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Investor Presentaiton

Summary Portfolio Characteristics Quarter Ended September 30, 2023 PORTFOLIO COMPOSITION As of September 30, 2023, the Fund's gross assets totaled $1.046 billion. The Fund's long assets were approximately 73.25% commercial real estate (debt & equity) and 26.75% non- real estate-related assets invested across debt securities, public and private equity, and structured products. The Fund held 102 positions with the top-ten holdings comprising 65.19% of the long-only assets. The Fund paid $0.23 in distributions during the quarter for a distribution rate of approximately 6.8% of NAV. Ticker CUSIP GENERAL INFORMATION HFRO 43010E404 Inception Date January 13, 2000 1.67(1) Expense Ratio Total Managed Assets (M) $1,090 Total Net Assets (M) $925 Jim Dondero, CFA Scott Johnson Co-Founder, President, Portfolio Manager PORTFOLIO CHARACTERISTICS Number of Holdings 102 Monthly Distribution Rate Per Share $0.077 Distribution Rate (Price) 11.5% Distribution Rate (NAV) 6.8% Regulatory Leverage (M) Leverage Percentage $164 15.1% * Distributions may include income and/or return of capital. The Fund had a return of capital in 2022 of 71.4 % and expects similar results in 2023. 1. The Expense Ratio shown is reported in the Fund's Annual Report Dated December 31, 2022. NEXPOINT NOVEMBER 2023 4
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