Company: NREF
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001437749-25-007771
Chunk: 2

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 2
---
 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.

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-11 of this 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 and the accompanying 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 or the accompanying prospectus. Any representation to the contrary is a criminal offense.

| Offering                         |     | Per Share |       |     | Maximum     
 Offering(1) |                |     |    |   |
|:---------------------------------|:----|:----------|------:|:----|:------------|---------------:|:----|:---|:--|
| Public offering price            |     | $         | 25.00 |     | $           | 197,033,350.00 |     | (2 | ) |
| Selling commissions(3)(4)(5)     |     | $         |  1.75 |     | $           |  13,792,334.50 |     |    |   |
| Dealer manager fee (3)           |     | $         |  0.75 |     | $           |   5,911,000.50 |     |    |   |
| Proceeds, before expenses, to us |     | $         | 22.50 |     | $           | 177,330,015.00 |     |    |   |

| (1) | Assumes that all shares of Series B Preferred Stock offered in this offering are sold and that no shares of Series B Preferred Stock are sold as part of our “friends and family” program. |
| (2) | Initial gross proceeds.                                                                                                                                                                    |

| (3) | Selling commissions and the dealer manager fee will equal up