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Security Details
- Coupon Rate
- 5.50%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 12/15/2023
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 1.375
- Distribution Dates
- 3/31, 6/30, 9/30 & 12/31
- Credit Ratings
- Moody's NF · S&P NF (4/18/2025)
- Tax-Advantaged Dividends
- No
Security Profile
- CUSIP
- 65340G304
- Previous Symbol
- NHF-A (changed 11/8/2021)
- Previous Name
- NexPoint Strategic Opportunities Fund
- Parent Company
- NexPoint Diversified Real Estate Trust (NXDT)
Business: NexPoint Diversified Real Estate Trust formerly, NexPoint Strategic Opportunities Fund 5.50% Series A Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 12/15/2023 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 5.50% per annum ($1.375 per annum or $0.34375 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board, prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> This security was not rated by Moody’s or S&P at the time of its IPO. This security was rated as BBB- by Egan-Jones Ratings Co. at the date of its IPO. In regard to the payment of distributions and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: Dec. 11, 2020 -- 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. <p> There is limited information on this security. <p> 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.
Company Contact
- CEO
- Brian Mitts
- CFO
- Brian Mitts
- Headquarters
- 300 Crescent Court, Suite 700, Dallas, TX 75201
- Phone
- 214-276-6300 · Toll-Free 866-351-4440
- Investor Relations
- Kristen Thomas · ir@nexpoint.com