The prospectus states the Fund seeks long-term total return with an emphasis on current income by investing at least 80% of assets in real estate and real estate-related securities across multiple sectors: CMBS and RMBS, preferred equity and mezzanine investments, public, non-traded and private REIT and REOC securities, and opportunistic and value-add direct real estate held through REIT subsidiaries. Private funds are capped at 15% of net assets. The Adviser allocates tactically across the real estate cycle and expects a significant share of assets in NexPoint-sponsored or managed securities. The Fund borrows through reverse repurchase agreements, may sell short, and lends securities.