Highland Funds I - Highland Income Fund
HFRO
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- Highland Funds I - Highland Opportunities and Income Fund (NYSE: HFRO) is a closed-end fund that pursues growth of capital along with current income through opportunistic investments in a diversified portfolio of securities. The Fund, managed by NexPoint Asset Management, L.P., primarily invests in floating rate loans, adjustable rate senior loans to corporations and partnerships, below-investment-grade securities, real estate securities, secured and unsecured fixed-rate loans, corporate bonds, mezzanine securities, structured products, convertible and preferred securities, equities (public and private), futures, options, and derivatives; it benchmarks performance against the Credit Suisse Leveraged Loan Index. Formed on January 13, 2000, and headquartered at 300 Crescent Court, Suite 700, Dallas, Texas, the Fund operates globally across fixed income markets while concentrating at least 25% of assets in real estate industry issuers. In June 2023, the Fund underwent a significant reorganization, changing its name from Highland Income Fund and shifting its investment objective from a primary focus on floating rate opportunities to a balanced pursuit of capital growth and income, enabling broader exposure to less liquid, high-conviction assets like private equity and real estate. Recent strategic initiatives include the launch in late 2024 of a tender offer and exchange program to acquire up to $100 million of common shares at a $10.00 premium to market price in exchange for newly issued Series B Preferred Shares, aimed at narrowing the discount to net asset value (NAV), alongside a prior share repurchase program that expired in June 2025. In January 2024, HFRO adjusted its monthly distribution to $0.0385 per share to better align with portfolio cash flows from capital gains and interest income under the revised strategy, while enhancing shareholder engagement through quarterly investor calls, dedicated board committees, and expanded transparency on holdings; additionally, in September 2025, Brad Heiss joined the portfolio management team.