Nexpoint Asset Management, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Nexpoint Asset Management, L.P. reported 90 stock positions worth $1.1 billion. Its top holding was Nexpoint Real Estate Finance (NREF) at 10.9% of the portfolio, followed by WNS (WNS, 8.7%) and Avidxchange (AVDX, 7.9%). Compared with Q2 2025, it opened 42 new positions, sold out of 34, added to 13 and reduced 14. The biggest buy was a new position in WNS (WNS) and the biggest sale an exit from Skechers USA Class A (SKX).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001469877
- Portfolio Value
- $1.1B (Q3 2025)
- SEC Filing
- 0001172661-25-005068 ↗ filed Nov 14, 2025
Holdings Value
Holdings 90 stocks · $1.1B
| NREF Nexpoint Real Estate Finance | 10.91% | 8,587,364 | $121.8M | No change |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 8.69% | 1,271,098 | $96.9M | New |
| AVDX Avidxchange Holdings Inc. | 7.91% | 8,869,060 | $88.2M | Add +74.4% |
| VRNA Verona Pharma Ltd. | 5.59% | 584,601 | $62.4M | New |
| FYBR Frontier Communications Pare | 4.56% | 1,363,323 | $50.9M | Add +31.6% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 4.36% | 764,898 | $48.7M | New |
| TXNM TXNM Energy Inc. | 3.68% | 725,660 | $41.0M | Reduce -6.5% |
| COOP Mr Cooper Group Inc. | 3.61% | 191,117 | $40.3M | New |
| GTLS Chart Industries Inc. | 3.42% | 190,730 | $38.2M | Add +1237.0% |
| PRA Proassurance Corp. | 2.86% | 1,328,990 | $31.9M | New |
| EA Electronic Arts Inc. | 2.82% | 155,840 | $31.4M | New |
| NXRT Nexpoint Residential | 2.70% | 934,752 | $30.1M | Add +0.9% |
| IAS Integral Ad Science Holding | 2.45% | 2,683,061 | $27.3M | New |
| VRNT Verint Systems Inc. | 2.07% | 1,141,840 | $23.1M | New |
| TRML Tourmaline Bio Inc. | 1.95% | 455,360 | $21.8M | New |
| NXDT Nexpoint Diversified Real Es | 1.62% | 4,905,301 | $18.1M | Add +11.2% |
| SHCO Soho House & Co. Inc. | 1.62% | 2,038,350 | $18.0M | New |
| HFRO Highland Opport & Income | 1.60% | 2,818,047 | $17.9M | Add +207.0% |
| GHLD Guild Holdings Co. Class A | 1.49% | 832,466 | $16.6M | Add +96.0% |
| DAY Dayforce Inc. | 1.35% | 217,839 | $15.0M | New |
| VST Vistra Corp. | 1.31% | 74,500 | $14.6M | Reduce -1.3% |
| VMEO Vimeo Inc. | 1.24% | 1,783,001 | $13.8M | New |
| HBI Hanesbrands Inc. | 1.18% | 1,995,792 | $13.2M | New |
| ET Energy Transfer LP | 1.17% | 762,040 | $13.1M | Reduce -39.1% |
| TALO Talos Energy Inc. | 1.13% | 1,316,431 | $12.6M | Reduce -7.8% |
| MRC MRC Global Inc. | 1.08% | 839,024 | $12.1M | New |
| SCS Steelcase Inc. Class A | 1.03% | 665,152 | $11.4M | New |
| ARIS WATER SOLUTIONS INC-A | 0.99% | 449,898 | $11.1M | New |
| WSR Whitestone REIT | 0.96% | 875,255 | $10.7M | No change |
| K Kellanova | 0.96% | 130,300 | $10.7M | Reduce -70.5% |
| MLNK Meridianlink Inc. | 0.95% | 532,370 | $10.6M | New |
| TSAT Telesat Corp. | 0.94% | 396,623 | $10.5M | Reduce -25.8% |
| PRO Pros Holdings Inc. | 0.93% | 450,618 | $10.3M | New |
| VSXY Victoria's Secret & Co. | 0.65% | 265,541 | $7.2M | No change |
| GES Guess? Inc. | 0.62% | 416,492 | $7.0M | New |
| STAA Staar Surgical Co. | 0.56% | 233,537 | $6.3M | New |
| REYN Reynolds Consumer Products I | 0.54% | 245,575 | $6.0M | Add +132.6% |
| TRGP Targa Resources Corp. | 0.54% | 35,800 | $6.0M | Reduce -45.6% |
| CIO City Office REIT Inc. | 0.48% | 764,085 | $5.3M | New |
| PGRE Paramount Group Inc. | 0.48% | 812,559 | $5.3M | New |
| PSX Phillips 66 | 0.44% | 36,475 | $5.0M | No change |
| ARE Alexandria Real Estate Equit | 0.42% | 56,000 | $4.7M | No change |
| CEPU Central Puerto-Sponsored ADR | 0.38% | 530,000 | $4.2M | No change |
| LW Lamb Weston Holdings Inc. | 0.37% | 71,417 | $4.1M | Add +36.3% |
| CSX CSX Corp. | 0.37% | 115,000 | $4.1M | New |
| SHC Sotera Health Co. | 0.33% | 237,342 | $3.7M | Reduce -21.1% |
| RC Ready Capital Corp. | 0.30% | 873,021 | $3.4M | No change |
| ALE Allete Inc. | 0.29% | 48,500 | $3.2M | Add +24.4% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 0.29% | 95,898 | $3.2M | Reduce -23.3% |
| IP International Paper Co. | 0.28% | 67,200 | $3.1M | Reduce -6.7% |
| GPRE Green Plains Inc. | 0.27% | 348,000 | $3.1M | Reduce -9.0% |
| KBR KBR Inc. | 0.19% | 45,914 | $2.2M | No change |
| ETNB 89BIO Inc. | 0.19% | 146,100 | $2.1M | New |
| SRG Seritage Growth Prop- A | 0.16% | 417,500 | $1.8M | No change |
| ZIMV Zimvie Inc. | 0.15% | 88,330 | $1.7M | New |
| SNPS Synopsys Inc. | 0.14% | 3,229 | $1.6M | New |
| CRESY Cresud S.A.-Spons ADR | 0.14% | 169,419 | $1.6M | No change |
| BEP Brookfield Renewable Partner | 0.13% | 57,506 | $1.5M | New |
| IMXI International Money Express | 0.12% | 99,110 | $1.4M | New |
| RAL Ralliant Corp. | 0.12% | 31,408 | $1.4M | Add +265.6% |
| FLR Fluor Corp. | 0.12% | 31,200 | $1.3M | New |
| CRL Charles River Laboratories | 0.12% | 8,354 | $1.3M | Add +48.8% |
| GTLB Gitlab Inc. Class A | 0.12% | 28,957 | $1.3M | New |
| MMLP Martin Midstream Partners LP | 0.11% | 408,240 | $1.2M | No change |
| BRZE Braze Inc. Class A | 0.11% | 42,079 | $1.2M | New |
| LION Lionsgate Studios Corp. | 0.10% | 165,129 | $1.1M | Add +27.8% |
| LWACU Lightwave Acquisition Corp. | 0.09% | 100,000 | $1.0M | New |
| BILL Bill Holdings Inc. | 0.08% | 16,022 | $849K | New |
| JAMF Jamf Holding Corp. filed as JAMF HLDG CORP | 0.07% | 75,560 | $808K | New |
| WSC Willscot Holdings Corp. | 0.07% | 37,415 | $790K | No change |
| CVGW Calavo Growers Inc. | 0.07% | 30,586 | $787K | No change |
| ADBE Adobe Inc. | 0.07% | 2,153 | $759K | No change |
| TECK Teck Resources Ltd.-CLS B | 0.07% | 16,850 | $740K | Reduce -31.0% |
| FISV Fiserv Inc. | 0.06% | 5,250 | $677K | New |
| SMPL The Simply Good Foods Co. | 0.06% | 25,778 | $640K | No change |
| SRDX Surmodics Inc. | 0.06% | 20,742 | $620K | New |
| FCX Freeport-McMoran Inc. | 0.06% | 15,750 | $618K | Reduce -16.9% |
| HRTX Heron Therapeutics Inc. | 0.05% | 475,750 | $599K | No change |
| SAFE Safehold Inc. | 0.05% | 37,256 | $577K | No change |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.04% | 64,000 | $472K | No change |
| CNR Core Natural Resources Inc. | 0.04% | 5,368 | $448K | No change |
| GWRE Guidewire Software Inc. | 0.04% | 1,915 | $440K | New |
| AMD Advanced Micro Devices | 0.04% | 2,700 | $437K | New |
| INDI Indie Semiconductor Inc. Class A | 0.04% | 106,100 | $432K | Reduce -36.1% |
| WDAY Workday Inc. Class A | 0.04% | 1,780 | $428K | New |
| DDOG Datadog Inc. Class A | 0.04% | 2,980 | $424K | New |
| CSGP Costar Group Inc. | 0.04% | 4,715 | $398K | New |
| VERX Vertex Inc. Class A | 0.03% | 11,945 | $296K | New |
| MAA Mid-America Apartment Comm | 0.02% | 1,800 | $252K | No change |
| SUPV Grupo Supervielle SA-SP ADR | 0.01% | 24,300 | $120K | No change |
Options reported separately and not counted above: STAA puts ($15.2M), SNPS puts ($4.7M), ETNB puts ($4.3M), WBD puts ($2.0M), SMR puts ($256K).
Other holdings (3): bonds, preferreds, convertibles and warrants · $8.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 523,457 | $8.5M | Reduce -6.0% |
| WHEELER REIT INC (WHLR 9 PERP B) | CV PFD SER B | 82,301 | $348K | No change |
| CEROW Phoenix Biotech Acq -CW26 | *W EXP 02/13/202 | 108,741 | $1K | No change |
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q2 2025 → Q3 2025
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −7.36 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −7.14 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −6.08 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −5.87 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −4.85 |
| HES Hess Corp. | Sold out | 0.00% | −4.16 |
| RDUS Radius Recycling Inc. Class A | Sold out | 0.00% | −3.78 |
| K Kellanova | Reduce -70.5% | 0.96% | −2.41 |
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −2.23 |
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −2.20 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −1.82 |
| BASE Couchbase Inc. | Sold out | 0.00% | −1.59 |
| ETWO E2OPEN Parent Holdings Inc. | Sold out | 0.00% | −1.48 |
| ET Energy Transfer LP | Reduce -39.1% | 1.17% | −1.01 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −0.79 |
| TRGP Targa Resources Corp. | Reduce -45.6% | 0.54% | −0.56 |
| WES Western Midstream Partners L | Sold out | 0.00% | −0.52 |
| TXNM TXNM Energy Inc. | Reduce -6.5% | 3.68% | −0.52 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −0.38 |
| AGS Playags Inc. | Sold out | 0.00% | −0.37 |
| TSAT Telesat Corp. | Reduce -25.8% | 0.94% | −0.31 |
| TRS Trimas Corp. | Sold out | 0.00% | −0.27 |
| CACI Caci International Inc. Class A | Sold out | 0.00% | −0.23 |
| ECVT Ecovyst Inc. | Sold out | 0.00% | −0.23 |
| PSN Parsons Corp. | Sold out | 0.00% | −0.22 |
| COTY Coty Inc. Class A | Sold out | 0.00% | −0.22 |
| FTV Fortive Corp. | Sold out | 0.00% | −0.13 |
| VST Vistra Corp. | Reduce -1.3% | 1.31% | −0.10 |
| YETI Yeti Holdings Inc. | Reduce -23.3% | 0.29% | −0.09 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −0.08 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.08 |
| HGLB Highland Global Allocation | Sold out | 0.00% | −0.07 |
| BLCO Bausch + Lomb Corp. | Sold out | 0.00% | −0.06 |
| FANG Diamondback Energy Inc. | Sold out | 0.00% | −0.05 |
| IP International Paper Co. | Reduce -6.7% | 0.28% | −0.04 |
| IRM Iron Mountain Inc. | Sold out | 0.00% | −0.04 |
| CWEN Clearway Energy Inc. Class C | Sold out | 0.00% | −0.04 |
| TALO Talos Energy Inc. | Reduce -7.8% | 1.13% | −0.03 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.03 |
| TECK Teck Resources Ltd.-CLS B | Reduce -31.0% | 0.07% | −0.03 |
| FCX Freeport-McMoran Inc. | Reduce -16.9% | 0.06% | −0.02 |
| CLH Clean Harbors Inc. | Sold out | 0.00% | −0.02 |
| DAR Darling Ingredients Inc. | Sold out | 0.00% | −0.02 |
| INDI Indie Semiconductor Inc. Class A | Reduce -36.1% | 0.04% | −0.02 |
| CLNE Clean Energy Fuels Corp. | Sold out | 0.00% | −0.00 |
| URG Ur-Energy Inc. | Sold out | 0.00% | −0.00 |
| SHC Sotera Health Co. | Reduce -21.1% | 0.33% | +0.01 |
| GPRE Green Plains Inc. | Reduce -9.0% | 0.27% | +0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| WNS WNS Holdings Ltd. | New | 8.69% | +8.69 |
| VRNA Verona Pharma Ltd. | New | 5.59% | +5.59 |
| AL Sumisho Air Lease Corp. | New | 4.36% | +4.36 |
| COOP Mr Cooper Group Inc. | New | 3.61% | +3.61 |
| GTLS Chart Industries Inc. | Add +1237.0% | 3.42% | +3.20 |
| AVDX Avidxchange Holdings Inc. | Add +74.4% | 7.91% | +3.13 |
| PRA Proassurance Corp. | New | 2.86% | +2.86 |
| EA Electronic Arts Inc. | New | 2.82% | +2.82 |
| IAS Integral Ad Science Holding | New | 2.45% | +2.45 |
| VRNT Verint Systems Inc. | New | 2.07% | +2.07 |
| TRML Tourmaline Bio Inc. | New | 1.95% | +1.95 |
| SHCO Soho House & Co. Inc. | New | 1.62% | +1.62 |
| DAY Dayforce Inc. | New | 1.35% | +1.35 |
| VMEO Vimeo Inc. | New | 1.24% | +1.24 |
| HBI Hanesbrands Inc. | New | 1.18% | +1.18 |
| HFRO Highland Opport & Income | Add +207.0% | 1.60% | +1.15 |
| MRC MRC Global Inc. | New | 1.08% | +1.08 |
| SCS Steelcase Inc. Class A | New | 1.03% | +1.03 |
| ARIS WATER SOLUTIONS INC-A | New | 0.99% | +0.99 |
| MLNK Meridianlink Inc. | New | 0.95% | +0.95 |
| FYBR Frontier Communications Pare | Add +31.6% | 4.56% | +0.94 |
| PRO Pros Holdings Inc. | New | 0.93% | +0.93 |
| GHLD Guild Holdings Co. Class A | Add +96.0% | 1.49% | +0.68 |
| GES Guess? Inc. | New | 0.62% | +0.62 |
| STAA Staar Surgical Co. | New | 0.56% | +0.56 |
| CIO City Office REIT Inc. | New | 0.48% | +0.48 |
| PGRE Paramount Group Inc. | New | 0.48% | +0.48 |
| CSX CSX Corp. | New | 0.37% | +0.37 |
| REYN Reynolds Consumer Products I | Add +132.6% | 0.54% | +0.32 |
| ETNB 89BIO Inc. | New | 0.19% | +0.19 |
| ZIMV Zimvie Inc. | New | 0.15% | +0.15 |
| SNPS Synopsys Inc. | New | 0.14% | +0.14 |
| BEP Brookfield Renewable Partner | New | 0.13% | +0.13 |
| IMXI International Money Express | New | 0.12% | +0.12 |
| FLR Fluor Corp. | New | 0.12% | +0.12 |
| GTLB Gitlab Inc. Class A | New | 0.12% | +0.12 |
| LW Lamb Weston Holdings Inc. | Add +36.3% | 0.37% | +0.11 |
| BRZE Braze Inc. Class A | New | 0.11% | +0.11 |
| LWACU Lightwave Acquisition Corp. | New | 0.09% | +0.09 |
| RAL Ralliant Corp. | Add +265.6% | 0.12% | +0.08 |
| BILL Bill Holdings Inc. | New | 0.08% | +0.08 |
| JAMF Jamf Holding Corp. | New | 0.07% | +0.07 |
| FISV Fiserv Inc. | New | 0.06% | +0.06 |
| SRDX Surmodics Inc. | New | 0.06% | +0.06 |
| ALE Allete Inc. | Add +24.4% | 0.29% | +0.05 |
| GWRE Guidewire Software Inc. | New | 0.04% | +0.04 |
| AMD Advanced Micro Devices | New | 0.04% | +0.04 |
| WDAY Workday Inc. Class A | New | 0.04% | +0.04 |
| DDOG Datadog Inc. Class A | New | 0.04% | +0.04 |
| CSGP Costar Group Inc. | New | 0.04% | +0.04 |
Options Activity Q2 2025 → Q3 2025
| JNPR Juniper Networks Inc. | put | Sold out | 1,149,000 | $45.9Mbefore exit |
| STAA Staar Surgical Co. | put | New | 564,100 | $15.2M |
| SNPS Synopsys Inc. | put | New | 9,500 | $4.7M |
| ETNB 89BIO Inc. | put | New | 292,200 | $4.3M |
| WBD Warner Bros Discovery Inc. | put | New | 100,000 | $2.0M |
| SMR Nuscale Power Corp. | put | New | 7,100 | $256K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | Reduce -6.0% | 523,457 | $8.5M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 65 | $1.5B | NREF, NUVL, GBTG, TMHC, WTRG |
| Q1 2026 | 78 | $1.4B | NREF, HOLX, CWAN, SEE, OS |
| Q4 2025 | 81 | $1.4B | NREF, DAY, CYBR, RNAM, HOLX |
| Q3 2025 | 90 | $1.1B | NREF, WNS, AVDX, VRNA, FYBR |
| Q2 2025 | 82 | $1.0B | NREF, SKX, SWTX, JNPR, BPMC |
| Q1 2025 | 78 | $1.0B | NREF, ITCI, PDCO, JWN, PYCR |
| Q4 2024 | 86 | $851.4M | NREF, NXRT, SMAR, BARNES GROUP INC, ROIC |
| Q3 2024 | 85 | $824.2M | NREF, ENV, RCM, EDR, NVEI |
| Q2 2024 | 78 | $747.1M | NREF, WIRE, EVBG, SLCA, EDR |
| Q1 2024 | 77 | $642.8M | NREF, TCN, M D C HLDGS INC, NWLI, DOOR |