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

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 25
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 financial or other interests of the broker-dealer ahead of the retail customer. This enhances the previous “suitability” standard of care applicable to investment recommendations.

The full impact of Reg BI on participating broker-dealers cannot be determined at this time and it may negatively affect whether participating broker-dealers and their associated persons recommend this offering to certain retail customers or the amount of Series B Preferred Stock which is recommended to such customers. In particular, under SEC guidance regarding Reg BI, a participating broker-dealer recommending an investment in the Series B Preferred Stock should consider a number of factors under the duty of care obligation of Reg BI, including, but not limited to, the cost and complexity of the investment and reasonably available alternatives, in determining whether there is a reasonable basis for the recommendation. Broker-dealers may recommend a more costly or complex product as long as they have a reasonable basis to believe it is in the best interest of a particular retail customer. However, if broker-dealers instead choose alternatives to the Series B Preferred Stock, many of which likely exist, our ability to raise capital will be adversely affected. You should ask your broker-dealer or other financial professional about whether reasonable alternatives exist for you, and how our offering compares to other types of investments that may have lower costs, complexities, and/or risks and that may be available for lower or no commission. If Reg BI reduces our ability to raise capital in this offering, it may harm our ability to achieve our objectives.

<div align='center'>S-17

USE OF PROCEEDS</div>

The table below estimates the proceeds raised in this offering assuming that we sell all remaining 7,881,334 shares of Series B Preferred Stock at the public offering price of $25.00 and that no shares of Series B Preferred Stock are sold in our “friends and family” program. We are not making any representations as to the actual outcome of this offering, as the number of shares of Series B Preferred Stock sold is uncertain and may differ significantly from what is shown on the tables below. For more information regarding the fees payable by us in this offering, see “Plan of Distribution.”

Estimated Proceeds of Offering

|                                   |     | Offering       
 Maximum Amount |                |     | Percent |        |   |
|:----------------------------------|:----|:---------------|---------------:|:----|:--------|-------:|:--|
| Aggregate gross offering proceeds |     | $              | 197,033,350.00 |     |         | 100.00 | % |