[Phaedrus77]

Investor call on Sep 10th. Maybe they'll start providing more info and being more responsive....can't hurt.

[Enterprising Investor]

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 [e-mail].

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: [e-mail]
Phone: [phone]

For Additional Information/Updates on UDF IV
Website: www.udfaccountability.com
Email: [e-mail]

Media Contacts
Lucy Bannon (NexPoint): [e-mail]
Paul Caminiti/Pamela Greene (Reevemark): [e-mail]

NexPoint Investor Relations
Kristen Thomas: [e-mail]

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]

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 [e-mail].

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]

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 [e-mail].

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 [e-mail].

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: [e-mail]

Media Contacts

Lucy Bannon (NexPoint): [e-mail]

Paul Caminiti/Pamela Greene (Reevemark): [e-mail]

NexPoint Investor Relations

Kristen Thomas: [e-mail]

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]

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 [e-mail].

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]

NexPoint Diversified Real Estate Trust Announces Inclusion in Russell 2000 and Russell 3000 Indexes (6/29/30)

DALLAS, June 29, 2023 /PRNewswire/ -- NexPoint, a multibillion-dollar alternative investment platform, today announced that its NexPoint Diversified Real Estate Trust (NYSE: NXDT) has been added to the Russell 2000 Russell 3000 indexes following the reconstitution that took place earlier in the month.

Inclusion in the Russell indexes is determined primarily by market-capitalization and index membership. The Russell indexes are reconstituted yearly in June to accurately reflect the current state of the U.S. equity market. The Russell 2000, a subset of the Russell 3000, measures performance of the small-cap U.S. equity market. Stocks listed in the Russell 2000 are automatically included in the appropriate growth and value style indexes. Russell indexes are used by investment managers and institutional investors for index funds and as benchmarks used to measure active investment strategies. Approximately $12.1 trillion in assets are benchmarked against the Russell U.S. indexes.

About NexPoint Diversified Real Estate Trust

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 Advisors, L.P. 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-announces-inclusion-in-russell-2000-and-russell-3000-indexes-301867613.html

[Enterprising Investor]

Investor Presentation (5/23/23)

https://mma.prnewswire.com/media/2083121/Q1_2023_NXDT_Investor_Presentation.pdf?p=pdf

[Enterprising Investor]

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]

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]

Investor Presentation (8/10/22)

https://www.sec.gov/Archives/edgar/data/1356115/000143774922019700/ex_409767.htm

[Enterprising Investor]

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 [e-mail].

https://www.prnewswire.com/news-releases/nexpoint-diversified-real-estate-trust-nxdt-completes-transition-to-a-diversified-reit-301580511.html

[Enterprising Investor]

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