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Nexpoint Residential Trust (NXRT): Highland Capital Management Doubles Down On REIT

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James Dondero and his hedge fund Highland Capital Management have stepped up their interest in Nexpoint Residential Trust Inc. (NYSE:NXRT), having boosted their stake to 3.58 million shares, as reported in a recently amended filing with the Securities and Exchange Commission. Their holding currently amounts to roughly 16.9% of the company’s outstanding shares. The fund’s current stake has been more than doubled from the 1.51 million that it owned on March 31.

Nexpoint Residential Trust Inc. (NYSE:NXRT) is a Real Estate Investment Trust (REIT) that manages multifamily assets, located mainly in the Southeast regions of the United States. It has a market cap of roughly $420 million and has proven to be a great investment so far this year. Shares ended Friday’s trading session at $19.68 apiece, up by 51% since the start of 2016. Nexpoint also pays an annual dividend of $0.82 per share, providing investors with a 4.23% yield.

Office REIT Stocks SLG NSAM building business new york dawn vivid

Stuart Monk / shutterstock.com

Nexpoint Residential Trust Inc. (NYSE:NXRT) was not overly popular among the 766 active hedge funds in our database, as only nine of them reported owning a stake in the REIT as of the end of the first quarter. Together they held approximately 12% of its common stock. Michael Burry, whose exploits as one of the hedge fund managers that made a killing betting against subprime mortgages were chronicled in the movie The Big Short, is betting big on Nexpoint. According to its latest 13F filing, Mr. Burry’s Scion Asset Management held 609,905 shares of Nexpoint on March 31, which amount to 15% of the value of its equity portfolio.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Highland Capital Management 524,530 1,122,421 524,530 1,122,421 1,646,951 7.74%
James D. Dondero 24,005 3,564,255 24,005 3,564,255 3,588,261 16.87%
Nancy Marie Dondero 1,860,831 7,500 1,860,831 7,500 1,868,331 8.79%
Sole VotingPower Shared VotingPower SoleDispositivePower SharedDispositivePower Highland Capital Management
James Dondero
James Dondero
Highland Capital Management

Page 1 of 8 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED

PURSUANT TO § 240.13d-2(a)

(Amendment No. 6)

 

 

NEXPOINT
RESIDENTIAL TRUST, INC.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

65341D102

(CUSIP Number)

Thomas Surgent, Chief Compliance Officer

Highland Capital Management, L.P.

300 Crescent Court, Suite 700

Dallas, TX 75201

(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)

July 20, 2016

(Date of Event Which Requires Filing of this Statement)

 

 

If the filing
person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box.  ¨

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