Investments in DSTs

6 Months Ended

Jun. 30, 2025

Investments, All Other Investments [Abstract]

Investments in DSTs

Investments in DSTs

The Company invested in the Class 1 Beneficial Interests (“Class 1”) in two Delaware Statutory Trusts (DSTs). The Class 1 are accounted for as investments in equity securities without readily determinable fair values under the measurement alternative, which measures the investment at cost minus impairment, if any, plus or minus changes in fair

value when observable prices are identified. As the Class 1 are still being actively issued, the investments are held at cost with no upward or downward fair value adjustment nor impairment losses to date. Therefore, the fair value of the Investment in DSTs utilizing Level 3 inputs approximate their carrying amount. The Company recognized $0.5 million and $0.9 million in dividend income for the three and six months ended June 30, 2025, respectively, and $0.1 million and $0.1 million, respectively, in dividend income for the three and six months ended June 30, 2024, respectively.

As of June 30, 2025, the Company held the following investments (dollars in thousands):

Balances, as of June 30, 2025	Number of Shares	Carrying Amount
NexPoint Life Sciences II DST	1,044,040	$	9,600
NexPoint Semiconductor DST	2,625,618	23,959
Total		$	33,559

As of December 31, 2024, the Company held the following investments (dollars in thousands):

Balances, as of December 31, 2024	Number of Shares	Carrying Amount
NexPoint Life Sciences II DST	1,044,040	$	9,600
NexPoint Semiconductor DST	2,296,851	20,959
Total		$	30,559