Company: NREF
Filing Date: 2025-10-01
Form Type: 424B5
Source: 0001437749-25-030192
Chunk: 3

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-10-01
Form: 424B5
Chunk 3
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 held in escrow. Investors who are permitted to utilize the DRS Settlement method will pay the full purchase price for their shares to the escrow agent (as set forth in the subscription agreement), to be held in trust for the investors’ benefit pending release to us. Subscribers may not withdraw funds from the escrow account. Subscriptions will be effective upon our acceptance, and we reserve the right to reject any subscription in whole or in part. See the section entitled “Plan of Distribution” in this Prospectus Supplement and the Prior Prospectus Supplement for a description of these settlement methods.

<div align='center'>NexPoint Securities, Inc.
as Dealer Manager

The date of this Amendment No. 1 to Prospectus Supplement is October 1, 2025.

TABLE OF CONTENTS

Prospectus Supplement</div>

| EXPLANATORY NOTE                                          | S-ii  |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | S-iii |
| THE OFFERING                                              | S-1   |
| RISK FACTORS                                              | S-2   |
| USE OF PROCEEDS                                           | S-3   |
| DESCRIPTION OF SERIES B PREFERRED STOCK                   | S-5   |
| PLAN OF DISTRIBUTION                                      | S-6   |
| LEGAL MATTERS                                             | S-8   |
| EXPERTS                                                   | S-8   |

<div align='center'>S-i

Explanatory Note</div>

This Prospectus Supplement, the Prior Prospectus Supplement and the Prospectus are part of a registration statement that we filed with the SEC, using a “shelf” registration process. Under the Prior Prospectus Supplement, as amended and supplemented by this Prospectus Supplement, and the Prospectus, we may offer shares of our Series B Preferred Stock having an aggregate offering amount of up to 17,200,000 shares of Series B Preferred Stock from time to time.

In making your investment decision, you should rely only on the information contained or incorporated by reference in this Prospectus Supplement, the Prior Prospectus Supplement, the Prospectus and any free writing prospectus with respect to this offering filed by us with the SEC. You should also read and consider the information in the documents we have referred you to in the Prior Prospectus Supplement under the headings “Where You Can Find More Information” and “Incorporation of Certain Information by Reference.” These documents contain important information that you should consider when making your investment decision. We have not, and NexPoint Securities,