Company: NREF
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001437749-25-033056
Chunk: 14

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-11-04
Form: 424B5
Chunk 14
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 in this prospectus supplement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

<div align='center'>S-7</div>

| Voting Rights                          |     | Holders of our Series C Preferred Stock have no voting rights, except as set forth in the Articles Supplementary establishing the Series C Preferred Stock. The affirmative vote of the holders of at least two-thirds of the outstanding shares of Series C Preferred Stock, voting together as a single class with the holders of any other class or series of our preferred stock upon which like voting rights have been conferred and are exercisable, is required for us to authorize, create or increase the number of shares of any class or series of our capital stock expressly designated as ranking senior to the Series C Preferred Stock as to distribution rights and rights upon our liquidation, dissolution or winding up. In addition, the affirmative vote of at least two-thirds of the outstanding shares of Series C Preferred Stock (voting as a separate class) is required to amend our charter (including the Articles Supplementary establishing the Series C Preferred Stock) in a manner that materially and adversely affects the rights of the holders of Series C Preferred Stock. 
 Among other things, we may, without any vote of the holders of Series C Preferred Stock, issue additional shares of Series C Preferred Stock and we may authorize and issue additional shares of any class or series of capital stock ranking junior to the Series C Preferred Stock as to distribution rights and rights upon our liquidation, dissolution or winding up (“Junior Stock”) or on parity with our Series A Preferred Stock, Series B Preferred Stock and any class or series of capital stock expressly designated as ranking on parity with the Series C Preferred Stock as to distribution rights and rights upon liquidation, dissolution or winding up (“Parity Stock”). See “Description of Series C Preferred Stock—Voting Rights” in this prospectus supplement.                                                                                                                                                                                                                                                                                                                               |
| Use of Proceeds                        |     | Assuming we sell all 8,000,000 shares of Series C Preferred Stock at the public offering price of $25.00 and that no shares of Series C Preferred Stock are sold in our “friends and family” program, we estimate that we will receive net proceeds of approximately $177,500,000. We are not making any representations as to the actual outcome of this offering. As of the date of this prospectus supplement, we have issued no shares of Series C Preferred Stock in this offering.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 We intend to contribute the net proceeds from the issuance of sales of our Series C Preferred Stock