Senior Management

James Dondero, founder and principal of NexPoint, is president and chairman of our board of directors. He also serves as president of NexPoint Real Estate Advisors, L.P., the Dallas-based parent company of our external manager. With more than three decades of experience and success in alternative investments, Mr. Dondero has built numerous integrated enterprises which make up a global investment network. Mr. Dondero’s expertise has allotted him the opportunity to serve on a number of executive boards in the real estate and financial services industries. He is president and chairman of the board of directors of NexPoint Residential Trust, Inc. (NYSE: NXRT), the President and Chairman of the board of trustees of NexPoint Diversified Real Estate Trust (NYSE: NXDT), and Chairman of the Board of VineBrook Homes Trust, Inc. James Dondero’s commitment to advancing community and economic development, along with his dedication to philanthropy, have made him an avid supporter of many local organizations in the Dallas-Fort Worth area. He frequently contributes to initiatives working to improve education, conservation, and veteran affairs. Mr. Dondero is a member of the Southern Methodist University Cox School of Business Executive Board and the George W. Bush Presidential Center Executive Advisory Council.

Matt McGraner has served as our Executive VP and Chief Investment Officer since March 2015. Mr. McGraner has also served as the Executive VP and Chief Investment Officer of NexPoint Residential Trust, Inc. (NYSE: NXRT) since March 2015, as Executive VP, Chief Investment Officer and Secretary of VineBrook Homes Trust, Inc. since February 2019, as Executive VP and Chief Investment Officer of NexPoint Diversified Real Estate Trust (NYSE: NXDT) since July 2022 and as a member of the board of directors and President of NexPoint Storage Partners, Inc. since November 2020. Mr. McGraner has also served as a Managing Director at NexPoint or an affiliate since May 2013. His primary responsibilities are to lead the operations of the real estate platform at NexPoint, as well as source and execute investments, manage risk and develop potential business opportunities, including fundraising, private investments and joint ventures. Mr. McGraner is also a licensed attorney and was formerly an associate at Jones Day from 2011 to 2013, with a practice primarily focused on private equity, real estate and mergers and acquisitions. While at Jones Day, Mr. McGraner led the acquisition and financing of over $200 million of real estate investments and advised on $16.3 billion of mergers and acquisitions and private equity transactions. Since joining NexPoint in 2013, Mr. McGraner has led the acquisition and financing of over $21.9 billion of real estate investments.

Dennis “D.C.” Sauter, Jr. has served as our General Counsel since February 2020 and has served as our Secretary since January 2025. Mr. Sauter has also served as the General Counsel of NexPoint Advisors, L.P. since April 2021. Previously, Mr. Sauter was a partner in the real estate section of a Dallas-based law firm from January 2014 until joining NexPoint in February 2020, where he specialized in acquisitions, construction, financing, joint ventures and complex leasing for REITs, private developers, and institutional investors. Mr. Sauter’s primary responsibility is to manage all of our legal matters, including corporate governance, real estate transactions, and capital markets transactions. He holds a Bachelor of Arts degree from the University of Texas at Austin and a Juris Doctor from Southern Methodist University Dedman School of Law. He has been a licensed attorney and member of the State Bar of Texas since 2001.

Paul Richards has served as our Chief Financial Officer, Executive VP-Finance, Assistant Secretary and Treasurer since January 2025. Mr. Richards has also served as a director for NexPoint Advisors, L.P. (our “Sponsor”) since 2019 and joined in 2017. Mr. Richards also serves as Chief Financial Officer, Executive VP-Finance, Treasurer and Assistant Secretary of NexPoint Residential Trust, Inc. (NYSE: NXRT), Chief Financial Officer, Executive VP-Finance, Treasurer and Assistant Secretary of NexPoint Diversified Real Estate Trust (NYSE: NXDT) and Chief Financial Officer, Assistant Secretary and Treasurer of VineBrook Homes Trust, Inc. (“VineBrook”) since 2017. Mr. Richards also served as Chief Financial Officer and Corporate Secretary of NexPoint Hospitality Trust from January 2025 until its reorganization and merger with a subsidiary of NXDT in April 2025. Mr. Richards served as our Vice President of Originations and Investments from February 2020 to January 2025. He also served as Vice President of Asset Management and Financing of VineBrook from 2018 to August 2024 and as Vice President of Asset Management of NHT from March 2019 to December 2024. Currently, Mr. Richards leads our financial reporting and accounting teams and is integral in financing and capital allocation decisions. From 2016 to 2017, Mr. Richards served as a Product Strategy Associate at NexPoint Asset Management, L.P. (“NexPoint Asset Management”), formerly known as Highland Capital Management Fund Advisors, L.P., where he was responsible for evaluating and optimizing the registered product lineup. Mr. Richards was hired by a former affiliate of our Sponsor in 2014. VineBrook, NXRT, NXDT, our Sponsor and NexPoint Asset Management may be affiliates of NREF. Previously, Mr. Richards was also employed with Deloitte & Touche LLP’s state and local tax practice where he served as a tax consultant specializing in state strategic tax reviews, voluntary disclosure agreements, state tax exposure research, and overall state tax compliance.

Craig Fischer has served as our VP of Originations and Investments since April 2025. Mr. Emert has also served as a director at NexPoint Advisors, L.P. (our “Sponsor”), since March 2026 and was previously a Senior Analyst from 2022 to 2026. His primary responsibilities include asset management, sourcing and underwriting new investment opportunities and assisting in capital raising efforts. Previously, Mr. Emert served as a Fund Analyst at our Sponsor from 2019 to 2022, where he was responsible for accounting and financial reporting for the Company and other privately held investment vehicles. Our Sponsor may be an affiliate of the Company. Mr. Emert received a Bachelor of Business Administration and a Master of Science in Accounting from Southern Methodist University. He is a licensed Certified Public Accountant in the State of Texas.