NEXPOINT ASSET MANAGEMENT, L.P.

Dallas, TX · CIK 1469877 · 13F filing filed 2025-08-14

SEC-registered investment adviser since 2009 · limited partnership

Assets managed$2.8bn
Staff6 · 6 in investment roles
Main clients (by assets)Mutual funds and ETFs 100%
Websitenexpointassetmgmt.com
Form ADV · 2026-03-31SEC adviser record

Legal entityNEXPOINT ASSET MANAGEMENT, L.P. (US)

$1.0bn reported value -0.4% vs Q1 2025

85positions

59.1%in top 10

30 new 18 added 3 reduced 25 sold out vs Q1 2025

Options: 0 call positions (— notional), 1 put positions ($45.9m notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

NexPoint Advisors, L.P. – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NEXPOINT REAL ESTATE FIN INC COM NREF	NREF	8,587,364	$118.4m11.29%	11.29%	Unchanged
2	SKECHERS U S A INC CL A SKX	SKX	1,215,521	$76.7m7.31%	7.31%	New
3	SPRINGWORKS THERAPEUTICS INC COM SWTX	SWTX	1,583,116	$74.4m7.09%	7.09%	New
4	JUNIPER NETWORKS INC COM JNPR	JNPR	1,584,932	$63.3m6.03%	6.03%	Added +665.7k	+665,732 72.4%
5	BLUEPRINT MEDICINES CORP COM BPMC	BPMC	476,742	$61.1m5.82%	5.82%	New
6	WALGREENS BOOTS ALLIANCE INC COM WBA	WBA	4,398,679	$50.5m4.81%	4.81%	New
7	AVIDXCHANGE HOLDINGS INC COM AVDX	AVDX	5,084,553	$49.8m4.74%	4.74%	New
8	TXNM ENERGY INC COM TXNM	TXNM	775,705	$43.7m4.16%	4.16%	Added +759.4k	+759,355 4644.4%
9	HESS CORP COM HES	HES	312,545	$43.3m4.13%	4.13%	Added +133.5k	+133,520 74.6%
10	RADIUS RECYCLING INC CL A RDUS	RDUS	1,324,802	$39.3m3.75%	3.75%	New
11	FRONTIER COMMUNICATIONS PARE COM FYBR	FYBR	1,035,863	$37.7m3.59%	3.59%	Added +1.0m	+1,018,553 5884.2%
12	KELLANOVA COM K	K	441,308	$35.1m3.34%	3.34%	Added +94.3k	+94,343 27.2%
13	NEXPOINT RESIDENTIAL TR INC COM NXRT	NXRT	926,759	$30.9m2.94%	2.94%	Added +7.4k	+7,412 0.8%
14	SITIO ROYALTIES CORP CLASS A COM STR	STR	1,263,577	$23.2m2.21%	2.21%	New
15	DUN & BRADSTREET HLDGS INC COM DNB	DNB	2,518,888	$22.9m2.18%	2.18%	Added +2.4m	+2,421,888 2496.8%
16	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	1,250,962	$22.7m2.16%	2.16%	Added +53.5k	+53,450 4.5%
17	INFORMATICA INC COM CL A INFA	INFA	778,110	$18.9m1.81%	1.81%	New
18	NEXPOINT DIVERSIFIED REL ET COM NEW NXDT	NXDT	4,412,120	$18.5m1.76%	1.76%	Added +427.4k	+427,408 10.7%
19	COUCHBASE INC COM BASE	BASE	679,990	$16.6m1.58%	1.58%	New
20	E2OPEN PARENT HOLDINGS INC COM CL A ETWO	ETWO	4,767,915	$15.4m1.47%	1.47%	Added +4.4m	+4,443,995 1371.9%
21	VISTRA CORP COM VST	VST	75,500	$14.6m1.39%	1.39%	Added +9.0k	+9,000 13.5%
22	TELESAT CORP CL A & CL B SHS TSAT	TSAT	534,306	$13.1m1.24%	1.24%	Reduced -56.6k	-56,617 -9.6%
23	TALOS ENERGY INC COM TALO	TALO	1,427,931	$12.1m1.15%	1.15%	Unchanged
24	TARGA RES CORP COM TRGP	TRGP	65,800	$11.5m1.09%	1.09%	Unchanged
25	WHITESTONE REIT COM COM		875,255	$10.9m1.04%	1.04%	Unchanged
26	GUILD HLDGS CO CL A CL A		424,820	$8.4m0.80%	0.80%	New
27	AZEK CO INC CL A AZEK	AZEK	150,500	$8.2m0.78%	0.78%	New
28	BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B BHR 5.5 PERP b	BHR 5.5 PERP b	556,919	$7.3m0.70%	0.70%	Reduced -8.8k	-8,831 -1.6%
29	CENTRAL PUERTO S A SPONSORED ADR CEPU	CEPU	530,000	$6.2m0.59%	0.59%	Unchanged
30	WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT WES	WES	139,050	$5.4m0.51%	0.51%	Unchanged
31	VICTORIAS SECRET AND CO COMMON STOCK VSXY	VSXY	265,541	$4.9m0.47%	0.47%	New
32	HIGHLAND OPPORTUNITIES HIGHLAND INCOME HFRO	HFRO	918,047	$4.8m0.45%	0.45%	Unchanged
33	PHILLIPS 66 COM PSX	PSX	36,475	$4.4m0.41%	0.41%	Added +21.5k	+21,513 143.8%
34	ALEXANDRIA REAL ESTATE EQ IN COM ARE	ARE	56,000	$4.1m0.39%	0.39%	Unchanged
35	DICKS SPORTING GOODS INC COM DKS	DKS	20,000	$4.0m0.38%	0.38%	New
36	YETI HLDGS INC COM YETI	YETI	125,000	$3.9m0.38%	0.38%	New
37	PLAYAGS INC COM AGS	AGS	309,463	$3.9m0.37%	0.37%	Added +94.8k	+94,762 44.1%
38	READY CAPITAL CORP COM RC	RC	873,021	$3.8m0.36%	0.36%	Unchanged
39	INTERNATIONAL PAPER CO COM IP	IP	72,030	$3.4m0.32%	0.32%	New
40	SOTERA HEALTH CO COM SHC	SHC	300,631	$3.3m0.32%	0.32%	New
41	TRIMAS CORP COM NEW TRS	TRS	99,600	$2.8m0.27%	0.27%	Unchanged
42	LAMB WESTON HLDGS INC COM LW	LW	52,387	$2.7m0.26%	0.26%	Added +1.2k	+1,171 2.3%
43	ALLETE INC COM NEW ALE	ALE	38,987	$2.5m0.24%	0.24%	New
44	CACI INTL INC CL A CACI	CACI	5,133	$2.4m0.23%	0.23%	Unchanged
45	ECOVYST INC COM ECVT	ECVT	287,687	$2.4m0.23%	0.23%	Unchanged
46	CHART INDS INC COM GTLS	GTLS	14,265	$2.3m0.22%	0.22%	New
47	PARSONS CORP DEL COM PSN	PSN	32,288	$2.3m0.22%	0.22%	Unchanged
48	GREEN PLAINS INC COM GPRE	GPRE	382,563	$2.3m0.22%	0.22%	Unchanged
49	COTY INC COM CL A COTY	COTY	486,974	$2.3m0.22%	0.22%	Added +90.7k	+90,674 22.9%
50	REYNOLDS CONSUMER PRODS INC COM REYN	REYN	105,600	$2.3m0.22%	0.22%	Unchanged
51	KBR INC COM KBR	KBR	45,914	$2.2m0.21%	0.21%	Added +8.1k	+8,115 21.5%
52	CRESUD S A C I F Y A SPONSORED ADR CRESY	CRESY	169,419	$1.8m0.17%	0.17%	Unchanged
53	FORTIVE CORP COM FTV	FTV	25,775	$1.3m0.13%	0.13%	New
54	SERITAGE GROWTH PPTYS CL A SRG	SRG	417,500	$1.3m0.12%	0.12%	Unchanged
55	MARTIN MIDSTREAM PRTNRS L P UNIT L P INT MMLP	MMLP	408,240	$1.2m0.11%	0.11%	Unchanged
56	WILLSCOT HLDGS CORP COM CL A WSC	WSC	37,415	$1.0m0.10%	0.10%	Added +25.7k	+25,665 218.4%
57	TECK RESOURCES LTD CL B TECK	TECK	24,415	$985.9k0.09%	0.09%	Unchanged
58	HERON THERAPEUTICS INC COM HRTX	HRTX	475,750	$984.8k0.09%	0.09%	Unchanged
59	CHARLES RIV LABS INTL INC COM CRL	CRL	5,615	$852.0k0.08%	0.08%	New
60	ADOBE INC COM ADBE	ADBE	2,153	$833.0k0.08%	0.08%	New
61	AMENTUM HOLDINGS INC COM AMTM	AMTM	35,263	$832.6k0.08%	0.08%	Reduced -8.6k	-8,637 -19.7%
62	KENVUE INC COM KVUE	KVUE	39,410	$824.9k0.08%	0.08%	New
63	FREEPORT-MCMORAN INC CL B FCX	FCX	18,950	$821.5k0.08%	0.08%	New
64	SIMPLY GOOD FOODS CO COM SMPL	SMPL	25,778	$814.3k0.08%	0.08%	Added +12.6k	+12,578 95.3%
65	CALAVO GROWERS INC COM COM		30,586	$813.3k0.08%	0.08%	New
66	HIGHLAND GLOBAL ALLOCATION F COM HGLB	HGLB	86,246	$750.7k0.07%	0.07%	Unchanged
67	LIONSGATE STUDIOS CORP COM LION	LION	129,199	$750.6k0.07%	0.07%	New
68	LOMA NEGRA C I A S A MTN 14 SPONSORED ADS LOMA	LOMA	64,000	$702.1k0.07%	0.07%	Unchanged
69	BAUSCH PLUS LOMB CORP COMMON SHARES BLCO	BLCO	50,158	$652.6k0.06%	0.06%	Unchanged
70	INDIE SEMICONDUCTOR INC CLASS A COM INDI	INDI	165,959	$590.8k0.06%	0.06%	Unchanged
71	SAFEHOLD INC COM SAFE	SAFE	37,256	$579.7k0.06%	0.06%	Unchanged
72	DIAMONDBACK ENERGY INC COM FANG	FANG	4,000	$549.6k0.05%	0.05%	New
73	RALLIANT CORP COM RAL	RAL	8,591	$416.6k0.04%	0.04%	New
74	IRON MTN INC DEL COM IRM	IRM	3,800	$389.8k0.04%	0.04%	Unchanged
75	CLEARWAY ENERGY INC CL C CWEN	CWEN	12,100	$387.2k0.04%	0.04%	Unchanged
76	CORE NATURAL RESOURCES INC COM SHS CNR	CNR	5,368	$374.4k0.04%	0.04%	Unchanged
77	WHEELER REAL ESTATE INVT TR CV PFD SER B WHLR 9 PERP B	WHLR 9 PERP B	82,301	$325.9k0.03%	0.03%	New
78	DIGITAL RLTY TR INC COM DLR	DLR	1,800	$313.8k0.03%	0.03%	Unchanged
79	MID-AMER APT CMNTYS INC COM MAA	MAA	1,800	$266.4k0.03%	0.03%	Unchanged
80	GRUPO SUPERVIELLE S.A. SPONSORED ADR SUPV	SUPV	24,300	$257.3k0.02%	0.02%	Unchanged
81	CLEAN HARBORS INC COM CLH	CLH	1,000	$231.2k0.02%	0.02%	New
82	DARLING INGREDIENTS INC COM DAR	DAR	5,600	$212.5k0.02%	0.02%	New
83	CLEAN ENERGY FUELS CORP COM CLNE	CLNE	26,200	$51.1k0.00%	0.00%	Unchanged
84	UR-ENERGY INC COM URG	URG	15,000	$15.8k0.00%	0.00%	Unchanged
85	PHOENIX BIOTECH ACQUISITION *W EXP 09/01/202 CEROW	CEROW	108,741	$2.6k0.00%	0.00%	Unchanged

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
INTRA-CELLULAR THERAPIES INC ITCI	ITCI	691,280	$91.2m691.3k shares
PATTERSON COS INC PDCO	PDCO	2,862,800	$89.4m2.9m shares
NORDSTROM INC JWN	JWN	3,508,133	$85.8m3.5m shares
PAYCOR HCM INC		3,176,062	$71.3m3.2m shares
BEACON ROOFING SUPPLY INC BECN	BECN	465,150	$57.5m465.1k shares
SOLARWINDS CORP SWI	SWI	2,914,876	$53.7m2.9m shares
ENSTAR GROUP LIMITED ESGR	ESGR	124,414	$41.4m124.4k shares
DESPEGAR COM CORP DESP	DESP	1,845,650	$34.7m1.8m shares
AIR TRANSPORT SERVICES GRP I ATSG	ATSG	1,236,975	$27.8m1.2m shares
UNITED STATES STL CORP NEW X	X	495,550	$20.9m495.6k shares
PACTIV EVERGREEN INC PTVE	PTVE	833,016	$15.0m833.0k shares
ENFUSION INC		883,523	$9.9m883.5k shares
MERCADOLIBRE INC MELI	MELI	3,000	$5.9m3.0k shares
PAMPA ENERGIA S A PAM	PAM	67,700	$5.2m67.7k shares
AMER SOFTWARE INC AMSWA	AMSWA	326,260	$4.7m326.3k shares
ALTUS POWER INC AMPS	AMPS	923,850	$4.6m923.9k shares
ENTERPRISE PRODS PARTNERS L EPD	EPD	78,631	$2.7m78.6k shares
BROOKFIELD RENEWABLE PARTNER BEP	BEP	53,106	$1.2m53.1k shares
LIONSGATE STUDIOS CORP		88,370	$660.1k88.4k shares
VITAL FARMS INC VITL	VITL	18,300	$557.6k18.3k shares
GOODYEAR TIRE & RUBR CO GT	GT	54,900	$507.3k54.9k shares
MARINEMAX INC HZO	HZO	21,000	$451.5k21.0k shares
MYR GROUP INC DEL MYRG	MYRG	3,030	$342.7k3.0k shares
CANADA GOOSE HLDGS INC GOOS	GOOS	37,450	$297.7k37.5k shares
FRONTLINE PLC FRO	FRO	11,200	$166.3k11.2k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
JUNIPER NETWORKS INC JNPR · Put	JNPR	Put	1,149,000	$45.9m1.1m shares	Unchanged