Highland fund launches $100 million share buyback program

Highland Opportunities and Income Fund (NYSE: HFRO) announced that its board of trustees authorized a new $100 million share repurchase program over two years, beginning June 9, 2026.

The fund plans to deploy approximately $20 million of the authorization as soon as practicable, subject to market conditions and regulatory requirements under Rule 10b-18 of the Securities Exchange Act. The remaining $80 million will be deployed at the adviser's discretion over the program period.

The new program replaces the fund's prior $100 million repurchase program that expired in 2025. The closed-end fund is managed by NexPoint Asset Management, L.P.

"This new repurchase program, and our commitment to deploy an initial $20 million as promptly as practicable, underscores our strong conviction that HFRO's common shares represent compelling value at current prices," said Scott Johnson, NexPoint managing director and fund portfolio manager.

The fund stated the program aims to reduce the discount between its share price and net asset value per share while enhancing shareholder value. Repurchases will occur on the New York Stock Exchange at prevailing market prices, subject to exchange requirements and federal securities law limitations.

The program does not obligate the fund to acquire any specific number or dollar amount of shares and may be modified, suspended, or terminated at the board's discretion without notice. The timing and amount of repurchases will depend on available cash, fund expenses, portfolio investments, debt covenant compliance, and regulatory requirements under the Investment Company Act of 1940.

Highland Opportunities and Income Fund is a closed-end fund with an investment objective to seek growth of capital along with income.

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