● | Lack of Quantitative Suitability Standards — Since there are no state-imposed quantitative investor suitability requirements, there is no prohibition on the sale of the securities to certain investors, including investors that may not meet the economic or other suitability standards that would have been imposed if the offering was required to be registered under the state securities laws. However, participating broker-dealers have to determine the investment is suitable for the investor and may be subject to Regulation Best Interest (“Reg BI”) as discussed in “Plan of Distribution—Compensation of Dealer Manager and Participating Broker-Dealers” and “Plan of Distribution—Settlement Procedures.” |

| ● | No State Review — Investors will not receive an additional level of review and possible protection afforded by the various state regulators. Also, investors will not receive the protections afforded by the substantive requirements of the states with respect to public offerings of non-traded REITs. |

<div align='center'>S-9

RISK FACTORS</div>

Investing in our securities involves significant risks. In addition to other information in this prospectus supplement, you should consider the specific risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 27,