Company: NREF
Filing Date: 2025-10-01
Form Type: 424B5
Source: 0001437749-25-030192
Chunk: 17

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-10-01
Form: 424B5
Chunk 17
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 the shares of Series B Preferred Stock, as will be described more fully in the applicable participating broker-dealer agreement.

<div align='center'>S-7

LEGAL MATTERS</div>

Certain legal matters regarding the validity of the shares of Series B Preferred Stock offered hereby and certain matters of Maryland law have been passed upon for us by Ballard Spahr LLP, Baltimore, Maryland. In addition, the description of material U.S. federal income tax matters will be passed upon for us by Winston & Strawn LLP. Attorneys at Winston & Strawn LLP who have been involved in such matters own less than 0.5% of our common stock.

<div align='center'>EXPERTS</div>

The consolidated financial statements of NexPoint Real Estate Finance, Inc. as of December 31, 2024 and 2023, and for the three years ended December 31, 2024, have been incorporated by reference herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

<div align='center'>S-8

NexPoint Real Estate Finance, Inc.

9.00% Series B Cumulative Redeemable Preferred Stock

(Liquidation Preference $25.00 per share of Series B Cumulative Redeemable Preferred Stock)

Maximum of 3,482,858 Shares

AMENDMENT NO. 1 TO PROSPECTUS SUPPLEMENT

NexPoint Securities

October 1, 2025</div>