Dustin Norris
About Dustin Norris
Dustin Norris serves as Executive Vice President of Highland Opportunities and Income Fund (HFRO), a role he has held since April 2019 with an indefinite term; he has been an officer of the Fund Complex since November 2012 . He is also President of NexPoint Securities, Inc. (since April 2018) and Head of Distribution and Chief Product Strategist at NexPoint (roles spanning September 2015–March 2019 and continuing in distribution leadership), and previously worked in Deloitte & Touche LLP’s Audit and Enterprise Risk Services group; he holds master’s and bachelor’s degrees in accounting from Brigham Young University and is a licensed CPA . HFRO’s recent performance context during his tenure: for the twelve months ended December 31, 2024, the Fund’s market price total return was -27.0% while NAV total return was -2.36% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Highland Opportunities and Income Fund (HFRO) | Executive Vice President | Apr 2019–Present | Senior officer overseeing fund operations reporting to Trustees; officer of Fund Complex since Nov 2012 . |
| NexPoint Advisors, L.P. | Head of Distribution; Chief Product Strategist | Sep 2015–Mar 2019 | Led product strategy and distribution initiatives across REITs, closed-end funds, interval funds, private placements, DST 1031 offerings, and mutual funds . |
| NexPoint Advisors, L.P. | Head of Distribution | Nov 2017–Mar 2019 | Directed sales channels and national accounts to scale distribution across vehicles . |
| NexPoint Securities, Inc. | President | Apr 2018–Present | Oversees business development, sales, marketing, and investor relations teams for distribution platform . |
| Deloitte & Touche LLP | Audit & Enterprise Risk Services | Prior to 2010 | Audited financial services and energy clients; foundation in controls and risk . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Bear Lake Resources LLC (family-owned oil & gas) | Board Member; Passive Investor | Ongoing | Disclosed as other business activity; board role without day-to-day management; passive investment economics based on percentage interest . |
Fixed Compensation
- HFRO executive officers receive no direct remuneration from the Fund; the Adviser (NexPoint) compensates personnel providing services to HFRO .
Performance Compensation
- HFRO does not disclose performance metrics, weightings, payout formulas, or vesting terms for executive officers; compensation is paid by the Adviser rather than directly by the Fund .
Equity Ownership & Alignment
- As of February 28, 2025, Trustees and officers of HFRO as a group owned less than 0.01% of the Fund’s outstanding shares, indicating limited direct “skin-in-the-game” at the fund level .
| HFRO Equity Ownership | As of | Amount/Percent |
|---|---|---|
| Trustees & Officers (group) ownership of HFRO common | Feb 28, 2025 | <0.01% of outstanding shares |
| External Equity Indicator (NXDT) | As of | Shares | Approx. Value |
|---|---|---|---|
| Dustin Norris holdings in NexPoint Diversified Real Estate Trust (NXDT) | May 27, 2025 | 773,178 | $2,404,584 at $3.11/share |
- HFRO pledging/hedging, stock ownership guidelines, and compliance status are not disclosed in HFRO filings .
Employment Terms
- Officers serve at the pleasure of the Trustees; the Board may add or replace officers at any time. Dustin Norris holds an indefinite term; Executive Vice President since April 2019 .
- Dual employment across the NexPoint platform disclosed via BrokerCheck; compensation may be received from NexPoint affiliates (e.g., NexPoint Advisors, NexPoint Asset Management), not from HFRO directly .
- Severance, change‑of‑control, non‑compete/non‑solicit, garden leave, and post‑termination consulting provisions are not disclosed in HFRO filings .
Performance & Track Record
| Metric | 10-Year | 5-Year | 1-Year |
|---|---|---|---|
| HFRO Average Annual Total Return – NAV | 2.94% | 3.27% | -2.36% (12 months ended Dec 31, 2024) |
| HFRO Average Annual Total Return – Market Price | -3.91% | -8.08% | -27.00% (12 months ended Dec 31, 2024) |
Insider Trading and Selling Pressure
- GuruFocus indicates no Form 4 insider buys or sells reported for HFRO over the past 18 months and no available insider transaction data tables, suggesting limited recent insider-trading signal at the fund level .
Investment Implications
- Pay-for-performance alignment at the HFRO level appears weak: officers receive no direct remuneration from HFRO, and group ownership of HFRO shares is <0.01%, limiting direct equity-based alignment with HFRO shareholders .
- Compensation and incentives are set and paid by NexPoint and affiliates; HFRO provides no disclosure of Dustin Norris’s salary, bonus targets, equity awards, or vesting tied to HFRO performance, reducing visibility into incentive levers and potential selling pressure from fund-linked awards .
- Insider-trading signals for HFRO are muted (no recent Form 4 activity reported), while significant holdings exist at NXDT—implying alignment with the broader NexPoint real estate platform rather than HFRO specifically .
- Retention dynamics likely hinge on platform-wide roles and compensation from NexPoint rather than HFRO-specific terms; employment is at the pleasure of Trustees with indefinite term, and dual employment is disclosed, but severance/change‑of‑control economics are not available for analysis .