Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 21

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 21
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, warrants or options would dilute the interests of the holders of common stock, and any issuance of securities senior to the common stock or additional indebtedness, could affect our ability to pay dividends on such common stock. Further, depending upon the terms of such transactions, most notably the offering price per share, existing stockholders may also experience dilution in the book value of their investment in us. The issuance of shares of our common stock upon redemption of Series C Preferred Stock also may have the effect of reducing our net income per share (or decreasing our net loss per share). Stockholders have no rights to buy additional shares of stock or other securities if we issue new shares of stock or other securities.

None of the provisions relating to the Series C Preferred Stock relate to or limit our indebtedness or afford the holders of Series C Preferred Stock protection in the event of a highly leveraged or other transaction, including a merger or the sale, lease or conveyance of all or substantially all our assets or business, that might adversely affect a holder of Series C Preferred Stock.

Further, holders of preferred stock are normally entitled to receive a preference payment if we liquidate, dissolve, or wind up before any payment is made to the common stockholders, likely reducing the amount common stockholders would otherwise receive upon such an occurrence. In addition, under certain circumstances, the issuance of additional preferred stock may delay, prevent, render more difficult or tend to discourage a merger, tender offer, or proxy contest, the assumption of control by a holder of a large block of our securities, or the removal of incumbent management.

<div align='center'>S-11</div>

The Company’s 5.75% Senior Unsecured Notes due 2026 (the“5.75% Notes”), the OP’s 7.875% Senior Unsecured Notes due 2026 (the“OP Notes”) and future offerings of debt securities or shares of our capital stock expressly designated as ranking senior to our Series C Preferred Stock as to distribution rights and rights upon our liquidation, dissolution or winding up may adversely affect value of our Series C Preferred Stock.

The indenture governing the 5.75% Notes and the note purchase agreement governing the OP Notes restrict our operating flexibility and if we decide to issue additional debt securities or shares of our capital stock, including traded or non-traded preferred stock, expressly designated as ranking senior to the Series C Preferred Stock as to distribution rights and rights upon our liquidation, dissolution or winding up in the future, it is possible that those securities