NexPoint

What NexPoint does

NexPoint is a Dallas-based alternative investment manager founded in 2012 that operates a multi-vehicle platform spanning public REITs, mutual funds, closed-end funds, private Delaware Statutory Trust (DST) offerings, a non-traded business development company, and fixed annuity products. The firm reports approximately $16.6 billion in assets under management as of March 31, 2026 (inclusive of NexPoint Advisors, L.P. and affiliates), $16.1 billion of which sits in real estate, and has co-invested $749.1 million of its own capital alongside investors across 35 DSTs representing $3.0 billion in total capitalization since 2016. Three NYSE-listed REITs (NexPoint Diversified Real Estate Trust NXDT, NexPoint Residential Trust NXRT, NexPoint Real Estate Finance NREF) anchor the public side, while private vehicles are organized into seven real estate verticals (multifamily, self-storage, industrial, storage, marina, lodging, life sciences, and manufacturing) and event-driven mutual funds (Merger Arbitrage, Event Driven, Credit Catalyst, formerly Climate Tech). The firm is also the capital partner to VineBrook Homes Trust (~20,200 single-family rental homes, 95.3% stabilized occupancy) and owner of NexPoint Storage Partners (self-storage platform exceeding $2.0 billion in total value, formerly Jernigan Capital taken private in 2020 for $900 million).

The firm distributes products through a wholesale-led motion: a nationwide team of regional sales directors and wholesalers covers all US regions and reaches financial advisors, registered investment advisers, broker-dealers, and insurance marketing organizations, with separate distribution channels for DSTs/1031 exchanges (accredited investors with $100,000 minimums), non-trated preferred shares (NXDT and NREF Series B and C, paying 8%-9% annual dividends), NYSE-listed securities, and NexAnnuity fixed annuities backed by The Ohio State Life Insurance Company. Recent strategic activity includes entry into new verticals — marina (NexPoint Marina DST, July 2026), hospitality (Lodging I, June 2025), semiconductor manufacturing (Skorpios Technologies-backed DST, September 2025), life sciences (Adare Pharma-backed DST, December 2025), small bay industrial (Basis Industrial, October 2025), and most recently energy (NexEnergy platform, March 2026). The firm has earned four consecutive "Best Places to Work in Money Management" recognitions from Pensions & Investments (2022-2025), and its Merger Arbitrage Fund was top-ranked in Morningstar's Event Driven category over the 3-year period ending January 2025.

Revenue is generated primarily through (1) management fees on registered investment vehicles (REITs, closed-end funds HFRO and HGLB, mutual funds, interval fund NRES), (2) dealer-manager and selling commissions earned by NexPoint Securities on continuous preferred share offerings, (3) placement and sponsor fees on DST offerings, and (4) co-investment returns on the firm's $749.1M of proprietary capital deployed alongside investors. The firm employs between 101 and 250 people organized into Real Estate, Corporate Credit & Equities, Corporate, and Distribution business units, with senior leadership including founder James Dondero, CIO of Real Estate Matt McGraner, CFO of Real Estate Paul Richards, CEO of Storage Partners John Good, and Head of NexEnergy Luke Blackwell.

Name

NexPoint

Legal name

NexPoint Advisors, L.P.

Website

https://nexpoint.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

Dallas-based alternative investment firm founded in 2012 managing $16.6 billion across public REITs, mutual funds, closed-end funds, private DST offerings, a BDC, and fixed annuities for accredited investors, financial advisors, and retirement savers.

Ownership category

akta.pro rank

Product category

Alternative Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Open-End Investment Funds (525910), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798), Investment Advice (6282), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Real Assets — Real Asset Fund Platforms / Multi-Asset Real Assets (Diversified Real Assets Funds) (FSAHAIAM), Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF)

Keywords

• Alternative investments
• Real estate investment trusts
• Merger arbitrage funds
• Delaware statutory trusts
• Fixed annuity products

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Management Fees: NexPoint earns management fees from advising registered investment vehicles including REITs, closed-end funds, interval funds, and open-end funds. External advisors to NXDT, NXRT, NREF, and various closed-end funds charge management fees based on assets under management.
2. Dealer Manager / Distribution Fees: NexPoint Securities, Inc. acts as dealer manager for continuous public offerings of preferred shares, earning selling commissions and dealer manager fees on capital raised.
3. Real Estate Investment Returns: NexPoint co-invests its own capital alongside investors in DST offerings and other vehicles, generating returns through property appreciation, rental income, and eventual asset disposition.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

NexPoint manages and distributes alternative investment vehicles including publicly traded REITs (NXDT, NXRT, NREF), mutual funds (Merger Arbitrage, Event Driven, Credit Catalyst, Climate Tech), closed-end funds (HFRO, HGLB), private Delaware Statutory Trust (DST) offerings across seven real estate sectors for 1031 exchanges, NexPoint Capital BDC, and NexAnnuity fixed annuity products. The firm reports $16.6 billion in assets under management across real estate, corporate credit and equities, and retirement solutions.

Product overview

NexPoint is a Dallas-based multibillion-dollar alternative investment firm operating as a platform-plus-multiple-products architecture. The firm provides investors access to alternatives through registered funds (mutual funds, closed-end funds, interval funds), separate accounts, public and private vehicles (REITs, DSTs), and retirement solutions (annuities). The core product lines include: publicly-traded REITs (NexPoint Diversified Real Estate Trust NXDT, NexPoint Residential Trust NXRT, NexPoint Real Estate Finance NREF); mutual funds (NexPoint Merger Arbitrage Fund, NexPoint Event Driven Fund, NexPoint Climate Tech Fund, NexPoint Credit Catalyst Fund); closed-end funds (Highland Opportunities and Income Fund HFRO, Highland Global Allocation Fund HGLB); private DST offerings across seven sectors (marina, multifamily, industrial, storage, manufacturing, life sciences, lodging) for 1031 exchanges; NexPoint Capital BDC; and NexAnnuity retirement solutions. The firm has approximately $16.6 billion in AUM across its platforms.

Differentiator

Problem solved

Functional benefit

Brands

• NXDT: NexPoint Diversified Real Estate Trust ticker for publicly traded REIT on NYSE
• NXRT
• NREF
• NexPoint Merger Arbitrage Fund
• NexPoint Event Driven Fund
• NexPoint Credit Catalyst Fund
• NexPoint Real Estate Strategies Fund

Products and services

• NexPoint Diversified Real Estate Trust (NXDT) A diversified real estate investment trust listed on the NYSE (ticker: NXDT) that invests in various commercial real estate property types across the capital structure, including mezzanine debt and common and preferred equity. Target property types include industrial, hospitality, retail, office, storage, healthcare, multifamily, and single-family rentals.
• NexPoint Residential Trust (NXRT) A publicly traded real estate investment trust (ticker: NXRT) focused on the acquisition, asset management, and disposition of multifamily assets located primarily in the Sun Belt region of the United States, investing in high-growth markets with workforce housing through value-add programs.
• NexPoint Real Estate Finance (NREF) An externally managed commercial mortgage real estate investment trust (ticker: NREF) listed on the NYSE, focused on originating, structuring and investing in first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties, and CMBS investments.
• NexPoint Real Estate Strategies Fund (NRES) A closed-end interval fund pursuing its investment objective by investing at least 80% of assets in real estate and real estate-related securities, including commercial mortgage-backed securities, direct preferred equity, mezzanine investments, and equity securities of REITs.
• NexPoint Merger Arbitrage Fund An actively managed absolute return mutual fund dedicated to generating performance through strategic investments in equity and debt securities of companies that have entered into definitive merger agreements, focusing on domestic and international M&A transactions.
• NexPoint Event Driven Fund An actively managed long/short absolute return mutual fund dedicated to generating performance by capitalizing on specific corporate events including mergers and acquisitions, restructurings, spin-offs, strategic reviews, bankruptcies, and other corporate actions.
• NexPoint Credit Catalyst Fund An actively managed long/short absolute return mutual fund focused on investing in public and private credit special situations including capital structure arbitrage, tender offers, restructurings, refinancings, and recapitalizations.
• NexPoint Climate Tech Fund A mutual fund with a select investment universe of over 300 companies across 15 identified subsectors in the climate technology space, utilizing shorts to reduce volatility and extract alpha from the global energy transition (note: fund was approved for liquidation on July 31, 2025).
• Highland Opportunities and Income Fund (HFRO) A closed-end fund listed on NYSE pursuing growth of capital and income through investments in real estate-related securities, fixed-rate loans, corporate bonds, and floating rate instruments; managed by NexPoint Asset Management, L.P.
• Highland Global Allocation Fund (HGLB) A closed-end fund listed on NYSE with an 8.5% annual distribution rate, managed by NexPoint Asset Management, L.P., pursuing growth of capital and income through investments in real estate-related securities and fixed income instruments.
• NexPoint DSTs / 1031 Exchange Platform A platform offering Delaware Statutory Trust (DST) investments that allow real estate investors to defer capital gains and depreciation recapture taxes through 1031 exchanges, with offerings across seven real estate sectors: marina, multifamily, industrial, storage, manufacturing, life sciences, and lodging. Minimum investment is $100,000 with loan-to-capitalization ratios varying by offering.
• NexAnnuity Fixed annuities offered through an affiliate with backing from The Ohio State Life Insurance Company, providing innovative retirement solutions for individuals looking to maximize retirement savings. Products are sold through IMOs, independent agents, and regional annuity consultants across 9 US regions.
• NexPoint Capital BDC A non-traded business development company offering alternative investment opportunities through NexPoint's platform.
• NXDT Series B Redeemable Preferred Shares 9% Annual Dividend Series B Cumulative Redeemable Preferred Shares of NexPoint Diversified Real Estate Trust, offered at $25.00 per share with $400 million offering size; $5,000 minimum investment for qualified/non-qualified accounts; paid monthly; tax reporting via Form 1099.
• NREF Series B Redeemable Preferred Stock 9% Annual Dividend Series B Cumulative Redeemable Preferred Stock of NexPoint Real Estate Finance, Inc.; raised approximately $404.5 million in gross proceeds; paid monthly with redemption fee schedule.
• NREF Series C Redeemable Preferred Stock 8% Annual Dividend Series C Cumulative Redeemable Preferred Stock of NexPoint Real Estate Finance, Inc.; senior position to common stock with immediate redeemability subject to redemption schedule; $200 million offering priced at $25.00 per share.
• NexEnergy A newly formed energy investment platform within NexPoint focused on oil and gas sector investments, particularly mineral and royalty interests, led by Luke Blackwell with over 25 years of energy industry experience.
• NexPoint Storage Partners A self-storage investment platform investing in multi-story, climate-controlled Class-A self-storage facilities in dense urban markets; formed by NexPoint's $900 million take-private of Jernigan Capital in November 2020.

Quantifiable outcome

• 35 DST offerings fully subscribed raising $337M in equity over 12 months (2025)
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• Basis IndustrialcoreImplementation/ SI/ Consulting Partner · 13 October 2025Basis Industrial, a vertically integrated real estate owner and operator, manages small bay industrial properties through its BaySpace property management arm for NexPoint Small Bay III DST.
• PEG Hospitality GroupcoreImplementation/ SI/ Consulting Partner · 24 June 2025PEG Hospitality Group, a vertically integrated hospitality operator founded in 2003, manages the Residence Inn Salt Lake City - West Jordan hotel property in NexPoint Lodging I DST. Represents strategic expansion into hospitality sector.
• Extra Space StoragecoreImplementation/ SI/ Consulting Partner · 6 January 2025Extra Space Storage manages Class-A Generation V self-storage facilities in Temple Hills, Maryland and Nashville, Tennessee as part of NexPoint Storage VI DST offering. The partnership leverages Extra Space's operational expertise in self-storage management.
• BH Management ServicescoreImplementation/ SI/ Consulting PartnerBH Management Services serves as property manager for NexPoint Residential Trust, implementing value-add programs at multifamily properties under the direction and supervision of NexPoint Real Estate Advisors.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Blackstone Inc. Largest publicly traded alternative asset manager with significant real estate vehicles (BREIT, BPP, BREP) and a multi-strategy alternatives platform. Directly comparable to NexPoint's diversified alts platform across REITs, private placements, and credit/equity funds.
• KKR & Co. Inc. Global alternatives manager with dedicated real estate strategies, private credit, and event-driven funds. Comparable to NexPoint for offering multi-strategy alternatives via public REITs/closed-end funds and private vehicles.
• Starwood Capital Group: Private alternative investment manager focused on real estate, hospitality, and energy credit. Closely mirrors NexPoint's sector-specialized real estate verticals (multifamily, hospitality, self-storage) and DST/private placement orientation.
• Brookfield Asset Management: Public alternatives firm with deep real assets platform (real estate, infrastructure, renewables) and listed REIT vehicles (e.g., BAM REIT). Comparable to NexPoint for multi-vehicle real-asset management spanning public and private channels.
• Ares Management Corporation: Public alternatives manager spanning real estate, credit, and private equity with both listed REIT vehicles and interval/private funds. Closely comparable to NexPoint's hybrid public/private architecture and credit/event-driven strategies.
• Blue Owl Capital Inc. Public alternatives manager with private credit, GP stakes, and real estate strategies distributed via private placements and interval funds. Overlaps with NexPoint on the interval fund and private placement distribution model.
• Apollo Global Management: Public alternatives giant with insurance, credit, and real estate strategies. Comparable for multi-strategy alts and yield-oriented products that overlap with NexPoint's preferred shares and event-driven franchises.
• Oaktree Capital Management: Public alternatives manager specializing in credit and event-driven strategies with closed-end fund vehicles. Comparable to NexPoint for credit special situations and the closed-end fund (HFRO/HGLB) distribution model.
• Cohen & Steers, Inc. Public investment manager focused on real assets/REITs with mutual funds and interval products. Directly comparable to NexPoint's REIT-centric and real-estate-focused interval/mutual funds such as NRES.

Broad incumbents

• Invesco Ltd. Large public asset manager with extensive REIT ETFs and alternatives products. Comparable to NexPoint as a broad incumbent with overlapping real estate fund offerings and advisor-channel distribution, though NexPoint is far more alternatives-tilted.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nexpoint

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NexPoint