Company: NREF
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001437749-25-007770
Chunk: 2

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 2
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 Series A Preferred Stock sold through it as sales agent from time to time under the equity distribution agreement. Each of the sales agents may be deemed an “underwriter” within the meaning of the Securities Act, and the compensation paid to the sales agents may be deemed to be underwriting discounts or commissions.

We are organized and conduct our operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes. To assist us in qualifying as a REIT, among other purposes, our charter generally limits any person from beneficially or constructively owning more than 6.2% in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock or 6.2% in value of the outstanding shares of all classes or series of our stock, including the Series A Preferred Stock. See “Description of Capital Stock-Restrictions on Ownership and Transfer” beginning on page 11 of the accompanying prospectus.

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-5 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 Securities and Exchange Commission, or 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.

| Raymond James |     | Keefe, Bruyette & Woods 
 A Stifel Company        |     | Baird |     | Virtu |

<div align='center'>The date of this prospectus supplement is March 14, 2025.

TABLE OF CONTENTS

Prospectus Supplement</div>

| ABOUT THIS PROSPECTUS SUPPLEMENT AND THE PROSPECTUS       | S-ii  |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | S-iii |
| PROSPECTUS SUPPLEMENT SUMMARY                             | S-1   |
| THE OFFERING                                              | S-2   |
| RISK FACTORS