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Filing Details

Accession Number:
0001193125-18-042510
Form Type:
13G Filing
Publication Date:
2018-02-13 16:08:13
Filed By:
Highland Capital Management
Company:
Rait Financial Trust (NYSE:RASFN)
Filing Date:
2018-02-13
SEC Url:
13G Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Highland Global Allocation Fund 0 2,219,361 0 2,219,361 2,219,361 2.4%
Highland Small-Cap Equity Fund 0 613,889 0 613,889 613,889 0.7%
Highland Capital Management Fund Advisors 0 2,833,250 0 2,833,250 2,833,250 3.0%
Strand Advisors XVI, Inc 0 2,833,250 0 2,833,250 2,833,250 3.0%
NexPoint Real Estate Strategies Fund 0 117,040 0 117,040 117,040 0.1%
NexPoint Advisors 0 117,040 0 117,040 117,040 0.1%
NexPoint Advisors GP 0 117,040 0 117,040 117,040 0.1%
Highland Select Equity Master Fund 0 1,741,521 0 1,741,521 1,741,521 1.9%
Highland Select Equity Fund GP 0 1,741,521 0 1,741,521 1,741,521 1.9%
Highland Select Equity GP 0 1,741,521 0 1,741,521 1,741,521 1.9%
Highland Capital Management 0 1,741,521 0 1,741,521 1,741,521 1.9%
Strand Advisors, Inc 0 1,741,521 0 1,741,521 1,741,521 1.9%
James D. Dondero 0 4,691,811 0 4,691,811 4,691,811 5.0%
Matt McGraner 3,000 0 3,000 0 3,000 Less than 0.1%
Amount beneficially owned Percent of Class
Filing

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2

(Amendment No.     )*

 

 

RAIT FINANCIAL TRUST

(Name of Issuer)

Common Shares of Beneficial Interest, $.03 par value per share

(Title of Class of Securities)

749227609

(CUSIP Number)

December 31, 2017

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

 

* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 749227609

   SCHEDULE 13G    Page 2 of 19 Pages

 

  (1)      

Name of reporting person

 

Highland Global Allocation Fund

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Massachusetts

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

2,219,361

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

2,219,361

  (9)      

Aggregate amount beneficially owned by each reporting person

 

2,219,361

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

2.4%

(12)  

Type of reporting person (see instructions)

 

IV, OO


CUSIP No. 749227609

   SCHEDULE 13G    Page 3 of 19 Pages

 

  (1)      

Name of reporting person

 

Highland Small-Cap Equity Fund

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Massachusetts

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

613,889

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

613,889

  (9)      

Aggregate amount beneficially owned by each reporting person

 

613,889

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

0.7%

(12)  

Type of reporting person (see instructions)

 

IV, OO


CUSIP No. 749227609

   SCHEDULE 13G    Page 4 of 19 Pages

 

  (1)      

Name of reporting person

 

Highland Capital Management Fund Advisors, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Massachusetts

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

2,833,250

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

2,833,250

  (9)      

Aggregate amount beneficially owned by each reporting person

 

2,833,250

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

3.0%

(12)  

Type of reporting person (see instructions)

 

IA, PN


CUSIP No. 749227609

   SCHEDULE 13G    Page 5 of 19 Pages

 

  (1)      

Name of reporting person

 

Strand Advisors XVI, Inc.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

2,833,250

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

2,833,250

  (9)      

Aggregate amount beneficially owned by each reporting person

 

2,833,250

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

3.0%

(12)  

Type of reporting person (see instructions)

 

HC, OO


CUSIP No. 749227609

   SCHEDULE 13G    Page 6 of 19 Pages

 

  (1)      

Name of reporting person

 

NexPoint Real Estate Strategies Fund

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

117,040

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

117,040

  (9)      

Aggregate amount beneficially owned by each reporting person

 

117,040

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

0.1%

(12)  

Type of reporting person (see instructions)

 

IV


CUSIP No. 749227609

   SCHEDULE 13G    Page 7 of 19 Pages

 

  (1)      

Name of reporting person

 

NexPoint Advisors, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

117,040

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

117,040

  (9)      

Aggregate amount beneficially owned by each reporting person

 

117,040

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

0.1%

(12)  

Type of reporting person (see instructions)

 

IA, PN


CUSIP No. 749227609

   SCHEDULE 13G    Page 8 of 19 Pages

 

  (1)      

Name of reporting person

 

NexPoint Advisors GP, LLC

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

117,040

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

117,040

  (9)      

Aggregate amount beneficially owned by each reporting person

 

117,040

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

0.1%

(12)  

Type of reporting person (see instructions)

 

HC, OO


CUSIP No. 749227609

   SCHEDULE 13G    Page 9 of 19 Pages

 

  (1)      

Name of reporting person

 

Highland Select Equity Master Fund, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Bermuda

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

1,741,521

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

1,741,521

  (9)      

Aggregate amount beneficially owned by each reporting person

 

1,741,521

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

1.9%

(12)  

Type of reporting person (see instructions)

 

PN


CUSIP No. 749227609

   SCHEDULE 13G    Page 10 of 19 Pages

 

  (1)      

Name of reporting person

 

Highland Select Equity Fund GP, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

1,741,521

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

1,741,521

  (9)      

Aggregate amount beneficially owned by each reporting person

 

1,741,521

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

1.9%

(12)  

Type of reporting person (see instructions)

 

PN


CUSIP No. 749227609

   SCHEDULE 13G    Page 11 of 19 Pages

 

  (1)      

Name of reporting person

 

Highland Select Equity GP, LLC

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

1,741,521

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

1,741,521

  (9)      

Aggregate amount beneficially owned by each reporting person

 

1,741,521

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

1.9%

(12)  

Type of reporting person (see instructions)

 

OO


CUSIP No. 749227609

   SCHEDULE 13G    Page 12 of 19 Pages

 

  (1)      

Name of reporting person

 

Highland Capital Management, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

1,741,521

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

1,741,521

  (9)      

Aggregate amount beneficially owned by each reporting person

 

1,741,521

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

1.9%

(12)  

Type of reporting person (see instructions)

 

IA, PN


CUSIP No. 749227609

   SCHEDULE 13G    Page 13 of 19 Pages

 

  (1)      

Name of reporting person

 

Strand Advisors, Inc.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

1,741,521

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

1,741,521

  (9)      

Aggregate amount beneficially owned by each reporting person

 

1,741,521

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

1.9%

(12)  

Type of reporting person (see instructions)

 

HC, CO


CUSIP No. 749227609

   SCHEDULE 13G    Page 14 of 19 Pages

 

  (1)      

Name of reporting person

 

James D. Dondero

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

United States

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

0

   (6)   

Shared voting power

 

4,691,811

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

4,691,811

  (9)      

Aggregate amount beneficially owned by each reporting person

 

4,691,811

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

5.0%

(12)  

Type of reporting person (see instructions)

 

HC, IN


CUSIP No. 749227609

   SCHEDULE 13G    Page 15 of 19 Pages

 

  (1)      

Name of reporting person

 

Matt McGraner

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

United States

Number of

shares

 beneficially 

owned by

each

reporting

person

with

   (5)       

Sole voting power

 

3,000

   (6)   

Shared voting power

 

0

   (7)   

Sole dispositive power

 

3,000

   (8)   

Shared dispositive power

 

0

  (9)      

Aggregate amount beneficially owned by each reporting person

 

3,000

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)    ☐

 

(11)  

Percent of class represented by amount in Row (9)

 

Less than 0.1%

(12)  

Type of reporting person (see instructions)

 

IN


CUSIP NO. 749227609

   13G    Page 16 of 19 Pages

 

SCHEDULE 13G

This Schedule 13G (this 13G) is being filed on behalf of Highland Global Allocation Fund, a series of Highland Funds II, a Massachusetts business trust (the Global Fund), Highland Small-Cap Equity Fund, a series of Highland Funds II, a Massachusetts business trust (the Small-Cap Fund), Highland Capital Management Fund Advisors, L.P., a Delaware limited partnership (Highland Fund Advisors), Strand Advisors XVI, Inc., a Delaware corporation (Strand XVI), NexPoint Real Estate Strategies Fund, a Delaware statutory trust (NRESF), NexPoint Advisors, L.P., a Delaware limited partnership (NexPoint Advisors), NexPoint Advisors GP, LLC, a Delaware limited liability company (NexPoint Advisors GP), Highland Select Equity Master Fund, L.P., a Bermuda limited partnership (Select Fund), Highland Select Equity Fund GP, L.P., a Delaware limited partnership (Select GP), Highland Select Equity GP, LLC, a Delaware limited liability company (Select LLC), Highland Capital Management, L.P., a Delaware limited partnership (Highland Capital), Strand Advisors, Inc., a Delaware corporation (Strand), James D. Dondero and Matt McGraner (collectively, the Reporting Persons).

Item 1(a). Name of Issuer:

RAIT Financial Trust (the Issuer)

Item 1(b). Address of Issuers Principal Executive Offices:

Two Logan Square, 100 N. 18th Street, 23rd Floor, Philadelphia, Pennsylvania 19103

Item 2(a). Name of Persons Filing:

This 13G is filed by and on behalf of each of the following persons: (1) Global Fund, (2) Small-Cap Fund, (3) Highland Fund Advisors, (4), Strand XVI, (5) NRESF, (6) NexPoint Advisors, (7) NexPoint Advisors GP, (8) Select Fund, (9) Select GP, (10) Select LLC, (11) Highland Capital, (12) Strand, (13) James D. Dondero and (14) Matt McGraner.

Item 2(b). Address of Principal Business Office or, if None, Residence:

The address of the principal business office of each of the Reporting Persons is 300 Crescent Court, Suite 700, Dallas, Texas 75201.

Item 2(c). Citizenship:

Mr. Dondero and Mr. McGraner are United States citizens. Global Fund and Small-Cap Fund are series of Massachusetts business trusts. Highland Fund Advisors, NexPoint Advisors, Select GP, and Highland Capital are Delaware limited partnerships. Strand XVI and Strand are Delaware corporations. NRESF is a Delaware statutory trust. NexPoint Advisors GP and Select LLC are Delaware limited liability companies. Select Fund is a Bermuda limited partnership.

Item 2(d). Title of Class of Securities:

Common Shares of Beneficial Interest, $.03 par value per share.

Item 2(e). CUSIP Number:

749227609

Item 3. If this statement is filed pursuant to §§ 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a:

Not applicable.

Item 4. Ownership:

(a) (c)


CUSIP NO. 749227609

   13G    Page 17 of 19 Pages

 

The following beneficial ownership of each of the Reporting Persons as of December 31, 2017 is as follows:

 

Name of Reporting Person

   Amount
beneficially
owned
     Percent
of Class1
    Sole
Voting
Power
     Shared
Voting
Power
     Sole
Dispositive
Power
     Shared
Dispositive
Power
 

Highland Global Allocation Fund

     2,219,361        2.4     0        2,219,361        0        2,219,361  

Highland Small-Cap Equity Fund

     613,889        0.7     0        613,889        0        613,889  

Highland Capital Management Fund Advisors, L.P.

     2,833,250        3.0     0        2,833,250        0        2,833,250  

Strand Advisors XVI, Inc.

     2,833,250        3.0     0        2,833,250        0        2,833,250  

NexPoint Real Estate Strategies Fund

     117,040        0.1     0        117,040        0        117,040  

NexPoint Advisors, L.P.

     117,040        0.1     0        117,040        0        117,040  

NexPoint Advisors GP, LLC

     117,040        0.1     0        117,040        0        117,040  

Highland Select Equity Master Fund, L.P.

     1,741,521        1.9     0        1,741,521        0        1,741,521  

Highland Select Equity Fund GP, L.P.

     1,741,521        1.9     0        1,741,521        0        1,741,521  

Highland Select Equity GP, LLC

     1,741,521        1.9     0        1,741,521        0        1,741,521  

Highland Capital Management, L.P.

     1,741,521        1.9     0        1,741,521        0        1,741,521  

Strand Advisors, Inc.

     1,741,521        1.9     0        1,741,521        0        1,741,521  

James D. Dondero

     4,691,811        5.0     0        4,691,811        0        4,691,811  

Matt McGraner

     3,000        <0.1     3,000        0        3,000        0  

TOTAL

     4,694,811        5.0     3,000        4,691,811        3,000        4,691,811  

 

1. The percentages are based on 93,046,621 common shares of beneficial interest, par value $0.03 per share, outstanding as of November 6, 2017, which is the total number of common shares of beneficial interest outstanding as reported in the Issuers Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 13, 2017.

Item 5. Ownership of Five Percent or Less of a Class:

Not applicable.

Item 6. Ownership of More Than Five Percent on Behalf of Another Person:

Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person:

Not applicable.

Item 8. Identification and Classification of Members of the Group:

See Exhibit 99.1.

Item 9. Notice of Dissolution of Group:

Not applicable.

Item 10. Certification.

Not applicable.


CUSIP NO. 749227609

   13G    Page 18 of 19 Pages

 

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 13, 2018

 

HIGHLAND FUNDS II, on behalf of its series Highland Global Allocation Fund
  By:   /s/ Frank Waterhouse
    Name: Frank Waterhouse
    Title: Authorized Signatory
HIGHLAND FUNDS II, on behalf of its series Highland Small-Cap Equity Fund
  By:   /s/ Frank Waterhouse
    Name: Frank Waterhouse
    Title: Authorized Signatory
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P.
By:   Strand Advisors XVI, Inc., its general partner
  By:   /s/ Frank Waterhouse
    Name: Frank Waterhouse
    Title: Authorized Signatory
STRAND ADVISORS XVI, INC.
  By:   /s/ Frank Waterhouse
    Name: Frank Waterhouse
    Title: Authorized Signatory
NEXPOINT REAL ESTATE STRATEGIES FUND
  By:   /s/ Brian Mitts
    Name: Brian Mitts
    Title: Authorized Signatory
NEXPOINT ADVISORS, L.P.
By:   NexPoint Advisors GP, LLC, its general partner
  By:   /s/ Frank Waterhouse
    Name: Frank Waterhouse
    Title: Authorized Signatory
NEXPOINT ADVISORS GP, LLC
  By:   /s/ Frank Waterhouse
    Name: Frank Waterhouse
    Title: Authorized Signatory

CUSIP NO. 749227609

   13G    Page 19 of 19 Pages

 

HIGHLAND SELECT EQUITY MASTER FUND, L.P.
By:   Highland Select Equity Fund GP, L.P., its general partner
By:   Highland Select Equity GP, LLC, its general partner
By:   Highland Capital Management, L.P., its sole member
By:   Strand Advisors, Inc., its general partner
  By:    /s/ Scott Ellington
    Name: Scott Ellington
    Title: Authorized Signatory
HIGHLAND SELECT EQUITY FUND GP, L.P.
By:   Highland Select Equity GP, LLC, its general partner
By:   Highland Capital Management, L.P., its sole member
By:   Strand Advisors, Inc., its general partner
  By:   /s/ Scott Ellington
    Name: Scott Ellington
    Title: Authorized Signatory
HIGHLAND SELECT EQUITY GP, LLC
By:   Highland Capital Management, L.P., its sole member
By:   Strand Advisors, Inc., its general partner
  By:   /s/ Scott Ellington
    Name: Scott Ellington
    Title: Authorized Signatory
HIGHLAND CAPITAL MANAGEMENT, L.P.
By:   Strand Advisors, Inc., its general partner
  By:   /s/ Scott Ellington
    Name: Scott Ellington
    Title: Authorized Signatory
STRAND ADVISORS, INC.
  By:   /s/ Scott Ellington
    Name: Scott Ellington
    Title: Authorized Signatory
/s/ James D. Dondero
James D. Dondero
/s/ Matt McGraner
Matt McGraner