NEUBERGER HIGH YIELD STRATEGIES FUND ANNOUNCES RIGHTS OFFERING AND SUMMARY OF TERMS

Rhea-AI Summary

Neuberger High Yield Strategies Fund (NYSE American: NHS) announced a transferable rights offering to holders of record on March 23, 2026, allowing shareholders to subscribe for one new share for every three Rights (1-for-3) at a discounted Subscription Price. The Subscription Price will equal 95% of a 5-day average of market prices on the expected Expiration Date (April 15, 2026) with a 92.5% NAV floor. Rights are expected to trade as "NHS RT" on NYSE American and will cease trading on April 14, 2026. The Fund expects to maintain current distribution levels; shares issued in the Offer will not receive the March 31 or April 30 distributions but are expected to receive the May distribution.

Positive

• Subscription price set at 95% of 5-day market average with 92.5% NAV floor
• Rights are transferable and expected to trade as NHS RT
• Offer may reduce expense ratio by spreading fixed costs over larger assets
• Record Date set for March 23, 2026 with 1-for-3 subscription ratio

Negative

• Potential share dilution from issuance of additional Common Stock
• Shares issued in Offer ineligible for March 31 and April 30 distributions
• Subscription Price determined late (on or near April 15, 2026)
• Offer expenses will be borne indirectly by common stockholders

Key Figures

Par value: $0.0001 per share Record date: March 23, 2026 Rights ratio: 1-for-3 +5 more

8 metrics

Par value $0.0001 per share Common stock par value referenced in rights offering

Record date March 23, 2026 Holders on this date receive transferable rights

Rights ratio 1-for-3 One new share may be purchased for every three rights held

Subscription discount 95% of market Subscription price set at 95% of 5-day average market price

NAV floor 92.5% of NAV If formula price is too low, subscription set at 92.5% of NAV

Offer expiration April 15, 2026 Currently expected expiration date of the rights offering

Rights trading cutoff April 14, 2026 Last trading day for NHS RT rights on NYSE American

Monthly distribution $0.0905 per share Expected to continue following the Offer; also cited in recent history

Market Reality Check

Price: $6.96 Vol: Volume 258,343 vs 20-day ...

high vol

$6.96 Last Close

Volume Volume 258,343 vs 20-day average 161,104 (relative volume 1.6x) ahead of the rights announcement. high

Technical Price $7.23 is trading below the 200-day MA of $7.45 before the rights offering news.

Peers on Argus

NHS was down 1.07% pre-announcement with elevated volume, while peers showed mix...

NHS was down 1.07% pre-announcement with elevated volume, while peers showed mixed, mostly modest moves: GLO -0.87%, NRO -0.34%, ERC -0.33%, but SABA and TSI were slightly positive. This points to a stock-specific setup rather than a broad asset-management move.

Historical Context

5 past events · Latest: Feb 27 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 27	Monthly distribution	Neutral	+0.1%	Declared $0.0905 per-share distribution payable March 31, 2026.
Jan 30	Monthly distribution	Neutral	-0.4%	Announced $0.0905 monthly distribution payable February 27, 2026.
Dec 31	Monthly distribution	Neutral	-0.4%	Confirmed $0.0905 January 30, 2026 monthly distribution.
Dec 15	Mgmt change	Neutral	-0.8%	Announced portfolio management transition timeline and added co-manager.
Nov 28	Monthly distribution	Neutral	+0.3%	Declared $0.0905 monthly distribution for December 31, 2025.

Pattern Detected

Recent NHS news has focused on steady monthly distributions, with very small price reactions around those announcements.

Recent Company History

Over the last several months, NHS has primarily issued routine distribution announcements, maintaining a monthly payout of $0.0905 per share with minor price moves (generally within +/-0.4%) after each notice. A December 2025 portfolio management transition was also announced, with changes effective on December 31, 2025. Against this backdrop of stable income messaging and small market reactions, the newly announced transferable rights offering represents a more capital-structure-focused action than the prior income-focused updates.

Market Pulse Summary

This announcement details a transferable rights offering that lets existing holders subscribe for ne...

Analysis

This announcement details a transferable rights offering that lets existing holders subscribe for new shares at 95% of a short-term market average, with a 92.5% NAV floor and a 1-for-3 rights ratio. The fund expects to maintain its $0.0905 monthly distribution, while new shares will only participate from the May payout. Investors may watch participation levels, trading in the NHS RT rights, and how added assets are deployed relative to the fund’s high-yield mandate.

Key Terms

transferable rights, rights offering, subscription price, net asset value ("NAV"), +2 more

6 terms

transferable rights financial

"issuance of transferable rights ("Rights") to the holders of the Fund's common stock"

Transferable rights are tradable entitlements given to holders—often shareholders—that allow them to buy new shares, receive benefits, or participate in corporate actions, and can be sold or assigned to someone else. For investors they matter because they create a liquid way to capture value or avoid dilution: you can keep and use the right to maintain ownership, or sell it like a coupon to someone else, which affects potential share count, ownership percentage, and the company’s fundraising outcome.

rights offering financial

"entitled to subscribe for additional shares of Common Stock (the "Offer") at a discount"

A rights offering is a way for a company to raise additional money by giving existing shareholders the opportunity to buy more shares at a discounted price before they are offered to the public. It’s similar to a special sale where current owners get the first chance to buy extra items at a lower cost, allowing them to increase their investment if they choose. This process matters to investors because it can affect the value of their holdings and their ability to buy new shares at favorable terms.

subscription price financial

"The subscription price per share of Common Stock (the "Subscription Price") will be determined"

Subscription price is the set amount an investor pays to buy newly issued shares, bonds or units when a company offers them directly, such as in a rights issue or subscription offering. It matters because it determines how much an investor’s ownership cost will be, affects potential gains or losses and influences dilution of existing shareholders—think of it as a pre-order price that helps decide whether joining the new issue is worthwhile.

net asset value ("NAV") financial

"less than 92.5% of the Fund's net asset value ("NAV") per share of Common Stock"

Net asset value (NAV) is the total value of a fund’s assets minus its liabilities, divided by the number of shares outstanding, giving a per-share price that represents the underlying value investors own. Think of it like the size of a pie (assets) minus any bills (debts), then splitting the remainder into equal slices; investors use NAV to judge whether a fund’s market price is fair and to track performance over time.

prospectus supplement regulatory

"The Offer will be made only by means of a prospectus supplement and accompanying prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

record date financial

"holders of the Fund's common stock ... as of the record date, March 23, 2026"

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

AI-generated analysis. Not financial advice.

NEW YORK, March 12, 2026 /PRNewswire/ -- Neuberger High Yield Strategies Fund Inc. (NYSE American: NHS) (the "Fund") has announced approval of the terms of the issuance of transferable rights ("Rights") to the holders of the Fund's common stock (par value $0.0001 per share) ("Common Stock"), as of the record date, March 23, 2026 (the "Record Date"). Holders of these Rights will be entitled to subscribe for additional shares of Common Stock (the "Offer") at a discount to market price.

After considering a number of factors, including potential benefits and costs, it was determined that it is in the best interests of both the Fund and its stockholders to conduct the Offer and increase the assets of the Fund available to take advantage of investment opportunities, consistent with the Fund's investment objective to seek high total return (income plus capital appreciation).

The Fund's investment adviser, Neuberger Berman Investment Advisers LLC, believes this is an attractive time to raise additional assets for the Fund based on several factors, including the following potential benefits:

• The Offer provides the Fund with new proceeds to capitalize on attractive investment opportunities, potentially enhancing the long-term returns of the Fund.
• The Offer provides common stockholders with an opportunity to buy Common Stock below market price or realize value from the sale of Rights.
• Anticipated positive impact to total expense ratio by spreading fixed costs over a larger asset base.
• Potential for increased trading volume and liquidity of NHS Common Stock.

The Fund expects to maintain its current distribution level following the Offer. Additionally, the Fund has declared both a regular monthly distribution payable on March 31, 2026, with a record date of March 16, 2026, and a regular monthly distribution payable on April 30, 2026, with a record date of April 7, 2026, neither of which will be payable with respect to Common Stock that is issued pursuant to the Offer as such issuance will occur after these record dates. Common Stock issued pursuant to the Offer will be entitled to receive the monthly distribution expected to be payable in May.

Certain key terms of the Offer include:

• Holders of Common Stock on the Record Date ("Record Date Stockholders") will receive one Right for each outstanding share of Common Stock owned on the Record Date. The Rights entitle the holders to purchase one new share of Common Stock for every three Rights held (1-for-3); however, any Record Date Stockholder who owns fewer than three shares of Common Stock as of the Record Date will be entitled to subscribe for one share of Common Stock. Fractional shares of Common Stock will not be issued.
• The subscription price per share of Common Stock (the "Subscription Price") will be determined on the expiration date of the Offer, which is currently expected to be April 15, 2026, unless extended by the Fund (the "Expiration Date"), and will be equal to 95% of the average of the last reported sales price of a share of Common Stock of the Fund on the NYSE American on the Expiration Date and each of the four (4) immediately preceding trading days (the "Formula Price"). If, however, the Formula Price is less than 92.5% of the Fund's net asset value ("NAV") per share of Common Stock at the close of trading on the NYSE American on the Expiration Date, the Subscription Price will be 92.5% of the Fund's NAV per share of Common Stock at the close of trading on the NYSE American on that day.  
• Record Date Stockholders who fully exercise all Rights issued to them can subscribe, subject to certain limitations and allotment, for any additional shares of Common Stock which were not subscribed for by other holders of Rights at the Subscription Price. Investors who are not Record Date Stockholders but who otherwise acquire Rights, including in the secondary market, are currently expected not to be entitled to subscribe for any additional shares of Common Stock. If sufficient shares of Common Stock are available, all Record Date Stockholders' over-subscription requests will be honored in full. If these requests exceed available shares of Common Stock, they will be allocated pro rata among those fully exercising Record Date Stockholders who over-subscribe based on the number of Rights originally issued to them by the Fund.
• Rights will be transferable and are expected to be admitted for trading on the NYSE American under the symbol "NHS RT" during the course of the Offer. The rights will cease trading at the close on April 14, 2026, one day before the Offer's Expiration Date (unless extended). During the course of the Offer, common stockholders may choose to sell their Rights.

The Offer will be made only by means of a prospectus supplement and accompanying prospectus. The Fund expects to disseminate subscription certificates evidencing the Rights and a copy of the prospectus supplement and accompanying prospectus for the Offer to Record Date Stockholders shortly following the Record Date. Brokers, custodians or trust companies may send notices to common stockholders shortly thereafter. To exercise or sell their Rights, common stockholders who hold their Common Stock through a broker, custodian or trust company should contact such entity to forward their instructions to either exercise or sell their Rights on their behalf. Common stockholders who do not hold Common Stock through a broker, custodian, or trust company should forward their instructions to either exercise or sell their Rights by completing the subscription certificate and delivering it to the subscription agent for the Offer, together with their payment, at one of the locations indicated on the subscription certificate or in the prospectus supplement.

The Fund will pay expenses associated with the Offer, which will be borne indirectly by the Fund's common stockholders. The Fund reserves the right to modify, postpone or cancel the Offer.

The information in this press release is not complete and is subject to change. This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The Fund's prospectus supplement and accompanying prospectus will contain this and additional information about the Fund and additional information about the Offer and should be read carefully before investing. For further information regarding the Offer, or to obtain a prospectus supplement and the accompanying prospectus, when available, please contact the Fund's information agent:

EQ Fund Solutions, LLC
55 Challenger Road, 2^nd Floor
Ridgefield Park, NJ 07660
1-800-290-6428

About Neuberger High Yield Strategies Fund Inc. The Fund's investment objective is to seek high total return (income plus capital appreciation). Under normal market conditions, the Fund invests at least 80% of its total assets in high yield debt (below investment grade) securities of U.S. and foreign issuers. The Fund may invest up to 20% of its total assets in other securities and financial instruments, and up to 15% of its total assets in collateralized loan obligations.

About Neuberger

Neuberger is an employee-owned, private, independent investment manager founded in 1939 with approximately 3,000 employees across 27 countries. The firm manages $563 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger's investment philosophy is founded on active management, fundamental research and engaged ownership. The firm is proud to be recognized for its commitment to its two constituents, clients and employees. Again in 2025, we were named Best Asset Manager for Institutional Investors in the US (Crisil Coalition Greenwich) and the #1 Best Place to Work in Money Management (Pensions & Investments, firms with more than 1,000 employees). Neuberger has no corporate parent or unaffiliated external shareholders. Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of December 31, 2025.

Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

Contact:  
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899

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SOURCE Neuberger Berman

FAQ

What are the key dates for NHS rights offering (NHS) in March–April 2026?

The Record Date is March 23, 2026 and the expected Expiration Date is April 15, 2026. According to the company, Rights are expected to cease trading on April 14, 2026 and trading symbol will be NHS RT.

How many shares can NHS shareholders subscribe for in the rights offering (NHS)?

Each holder receives one Right per outstanding share; three Rights purchase one new share. According to the company, shareholders with fewer than three shares may subscribe for one share.

How is the NHS subscription price determined for the April 2026 offering?

The Subscription Price equals 95% of the average last sale price over the Expiration Date and four prior trading days. According to the company, a 92.5% NAV per-share floor applies if the Formula Price is lower.

Will shares issued in the NHS rights offering receive distributions in March or April 2026?

No. Shares issued pursuant to the Offer will not be entitled to the March 31 or April 30, 2026 distributions. According to the company, those new shares are expected to receive the May distribution.

Can NHS shareholders sell their Rights instead of exercising them?

Yes. Rights will be transferable and are expected to trade under NHS RT on NYSE American during the Offer. According to the company, holders may sell Rights in the market before trading ceases.

Who bears the costs of the NHS rights offering and how might it affect shareholders?

The Fund will pay Offer expenses, which will be borne indirectly by common stockholders. According to the company, spreading fixed costs over larger assets may lower the Fund's total expense ratio.