# EDGAR Filing Document

**Accession Number:** 0001469877
**File Stem:** 0001172661-26-001203
**Filing Date:** 2026-2
**Character Count:** 15951
**Document Hash:** 50f694e7d1dad04bcd0ff75adb86e5bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-26-001203.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001172661-26-001203

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEXPOINT ASSET MANAGEMENT, L.P.
- **CENTRAL INDEX KEY:** 0001469877

**ORGANIZATION NAME:**
- **EIN:** 264245035
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16918
- **FILM NUMBER:** 26643169

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-276-6300

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P.
- **DATE OF NAME CHANGE:** 20140505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pyxis Capital, L.P. /DE
- **DATE OF NAME CHANGE:** 20120406

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Highland Funds Asset Management, L.P.
- **DATE OF NAME CHANGE:** 20090806

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** NEXPOINT ASSET MANAGEMENT L.P.<br>**Address:** 300 Crescent Court<br>Suite 700<br>Dallas, TX 75201

**Form 13F File Number:** 028-16918

**CRD Number (if applicable):** 000149653

**SEC File Number (if applicable):** 801-69968

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Frank Waterhouse<br>**Title:** Treasurer<br>**Phone:** 1-214-276-6300

**Signature, Place, and Date of Signing:**

/s/  Frank Waterhouse  Dallas, TX  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 116

**Form 13F Information Table Value Total:** $1435090856

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                   | Form 13F File Number   |
|:---|:---|:---|
|  | NexPoint Advisors L.P. | 028-16920              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADOBE INC | COM | 00724F101 |  | 1013571 | 2896 | SH |  | SOLE |  | 2896 | 0 | 0 |
| AIR LEASE CORP | CL A | 00912X302 |  | 1435476 | 22349 | SH |  | OTR | 1 | 22349 | 0 | 0 |
| AIR LEASE CORP | CL A | 00912X302 |  | 47693922 | 742549 | SH |  | SOLE |  | 742549 | 0 | 0 |
| ALEXANDER  BALDWIN INC NEW | COM | 014491104 |  | 12820557 | 621151 | SH |  | SOLE |  | 621151 | 0 | 0 |
| ALEXANDER  BALDWIN INC NEW | COM | 014491104 |  | 515752 | 24988 | SH |  | OTR | 1 | 24988 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 2740640 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |
| AMRIZE LTD | SHS | H2927K103 |  | 1706332 | 31552 | SH |  | SOLE |  | 31552 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 64237535 | 890580 | SH |  | SOLE |  | 890580 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 2406978 | 33370 | SH |  | OTR | 1 | 33370 | 0 | 0 |
| BILL HOLDINGS INC | COM | 090043100 |  | 1757552 | 32225 | SH |  | SOLE |  | 32225 | 0 | 0 |
| BLACKLINE INC | COM | 09239B109 |  | 1960031 | 35450 | SH |  | SOLE |  | 35450 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | 5.5 CUM CV PFD B | 10482B200 |  | 5032053 | 339774 | SH |  | SOLE |  | 339774 | 0 | 0 |
| BRAZE INC | COM CL A | 10576N102 |  | 2570207 | 74955 | SH |  | SOLE |  | 74955 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 1398816 | 21590 | SH |  | OTR | 1 | 21590 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 35953137 | 554918 | SH |  | SOLE |  | 554918 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 |  | 1550937 | 57506 | SH |  | SOLE |  | 57506 | 0 | 0 |
| CALAVO GROWERS INC | COM | 128246105 |  | 665246 | 30586 | SH |  | SOLE |  | 30586 | 0 | 0 |
| CENTRAL PUERTO S A | SPONSORED ADR | 155038201 |  | 5735625 | 327750 | SH |  | OTR | 1 | 327750 | 0 | 0 |
| CENTRAL PUERTO S A | SPONSORED ADR | 155038201 |  | 3539375 | 202250 | SH |  | SOLE |  | 202250 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 34854932 | 169010 | SH |  | SOLE |  | 169010 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 |  | 59437081 | 269080 | SH |  | SOLE |  | 269080 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 |  | 2390030 | 10820 | SH |  | OTR | 1 | 10820 | 0 | 0 |
| CLEARWATER ANALYTICS HLDGS I | CL A | 185123106 |  | 35992346 | 1492220 | SH |  | SOLE |  | 1492220 | 0 | 0 |
| CONFLUENT INC | CLASS A COM | 20717M103 |  | 41809824 | 1382600 | SH |  | SOLE |  | 1382600 | 0 | 0 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 475122 | 5368 | SH |  | OTR | 1 | 5368 | 0 | 0 |
| CSG SYS INTL INC | COM | 126349109 |  | 31011135 | 404370 | SH |  | SOLE |  | 404370 | 0 | 0 |
| CSG SYS INTL INC | COM | 126349109 |  | 1218604 | 15890 | SH |  | OTR | 1 | 15890 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 1268750 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 79863921 | 179043 | SH |  | SOLE |  | 179043 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 3041683 | 6819 | SH |  | OTR | 1 | 6819 | 0 | 0 |
| DAYFORCE INC | COM | 15677J108 |  | 3095256 | 44755 | SH |  | OTR | 1 | 44755 | 0 | 0 |
| DAYFORCE INC | COM | 15677J108 |  | 94893053 | 1372080 | SH |  | SOLE |  | 1372080 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 2006521 | 9820 | SH |  | OTR | 1 | 9820 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 43542723 | 213100 | SH |  | SOLE |  | 213100 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 989400 | 60000 | SH |  | OTR | 1 | 60000 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 11576640 | 702040 | SH |  | SOLE |  | 702040 | 0 | 0 |
| EQV VENTURES AC CORP. II | ORD SHS CL A | G3106Q102 |  | 511530 | 51000 | SH |  | SOLE |  | 51000 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 1908312 | 18790 | SH |  | OTR | 1 | 18790 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 47448832 | 467200 | SH |  | SOLE |  | 467200 | 0 | 0 |
| FERMI INC | COM | 314911108 |  | 10411824 | 1301478 | SH |  | SOLE |  | 1301478 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 1679250 | 25000 | SH |  | OTR | 1 | 25000 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 1729850 | 43650 | SH |  | SOLE |  | 43650 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | COM | 35909D109 |  | 48965634 | 1286200 | SH |  | SOLE |  | 1286200 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | COM | 35909D109 |  | 2936073 | 77123 | SH |  | OTR | 1 | 77123 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 2182540 | 17750 | SH |  | SOLE |  | 17750 | 0 | 0 |
| GITLAB INC | CLASS A COM | 37637K108 |  | 2621921 | 69862 | SH |  | SOLE |  | 69862 | 0 | 0 |
| GREEN PLAINS INC | COM | 393222104 |  | 3410400 | 348000 | SH |  | SOLE |  | 348000 | 0 | 0 |
| GRUPO SUPERVIELLE S.A. | SPONSORED ADR | 40054A108 |  | 287226 | 24300 | SH |  | SOLE |  | 24300 | 0 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 302640 | 232800 | SH |  | SOLE |  | 232800 | 0 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 315835 | 242950 | SH |  | OTR | 1 | 242950 | 0 | 0 |
| HESS MIDSTREAM LP | CL A SHS | 428103105 |  | 7655550 | 221900 | SH |  | SOLE |  | 221900 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 8874571 | 1484042 | SH |  | OTR |  | 1484042 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 0 | 0 | SH |  | OTR | 1 | 0 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 13090250 | 2189005 | SH |  | SOLE |  | 2189005 | 0 | 0 |
| HILLENBRAND INC | COM | 431571108 |  | 58309290 | 1838250 | SH |  | SOLE |  | 1838250 | 0 | 0 |
| HILLENBRAND INC | COM | 431571108 |  | 2487165 | 78410 | SH |  | OTR | 1 | 78410 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 2497650 | 33530 | SH |  | OTR | 1 | 33530 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 61492240 | 825510 | SH |  | SOLE |  | 825510 | 0 | 0 |
| INDIE SEMICONDUCTOR INC | CLASS A COM | 45569U101 |  | 374533 | 106100 | SH |  | SOLE |  | 106100 | 0 | 0 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 2274773 | 57750 | SH |  | SOLE |  | 57750 | 0 | 0 |
| JAMES HARDIE INDS PLC | ORD SHS | G4253H101 |  | 6779025 | 326700 | SH |  | SOLE |  | 326700 | 0 | 0 |
| JAMF HLDG CORP | COM | 47074L105 |  | 35288714 | 2712430 | SH |  | SOLE |  | 2712430 | 0 | 0 |
| JAMF HLDG CORP | COM | 47074L105 |  | 2508718 | 192830 | SH |  | OTR | 1 | 192830 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 5058000 | 100000 | SH |  | OTR | 1 | 100000 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 1014635 | 20060 | SH |  | SOLE |  | 20060 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 1440709 | 14280 | SH |  | SOLE |  | 14280 | 0 | 0 |
| LEGGETT  PLATT INC | COM | 524660107 |  | 1778040 | 161640 | SH |  | SOLE |  | 161640 | 0 | 0 |
| LIGHTWAVE ACQUISITION CORP | UNIT 06/06/2030 | G5490M118 |  | 1020000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| LIONSGATE STUDIOS CORP | COM | 53626N102 |  | 2265518 | 248140 | SH |  | SOLE |  | 248140 | 0 | 0 |
| MARTIN MIDSTREAM PRTNRS L P | UNIT L P INT | 573331105 |  | 1065506 | 408240 | SH |  | SOLE |  | 408240 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 2384470 | 622577 | SH |  | OTR |  | 622577 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 8331227 | 2175255 | SH |  | OTR | 1 | 2175255 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 8545124 | 2231103 | SH |  | SOLE |  | 2231103 | 0 | 0 |
| NEXPOINT REAL ESTATE FIN INC | COM | 65342V101 |  | 1340515 | 95207 | SH |  | OTR |  | 95207 | 0 | 0 |
| NEXPOINT REAL ESTATE FIN INC | COM | 65342V101 |  | 80180954 | 5694670 | SH |  | SOLE |  | 5694670 | 0 | 0 |
| NEXPOINT REAL ESTATE FIN INC | COM | 65342V101 |  | 51388593 | 3649758 | SH |  | OTR | 1 | 3649758 | 0 | 0 |
| NEXPOINT RESIDENTIAL TR INC | COM | 65341D102 |  | 10947942 | 363719 | SH |  | OTR |  | 363719 | 0 | 0 |
| NEXPOINT RESIDENTIAL TR INC | COM | 65341D102 |  | 15375140 | 510802 | SH |  | SOLE |  | 510802 | 0 | 0 |
| NEXPOINT RESIDENTIAL TR INC | COM | 65341D102 |  | 1812953 | 60231 | SH |  | OTR | 1 | 60231 | 0 | 0 |
| NORTHPOINTE BANCSHARES INC. | COM SHS | 66661N886 |  | 2475000 | 100000 | SH |  | OTR | 1 | 100000 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 139295 | 214300 | SH |  | SOLE |  | 214300 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 0 | 15660 | SH |  | OTR | 1 | 15660 | 0 | 0 |
| OKTA INC | CL A | 679295105 |  | 1743149 | 20159 | SH |  | SOLE |  | 20159 | 0 | 0 |
| PARSONS CORP DEL | COM | 70202L102 |  | 1606800 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 4706734 | 36475 | SH |  | SOLE |  | 36475 | 0 | 0 |
| PLYMOUTH INDL REIT INC | COM | 729640102 |  | 8539786 | 390301 | SH |  | SOLE |  | 390301 | 0 | 0 |
| PRIMO BRANDS CORPORATION | CLASS A COM SHS | 741623102 |  | 1177200 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| PROASSURANCE CORP | COM | 74267C106 |  | 1827221 | 75630 | SH |  | OTR | 1 | 75630 | 0 | 0 |
| PROASSURANCE CORP | COM | 74267C106 |  | 30281178 | 1253360 | SH |  | SOLE |  | 1253360 | 0 | 0 |
| RALLIANT CORP | COM | 750940108 |  | 1598981 | 31408 | SH |  | SOLE |  | 31408 | 0 | 0 |
| READY CAPITAL CORP | COM | 75574U101 |  | 1599355 | 733649 | SH |  | OTR | 1 | 733649 | 0 | 0 |
| READY CAPITAL CORP | COM | 75574U101 |  | 253926 | 116480 | SH |  | SOLE |  | 116480 | 0 | 0 |
| RESIDEO TECHNOLOGIES INC | COM | 76118Y104 |  | 1590936 | 45300 | SH |  | SOLE |  | 45300 | 0 | 0 |
| REYNOLDS CONSUMER PRODS INC | COM | 76171L106 |  | 5628579 | 245575 | SH |  | SOLE |  | 245575 | 0 | 0 |
| SAFEHOLD INC | COM | 78646V107 |  | 510035 | 37256 | SH |  | OTR | 1 | 37256 | 0 | 0 |
| SEALED AIR CORP NEW | COM | 81211K100 |  | 702653 | 16960 | SH |  | OTR | 1 | 16960 | 0 | 0 |
| SEALED AIR CORP NEW | COM | 81211K100 |  | 59176541 | 1428350 | SH |  | SOLE |  | 1428350 | 0 | 0 |
| SEMRUSH HLDGS INC | CL A COM | 81686C104 |  | 41308833 | 3474250 | SH |  | SOLE |  | 3474250 | 0 | 0 |
| SERITAGE GROWTH PPTYS | CL A | 81752R100 |  | 1356875 | 417500 | SH |  | SOLE |  | 417500 | 0 | 0 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 3081999 | 79700 | SH |  | SOLE |  | 79700 | 0 | 0 |
| SOHO HOUSE  CO INC | COM CL A | 586001109 |  | 14956166 | 1669215 | SH |  | SOLE |  | 1669215 | 0 | 0 |
| SOHO HOUSE  CO INC | COM CL A | 586001109 |  | 1218264 | 135967 | SH |  | OTR | 1 | 135967 | 0 | 0 |
| SOTERA HEALTH CO | COM | 83601L102 |  | 5565050 | 315479 | SH |  | SOLE |  | 315479 | 0 | 0 |
| SOUTHWEST GAS HLDGS INC | COM | 844895102 |  | 2632658 | 32900 | SH |  | SOLE |  | 32900 | 0 | 0 |
| TALOS ENERGY INC | COM | 87484T108 |  | 181852 | 16502 | SH |  | OTR | 1 | 16502 | 0 | 0 |
| TALOS ENERGY INC | COM | 87484T108 |  | 5472488 | 496596 | SH |  | SOLE |  | 496596 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 806947 | 16850 | SH |  | SOLE |  | 16850 | 0 | 0 |
| TELESAT CORP | CL A  CL B SHS | 879512309 |  | 10171119 | 349523 | SH |  | SOLE |  | 349523 | 0 | 0 |
| TELESAT CORP | CL A  CL B SHS | 879512309 |  | 1370610 | 47100 | SH |  | OTR | 1 | 47100 | 0 | 0 |
| TXNM ENERGY INC | COM | 69349H107 |  | 29640369 | 503403 | SH |  | SOLE |  | 503403 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 12019085 | 74500 | SH |  | SOLE |  | 74500 | 0 | 0 |
| WHEELER REAL ESTATE INVT TR | CV PFD SER B | 963025309 |  | 427142 | 82301 | SH |  | SOLE |  | 82301 | 0 | 0 |
| WHITESTONE REIT | COM | 966084204 |  | 12157292 | 875255 | SH |  | SOLE |  | 875255 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 1115138 | 5192 | SH |  | SOLE |  | 5192 | 0 | 0 |
| WORKIVA INC | COM CL A | 98139A105 |  | 1321350 | 15320 | SH |  | SOLE |  | 15320 | 0 | 0 |
| YETI HLDGS INC | COM | 98585X104 |  | 4235815 | 95898 | SH |  | SOLE |  | 95898 | 0 | 0 |

---