Company: NREF
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001437749-25-007771
Chunk: 76

Company: NexPoint Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 424B5
Chunk 76
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 or NASDAQ, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or NASDAQ. |

For purposes of the definition of Change of Control, a Permitted Holder includes the Manager and its affiliates.

For additional information regarding our Series A Preferred Stock, see our Registration Statement on Form 8-A filed with the SEC on July 20, 2020. See “Where You Can Find More Information.”

Description of Series B Preferred Stock

The Series B Preferred Stock generally provides for the following rights, preferences and obligations:

| • | Ranking. Our Series B Preferred Stock ranks, with respect to the payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up: |

| • | senior to our common stock and any class or series of our capital stock expressly designated as ranking junior to the Series B Preferred Stock as to distribution rights and rights upon our liquidation, dissolution or winding up; |

| • | on parity with our Series A Preferred Stock and any class or series of our capital stock expressly designated as ranking on parity with the Series B Preferred Stock as to distribution rights and rights upon our liquidation, dissolution or winding up; |

| • | junior to any class or series of our capital stock expressly designated as ranking senior to the Series B Preferred Stock as to distribution rights and rights upon our liquidation, dissolution or winding up; and |

| • | effectively junior to all of our existing and future indebtedness (including indebtedness convertible into our common stock or preferred stock) and to the indebtedness of our existing and future subsidiaries. |

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| • | Dividend Rights. The shares of our Series B Preferred Stock accrue a cumulative cash dividend at an annual rate of 9.00% on the $25.00 per share liquidation preference. |

| • | Liquidation Rights. Upon any voluntary or involuntary liquidation, dissolution or winding up of our company, before any payment or distribution will be made to holders of our common stock or any other class or series of capital stock ranking junior to our shares of Series B Preferred Stock, the holders of our Series B Preferred Stock are entitled to be paid out of our assets legally available for distribution to our stockholders a liquidation preference in cash or property, at fair market value as determined by our Board, of $25.00 per share, subject to appropriate adjustment in relation to any recapitalizations, stock dividends, stock splits, stock combination, re