7. Variable Interest Entities As of December 31, 2025, and 2024, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments:
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Percentage Ownership as of |
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Relationship as of |
Entities |
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Instrument |
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Asset Type |
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December 31, 2025 |
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December 31, 2024 |
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December 31, 2025 |
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December 31, 2024 |
Unconsolidated Entities: |
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NexPoint Storage Partners, Inc. |
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Common stock |
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Self-storage |
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53.0 |
% |
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52.8 |
% |
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VIE |
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VIE |
NexPoint Storage Partners Operating Company, LLC |
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LLC interest |
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Self-storage |
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33.8 |
% |
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29.5 |
% |
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VIE |
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VIE |
Perilune Aero Equity Holdings One, LLC |
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LLC interest |
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Aircraft |
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16.4 |
% |
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16.4 |
% |
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VIE |
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VIE |
Sandstone Pasadena Apartments, LLC |
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LLC interest |
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Multifamily |
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50.0 |
% |
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50.0 |
% |
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VIE |
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VOE |
Life Sciences II DST |
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DST investment |
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Life science |
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25.8 |
% |
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25.8 |
% |
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VIE |
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VIE |
Semiconductor DST |
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DST investment |
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Industrial |
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19.2 |
% |
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16.8 |
% |
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VIE |
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VIE |
Capital Acquisitions Partners, LLC |
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LLC interest |
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Multifamily |
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20.9 |
% |
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20.9 |
% |
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VIE |
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VIE |
NexPoint Real Estate Finance Operating Partnership, L.P. |
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LP interest |
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Mortgage |
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12.9 |
% |
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15.6 |
% |
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VIE |
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VIE |
VineBrook Homes Operating Partnership, L.P. |
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LP interest |
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Single-family rental |
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12.3 |
% |
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11.4 |
% |
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VIE |
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VIE |
NexPoint SFR Operating Partnership, L.P. |
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LP interest |
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Single-family rental |
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28.0 |
% |
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30.8 |
% |
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VIE |
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VIE |
IQHQ Holdings, LP |
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LP interest |
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Life science |
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0.9 |
% |
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1.2 |
% |
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VIE |
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VIE |
NexAnnuity Holdings, Inc. |
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Preferred Shares |
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Annuities |
(1) |
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100 |
% |
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100 |
% |
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VIE |
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VIE |
AMS C-Store JV, LLC |
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Preferred Shares |
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Retail |
(2) |
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100 |
% |
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0 |
% |
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VIE |
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N/A |
(1)The Company owns 100% of the preferred stock of NexAnnuity Holdings, Inc. ("NHI"), but it does not own any of the outstanding common stock of NHI. (2)The Company owns 100% of the preferred stock of AMS, but it does not own any of the outstanding common stock of AMS. The maximum exposure to loss of value for the VIE investments includes both the carrying value of each investment, as presented in the tables in Note 8 and 10, and the Company’s exposure through additional arrangements. The Company has provided guarantees on certain debt obligations of some of the VIEs, see Note 14 for further details. Consolidated VIEs The Company did not have any consolidated VIEs as of December 31, 2025 and 2024.
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