NEXPOINT REAL ESTATE FINANCE REIT

NPORT-P false 0001710680 XXXXXXXX Highland Opportunities and Income Fund 811-23268 0001710680 254900CMUE9FRYL2UR80 200 CRESCENT COURT SUITE 700 DALLAS 75201 9726284100 Highland Opportunities and Income Fund 254900CMUE9FRYL2UR80 2026-12-31 2026-03-31 N 872679110.25 245869506.46 626809603.79 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 3303132.23000000 UST MSCI US REIT Index RMZ Index NEXPOINT REAL ESTATE FINANCE, INC. N/A NEXPOINT REAL ESTATE FINANCE REIT 65342V101 4372285.79100000 NS USD 58894689.60000000 9.395945633872 Long EC US N 1 N N N/A N/A NXDT HOSPITALITY CONVERTIBLE PROMISSORY NOTE N/A 43121364.00000000 PA USD 31784757.40000000 5.070879132644 Long DBT CORP US N 3 N/A Floating 3.69684360 N N N N N N SOUTH STREET SECURITIES FUNDING LLC N/A SOUTH STREET SECURITIES FUNDING LLC 144A 6.250000% 12/30/2026 84046SAF5 4000000.00000000 PA USD 3920000.00000000 0.625389269133 Long DBT CORP US Y 2 2026-12-30 Fixed 6.25000000 N N N N N N N/A N/A SAPIENCE WARRANTS 08/23/2027 003CVR016 360000.00000000 NS USD 540000.00000000 0.086150562584 Long EC US N 3 N N N N/A N/A NFRO SFR REIT SUB N/A 4869446.44600000 NS USD 67294050.45000000 10.73596352753 Long EC US N 3 N N N N/A N/A DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A 261908107 5496212.78000000 PA USD 5496212.78000000 0.876855227930 Long STIV US N 1 N N N NORTHWOODS CAPITAL LIMITED N/A NORTHWOODS CAPITAL XII-B LTD WOODS 2018-12BA F 66858EAC7 4000000.00000000 PA USD 1600000.00000000 0.255260926176 Long ABS-CBDO CORP KY Y 2 2031-06-15 Floating 12.10561920 N N N N N N CIFC FUNDING LTD N/A CIFC 2014-4RA SUB - Cifc Funding 2014-IV-R Ltd 10/17/2030 12549WAE2 3324756.00000000 PA USD 547919.79000000 0.087414070666 Long ABS-MBS KY N 2 2030-10-17 Floating 13.37000016 N N N N N N TALOS ENERGY INC. 549300OKFHZ84SFJFT95 TALOS ENERGY INC COMMON STOCK 87484T108 139112.00000000 NS USD 2192405.12000000 0.349772100928 Long EC US N 1 N N N NEXPOINT REAL ESTATE FINANCE, INC. N/A Nexpoint Real Estate Finance Inc PREFERRED STOCK 65342V408 150977.00000000 NS USD 3442275.60000000 0.549174036132 Long EP US N 1 N N N MidWave Wireless, Inc. Tranche J Loan N/A MidWave Wireless, Inc. Tranche J Loan 12/31/2025 N/A 258334.91000000 PA USD 256759.07000000 0.040962848757 Long LON US N 2 2028-03-01 Floating 12.99999960 N N N N N N N/A N/A NFRO REIT SUB LLC NFRO REIT SUB II N/A 104718415.90000000 NS USD 68164149.00000000 10.87477737862 Long EC US N 3 N N N N/A N/A NFRO REIT SUB LLC NFRO REIT SUB 933DXD000 116277473.30000000 NS USD 97471801.25000000 15.55046391450 Long EC US N 3 N N N N/A N/A NFRO HOLDINGS, LLC N/A 2513991.49000000 NS USD 71502752.38000000 11.40741174794 Long EC US N 3 N N N N/A N/A JUNIOR CREDIT TERM LOAN N/A 20284335.37000000 PA USD 20284335.37000000 3.236123895892 Long DBT CORP US N 3 N/A Floating 12.99999960 N N N N N N WHEELER REAL ESTATE INVESTMENT TRUST, INC. 5493005TOFFG62ETJY29 Wheeler Real Estate Investment Trust Inc PREFERRED STOCK 963025606 2990.00000000 NS USD 115503.70000000 0.018427238399 Long EP US N 2 N N N N/A N/A NEXPOINT CREDIT CATALYST-Z MUTUAL FUND 430101576 1036128.20300000 NS USD 25229721.74000000 4.025101336585 Long EC US N 1 N N N N/A N/A NXLST PROM NOTE 1 4.2% 12/31/28 N/A 5852169.85000000 PA USD 5852169.85000000 0.933643935034 Long DBT CORP US N 3 N/A Floating 4.20000120 N N N N N N MIDWAVE WIRELESS H N/A MIDWAVE WIRELESS H 2/28/2022 N/A 92443.68000000 PA USD 91879.77000000 0.014658321991 Long LON US N 3 2028-03-01 Floating 12.99999960 N N N N N N N/A N/A NREF OP IV REIT SUB, LLC TERM LOAN @ FIXED 7.50% N/A 6500000.00000000 PA USD 6207500.00000000 0.990332624526 Long DBT CORP US N 3 2027-10-18 Floating 7.49999880 N N N N N N N/A N/A SPE OPERATING PARTNERSHIP, L.P. PROMISSORY NOTE N/A 12224765.00000000 PA USD 12224765.00000000 1.950315522621 Long DBT CORP US N 2 N/A Floating 5.15000160 N N N N N N SARANAC CLO LIMITED N/A SARANAC CLO III LTD SRANC 2014-3A ER 803166AG2 3293223.17000000 PA USD 1330462.16000000 0.212259377003 Long ABS-CBDO CORP JE Y 2 2030-06-22 Floating 11.45619000 N N N N N N CIFC FUNDING LTD N/A CIFC 2014-5A SUB - CIFC FUNDING 2014-V LTD 10/17/2031 12550BAE4 2000000.00000000 PA USD 530000.00000000 0.084555181796 Long ABS-MBS KY N 2 2031-10-17 Floating 0.00000000 N N N N N N MidWave Wireless, Inc. Tranche K Loan N/A MidWave Wireless, Inc. Tranche K Loan 12/31/2025 N/A 1919354.42000000 PA USD 1907646.36000000 0.304342235419 Long LON US N 2 2028-03-01 Floating 12.99999960 N N N N N N CIFC FUNDING LTD N/A CIFC 2015-1A SUB - CIFC Funding 2015-I Ltd 1/22/2031 12548NAG8 3000000.00000000 PA USD 1500.00000000 0.000239307118 Long ABS-MBS KY N 2 2031-01-22 Floating 0.00000000 N N N N N N CIFC FUNDING LTD N/A CIFC 2014-1A SUB - CIFC Funding 2014 Ltd 1/18/2031 12549LAE6 2500000.00000000 PA USD 50000.00000000 0.007976903943 Long ABS-MBS KY N 2 2031-01-18 Floating 0.00000000 N N N N N N NEXPOINT DIVERSIFIED REAL ESTATE TRUST 5493008KGR2NU3OXMR64 NEXPOINT DIVERSIFIED REAL ES REIT 65340G205 1559149.00000000 NS USD 7281225.83000000 1.161632780668 Long EC US N 1 N N N N/A N/A MEANINGFUL PARTNERS DEDICATEDCAPITAL VEHICLE II LP COMMON STOCK N/A 453675.43760000 NS USD 14263555.76000000 2.275580283670 Long EC US N 3 N N N N/A N/A SAPIENCE WARRANTS 08/23/2027 003CVR016 1800000.00000000 NS USD 2700000.00000000 0.430752812923 Long EC US N 3 N N N N/A N/A NXDT HOSPITALITY CONVERTIBLE PROM NOTE N/A 6400000.00000000 PA USD 4717440.00000000 0.752611314739 Long DBT CORP US N 3 N/A Floating 7.49999880 N N N N N N N/A N/A LLV HOLDCO INC LLVHSBM01 N/A 435.65000000 NS USD 25956.03000000 0.004140975161 Long EC US N 3 N N N N/A N/A APNIMED, INC SERIES C-2 N/A 144132.00000000 NS USD 1847772.24000000 0.294790033341 Long EP US N 3 N N N N/A N/A APNIMED, INC SERIES C-1 N/A 270246.00000000 NS USD 3199712.64000000 0.510476007491 Long EP US N 3 N N N COVENANT CREDIT PARTNERS CLO N/A CLOVER CREDIT PARTNERS CLO III LTD CLVR 2017-1A F 22284JAC3 2308142.58000000 PA USD 46162.85000000 0.007364732403 Long ABS-CBDO CORP KY Y 2 2029-10-15 Floating 11.88380160 N N N N N N DAIWA CAPITAL MARKETS AMERICA INC N/A DAIWA CAPITAL MARKETS AMERICA INC. SLRPA 3.660% 04/01/2026 N/A 15985 PA USD 15985 0.002550216190 Long RA JP N 2 2026-04-01 Fixed 3.66 N N N Repurchase Y 3.66 2026-04-01 15985 USD 15985 USD N N CITADEL SECURITIES LLC N/A CITADEL SECURITIES LLC SLRPA 3.730% 04/01/2026 N/A 226000 PA USD 226000 0.036055605822 Long RA US N 2 2026-04-01 Fixed 3.73 N N N Repurchase Y 3.73 2026-04-01 226000 USD 226000 USD N N CLAYMORE COMMON STOCK N/A CLAYMORE COMMON STOCK N/A 11561679.50000000 NS USD 0.00000000 0.000000 Long EC US N 3 N N N N/A N/A NEXPOINT STORAGE PARTNERS SERIES A PREFERRED STOCK N/A 16103.16000000 NS USD 9311169.21000000 1.485486047708 Long EC US N 3 N N N N/A N/A TCAL MEZZ LENDER, LLC PROMISSORY NOTE N/A 23310000.00000000 PA USD 23294211.90000000 3.716313815096 Long DBT CORP US N 3 2027-11-26 Floating 12.99999960 N N N N N N MIDWAVE WIRELESS 5/20 TL N/A MIDWAVE WIRELESS 5/20 TL 2/28/2022 N/A 99081.32700000 PA USD 98476.93000000 0.015710820224 Long LON US N 3 2028-03-01 Floating 12.99999960 N N N N N N N/A N/A SAPIENCE THERAPEUTICS PROMISSORY NOTE N/A 15000000.00000000 PA USD 16480500.00000000 2.629267308661 Long DBT CORP US N 3 N/A Floating 11.99999880 N N N N N N N/A N/A MIDWAVE WIRELESS, INC COMMON STOCK N/A 27134.00000000 NS USD 11707506.98000000 1.867793171835 Long EC US N 3 N N N N/A N/A SAPIENCE THERAPEUTICS PROMISSORY NOTE 2 N/A 3000000.00000000 PA USD 3296100.00000000 0.525853461732 Long DBT CORP US N 3 2027-08-23 Floating 11.99999880 N N N N N N LAKE AT LAS VEGAS N/A LAKE AT LAS VEGAS 12/31/2022 50202LAB0 6718796.93000000 PA USD 6248481.14000000 0.996870676871 Long LON US N 3 2026-12-31 Floating 5.00000040 N N N N N N MIDWAVE WIRELESS N/A MIDWAVE WIRELESS 2/27/2020 N/A 12750823.34000000 PA USD 12673043.32000000 2.021832984589 Long LON US N 3 2028-03-01 Floating 12.99999960 N N N N N N TRQ PLANO, LLC N/A TRQ PLANO, LLC 12/31/2049 N/A 55000000.00000000 PA USD 48620000.00000000 7.756741394200 Long LON US N 3 2033-12-28 Floating 8.49999960 N N N N N N N/A N/A VALUE CREATION INC LX113920 N/A 1118286.00000000 NS USD 43613.15000000 0.006957958164 Long EC US N 3 N N N N/A N/A NFRO SPE, LLC - PROM NOTE N/A 6383152.60000000 PA USD 6383152.60000000 1.018355902877 Long DBT CORP US N 2 2026-12-30 Floating 5.45000040 N N N N N N N/A N/A SAPIENCE SERIES B-1 PREFERRED SHARES N/A 3440476.00000000 NS USD 9942975.64000000 1.586283231762 Long EC US N 3 N N N N/A N/A SAPIENCE SERIES B PREFERRED SHARES N/A 2361111.00000000 NS USD 8240277.39000000 1.314638024078 Long EC US N 3 N N N WHEELER REAL ESTATE INVESTMENT TRUST, INC. 5493005TOFFG62ETJY29 Wheeler Real Estate Investment Trust Inc PREFERRED STOCK 963025309 82301.00000000 NS USD 571991.95000000 0.091254496826 Long EP US N 2 N N N IHEARTCOMMUNICATIONS, INC. 54930076J6KDZL504O62 IHEARTCOMMUNICATIONS INC 144A 9.125000% 05/01/2029 45174HBJ5 2945.00000000 PA USD 2677.31000000 0.000427132893 Long DBT CORP US Y 2 2029-05-01 Fixed 9.12500000 N N N N N N N/A N/A CCS MEDICAL INC.(CHRONIC CARE) LX113924 N/A 12026660.00000000 NS USD 21864467.88000000 3.488215200883 Long EC US N 3 N N N THL CREDIT WIND RIVER CLO LLC N/A WINDR 2014-2A SUB - THL CREDIT WIND RIVER 2014-2 C 1/15/2031 88432BAC2 5955627.00000000 PA USD 14889.07000000 0.002375373623 Long ABS-MBS KY N 2 2031-01-15 Floating 0.00000000 N N N N N N N/A N/A LLV HOLDCO INC LLVHSAM01 N/A 34511.92000000 NS USD 2056220.19000000 0.328045418826 Long EC US N 3 N N N CIFC FUNDING LTD N/A CIFC 2013-2A SUB - CIFC Funding 2013-II Ltd 10/18/2030 12548YAD1 5462500.00000000 PA USD 12290.63000000 0.001960823498 Long ABS-MBS KY N 2 2030-10-18 Floating 0.00000000 N N N N N N N/A N/A NEXLS LLC N/A 994.27240000 NS USD 60675412.17000000 9.680038691673 Long EC US N 3 N N N N/A N/A SFR OPERATING PARTNERSHIP, L.P. CONVERTIBLE NOTE N/A 45000000.00000000 PA USD 44010000.00000000 7.021270850652 Long DBT CORP US N 3 N/A Floating 7.49999880 N N N N N N MP CLO LTD N/A ACAS CLO 2015-1 LTD MP7 2015-1A FRR 55320TAD5 6728581.95000000 PA USD 554435.15000000 0.088453518683 Long ABS-CBDO CORP KY Y 2 2028-10-18 Floating 11.83924080 N N N N N N N/A N/A IQHQ INC PRIVATE COMPANY 44988Q106 2006665.00000000 NS USD 8387859.70000000 1.338183022289 Long EC US N 3 N N N OZLM FUNDING LTD N/A OZLM XXII LTD OZLM 2018-22A E 67111XAC6 3418727.43000000 PA USD 341872.74000000 0.054541720154 Long ABS-CBDO CORP KY Y 2 2031-01-17 Floating 11.31923880 N N N N N N BRAEMAR HOTELS & RESORTS INC. 549300JDUUEBN868C776 Braemar Hotels & Resorts Inc PREFERRED STOCK 10482B200 100000.00000000 NS USD 1454000.00000000 0.231968366663 Long EP US N 1 N N N NEXPOINT RESIDENTIAL TRUST, INC. 549300U2J6XVYBF87166 NEXPOINT RESIDENTIAL REIT 65341D102 213700.00000000 NS USD 5342500.00000000 0.852332186312 Long EC US N 1 N N N 2026-03-31 Highland Income Fund Stephanie Vitiello Stephanie Vitiello CCO XXXX