ADDED
As of March 31, 2026 , the registrant had 50,219,590 common shares, par value $0.001 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 62 Item 7A.
As of December 31, 2025, there were 44,536,894.47 common units of the OP outstanding, of which 99.96% were owned by the Company.
2025 Highlights Key highlights and transactions completed in 2025 include the following: Investments in AMS C-Store JV, LLC During 2025, the Company, through a subsidiary, invested an aggregate $16.3 million in AMS C Store JV, LLC ( AMS ) in exchange for preferred equity interests.
The AMS preferred equity provides the Company with an 18% cumulative, compounding preferred return, along with a full return of invested capital before any participation by the common members.
AMS serves as a real estate development platform focused on acquiring, developing, and operating newly constructed 7 Eleven convenience store projects across high growth Texas markets.
As of year end 2025, AMS has begun development of multiple sites, with certain locations already under construction or operating.
NHT Merger On April 17, 2025, the Company took NexPoint Hospitality Trust ( NHT ) private in a merger transaction (the NHT Merger ), acquiring all remaining units of NHT ( NHT Units ) which were not previously owned by the Company and fully consolidating the hospitality portfolio under the Company s sole ownership.
Marriott Uptown Refinance On January 21, 2025, Marriott Uptown completed a $95 million refinancing of a loan held by the special purpose entity that owns Marriott Uptown, generating approximately $15 million of cash distributions to the Company.
On October 20, 2025, the Company received an additional $3.2 million in cash distributions upon the hotel achieving certain performance thresholds under the refinancing.
REMOVED
As of March 31, 2025, the registrant had 44,517,013.24 common shares, par value $0.001 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 134 Item 7A.
As of December 31, 2024, the Company owned 100% of the issued and outstanding partnership units of the OP.
2024 Highlights Key highlights and transactions completed in 2024 include the following: Investments in DSTs On July 26, 2024, the Company, through a subsidiary, contributed approximately $4.6 million to NexPoint Life Sciences II DST ( Life Sciences II DST ), in exchange for LLC interests.
On July 26, 2024, the Company, through a subsidiary, contributed $14.9 million to NexPoint Semiconductor Manufacturing DST ( Semiconductor DST ), in exchange for LLC interests.
On September 11, 2024, the Company contributed an additional $6.1 million to Semiconductor DST in exchange for LLC interests.
For further information on these transactions, see Note 10 to our consolidated financial statements.
NHT Acquisition On April 10, 2024, the Company, through a subsidiary, acquired 2,176,257 units of NexPoint Hospitality Trust ( NHT ) (the NHT Units ).
As a result, the Company owned 53.65% of the outstanding NHT Units and was determined to hold the controlling financial interest in NHT.
On November 22, 2024, the Company announced that it had entered into an Agreement and Plan of Merger pursuant to which it would acquire the remaining outstanding NHT Units in a merger transaction (the NHT Merger ) for approximately $5.5 million, to be paid principally in common shares of the Company, with limited partnership interests of the OP paid for the equity interests of NHT Operating Partnership, LLC ( NHT OP ).