Variable Interest Entities

6 Months Ended

Jun. 30, 2025

Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]

Variable Interest Entities

Variable Interest Entities

As of June 30, 2025, and December 31, 2024, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments:

Entities	Instrument	Asset Type	Percentage Ownership as of June 30, 2025			Percentage Ownership as of December 31, 2024		Relationship as of June 30, 2025	Relationship as of December 31, 2024
Unconsolidated Entities:
NexPoint Storage Partners, Inc.	Common stock	Self-storage	52.8	%		52.8	%	VIE	VIE
NexPoint Storage Partners Operating Company, LLC	LLC interest	Self-storage	35.7	%		29.5	%	VIE	VIE
Perilune Aero Equity Holdings One, LLC	LLC interest	Aircraft	16.4	%		16.4	%	VIE	VIE
Sandstone Pasadena Apartments, LLC	LLC Interest	Multifamily	50.0	%		50.0	%	VIE	VOE
Life Sciences II DST	DST investment	Life science	25.8	%		25.8	%	VIE	VIE
Semiconductor DST	DST investment	Industrial	19.2	%		16.8	%	VIE	VIE
Capital Acquisitions Partners, LLC	LLC interest	Multifamily	20.9	%		20.9	%	VIE	VIE
IQHQ Holdings, LP	LP interest	Life science	1.1	%		1.2	%	VIE	VIE
NexPoint Real Estate Finance Operating Partnership, L.P.	LP interest	Mortgage	15.6	%		15.6	%	VIE	VIE
VineBrook Homes Operating Partnership, L.P.	LP interest	Single-family rental	11.6	%		11.4	%	VIE	VIE
NexPoint SFR Operating Partnership, L.P.	LP interest	Single-family rental	30.8	%		30.8	%	VIE	VIE
NexAnnuity Holdings, Inc.	Preferred Shares	Annuities	100.0	%	(1)	100.0	%	VIE	VIE
AMS C-Store JV, LLC	Preferred Shares	Retail	100.0	%	(2)	N/A		VIE	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 units of AMS C-Store JV, LLC, but it does not own any of the outstanding common units of AMS C-Store JV, LLC.

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 June 30, 2025 and December 31, 2024.