NexPoint Capital NAV Falls 5.1% to $4.44, Erasing Most Summer Gains

NexPoint Capital Inc.’s net asset value per share fell to $4.44 as of Sept. 30, down 5.1% from $4.68 at the end of August, the nontraded business development company said.

The decline gives back most of the gain the Dallas-based BDC posted over the summer. NexPoint Capital reported NAV of $4.36 as of June 30 before the figure climbed to $4.67 at July 31, as AltsWire reported in August, and $4.68 at Aug. 31. The September figure is 16 cents below the $4.60 the company reported at the end of 2025, though it remains above the first-quarter low of $4.30 set March 31.

Most of the September drop came in the final days of the month. NexPoint Capital set NAV at $4.64 as of Sept. 22, the date its most recent tender offer expired, meaning the figure fell 20 cents, or 4.3%, over the last eight days of September. The company did not give a reason for the decline.

NexPoint Capital said 83,436 shares were tendered in the offer, which sought to repurchase up to 1% of the company’s outstanding shares at $4.64 per share. The offer launched Aug. 21 and expired Sept. 22.

Separately, NexPoint Capital’s most recent quarterly report showed that 75.7% of its fixed-income investments were on nonaccrual status as of June 30, up from 9.4% at the end of 2025. Loans on nonaccrual are those on which the BDC has stopped recording interest income because it doubts the borrower will pay. Senior secured loans and corporate bonds together made up about 13% of the portfolio at fair value. Total investment income fell to $354,000 in the second quarter from $549,000 a year earlier, and net investment income for the first six months of the year came to 2 cents per share, compared with 18 cents per share in distributions.

The board declared a cash distribution of $0.09 cents per share, payable Oct. 13 to stockholders of record Sept. 30, matching the company’s April and July payments. The $4.44 NAV is also the price at which NexPoint Capital issues shares through its distribution reinvestment plan.

As of June 30, NexPoint Capital held 21 investments and reported total net assets of $37.7 million, according to its most recent quarterly report. Healthcare made up 37.2% of the portfolio at fair value, followed by telecommunication services at 19.2% and real estate at 16.9%. Common and preferred stock accounted for about 70% of the portfolio.

NexPoint Capital is sponsored and managed by NexPoint Advisors L.P. Its continuous public offering ended in February 2018.

NexPoint Advisors has been building out an energy business alongside its real estate and credit platforms. In June, the firm formed NexEnergy, an oil and gas group focused initially on mineral and royalty interests, and named Luke Blackwell as its president, AltsWire reported. In August, NexEnergy hired Chris Savage as vice president of geology, the same title he held at Point Energy Partners. In October, NexPoint launched NexPoint Energy DST, its first energy Delaware statutory trust, seeking $18.8 million from accredited investors. The trust holds about 1,277 net royalty acres, with about 90% of the portfolio in the Haynesville Shale and about 10% in the Permian Basin.

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