
Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Investment Basis		Share of Investee's Net Assets (1)		Basis Difference (2)		Share of Earnings (Loss)
Sandstone Pasadena Apartments, LLC	LLC interest	Multifamily	50.0	%		$	9,667	$	(9,590)	$	19,257	$	341
AM Uptown Hotel, LLC	LLC interest	Hospitality	60.0	%	(3)	(1,340)		101		(1,441)		101

Las Vegas Land Owner, LLC	LLC interest	Land	77.0	%	(4)	12,322		12,323		(1)		2
Perilune Aero Equity Holdings One, LLC	LLC interest	Aircraft	16.4	%	(8)	12,602		10,742		1,860		102
Capital Acquisitions Partners, LLC	LLC interest	Multifamily	20.9	%		614		1,717		(1,103)		206
						$	33,865	$	15,293	$	18,572	$	752

Below is a summary of the Company's investments as of June 30, 2025 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "Investments, at fair value" on the Consolidated Balance Sheets.


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Fair Value
NexPoint Real Estate Finance Operating Partnership, L.P.	LP interest	Mortgage	15.6	%	(6)	$67,145
NexPoint Real Estate Finance, Inc.	Common stock	Mortgage	11.8	%	(6)	28,959

Claymore Holdings, LLC	LLC interest	N/A	50.0	%	(5)	—



LLV Holdco, LLC	LLC interest	Land	26.8	%		2,918
NexPoint Storage Partners, Inc.	Common stock	Self-storage	52.8	%	(3)	50,844
NexPoint Storage Partners Operating Company, LLC	LLC interest	Self-storage	35.7	%		35,094
VineBrook Homes Operating Partnership, L.P.	LP interest	Single-family rental	11.6	%	(6)	134,076
NexPoint SFR Operating Partnership, L.P.	LP interest	Single-family rental	30.8	%		33,322
AMS C-Store JV, LLC	Preferred stock	Retail	100.0	%	(9)	13,461
						$	365,819


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Investment Basis		Share of Investee's Net Assets (1)		Basis Difference (2)		Share of Earnings (Loss)
Sandstone Pasadena Apartments, LLC	LLC interest	Multifamily	50.0	%		$	10,055	$	(9,590)	$	19,645	$	70
AM Uptown Hotel, LLC	LLC interest	Hospitality	60.0	%	(3)	18,081		14,970		3,111		(155)
Las Vegas Land Owner, LLC	LLC interest	Land	77.0	%	(4)	12,321		12,321		—		10
Perilune Aero Equity Holdings One, LLC	LLC interest	Aircraft	16.4	%	(8)	13,565		10,488		3,077		1,414
Capital Acquisitions Partners, LLC	LLC interest	Multifamily	20.9	%		407		1,717		(1,310)		126
						$	54,429	$	29,906	$	24,523	$	1,465

Below is a summary of the Company's investments as of December 31, 2024 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "Investments, at fair value" on the Consolidated Balance Sheets.


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Fair Value
NexPoint Real Estate Finance Operating Partnership, L.P.	LP interest	Mortgage	15.6	%	(6)	$76,396
NexPoint Real Estate Finance, Inc.	Common stock	Mortgage	12.0	%	(6)	32,949

Claymore Holdings, LLC	LLC interest	N/A	50.0	%	(5)	—
Allenby, LLC	LLC interest	N/A	50.0	%	(5)	—
Haygood, LLC	LLC interest	N/A	31.0	%	(7)	—
LLV Holdco, LLC	LLC interest	Land	26.8	%		2,606
NexPoint Storage Partners, Inc.	Common stock	Self-storage	52.8	%	(3)	62,709
NexPoint Storage Partners Operating Company, LLC	LLC interest	Self-storage	29.5	%		34,172
VineBrook Homes Operating Partnership, L.P.	LP interest	Single-family rental	11.4	%	(6)	151,706
NexPoint SFR Operating Partnership, L.P.	LP interest	Single-family rental	30.8	%		37,953

						$	398,491

(2)Represents the difference between the basis at which the investments in unconsolidated ventures are carried by the Company and the Company's proportionate share of the equity method investee's net assets. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture.

(3)The Company owns greater than 50% of the outstanding common equity but is not deemed to be the primary beneficiary or have a controlling financial interest of the investee and as such, accounts for the investee using the equity method.

(4)The Company owns 100% of Las Vegas Land Owner, LLC which owns 77% of a joint venture that owns an 8.5 acre tract of land (the "Tivoli North Property"). Through a tenants in common arrangement, the Company shares control and as such accounts for this investment using the equity method.

(5)The Company has a 50% non-controlling interest in Claymore Holdings, LLC (“Claymore”) and Allenby, LLC, (“Allenby”). The Company has determined it is not the primary beneficiary and does not consolidate these entities.

(6)The Company owns less than 20% of the investee but has significant influence due to members of the management team serving on the board of the investee or its parent and as such, accounts for the investee using the equity method.

(7)The Company has a 31% non-controlling interest in Haygood, LLC, (“Haygood”). The Company has determined it is not the primary beneficiary and does not consolidate this entity.

(8)The Company owns less than 20% of the investee but has significant influence due to the legal nature of a partnership that implies an inherent right to influence the operating and financial policies of the partnership.

(9)The Company owns 100% of the preferred units in AMS C-Store JV, LLC but is not deemed to be the primary beneficiary or have a controlling financial interest of the investee and as such, accounts for the investee using the equity method.

As of June 30, 2025, the Company held an equity method investment in AM Uptown, LLC (“Marriott Uptown”). The Company accounts for this investment under the equity method of accounting, as it has the ability to exercise significant influence over operating and financial policies.

During the three months ended June 30, 2025, the Company received cash distributions of $2.2 million from Marriott Uptown. These distributions exceeded the Company’s equity method investment balance, which was $0.8 million as of March 31, 2025. Because the Company has continuing obligations to Marriott Uptown, including a guarantee of certain recourse debt, the excess of distributions over the carrying value of the investment was not recognized as a gain. Instead, the Company recorded a liability of $1.4 million, which is presented within “Accounts payable and other accrued liabilities” on the Consolidated Balance Sheets.

For the three months ended June 30, 2025, the Company also recognized its share of net income from Marriott Uptown, of approximately $0.1 million, reducing the liability to $1.3 million as of June 30, 2025.

The Company will continue to evaluate the investment for indications of other-than-temporary impairment and will assess whether its obligations under the guarantee require recognition of additional liabilities.

For its interim reporting, the Company assesses and presents summarized financial information for its significant equity method investments in accordance with Rule 10-01(b)(1) of Regulation S-X. The Company reports the financial information on a three-month lag to align with the availability of investee financials. NexPoint Real Estate Finance, Inc. ("NREF"), VineBrook Homes Trust, Inc. ("VineBrook") and NexPoint Storage Partners, Inc. (“NSP”) do not prepare standalone financials for their operating companies as all operations and investments are owned through their operating companies and are consolidated by the corporate entities.

The table below presents summarized statement of operations for the three months ended March 31, 2025 for the Company’s equity method investments (dollars in thousands):


	VineBrook		NSP

Revenues
Rental income	$	90,384	$	29,697
Net interest income	—		403
Other income	2,377		1,277
Total revenues	92,761		31,377

Expenses
Total expenses	130,943		27,317

Gain (loss) on sales of real estate	(464)		—
Other income (expense)	(506)		(22,392)
Unrealized gain (loss) on derivatives	—		—
Total comprehensive income (loss)	$	(39,152)	$	(18,332)

The table below presents the summarized statement of operations for the three months ended March 31, 2024 for the Company’s significant equity method investments (dollars in thousands):


	NREF		VineBrook

Revenues
Rental income	$	2,087	$	88,783
Net interest income	(12,814)		—
Other income	124		1,502
Total revenues	(10,603)		90,285

Expenses
Total expenses	11,026		129,441

Gain (loss) on sales of real estate	—		(3,887)
Other income (expense)	6,988		(1,028)
Unrealized gain (loss) on derivatives	—		2,773
Total comprehensive income (loss)	$	(14,641)	$	(41,298)