HIGHLAND OPPORTUNITIES & INCOME FUND (HFRO)
The Highland Funds I - Highland Floating Rate Opportunities Fund operates as a closed-end mutual fund dedicated to fixed income investments, originally launched by Highland Capital Management, L.P. Its management responsibilities are overseen by Highland Capital Management Fund Advisors, L.P. The fund's investment approach encompasses fixed income markets worldwide, primarily targeting instruments that offer floating rate returns. This strategy largely involves adjustable rate senior loans provided to corporations and partnerships, as well as other financial products considered floating rate investments. It actively seeks opportunities within the sphere of below-investment-grade securities and also incorporates derivatives into its investment methodology. The performance of its portfolio is measured against the Credit Suisse Leveraged Loan Index. Founded in the United States on January 13, 2000, the fund was formerly recognized as Pyxis Funds I - Pyxis Floating Rate Opportunities Fund.
Industry: Asset Management - Income
Highland Funds I - Highland Income Fund
NYSE:HFROFinancial Services · Asset Management - Income
-0.49%$6.05
AH Close$6.05+0.00%vs close
AH Close$6.05+0.00%vs close
Mkt Cap$334.07M
Float50.03M
O/S55.22M
Inst Own57.3%
Div Yield7.64%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$28.26M
Net Income-$26.81M
Total Assets$874.68M
Free Cash Flow$5.75M
Debt & Equity
Equity 78%
Preferred 22%
Total Debt$0
Total Equity$870.05M
Preferred Stock$239.35M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in HFRO's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$874.68M
Liabilities$4.64M
Accounts Receivable$38.97M
Accounts Payable$1M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-06-30 |
| Revenue | $28.26M | -$23.81M | $49.25M | $241.36M | $146.48M | $21.9M | $49.62M | $70.85M |
| YoY Growth | -218.7% | -148.4% | -79.6% | 64.8% | 569.0% | -55.9% | -30.0% | - |
| Cost of Revenue | $12.19M | $321K | $10.56M | $11.52M | $11.14M | $13.58M | $14.92M | $16.9M |
| Gross Profit | $16.07M | -$23.81M | $38.68M | $229.83M | $146.48M | $8.31M | $34.7M | $53.95M |
| Gross Margin | 56.9% | 100.0% | 78.5% | 95.2% | 100.0% | 38.0% | 69.9% | 76.1% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $0 | $5.34M | $4.9M | $5.49M | $8.27M | $7.68M | $8.63M | $4.57M |
| Other | $30.75M | $318K | $375K | $351K | $212K | $34.24M | $426K | $1.4M |
| Total Operating Expenses | $30.75M | $5.66M | $5.28M | $5.84M | $8.48M | $41.92M | $9.05M | $5.98M |
| Operating Income (EBIT) | -$14.69M | -$29.15M | -$4.89M | $39.22M | $138M | $42.16M | $40.57M | -$5.98M |
| Operating Margin | -52.0% | 122.4% | -9.9% | 16.3% | 94.2% | 192.6% | 81.8% | -8.4% |
| Interest Expense | $12.13M | $321K | $1.4M | $385K | $587K | $7.79M | $16.13M | $5.08M |
| Interest Income | $26.81M | $31.05M | $38.19M | $28.85M | $26.28M | $48.83M | $86.08M | $67.21M |
| Other Income (Expense) | -$12.13M | -$8.11M | -$9.19M | -$8.32M | -$11.21M | -$16.08M | $0 | -$48.16M |
| Income Before Tax (EBT) | -$26.81M | -$37.26M | -$14.09M | $30.91M | $138M | $26.09M | $40.57M | $63.8M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$74.85M |
| Net Income | -$26.81M | -$37.26M | -$6.29M | $30.91M | $138M | $26.09M | $40.57M | $63.8M |
| Net Income Margin | -94.9% | 156.5% | -12.8% | 12.8% | 94.2% | 119.1% | 81.8% | 90.0% |
| Supplementary Data | ||||||||
| EPS | -0.48 | -0.57 | -0.23 | 0.45 | 1.87 | 0.37 | 0.57 | 0.89 |
| Diluted EPS | -0.48 | -0.57 | -0.23 | 0.44 | 1.82 | 0.36 | 0.57 | 0.89 |
| Weighted Average OS | 55.39M | 65.30M | 61.24M | 68.12M | 69.65M | 71.35M | 71.69M | 71.80M |
| EBITDA | -$14.69M | -$29.15M | -$4.89M | $39.08M | $141.65M | $42.16M | $40.57M | $68.88M |
| EBITDA Margin | -52.0% | 122.4% | -9.9% | 16.2% | 96.7% | 192.6% | 81.8% | 97.2% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-06-30 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $7.32M | $16.56M | $14.71M | $25.21M | $51.43M | $147.79M | $37.95M | $217.64M |
| Short-Term Investments | $7K | $0 | $87K | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $7.33M | $16.56M | $14.8M | $25.21M | $51.43M | $147.79M | $37.95M | $217.64M |
| Accounts Receivable | $38.97M | $27.66M | $18.75M | $30.05M | $16.63M | $21.25M | $28.01M | $51.44M |
| Inventory | $0 | $0 | $0 | $37.23M | $55.7M | $0 | $79.52M | -$174.3M |
| Other Current Assets | $0 | -$27.66M | -$7.14M | -$62.44M | -$68.06M | -$148.87M | -$79.52M | -$43.35M |
| Total Current Assets | $46.29M | $16.56M | $26.4M | $30.05M | $16.63M | $0 | $65.96M | $51.44M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $828.26M | $880.67M | $1.01B | $1.07B | $1.07B | $1.11B | $1.49B | $1.37B |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $129K | $916.06M | $7.3M | $62.8M | $107.55M | $0 | $0 | $291.08M |
| Total Long-Term Assets | $828.39M | $880.67M | $1.01B | $1.13B | $1.18B | $1.11B | $1.49B | $1.66B |
| Other Assets | $0 | $35.39M | $0 | -$30.05M | -$16.63M | $1.3B | $14.49M | -$51.44M |
| Total Assets | $874.68M | $932.62M | $1.04B | $1.13B | $1.18B | $1.3B | $1.57B | $1.66B |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $1M | $519K | $1.69M | $13.1M | $15.17M | $2.22M | $1.02M | $0 |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $419.8M | $496.14M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | -$418.77M | $0 |
| Other Current Liabilities | $0 | -$934K | -$1.39M | -$1.93M | $0 | -$2.34M | -$5.61M | -$496.14M |
| Total Current Liabilities | $1.78M | $519K | $1.69M | $13.1M | $15.17M | $2.22M | $1.02M | $63.56M |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $0 | $0 | $20.69M | $21.72M | $0 | $200M | $0 | $498.56M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $4.64M | $148.77M | $148.43M | $148.77M | $165.03M | $0 | $0 | $75.23M |
| Total Long-Term Liabilities | $4.64M | $148.77M | $169.12M | $170.49M | $165.03M | $200M | $436.52M | $573.8M |
| Other Liabilities | $0 | $0 | $0 | -$13.1M | -$15.17M | -$2.22M | -$1.02M | -$63.56M |
| Total Liabilities | $4.64M | $149.29M | $31.05M | $43.84M | $40.45M | $212.52M | $436.52M | $573.8M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $239.35M | $139.76M | $139.76M | $139.76M | $139.76M | $139.76M | $139.76M | $0 |
| Common Stock | $1.27B | $1.39B | $1.42B | $1.45B | $1.5B | $1.58B | $1.62B | $72K |
| Retained Earnings | -$637.29M | -$609.29M | -$544.67M | -$508.81M | -$508.72M | -$625.9M | -$623.31M | -$15.21M |
| Comprehensive Income & Other | $0 | $0 | -$1.42B | -$1.45B | -$1.5B | -$1.58B | -$1.62B | -$397.74M |
| Other Stockholders' Equity | $239.35M | $139.76M | $139.76M | $139.76M | $139.76M | $139.76M | $139.76M | $1.1B |
| Total Equity | $870.05M | $923.09M | $1.01B | $1.09B | $1.14B | $1.09B | $1.14B | $1.09B |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $874.68M | $1.07B | $1.04B | $1.13B | $1.18B | $1.3B | $1.57B | $1.66B |
| Supplementary Data | ||||||||
| Total Debt | $0 | $0 | $20.69M | $21.72M | $0 | $200M | $419.8M | $498.56M |
| Net Debt | -$7.32M | -$16.56M | $5.98M | -$3.49M | -$51.43M | $52.21M | $381.84M | $280.92M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-06-30 |
| Operating Activities | ||||||||
| Net Income | -$26.81M | -$37.26M | -$14.09M | $30.91M | $130.2M | $26.09M | $37.28M | $63.8M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | -$8.17M | $4.6M | $11.33M | $93.29M | $208.45M | $71.31M | $82.19M | $103.05M |
| Inventory | $0 | $0 | $0 | -$106.7M | -$203.83M | -$64.53M | -$85.85M | $0 |
| Accounts Payable | $344K | -$1.64M | -$11.72M | -$1.66M | $11.66M | $87K | -$12.81M | -$45.25M |
| Other Working Capital | $2.35M | $249K | $29.6M | $67K | -$156K | -$187K | -$1.77M | -$6.78M |
| Total Working Capital Change | -$5.48M | $3.22M | $29.2M | -$15.01M | $16.13M | $6.67M | -$18.24M | -$40.8M |
| Other Non-Cash Items | $38.04M | $96.7M | $136.11M | -$15.44M | $61.22M | $81.72M | $18.35M | -$654.11M |
| Net Cash from Operating | $5.75M | $62.65M | $151.23M | $459K | $207.54M | $114.48M | $37.39M | -$631.12M |
| Investing Activities | ||||||||
| Capital Expenditures | $0 | $0 | $3 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$160.6M | -$151.51M | -$185.65M | -$901.57M | -$545.21M | -$450.09M | -$938.82M | -$911.33M |
| Sales of Investments | $163.71M | $168.83M | $79.69M | $493.7M | $438.78M | $699.36M | $861.5M | $659.32M |
| Other Investing Activities | $0 | $0 | -$3 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $3.11M | $17.32M | -$105.96M | -$407.88M | -$106.43M | $249.26M | -$77.32M | -$252.01M |
| Financing Activities | ||||||||
| Debt Repaid | - | $20.69M | $1.03M | -$21.72M | $200M | $100M | $150M | - |
| Common Stock Issuance | $0 | $97K | $0 | -$5K | -$4K | $0 | $85K | $379.59M |
| Common Stock Repurchases | $0 | -$20.01M | -$30K | -$19.22M | -$20.89M | -$6.54M | -$3.16M | -$201M |
| Dividends Paid | -$25.83M | -$29.81M | -$61.49M | -$61.31M | -$64.04M | -$64.61M | -$65.12M | -$44.25M |
| Other Financing Activities | $21K | $0 | $0 | $0 | $0 | -$119.8M | $73.66M | $677.16M |
| Net Cash from Financing | -$25.81M | -$70.41M | -$62.55M | -$58.82M | -$284.94M | -$290.95M | -$4.79M | $632.91M |
| Forex Effect | -$14K | $0 | $0 | $407.88M | $106.43M | $43.49M | $158 | -$5K |
| Net Change in Cash | -$16.97M | $9.56M | -$17.28M | -$58.36M | -$77.4M | $116.28M | $32.6M | $1.79M |
| Supplementary Data | ||||||||
| Operating Cash Flow | $5.75M | $79.97M | $151.23M | $459K | $207.54M | $407.23M | $37.39M | -$631.12M |
| Capital Expenditure | -$5 | $0 | $3 | $5 | $3 | $0 | $0 | $0 |
| Free Cash Flow | $5.75M | $79.97M | $151.23M | $459K | $207.54M | $407.23M | $37.39M | -$631.12M |
| Cash at Beginning | $24.29M | $14.71M | $31.99M | $90.35M | $167.75M | $51.51M | $18.91M | $2.07M |
| Cash at End | $7.32M | $24.27M | $14.71M | $31.99M | $90.35M | $167.78M | $51.51M | $3.86M |