Company: NREF
Filing Date: 2025-10-01
Form Type: 424B5
Source: 0001437749-25-030192
Chunk: 2

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-10-01
Form: 424B5
Chunk 2
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 family” program. The dealer manager may also waive or reduce the dealer manager fee with respect to sales of Series B Preferred Stock in its sole discretion. See “Plan of Distribution.” |
| (4) | 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. In addition, our dealer manager may also reallow a portion of the dealer manager fee to participating broker-dealers as a non-accountable marketing allowance. The amount of the reallowance of selling commissions to any participating broker-dealer will be determined pursuant to the participating broker-dealer agreement. The amount of reallowance of the dealer manager fee will be determined by the dealer manager in its sole discretion.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (5) | To the extent a participating broker-dealer reduces its selling commissions below 7.0%, the offering price per share of Series B Preferred Stock will be decreased by an amount equal to such reduction. No selling commissions will apply for shares of Series B Preferred Stock sold in our “friends and family” program. See “Plan of Distribution” in this Prospectus Supplement and the Prior Prospectus Supplement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

The dealer manager for this offering is NexPoint Securities, Inc. (“NexPoint Securities”), an affiliate of our Manager. The dealer manager is not required to sell any specific number or dollar amount of shares of Series B Preferred Stock, but will use its “reasonable best efforts” to sell the shares of Series B Preferred Stock offered. The minimum permitted purchase is generally $5,000, but purchases of less than $5,000 may be made in the sole discretion of the dealer manager. This offering will terminate on the earlier of the date we sell all remaining 3,482,858 shares of Series B Preferred Stock and December 29, 2026 (which is the third anniversary of the effective date of the 2023 Registration Statement of which this Prospectus Supplement, the Prior Prospectus Supplement and the Prospectus form a part), which may be extended by our board of directors (our “Board”) in its sole discretion. Our Board may elect to terminate this offering at any time.

We will sell shares of our Series B Preferred Stock through The Depository Trust Company (“DTC”) settlement (“DTC Settlement”); or, under special circumstances, through Direct Registration System settlement (“DRS Settlement”). Investors who utilize DTC Settlement will not have their funds