Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2025

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

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.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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