Company: NREF
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001437749-25-007770
Chunk: 40

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 40
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 A Preferred Stock, none of the securities that we may offer by this prospectus is listed on any national securities exchange or automated quotation system.

We are an“emerging growth company”and a“smaller reporting company”under the 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 entitled“Risk Factors”on page 2 herein and the“Risk Factors”section contained in the applicable prospectus supplement and in the documents incorporated by reference in this prospectus.

This prospectus may not be used to offer to sell any securities unless accompanied by a prospectus supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is December 29, 2023.

TABLE OF CONTENTS</div>

Page

| ABOUT THIS PROSPECTUS                                         |  ii |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS     | iii |
| NEXPOINT REAL ESTATE FINANCE, INC.                            |   1 |
| RISK FACTORS                                                  |   2 |
| USE OF PROCEEDS                                               |   3 |
| DESCRIPTION OF CAPITAL STOCK                                  |   4 |
| DESCRIPTION OF WARRANTS                                       |  14 |
| DESCRIPTION OF DEBT SECURITIES                                |  16 |
| CERTAIN PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS |  19 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS               |  25 |
| PLAN OF DISTRIBUTION                                          |  49 |
| WHERE YOU CAN FIND MORE INFORMATION                           |  51 |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE             |  52 |
| LEGAL MATTERS                                                 |  53 |
| EXPERTS                                                       |  53 |

<div align='center'>i

ABOUT THIS PROSPECTUS</div>

This prospectus is part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission (the “SEC”) using a “shelf” registration process. Under this shelf process, we may from time to time sell any combination of the securities described in this prospectus in one or more offerings.

This prospectus provides you with a general description of the