UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAP 8.250000% 10/15/2023

NPORT-P false 0001663712 XXXXXXXX NEXPOINT REAL ESTATE STRATEGIES FUND 811-23129 0001663712 254900I8YGFSQ717PG17 200 CRESCENT COURT SUITE 700 DALLAS 75201 9726284100 NEXPOINT REAL ESTATE STRATEGIES FUND 254900I8YGFSQ717PG17 2019-12-31 2019-09-30 N 21832296.49 2946985.81 18885310.68 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 USD N UNITI GROUP INC. 549300V3NU625PJUVA84 UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAP 8.250000% 10/15/2023 20341WAD7 500000.00000000 PA USD 455000.00000000 2.409279930363 Long DBT CORP US N 2 2023-10-15 Fixed 8.25000000 N N N N N N FREMF MORTGAGE TRUST N/A FREMF 2019-K97 MORTGAGE TRUST FREMF 2019-K97 X2A 30298PAN2 10178112.00000000 PA USD 81671.31000000 0.432459446306 Long DBT USGA US N 2 2029-07-25 Floating 0.10000080 N N N N N N UNITI GROUP INC. 549300V3NU625PJUVA84 UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CA 7.125000% 12/15/2024 20341WAE5 500000.00000000 PA USD 439375.00000000 2.326543669018 Long DBT CORP US Y 2 2024-12-15 Fixed 7.12500000 N N N N N N CIFC FUNDING LTD N/A CIFC 2014-5A SUB - CIFC Funding 2014-V Ltd 10/17/2031 12550BAE4 250000.00000000 PA USD 133735.44000000 0.708145300154 Long ABS-MBS KY N 2 2031-10-17 Floating 0.00000000 N N N N N N FREMF MORTGAGE TRUST N/A FREMF MORTGAGE TRUST SERIES 2018-KW04 CLASS C 30296MAG6 1491164.00000000 PA USD 415274.26000000 2.198927341130 Long DBT USGA XX N 2 2032-12-25 None 0.00000000 N N N N N N FREMF MORTGAGE TRUST N/A FREMF 2018-K80 MORTGAGE TRUST FREMF 2018-K80 X2B 30307RAC1 6266021.00000000 PA USD 43235.54000000 0.228937403956 Long DBT USGA US N 2 2050-08-25 Fixed 0.10000000 N N N N N N BLUEROCK RESIDENTIAL GROWTH REIT, INC. 549300KWLV0TGICOUU26 Bluerock Residential Growth REIT Inc PREFERRED STOCK 09627J656 20113.00000000 NS USD 505351.19000000 2.675895560114 Long EP US N 2 N N N BROOKDALE SENIOR LIVING INC. LH7MQB13NWY7CJ9VC445 BROOKDALE SENIOR LIVING INC COMMON STOCK 112463104 44450.00000000 NS USD 336931.00000000 1.784090321356 Long EC US N 1 N N N N/A N/A CREEK PINE HOLDINGS LLC CREEK PINE HOLDINGS LLC 933JZQ907 1508.33300000 NS USD 1699785.71000000 9.000570542904 Long EP US N 2 N N N TAUBMAN CENTERS, INC. N/A TAUBMAN CENTERS INC REIT 876664103 6150.00000000 NS USD 251104.50000000 1.329628642360 Long EC US N 1 N N N N/A N/A SFR WLIF I, LLC N/A 2000000.00000000 NS USD 2000000.00000000 10.59024145214 Long EC XX N 1 N N N BRAEMAR HOTELS & RESORTS INC. 549300JDUUEBN868C776 Braemar Hotels & Resorts Inc Preferrred Stock 10482B200 64516.00000000 NS USD 1345803.76000000 7.126193382803 Long EP US N 2 N N N SUMMIT HOTEL PROPERTIES, INC. N/A SUMMIT HOTEL PROPERTIES INC REIT 866082100 31340.00000000 NS USD 363544.00000000 1.925009369239 Long EC US N 1 N N N Tremont Mortgage Trust N/A TREMONT MORTGAGE TRUST COMMON STOCK 894789106 43100.00000000 NS USD 210328.00000000 1.113712152073 Long EC US N 1 N N N FREMF MORTGAGE TRUST N/A FREMF 2018-KW04 TRUST FREMF 2018-KW04 X2B 30296MAL5 1988235.00000000 PA USD 13321.17000000 0.070537203362 Long DBT USGA US N 2 2032-12-25 Fixed 0.10000000 N N N N N N FREMF MORTGAGE TRUST N/A FREMF 2018-K80 MORTGAGE TRUST FREMF 2018-K80 X2A 30307RAA5 26660547.42000000 PA USD 186623.83000000 0.988195710212 Long DBT USGA US N 2 2050-08-25 Fixed 0.10000000 N N N N N N N/A N/A JERNIGAN CAPITAL JERNCAP PREFERRED 933UBH007 2626.00000000 NS USD 2862314.27000000 15.15629961561 Long EP US N 2 N N N ZAYO GROUP HOLDINGS, INC. 529900Z6OTS7RT0V0I47 NRESF REIT SUB, LLC Common Stock 98919V105 65528969.00000000 NS USD 2018292.25000000 10.68710112424 Long EC US N 1 N N N FREMF MORTGAGE TRUST N/A FREMF 2019-K97 MORTGAGE TRUST FREMF 2019-K97 X2B 30298PAQ5 2310371.00000000 PA USD 14171.58000000 0.075040226979 Long DBT USGA US N 2 2030-01-25 Floating 0.10000080 N N N N N N CBL & ASSOCIATES LIMITED PARTNERSHIP 549300VS75TWHD9JTH89 CBL & ASSOCIATES LP 5.950000% 12/15/2026 12505JAD5 898000.00000000 PA USD 635335.00000000 3.364175526499 Long DBT CORP US N 2 2026-12-15 Fixed 5.95000000 N N N N N N CIFC FUNDING LTD N/A CIFC 2015-1A SUB - CIFC Funding 2015-I Ltd 01/22/2031 12548NAG8 250000.00000000 PA USD 158125.00000000 0.837290964810 Long ABS-MBS KY N 2 2031-01-22 Floating 0.00000000 N N N N N N FREMF MORTGAGE TRUST N/A FREMF 2018-KW04 TRUST FREMF 2018-KW04 X2A 30296MAJ0 17788592.17000000 PA USD 96058.40000000 0.508640824753 Long DBT USGA US N 2 2028-09-25 Fixed 0.10000000 N N N N N N ASHFORD HOSPITALITY TRUST, INC. N/A Ashford Hospitality Trust Inc PREFERRED STOCK 044103885 30343.00000000 NS USD 638720.15000000 3.382100304425 Long EP US N 2 N N N Dreyfus Treasury Obligations Cash Management; Institutional Shares N/A DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A 261908107 146769.23000000 PA USD 146769.23000000 0.777160791722 Long STIV XX N 2 N N N NEXPOINT RESIDENTIAL TRUST, INC. 549300U2J6XVYBF87166 NEXPOINT RESIDENTIAL REIT 65341D102 36822.00000000 NS USD 1721796.72000000 9.117121498156 Long EC US N 1 N N N FREMF MORTGAGE TRUST N/A FREMF 2019-KF60 MORTGAGE TRUST FREMF 2019-KF60 C 30308HAJ7 1000976.77000000 PA USD 998474.33000000 5.287042119235 Long ABS-MBS US N 2 2026-02-25 Floating 8.22425040 N N N N N N ZAYO GROUP HOLDINGS, INC. 529900Z6OTS7RT0V0I47 ZAYO GROUP HOLDINGS INC COMMON STOCK 98919V105 31595.00000000 NS USD 1071070.50000000 5.671447603635 Long EC US N 1 N N N FREMF MORTGAGE TRUST N/A FREMF 2019-K97 MORTGAGE TRUST FREMF 2019-K97 D 30298PAW2 936644.00000000 PA USD 416598.65000000 2.205940146069 Long DBT USGA US N 2 2030-01-25 None 0.00000000 N N N N N N JERNIGAN CAPITAL, INC. N/A JERNIGAN CAPITAL INC REIT 476405105 81.00000000 NS USD 1559.25000000 0.008256416992 Long EC US N 1 N N N UNITI GROUP INC. 549300V3NU625PJUVA84 UNIT US 01/17/20 C15 LONG 12D9992N2 500.00000000 NC USD 2500.00000000 0.013237801815 N/A DE US N 1 SOCIETE GENERALE COWEN SECURITIES CORP. N/A Call Purchased UNITI GROUP INC. UNIT Call 15 Jan 2020 50000.00000000 15.00000000 USD 2020-01-20 XXXX -71874.10000000 N N N UNITED DEVELOPMENT FUNDING IV N/A UNITED DEVELOPMENT FUNDING I REIT 910187103 55029.00000000 NS USD 200855.85000000 1.063555974288 Long EC US N 1 N N N FREMF MORTGAGE TRUST N/A FREMF MORTGAGE TRUST SERIES 2018-K80 CLASS D 30307RAJ6 2473426.00000000 PA USD 1219646.36000000 6.458174719315 Long DBT USGA XX N 2 2028-08-25 None 0.00000000 N N N N N N ASHFORD HOSPITALITY TRUST, INC. N/A Ashford Hospitality Trust Inc PREFERRED STOCK 044103703 27145.00000000 NS USD 579817.20000000 3.070202073053 Long EP US N 2 N N N 2019-09-30 NEXPOINT Jason Post Jason Post CCO XXXX