US Market News
4週前
NexPoint Diversified Real Estate Trust Announces Investor Update CallJune 15, 2026 9:00 AM
PR Newswire (US) DALLAS, June 15, 2026 /PRNewswire/ -- NexPoint Diversified Real Estate Trust ("NXDT") (NYSE: NXDT) announced today that the Company is scheduled to host a conference call on Wednesday, June 24, 2026, at 11:00 a.m. ET (10:00 am CT), to discuss portfolio updates and recent performance. The conference call can be accessed live over the phone by dialing 800-715-9871 or, for international callers, +1 646-307-1963 and using passcode Conference ID: 2851646. A live audio webcast of the call will be available online at the Company's website, https://nxdt.nexpoint.com (under "Resources"). An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.A replay of the conference call will also be available through Wednesday, July 8, 2026, by dialing 800- 770- 2030 and entering passcode 2851646. About NexPoint Diversified Real Estate TrustNexPoint Diversified Real Estate Trust is an externally advised, publicly traded, diversified real estate investment trust (REIT) focused on the acquisition, development, and management of opportunistic and value-add investments throughout the United States across multiple sectors where NexPoint and its affiliates have operational expertise. NXDT is externally advised by NexPoint Real Estate Advisors X, L.P. For more information, please visit nxdt.nexpoint.com.CONTACTSInvestor Relations
Kristen Griffith
IR@nexpoint.comMedia Relations
Comms@nexpoint.com View original content to download multimedia:https://www.prnewswire.com/news-releases/nexpoint-diversified-real-estate-trust-announces-investor-update-call-302799784.htmlSOURCE NexPoint Diversified Real Estate Trust Original: NexPoint Diversified Real Estate Trust Announces Investor Update Call
US Market News
2月前
NexPoint Diversified Real Estate Trust Announces Quarterly DistributionApril 28, 2026 5:00 PM
PR Newswire (US)
DALLAS, April 28, 2026 /PRNewswire/ -- NexPoint Diversified Real Estate Trust ("NXDT") (NYSE: NXDT) announced today that its board of trustees has declared a quarterly distribution of $0.15 per common share of NXDT, consisting of a combination of cash and common shares of NXDT. The distribution will be payable on June 30, 2026, to shareholders of record on May 22, 2026.
The board of trustees has determined that the cash component of the distribution (other than cash paid in lieu of fractional shares) will not exceed 20% in the aggregate, with the balance payable in common shares of NXDT. This will allow NXDT to comply with the real estate investment trust ("REIT") qualification requirements under the Internal Revenue Code, while retaining capital and enhancing NXDT's financial flexibility.In accordance with the provisions of IRS Revenue Procedure 2017-45, shareholders will be asked to make an election to receive the distribution all in cash or all in shares. To the extent that more than 20% of cash is elected in the aggregate, the cash portion will be prorated. Shareholders who elect to receive the distribution in cash will receive at least 20% of the distribution in cash. Shareholders who do not make an election will receive the distribution entirely in common shares of NXDT. The number of shares issued as a result of the distribution will be calculated based on the volume-weighted average trading prices of NXDT's common shares on the New York Stock Exchange on June 17, 18, and 22, 2026.An election notice and election form will be mailed to shareholders of record after the record date. The properly completed election form to receive cash or common shares must be received by Equiniti Trust Company, NXDT's transfer agent, prior to 5:00 p.m. Eastern Time on June 16, 2026.Shareholders who hold their shares through a bank or broker should inform the bank or broker of their election. NXDT expects the distribution to be a taxable distribution to shareholders, regardless of whether a particular shareholder receives the distribution in the form of cash or shares. Shareholders are urged to consult with their tax advisers for proper tax treatment of NXDT's distributions. NXDT reserves the right to pay future distributions entirely in cash.About NexPoint Diversified Real Estate Trust (NYSE: NXDT)NexPoint Diversified Real Estate Trust is an externally advised, publicly traded, diversified REIT focused on the acquisition, development, and management of opportunistic and value-add investments throughout the United States across multiple sectors where NexPoint and its affiliates have operational expertise. NXDT is externally advised by NexPoint Real Estate Advisors X, L.P. For more information, please visit nxdt.nexpoint.com.Cautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. In particular, statements relating to the tax status of the distribution, and NXDT's capital retention and financial flexibility contain forward-looking statements. We caution investors that any forward-looking statements presented in this press release are based on management's current beliefs and assumptions made by, and information currently available to, management. When used, the words "will," "retain," "expect" and "enhance," the negative version of these words and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions.Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control, including those described in greater detail in our filings with the Securities and Exchange Commission (the "SEC") particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements and encourage you to review our other filings with the SEC for a more complete discussion of risks and other factors that could affect any forward-looking statement.CONTACTSInvestor Relations
Kristen Griffith
IR@nexpoint.comMedia Relations
Comms@nexpoint.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/nexpoint-diversified-real-estate-trust-announces-quarterly-distribution-302756278.htmlSOURCE NexPoint Diversified Real Estate Trust
Original: NexPoint Diversified Real Estate Trust Announces Quarterly Distribution
US Market News
4月前
NexPoint Diversified Real Estate Trust Announces Record Date and Date of 2026 Annual Meeting of ShareholdersMarch 11, 2026 5:00 PM
PR Newswire (US)
DALLAS, March 11, 2026 /PRNewswire/ -- NexPoint Diversified Real Estate Trust (NYSE: NXDT) ("NXDT") announced today that the record date for determining shareholders entitled to vote at the 2026 Annual Meeting of Shareholders (the "Annual Meeting") will be Friday, March 27, 2026. The Annual Meeting will be held on Tuesday, June 2, 2026, beginning at 11:00 a.m. Central Time. The Annual Meeting will be held exclusively through a virtual format. Shareholders will not be able to attend the Annual Meeting in person, however shareholders of record as of the close of business on March 27, 2026, will be able to vote and ask questions during the Annual Meeting through the online platform.
Further information regarding the Annual Meeting, including instructions on how to access the Annual Meeting, will be set forth in the proxy statement and other proxy materials for the Annual Meeting (together, the "Proxy Materials"). Attendance at the Annual Meeting will be limited to shareholders of record and beneficial owners who provide proof of beneficial ownership as of the record date in the manner described in the Proxy Materials.About NexPoint Diversified Real Estate Trust (NYSE: NXDT)NexPoint Diversified Real Estate Trust is an externally advised, publicly traded, diversified real estate investment trust (REIT) focused on the acquisition, development, and management of opportunistic and value-add investments throughout the United States across multiple sectors where NexPoint and its affiliates have operational expertise. NXDT is externally advised by NexPoint Real Estate Advisors X, L.P. For more information, please visit nxdt.nexpoint.com.CONTACTSInvestor Relations
Kristen Griffith
IR@nexpoint.comMedia Relations
Comms@nexpoint.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/nexpoint-diversified-real-estate-trust-announces-record-date-and-date-of-2026-annual-meeting-of-shareholders-302711470.htmlSOURCE NexPoint Diversified Real Estate Trust
Original: NexPoint Diversified Real Estate Trust Announces Record Date and Date of 2026 Annual Meeting of Shareholders
US Market News
5月前
NexPoint Diversified Real Estate Trust Announces Quarterly DistributionFebruary 10, 2026 9:00 AM
PR Newswire (US)
DALLAS, Feb. 10, 2026 /PRNewswire/ -- NexPoint Diversified Real Estate Trust ("NXDT") (NYSE: NXDT) announced today that its board of trustees has declared a quarterly distribution of $0.15 per common share of NXDT, consisting of a combination of cash and common shares of NXDT. The distribution will be payable on March 31, 2026, to shareholders of record on February 20, 2026.
The board of trustees has determined that the cash component of the distribution (other than cash paid in lieu of fractional shares) will not exceed 20% in the aggregate, with the balance payable in common shares of NXDT. This will allow NXDT to comply with the real estate investment trust ("REIT") qualification requirements under the Internal Revenue Code, while retaining capital and enhancing NXDT's financial flexibility.In accordance with the provisions of IRS Revenue Procedure 2017-45, shareholders will be asked to make an election to receive the distribution all in cash or all in shares. To the extent that more than 20% of cash is elected in the aggregate, the cash portion will be prorated. Shareholders who elect to receive the distribution in cash will receive at least 20% of the distribution in cash. Shareholders who do not make an election will receive the distribution entirely in common shares of NXDT. The number of shares issued as a result of the distribution will be calculated based on the volume-weighted average trading prices of NXDT's common shares on the New York Stock Exchange on March 19, 20, and 23, 2026.An election notice and election form will be mailed to shareholders of record after the record date. The properly completed election form to receive cash or common shares must be received by Equiniti Trust Company, NXDT's transfer agent, prior to 5:00 p.m. Eastern Time on March 18, 2026.Shareholders who hold their shares through a bank or broker should inform the bank or broker of their election. NXDT expects the distribution to be a taxable distribution to shareholders, regardless of whether a particular shareholder receives the distribution in the form of cash or shares. Shareholders are urged to consult with their tax advisers for proper tax treatment of NXDT's distributions. NXDT reserves the right to pay future distributions entirely in cash.About NexPoint Diversified Real Estate Trust (NYSE: NXDT)NexPoint Diversified Real Estate Trust is an externally advised, publicly traded, diversified REIT focused on the acquisition, development, and management of opportunistic and value-add investments throughout the United States across multiple sectors where NexPoint and its affiliates have operational expertise. NXDT is externally advised by NexPoint Real Estate Advisors X, L.P. For more information, please visit nxdt.nexpoint.com.Cautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. In particular, statements relating to the tax status of the distribution, and NXDT's capital retention and financial flexibility contain forward-looking statements. We caution investors that any forward-looking statements presented in this press release are based on management's current beliefs and assumptions made by, and information currently available to, management. When used, the words "will," "retain," "expect" and "enhance," the negative version of these words and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions.Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control, including those described in greater detail in our filings with the Securities and Exchange Commission (the "SEC") particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements and encourage you to review our other filings with the SEC for a more complete discussion of risks and other factors that could affect any forward-looking statement.CONTACTSInvestor Relations
Kristen Griffith
IR@nexpoint.comMedia Relations
Comms@nexpoint.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/nexpoint-diversified-real-estate-trust-announces-quarterly-distribution-302683631.htmlSOURCE NexPoint Diversified Real Estate Trust
Original: NexPoint Diversified Real Estate Trust Announces Quarterly Distribution
Enterprising Investor
2年前
NexPoint Sends Proxy Materials to United Development Funding IV (UDF IV) Shareholders, Enabling Shareholders to Vote to Replace Trustees at 2024 Annual Meeting (7/24/24)
NexPoint Delivers Shareholder Letter, FAQs, and Proxy Materials Urging Shareholders to Vote Today FOR Paul S. Broaddus, Edward N. Constantino, John A. Good and Julie Silcock Using the GREEN Proxy Card
DALLAS, July 24, 2024 /PRNewswire/ -- NexPoint Real Estate Opportunities, LLC (together with its affiliates "NexPoint') today announced that it has sent proxy materials to fellow shareholders of United Development Funding IV ("UDF IV" or the "Company") for the 2024 Annual Meeting of Shareholders. NexPoint, which believes it is the largest shareholder of UDF IV, has nominated four individuals to the UDF IV Board of Trustees who will restore proper oversight at the Company and advocate for shareholders' interests.
In the proxy materials, NexPoint urges shareholders to exercise their voting rights and vote FOR Paul S. Broaddus, Edward N. Constantino, John A. Good, and Julie Silcock using the GREEN proxy card.
Along with the proxy materials, NexPoint sent UDF IV shareholders a letter with answers to frequently asked questions that highlights the urgent need for change at the Company and provides important information about the election and voting process.
These materials, along with other shareholder information and resources, are available at www.udfaccountability.com or directly via the following links:
Shareholder Letter - Notice of Proxy Statement for Shareholders of United Development Funding IV
Proxy Statement - Proxy Statement of NexPoint Real Estate Opportunities, LLC in Opposition to the Board of Trustees of United Development Funding IV
FAQs - Answers to Frequently Asked Questions FAQs for UDF IV 2024 Annual Meeting & Trustee Election
These communications outline how the Company's current Board has disenfranchised shareholders, defended and protected former executives who defrauded shareholders, misused shareholder funds, eroded the value of UDF IV shares, actively resisted efforts to restore transparency and accountability at the Company, and grossly misstated the acts and intentions of NexPoint in its fight for UDF IV shareholders. The incumbent Trustees must be replaced, and shareholders can now cast their vote to enact such change. With decades of REIT and asset management experience and a strong track record in corporate governance, NexPoint's nominees will restore transparency and accountability at UDF IV and act in the interest of shareholders to provide a path forward for the Company.
While the Company has not announced an Annual Meeting date, shareholders can vote TODAY using these proxy materials to enact long overdue change and elect Trustees who will work for all shareholders to maximize value at UDF IV.
NexPoint encourages shareholders to visit www.udfaccountability.com and complete the contact form to receive ongoing updates about the Company and the upcoming Annual Meeting.
Shareholders can also contact NexPoint via email at udfinvestors@nexpoint.com.
About NexPoint
NexPoint Real Estate Opportunities, LLC is a wholly owned subsidiary of NexPoint Diversified Real Estate Trust, Inc. (NYSE: NXDT), an affiliate of NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles. For more information visit www.nexpoint.com.
IMPORTANT INFORMATION
NexPoint Real Estate Opportunities, LLC ("NexPoint") has delivered a proxy statement with respect to its solicitation of proxies for nominees to be elected to the United Development Funding IV ("UDF IV") Board of Trustees at the Annual Meeting of Shareholders of UDF IV. The date for the Annual Meeting has not yet been set. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE NEXPOINT PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) IN ITS ENTIRETY, AS IT CONTAINS IMPORTANT INFORMATION ABOUT THE PROXY SOLICITATION. Copies of the documents are available free of charge from NexPoint by accessing the website www.udfaccountability.com.
NexPoint, its affiliates, their directors and executive officers and other members of management and employees may be participants (collectively "Participants") in the solicitation of proxies by NexPoint. Information about NexPoint's nominees to the UDF IV Board of Trustees and information regarding the direct or indirect interests in UDF IV, by security holdings or otherwise, of NexPoint, the other Participants and NexPoint's nominees will be available in the proxy statement. NexPoint's disclosure of any security holdings will be based on information made available to NexPoint by such Participants and nominees. UDF IV is no longer subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. Consequently, NexPoint's knowledge of significant security holders of UDF IV and as to UDF IV itself is limited.
CONTACTS
UDF IV Investor Contacts
Chuck Garske / Jeremy Provost / Theo Caminiti (Okapi Partners):
Email: info@okapipartners.com
Phone: (212) 297-0720
For Additional Information/Updates on UDF IV
Website: www.udfaccountability.com
Email: udfinvestors@nexpoint.com
Media Contacts
Lucy Bannon (NexPoint): lbannon@nexpoint.com
Paul Caminiti/Pamela Greene (Reevemark): nexpointteam@reevemark.com
NexPoint Investor Relations
Kristen Thomas: ir@nexpoint.com
https://www.prnewswire.com/news-releases/nexpoint-sends-proxy-materials-to-united-development-funding-iv-udf-iv-shareholders-enabling-shareholders-to-vote-to-replace-trustees-at-2024-annual-meeting-302204787.html
Enterprising Investor
2年前
NexPoint Nominates Four Independent Trustees to United Development Funding (UDF IV) Board of Trustees (6/20/24)
DALLAS, June 20, 2024 /PRNewswire/ -- NexPoint Real Estate Opportunities, LLC (together with its affiliates "NexPoint"), a major shareholder of United Development Funding IV ("UDF IV" or the "Company"), a real estate investment trust ("REIT"), today announced its nomination of four highly qualified, independent candidates for election to the UDF IV Board of Trustees at the Company's upcoming Annual Meeting of Shareholders.
Following years of holding no UDF IV shareholder meetings prior to December 2023, or elections of independent trustees, the Circuit Court for Baltimore City, Maryland has ordered UDF IV to conduct an election for four independent Trustees at an Annual Meeting that must be held on or before December 31, 2024.
NexPoint has delivered to UDF IV its nomination of the following four highly qualified and independent trustee candidates:
Paul S. Broaddus – Mr. Broaddus is a seasoned entrepreneur in commercial real estate across Texas, operating a $200 million portfolio as the Managing Partner and Chief Financial Officer of Riverbend Development and My Garage Self Storage, where he also serves as President. His expertise in raising and investing capital, alongside his extensive experience in acquisitions and asset dispositions, as well as REIT accounting practices and tax structuring, will help to ensure proper financial management of UDF IV.
Edward N. Constantino – Mr. Constantino has over 40 years of audit, advisory, and tax experience and substantial expertise in REIT governance. He retired as an audit partner from KPMG where he oversaw the firm's real estate and asset management business. Mr. Constantino currently serves on the boards of several publicly traded REITs, including as audit committee chair, as well as on the board of public company Patriot National Bancorp, Inc. His extensive experience in real estate accounting will enhance financial oversight and accountability for UDF IV shareholders.
John A. Good – Mr. Good is a nationally recognized REIT executive and lawyer. He is the Chief Executive Officer of NexPoint Storage Partners, Inc. (formerly Jernigan Capital, Inc., a NYSE-listed self-storage REIT), an independent director and audit committee chair of another NYSE-listed REIT and was formerly a partner and co-head of the REIT practice group of Morrison & Foerster LLP. He has more than 28 years of experience working (either as a senior executive officer and board member or as a trusted counsel) with senior management teams and public company boards in the REIT and financial services industries on corporate finance, corporate governance, M&A, tax, executive compensation, joint venture, and strategic planning projects. He has served as lead counsel on over 200 securities offerings raising over $25 billion, with more than 125 of those deals being in the REIT industry. Mr. Good's vast experience in the REIT sector as an executive, board member and counselor makes him well qualified to provide critical strategic guidance and financial oversight to UDF IV.
Julie E. Silcock – Ms. Silcock is an experienced financial services professional who has served on several public company boards across various industries. She formerly served as a Partner at CDX Advisors, a tech-enabled investment bank, as well as Managing Director and Co-Head of Southwest Investment Banking at Houlihan Lokey. Ms. Silcock currently serves on the boards of Overseas Shipholding Group Inc., JC Skincare, Goodwill Industries of Dallas, Inc., and the U.S. Ski & Snowboard Foundation. Her well-honed financial acumen, strategic M&A knowledge, and extensive governance expertise will be pivotal in strengthening UDF IV's financial operations and ensuring robust corporate governance that serves the interests of shareholders.
NexPoint is nominating Edward N. Constantino and Julie E. Silcock as Class II trustees with three-year terms eligible for re-election in 2027, and Paul S. Broaddus and John A. Good as Class III trustees with one-year terms eligible for re-election in 2025.
As UDF IV's largest shareholder, NexPoint has been working for over four years to establish proper oversight and accountability at UDF IV. In making its nominations, NexPoint provided the following comment:
"Now that four of UDF IV's incumbent trustees must stand for election following a court order, shareholders finally have the chance to take action to address the company's corporate governance failures and dramatic multi-year diminution of shareholder value. With our proposed Trustees, shareholders can elect a Board that will represent shareholders' interests and find opportunities to provide a path to value recapture/creation and, ultimately, liquidity. Our nominees have decades of REIT and asset management experience and a strong track record of upholding their fiduciary duties. If elected, we believe they will restore integrity, accountability, and transparency at UDF IV while working to recover lost value.
"Our efforts have already delivered significant victories for shareholders, including securing this upcoming 2024 Annual Meeting, and our trustee nominees will work to enact further positive changes. After years of opaque accounting and financial reporting, stagnant real estate developments, and the misuse of shareholder funds, shareholders should seize this moment to reclaim their rightful ownership of UDF IV and support these highly qualified nominees."
NexPoint believes that UDF IV's incumbent trustees have entrenched themselves through a systematic disenfranchisement of voters and have stifled any attempt by shareholders to drive meaningful change. Despite the convictions and subsequent incarcerations of several of UDF IV's founders and former management team, the trustees have continued to resist shareholder calls for transparency, accountability, and reform. NexPoint believes there are numerous examples of governance abuses at UDF IV, including:
The trustees have thwarted shareholder initiatives for accountability through acts of poor governance, including amending Company bylaws to prevent the fair nomination and election of trustees who genuinely represent shareholders' interests.
The so-called independent trustees have shown disregard for shareholder democracy: three have not stood for election since 2015, and one has never been elected by shareholders at all.
The trustees have inexplicably allowed the Company's advisor and much of the former management team to remain in place, despite a history of criminal fraud at the company.
The trustees also appear to have supported former management in using shareholder funds to cover legal fees for their criminal cases, uses which NexPoint believes to be in violation of their fiduciary duty and ethical standards.
The trustees have allowed the Company's assets to be concentrated with one borrower who has a history of not performing its obligations and using this concentration to influence the actions of the Company.
NexPoint encourages shareholders to visit udfaccountability.com and complete the contact form to receive ongoing updates about the Company and the upcoming Annual Meeting, including about the meeting date once it has been set by the Company. Shareholders can also contact NexPoint via email at udfinvestors@nexpoint.com.
Additional information about NexPoint's nominees can be found at udfaccountability.com/nominees.
About NexPoint
NexPoint Real Estate Opportunities, LLC is a wholly owned subsidiary of NexPoint Diversified Real Estate Trust, Inc. (NYSE: NXDT), an affiliate of NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles. For more information visit www.nexpoint.com.
https://www.prnewswire.com/news-releases/nexpoint-nominates-four-independent-trustees-to-united-development-funding-udf-iv-board-of-trustees-302178493.html
Enterprising Investor
2年前
NexPoint Sends Letter to United Development Funding IV (UDF IV) Shareholders in Advance of Court-Ordered Annual Meeting (6/13/24)
Large Shareholder to Nominate Four Independent Trustees to Restore Accountability and Transparency Following Criminal Convictions of Members of Former Management Team
DALLAS, June 13, 2024 /PRNewswire/ -- NexPoint Real Estate Opportunities, LLC (together with its affiliates "NexPoint") announced today that it has sent a letter to fellow shareholders of United Development Funding IV ("UDF IV" or the "Company"), a real estate investment trust, ahead of the Company's upcoming Annual Meeting of Shareholders. The Circuit Court for Baltimore City, Maryland recently issued an order requiring UDF IV to hold an Annual Meeting on or before December 31, 2024, at which four of the five trustees must stand for election.
The letter, included below, notifies shareholders of this recent development and of NexPoint's intent to nominate four highly qualified, independent trustees who will act in the interest of shareholders to restore accountability at UDF IV.
NexPoint encourages shareholders to visit udfaccountability.com and complete the contact form to receive ongoing updates about the Company and the upcoming Annual Meeting. Shareholders can also contact NexPoint via email at udfinvestors@nexpoint.com.
Important Update for Shareholders of United Development Funding IV (UDF IV):
Opportunity to Restore Accountability and Transparency at Upcoming Annual Meeting
Dear Fellow Shareholders:
The corporate governance failures at United Development Funding IV ("UDF IV" or the "Company") have left shareholders suffering for years with little hope for recovering value. These failures are highlighted in lawsuits from the Securities and Exchange Commission and Department of Justice, resulting in multimillion-dollar fines, criminal convictions, and prison sentences for several former executives. Sadly, these actions have fallen short in providing adequate resolution for shareholders.
As major shareholders ourselves, NexPoint Real Estate Opportunities, LLC (together with our affiliates "NexPoint") has been working to establish proper oversight and accountability at UDF IV. While management and the Board have resisted our efforts, we are notifying you of a major development that finally gives shareholders a chance to take action to address the corporate governance failures by electing new trustees to the UDF IV Board who will represent your interests and provide a path to recovering value.
For the first time in over eight years, you have the power to enact positive change at UDF IV. A recent order from the Circuit Court for Baltimore City, Maryland requires the Company to hold its next Annual Meeting of Shareholders on or before December 31, 2024, during which four of the five trustees must stand for election. While the meeting date has not been announced, we want you to be prepared to exercise your right to vote. We will notify you once the date of the meeting is set. To receive updates via email, complete the contact form at udfaccountability.com or email udfinvestors@nexpoint.com.
NexPoint intends to nominate four highly qualified and independent trustees to replace incumbent trustees Lawrence S. Jones, Philip K. Marshall, J. Heath Malone, and Steven J. Finkle, who we believe have repeatedly violated their fiduciary duties. The incumbent trustees' actions have continually advanced their own interests and those of UDF IV management at the expense of shareholders.
The incumbent trustees must be replaced. They created an insular governance structure and served as an impediment to liquidity for long-suffering shareholders. In response to basic shareholder requests for accountability, the incumbents changed the Company bylaws, entrenching themselves and disenfranchising shareholders by impeding your voting rights. In fact, three of UDF IV's independent trustees have not stood for election since 2015; one independent trustee has never been elected by shareholders. The incumbents' failure to protect investors' interests has resulted in, among other things, a de-registered, illiquid stock, and their entrenchment tactics have—until now—limited all recourse available to shareholders to enforce basic rights.
The Board's egregious actions continued even after the Company's executives were convicted and sent to prison for fraud. Under the Board's leadership, the Company's advisor and management carried out a massive multi-year deception and fraud through the UDF IV "investment" program. Worse, once this deception was uncovered, the Board sat idle, allowing the advisor and much of the management team to remain in place, protecting their interests at the expense of shareholders. Of note, the Board also appears to have supported former UDF IV management in improperly using shareholder money to pay legal fees to defend the criminal charges that ultimately sent former management to prison.
NexPoint's actions have already positively impacted shareholders and resulted in the upcoming, Court-ordered 2024 Annual Meeting. We now need your support to replace the incumbent trustees and put UDF IV on a path to recovering value. Our nominees have decades of relevant professional experience and will seek to restore proper governance and establish a path to liquidity. It is time for UDF IV to have a Board that serves the interests of all shareholders—not just entrenched management. The upcoming Annual Meeting is shareholders' opportunity to reclaim your rightful ownership of the Company following years of corrupt governance and stagnant illiquidity. We hope you will support us in this endeavor.
Sincerely, NexPoint Real Estate Opportunities, LLC
About NexPoint
NexPoint Real Estate Opportunities, LLC is a wholly owned subsidiary of NexPoint Diversified Real Estate Trust, Inc. (NYSE: NXDT), an affiliate of NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles. For more information visit www.nexpoint.com
IMPORTANT INFORMATION
NexPoint Real Estate Opportunities, LLC ("NexPoint") intends to deliver a proxy statement with respect to its solicitation of proxies for nominees to be elected to the United Development Funding IV ("UDF IV") Board of Trustees at the Annual Meeting of Shareholders of UDF IV. The date for the Annual Meeting has not yet been set and NexPoint is not soliciting proxies at this time. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE NEXPOINT PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) WHEN AVAILABLE IN ITS ENTIRETY BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Copies of the documents will be made available free of charge from NexPoint by accessing the website www.udfaccountability.com.
NexPoint, its affiliates, their directors and executive officers and other members of management and employees may be participants (collectively "Participants") in the solicitation of proxies by NexPoint. Information about NexPoint's nominees to the UDF IV Board of Trustees and information regarding the direct or indirect interests in UDF IV, by security holdings or otherwise, of NexPoint, the other Participants and NexPoint's nominees will be available in the proxy statement. NexPoint's disclosure of any security holdings will be based on information made available to NexPoint by such Participants and nominees. UDF IV is no longer subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. Consequently, NexPoint's knowledge of significant security holders of UDF IV and as to UDF IV itself is limited.
CONTACT INFORMATION
For Information/Updates on UDF IV
Website: www.udfaccountability.com
Email: udfinvestors@nexpoint.com
Media Contacts
Lucy Bannon (NexPoint): lbannon@nexpoint.com
Paul Caminiti/Pamela Greene (Reevemark): nexpointteam@reevemark.com
NexPoint Investor Relations
Kristen Thomas: ir@nexpoint.com
https://www.prnewswire.com/news-releases/nexpoint-sends-letter-to-united-development-funding-iv-udf-iv-shareholders-in-advance-of-court-ordered-annual-meeting-302171688.html
Enterprising Investor
2年前
Following Years of Governance Failures, Court Orders UDF IV to Hold Trustees Election in 2024 (4/22/24)
NexPoint to Nominate Four Highly Qualified and Independent Trustees
DALLAS, April 22, 2024 /PRNewswire/ -- NexPoint Real Estate Opportunities, LLC ("NexPoint") today announced its intent to nominate a slate of four independent trustees for election to the Board of Trustees of United Development Funding IV ("UDF IV" or the "Company"), a real estate investment trust in which NexPoint is a significant shareholder. This follows an order from the Circuit Court for Baltimore City (the "Court") requiring UDF IV to hold an Annual Meeting on or before December 31, 2024, during which four of the five trustees must stand for election.
NexPoint | Alternative Investment Platform (PRNewsfoto/NexPoint)
"NexPoint is pleased that the Court ruled that shareholders have a right to elect all independent trustees of UDF IV in 2024. This Court order follows UDF IV's persistent misconduct and governance abuses – which have continued even after the Company's executives were convicted and incarcerated for securities fraud – including failing to hold an Annual Meeting for eight years. In fact, three independent directors have not stood for election since June 2015 and one independent director has never stood for election. We look forward to officially nominating four trustee candidates, with the goal of realigning the Board with shareholder interests, increasing transparency and seeking opportunities for enhancement of shareholder value and, ultimately, liquidity."
NexPoint believes the Court's ruling is a decisive reproach of UDF IV's governance practices and reflects the urgent need for a completely restructured Board of Trustees that truly serves shareholders. The Court noted that the Company's governance structure, under which trustees are held in staggered classes and subject to rotating elections "combined with UDF IV not holding annual meetings for several years, resulted in no opportunities for [NexPoint] or any other stockholders to nominate challengers to the incumbent trustees."
NexPoint's efforts to rectify the harm caused to UDF IV shareholders continue to make an impact. Earlier this year, amid litigation initiated by NexPoint, UDF IV removed indefensible bylaw restrictions limiting the shareholders' ability to nominate Board candidates. Additionally, in February, NexPoint highlighted further shareholder mistreatment associated with the distribution of Fair Fund settlement payments to certain UDF IV shareholders. Unbeknownst to the shareholders, UDF IV used shareholder investments to fund $6,809,282 of the Fair Fund, contrary to the final judgment against former UDF IV officers Hollis Greenlaw, Benjamin Wissink, and Cara Obert and current Chairman of UDF IV's advisor, Todd Etter, which required them individually to disgorge those funds as ill-gotten gains for the benefit of shareholders.
UDF IV shareholders seeking further details on NexPoint's reform efforts can contact us at UDFinvestors@NexPoint.com.
About NexPoint
NexPoint Real Estate Opportunities, LLC is a wholly owned subsidiary of NexPoint Diversified Real Estate Trust, Inc. (NYSE: NXDT), an affiliate of NexPoint Advisors, L.P. NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles. For more information visit www.nexpoint.com
https://www.prnewswire.com/news-releases/following-years-of-governance-failures-court-orders-udf-iv-to-hold-trustees-election-in-2024-302123008.html
Enterprising Investor
4年前
NexPoint Withdraws Offer to Purchase Shares of United Development Funding IV (UDF IV) (9/23/22)
DALLAS, Sept. 23, 2022 /PRNewswire/ -- NexPoint Advisors, L.P., investment adviser to the NexPoint Diversified Real Estate Trust ("NXDT" and together with affiliated entities "NexPoint"), has withdrawn its offer to purchase Shares of Beneficial Interest (the "Shares") of United Development Funding IV ("UDFI" or the "Company").
The offer, which NexPoint announced on December 14, 2020, was intended to provide liquidity to shareholders who otherwise had few opportunities to sell Shares after Nasdaq delisted the Company in May 2017 and the Securities and Exchange Commission revoked the registration of all classes of registered securities of UDFI in August 2020.
On January 8, 2021, shortly before the initial offer was set to expire, the Company announced that it had reduced the percentage of outstanding Shares that a shareholder may own from 9.8% to 5.0%. NexPoint believes the Company took such action to prevent NexPoint from acquiring any additional Shares. This unilateral action, which is consistent with the Company's pattern of anti-shareholder conduct, ultimately made it impossible for NexPoint to close the offer without extensive legal intervention.
Despite the decision to withdraw the offer, NexPoint remains committed to maximizing the value of its investment in UDFI along with that of thousands of other shareholders. As such, NexPoint is continuing its efforts to hold accountable those individuals and entities that have perpetuated the massive multi-year deception and fraud at the expense of UDFI shareholders. NexPoint will continue to demand financial reporting and an annual shareholder meeting, neither of which has been provided to shareholders for over seven years.
About the NexPoint Diversified Real Estate Trust (NXDT)
NexPoint Diversified Real Estate Trust is an externally advised, publicly traded, diversified real estate investment trust (REIT) focused on the acquisition, development, and management of opportunistic and value-add investments throughout the United States across multiple sectors where NexPoint and its affiliates have operational expertise. NXDT is externally advised by NexPoint Real Estate Advisors X, L.P. For more information, please visit nxdt.nexpoint.com.
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles. For more information visit www.nexpoint.com.
https://www.prnewswire.com/news-releases/nexpoint-withdraws-offer-to-purchase-shares-of-united-development-funding-iv-udf-iv-301632516.html
Enterprising Investor
4年前
NexPoint Diversified Real Estate Trust Declares Distribution (9/07/22)
DALLAS, Sept. 7, 2022 /PRNewswire/ -- NexPoint Diversified Real Estate Trust (NYSE: NXDT) ("NXDT" or the "Company") today announced a monthly distribution on its common stock of $0.05 per share. The distribution will be payable on September 30, 2022 to shareholders of record at the close of business September 19, 2022.
Additionally, starting October 1, 2022, NXDT will begin declaring dividends on a quarterly basis, in line with the majority of publicly traded REITs.
About NexPoint Diversified Real Estate Trust ( NYSE: NXDT)
NexPoint Diversified Real Estate Trust is an externally advised, publicly traded, diversified real estate investment trust (REIT) focused on the acquisition, development, and management of opportunistic and value-add investments throughout the United States across multiple sectors where NexPoint and its affiliates have operational expertise. NXDT is externally advised by NexPoint Real Estate Advisors X, L.P. For more information, please visit nxdt.nexpoint.com.
https://www.prnewswire.com/news-releases/nexpoint-diversified-real-estate-trust-declares-distribution-301619132.html
Enterprising Investor
4年前
NexPoint Diversified Real Estate Trust (NXDT) Completes Transition to a Diversified REIT (7/05/22)
DALLAS, July 5, 2022 /PRNewswire/ -- NexPoint Diversified Real Estate Trust (NYSE: NXDT) (the "Company") announced that the Securities and Exchange Commission ("SEC") issued an order, effective July 1, 2022, enabling the Company to complete the transition of its business to a diversified real estate investment trust ("REIT").1 The Company's common and preferred shares will continue to be traded on the New York Stock Exchange ("NYSE") under the ticker symbols NXDT and NXDT-PA, respectively.
"We are grateful for shareholders' support and recognition of the benefits of the REIT structure," said Matthew McGraner, chief investment officer of NexPoint Real Estate Advisors. "We are excited to finalize the transition and continue to grow NXDT alongside NexPoint's real estate platform."
On a net asset value basis including dividends, the Company delivered a total return of 258.65% over the past 10 years.2 During that time, the Company operated as a "real estate incubator," investing in assets that represent NexPoint's top real estate themes and strategies. Management believes the REIT structure provides additional opportunities for the Company to create value for shareholders while continuing its established investment approach in real estate assets.
As a publicly traded REIT, management believes that the Company is likely to be added to REIT indices, which may enhance the liquidity of the Company's common shares and improve transparency regarding value.
There are several positions within the Company's portfolio where management sees significant upside potential. Those include Cityplace Tower, an iconic office tower located in Uptown, Dallas. NexPoint is redeveloping the property and has been negotiating lease terms with several high-profile tenants. The project includes plans to develop a five-star InterContinental® Hotel within the building. Another notable asset is the Company's position in VineBrook Homes Trust, Inc., a single-family rental company that owns over 21,000 homes in 23 markets.3 Additionally, the Company has significant positions in two private self-storage companies, including NexPoint Storage Partners, the product of NexPoint's take-private acquisition of former publicly traded self-storage REIT Jernigan Capital, Inc. in November 2020.
The Company benefits from NexPoint's robust real estate platform, which provides access to an extensive network of institutional investors, top investment banks, and competitive brokerage firms, as well as the talent and expertise of NexPoint's real estate investment team, which has significant experience in the REIT space. NexPoint also serves as the external adviser to two other publicly traded REITs: NexPoint Residential Trust, Inc. (NYSE: NXRT) and NexPoint Real Estate Finance, Inc. (NYSE: NREF). Both were largely formed within NXDT before launching as standalone public REITs. Since their launches, NXRT and NREF achieved total returns of 460.00% and 35.31% respectively.4
Additional information on NXDT's transition to a diversified REIT can be found in the Company's Form 8-K filed with the SEC on July 1, 2022.
Additional information on the Company can be found on NXDT's website at nxdt.nexpoint.com or in the Company's filings with the SEC available at www.sec.gov.
About NexPoint Diversified Real Estate Trust (NYSE:NXDT)
NexPoint Diversified Real Estate Trust (NYSE: NXDT) is a publicly traded diversified REIT that trades on the NYSE under the ticker symbol NXDT. The Company previously operated as a registered closed-end investment company. On August 28, 2020, shareholders approved a proposal to transition the Company from an investment company to a diversified REIT. As part of this transition, the Company changed its name from NexPoint Strategic Opportunities Fund to NexPoint Diversified Real Estate Trust, effective November 8, 2021. The Company also changed its ticker symbol from "NHF" to "NXDT." On July 1, 2022, the SEC issued a deregistration order declaring that the Company has ceased to be an investment company and that the Company's registration as an investment company under the Investment Company Act of 1940 shall immediately cease to be in effect. The order, effective July 1, 2022, allows the Company to finalize its transition to a diversified REIT and begin trading as a REIT. For more information visit nxdt.nexpoint.com.
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. With its affiliates, it serves as the adviser to a suite of funds and investment vehicles that primarily focus on real estate investments. For more information visit nexpoint.com.
Additional Information for NXDT Shareholders
NexPoint and other entities are investigating Stonehill Capital Management LLC and its Senior Portfolio Manager, John Motulsky, for trading in NXDT related to material non-public information received from parties not affiliated with NexPoint. Any NXDT shareholder who sold shares of NXDT on or around April 9, 2021, and September 17, 2021, may contact NexPoint's legal department at legal@nexpoint.com.
https://www.prnewswire.com/news-releases/nexpoint-diversified-real-estate-trust-nxdt-completes-transition-to-a-diversified-reit-301580511.html
Enterprising Investor
5年前
NexPoint Strategic Opportunities Fund Declares Regular Monthly Distribution (11/01/2021)
DALLAS, Nov. 01, 2021 (GLOBE NEWSWIRE) -- NexPoint Strategic Opportunities Fund (NYSE: NHF) (“NHF” or the “Company”) today announced its regular monthly distribution on its common stock of $0.05 per share. The distribution will be payable on November 30, 2021 to shareholders of record at the close of business November 23, 2021.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT. On August 28, 2020, shareholders approved the conversion proposal and amended the Company’s fundamental investment policies and restrictions to permit the Company to pursue its new business. The Company is realigning its portfolio so that it is no longer an “investment company” under the Investment Company Act of 1940 (the “1940 Act”). On March 31, 2021, the Company filed an application (the “Deregistration Application”) with the Securities and Exchange Commission (the “SEC”) for an order under the 1940 Act declaring that the Company is no longer an investment company (the “Deregistration Order”). On September 13, 2021, the Company filed an amendment to the Deregistration Application, which provides additional information regarding the realignment of the Company’s portfolio. The Company will continue to be structured as a registered closed-end investment company until it receives the Deregistration Order; however, the Company has repositioned its portfolio sufficient to achieve REIT tax status and is operating during its 2021 taxable year so that it may qualify for taxation as a REIT.
Effective November 8, 2021, NHF will change its name to NexPoint Diversified Real Estate Trust and will be traded on the New York Stock Exchange under the ticker NXDT.
For more information visit www.nexpoint.com/nexpoint-strategic-opportunities-fund/.
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company (“BDC”), and various real estate vehicles. For more information visit www.nexpoint.com.
https://www.globenewswire.com/news-release/2021/11/02/2324959/0/en/NexPoint-Strategic-Opportunities-Fund-Declares-Regular-Monthly-Distribution.html
Enterprising Investor
5年前
NexPoint Strategic Opportunities Fund Extends Offer to Purchase Up to All Shares of United Development Funding IV (UDFI) (10/29/21)
NexPoint Strategic Opportunities Fund (NYSE:NHF) (“NHF”) today announced the extension of the offering period for its previously announced offer to purchase any and all Shares of Beneficial Interest (the “Shares”) of United Development Funding IV (“UDFI” or the “Company”) at a price of $1.10 per Share upon the terms and subject to the conditions set forth in the Offer to Purchase and in the related Assignment Form for the offer (which together constitute the “Offer” and the “Tender Offer Documents”). The Offer is now scheduled to expire at 12:00 midnight, Eastern Time, at the end of the day on November 29, 2021, unless the Offer is extended or earlier terminated. The Tender Offer Documents are available at www.UDFITenderOffer.com, or from the information agent for the Offer, as discussed below.
As previously announced on December 14, 2020, the Offer is conditioned upon, among other things, the satisfaction or waiver of the following conditions: (i) there shall not have been threatened, instituted, or pending any action or proceeding before any court or any governmental or administrative agency (a) challenging the acquisition of shares pursuant to the Offer or otherwise relating in any manner to the Offer, or (b) in the sole judgment of NHF, otherwise materially adversely affecting the Company; (ii) NHF shall have received all required governmental approvals, if any, for the Offer; (iii) NHF shall have had the opportunity to conduct sufficient due diligence to determine whether the offered price per share is reasonable given the current financial condition and results of operations of UDFI; (iv) the Board of Trustees of UDFI shall have waived in writing the ownership limitations set forth in Article VII of the Declaration of Trust of UDFI as such limitations would otherwise apply to the Offer; and (v) NHF shall have received satisfactory evidence that UDFI has continued to qualify as a real estate investment trust (“REIT”) under federal tax laws and thereby to avoid any entity-level federal income or excise tax.
On January 8, 2021, UDFI announced that it had reduced the percentage of outstanding Shares that a shareholder may own from 9.8% to 5.0%. The Company took such action in an effort to frustrate the Offer. It also announced it amended the Company’s bylaws to require that certain legal actions could be brought on behalf of or against UDFI only in certain courts in Maryland. NHF and its advisors are reviewing these actions and their legality under applicable law.
Shareholders should read the Offer to Purchase and the related materials carefully because they contain important information. Shareholders may obtain a free copy of the Offer to Purchase and the Assignment Form from D.F. King & Co., Inc., the information agent for the Offer (the “Information Agent”), by calling toll-free at (800) 331-7543. THE OFFER WILL EXPIRE AT 12:00 MIDNIGHT, EASTERN TIME, AT THE END OF THE DAY ON NOVEMBER 29, 2021, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT. On August 28, 2020, shareholders approved the conversion proposal and amended the Company’s fundamental investment policies and restrictions to permit the Company to pursue its new business. The Company has since realigned its portfolio so that it is no longer an “investment company” under the Investment Company Act of 1940 (the “1940 Act”). On March 31, 2021, the Company filed an application with the Securities and Exchange Commission (the “SEC”) for an order under the 1940 Act declaring that the Company no longer operate as an investment company (the “Deregistration Order”). During the SEC’s review process, the Company will continue to be structured as a closed-end investment fund. The Company has also completed the repositioning of its investment portfolio sufficient to achieve REIT tax status and is operating during its 2021 taxable year so that it may qualify for taxation as a REIT.
For more information visit www.nexpoint.com/nexpoint-strategic-opportunities-fund
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. (the “Investment Adviser”) is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles. For more information visit www.nexpoint.com
Enterprising Investor
5年前
NexPoint Strategic Opportunities Fund (NHF) Announces Name Change to "NexPoint Diversified Real Estate Trust," Provides Update on REIT Conversion (10/28/21)
Common Shares Will Begin Trading Under New Ticker "NXDT" Beginning November 8
DALLAS, Oct. 28, 2021 /PRNewswire/ -- The NexPoint Strategic Opportunities Fund (NYSE:NHF) ("NHF" or the "Company") today announced that it will change its name to "NexPoint Diversified Real Estate Trust" effective November 8, 2021 at 12:01 a.m. Eastern Time. In addition to the name change, NHF will change its ticker to "NXDT." Its common shares will continue trading on the New York Stock Exchange under the new ticker.
The name change is part of the Company's ongoing conversion from a registered investment company to a diversified real estate investment trust ("REIT").
On August 28, 2020, shareholders approved the Company's proposal to convert NHF to a diversified REIT. Following shareholder approval, the Company began transitioning its business and investments to those of a diversified REIT. The Company has since completed the initial repositioning of its investment portfolio sufficient to achieve REIT tax status and is operating during its 2021 taxable year so that it may qualify for taxation as a REIT.
Additionally, management has repositioned NHF's portfolio such that it believes NHF is no longer an "investment company" under the Investment Company Act of 1940 (the "1940 Act"). This enabled the Company to file an amended application for an order from the Securities and Exchange Commission ("SEC") declaring that the Company has ceased to be an investment company (the "Deregistration Order") on September 13, 2021 that reflected NHF's repositioned portfolio.
Following review of the amended application, the SEC may grant the Deregistration Order, which would represent the final step in NHF's business plan to convert to a diversified REIT.
Additional information can be found on the Company's website: https://www.nexpoint.com/nexpoint/funds/nexpoint-strategic-opportunities-fund/.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end investment company managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT. On August 28, 2020, shareholders approved the conversion proposal and amended the Company's fundamental investment policies and restrictions to permit the Company to pursue its new business. The Company has repositioned its investment portfolio sufficient to achieve REIT tax status and is operating during its 2021 taxable year so that it may qualify for taxation as a REIT. The Company has also repositioned its portfolio such that it believes it is no longer an "investment company" under the 1940 Act and has filed an application with the SEC for a Deregistration Order. While awaiting the Deregistration Order, the Company will continue to be structured as a registered closed-end investment company.
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered investment adviser on the NexPoint alternative investment platform. The NexPoint platform is comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles, including public and private real estate investment trusts, tax advantaged real estate vehicles, and closed-end funds.. For more information, visit www.nexpoint.com.
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-nhf-announces-name-change-to-nexpoint-diversified-real-estate-trust-provides-update-on-reit-conversion-301410526.html
Enterprising Investor
5年前
NexPoint Strategic Opportunities Fund Extends Offer to Purchase Up to All Shares of United Development Funding IV (8/05/21)
DALLAS, Aug. 05, 2021 (GLOBE NEWSWIRE) -- NexPoint Strategic Opportunities Fund (NYSE:NHF) (“NHF”) today announced the extension of the offering period for its previously announced offer to purchase any and all Shares of Beneficial Interest (the “Shares”) of United Development Funding IV (“UDFI” or the “Company”) at a price of $1.10 per Share upon the terms and subject to the conditions set forth in the Offer to Purchase and in the related Assignment Form for the offer (which together constitute the “Offer” and the “Tender Offer Documents”). The Offer is now scheduled to expire at 12:00 midnight, Eastern Time, at the end of the day on September 2, 2021, unless the Offer is extended or earlier terminated. The Tender Offer Documents are available at www.UDFITenderOffer.com, or from the information agent for the Offer, as discussed below.
As previously announced on December 14, 2020, the Offer is conditioned upon, among other things, the satisfaction or waiver of the following conditions: (i) there shall not have been threatened, instituted, or pending any action or proceeding before any court or any governmental or administrative agency (a) challenging the acquisition of shares pursuant to the Offer or otherwise relating in any manner to the Offer, or (b) in the sole judgment of NHF, otherwise materially adversely affecting the Company; (ii) NHF shall have received all required governmental approvals, if any, for the Offer; (iii) NHF shall have had the opportunity to conduct sufficient due diligence to determine whether the offered price per share is reasonable given the current financial condition and results of operations of UDFI; (iv) the Board of Trustees of UDFI shall have waived in writing the ownership limitations set forth in Article VII of the Declaration of Trust of UDFI as such limitations would otherwise apply to the Offer; and (v) NHF shall have received satisfactory evidence that UDFI has continued to qualify as a real estate investment trust (“REIT”) under federal tax laws and thereby to avoid any entity-level federal income or excise tax.
On January 8, 2021, UDFI announced that it had reduced the percentage of outstanding Shares that a shareholder may own from 9.8% to 5.0%. The Company took such action in an effort to frustrate the Offer. It also announced it amended the Company’s bylaws to require that certain legal actions could be brought on behalf of or against UDFI only in certain courts in Maryland. NHF and its advisors are reviewing these actions and their legality under applicable law.
Shareholders should read the Offer to Purchase and the related materials carefully because they contain important information. Shareholders may obtain a free copy of the Offer to Purchase and the Assignment Form from D.F. King & Co., Inc., the information agent for the Offer (the “Information Agent”), by calling toll-free at (800) 331-7543. THE OFFER WILL EXPIRE AT 12:00 MIDNIGHT, EASTERN TIME, AT THE END OF THE DAY ON SEPTEMBER 2, 2021, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT. On August 28, 2020, shareholders approved the conversion proposal and amended the Company’s fundamental investment policies and restrictions to permit the Company to pursue its new business. The Company has since realigned its portfolio so that it is no longer an “investment company” under the Investment Company Act of 1940 (the “1940 Act”). On March 31, 2021, the Company filed an application with the Securities and Exchange Commission (the “SEC”) for an order under the 1940 Act declaring that the Company no longer operate as an investment company (the “Deregistration Order”). During the SEC’s review process, the Company will continue to be structured as a closed-end investment fund. The Company has also completed the repositioning of its investment portfolio sufficient to achieve REIT tax status and is operating during its 2021 taxable year so that it may qualify for taxation as a REIT.
For more information visit www.nexpoint.com/nexpoint-strategic-opportunities-fund
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. (the “Investment Adviser”) is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles. For more information visit www.nexpoint.com
https://www.globenewswire.com/news-release/2021/08/05/2276144/0/en/NexPoint-Strategic-Opportunities-Fund-Extends-Offer-to-Purchase-Up-to-All-Shares-of-United-Development-Funding-IV-UDFI.html
Enterprising Investor
5年前
Trial Court Issues Judgment Against Credit Suisse in Case Related to the NexPoint Strategic Opportunities Fund (6/28/21)
Court Enters Judgment on Remand, Awards $121 Million to Claymore Holdings
DALLAS, June 28, 2021 (GLOBE NEWSWIRE) -- The NexPoint Strategic Opportunities Fund (NYSE:NHF) (“NHF”), a closed-end investment company managed by NexPoint Advisors, L.P. (the “Adviser”), announced an update in the case against Credit Suisse, AG, Cayman Islands Branch, and Credit Suisse Securities (USA), LLC (“Credit Suisse”).
The 134th Judicial District Court (the “Court”) issued a judgment today against Credit Suisse, awarding $121 million to Claymore Holdings LLC (“Claymore”), the entity formed to pursue the collective claims on behalf of NHF and the Highland Income Fund (NYSE:HFRO)(“HFRO”) (together the “Funds”).
The Court entered today’s judgment on remand—a result of the Texas Supreme Court’s April 2020 ruling, which upheld the prior findings that Credit Suisse committed fraud but remanded the case to the trial court to enter a new damages award.
Credit Suisse has thirty days to file for appeal of the judgment, which they are expected to do. The matter will then go to the Dallas Court of Appeals, where Claymore was successful against Credit Suisse in the last round of appeals.
The total aggregate award, which stands at $121 million today, consists of damages and prejudgment interest. The award will continue to accrue interest until the appeals process is exhausted. Any final judgment amount would be reduced by attorney fees and other litigation-related expenses. The net proceeds would then be allocated to the Funds based on respective damages (approximately 82% to HFRO and 18% to NHF). As legal proceedings are ongoing and all recoveries remain contingent, no award amount has been recorded in the Funds’ net asset values at this time.
The Adviser is encouraged by today’s order and pleased to see the lengthy process advance toward a conclusion that recognizes the harm caused to the Funds and their investors.
Background on the Case
The case was originally filed in 2013. Following a bench trial and jury trial, the Court issued its original judgment in favor of Claymore in 2015, which was confirmed by an appellate court in 2018. An appeal of that ruling sent the case to the Texas Supreme Court, which heard the case on January 8, 2020.
On April 24, 2020, the Texas Supreme Court issued an order that affirmed in part and reversed in part the 2018 ruling from the court of appeals. In the April 2020 order, the court upheld the $40 million fraud verdict that resulted from the jury trial; however, it did not uphold the contract damages and equitable relief awarded to Claymore by the trial court following the bench trial.
In its opinion, the Texas Supreme Court noted procedural issues related to the calculation of damages among the reasons for reversing part of the appellate court ruling. It remanded the case to the trial court to determine the appropriate damages calculations and enter a new damages award, resulting in today’s judgment.
The case is Claymore Holdings LLC v. Credit Suisse AG, Cayman Islands Branch et al., case number DC-13-07858, in the 134th District Court in Dallas County, Texas.
About the NexPoint Strategic Opportunities Fund
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT.
For more information, visit www.nexpoint.com/nexpoint-strategic-opportunities-fund
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered investment adviser. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles.
For more information visit www.nexpoint.com
https://www.globenewswire.com/news-release/2021/06/28/2254367/0/en/Trial-Court-Issues-Judgment-Against-Credit-Suisse-in-Case-Related-to-the-NexPoint-Strategic-Opportunities-Fund.html
Enterprising Investor
5年前
NexPoint Strategic Opportunities Fund Extends Offer to Purchase Up to All Shares of United Development Funding IV (1/13/21)
DALLAS, Jan. 13, 2021 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE: NHF) ("NHF") today announced the extension of the offering period for its previously announced offer to purchase any and all Shares of Beneficial Interest (the "Shares") of United Development Funding IV ("UDFI" or the "Company") at a price of $1.10 per Share upon the terms and subject to the conditions set forth in the Offer to Purchase and in the related Assignment Form for the offer (which together constitute the "Offer" and the "Tender Offer Documents"). The Offer is now scheduled to expire at 12:00 midnight, Eastern Standard Time, at the end of the day on February 12, 2021, unless the Offer is extended or earlier terminated. The Tender Offer Documents are available at www.UDFITenderOffer.com, or from the information agent for the Offer, as discussed below.
As previously announced on December 14, 2020, the Offer is conditioned upon, among other things, the satisfaction or waiver of the following conditions: (i) there shall not have been threatened, instituted, or pending any action or proceeding before any court or any governmental or administrative agency (a) challenging the acquisition of shares pursuant to the Offer or otherwise relating in any manner to the Offer, or (b) in the sole judgment of NHF, otherwise materially adversely affecting the Company; (ii) NHF shall have received all required governmental approvals, if any, for the Offer; (iii) NHF shall have had the opportunity to conduct sufficient due diligence to determine whether the offered price per share is reasonable given the current financial condition and results of operations of UDFI; (iv) the Board of Trustees of UDFI shall have waived in writing the ownership limitations set forth in Article VII of the Declaration of Trust of UDFI as such limitations would otherwise apply to the Offer; and (v) NHF shall have received satisfactory evidence that UDFI has continued to qualify as a real estate investment trust ("REIT") under federal tax laws and thereby to avoid any entity-level federal income or excise tax.
On January 8, 2021, UDFI announced that it had reduced the percentage of outstanding Shares that a shareholder may own from 9.8% to 5.0%. The Company took such action in an effort to frustrate the Offer. It also announced it amended the Company's bylaws to require that certain legal actions could be brought on behalf of or against UDFI only in certain courts in Maryland. NHF and its advisors are reviewing these actions and their legality under applicable law.
Shareholders should read the Offer to Purchase and the related materials carefully because they contain important information. Shareholders may obtain a free copy of the Offer to Purchase and the Assignment Form from D.F. King & Co., Inc., the information agent for the Offer (the "Information Agent"), by calling toll-free at (800) 331-7543. THE OFFER WILL EXPIRE AT 12:00 MIDNIGHT, EASTERN STANDARD TIME, AT THE END OF THE DAY ON FEBRUARY 12, 2021, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT. The Company is in the process of realigning its portfolio so that it is no longer an "investment company" under the Investment Company Act of 1940 (the "1940 Act") and continues to expect the Company to be able to transition its investment portfolio sufficient to qualify as a REIT for tax purposes by the first quarter of 2021 and to apply to the Securities and Exchange Commission (the "SEC") for an order under the 1940 Act declaring that the Company has ceased to be an investment company (the "Deregistration Order") in the first quarter of 2021. For more information visit www. www.nexpointgroup.com/nexpoint-strategic-opportunities-fund/.
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. (the "Investment Adviser") is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles. For more information visit www.nexpointgroup.com.
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-extends-offer-to-purchase-up-to-all-shares-of-united-development-funding-iv-udfi-301208042.html
Enterprising Investor
6年前
NexPoint Strategic Opportunities Fund Announces Successful Completion of Tender Offer (1/05/21)
DALLAS, Jan. 5, 2021 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE: NHF) ("NHF" or the "Company") today announced the successful completion of its tender offer to purchase the Company's common shares ("Common Shares") in exchange for consideration consisting of approximately 20% cash and 80% newly-issued 5.50% Series A Cumulative Preferred Shares ("Series A Preferred Shares") (collectively, the "Exchange Offer").
Based on the preliminary results of the Exchange Offer, the Company expects to purchase 9,011,832 Common Shares at a price of $12.00 per share, for an aggregate purchase price of approximately $108 million. The price per share reflects the clearing auction price indicated by tendering shareholders under the Exchange Offer, which followed a "Modified Dutch Auction" procedure.
In exchange for the Common Shares tendered, participating shareholders will receive consideration of approximately 20% cash and 80% Series A Preferred Shares valued at their liquidation preference of $25.00 per share. Payment for tendered Common Shares will be made on or about January 7, 2021.
The Series A Preferred Shares will be issued on or about January 7, 2021 and are expected to be listed on the New York Stock Exchange ("NYSE") within the next seven days. Egan-Jones Ratings Company assigned an investment grade corporate rating of BBB- to the Series A Preferred Shares and a rating of BBB to the Company.
Dividends and distributions on the Series A Preferred Shares are cumulative from their original issue date at the annual rate of 5.50% of the $25.00 per share liquidation preference and will be payable quarterly on March 31, June 30, September 30 and December 31 of each year, beginning with the first payment on March 31, 2021.
The Exchange Offer is not expected to have any effect on the Company's conversion to a real estate investment trust (a "REIT", and the conversion, the "Conversion").
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT. On August 28, 2020, shareholders approved the Conversion proposal and amended the Company's fundamental investment policies and restrictions to permit the Company to pursue its new business. The Company is in the process of realigning its portfolio so that it is no longer an "investment company" under the Investment Company Act of 1940 (the "1940 Act") and continues to expect the Company to be able to transition its investment portfolio sufficient to qualify as a REIT for tax purposes by the first quarter of 2021 and to apply to the Securities and Exchange Commission (the "SEC") for an order under the 1940 Act declaring that the Company has ceased to be an investment company (the "Deregistration Order") in the first quarter of 2021.
For more information visit www. www.nexpointgroup.com/nexpoint-strategic-opportunities-fund/
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. (the "Investment Adviser") is an SEC-registered adviser on the NexPoint alternative investment platform. NexPoint's platform provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, closed-end funds, and other private investment solutions. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces.
For more information visit www.nexpointgroup.com
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-announces-successful-completion-of-tender-offer-301200923.html
Enterprising Investor
6年前
NexPoint Strategic Opportunities Fund Announces Offer to Purchase Up to All Shares of United Development Funding IV (12/14/20)
DALLAS, Dec. 14, 2020 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE:NHF) ("NHF") today announced the commencement of an offer to purchase any and all Shares of Beneficial Interest (the "Shares") of United Development Funding IV ("UDFI" or the "Company") at a price of $1.10 per Share upon the terms and subject to the conditions set forth in the Offer to Purchase and in the related Assignment Form for the offer (which together constitute the "Offer" and the "Tender Offer Documents"). The Tender Offer Documents are available at www.UDFITenderOffer.com, or from the information agent for the Offer, as discussed below.
NHF believes it is the largest shareholder of UDFI. Through the Offer, NHF is seeking to increase its ownership in the Company, while also providing liquidity to shareholders who choose to participate. In the last five years, there have been limited opportunities for shareholders to sell UDFI Shares. Trading in the Shares on The Nasdaq Stock Market LLC ("Nasdaq") has been halted since February 2016. In May 2017, Nasdaq announced that it would delist the Shares (the "Delisting"). In August 2020, the Securities and Exchange Commission ("SEC") revoked the registration of all classes of registered securities of UDFI (the "Deregistration"). The Delisting and Deregistration presented challenges to shareholders interested in selling UDFI Shares. Adding to these challenges, there has been limited information regarding the financial performance of UDFI available to UDFI's shareholders since November 2015. Despite the limited information on the Company, NHF commenced the Offer in an effort to increase its investment in UDFI and encourage value creation over the long term, while providing immediate liquidity for shareholders interested in selling their Shares.
NHF is seeking to increase its ownership in UDFI, while providing liquidity to shareholders who choose to participate.
The Offer is conditioned upon, among other things, the satisfaction or waiver of the following conditions: (i) there shall not have been threatened, instituted, or pending any action or proceeding before any court or any governmental or administrative agency (a) challenging the acquisition of shares pursuant to the Offer or otherwise relating in any manner to the Offer, or (b) in the sole judgment of NHF, otherwise materially adversely affecting the Company; (ii) NHF shall have received all required governmental approvals, if any, for the Offer; (iii) NHF shall have had the opportunity to conduct sufficient due diligence to determine whether the offered price per share is reasonable given the current financial condition and results of operations of UDFI; (iv) the Board of Trustees of UDFI shall have waived in writing the ownership limitations set forth in Article VII of the Declaration of Trust of UDFI as such limitations would otherwise apply to the Offer; and (v) NHF shall have received satisfactory evidence that UDFI has continued to qualify as a real estate investment trust ("REIT") under federal tax laws and thereby to avoid any entity-level federal income or excise tax.
Shareholders should read the Offer to Purchase and the related materials carefully because they contain important information. Shareholders may obtain a free copy of the Offer to Purchase and the Assignment Form from D.F. King & Co., Inc., the information agent for the Offer (the "Information Agent"), by calling toll-free at (800) 331-7543. THE OFFER WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, AT THE END OF THE DAY ON JANUARY 13, 2021, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT. The Company is in the process of realigning its portfolio so that it is no longer an "investment company" under the Investment Company Act of 1940 (the "1940 Act") and continues to expect the Company to be able to transition its investment portfolio sufficient to qualify as a REIT for tax purposes by the first quarter of 2021 and to apply to the Securities and Exchange Commission (the "SEC") for an order under the 1940 Act declaring that the Company has ceased to be an investment company (the "Deregistration Order") in the first half of 2021.
For more information visit www.nexpointgroup.com/nexpoint-strategic-opportunities-fund/.
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. (the "Investment Adviser") is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles.
For more information visit www.nexpointgroup.com.
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-announces-offer-to-purchase-up-to-all-shares-of-united-development-funding-iv-udfi-301192205.html
Enterprising Investor
6年前
NexPoint Strategic Opportunities Fund Announces Significant Participation in Exchange Offer with $121 Million Tendered, Extends Expiration Date to January 4, 2021 (12/11/20)
DALLAS, Dec. 11, 2020 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE: NHF) ("NHF" or the "Company") today announced its receipt of significant participation in its tender offer to purchase up to 15 million of its common shares ("Common Shares") in exchange for consideration consisting of approximately 20% cash and 80% newly-issued Series A Cumulative Preferred Shares ("Series A Preferred Shares") (collectively, the "Exchange Offer"). Total Common Shares tendered were equal to 81% of the Exchange Offer.
American Stock Transfer & Trust Company, LLC, the Depositary for the Exchange Offer, has informed the Company that $121 million in Common Shares have been validly tendered and not withdrawn since the commencement of the Exchange Offer. The Company believes the initial response to the Exchange Offer indicates strong shareholder interest, and therefore has decided to extend the Exchange Offer to provide additional time for shareholders to participate.
"We constructed this offer to deliver multiple benefits to shareholders, from providing an opportunity to exchange shares at a premium to the market price at the commencement, to helping narrow the trading discount," said Dustin Norris, president of NexPoint Securities. "With over $120 million tendered, the positive reception from shareholders supports our approach, and we are pleased to extend the expiration date to allow additional shareholders to participate."
As a result of the extension, the Exchange Offer will expire on January 4, 2021 at 5:00 p.m. EST (as so extended, the "Expiration Date"). All other terms of the Exchange Offer remain unchanged. The extension does not affect the Common Shares tendered to date; shareholders who have already tendered Common Shares do not need to re-tender their Common Shares or take any additional action as a result of the extension. However, as reflected in the terms of the Exchange Offer, shareholders are also permitted to withdraw Common Shares they have previously tendered at any time prior to the new Expiration Date if they so desire.
The Company announced the commencement of the Exchange Offer in a press release on October 30, 2020. Under the Exchange Offer, the Company will purchase Common Shares up to a maximum aggregate purchase price of $150 million of Common Shares; however, the Exchange Offer is conditioned on, among other things, shareholders validly tendering (and not properly withdrawing) Common Shares representing an aggregate purchase price of at least $75 million of Common Shares prior to the Expiration Date. While the participation to date surpassed the $75 million minimum aggregate purchase price required to proceed, the Company decided to extend the Expiration Date to allow additional time for shareholders to submit tenders.
The purpose of the Exchange Offer is to provide shareholders with an opportunity to exchange Common Shares at a premium to the current market price, while increasing the NAV per Common Share for shareholders who choose not to participate—or choose not to participate fully—in the Exchange Offer.
Egan-Jones Ratings Company ("Egan-Jones") assigned an investment grade corporate rating of BBB- to the Series A Preferred Shares and a rating of BBB to the Company. The Company believes the investment grade rating has the potential to allow the Series A Preferred Shares to trade competitively on the secondary market.
Dividends and distributions on the Series A Preferred Shares are cumulative from their original issue date at the annual rate of 5.50% of the $25.00 per share liquidation preference and will be payable quarterly on March 31, June 30, September 30 and December 31 of each year, beginning with the first payment on March 31, 2021.
Additional Information on Exchange Offer
Full terms of the Exchange Offer are available at www.sec.gov.
Any questions about the Exchange Offer or requests for assistance in tendering Shares can be directed to the Company's Information Agent, AST Fund Solutions, LLC. The Company's Information Agent can be reached toll-free at (800) 829-6554.
The Exchange Offer is not expected to have any effect on the Company's conversion to a real estate investment trust (a "REIT", and the conversion, the "Conversion"). The Company currently intends to continue with the Conversion process regardless of the outcome of the Exchange Offer.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE: NHF) is a closed-end fund managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT. On August 28, 2020, shareholders approved the Conversion proposal and amended the Company's fundamental investment policies and restrictions to permit the Company to pursue its new business. The Company is in the process of realigning its portfolio so that it is no longer an "investment company" under the Investment Company Act of 1940 (the "1940 Act") and continues to expect the Company to be able to transition its investment portfolio sufficient to qualify as a REIT for tax purposes by the first quarter of 2021 and to apply to the Securities and Exchange Commission (the "SEC") for an order under the 1940 Act declaring that the Company has ceased to be an investment company (the "Deregistration Order") in the first half of 2021.
For more information visit www. www.nexpointgroup.com/nexpoint-strategic-opportunities-fund/
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. (the "Investment Adviser") is an SEC-registered adviser on the NexPoint alternative investment platform. NexPoint's platform provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, closed-end funds, interval funds, and a business development company. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces.
For more information visit www.nexpointgroup.com
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-announces-significant-participation-in-exchange-offer-with-121-million-tendered-extends-expiration-date-to-january-4-2021-301191012.html
Enterprising Investor
6年前
NexPoint Strategic Opportunities Fund Commences Tender Offer for up to 15 Million Common Shares in Exchange for $150 Million in 5.50% Series A Cumulative Preferred Shares and Cash (10/30/20)
- Company Will Purchase up to 15 Million in Common Shares at Price Between $10.00 and $12.00 per Share in Exchange for Preferred Shares and Cash
- Preferred Shares Valued at Liquidation Preference of $25.00 per Share with 5.50% Dividend Rate
DALLAS, Oct. 30, 2020 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE:NHF) ("NHF" or the "Company") today announced the commencement of an issuer tender offer pursuant to Rule 13e-4 under the Securities Exchange Act of 1934 (the "Exchange Act") for up to 15 million of its common shares ("Common Shares"). The Company will purchase Common Shares at a maximum aggregate purchase price of $150 million in exchange for consideration consisting of approximately 20% cash and 80% newly-issued shares of the Company's 5.50% Series A Cumulative Preferred Shares valued at their liquidation preference $25.00 per share ("Series A Preferred Shares") (collectively, the "Exchange Offer").
The Company announced the Exchange Offer in a press release on October 15, 2020. The Exchange Offer will expire on December 10, 2020 at 5:00 p.m. EST (the "Expiration Date"), unless extended in accordance with the terms of the Exchange Offer.
NHF commences tender offer for Common Shares in exchange for 5.50% Series A Cumulative Preferred Shares and cash
The Company is conducting the Exchange Offer through a procedure called a "Modified Dutch Auction." For a common shareholder choosing to participate in the Exchange Offer, this procedure allows the shareholder to select a price between $10.00-$12.00 per Common Share at which they are willing to sell their Common Shares. After all tendering shareholders indicate their respective sale prices, the Company will pay the lowest price indicated that will permit the Company to purchase as many Common Shares as possible, up to the maximum aggregate purchase price of $150 million. For example, if the lowest price indicated is $10.00 per Common Share, the Company will purchase up to 15 million Common Shares. Conversely, if the lowest price indicated is $12.00 per Common Share, the Company will purchase up to 12.5 million Common Shares. The maximum aggregate purchase price for all Common Shares will be $150 million, regardless of the actual purchase price per Common Share.1
Dividends and distributions on the Series A Preferred Shares are cumulative from their original issue date at the annual rate of 5.50% of the $25.00 per share liquidation preference and will be payable quarterly on March 31, June 30, September 30 and December 31 of each year, beginning with the first payment on March 31, 2021.
The purpose of the Exchange Offer is to provide shareholders with an opportunity to exchange Common Shares at a premium to the current market price, while increasing the NAV per Common Share for shareholders who choose not to participate—or choose not to participate fully—in the Exchange Offer.
Additional Information on Exchange Offer
Full terms of the Exchange Offer are available at www.sec.gov. Exchange Offer documents will be mailed to shareholders on or about November 2, 2020.
Any questions about the Exchange Offer or requests for assistance in tendering Shares can be directed to the Company's Information Agent, AST Fund Solutions, LLC. The Company's Information Agent can be reached toll-free at (800) 829-6554.
The Exchange Offer is not expected to have any effect on the Company's conversion to a real estate investment trust (a "REIT", and the conversion, the "Conversion"). The Company currently intends to continue with the Conversion process regardless of the outcome of the Exchange Offer.
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About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT. On August 28, 2020, shareholders approved the Conversion proposal and amended the Company's fundamental investment policies and restrictions to permit the Company to pursue its new business. The Company is in the process of realigning its portfolio so that it is no longer an "investment company" under the Investment Company Act of 1940 (the "1940 Act") and continues to expect the Company to be able to transition its investment portfolio sufficient to qualify as a REIT for tax purposes by the first quarter of 2021 and to apply to the Securities and Exchange Commission (the "SEC") for an order under the 1940 Act declaring that the Company has ceased to be an investment company (the "Deregistration Order") in the first half of 2021.
For more information visit www. www.nexpointgroup.com/nexpoint-strategic-opportunities-fund/
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. (the "Investment Adviser") is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles.
For more information visit www.nexpointgroup.com
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-commences-tender-offer-for-up-to-15-million-common-shares-in-exchange-for-150-million-in-5-50-series-a-cumulative-preferred-shares-and-cash-301163867.html
Enterprising Investor
6年前
NexPoint Strategic Opportunities Fund Shareholders Approve REIT Conversion Proposal (8/28/20)
With Approval of Proposal, Fund to Begin Transition to Diversified REIT
DALLAS, Aug. 28, 2020 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE:NHF) ("NHF" or the "Fund"), a closed-end fund managed by NexPoint Advisors, L.P. (the "Adviser" and together with its affiliates "NexPoint"), announced the results of the special meeting of shareholders (the "Special Meeting"), which took place earlier today.
At the Special Meeting, shareholders approved the proposal to covert the Fund from a registered investment company to a diversified real estate investment trust ("REIT") and to amend certain fundamental investment restrictions (the "Business Change Proposal").
The Adviser announced the Business Change Proposal on June 19, 2020 in conjunction with a preliminary proxy filing. It filed a definitive proxy statement on July 10, 2020.
The Fund's Board of Trustees (the "Board"), which includes members who are not interested persons of the Fund (the "Independent Trustees"), believes the Business Change Proposal provides the best path to increase shareholder value over time.
Shareholders likewise supported this path in voting to approve the Business Change Proposal.
"We are pleased that shareholders recognized the opportunities in both the REIT structure and the real estate investment landscape," said James Dondero, president of NexPoint Advisors and the Fund's portfolio manager. "We are grateful for the support of the proposal and look forward to delivering value through this transition."
At the Special Meeting, shareholders also approved the amendment and restatement of the Fund's Agreement and Declaration of Trust (the "Amendment Proposal" and, together with the Business Change Proposal, the "Proposals"). The approval of the Business Change Proposal was a precondition for the Amendment Proposal.
Per the Proposals, the Fund will begin to transition its business and investments to those of a diversified REIT. Additional information on the transition can be found in the definitive proxy statement.
With the conversion, NHF will be the fourth publicly traded REIT on the NexPoint platform. NexPoint is the external manager for: NexPoint Residential Trust, Inc. (NYSE: NXRT), a value-add multifamily REIT; NexPoint Real Estate Finance, Inc. (NYSE: NREF), a mortgage REIT; and NexPoint Hospitality Trust (TSX-V: NHT.U), a hospitality REIT focused on select service and extended stay properties.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. The fund invests primarily in below investment grade debt, equity securities, and real estate, and has the ability to hedge risk.
For more information visit www.nexpointgroup.com/nexpoint-strategic-opportunities-fund/
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, an interval fund, a business development company, and various real estate vehicles. NexPoint Advisors is the external manager for three publicly traded REITs: NexPoint Residential Trust, Inc. (NYSE: NXRT), NexPoint Real Estate Finance, Inc. (NYSE: NREF), and NexPoint Hospitality Trust (TSX-V: NHT.U).
For more information visit www.nexpointgroup.com
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-shareholders-approve-reit-conversion-proposal-301120373.html
Enterprising Investor
6年前
NexPoint Strategic Opportunities Fund Files Definitive Proxy Statement for Proposal to Convert Fund to Diversified REIT (7/10/20)
Special Meeting of Shareholders Scheduled for August 28, 2020
Fund's Board and Independent Trustees Recommend Shareholders Vote "FOR" Proposal
DALLAS, July 10, 2020 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE: NHF) ("NHF" or the "Fund"), a closed-end fund managed by NexPoint Advisors, L.P. (the "Adviser"), today announced the filing of a definitive proxy statement with the Securities and Exchange Commission (the "SEC") in connection with its proposal to covert the Fund from a registered investment company to a diversified real estate investment trust ("REIT"). The filling also included a notice of a special meeting of shareholders (the "Special Meeting"), which will be held on August 28, 2020 at 8:30 a.m. CDT to consider the proposal.
The proposal to change the Fund's business from a registered investment company to a diversified REIT and to amend certain fundamental investment restrictions (the "Business Change Proposal") aims to increase shareholder value over time. The Adviser announced the Business Change Proposal on June 19, 2020 in conjunction with a preliminary proxy filing.
At the Special Meeting, shareholders are being asked to vote upon the Business Change Proposal and, if approved, to approve the amendment and restatement of the Fund's Agreement and Declaration of Trust (the "Amendment Proposal" and, together with the Business Change Proposal, the "Proposals").
The Fund's Board of Trustees (the "Board"), which includes members who are not interested persons of the Fund (the "Independent Trustees"), reviewed the Proposals at length, and believes they are in the best interest of shareholders.
As such, NHF shareholders are urged to vote FOR the Proposals.
Adoption of the Business Change Proposal is expected to provide the following benefits to NHF shareholders:
Potential to provide investors with a superior risk adjusted return compared to equity, fixed income, and distressed debt markets through real estate investments over the next decade1;
Potential to reduce the Fund's historic discount to net asset value ("NAV"), as REITs have, on average, traded more favorable relative to NAV than closed-end funds;
Potential to provide greater liquidity for shareholders;
Opportunity to take advantage of current pricing disparities in the commercial real estate markets;
Potential to position the Fund's assets to earn greater income for the Fund in an historically low interest rate environment; and
Ability to further leverage the real estate investment expertise of the Adviser and its affiliates (together, "NexPoint").
Additional information on the potential benefits of the Business Change Proposal, as well as the related risks, is available in the definitive proxy statement.
Proxy Statement
A copy of the definitive proxy statement is available free of charge on the SEC's website at www.sec.gov. Shareholders should read the definitive proxy statement, as it contains important information. Shareholders should make no decision about the Proposals until they have had an opportunity to review the definitive proxy statement sent to them.
NHF and its trustees and officers, NexPoint's members, trustees, directors, shareholders, officers and employees, Di Costa Partners LLC, and other persons may be deemed to be participants in the solicitation of proxies with respect to the Proposals. Shareholders may obtain more detailed information regarding the direct and indirect interests of the foregoing persons by reading the definitive proxy statement regarding the Proposals.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. The fund invests primarily in below investment grade debt, equity securities, and real estate, and has the ability to hedge risk.
For more information visit www. www.nexpointgroup.com/nexpoint-strategic-opportunities-fund/
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles.
For more information visit www.nexpointgroup.com
While NexPoint is committed to the REIT conversion, it is still contingent upon an affirmative shareholder vote, regulatory approval, and the ability to reconfigure NHF's portfolio to attain REIT status and deregister as an investment company. The conversion process could take up to 24 months; and there can be no assurance that conversion of NHF to REIT status will improve its performance or reduce the discount to NAV.
In addition, these actions may adversely affect the Fund's financial condition, yield on investment, results of operations, cash flow, per share trading price of our common shares and ability to satisfy debt service obligations, if any, and to make cash distributions to shareholders. Whether the Fund remains a registered investment company or converts to a REIT, its common shares, like an investment in any other public company, are subject to investment risk, including the possible loss of investment. For a discussion of certain other risks relating to the proposed conversion to a REIT, see "Implementation of the Business Change Proposal and Related Risks" in the proxy statement.
Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results.
No assurance can be given that the Fund will achieve its investment objectives.
Closed-End Fund Risk. The Fund is a closed-end investment company designed primarily for long-term investors and not as a trading vehicle. No assurance can be given that a shareholder will be able to sell his or her shares on the NYSE when he or she chooses to do so, and no assurance can be given as to the price at which any such sale may be effected.
Credit Risk. Investments rated below investment grade are commonly referred to as high-yield, high risk or "junk debt." They are regarded as predominantly speculative with respect to the issuing company's continuing ability to meet principal and/or interest payments. Non-payment of scheduled interest and/or principal would result in a reduction of income to the Fund, a reduction in the value of the asset experiencing non-payment and a potential decrease in NAV of the Fund.
Interest Rate Risk. Interest rate risk is the risk that debt securities, and the Fund's net assets, may decline in value because of changes in interest rates. Generally, fixed rate debt securities will decrease in value when interest rates rise and increase in value when interest rates decline.
Leverage Risk. The Fund uses leverage through borrowings from notes and a credit facility, and may also use leverage through the issuances of preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund employs leverage in its investment operations, the Fund will be subject to substantial risks of loss.
Industry Concentration Risk. The Fund must invest at least 25% of the value of its total assets at the time of purchase in securities of issuers conducting their principal business activities in the real estate industry. The Fund may be subject to greater market fluctuations than a fund that does not concentrate its investments in a particular industry. Financial, economic, business, and other developments affecting issuers in the real estate industry will have a greater effect on the Fund, and if securities of the real estate industry fall out of favor, the Fund could underperform, or its NAV may be more volatile than, funds that have greater industry diversification.
Real Estate Risk. Real estate investments are subject to various risk factors. Generally, real estate investments could be adversely affected by a recession or general economic downturn where the properties are located. The full extent of the impact and effects of the recent outbreak of COVID-19 on the future financial performance of the Fund, and specifically, on its investments and tenants to properties held by its REIT subsidiaries, are uncertain at this time. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown.
Illiquidity of Investments Risk. The investments made by the Fund may be illiquid, and consequently the Fund may not be able to sell such investments at prices that reflect the Investment Adviser's assessment of their value or the amount originally paid for such investments by the Fund.
Media Contact
Lucy Bannon
mediarelations@nexpointadvisors.com
1-972-419-6272
1 Risk-adjusted return is a calculation of the potential profit from an investment that takes into account the degree of risk associated with such investment. One measure of risk-adjusted return is the Sharpe ratio, which is a measurement of return or profit per unit of risk. The Sharpe ratio measures the return or profit that exceeds the risk-free rate, per unit of risk as measured by the standard deviation. This is calculated by taking the return of the investment, subtracting the risk-free rate, and then dividing this by the investment's standard deviation.
SOURCE NexPoint Advisors, L.P.
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-files-definitive-proxy-statement-for-proposal-to-convert-fund-to-diversified-reit-301091762.html
2
Enterprising Investor
6年前
NexPoint Strategic Opportunities Fund Announces Proposal to Convert Fund to Diversified REIT (6/19/20)
Business Change Intended to Increase Shareholder Value, Address Trading Discount, Offer Greater Liquidity and Income Potential
Fund's Board and Independent Trustees Unanimously Approve Proposal, Recommend Shareholders Vote "FOR" Business Change
DALLAS, June 19, 2020 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE:NHF) ("NHF" or the "Fund"), a closed-end fund managed by NexPoint Advisors, L.P. (the "Adviser"), today announced the filing of a preliminary proxy statement with the Securities and Exchange Commission (the "SEC") in connection with its proposal to covert the Fund from a registered investment company to a real estate investment trust ("REIT"). A notice of a special meeting of shareholders (the "Special Meeting") was included in the filing.
The proposal to change the Fund's business from a registered investment company to a diversified REIT and to amend certain fundamental investment restrictions (the "Business Change Proposal") aims to increase shareholder value.
At the Special Meeting, shareholders are being asked to vote upon the Business Change Proposal and, if approved, to approve the amendment and restatement of the Fund's Agreement and Declaration of Trust (the "Amendment Proposal" and, together with the Business Change Proposal, the "Proposals").
The Fund's Board of Trustees (the "Board"), which includes members who are not interested persons of the Fund (the "Independent Trustees"), reviewed the Proposals at length, and believes they are in the best interest of shareholders.
Adoption of the Business Change Proposal is expected to provide the following benefits to NHF shareholders:
Potential to provide investors with a superior risk adjusted return compared to equity, fixed income, and distressed debt markets through real estate investments over the next decade;
Potential to reduce the Fund's historic discount to net asset value ("NAV"), as REITs have, on average, traded more favorable relative to NAV than closed-end funds;
Potential to provide greater liquidity for shareholders;
Opportunity to take advantage of the current dislocation in the commercial real estate markets; and
Potential to position the Fund's assets to earn greater income for the Fund in an historically low interest rate environment.
Additionally, the Business Change Proposal would expand access to the Adviser's and affiliates' (together "NexPoint") collective real estate capabilities. NexPoint has significant experience underwriting, originating, purchasing, and managing real estate investments. NexPoint manages three publicly traded sector-specific REITs with portfolios consisting of: Class B, value-add multifamily properties; single-family rental homes; hospitality assets; and mortgages.
As such, the Fund has access to a fully integrated, broad institutional real estate investment platform that, as of March 31, 2020, managed approximately $7.8 billion in gross real estate assets.
Given the Adviser's significant real estate expertise and the potential for the Business Change Proposal to increase shareholder value, the Board, including the Independent Trustees, unanimously recommends that shareholders vote "FOR" the Proposals. Additional information on the potential benefits of the Business Change Proposal, as well as related risks, and the Adviser's real estate capabilities is available in the preliminary proxy statement.
Business Change Proposal Implementation
If the Proposals are approved by shareholders, the Adviser will begin to transition its business and investments to those of a diversified REIT. At some point during this transition, the Fund will no longer qualify as an "investment company" and will apply to the SEC for an order under the Investment Company Act of 1940 declaring that it has ceased to be an investment company (the "Deregistration Order"). Pending the SEC's issuance of the Deregistration Order, the Adviser intends to begin realigning the Fund's portfolio consistent with its new business focus as a diversified REIT. The Adviser anticipates that the implementation period may last up to two years, in which case full implementation will not occur until approximately the middle of 2022, however the Adviser intends to transition its investment portfolio sufficient to qualify as a REIT for tax purposes by the first quarter of 2021.
This time period is an estimate and may vary depending upon the length of the deregistration process with the SEC, tax considerations and the pace at which the Adviser is able to transition certain of the Fund's investments to tactically fund additional real estate investments.
Proxy Statement
A copy of the preliminary proxy statement is available free of charge on the SEC's website at www.sec.gov. The preliminary proxy statement is not complete and is subject to review by the SEC staff and other changes. The Fund expects to file a definitive proxy statement which will then be available free of charge at www.nexpointgroup.com or at the SEC website, www.sec.gov. Shareholders should read the preliminary proxy statement and the definitive proxy statement, when it becomes available, carefully because they both contain or will contain important information. Shareholders should make no decision about the Proposals until reviewing the definitive proxy statement sent to them.
NHF and its trustees and officers, NexPoint and its affiliates' respective members, trustees, directors, shareholders, officers and employees, Di Costa Partners LLC and other persons may be deemed to be participants in the solicitation of proxies with respect to the Proposals. Shareholders may obtain more detailed information regarding the direct and indirect interests of the foregoing persons by reading the preliminary proxy statement filed with the SEC, and the definitive proxy statement to be filed with the SEC, regarding the Proposals.
About the NexPoint Strategic Opportunities Fund (NHF)
The NexPoint Strategic Opportunities Fund (NYSE:NHF) ("NHF") is a closed-end fund managed by NexPoint Advisors, L.P. The fund invests primarily in below investment grade debt, equity securities, and real estate, and has the ability to hedge risk.
For more information visit www.nexpointadvisors.com/fund.
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. ("NexPoint Advisors") is an SEC-registered adviser on the NexPoint alternative investment platform ("NexPoint"). NexPoint Advisors serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company ("BDC"), and various real estate vehicles.
For more information visit www.nexpointadvisors.com.
While NexPoint is committed to the REIT conversion, it is still contingent upon an affirmative shareholder vote, regulatory approval, and the ability to reconfigure NHF's portfolio to attain REIT status and deregister as an investment company. The conversion process could take approximately 24 months; and there can be no assurance that conversion of NHF to REIT status will improve its performance or reduce the discount to NAV.
In addition, these actions may adversely affect the Fund's financial condition, yield on investment, results of operations, cash flow, per share trading price of our common shares and ability to satisfy debt service obligations, if any, and to make cash distributions to shareholders. Whether the Fund remains a registered investment company or converts to a REIT, its common shares, like an investment in any other public company, are subject to investment risk, including the possible loss of investment. For a discussion of certain other risks relating to the proposed conversion to a REIT, see "Implementation of the Business Change Proposal and Related Risks" in the proxy statement.
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-announces-proposal-to-convert-fund-to-diversified-reit-301080640.html
Enterprising Investor
7年前
NexPoint Strategic Opportunities Fund Completes Rights Offering, Draws Subscriptions Totaling Over 230% of Primary Offering (5/23/19)
DALLAS, May 23, 2019 /PRNewswire/ -- NexPoint Advisors, L.P. (together with its affiliates "NexPoint") announced today the successful completion of a non-transferable rights offering (the "Offer") for the NexPoint Strategic Opportunities Fund (NYSE: NHF) (the "Fund"). The Offer garnered material oversubscription, with subscriptions equal to 231% of the primary offering.
"We appreciate the widespread shareholder support that enabled us to complete another successful rights offering," said James Dondero, NexPoint president and portfolio manager for the Fund. "We have several opportunities—particularly in real estate—that we believe will drive performance, and we look forward to pursuing those strategic investments."
The Offer commenced on April 30, 2019 and expired on May 22, 2019 (the "Expiration Date"). The Offer entitled rights holders to subscribe for up to an aggregate of 10,798,855 of the Fund's common shares (the "Shares"). Pursuant to the Offer, the Fund issued one non-transferable right (a "Right") for each common share of the Fund to shareholders of record as of April 29, 2019 ("Record Date Shareholders"). Holders of Rights were entitled to purchase one newly issued Share for every three Rights held. The subscription price for each Share issued pursuant to the Offer was $17.77, which represented 95% of the average of the last reported sales price of the Fund's common shares on the New York Stock Exchange ("NYSE") on the Expiration Date and on each of the four trading days preceding the Expiration Date.
Preliminary results indicate that the Fund received total subscriptions for Shares totaling approximately $519 million (including oversubscription requests and notices of guaranteed delivery), representing 231% of the 10,798,855 Shares available to be issued pursuant to the primary subscription. Oversubscription requests exceeded the oversubscription shares available and the 2,699,713 additional Shares available pursuant to the exercise of an overallotment option (the "Secondary Subscription Shares"). The oversubscription shares and Secondary Subscription Shares will be allocated pro-rata among those Record Date Shareholders who oversubscribed based on the number of common shares of the Trust owned by such Shareholders on April 29, 2019, the Record Date. Confirmation as to the amount of Shares received by each participating Rights holder will be sent by the Subscription Agent on or about May 30, 2019.
About NexPoint Strategic Opportunities Fund
NexPoint Strategic Opportunities Fund is a closed-end fund managed by NexPoint Advisors, L.P. The Fund's investment objectives are to provide both current income and capital appreciation. The Fund seeks to achieve this by investing primarily in the following categories of securities and instruments of corporations and other business entities: (i) secured and unsecured floating- and fixed-rate loans; (ii) bonds and other debt obligations; (iii) debt obligations of stressed, distressed, and bankrupt issuers; (iv) structured products, including but not limited to, mortgage-backed and other asset-backed securities and collateralized debt obligations; (v) equities; (vi) other investment companies, including business development companies; and (vii) real estate investment trusts. The Fund may also invest in derivative instruments that have economic characteristics similar to instruments in investment categories (i) – (vii) and has the ability to hedge risk. The Fund's investment adviser attempts to deliver consistent returns in excess of the Dow Jones Credit Suisse Hedge Fund and the HFRX Global Hedge Fund indices in a transparent, registered fund format consistent with monthly dividends. No assurance can be given that the Fund will achieve its investment objectives.
About NexPoint Advisors, L.P.
NexPoint Advisors, L.P. (together with its affiliates "NexPoint") is an SEC-registered investment adviser to a suite of alternative investment vehicles, including a closed-end fund, a business development company, and an interval fund, among others. An affiliate of Highland Capital Management, L.P., NexPoint is part of a multibillion-dollar investment platform that serves both retail and institutional investors worldwide. NexPoint's investment capabilities include high-yield credit, real estate, public equities, private equity and special situations, structured credit, and sector- and region-specific verticals build around specialized teams. For more information visit www.nexpointfunds.com.
Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results.
Interest Rate Risk. Interest rate risk is the risk that debt securities, and the Fund's net assets, may decline in value because of changes in interest rates. Generally, fixed rate debt securities will decrease in value when interest rates rise and increase in value when interest rates decline.
Leverage Risk. The Fund uses leverage through borrowings from notes and a credit facility, and may also use leverage through the issuances of preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund employs leverage in its investment operations, the Fund will be subject to substantial risks of loss
Closed-End Fund Risk. The Fund is a closed-end investment company designed primarily for long-term investors and not as a trading vehicle. No assurance can be given that a shareholder will be able to sell his or her shares on the NYSE when he or she chooses to do so, and no assurance can be given as to the price at which any such sale may be effected.
Industry Concentration Risk. The Fund must invest at least 25% of the value of its total assets at the time of purchase in securities of issuers conducting their principal business activities in the real estate industry. The Fund may be subject to greater market fluctuations than a fund that does not concentrate its investments in a particular industry. Financial, economic, business, and other developments affecting issuers in the real estate industry will have a greater effect on the Fund, and if securities of the real estate industry fall out of favor, the Fund could underperform, or its NAV may be more volatile than, funds that have greater industry diversification.
High-Yield Securities Investments Risk. Investments rated below investment grade are commonly referred to as high-yield, high risk or "junk debt." They are regarded as predominantly speculative with respect to the issuing company's continuing ability to meet principal and/ or interest payments. Non-payment of scheduled interest and/or principal would result in a reduction of income to the Fund, a reduction in the value of the asset experiencing non-payment and a potential decrease in NAV of the Fund.
Illiquidity of Investments Risk. The investments made by the Fund may be illiquid, and consequently the Fund may not be able to sell such investments at prices that reflect the Investment Adviser's assessment of their value or the amount originally paid for such investments by the Fund.
Investors should consider the investment objectives, risks, charges and expenses of the NexPoint Strategic Opportunities Fund carefully before investing. Total operating expenses as of the most recent fund annual report are 2.21%. This and other information can be found in the Fund's prospectuses, which may be obtained by calling 1-866-351-4440 or visiting www.nexpointadvisors.com. Please read the prospectus carefully before you invest.
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-completes-rights-offering-draws-subscriptions-totaling-over-230-of-primary-offering-300856322.html
Enterprising Investor
7年前
NexPoint Strategic Opportunities Fund Announces Rights Offering (4/11/19)
DALLAS, April 11, 2019 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE: NHF) (the "Fund"), today announced the commencement of a non-transferable rights offering to purchase additional shares of common stock of the Fund (the "Offering").
The Fund is issuing non-transferable rights ("Rights") to its common shareholders of record as of April 29, 2019 (the "Record Date" and such shareholders, "Record Date Shareholders"). Record Date Shareholders will receive one Right for each common share held on the Record Date. The Rights will entitle the Record Date Shareholders to purchase one new share of common stock for every three Rights held (1 for 3). The Rights will be mailed to Record Date Shareholders approximately two business days after the Record Date.
Record Date Shareholders who fully exercise their Rights will be entitled to subscribe for additional common shares of the Fund that remain unsubscribed as a result of any unexercised Rights by Record Date Shareholders. In addition, the Fund in its sole discretion may elect to issue additional common shares in an amount up to 25% of the common shares issued in the primary subscription.
The subscription price per common share will be determined based upon a formula equal to the lesser of (1) 95% of the reported net asset value on May 22, 2019 (the "Expiration Date"), or (2) 95% of the average of the last reported sales price of the Fund's common shares on the New York Stock Exchange ("NYSE") on the Expiration Date and on each of the four trading days preceding the Expiration Date.
Important Upcoming Dates:
Record Date: April 29, 2019
Subscription Period: April 30, 2019 to May 22, 2019
Expiration Date: May 22, 2019
The Fund completed a successful rights offering in May 2018 with the same terms. In the 2018 offering, shareholders subscribed for 177% of the original offering size. Over-subscription requests exceeded the over-subscription shares available; therefore, the over-subscription shares were allocated pro-rata among those record date shareholders who over-subscribed based on the number of common shares of the Fund owned by such shareholders on the record date. We encourage you to consider participating fully in the upcoming rights offering by exercising your rights to buy one new share for every three shares owned on the record date and by oversubscribing for additional unsubscribed rights. Please refer to the Fund's prospectus available at www.nexpointadvisors.com for more information on how to participate. You should read carefully the prospectus for the Offering, which contains important information about the Fund, including additional risk disclosure, before deciding whether to invest.
About NexPoint Strategic Opportunities Fund
NexPoint Strategic Opportunities Fund (formerly known as NexPoint Credit Strategies Fund) is a closed-end fund managed by NexPoint Advisors, L.P. The Fund's investment objectives are to provide both current income and capital appreciation. The Fund is invested primarily in below investment grade debt, equity securities and real estate and has the ability to hedge risk. The Fund's investment adviser attempts to deliver consistent returns in excess of the Dow Jones Credit Suisse Hedge Fund and the HFRX Global Hedge Fund indices in a transparent, registered fund format consistent with monthly dividends. No assurance can be given that the Fund will achieve its investment objectives.
Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results.
Before exercising your Rights and investing in the Fund's common shares, you should read the discussion of the material risks of investing in the Fund in the prospectus for the Offering. Certain of these risks are summarized below:
Interest Rate Risk. Interest rate risk is the risk that debt securities, and the Fund's net assets, may decline in value because of changes in interest rates. Generally, fixed rate debt securities will decrease in value when interest rates rise and increase in value when interest rates decline.
Leverage Risk. The Fund uses leverage through borrowings from notes and a credit facility, and may also use leverage through the issuances of preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund employs leverage in its investment operations, the Fund will be subject to substantial risks of loss.
Closed-End Fund Risk. The Fund is a closed-end investment company designed primarily for long-term investors and not as a trading vehicle. No assurance can be given that a shareholder will be able to sell his or her shares on the NYSE when he or she chooses to do so, and no assurance can be given as to the price at which any such sale may be affected.
Industry Concentration Risk. The Fund must invest at least 25% of the value of its total assets at the time of purchase in securities of issuers conducting their principal business activities in the real estate industry. The Fund may be subject to greater market fluctuations than a fund that does not concentrate its investments in a particular industry. Financial, economic, business, and other developments affecting issuers in the real estate industry will have a greater effect on the Fund, and if securities of the real estate industry fall out of favor, the Fund could underperform, or its NAV may be more volatile than, funds that have greater industry diversification.
Credit Risk. Investments rated below investment grade are commonly referred to as high-yield, high risk or "junk debt." They are regarded as predominantly speculative with respect to the issuing company's continuing ability to meet principal and/ or interest payments. Non-payment of scheduled interest and/or principal would result in a reduction of income to the Fund, a reduction in the value of the asset experiencing non-payment and a potential decrease in NAV of the Fund.
Illiquidity of Investments Risk. The investments made by the Fund may be illiquid, and consequently the Fund may not be able to sell such investments at prices that reflect the Investment Adviser's assessment of their value or the amount originally paid for such investments by the Fund.
You should read the prospectus for the Offering, which contains important information about the Fund, including additional risk disclosure, before deciding whether to invest, and retain for future reference. The statement of additional information for the Offering has been filed with the U.S. Securities and Exchange Commission. You may request a free copy of the statement of additional information, request the Fund's most recent annual and semiannual reports or make shareholder inquiries by calling 866-351-4440 or by writing to the Fund at 200 Crescent Court, Suite 700, Dallas, Texas 75201. You may also write AST Fund Solutions, NHF's information agent for the rights offering, at 55 Challenger Road, Suite 201, Ridgefield Park, NJ 07660 or call (888) 626-0988.
Exercising your Rights and investing in the Fund's common shares involves a high degree of risk and may be considered speculative. Before exercising your Rights and investing in the Fund's common shares, you should read the discussion of the material risks of investing in the Fund in the prospectus for the Offering, including the risks of leverage and of investing in below investment grade/high yield securities, in "Principal Risks of the Trust." Certain of these risks are summarized in "Prospectus Summary—Principal Risks of the Trust." Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. Please read the prospectus, located at www.nexpointadvisors.com, carefully before you invest.
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-announces-rights-offering-300831178.html
Enterprising Investor
8年前
CatchMark Led Partnership Completes $1.39 Billion Acquisition of 1.1 Million Acres of Prime East Texas Timberlands (7/09/18)
ATLANTA, July 9, 2018 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) announced today the completion of its previously announced acquisition of 1.1 million acres of prime East Texas timberlands for approximately $1.39 billion in a joint venture with a consortium of institutional investors, including BTG Pactual Timberland Investment Group, Highland Capital Management, Medley Management Inc., and British Columbia Investment Management Corporation. The property was sold by Campbell Global, on behalf of the institutional owners of the property, in one of the largest U.S. timberlands transactions of the past decade. The joint venture — operating as Triple T Timberlands — is a CatchMark-managed affiliate.
Jerry Barag, CatchMark's President and CEO, said: "Building off our existing East Texas presence, we intend to move quickly and efficiently to integrate operations under CatchMark with our former chief operating officer John Rasor, who became President of Triple T upon closing. Our intention is to maximize value for our stockholders and partners by executing on a carefully designed operations plan and implementing best management practices."
For an investment of $200 million, CatchMark has tripled the number of acres under its control and management to approximately 1.6 million acres and significantly expanded its fee-based asset management business. The innovative transaction fits CatchMark's profile for acquiring interests in properties which can provide sustainable growth for its stockholders. The acquired timberlands have a highly productive site index and are projected to grow from the current 2.8 million tons of annual harvest volume to more than five million tons by 2028.
Forest Resource Consultants and American Forest Management are performing land management and accounting functions, respectively, on the Triple T Timberlands properties as they do at other CatchMark-owned properties.
Raymond James acted as financial advisor to CatchMark in the transaction; Alston & Bird LLP and Smith Gambrell & Russell, LLP served as legal advisors to CatchMark. Gibson, Dunn & Crutcher LLP and Proskauer Rose LLP served as legal advisors to the group of institutional investors.
About CatchMark
CatchMark Timber Trust, Inc. (NYSE: CTT) is a self-administered and self-managed, publicly-traded REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests and well-timed sales. Headquartered in Atlanta and focused exclusively on timberland ownership, CatchMark began operations in 2007 and owns interests in approximately 1.6 million acres of timberlands located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com.
https://www.prnewswire.com/news-releases/catchmark-led-partnership-completes-1-39-billion-acquisition-of-1-1-million-acres-of-prime-east-texas-timberlands-300677467.html
“Highland Investors” means Highland Floating Rate Opportunities Fund, NexPoint Strategic Opportunities Fund and NexPoint Real Estate Strategies Fund.
Enterprising Investor
8年前
NexPoint Strategic Opportunities Fund Announces Successful Completion and Significant Oversubscription of Rights Offering (5/30/18)
DALLAS, May 30, 2018 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE: NHF) (the "Fund") is pleased to announce the successful completion of its non-transferable rights offering (the "Offer"). Total subscriptions were equal to 177% of the primary offering.
James Dondero, NexPoint President and Fund Portfolio Manager, remarked on the success of the offering: "For the second straight year, we are pleased with the material over subscription and investor support consistent with top percentile performance we have delivered over the past five years(1)."
The Offer commenced on May 10, 2018 and expired on May 29, 2018 (the "Expiration Date"). The Offer entitled rights holders to subscribe for up to an aggregate of 7,595,858 of the Fund's common shares (the "Shares"). Pursuant to the Offer, the Fund issued one non-transferable right (a "Right") for each common share of the Fund to shareholders of record as of May 9, 2018 ("Record Date Shareholders"). Holders of Rights were entitled to purchase one newly issued Share for every three Rights held. The subscription price for each Share issued pursuant to the Offer was $21.30, which represented 95% of the average of the last reported sales price of the Fund's common shares on the NYSE on the Expiration Date and on each of the four trading days preceding the Expiration Date.
Preliminary results indicate that the Fund received total subscriptions for Shares totaling approximately $309 million (including over-subscription requests and notices of guaranteed delivery), representing 177% of the 7,595,858 Shares available to be issued pursuant to the primary subscription. Over-subscription requests exceeded the over-subscription shares available and the 1,898,965 additional Shares available pursuant to the exercise of an over-allotment option (the "Secondary Subscription Shares"). The over-subscription shares and Secondary Subscription Shares will be allocated pro-rata among those Record Date Shareholders who over-subscribed based on the number of common shares of the Trust owned by such Shareholders on May 9, 2018, the Record Date.
Confirmation as to the amount of Shares received by each participating Rights holder will be sent by the Subscription Agent on or about June 5, 2018.
About NexPoint Strategic Opportunities Fund
NexPoint Strategic Opportunities Fund is a closed-end fund managed by NexPoint Advisors, L.P. The Fund's investment objectives are to provide both current income and capital appreciation. The Fund seeks to achieve this by investing primarily in the following categories of securities and instruments of corporations and other business entities: (i) secured and unsecured floating and fixed rate loans; (ii) bonds and other debt obligations; (iii) debt obligations of stressed, distressed and bankrupt issuers; (iv) structured products, including but not limited to, mortgage-backed and other asset-backed securities and collateralized debt obligations; (v) equities; (vi) other investment companies, including business development companies; and (vii) real estate investment trusts. The Fund may also invest in derivative instruments that have economic characteristics similar to instruments in investment categories (i) – (vii) and has the ability to hedge risk. The Fund's investment adviser attempts to deliver consistent returns in excess of the Dow Jones Credit Suisse Hedge Fund and the HFRX Global Hedge Fund indices in a transparent, registered fund format consistent with monthly dividends. No assurance can be given that the Fund will achieve its investment objectives.
Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results.
Interest Rate Risk. Interest rate risk is the risk that debt securities, and the Fund's net assets, may decline in value because of changes in interest rates. Generally, fixed rate debt securities will decrease in value when interest rates rise and increase in value when interest rates decline.
Leverage Risk. The Fund uses leverage through borrowings from notes and a credit facility, and may also use leverage through the issuances of preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund employs leverage in its investment operations, the Fund will be subject to substantial risks of loss.
Closed-End Fund Risk. The Fund is a closed-end investment company designed primarily for long-term investors and not as a trading vehicle. No assurance can be given that a shareholder will be able to sell his or her shares on the NYSE when he or she chooses to do so, and no assurance can be given as to the price at which any such sale may be effected.
Industry Concentration Risk. The Fund must invest at least 25% of the value of its total assets at the time of purchase in securities of issuers conducting their principal business activities in the real estate industry. The Fund may be subject to greater market fluctuations than a fund that does not concentrate its investments in a particular industry. Financial, economic, business, and other developments affecting issuers in the real estate industry will have a greater effect on the Fund, and if securities of the real estate industry fall out of favor, the Fund could underperform, or its NAV may be more volatile than, funds that have greater industry diversification.
High-Yield Securities Investments Risk. Investments rated below investment grade are commonly referred to as high-yield, high risk or "junk debt." They are regarded as predominantly speculative with respect to the issuing company's continuing ability to meet principal and/ or interest payments. Non-payment of scheduled interest and/or principal would result in a reduction of income to the Fund, a reduction in the value of the asset experiencing non-payment and a potential decrease in NAV of the Fund.
Illiquidity of Investments Risk. The investments made by the Fund may be illiquid, and consequently the Fund may not be able to sell such investments at prices that reflect the Investment Adviser's assessment of their value or the amount originally paid for such investments by the Fund.
Investors should consider the investment objectives, risks, charges and expenses of the NexPoint Strategic Opportunities Fund carefully before investing. Total operating expenses as of the most recent fund annual report are 2.21%. This and other information can be found in the Fund's prospectuses, which may be obtained by calling 1-866-351-4440 or visiting www.nexpointadvisors.com. Please read the prospectus carefully before you invest.
Performance data represents past performance, which does not guarantee future results. Current performance may be higher or lower than the figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. For most recent month-end performance please visit www.nexpointadvisors.com.
As of May 29, 2018, the NexPoint Strategic Opportunities Fund had a total return based on market price of 10.71%, 13.37% and 5.96% over the last 1 year, 5 year and 10 year periods. The NexPoint Strategic Opportunities Fund's percentile ranking based on total return for the 1-year period was 44th percentile among 9 funds in the Morningstar Closed End Fund Tactical Allocation category. The Fund's percentile ranking based on total return for the 5-year period was 1st percentile among 7 funds in the Morningstar Closed End Fund Tactical Allocation category. The Fund's percentile ranking based on total return for the 10-year period was 43rd percentile among 7 funds in the Morningstar Closed End Fund Tactical Allocation category. The Morningstar Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst. Past performance does not guarantee future results.
(1) Over the five years ending May 29, 2018, the Fund's price return was in the top percentile of the Morningstar Closed End Fund Tactical Allocation Category, and was in the 3rd percentile out of all closed end funds over the same period. Source: Morningstar
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-announces-successful-completion-and-significant-oversubscription-of-rights-offering-300656385.html
Enterprising Investor
8年前
NexPoint Strategic Opportunities Fund Announces Rights Offering (4/20/18)
DALLAS, April 20, 2018 /PRNewswire/ -- NexPoint Strategic Opportunities Fund (NYSE: NHF) (the "Fund"), formerly known as NexPoint Credit Strategies Fund, today announced the commencement of a non-transferable rights offering to purchase additional shares of common stock of the Fund (the "Offering").
The Fund is issuing non-transferable rights ("Rights") to its common shareholders of record as of May 9, 2018 (the "Record Date" and such shareholders, "Record Date Shareholders"). Record Date Shareholders will receive one Right for each common share held on the Record Date. The Rights will entitle the Record Date Shareholders to purchase one new share of common stock for every three Rights held (1 for 3). The Rights will be mailed to Record Date Shareholders approximately two business days after the Record Date.
Record Date Shareholders who fully exercise their Rights will be entitled to subscribe for additional common shares of the Fund that remain unsubscribed as a result of any unexercised Rights by Record Date Shareholders. In addition, the Fund in its sole discretion may elect to issue additional common shares in an amount up to 25% of the common shares issued in the primary subscription.
The subscription price per common share will be determined based upon a formula equal to the lesser of (1) 95% of the reported net asset value on May 29, 2018 (the "Expiration Date"), or (2) 95% of the average of the last reported sales price of the Fund's common shares on the New York Stock Exchange ("NYSE") on May 29, 2018 (the "Expiration Date") and on each of the four trading days preceding the Expiration Date.
Important Upcoming Dates:
Record Date
May 9, 2018
Subscription Period
May 10, 2018 to May 29, 2018
Expiration Date
May 29, 2018
The Fund completed a successful rights offering in May 2017 with the same terms. In the 2017 offering, shareholders subscribed for approximately $269 million worth of shares of the Fund, or 233% of the original offering size. Over-subscription requests exceeded the over-subscription shares available; therefore, the over-subscription shares were allocated pro-rata among those record date shareholders who over-subscribed based on the number of common shares of the Fund owned by such shareholders on the record date. We encourage you to consider participating fully in the upcoming rights offering by exercising your rights to buy one new share for every three shares owned on the record date and by oversubscribing for additional unsubscribed rights. Please refer to the Fund's prospectus available at www.nexpointadvisors.com for more information on how to participate.
About NexPoint Strategic Opportunities Fund
NexPoint Strategic Opportunities Fund is a closed-end fund managed by NexPoint Advisors, L.P. The Fund's investment objectives are to provide both current income and capital appreciation. The Fund seeks to achieve this by investing primarily in the following categories of securities and instruments of corporations and other business entities: (i) secured and unsecured floating and fixed rate loans; (ii) bonds and other debt obligations; (iii) debt obligations of stressed, distressed and bankrupt issuers; (iv) structured products, including but not limited to, mortgage-backed and other asset-backed securities and collateralized debt obligations; (v) equities; (vi) other investment companies, including business development companies; and (vii) real estate investment trusts. The Fund may also invest in derivative instruments that have economic characteristics similar to instruments in investment categories (i) - (vii)and has the ability to hedge risk. The Fund's investment adviser attempts to deliver consistent returns in excess of the Dow Jones Credit Suisse Hedge Fund and the HFRX Global Hedge Fund indices in a transparent, registered fund format consistent with monthly dividends. No assurance can be given that the Fund will achieve its investment objectives.
Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results.
Before exercising your Rights and investing in the Fund's common shares, you should read the discussion of the material risks of investing in the Fund in the prospectus for the Offering. Certain of these risks are summarized below:
Interest Rate Risk. Interest rate risk is the risk that debt securities, and the Fund's net assets, may decline in value because of changes in interest rates. Generally, fixed rate debt securities will decrease in value when interest rates rise and increase in value when interest rates decline.
Leverage Risk. The Fund uses leverage through borrowings from notes and a credit facility, and may also use leverage through the issuances of preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund employs leverage in its investment operations, the Fund will be subject to substantial risks of loss.
Closed-End Fund Risk. The Fund is a closed-end investment company designed primarily for long-term investors and not as a trading vehicle. No assurance can be given that a shareholder will be able to sell his or her shares on the NYSE when he or she chooses to do so, and no assurance can be given as to the price at which any such sale may be effected.
Industry Concentration Risk. The Fund must invest at least 25% of the value of its total assets at the time of purchase in securities of issuers conducting their principal business activities in the real estate industry. The Fund may be subject to greater market fluctuations than a fund that does not concentrate its investments in a particular industry. Financial, economic, business, and other developments affecting issuers in the real estate industry will have a greater effect on the Fund, and if securities of the real estate industry fall out of favor, the Fund could underperform, or its NAV may be more volatile than, funds that have greater industry diversification.
High-Yield Securities Investments Risk. Investments rated below investment grade are commonly referred to as high-yield, high risk or "junk debt." They are regarded as predominantly speculative with respect to the issuing company's continuing ability to meet principal and/ or interest payments. Non-payment of scheduled interest and/or principal would result in a reduction of income to the Fund, a reduction in the value of the asset experiencing non-payment and a potential decrease in NAV of the Fund.
Illiquidity of Investments Risk. The investments made by the Fund may be illiquid, and consequently the Fund may not be able to sell such investments at prices that reflect the Investment Adviser's assessment of their value or the amount originally paid for such investments by the Fund.
You should read the prospectus for the Offering, which contains important information about the Fund, including additional risk disclosure, before deciding whether to invest, and retain for future reference. The statement of additional information for the Offering has been filed with the U.S. Securities and Exchange Commission. You may request a free copy of the statement of additional information, request the Fund's most recent annual and semiannual reports or make shareholder inquiries by calling 866-351-4440 or by writing to the Fund at 200 Crescent Court, Suite 700, Dallas, Texas 75201. You may also write AST Fund Solutions, NHF's information agent for the rights offering, at 55 Challenger Road, Suite 201, Ridgefield Park, NJ 07660 or call (877) 283-0323.
Exercising your Rights and investing in the Fund's common shares involves a high degree of risk and may be considered speculative. Before exercising your Rights and investing in the Fund's common shares, you should read the discussion of the material risks of investing in the Fund in the prospectus for the Offering, including the risks of leverage and of investing in below investment grade/high yield securities, in "Principal Risks of the Trust." Certain of these risks are summarized in "Prospectus Summary—Principal Risks of the Trust." Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. Please read the prospectus, located at www.nexpointadvisors.com, carefully before you invest.
https://www.prnewswire.com/news-releases/nexpoint-strategic-opportunities-fund-announces-rights-offering-300633895.html
Enterprising Investor
8年前
$351 Million Appeals Ruling Entered in Favor of the Highland Floating Rate Opportunities Fund (HFRO) and NexPoint Credit Strategies Fund (NHF) (2/21/18)
Appellate court confirms judgment against Credit Suisse Group AG
DALLAS – February 21, 2018 – Highland Capital Management Fund Advisors, L.P. and NexPoint Advisors, L.P. announce today that the Texas Court of Appeals confirmed an aggregate $351 million award in favor of the Highland Floating Rate Opportunities Fund (NYSE: HFRO) (“HFRO”) and the NexPoint Credit Strategies Fund (NYSE: NHF) (“NHF”, and together with HFRO, the “Funds”). Of this aggregate award, HFRO would receive a total of $289 million ($236.5 million in damages together with an additional $52.5 million in post-judgment interest) and NHF would receive a total of $62.3 million ($51 million in damages together with an additional $11.3 million in post-judgment interest). Each of these amounts remains subject to deduction for applicable attorneys’ fees and other litigation related expenses. The judgment will continue to accrue at 9% simple interest per year until this matter is finally resolved.
“Today’s ruling is a major milestone in our efforts to recover damages for our investors,” said James Dondero, co-founder and president of Highland Capital Management, L.P. “We are pleased the appellate court recognized the harm caused to our investors by Credit Suisse’s fraud and breaches of contract.”
The confirmation by the Texas Court of Appeals remains subject to appeal to the Texas Supreme Court. No assurance can be given that the Funds will be successful if the Texas Supreme Court grants certiorari to hear the case; it is not known when or how much, if any, of these monies the Funds will receive. As a result, in accordance with accounting principles generally accepted in the United States (“GAAP”), this judgment is not currently recorded as an asset of the Funds. We expect the judgment amounts to be recorded as an asset of the Funds if and when the judgment no longer is subject to any further appeal.
The original case is Claymore Holdings LLC v. Credit Suisse AG, 13-07858.
About Highland Capital Management Fund Advisors, L.P. and NexPoint Advisors, L.P.
Highland Capital Management Fund Advisors, L.P. and NexPoint Advisors, L.P. are retail arms of Highland Capital Management, L.P. (“Highland”), an SEC-registered investment adviser that, together with its affiliates, has approximately $14 billion of assets under management. Founded in 1993 by James Dondero and Mark Okada, Highland is one of the largest and most experienced global alternative credit managers. Highland specializes in credit strategies, including credit hedge funds, long-only funds and separate accounts, distressed and special-situation private equity, and collateralized loan obligations (CLOs). Highland also offers alternative investments, including emerging markets, long/short equities, and natural resources. Highland’s diversified client base includes public pension plans, foundations, endowments, corporations, financial institutions, fund of funds, governments, and high net-worth individuals. Highland is headquartered in Dallas, Texas and maintains offices in New York, Buenos Aires, Sao Paolo, Singapore, and Seoul. For more information visit highlandcapital.com.
Highland Floating Rate Opportunities Fund is a closed-end fund managed by Highland Capital Management Fund Advisors, L.P. The Fund invests primarily in senior floating-rate interest securities. No assurance can be given that the Fund will achieve its investment objectives.
NexPoint Credit Strategies Fund is a closed-end fund managed by NexPoint Advisors, L.P. The Fund’s investment objectives are to provide both current income and capital appreciation. The Fund is invested primarily in below investment grade debt and equity securities and has the ability to hedge risk. The Manager attempts to deliver consistent returns in excess of the Dow Jones Credit Suisse Hedge Fund and the HFRX Global Hedge Fund indices in a transparent, registered fund format consistent with monthly dividends. No assurance can be given that the Fund will achieve its investment objectives.
Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund’s shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results.
Before investing, you should carefully consider each respective Fund’s investment objectives, risks, charges and expenses. For a copy of a prospectus or summary prospectus which contains this and other information, please visit our website at highlandfunds.com or nexpointadvisors.com. Please read each Fund’s respective prospectus carefully before investing.
Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed herein are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Highland disclaims any obligation to update or revise any statements or views expressed herein.
MEDIA CONTACT:
Lucy Bannon
+1 972-419-6272
lbannon@highlandcapital.com
https://www.highlandfunds.com/351-million-appeals-ruling-entered-favor-highland-floating-rate-opportunities-fund-hfro-nexpoint-credit-strategies-fund-nhf/
Note: NexPoint Credit Strategies Fund was renamed NexPoint Strategic Opportunities Fund on 3/14/18.
Enterprising Investor
8年前
NexPoint Credit Strategies Fund Announces Name Change to NexPoint Strategic Opportunities Fund (3/14/18)
DALLAS, March 14, 2018 /PRNewswire/ -- NexPoint Credit Strategies Fund (NYSE: NHF) (the "Fund") today announced the Fund will change its name to NexPoint Strategic Opportunities Fund, effective on or about March 19, 2018. The Fund's CUSIP, 65340G205, will not change. In addition, the Fund's investment objective of providing both current income and capital appreciation will remain the same and the Fund will continue to invest in the following categories of instruments: (i) secured and unsecured floating and fixed rate loans; (ii) bonds and other debt obligations; (iii) debt obligations of stressed, distressed and bankrupt issuers; (iv) structured products, including but not limited to, mortgage-backed and other asset-backed securities and collateralized debt obligations; and (v) equities; however, the Fund will no longer be required to invest at least 80% of its assets in categories (i)-(iv). NexPoint Advisors, L.P., the Fund's investment adviser, believes this will position the Fund for continued strong performance and support the Fund's dividend coverage in the current market environment by allowing the Fund to purchase attractive investments with higher yield and lower expected volatility than many credit securities.
Interest Rate Risk. Interest rate risk is the risk that debt securities, and the Fund's net assets, may decline in value because of changes in interest rates. Generally, fixed rate debt securities will decrease in value when interest rates rise and increase in value when interest rates decline.
Leverage Risk. The Fund uses leverage through borrowings from notes and a credit facility, and may also use leverage through the issuances of preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund employs leverage in its investment operations, the Fund will be subject to substantial risks of loss.
Closed-End Fund Risk. The Fund is a closed-end investment company designed primarily for long-term investors and not as a trading vehicle. No assurance can be given that a shareholder will be able to sell his or her shares on the NYSE when he or she chooses to do so, and no assurance can be given as to the price at which any such sale may be effected.
Industry Concentration Risk. The Fund must invest at least 25% of the value of its total assets at the time of purchase in securities of issuers conducting their principal business activities in the real estate industry. The Fund may be subject to greater market fluctuations than a fund that does not concentrate its investments in a particular industry. Financial, economic, business, and other developments affecting issuers in the real estate industry will have a greater effect on the Fund, and if securities of the real estate industry fall out of favor, the Fund could underperform, or its NAV may be more volatile than, funds that have greater industry diversification.
Credit Risk. Investments rated below investment grade are commonly referred to as high-yield, high risk or "junk debt." They are regarded as predominantly speculative with respect to the issuing company's continuing ability to meet principal and/ or interest payments. Non-payment of scheduled interest and/or principal would result in a reduction of income to the Fund, a reduction in the value of the asset experiencing non-payment and a potential decrease in NAV of the Fund.
Illiquidity of Investments Risk. The investments made by the Fund may be illiquid, and consequently the Fund may not be able to sell such investments at prices that reflect the Investment Adviser's assessment of their value or the amount originally paid for such investments by the Fund.
Investors should consider the investment objectives, risks, charges and expenses of the NexPoint Credit Strategies Fund (to be renamed NexPoint Strategic Opportunities Fund) carefully before investing. This and other information can be found in the Fund's prospectus, which may be obtained by calling 1-866-351-4440 or visiting www.nexpointadvisors.com. Please read the prospectus carefully before you invest.
About NexPoint Credit Strategies Fund
NexPoint Credit Strategies Fund (to be renamed NexPoint Strategic Opportunities Fund) is a closed-end fund managed by NexPoint Advisors, L.P. The Fund's investment objectives are to provide both current income and capital appreciation. The Fund is invested primarily in below investment grade debt, equity securities and real estate and has the ability to hedge risk. The Fund's investment adviser attempts to deliver consistent returns in excess of the Dow Jones Credit Suisse Hedge Fund and the HFRX Global Hedge Fund indices in a transparent, registered fund format consistent with monthly dividends. No assurance can be given that the Fund will achieve its investment objectives.
Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results.
https://www.prnewswire.com/news-releases/nexpoint-credit-strategies-fund-announces-name-change-to-nexpoint-strategic-opportunities-fund-300613710.html
Enterprising Investor
10年前
NexPoint Credit Strategies Fund Announces the Regular Monthly Dividend (8/01/16)
DALLAS, Aug. 1, 2016 /PRNewswire/ -- NexPoint Credit Strategies Fund (NYSE: NHF) ("NHF" or the "Fund") today announced its regular monthly dividend on its common stock of $.24 per share. The dividend will be payable on August 31, 2016 to shareholders of record at the close of business August 24, 2016.
The Fund is a closed-end fund managed by NexPoint Advisors, L.P. (the "Manager"), an affiliated adviser of Highland Capital Management, L.P. The Fund invests primarily in below investment grade debt and equity and has the ability to hedge risk. The Manager attempts to deliver consistent returns in excess of the Dow Jones Credit Suisse Hedge Fund and the HFRX Global Hedge Fund indices in a transparent, registered fund format consistent with monthly dividends.
[tables deleted]
Total operating expenses as of the most recent fund annual report are 2.23%. Performance data represents past performance, which does not guarantee future results. Current performance may be higher or lower than the figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. For most recent month-end performance please visit www.nexpointadvisors.com or call 866-351-4440.
Investors should consider the investment objectives, risks, charges and expenses of the NexPoint Credit Strategies Fund carefully before investing. This and other information can be found in the Fund's prospectuses, which may be obtained by calling 1-866-351-4440 or visiting www.nexpointadvisors.com. Please read the prospectus carefully before you invest.
Interest Rate Risk. Interest rate risk is the risk that debt securities, and the Fund's net assets, may decline in value because of changes in interest rates. Generally, fixed rate debt securities will decrease in value when interest rates rise and increase in value when interest rates decline.
Leverage Risk. The Fund uses leverage through borrowings from notes and a credit facility, and may also use leverage through the issuances of preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund employs leverage in its investment operations, the Fund will be subject to substantial risks of loss.
Credit Risk. Investments rated below investment grade are commonly referred to as high-yield, high risk or "junk debt." They are regarded as predominantly speculative with respect to the issuing company's continuing ability to meet principal and/ or interest payments.
Illiquidity of Investments Risk. The investments made by the Fund may be illiquid, and consequently the Fund may not be able to sell such investments at prices that reflect the Investment Adviser's assessment of their value or the amount originally paid for such investments by the Fund.
About NexPoint Credit Strategies Fund
NexPoint Credit Strategies Fund is a closed-end fund managed by NexPoint Advisors, L.P. The Fund's investment objectives are to provide both current income and capital appreciation. The Fund is invested primarily in below investment grade debt and equity securities and has the ability to hedge risk. The Manager attempts to deliver consistent returns in excess of the Dow Jones Credit Suisse Hedge Fund and the HFRX Global Hedge Fund indices in a transparent, registered fund format consistent with monthly dividends. No assurance can be given that the Fund will achieve its investment objectives.
Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results.
http://www.prnewswire.com/news-releases/nexpoint-credit-strategies-fund-announces-the-regular-monthly-dividend-300307258.html
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