[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adviser to the NexPoint Diversified Real Estate Trust ("NXDT" and together with affiliated entities "NexPoint"), has withdrawn its offer to purchase Shares of Beneficial Interest (the "Shares") of United Development Funding IV ("UDFI" or the "Company").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

[Enterprising Investor]

Current: $15.19 (10/29/21)
NAV: $22.60
Discount: 32.79%

Second highest discount. FXBY at 33.57%.

[Enterprising Investor]

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 [phone]. 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]

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]

NexPoint Strategic Opportunities Fund owned 1,763,581 shares of UDFI at 3/31/21.

Valued at $1.15 per share.

However, the book value of UDFI was $13 per share at 12/31/20.

[Enterprising Investor]

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 [phone]. 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]

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]

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 [phone]. 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]

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]

Tendered 100% of my stake at $12.00 per share (maximum price).

[Enterprising Investor]

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 [phone]. 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