Diddy Trial Jury Reaches Verdict On Four Counts, No Verdict On Racketeering

5:30 PM ET -- Judge Arun Subramanian just dismissed the jury for the day ... jurors will come back Wednesday morning and head straight for the jury room to continue deliberations.

Diddy is one step closer to learning his fate ... because the jury in his federal criminal trial says they have reached a verdict on four of the five counts against him ... but they don't have a verdict on the racketeering conspiracy charge.

The music mogul is huddling with his lawyers in the federal courthouse in Manhattan, where he's stood trial for the past 7 weeks ... he was brought out of a holding cell after jurors sent a note revealing they had reached a verdict on 4 counts.

The note says jurors are unable to reach a verdict on Count 1 as they have jurors on each side. Count 1 is racketeering conspiracy.

Judge Arun Subramanian is waiting for prosecutors and the defense to send proposals for how to proceed. The options on the table are -- send the jury back to continue deliberations and reach a verdict on racketeering ... which both sides say they want. The other option would be to allow the partial verdict and allow them to hang on racketeering.

The jury began deliberations Monday after hearing testimony from the prosecution's 34 witnesses, seeing a bunch of exhibits, listening to closing arguments, and receiving legal instructions from the judge.

Diddy is charged with five counts ... one count of racketeering conspiracy, two counts of sex trafficking involving ex-girlfriends Cassie Ventura and "Jane," and two counts of transportation to engage in prostitution.

He pleaded not guilty and turned down a plea deal before the trial.

Diddy faces up to life in prison if the jury finds him guilty of racketeering conspiracy. He faces at least 15 years if the jury finds him guilty of sex trafficking. He faces a maximum sentence of 10 years if the jury finds him guilty of transportation to engage in prostitution.

There's a chance the jury convicts Diddy on all charges, finds him guilty of some of the charges, or acquits him on all charges.