Nexpoint Asset Management, L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Nexpoint Asset Management, L.P. reported 81 stock positions worth $1.4 billion. Its top holding was Nexpoint Real Estate Finance (NREF) at 9.3% of the portfolio, followed by Dayforce (DAY, 6.9%) and Cyberark Software Ltd./Israel (CYBR, 5.8%). Compared with Q3 2025, it opened 33 new positions, sold out of 42, added to 15 and reduced 7. The biggest buy was a new position in Cyberark Software Ltd./Israel (CYBR) and the biggest sale an exit from WNS (WNS).

Most Recent 13F
Q2 2026
Location
Dallas, TX
CIK
0001469877
Portfolio Value
$1.4B (Q4 2025)
SEC Filing
0001172661-26-001203 ↗ filed Feb 17, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $642.8M Q1 2024 Q2 2024: $747.1M Q2 2024 Q3 2024: $824.2M Q3 2024 Q4 2024: $851.4M Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.0B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.4B $1.4B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 81 stocks · $1.4B
NREF Nexpoint Real Estate Finance 9.30% 9,439,635 $132.9M Add +9.9%
DAY Dayforce Inc. 6.85% 1,416,835 $98.0M Add +550.4%
CYBR Cyberark Software Ltd./Israel 5.80% 185,862 $82.9M New
RNAM Avidity Biosciences Inc. 4.66% 923,950 $66.6M New
HOLX Hologic Inc. 4.48% 859,040 $64.0M New
CDTX Cidara Therapeutics Inc. 4.32% 279,900 $61.8M New
HI Hillenbrand Inc. 4.25% 1,916,660 $60.8M New
SEE Sealed Air Corp. 4.19% 1,445,310 $59.9M New
FYBR Frontier Communications Pare 3.63% 1,363,323 $51.9M No change
EXAS Exact Sciences Corp. 3.45% 485,990 $49.4M New
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 3.44% 764,898 $49.1M No change
EA Electronic Arts Inc. 3.19% 222,920 $45.5M Add +43.0%
CFLT Confluent Inc. Class A 2.92% 1,382,600 $41.8M New
SEMR Semrush Holdings Inc. Class A 2.89% 3,474,250 $41.3M New
JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 2.64% 2,905,260 $37.8M Add +3745.0%
BHF Brighthouse Financial Inc. 2.61% 576,508 $37.4M New
CWAN Clearwater Analytics HDS-A 2.52% 1,492,220 $36.0M New
GTLS Chart Industries Inc. 2.44% 169,010 $34.9M Reduce -11.4%
CSGS CSG Systems Intl Inc. 2.25% 420,260 $32.2M New
PRA Proassurance Corp. 2.25% 1,328,990 $32.1M No change
TXNM TXNM Energy Inc. 2.07% 503,403 $29.6M Reduce -30.6%
NXRT Nexpoint Residential 1.97% 934,752 $28.1M No change
HFRO Highland Opport & Income 1.54% 3,673,047 $22.0M Add +30.3%
NXDT Nexpoint Diversified Real Es 1.35% 5,028,935 $19.3M Add +2.5%
SHCO Soho House & Co. Inc. 1.13% 1,805,182 $16.2M Reduce -11.4%
ALEX Alexander & Baldwin Inc. 0.93% 646,139 $13.3M New
ET Energy Transfer LP 0.88% 762,040 $12.6M No change
WSR Whitestone REIT 0.85% 875,255 $12.2M No change
VST Vistra Corp. 0.84% 74,500 $12.0M No change
TSAT Telesat Corp. 0.81% 396,623 $11.5M No change
FRMI Fermi Inc. 0.73% 1,301,478 $10.4M New
CEPU Central Puerto-Sponsored ADR 0.65% 530,000 $9.3M No change
PLYM Plymouth Industrial REIT Inc. 0.60% 390,301 $8.5M New
HESM Hess Midstream LP Class A 0.54% 221,900 $7.7M New
JHX James Hardie Ind PLC 0.47% 326,700 $6.8M New
JAAA Janus Henderson Aaa Clo ETF 0.42% 120,060 $6.1M New
TALO Talos Energy Inc. 0.40% 513,098 $5.7M Reduce -61.0%
REYN Reynolds Consumer Products I 0.39% 245,575 $5.6M No change
SHC Sotera Health Co. 0.39% 315,479 $5.6M Add +32.9%
PSX Phillips 66 0.33% 36,475 $4.7M No change
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.30% 95,898 $4.2M No change
GPRE Green Plains Inc. 0.24% 348,000 $3.4M No change
SW Smurfit Westrock PLC 0.22% 79,700 $3.1M New
ARE Alexandria Real Estate Equit 0.19% 56,000 $2.7M No change
SWX Southwest Gas Holdings Inc. 0.18% 32,900 $2.6M New
GTLB Gitlab Inc. Class A 0.18% 69,862 $2.6M Add +141.3%
BRZE Braze Inc. Class A 0.18% 74,955 $2.6M Add +78.1%
NPB Northpointe Bancshares Inc. 0.17% 100,000 $2.5M New
IP International Paper Co. 0.16% 57,750 $2.3M Reduce -14.1%
LION Lionsgate Studios Corp. 0.16% 248,140 $2.3M Add +50.3%
GPC Genuine Parts Co. 0.15% 17,750 $2.2M New
BL Blackline Inc. 0.14% 35,450 $2.0M New
RC Ready Capital Corp. 0.13% 850,129 $1.9M Reduce -2.6%
LEG Leggett & Platt Inc. 0.12% 161,640 $1.8M New
BILL Bill Holdings Inc. 0.12% 32,225 $1.8M Add +101.1%
OKTA Okta Inc. 0.12% 20,159 $1.7M New
FLR Fluor Corp. 0.12% 43,650 $1.7M Add +39.9%
AMRZ Amrize Ltd. 0.12% 31,552 $1.7M New
FISV Fiserv Inc. 0.12% 25,000 $1.7M Add +376.2%
PSN Parsons Corp. 0.11% 26,000 $1.6M New
RAL Ralliant Corp. 0.11% 31,408 $1.6M No change
REZI Resideo Technologies Inc. 0.11% 45,300 $1.6M New
BEP Brookfield Renewable Partner 0.11% 57,506 $1.6M No change
KMB Kimberly-Clark Corp. 0.10% 14,280 $1.4M New
SRG Seritage Growth Prop- A 0.09% 417,500 $1.4M No change
WK Workiva Inc. 0.09% 15,320 $1.3M New
CSX CSX Corp. 0.09% 35,000 $1.3M Reduce -69.6%
PRMB Primo Brands Corp. 0.08% 72,000 $1.2M New
WDAY Workday Inc. Class A 0.08% 5,192 $1.1M Add +191.7%
MMLP Martin Midstream Partners LP 0.07% 408,240 $1.1M No change
LWACU Lightwave Acquisition Corp. 0.07% 100,000 $1.0M No change
ADBE Adobe Inc. 0.07% 2,896 $1.0M Add +34.5%
TECK Teck Resources Ltd.-CLS B 0.06% 16,850 $807K No change
CVGW Calavo Growers Inc. 0.05% 30,586 $665K No change
HRTX Heron Therapeutics Inc. 0.04% 475,750 $618K No change
EVAC Eqv Ventures Acquisition C-A 0.04% 51,000 $512K New
SAFE Safehold Inc. 0.04% 37,256 $510K No change
CNR Core Natural Resources Inc. 0.03% 5,368 $475K No change
INDI Indie Semiconductor Inc. Class A 0.03% 106,100 $375K No change
SUPV Grupo Supervielle SA-SP ADR 0.02% 24,300 $287K No change
NVO Novo-Nordisk A/S-Spons ADR 0.01% 229,960 $139K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $5.5M (not counted above)
SecurityClassShares / PrincipalValueChange
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B 339,774$5.0MReduce -35.1%
WHEELER REIT INC (WHLR 9 PERP B) CV PFD SER B 82,301$427KNo change

Total filed on the 13F, all lines: $1.4B.

Portfolio Sells Q3 2025 → Q4 2025
WNS WNS Holdings Ltd. Sold out 0.00% −8.69
AVDX Avidxchange Holdings Inc. Sold out 0.00% −7.91
VRNA Verona Pharma Ltd. Sold out 0.00% −5.59
COOP Mr Cooper Group Inc. Sold out 0.00% −3.61
IAS Integral Ad Science Holding Sold out 0.00% −2.45
VRNT Verint Systems Inc. Sold out 0.00% −2.07
TRML Tourmaline Bio Inc. Sold out 0.00% −1.95
TXNM TXNM Energy Inc. Reduce -30.6% 2.07% −1.60
GHLD Guild Holdings Co. Class A Sold out 0.00% −1.49
VMEO Vimeo Inc. Sold out 0.00% −1.24
HBI Hanesbrands Inc. Sold out 0.00% −1.18
MRC MRC Global Inc. Sold out 0.00% −1.08
SCS Steelcase Inc. Class A Sold out 0.00% −1.03
ARIS WATER SOLUTIONS INC-A Sold out 0.00% −0.99
GTLS Chart Industries Inc. Reduce -11.4% 2.44% −0.98
K Kellanova Sold out 0.00% −0.96
MLNK Meridianlink Inc. Sold out 0.00% −0.95
PRO Pros Holdings Inc. Sold out 0.00% −0.93
TALO Talos Energy Inc. Reduce -61.0% 0.40% −0.74
VSXY Victoria's Secret & Co. Sold out 0.00% −0.65
GES Guess? Inc. Sold out 0.00% −0.62
STAA Staar Surgical Co. Sold out 0.00% −0.56
TRGP Targa Resources Corp. Sold out 0.00% −0.54
SHCO Soho House & Co. Inc. Reduce -11.4% 1.13% −0.49
CIO City Office REIT Inc. Sold out 0.00% −0.48
PGRE Paramount Group Inc. Sold out 0.00% −0.48
LW Lamb Weston Holdings Inc. Sold out 0.00% −0.37
ALE Allete Inc. Sold out 0.00% −0.29
CSX CSX Corp. Reduce -69.6% 0.09% −0.28
KBR KBR Inc. Sold out 0.00% −0.19
ETNB 89BIO Inc. Sold out 0.00% −0.19
RC Ready Capital Corp. Reduce -2.6% 0.13% −0.17
ZIMV Zimvie Inc. Sold out 0.00% −0.15
SNPS Synopsys Inc. Sold out 0.00% −0.14
CRESY Cresud S.A.-Spons ADR Sold out 0.00% −0.14
IMXI International Money Express Sold out 0.00% −0.12
IP International Paper Co. Reduce -14.1% 0.16% −0.12
CRL Charles River Laboratories Sold out 0.00% −0.12
WSC Willscot Holdings Corp. Sold out 0.00% −0.07
SMPL The Simply Good Foods Co. Sold out 0.00% −0.06
SRDX Surmodics Inc. Sold out 0.00% −0.06
FCX Freeport-McMoran Inc. Sold out 0.00% −0.06
LOMA Loma Negra Cia Ind-Spon ADR Sold out 0.00% −0.04
GWRE Guidewire Software Inc. Sold out 0.00% −0.04
AMD Advanced Micro Devices Sold out 0.00% −0.04
DDOG Datadog Inc. Class A Sold out 0.00% −0.04
CSGP Costar Group Inc. Sold out 0.00% −0.04
VERX Vertex Inc. Class A Sold out 0.00% −0.03
MAA Mid-America Apartment Comm Sold out 0.00% −0.02

Portfolio Buys Q3 2025 → Q4 2025
CYBR Cyberark Software Ltd./Israel New 5.80% +5.80
DAY Dayforce Inc. Add +550.4% 6.85% +5.51
RNAM Avidity Biosciences Inc. New 4.66% +4.66
HOLX Hologic Inc. New 4.48% +4.48
CDTX Cidara Therapeutics Inc. New 4.32% +4.32
HI Hillenbrand Inc. New 4.25% +4.25
SEE Sealed Air Corp. New 4.19% +4.19
EXAS Exact Sciences Corp. New 3.45% +3.45
CFLT Confluent Inc. Class A New 2.92% +2.92
SEMR Semrush Holdings Inc. Class A New 2.89% +2.89
BHF Brighthouse Financial Inc. New 2.61% +2.61
JAMF Jamf Holding Corp. Add +3745.0% 2.64% +2.57
CWAN Clearwater Analytics HDS-A New 2.52% +2.52
CSGS CSG Systems Intl Inc. New 2.25% +2.25
ALEX Alexander & Baldwin Inc. New 0.93% +0.93
FRMI Fermi Inc. New 0.73% +0.73
PLYM Plymouth Industrial REIT Inc. New 0.60% +0.60
HESM Hess Midstream LP Class A New 0.54% +0.54
JHX James Hardie Ind PLC New 0.47% +0.47
JAAA Janus Henderson Aaa Clo ETF New 0.42% +0.42
EA Electronic Arts Inc. Add +43.0% 3.19% +0.37
SW Smurfit Westrock PLC New 0.22% +0.22
SWX Southwest Gas Holdings Inc. New 0.18% +0.18
NPB Northpointe Bancshares Inc. New 0.17% +0.17
GPC Genuine Parts Co. New 0.15% +0.15
BL Blackline Inc. New 0.14% +0.14
LEG Leggett & Platt Inc. New 0.12% +0.12
OKTA Okta Inc. New 0.12% +0.12
AMRZ Amrize Ltd. New 0.12% +0.12
PSN Parsons Corp. New 0.11% +0.11
REZI Resideo Technologies Inc. New 0.11% +0.11
KMB Kimberly-Clark Corp. New 0.10% +0.10
WK Workiva Inc. New 0.09% +0.09
PRMB Primo Brands Corp. New 0.08% +0.08
BRZE Braze Inc. Class A Add +78.1% 0.18% +0.07
GTLB Gitlab Inc. Class A Add +141.3% 0.18% +0.07
FISV Fiserv Inc. Add +376.2% 0.12% +0.06
LION Lionsgate Studios Corp. Add +50.3% 0.16% +0.06
SHC Sotera Health Co. Add +32.9% 0.39% +0.05
BILL Bill Holdings Inc. Add +101.1% 0.12% +0.05
WDAY Workday Inc. Class A Add +191.7% 0.08% +0.04
EVAC Eqv Ventures Acquisition C-A New 0.04% +0.04
NVO Novo-Nordisk A/S-Spons ADR New 0.01% +0.01
FLR Fluor Corp. Add +39.9% 0.12% +0.00
ADBE Adobe Inc. Add +34.5% 0.07% +0.00
HFRO Highland Opport & Income Add +30.3% 1.54% −0.07
NXDT Nexpoint Diversified Real Es Add +2.5% 1.35% −0.28
NREF Nexpoint Real Estate Finance Add +9.9% 9.30% −1.62

Options Activity Q3 2025 → Q4 2025
STAA Staar Surgical Co. put Sold out 564,100 $15.2Mbefore exit
SNPS Synopsys Inc. put Sold out 9,500 $4.7Mbefore exit
ETNB 89BIO Inc. put Sold out 292,200 $4.3Mbefore exit
WBD Warner Bros Discovery Inc. put Sold out 100,000 $2.0Mbefore exit
SMR Nuscale Power Corp. put Sold out 7,100 $256Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B Reduce -35.1% 339,774 $5.0M
CEROW Phoenix Biotech Acq -CW26 *W EXP 02/13/202 Sold out 108,741 $1Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 65$1.5BNREF, NUVL, GBTG, TMHC, WTRG
Q1 2026 78$1.4BNREF, HOLX, CWAN, SEE, OS
Q4 2025 81$1.4BNREF, DAY, CYBR, RNAM, HOLX
Q3 2025 90$1.1BNREF, WNS, AVDX, VRNA, FYBR
Q2 2025 82$1.0BNREF, SKX, SWTX, JNPR, BPMC
Q1 2025 78$1.0BNREF, ITCI, PDCO, JWN, PYCR
Q4 2024 86$851.4MNREF, NXRT, SMAR, BARNES GROUP INC, ROIC
Q3 2024 85$824.2MNREF, ENV, RCM, EDR, NVEI
Q2 2024 78$747.1MNREF, WIRE, EVBG, SLCA, EDR
Q1 2024 77$642.8MNREF, TCN, M D C HLDGS INC, NWLI, DOOR