NexPoint Credit Strategies Fund Announces Shareholder Approval of Advisory Agreement in Connection With REIT Spin-Off

DALLAS--()--NexPoint Credit Strategies Fund (NYSE: NHF) (“NHF”) announced today that its shareholders have approved a new investment advisory agreement to be entered into by NHF’s subsidiary NexPoint Residential Trust, Inc. (“NXRT”) in connection with NHF’s proposed spin-off of NXRT. Pursuant to the advisory agreement, NXRT will be externally managed by NexPoint Real Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P. NHF expects the spin-off to be completed by the end of the first quarter of 2015.

About NexPoint Credit Strategies Fund

NexPoint Credit Strategies Fund is a closed-end fund managed by NexPoint Advisors, L.P. NHF’s investment objectives are to provide both current income and capital appreciation. NHF is invested primarily in below investment grade debt and equity securities and has the ability to hedge risk. The manager attempts to exceed the return of the Dow Jones Credit Suisse Hedge Fund Index in a transparent, registered fund format with monthly dividends. An investment in NHF is not appropriate for all investors. No assurance can be given that NHF will achieve its investment objectives.

Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of NHF’s shares is determined by a number of factors, several of which are beyond the control of NHF. Therefore, NHF cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results. More information about NexPoint Credit Strategies Fund is available at www.nexpointadvisors.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based on management's current expectations, assumptions and beliefs about the spin-off. Forward-looking statements can often be identified by words such as "expects," "will,” similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the anticipated timing of the spin-off and the management of NXRT following the spin-off. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement.

The spin-off is contingent upon the satisfaction of a number of conditions, including the effectiveness of the Form 10 that has been filed with the SEC and final approval of NHF’s Board of Trustees. Additional risks and uncertainties related to the proposed spin-off include the ability of NHF and NXRT to obtain all necessary consents and approvals and satisfy all other conditions to the spin-off. Readers should not place undue reliance on any forward-looking statements and are encouraged to review NXRT’s Form 10 registration statement, including its preliminary information statement, filed with the SEC, for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, NHF does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.

Contacts

Highland Capital Management, L.P.
Investor Relations:
Brian Mitts, 972-419-2556
BMitts@highlandfunds.com
or
Public Relations:
Daniel Martin, 972-419-6293
DMartin@highlandcapital.com

Contacts

Highland Capital Management, L.P.
Investor Relations:
Brian Mitts, 972-419-2556
BMitts@highlandfunds.com
or
Public Relations:
Daniel Martin, 972-419-6293
DMartin@highlandcapital.com