
Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Investment Basis			Share of Investee's Net Assets (1)		Basis Difference (2)		Share of Earnings (Loss)
Sandstone Pasadena Apartments, LLC	LLC interest	Multifamily	50.0	%		$	10,374		$	(9,590)	$	19,964	$	19
AM Uptown Hotel, LLC	LLC interest	Hospitality	60.0	%	(3)	18,895			15,288		3,607		(858)
SFR WLIF III, LLC	LLC interest	Single-family rental	20.0	%		6,842			6,914		(72)		434
Las Vegas Land Owner, LLC	LLC interest	Land	77.0	%	(4)	12,321			12,321		—		—
Perilune Aero Equity Holdings One, LLC	LLC interest	Aircraft	16.4	%	(9)	13,238			10,488		2,750		1,060
Claymore Holdings, LLC	LLC interest	N/A	50.0	%	(5)	—		(6)	—		—		—
Allenby, LLC	LLC interest	N/A	50.0	%	(5)	—		(6)	—		—		—
Haygood, LLC	LLC interest	N/A	31.0	%	(8)	—		(6)	—		—		—
Capital Acquisitions Partners, LLC	LLC interest	Multifamily	20.9	%		1,797			1,717		80		80
						$	63,467		$	37,138	$	26,329	$	735

Below is a summary of the Company's investments as of September 30, 2024 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "Investments, at fair value" on the Consolidated Balance Sheets.


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Fair Value
NexPoint Real Estate Finance Operating Partnership, L.P.	LP interest	Mortgage	15.6	%	(7)	$76,104		(6)
NexPoint Real Estate Finance, Inc.	Common stock	Mortgage	12.0	%	(7)	32,823		(6)

VineBrook Homes Operating Partnership, L.P.	LP interest	Single-family rental	11.4	%	(7)	148,892		(6)
NexPoint Storage Partners, Inc.	Common stock	Self-storage	52.8	%	(3)	73,443		(6)
NexPoint Storage Partners Operating Company, LLC	LLC interest	Self-storage	29.5	%		40,021		(6)
NexPoint SFR Operating Partnership, L.P.	LP interest	Single-family rental	31.2	%		46,943		(6)

LLV Holdco, LLC	LLC interest	Land	26.8	%		2,877		(6)

						$	421,103


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Investment Basis			Share of Investee's Net Assets (1)		Basis Difference (2)		Share of Earnings (Loss)
Sandstone Pasadena Apartments, LLC	LLC interest	Multifamily	50.0	%		$	11,458		$	(9,590)	$	21,048	$	—
AM Uptown Hotel, LLC	LLC interest	Hospitality	60.0	%	(3)	23,158			17,581		5,577		(426)
SFR WLIF III, LLC	LLC interest	Single-family rental	20.0	%		7,079			7,241		(162)		555
Las Vegas Land Owner, LLC	LLC interest	Land	77.0	%	(4)	12,312			12,312		—		—
Perilune Aero Equity Holdings One, LLC	LLC interest	Aircraft	16.4	%	(7)	12,256			10,488		1,768		1,441
Claymore Holdings, LLC	LLC interest	N/A	50.0	%	(5)	—		(6)	—		—		—
Allenby, LLC	LLC interest	N/A	50.0	%	(5)	—		(6)	—		—		—
Haygood, LLC	LLC interest	N/A	31.0	%	(8)	—		(6)	—		—		—
						$	66,263		$	38,032	$	28,231	$	1,570

Below is a summary of the Company's investments as of December 31, 2023 that qualify for equity method accounting for which the Company has elected to account for using the fair value option. Amounts are included in "Investments, at fair value" on the Consolidated Balance Sheets.


Investee Name	Instrument	Asset Type	NXDT Percentage Ownership			Fair Value
NexPoint Real Estate Finance Operating Partnership, L.P.	LP interest	Mortgage	15.6	%	(7)	$76,688		(6)
NexPoint Real Estate Finance, Inc.	Common stock	Mortgage	12.0	%	(7)	33,075		(6)

VineBrook Homes Operating Partnership, L.P.	LP interest	Single-family rental	11.2	%	(7)	146,516		(6)
NexPoint Storage Partners, Inc.	Common stock	Self-storage	52.9	%	(3)	68,187		(6)
NexPoint Storage Partners Operating Company, LLC	LLC interest	Self-storage	30.0	%		37,157		(6)
NexPoint SFR Operating Partnership, L.P.	LP interest	Single-family rental	30.8	%		49,383		(6)
NexPoint Hospitality Trust	Common stock	Hospitality	46.2	%		4,886		(6)
LLV Holdco, LLC	LLC interest	Land	26.8	%		2,242		(6)

						$	418,134

(2)Represents the difference between the basis at which the investments in unconsolidated ventures are carried by the Company and the Company's proportionate share of the equity method investee's net assets. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture.

(3)The Company owns greater than 50% of the outstanding common equity but is not deemed to be the primary beneficiary or have a controlling financial interest of the investee and as such, accounts for the investee using the equity method.

(4)The Company owns 100% of Las Vegas Land Owner, LLC which owns 77% of a joint venture that owns an 8.5 acre tract of land (the "Tivoli North Property"). Through a tenants in common arrangement, the Company shares control and as such accounts for this investment using the equity method.

(5)The Company has a 50% non-controlling interest in Claymore Holdings, LLC (“Claymore”) and Allenby, LLC, (“Allenby”). The Company has determined it is not the primary beneficiary and does not consolidate these entities.

(7)The Company owns less than 20% of the investee but has significant influence due to members of the management team serving on the board of the investee or its parent and as such, accounts for the investee using the equity method.

(8)The Company has a 31% non-controlling interest in Haygood, LLC, (“Haygood”). The Company has determined it is not the primary beneficiary and does not consolidate this entity.

(9)The Company owns less than 20% of the investee but has significant influence due to the legal nature of a partnership that implies an inherent right to influence the operating and financial policies of the partnership.

For its interim reporting, the Company assesses and presents summarized financial information for its significant equity method investments in accordance with Rule 10-01(b)(1) of Regulation S-X. There were no significant equity method investments for the nine months ended September 30, 2024. Beginning with its annual reporting for fiscal year ended December 31, 2023, the Company elected to report the financial information on a three-month lag. NexPoint Real Estate Finance, Inc. ("NREF"), VineBrook Homes Trust, Inc. ("VineBrook") and NexPoint Storage Partners, Inc. (“NSP”) do not prepare standalone financials for their operating companies as all operations and investments are owned through their operating companies and are consolidated by the corporate entities.

The table below presents the summarized statement of operations for the nine months ended September 30, 2023 for the Company’s significant equity method investments (dollars in thousands).


	NREF		VineBrook		NSP

Revenues
Rental income	$	3,057	$	259,121	$	83,851
Net interest income	12,971		—		1,527
Other income	—		4,362		6,154
Total revenues	16,028		263,483		91,532

Expenses
Total expenses	16,950		368,968		103,968

Gain (loss) on sales of real estate	—		(65,108)		(8,276)
Other income (expense)	1,727		(43,130)		(77,006)
Unrealized gain (loss) on derivatives	—		6,297		—
Total comprehensive income (loss)	$	805	$	(207,426)	$	(97,718)