Company: NREF
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001437749-25-007771
Chunk: 26

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 26
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| Offering expenses:                |     |                |                |     |         |        |   |
| Selling commissions(1)            |     | $              |  13,792,334.50 |     |         |   7.00 | % |
| Dealer manager fee(1)             |     | $              |   5,911,000.50 |     |         |   3.00 | % |
| Other offering expenses(2)        |     | $              |   2,462,916.88 |     |         |   1.25 | % |
| Estimated net proceeds            |     | $              | 174,867,098.13 |     |         |  88.75 | % |

| (1) | Assumes maximum selling commissions equal to 7.0% of aggregate gross offering proceeds and a dealer manager fee of 3.0% of aggregate gross offering proceeds from the sale of Series B Preferred Stock in this offering. Our dealer manager will reallow all or any portion of the selling commissions to the participating broker-dealer who sold the shares of Series B Preferred Stock. The amount of the reallowance of selling commissions to any participating broker-dealer will be determined pursuant to the participating broker-dealer agreement. See the “Plan of Distribution” section of this prospectus supplement for a description of these commissions and fees. We or our affiliates also may provide permissible forms of non-cash compensation to registered representatives of our dealer manager and the participating broker-dealers, including gifts. In no event will such gifts exceed an aggregate value of $100 per annum per participating salesperson, or be pre-conditioned on achievement of a sales target. The value of such items will be considered underwriting compensation, and the corresponding payments of our dealer manager fee will be reduced by the aggregate value of such items. The aggregate combined selling commissions, dealer manager fee and permissible forms of non-cash compensation, and all other forms of underwriting compensation, for this offering will not exceed FINRA’s 10.0% cap. Our dealer manager will repay to us any excess payments made to our dealer manager over FINRA’s 10.0% cap if this offering is abruptly terminated before reaching the maximum amount of offering proceeds. With respect to sales of shares of Series B Preferred Stock as part of our “friends and family” program, there will be no selling commissions with respect to any such sales and the dealer manager may in consultation with the Company waive or