Highland Funds I - Highland Opportunities and Income Fund
HFRO-PA
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- Highland Funds I - Highland Opportunities and Income Fund (NYSE: HFRO-PA) is a closed-end fund that seeks growth of capital along with current income through opportunistic investments across global fixed income markets, with at least 25% of its assets in securities or instruments directly or indirectly secured by real estate, including REITs, preferred equity, securities convertible into equity, and mezzanine debt. The Fund primarily invests in floating rate loans and other floating rate investments, such as adjustable rate senior loans to corporations and partnerships; secured and unsecured fixed-rate loans and corporate bonds; mezzanine securities; structured products; convertible and preferred securities; public and private equities; futures and options; and below-investment-grade securities, including derivatives for hedging and efficient portfolio management. It benchmarks performance against the Credit Suisse Leveraged Loan Index and pays regular monthly distributions, most recently declared at $0.0385 per common share as of October 2025. Launched on January 13, 2000, and headquartered in Dallas, Texas, the Fund operates under the management of NexPoint Asset Management, L.P. (formerly associated with Highland Capital Management, L.P. and Highland Capital Management Fund Advisors, L.P.), serving institutional and retail investors seeking alternative income opportunities with a focus on real estate-related and credit-intensive strategies. In June 2023, the Fund underwent a significant strategic shift by changing its name from Highland Income Fund and modifying its investment objective to emphasize both growth of capital and income, expanding its investment flexibility beyond primarily bank loans into a more diversified opportunistic portfolio including real estate and private equity. Recent initiatives include a tender and exchange offer announced in late 2024 for up to $100 million in common shares in exchange for preferred shares (HFRO-PA), ongoing share repurchase programs (with the latest expiring June 15, 2025, after repurchasing shares to narrow the discount to NAV), and an adjustment to its monthly distribution rate effective January 2024 to better align with portfolio cash flows from capital gains and return of capital amid the shifted asset composition. In September 2025, the Fund added Brad Heiss to its portfolio management team, hosted quarterly investor update calls (latest in Q2 2025), and continued portfolio updates involving holdings like the NHT acquisition by NXDT expected in February 2025 for enhanced scale and liquidity.