Frank Waterhouse
About Frank Waterhouse
Frank Waterhouse (born 4/14/1971) serves as Principal Financial Officer, Principal Accounting Officer, and Treasurer of NexPoint Capital, Inc. (NXPT). He has been Treasurer since May 2015 and Principal Financial Officer since April 2021; he also signed NXPT 8‑K filings in these capacities in 2023 and 2025 . His recent professional background includes Chief Financial Officer of Skyview Group since February 2021 and prior roles as Chief Financial Officer and Partner of Highland Capital Management, L.P. (HCMLP) from December 2011 to February 2021 . NXPT’s proxy discloses that executive officers are not compensated by the Corporation, so pay-for-performance metrics linked to his NXPT role are not provided; performance context disclosed for the fund includes periodic NAV updates (e.g., $4.75 NAV per share as of June 30, 2025), but not TSR/revenue/EBITDA metrics tied to his compensation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Skyview Group | Chief Financial Officer | Feb 2021 – present | Finance leadership across affiliated fund complex and entities |
| Highland Capital Management, L.P. (HCMLP) | Chief Financial Officer; Partner | Dec 2011 – Feb 2021 | Led finance through restructuring era; senior control over accounting and reporting |
| NexPoint Fund Complex (including NFI, NFII, GAF, HFRO, NXDT) | Treasurer; Principal Financial Officer | Treasurer: since May 2015; PFO: since Apr 2021 and Oct 2017–Feb 2021 | Oversight of treasury and financial reporting across multiple registered investment funds |
| NexPoint Fund Complex (NFI, NFII, GAF, HFRO) | Principal Executive Officer | Feb 2018 – Feb 2021; and since Apr 2021 | Executive accountability for select funds within the complex |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Skyview Group | Chief Financial Officer | Feb 2021 – present | External affiliate role contemporaneous with NXPT officer responsibilities |
| Highland Capital Management, L.P. | CFO; Partner | Dec 2011 – Feb 2021 | Prior external role before Skyview Group |
Fixed Compensation
NXPT discloses that “none of the Corporation’s executive officers are compensated by the Corporation,” and therefore does not maintain an executive compensation committee or report executive pay. As such, base salary, target/actual bonus, and cash compensation details for Frank Waterhouse in his capacity as an NXPT executive are not disclosed at the issuer level .
Performance Compensation
NXPT’s proxy states the executive officers receive no remuneration from the Corporation; equity awards (RSUs/PSUs/options), vesting schedules, and incentive metric weightings for executives are not disclosed at NXPT. Director compensation is cash retainers only, with no equity or incentive-based compensation .
Equity Ownership & Alignment
| Holder | Type of Ownership | Shares Owned | Value | % of Outstanding Shares |
|---|---|---|---|---|
| Liberty CLO Holdco Ltd. | Beneficial | 2,549,002.292 | $12,923,441.62 | 29.5% |
| All officers and Directors as a group (10 persons) | N/A | None | $0 | 0% |
- NXPT’s 2025 proxy shows no NXPT common stock held by officers and directors as a group; individual breakdowns for executives (including Frank Waterhouse) are not listed, but the group total is zero, implying no beneficial ownership among executives/directors at April 30, 2025 .
- Pledging/hedging disclosures for NXPT executives are not provided; no pledging by Frank Waterhouse is disclosed in NXPT’s proxy .
Employment Terms
- NXPT does not disclose employment agreements, severance terms, change‑of‑control economics, clawback provisions, non‑compete/non‑solicit, or post‑termination arrangements for executive officers, as the Corporation does not compensate executives directly .
- Frank Waterhouse’s officer capacity is confirmed by repeated 8‑K signatures as Principal Financial Officer, Principal Accounting Officer, and Treasurer (e.g., March 10, 2023; July 10, 2025) .
Investment Implications
- Transparency gap on executive pay and incentives: NXPT’s executives (including the CFO) are not compensated by the Corporation, so pay‑for‑performance alignment, vesting schedules, and change‑of‑control economics at the issuer level are not available to investors; compensation is likely set and paid by the Adviser or affiliates (e.g., Skyview Group), reducing direct alignment visibility with NXPT shareholders .
- Ownership alignment risk: Officers and directors as a group hold zero NXPT shares as of April 30, 2025, signaling limited direct “skin‑in‑the‑game” at the issuer level; the largest holder is Liberty CLO Holdco Ltd. at 29.5% .
- Continuity and control of financial reporting: Waterhouse’s long tenure overseeing treasury and financial functions across the fund complex and repeated 8‑K signings demonstrate process continuity, but without issuer‑level incentives disclosure, retention/turnover signals via equity or cash are unavailable .
- Monitoring focus: In absence of disclosed executive incentive metrics, investors should track fund NAV, distribution policies, and adviser‑level governance; noted NAV disclosure ($4.75 as of June 30, 2025) provides performance context but not compensation levers .