# EDGAR Filing Document

**Accession Number:** 0001469877
**File Stem:** 0001172661-25-003463
**Filing Date:** 2025-8
**Character Count:** 16160
**Document Hash:** ae3669582f1004e7ceef2407c5f053c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003463.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001172661-25-003463

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**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:** 251218975

**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:** 06-30-2025

**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  08-14-2025<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:** 118

**Form 13F Information Table Value Total:** $1095189978

      (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 |  | 832953 | 2153 | SH |  | SOLE |  | 2153 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 4067280 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |
| ALLETE INC | COM NEW | 018522300 |  | 2497897 | 38987 | SH |  | OTR | 1 | 38987 | 0 | 0 |
| AMENTUM HOLDINGS INC | COM | 023939101 |  | 832559 | 35263 | SH |  | SOLE |  | 35263 | 0 | 0 |
| AVIDXCHANGE HOLDINGS INC | COM | 05368X102 |  | 2827381 | 288803 | SH |  | OTR | 1 | 288803 | 0 | 0 |
| AVIDXCHANGE HOLDINGS INC | COM | 05368X102 |  | 46950393 | 4795750 | SH |  | SOLE |  | 4795750 | 0 | 0 |
| AZEK CO INC | CL A | 05478C105 |  | 7556552 | 139035 | SH |  | SOLE |  | 139035 | 0 | 0 |
| AZEK CO INC | CL A | 05478C105 |  | 623123 | 11465 | SH |  | OTR | 1 | 11465 | 0 | 0 |
| BAUSCH PLUS LOMB CORP | COMMON SHARES | 071705107 |  | 652556 | 50158 | SH |  | SOLE |  | 50158 | 0 | 0 |
| BLUEPRINT MEDICINES CORP | COM | 09627Y109 |  | 3369852 | 26290 | SH |  | OTR | 1 | 26290 | 0 | 0 |
| BLUEPRINT MEDICINES CORP | COM | 09627Y109 |  | 57738937 | 450452 | SH |  | SOLE |  | 450452 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | 5.5 CUM CV PFD B | 10482B200 |  | 7340192 | 556919 | SH |  | SOLE |  | 556919 | 0 | 0 |
| CACI INTL INC | CL A | 127190304 |  | 2446901 | 5133 | SH |  | SOLE |  | 5133 | 0 | 0 |
| CALAVO GROWERS INC | COM | 128246105 |  | 813282 | 30586 | SH |  | SOLE |  | 30586 | 0 | 0 |
| CENTRAL PUERTO S A | SPONSORED ADR | 155038201 |  | 2362280 | 202250 | SH |  | SOLE |  | 202250 | 0 | 0 |
| CENTRAL PUERTO S A | SPONSORED ADR | 155038201 |  | 3828120 | 327750 | SH |  | OTR | 1 | 327750 | 0 | 0 |
| CERO THERAPEUTICS HLDGS INC | *W EXP 02/13/202 | 71902K113 |  | 2588 | 108741 | SH |  | SOLE |  | 108741 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 851964 | 5615 | SH |  | SOLE |  | 5615 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 2348732 | 14265 | SH |  | SOLE |  | 14265 | 0 | 0 |
| CLEAN ENERGY FUELS CORP | COM | 184499101 |  | 51090 | 26200 | SH |  | SOLE |  | 26200 | 0 | 0 |
| CLEAN HARBORS INC | COM | 184496107 |  | 231180 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| CLEARWAY ENERGY INC | CL C | 18539C204 |  | 387200 | 12100 | SH |  | SOLE |  | 12100 | 0 | 0 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 374364 | 5368 | SH |  | OTR | 1 | 5368 | 0 | 0 |
| COTY INC | COM CL A | 222070203 |  | 2264429 | 486974 | SH |  | SOLE |  | 486974 | 0 | 0 |
| COUCHBASE INC | COM | 22207T101 |  | 950601 | 38991 | SH |  | OTR | 1 | 38991 | 0 | 0 |
| COUCHBASE INC | COM | 22207T101 |  | 15627556 | 640999 | SH |  | SOLE |  | 640999 | 0 | 0 |
| CRESUD S A C I F Y A | SPONSORED ADR | 226406106 |  | 1822948 | 169419 | SH |  | OTR | 1 | 169419 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 212464 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 549600 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 3956200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 313794 | 1800 | SH |  | OTR | 1 | 1800 | 0 | 0 |
| DUN  BRADSTREET HLDGS INC | COM | 26484T106 |  | 4249739 | 467518 | SH |  | OTR | 1 | 467518 | 0 | 0 |
| DUN  BRADSTREET HLDGS INC | COM | 26484T106 |  | 18646953 | 2051370 | SH |  | SOLE |  | 2051370 | 0 | 0 |
| E2OPEN PARENT HOLDINGS INC | COM CL A | 29788T103 |  | 4238658 | 1312278 | SH |  | OTR | 1 | 1312278 | 0 | 0 |
| E2OPEN PARENT HOLDINGS INC | COM CL A | 29788T103 |  | 11161708 | 3455637 | SH |  | SOLE |  | 3455637 | 0 | 0 |
| ECOVYST INC | COM | 27923Q109 |  | 2367664 | 287687 | SH |  | SOLE |  | 287687 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 21592141 | 1190962 | SH |  | SOLE |  | 1190962 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 1087800 | 60000 | SH |  | OTR | 1 | 60000 | 0 | 0 |
| FORTIVE CORP | COM | 34959J108 |  | 1343651 | 25775 | SH |  | SOLE |  | 25775 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 821483 | 18950 | SH |  | SOLE |  | 18950 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | COM | 35909D109 |  | 2477493 | 68063 | SH |  | OTR | 1 | 68063 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | COM | 35909D109 |  | 35227920 | 967800 | SH |  | SOLE |  | 967800 | 0 | 0 |
| GREEN PLAINS INC | COM | 393222104 |  | 2306855 | 382563 | SH |  | SOLE |  | 382563 | 0 | 0 |
| GRUPO SUPERVIELLE S.A. | SPONSORED ADR | 40054A108 |  | 257337 | 24300 | SH |  | SOLE |  | 24300 | 0 | 0 |
| GUILD HLDGS CO | CL A | 40172N107 |  | 6282313 | 317770 | SH |  | SOLE |  | 317770 | 0 | 0 |
| GUILD HLDGS CO | CL A | 40172N107 |  | 2116379 | 107050 | SH |  | OTR | 1 | 107050 | 0 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 502907 | 242950 | SH |  | OTR | 1 | 242950 | 0 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 481896 | 232800 | SH |  | SOLE |  | 232800 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 1936512 | 13978 | SH |  | OTR | 1 | 13978 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 41363472 | 298567 | SH |  | SOLE |  | 298567 | 0 | 0 |
| HIGHLAND GLOBAL ALLOCATION F | COM | 43010T104 |  | 750685 | 86246 | SH |  | SOLE |  | 86246 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 1736826 | 334005 | SH |  | SOLE |  | 334005 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 3037018 | 584042 | SH |  | OTR | 1 | 584042 | 0 | 0 |
| INDIE SEMICONDUCTOR INC | CLASS A COM | 45569U101 |  | 590814 | 165959 | SH |  | SOLE |  | 165959 | 0 | 0 |
| INFORMATICA INC | COM CL A | 45674M101 |  | 17934019 | 736510 | SH |  | SOLE |  | 736510 | 0 | 0 |
| INFORMATICA INC | COM CL A | 45674M101 |  | 1012960 | 41600 | SH |  | OTR | 1 | 41600 | 0 | 0 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 3373165 | 72030 | SH |  | SOLE |  | 72030 | 0 | 0 |
| IRON MTN INC DEL | COM | 46284V101 |  | 389766 | 3800 | SH |  | OTR | 1 | 3800 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 3486648 | 87319 | SH |  | OTR | 1 | 87319 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 43563630 | 1091000 | SH | Put | SOLE |  | 1091000 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 2315940 | 58000 | SH | Put | OTR | 1 | 58000 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 59799687 | 1497613 | SH |  | SOLE |  | 1497613 | 0 | 0 |
| KBR INC | COM | 48242W106 |  | 2201117 | 45914 | SH |  | SOLE |  | 45914 | 0 | 0 |
| KELLANOVA | COM | 487836108 |  | 2405783 | 30250 | SH |  | OTR | 1 | 30250 | 0 | 0 |
| KELLANOVA | COM | 487836108 |  | 32691443 | 411058 | SH |  | SOLE |  | 411058 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 824851 | 39410 | SH |  | SOLE |  | 39410 | 0 | 0 |
| LAMB WESTON HLDGS INC | COM | 513272104 |  | 2716266 | 52387 | SH |  | SOLE |  | 52387 | 0 | 0 |
| LIONSGATE STUDIOS CORP | COM | 53626N102 |  | 750646 | 129199 | SH |  | SOLE |  | 129199 | 0 | 0 |
| LOMA NEGRA C I A S A MTN 14 | SPONSORED ADS | 54150E104 |  | 702080 | 64000 | SH |  | OTR | 1 | 64000 | 0 | 0 |
| MARTIN MIDSTREAM PRTNRS L P | UNIT L P INT | 573331105 |  | 1204308 | 408240 | SH |  | SOLE |  | 408240 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 266418 | 1800 | SH |  | OTR | 1 | 1800 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 7114029 | 1697859 | SH |  | OTR | 1 | 1697859 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 8891603 | 2122101 | SH |  | SOLE |  | 2122101 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 2481150 | 592160 | SH |  | OTR |  | 592160 | 0 | 0 |
| NEXPOINT REAL ESTATE FIN INC | COM | 65342V101 |  | 16320272 | 1183486 | SH |  | OTR | 1 | 1183486 | 0 | 0 |
| NEXPOINT REAL ESTATE FIN INC | COM | 65342V101 |  | 101696713 | 7374671 | SH |  | SOLE |  | 7374671 | 0 | 0 |
| NEXPOINT REAL ESTATE FIN INC | COM | 65342V101 |  | 402764 | 29207 | SH |  | OTR |  | 29207 | 0 | 0 |
| NEXPOINT RESIDENTIAL TR INC | COM | 65341D102 |  | 12119117 | 363719 | SH |  | OTR |  | 363719 | 0 | 0 |
| NEXPOINT RESIDENTIAL TR INC | COM | 65341D102 |  | 16753596 | 502809 | SH |  | SOLE |  | 502809 | 0 | 0 |
| NEXPOINT RESIDENTIAL TR INC | COM | 65341D102 |  | 2006897 | 60231 | SH |  | OTR | 1 | 60231 | 0 | 0 |
| PARSONS CORP DEL | COM | 70202L102 |  | 2317310 | 32288 | SH |  | SOLE |  | 32288 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 4351468 | 36475 | SH |  | SOLE |  | 36475 | 0 | 0 |
| PLAYAGS INC | COM | 72814N104 |  | 2847970 | 228020 | SH |  | OTR | 1 | 228020 | 0 | 0 |
| PLAYAGS INC | COM | 72814N104 |  | 1017223 | 81443 | SH |  | SOLE |  | 81443 | 0 | 0 |
| RADIUS RECYCLING INC | CL A | 806882106 |  | 3537920 | 119162 | SH |  | OTR | 1 | 119162 | 0 | 0 |
| RADIUS RECYCLING INC | CL A | 806882106 |  | 35795452 | 1205640 | SH |  | SOLE |  | 1205640 | 0 | 0 |
| RALLIANT CORP | COM | 750940108 |  | 416578 | 8591 | SH |  | SOLE |  | 8591 | 0 | 0 |
| READY CAPITAL CORP | COM | 75574U101 |  | 3306084 | 756541 | SH |  | OTR | 1 | 756541 | 0 | 0 |
| READY CAPITAL CORP | COM | 75574U101 |  | 509018 | 116480 | SH |  | SOLE |  | 116480 | 0 | 0 |
| REYNOLDS CONSUMER PRODS INC | COM | 76171L106 |  | 2261952 | 105600 | SH |  | SOLE |  | 105600 | 0 | 0 |
| SAFEHOLD INC | COM | 78646V107 |  | 579703 | 37256 | SH |  | OTR | 1 | 37256 | 0 | 0 |
| SERITAGE GROWTH PPTYS | CL A | 81752R100 |  | 1285900 | 417500 | SH |  | SOLE |  | 417500 | 0 | 0 |
| SIMPLY GOOD FOODS CO | COM | 82900L102 |  | 814327 | 25778 | SH |  | SOLE |  | 25778 | 0 | 0 |
| SITIO ROYALTIES CORP | CLASS A COM | 82983N108 |  | 23224545 | 1263577 | SH |  | SOLE |  | 1263577 | 0 | 0 |
| SKECHERS U S A INC | CL A | 830566105 |  | 72079004 | 1142298 | SH |  | SOLE |  | 1142298 | 0 | 0 |
| SKECHERS U S A INC | CL A | 830566105 |  | 4620371 | 73223 | SH |  | OTR | 1 | 73223 | 0 | 0 |
| SOTERA HEALTH CO | COM | 83601L102 |  | 3343017 | 300631 | SH |  | SOLE |  | 300631 | 0 | 0 |
| SPRINGWORKS THERAPEUTICS INC | COM | 85205L107 |  | 69802846 | 1485483 | SH |  | SOLE |  | 1485483 | 0 | 0 |
| SPRINGWORKS THERAPEUTICS INC | COM | 85205L107 |  | 4587775 | 97633 | SH |  | OTR | 1 | 97633 | 0 | 0 |
| TALOS ENERGY INC | COM | 87484T108 |  | 11697558 | 1379429 | SH |  | SOLE |  | 1379429 | 0 | 0 |
| TALOS ENERGY INC | COM | 87484T108 |  | 411297 | 48502 | SH |  | OTR | 1 | 48502 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 |  | 11454464 | 65800 | SH |  | SOLE |  | 65800 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 985878 | 24415 | SH |  | SOLE |  | 24415 | 0 | 0 |
| TELESAT CORP | CL A  CL B SHS | 879512309 |  | 1151124 | 47100 | SH |  | OTR | 1 | 47100 | 0 | 0 |
| TELESAT CORP | CL A  CL B SHS | 879512309 |  | 11907315 | 487206 | SH |  | SOLE |  | 487206 | 0 | 0 |
| TRIMAS CORP | COM NEW | 896215209 |  | 2849556 | 99600 | SH |  | SOLE |  | 99600 | 0 | 0 |
| TXNM ENERGY INC | COM | 69349H107 |  | 2818534 | 50045 | SH |  | OTR | 1 | 50045 | 0 | 0 |
| TXNM ENERGY INC | COM | 69349H107 |  | 40869171 | 725660 | SH |  | SOLE |  | 725660 | 0 | 0 |
| UR-ENERGY INC | COM | 91688R108 |  | 15750 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| VICTORIAS SECRET AND CO | COMMON STOCK | 926400102 |  | 4917819 | 265541 | SH |  | SOLE |  | 265541 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 14632655 | 75500 | SH |  | SOLE |  | 75500 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 47781780 | 4162176 | SH |  | SOLE |  | 4162176 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 2715054 | 236503 | SH |  | OTR | 1 | 236503 | 0 | 0 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 5381235 | 139050 | SH |  | SOLE |  | 139050 | 0 | 0 |
| WHEELER REAL ESTATE INVT TR | CV PFD SER B | 963025309 |  | 325912 | 82301 | SH |  | SOLE |  | 82301 | 0 | 0 |
| WHITESTONE REIT | COM | 966084204 |  | 10923182 | 875255 | SH |  | SOLE |  | 875255 | 0 | 0 |
| WILLSCOT HLDGS CORP | COM CL A | 971378104 |  | 1025171 | 37415 | SH |  | SOLE |  | 37415 | 0 | 0 |
| YETI HLDGS INC | COM | 98585X104 |  | 3940000 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |

---