Form 8-K

8-K — NexPoint Residential Trust, Inc.

Accession: 0001193125-26-183645

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001620393

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — nxrt-20260428.htm (Primary)

EX-99.1 (nxrt-ex99_1.htm)

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8-K

8-K (Primary)

Filename: nxrt-20260428.htm · Sequence: 1

8-K

0001620393false00016203932026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2026

NEXPOINT RESIDENTIAL TRUST, INC.

(exact name of registrant as specified in its charter)

Maryland

001-36663

47-1881359

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

300 Crescent Court, Suite 700

Dallas, Texas 75201

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (214) 276-6300

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.01 per share

NXRT

New York Stock Exchange; NYSE Texas, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing. In a press release dated April 28, 2026, NexPoint Residential Trust, Inc. (the “Company”) announced financial results for the Company’s first quarter ended March 31, 2026. The full text of the press release is furnished herewith as Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Exhibit Description

99.1

Press Release dated April 28, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NEXPOINT RESIDENTIAL TRUST, INC.

By:

/s/ Paul Richards

Name: Paul Richards

Title: Chief Financial Officer, Executive

VP-Finance, Treasurer and Assistant Secretary

Date: April 28, 2026

EX-99.1

EX-99.1

Filename: nxrt-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

28 April 2026 | NYSE: NXRT

EARNINGS SUPPLEMENT: FIRST QUARTER 2026

NEXPOINT RESIDENTIAL TRUST, INC.

300 CRESCENT COURT, SUITE 700

DALLAS, TX 75201

INVESTOR RELATIONS:

KRISTEN GRIFFITH

NXRT.NEXPOINT.COM

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

TABLE OF CONTENTS

Earnings Release

1

Cautionary Statement Regarding Forward-Looking Statements

3

Overview

4

Highlights of Recent Activity

5

Financial Summary

7

2026 Full Year Guidance

8

Components of Net Asset Value

9

Consolidated Balance Sheets

10

Consolidated Statements of Operations

11

NOI and Same Store NOI

12

Q1 Same Store Results

13

Q1 Same Store Properties Operating Metrics

15

QoQ Same Store Properties Operating Metrics

16

FFO, Core FFO and AFFO

17

Historical Capital Expenditures

18

Value-Add Program Details

19

Outstanding Debt Details

22

Debt Maturity Schedule

24

Historical Acquisition Details

26

Historical Disposition Details

27

Definitions and Reconciliations of Non-GAAP Measures

28

Sedona at Lone Mountain: Las Vegas, NV

Patio Extensions Underway, ~30% return on Investment

Mockup of Refreshed Exterior Full Paint

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Kristen Griffith

IR@nexpoint.com

(214) 276-6300

Media inquiries: Comms@nexpoint.com

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FIRST QUARTER 2026 RESULTS

NXRT Recaps Value-Add Results, Tames Expense Growth and Pays Down $33.0 Million on Credit Facility

Dallas, TX, April 28, 2026 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the first quarter ended March 31, 2026.

Highlights

•

NXRT1 reported net loss, FFO2, Core FFO2 and AFFO2 of $6.8M, $17.4M, $17.3M and $19.6M, respectively, attributable to common stockholders for the quarter ended March 31, 2026, compared to net loss, FFO, Core FFO, and AFFO of $6.9M, $17.4M, $19.1M and $21.6M, respectively, attributable to common stockholders for the quarter ended March 31, 2025.

•

For the three months ended March 31, 2026, Q1 Same Store properties3 total revenue, NOI2 , average effective rent, and occupancy decreased 2.2%, 2.7%, 0.9% and 80 bps, respectively, over the prior year period.

•

The weighted average effective monthly rent per unit across all 36 properties held as of March 31, 2026 (the “Portfolio”), consisting of 13,304 units4, was $1,485, while physical occupancy was 93.5%.

•

NXRT paid a first quarter dividend of $0.53 per share of common stock on March 31, 2026 to stockholders of record on March 13, 2026.

•

On February 3, 2026, NXRT used proceeds from a new mortgage note secured by Sedona at Lone Mountain to pay down $33.0 million of its outstanding principal balance on the Credit Facility.

•

During the first quarter, for the properties in the Portfolio, NXRT completed 300 full and partial upgrades, leased 225 upgraded units, achieving an average monthly rent premium of $69 and a 19.0% ROI5.

•

Since inception, NXRT has completed installation of 10,118 full and partial upgrades, 5,027 kitchen and laundry appliances and 11,199 technology packages, resulting in $155, $51 and $43 average monthly rental increase per unit and 20.7%, 63.5% and 37.2% ROI, respectively.

(1)

In this release, “we,” “us,” “our,” the “Company,” and “NXRT” each refer to NexPoint Residential Trust, Inc., a Maryland corporation.

(2)

FFO, Core FFO, AFFO and NOI are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of FFO, Core FFO, AFFO and NOI to net income (loss), see the “Definitions and Reconciliations of Non-GAAP Measures” and “FFO, Core FFO and AFFO” sections of this release.

(3)

We define “Same Store” properties as properties that were in our Portfolio for the entirety of the periods being compared. There are 35 properties encompassing 12,984 units of apartment space in our Same Store pool for the three months ended March 31, 2026 (our “Q1 Same Store” properties).

(4)

Total number of units owned as of March 31, 2026 is 13,305, however 1 unit is currently down.

(5)

We define Return on Investment (“ROI”) as the sum of the actual 12-month rent premium divided by the sum of the total cost.

NXRT.NEXPOINT.COM

Page 1

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

First Quarter 2026 Financial Results

•

Total revenues were $63.5 million for the first quarter of 2026, compared to $63.2 million for the first quarter of 2025.

•

Net loss attributable to common stockholders for the first quarter of 2026 totaled $6.8 million, or loss of $0.27 per diluted share. This compared to net loss attributable to common stockholders of $6.9 million, or loss of $0.27 per diluted share for the first quarter of 2025.

•

The change in our net loss of $6.8 million for the three months ended March 31, 2026 as compared to our net loss of $6.9 million for the three months ended March 31, 2025 primarily relates to an increase in operating income of $1.1 million offset by an increase in interest expense of $1.0 million.

•

For the first quarter of 2026, NOI was $37.6 million on 36 properties, compared to $37.8 million for the first quarter of 2025 on 35 properties.

•

For the first quarter of 2026, Q1 Same Store NOI decreased 2.7% to $36.7 million, compared to $37.7 million for the full year 2025.

•

For the first quarter of 2026, FFO totaled $17.4 million, or $0.69 per diluted share, compared to $17.4 million, or $0.68 per diluted share, for first quarter of 2025. For the first quarter of 2026, Core FFO totaled $17.3 million, or $0.68 per diluted share, compared to $19.1 million, or $0.75 per diluted share, for the first quarter of 2025. For the first quarter of 2026, AFFO totaled $19.6 million, or $0.77 per diluted share, compared to $21.6 million, or $0.84 per diluted share, for the first quarter of 2025.

Subsequent Events

•

On April 27, 2026, the Company’s Board approved a quarterly dividend of $0.53 per share, payable on June 30, 2026 to stockholders of record on June 16, 2026.

First Quarter Earnings Conference Call

NXRT will host a call on Tuesday, April 28, 2026, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its first quarter 2026 financial results. The conference call can be accessed live over the phone by dialing 888-660-4430 or, for international callers, +1 646-960-0537 and using passcode Conference ID: 5001576. A live audio webcast of the call will be available online at the Company's website, nxrt.nexpoint.com (under "Resources"). An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.

A replay of the conference call will also be available through Tuesday, May 14, 2026, by dialing 800-770-2030 or, for international callers, +1 647-362-9199 and entering passcode 5001576.

About NXRT

NexPoint Residential Trust, Inc. is a publicly traded real estate investment trust (“REIT”), with its common stock listed on the New York Stock Exchange and NYSE Texas, Inc. under the symbol “NXRT,” primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with “value-add” potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor, which has extensive real estate experience. Our filings with the Securities and Exchange Commission (the “SEC”) are available on our website, nxrt.nexpoint.com, under the “Financials” tab.

NXRT.NEXPOINT.COM

Page 2

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as “expect,” “anticipate,” “estimate,” “may,” “plan,” “believe” and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding NXRT’s business and industry in general, supply and demand outlook, forecasted submarket deliveries, 2026 full year guidance for earnings per diluted share and Core FFO per diluted share and the related components and assumptions, including acquisitions and dispositions, shares outstanding, and same store growth projections, NXRT’s net asset value and the related components and assumptions, including estimated value-add expenditures, debt payments, outstanding debt, and shares outstanding, net income and NOI guidance for the full year and second quarter of 2026 and the related assumptions, planned value-add programs, including projected average rehab costs, rent change and return on investment, and expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets. 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, including those described in greater detail in our filings with the SEC, particularly those described in our Annual Report on Form 10-K. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company’s most recent Annual Report on Form 10-K and other filings with the SEC for a more complete discussion of the risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this release and except as required by law, NXRT does not undertake any obligation to publicly update or revise any forward-looking statements.

NXRT.NEXPOINT.COM

Page 3

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC: FIRST QUARTER 2026 OVERVIEW

Company Profile

(share counts in thousands)

Exchange/Ticker

NYSE; NYSE Texas:

NXRT

Share Price (1)

$26.36

Insider Ownership (2)

17.07%

2026 Q2 Dividend Per Share

$0.53

Dividend Yield (1)

8.04%

Shares outstanding - basic (3)

25,398

Shares outstanding - diluted (3)

25,398

(1)

As of the close of market trading on April 27, 2026.

(2)

As of the close of market trading on March 31, 2026.

(3)

Weighted average for the three months ended March 31, 2026.

Portfolio Composition by Market

Market

% of Units

Phoenix

15.1

%

South Florida

14.7

%

Dallas/Fort Worth

14.6

%

Atlanta

12.7

%

Las Vegas

11.2

%

Nashville

10.1

%

Orlando

8.8

%

Raleigh

4.7

%

Tampa

4.3

%

Charlotte

3.8

%

Total

100.0

%

Revenue & Average Rent Per Unit

Stock Price Performance (Since Inception; 4/1/2015)

NXRT.NEXPOINT.COM

Page 4

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Highlights of First Quarter 2026 Activity

Operating Snapshot

Metric

1Q'26

4Q'25

QoQ

1Q'25

YoY

Same Store Ending Physical Occupancy:

93.6%

92.7%

0.9%

94.40%

-0.8%

Same Store Blended Lease Trade-out %:

-1.92%

-1.36%

-0.56%

-1.59%

-0.3%

Same Store Average Effective Monthly Rent per Unit:

$1,482

$1,489

-0.5%

$1,495

-0.9%

Resident Turnover:

44.4%

41.9%

2.6%

46.3%

-1.9%

Move-outs to Purchase a Home:

7.9%

8.7%

0.8%

10.6%

2.7%

Move-outs to Rent a Home:

1.9%

2.6%

0.7%

1.2%

-0.6%

Bad Debt as % of Gross Potential Revenue:

0.55%

0.81%

32.0%

1.02%

45.7%

Monthly Leasing Cadence

Metric

Jan '26

Feb '26

Mar '26

Q1 '26

Apr MTD

New Lease Trade-out %

-7.0%

-7.3%

-5.6%

-6.6%

-4.0%

Renewal Lease Trade-out %

2.4%

2.5%

2.2%

2.3%

1.8%

Blended Lease Trade-out %

-1.9%

-2.1%

-1.7%

-1.9%

-1.2%

Ending Occupancy %

92.6%

93.0%

93.6%

93.6%

93.9%

Ending Leased %

94.6%

95.2%

95.6%

95.6%

95.9%

Resident Retention

54.8%

54.8%

57.2%

55.6%

55.8%

Market-Level Lease Trade-outs: Q1 2026

Market

New Leases

% Change

$ Change

Renewals

% Change

$ Change

Dallas/Fort Worth

210

-9.6%

-$114

181

1.9%

$22

Charlotte

36

-8.5%

-$126

69

1.3%

$18

Nashville

129

-7.7%

-$101

141

1.7%

$20

Atlanta

161

-5.8%

-$82

218

1.0%

$15

Orlando

163

-9.8%

-$152

125

1.1%

$17

Tampa

76

-7.2%

-$95

81

1.8%

$23

South Florida

187

-5.5%

-$123

231

1.7%

$36

Phoenix

201

-6.4%

-$95

229

-0.6%

-$12

Las Vegas

178

-1.5%

-$21

159

12.2%

$164

Raleigh

47

-3.8%

-$52

94

2.2%

$30

TOTAL

1,388

-6.6%

-$97

1,528

2.3%

$33

Leasing Data Indicators

Metric

Q2'25

Q3'25

Q4'25

Q1'26

April to Date

Leads

31,888

29,317

26,565

31,882

6,446

Tours

4,757

5,027

3,597

4,270

996

Self-Guided Tours

902

950

706

798

185

Applications

1,526

1,612

1,195

1,571

309

Lead to Application Conversion

4.8%

5.5%

4.5%

4.9%

4.8%

Tour to Application Conversion

32.1%

32.1%

33.2%

36.8%

31.0%

Move-ins

1,130

1,507

1,146

1,354

288

Supply & Demand Outlook - RealPage Market Analytics (1)

Metric

NXRT Submarkets

NXRT Markets

1Q'26 Supply

2,426

24,199

1Q'26 Demand

3,733

28,125

Net Absorption

+1,307

+3,926

1Q'26 Occupancy

94.1%

93.9%

FY'26 Supply

10,158

117,641

FY'26 Demand

10,239

103,850

Net Absorption

+81

-13,791

(1)

Source: 2026 Realpage, Inc.; Data as of April 2026.

NXRT.NEXPOINT.COM

Page 5

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FORECASTED SUBMARKET DELIVERIES(1)

Market

Submarket (RealPage)

Property

NXRT Unit Exposure

2026 Q1 Inventory

2025 Deliveries

2026 Deliveries

2027 Deliveries

2028 Deliveries

3-year Deliveries

3-year % Growth

ATL

Southeast Marietta

Rockledge

708

13,563

-

-

-

-

-

0.0%

ATL

Southeast Marietta

The Preserve at Terrell Mill

752

13,563

-

-

-

-

-

0.0%

ATL

Sandy Springs

The Adair

232

20,363

286

120

975

-

1,095

5.4%

CHA

Huntersville/Cornelius

The Verandas at Lake Norman

264

9,622

1,012

1,713

577

238

2,528

26.3%

CHA

Matthews/Southeast Charlotte

Creekside at Matthews

240

13,299

499

277

920

55

1,252

9.4%

DFW

East Fort Worth

The Venue at 8651

333

13,069

-

398

-

-

398

3.0%

DFW

Far North Dallas

Versailles

388

30,136

-

-

-

-

-

0.0%

DFW

Far North Dallas

Versailles II

242

30,136

-

-

-

-

-

0.0%

DFW

Hurst/Euless/Bedford

Arbors on Forest Ridge

210

33,875

526

326

-

-

326

1.0%

DFW

Hurst/Euless/Bedford

Summers Landing

196

33,875

526

326

-

-

326

1.0%

DFW

Oak Lawn/Park Cities

Atera

380

21,508

612

574

212

-

786

3.7%

DFW

Richardson

Cutters Point

196

20,443

223

336

881

169

1,386

6.8%

LSV

Northwest Las Vegas

Bella Solara

320

22,679

516

44

77

266

387

1.7%

LSV

Northwest Las Vegas

Bloom

528

22,679

516

44

77

266

387

1.7%

LSV

Southwest Las Vegas

Torreyana

316

22,442

1,173

1,300

751

236

2,287

10.2%

LSV

North Las Vegas

Sedona at Lone Mountain

321

12,427

522

750

271

-

1,021

8.2%

NASH

East Nashville

Residences at Glenview Reserve

360

15,561

852

52

168

-

220

1.4%

NASH

South Nashville

Arbors of Brentwood

346

18,215

264

60

133

-

193

1.1%

NASH

South Nashville

Brandywine

632

18,215

264

60

133

-

193

1.1%

ORL

East Orlando

The Cornerstone

430

22,776

337

370

363

-

733

3.2%

ORL

Northwest Orlando

Residences at West Place

342

17,698

465

29

299

-

328

1.9%

ORL

South Orange County

Sabal Palm at Lake Buena Vista

400

36,612

1,858

1,281

1,633

369

3,283

9.0%

PHX

Chandler

Fairways at San Marcos

352

27,091

815

661

354

157

1,172

4.3%

PHX

North Central Phoenix

Heritage

204

27,249

191

240

167

-

407

1.5%

PHX

North Central Phoenix

The Venue on Camelback

415

27,249

191

240

167

-

407

1.5%

PHX

Northeast Phoenix

Bella Vista

248

22,762

112

167

707

530

1,404

6.2%

PHX

South Tempe

Enclave

204

16,998

-

130

99

-

229

1.3%

PHX

Southwest Mesa

Madera Point

256

18,361

129

-

211

-

211

1.1%

PHX

West Phoenix

Estates on Maryland

330

15,596

-

57

-

-

57

0.4%

RDU

Far North Raleigh

Six Forks Station

323

13,487

63

555

286

-

841

6.2%

RDU

North Cary/Morrisville

High House at Cary

302

23,721

500

691

466

521

1,678

7.1%

SFL

Pembroke Pines/Miramar

Avant at Pembroke Pines

1,520

25,713

332

-

-

-

-

0.0%

SFL

West Palm Beach

Parc500

217

33,965

343

1,512

-

-

1,512

4.5%

SFL

West Palm Beach

Seasons 704

222

33,965

343

1,512

-

-

1,512

4.5%

TPA

Egypt Lake/Lowry Park

Courtney Cove

324

13,926

245

28

-

-

28

0.2%

TPA

Temple Terrace

The Summit at Sabal Park

252

16,551

202

246

84

-

330

2.0%

Totals/Averages

Total

13,305

599,708

12,077

11,917

9,634

2,541

24,092

4.0%

(1)

Source: 2026 Realpage, Inc.; Data as of April 2026.

NXRT.NEXPOINT.COM

Page 6

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary

Q1 2026

Q1 2025

FY 2025

FY 2024

(in thousands, except for per share and unit data)

Company Profile

Market Capitalization

$

637,000

$

1,011,000

$

763,000

$

1,061,000

Share Price (as of the last day of the period)

$

25.00

$

39.53

$

30.10

$

41.75

Weighted average common shares outstanding - basic

25,398

25,448

25,390

25,516

Weighted average common shares outstanding - diluted

25,398

25,448

25,390

26,246

Earnings Profile

Total revenues

$

63,544

$

63,216

$

251,281

$

259,701

Net income (loss) attributable to common stockholders

(6,754

)

(6,897

)

(32,027

)

1,110

NOI (1)

37,636

37,760

151,737

157,035

Same Store NOI (2)

36,699

37,734

151,591

154,050

Same Store NOI Growth (%) (2)

-2.7

%

-1.6

%

Earnings Metrics Per Common Share (diluted basis)

Earnings (loss)

$

(0.27

)

$

(0.27

)

$

(1.26

)

$

0.04

FFO (1)

$

0.69

$

0.68

$

2.48

$

1.69

Core FFO (1)

$

0.68

$

0.75

$

2.79

$

2.79

AFFO (1)

$

0.77

$

0.84

$

3.18

$

3.19

Dividends declared per common share

$

0.53

$

0.51

$

2.06

$

1.90

Net Income (Loss) Coverage (3)

-0.51x

-0.53x

-0.61x

0.02x

FFO Coverage (3)

1.30x

1.33x

1.20x

0.89x

Core FFO Coverage (3)

1.28x

1.46x

1.35x

1.47x

AFFO Coverage (3)

1.46x

1.65x

1.54x

1.68x

Portfolio

Total Properties

36

35

36

35

Total Units (4)

13,304

12,948

13,305

12,984

Occupancy

93.5

%

94.4

%

92.7

%

94.7

%

Average Effective Monthly Rent per Unit

$

1,485

$

1,495

$

1,492

$

1,491

Same Store Portfolio Metrics (2)

Total Same Store Properties

35

35

35

35

Total Same Store Units

12,984

12,948

12,963

12,948

Occupancy

93.6

%

94.4

%

92.7

%

94.7

%

Average Effective Monthly Rent per Unit

$

1,482

$

1,495

$

1,489

$

1,491

Value-Add Program

Completed Full and Partial Interior Rehab Units

300

210

1,518

388

Cumulative Completed Rehab Units (5)

10,118

Average Increase to Effective Monthly Rent

per Unit (Post-Rehab)

$

155

ROI on Post-Rehab Units

20.7

%

Outstanding Debt Summary

Total Mortgage Debt

$

1,543,529

$

1,503,242

Credit Facility

57,000

—

Total Debt Outstanding

$

1,600,529

$

1,503,242

Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)

72

%

60

%

Leverage Ratio (Net Debt to Enterprise Value) (6)

71

%

59

%

(1)

For more information and reconciliations of NOI, FFO, Core FFO and AFFO, see the “FFO, Core FFO and AFFO,” “NOI and Same Store NOI” and “Definitions and Reconciliations of Non-GAAP Measures” sections of this release.

(2)

We define “Same Store” properties as properties that were in our Portfolio for the entirety of the periods being compared. For additional information regarding our Q1 Same Store properties, see the “Q1 Same Store Results” section of this release.

(3)

Indicates coverage ratio of net loss/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period. The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO. For periods in which potential common shares are anti‑dilutive, diluted weighted‑average shares outstanding are equal to basic weighted‑average shares outstanding.

(4)

Total units owned is 13,305, however 1 unit is currently down.

(5)

Inclusive of all full and partial interior upgrades completed through March 31, 2026. Cumulative results exclude rehabs completed for properties sold through March 31, 2026.

(6)

For more information and a reconciliation of debt to net debt, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

NXRT.NEXPOINT.COM

Page 7

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2026 Full Year Guidance Summary

NXRT is reaffirming 2026 guidance ranges for earnings (loss) per diluted share, Core FFO per diluted share, Same Store rental income, Same Store total revenue, Same Store total expenses, Same Store NOI, and acquisitions and dispositions as follows (dollars in millions, except per share amounts):

Guidance Range (1)

Low-End

Mid-Point

High-End

Earnings (loss) per diluted share (1)

$

(1.54

)

$

(1.40

)

$

(1.26

)

Core FFO per diluted share (1) (2)

$

2.42

$

2.57

$

2.71

Same Store Growth: (3)

Rental Income

0.0

%

0.9

%

1.9

%

Total Revenue

0.1

%

1.1

%

2.0

%

Total Expenses

4.2

%

3.5

%

2.8

%

Same Store NOI (2)

-2.5

%

-0.5

%

1.5

%

Other Considerations: (4)

Acquisitions

$

—

$

100.0

$

200.0

Dispositions

$

—

$

100.0

$

200.0

(1)

Weighted average diluted share count estimate for full year 2026 is approximately 25.7 million.

(2)

Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2026 Same Store NOI and Core FFO guidance to net loss guidance, and a discussion of why we consider these non-GAAP measures useful, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

(3)

Year-over-year growth for the Full Year 2026 Same Store pool (35 properties).

(4)

We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are incorporated into the earnings per share and Core FFO guidance above. Actual acquisitions and dispositions could vary significantly from our projections. We undertake no duty to update these assumptions, except as required by law.

Additional information on 2026 financial and earnings guidance is included in the following sections of this release.

NXRT.NEXPOINT.COM

Page 8

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Components of Net Asset Value

(dollar and share amounts in thousands, except per share and per unit data)

REAL ESTATE VALUE BY MARKET

Property

NOI

Cap Rate Range (1)

Value Range (2)

Market

Contribution

Min

Max

Min

Max

Texas

Dallas/Fort Worth

10.3%

5.25%

5.75%

$

272,106

$

310,606

North Carolina

Raleigh

4.3%

5.25%

5.75%

114,735

130,969

Charlotte

4.0%

5.25%

5.75%

104,821

119,652

Georgia

Atlanta

12.1%

5.25%

5.75%

318,274

363,306

Tennessee

Nashville

9.0%

5.25%

5.75%

236,365

269,808

Florida

Orlando

9.1%

5.25%

5.75%

240,930

275,018

Tampa

3.5%

5.25%

5.75%

93,355

106,564

South Florida

20.6%

5.25%

5.75%

544,933

622,035

Nevada

Las Vegas

11.5%

5.25%

5.75%

303,974

346,982

Arizona

Phoenix

15.6%

5.25%

5.75%

411,021

469,176

Total / Ave

100.0%

5.25%

5.75%

$

2,640,514

$

3,014,116

NOI ESTIMATE

4Q 2025 NOI Actual

37,124

Q1 2026 NOI Actual

37,636

Low

High

Estimated Q2 2026 NOI Guidance (3)

37,559

39,411

2026 NOI Guidance (3)

$

151,830

$

158,241

NAV SUMMARY

Component

Min

Max

Tangible Assets

Real Estate (2)

$

2,640,514

$

3,014,116

Cash

18,465

Restricted Cash - Renovation Reserves (4)

7,401

Renovation Expenditures (4)

(7,401

)

Cash Adjustments

0

Fair Market Value of Interest Rate Swaps

9,222

Other Assets

40,727

Value of Assets

$

2,708,928

$

3,082,530

Tangible Liabilities

Credit Facility (5)

$

57,000

Mortgage Debt

1,543,529

Total Outstanding Debt

1,600,529

Forward 12-month Principal Payments

0

Total Outstanding Debt (FY 2026 Est.)

1,600,529

Other Tangible Liabilities (at Book)

29,667

Value of Liabilities

$

1,630,196

Net Leverage (mid-point)

56%

Net Asset Value

$

1,078,732

$

1,452,334

Shares outstanding - diluted (FY 2026 Est.)

26,530

Est. NAV / Share

$

40.66

$

54.74

NAV / Share (mid-point)

$

47.70

IMPLIED VALUATION METRICS

Min

Max

Implied Real Estate Value

$

2,640,514

$

3,014,116

No. of Units (March 31, 2026) (2)

13,305

Implied Value/Apartment Unit

$

198.5

$

226.5

Implied Value/Apartment Unit (mid-point)

$

212.5

(1)

Management estimates based on independent third-party review of our properties.

(2)

Estimated value ranges are presented for the existing portfolio 36 properties at March 31, 2026.

(3)

The Company anticipates net loss will be in the range between approximately $39.7 million and $32.5 million for the full year 2026 and between $11.6 million and $9.7 million for the second quarter of 2026. FY 2026 NOI Guidance considers a commensurate volume of capital recycling.

(4)

Includes approximately $7.4 million that is held for value-add upgrades; reduced by $7.4 million for estimated 2026 rehab expenditures.

(5)

Includes outstanding balance as of March 31, 2026.

NXRT.NEXPOINT.COM

Page 9

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

March 31, 2026

December 31, 2025

(Unaudited)

ASSETS

Operating Real Estate Investments

Land

$

371,656

$

371,656

Buildings and improvements

1,816,938

1,812,311

Intangible lease assets

1,052

1,052

Construction in progress

5,713

8,535

Furniture, fixtures and equipment

229,950

224,661

Total Gross Operating Real Estate Investments

2,425,309

2,418,215

Accumulated depreciation and amortization

(628,612

)

(604,321

)

Total Net Operating Real Estate Investments

1,796,697

1,813,894

Cash and cash equivalents

18,465

13,704

Restricted cash

34,318

31,476

Accounts receivable, net

8,760

9,059

Prepaid and other assets

5,050

4,852

Fair market value of interest rate swaps

9,222

13,434

TOTAL ASSETS

$

1,872,512

$

1,886,419

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Mortgages payable, net

$

1,510,401

$

1,469,410

Credit facility, net

55,292

88,102

Accounts payable and other accrued liabilities

11,697

11,554

Accrued real estate taxes payable

7,203

5,251

Accrued interest payable

6,701

7,053

Security deposit liability

2,885

2,980

Prepaid rents

1,181

1,170

Fair market value of interest rate swaps

—

475

Total Liabilities

1,595,360

1,585,995

Redeemable noncontrolling interests in the OP

4,724

4,928

Stockholders' Equity:

Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued

—

—

Common stock, $0.01 par value: 500,000,000 shares authorized; 25,491,439 and 25,364,470 shares issued and outstanding, respectively

255

254

Additional paid-in capital

407,722

406,628

Accumulated earnings less dividends

(143,850

)

(123,409

)

Accumulated other comprehensive income

8,301

12,023

Total Stockholders' Equity

272,428

295,496

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,872,512

$

1,886,419

NXRT.NEXPOINT.COM

Page 10

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(in thousands, except per share amounts)

(Unaudited)

For the Three Months Ended March 31,

2026

2025

Revenues

Rental income

$

61,056

$

61,440

Other income

2,488

1,776

Total revenues

63,544

63,216

Expenses

Property operating expenses

12,343

12,468

Real estate taxes and insurance

8,079

9,002

Property management fees (1)

1,814

1,820

Advisory and administrative fees (2)

1,771

1,696

Corporate general and administrative expenses

4,473

4,457

Property general and administrative expenses

2,254

2,000

Depreciation and amortization

24,291

24,350

Total expenses

55,025

55,793

Operating income

8,519

7,423

Interest expense

(15,442

)

(14,381

)

Casualty loss

—

(163

)

Equity in earnings of affiliate

68

55

Miscellaneous income

74

142

Net loss

(6,781

)

(6,924

)

Net loss attributable to redeemable noncontrolling interests in the OP

(27

)

(27

)

Net loss attributable to common stockholders

$

(6,754

)

$

(6,897

)

Other comprehensive loss

Unrealized losses on interest rate derivatives

(3,737

)

(10,172

)

Total comprehensive loss

(10,518

)

(17,096

)

Comprehensive loss attributable to redeemable noncontrolling interests in the OP

(42

)

(67

)

Comprehensive loss attributable to common stockholders

$

(10,476

)

$

(17,029

)

Weighted average common shares outstanding - basic

25,398

25,448

Weighted average common shares outstanding - diluted

25,398

25,448

Loss per share - basic

$

(0.27

)

$

(0.27

)

Loss per share - diluted

$

(0.27

)

$

(0.27

)

(1)

Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of NexPoint Residential Trust Operating Partnership, L.P. (the "OP").

(2)

Fees incurred to the Company’s adviser.

NXRT.NEXPOINT.COM

Page 11

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NOI and Same Store NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our Q1 Same Store NOI for the three months ended March 31, 2026 and 2025 to net loss, the most directly comparable GAAP financial measure (in thousands):

For the Three Months Ended March 31,

2026

2025

Net loss

$

(6,781

)

$

(6,924

)

Adjustments to reconcile net loss to NOI:

Advisory and administrative fees

1,771

1,696

Corporate general and administrative expenses

4,473

4,457

Corporate income

(590

)

(442

)

Casualty-related recoveries

(1)

(1,753

)

(656

)

Casualty loss

—

163

Property general and administrative expenses

(2)

851

790

Depreciation and amortization

24,291

24,350

Interest expense

15,442

14,381

Equity in earnings of affiliate

(68

)

(55

)

NOI

$

37,636

$

37,760

Less Non-Same Store

Revenues

(1,560

)

(4

)

Operating expenses

623

(22

)

Same Store NOI

$

36,699

$

37,734

(1)

Adjustment to net loss to exclude certain property operating expenses that are casualty-related recoveries.

(2)

Adjustment to net loss to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

NXRT.NEXPOINT.COM

Page 12

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q1 Same Store Results of Operations for the Three Months Ended March 31, 2026 and 2025

There are 35 properties encompassing 12,984 units of apartment space, or approximately 98% of our Portfolio, in our Q1 Same Store properties. Our Q1 Same Store properties excludes Sedona at Lone Mountain from our Portfolio as of March 31, 2026.

As of March 31, 2026, our Q1 Same Store properties were approximately 93.6% leased with a weighted average monthly effective rent per occupied apartment unit of $1,482, which were decreases of 80 bps and $13, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended March 31, 2026 and 2025 for our Q1 Same Store and Non-Same Store properties (dollars in thousands):

For the Three Months Ended March 31,

2026

2025

$ Change

% Change

Revenues

Same Store

Rental income

$

59,540

$

61,436

$

(1,896

)

-3.1

%

Other income

1,854

1,334

520

39.0

%

Same Store revenues

61,394

62,770

(1,376

)

-2.2

%

Non-Same Store

Rental income

1,516

4

1,512

N/M

Other income

44

—

44

0.0

%

Non-Same Store revenues

1,560

4

1,556

N/M

Total revenues

62,954

62,774

180

0.3

%

Operating expenses

Same Store

Property operating expenses (1)

13,811

13,122

689

5.3

%

Real estate taxes and insurance

7,810

9,026

(1,216

)

-13.5

%

Property management fees (2)

1,773

1,820

(47

)

-2.6

%

Property general and administrative expenses (3)

1,375

1,210

165

13.6

%

Same Store operating expenses

24,769

25,178

(409

)

-1.6

%

Non-Same Store

Property operating expenses

285

2

283

N/M

Real estate taxes and insurance

269

(24

)

293

N/M

Property management fees (2)

41

—

41

0.0

%

Property general and administrative expenses (4)

28

—

28

0.0

%

Non-Same Store operating expenses

623

(22

)

645

N/M

Total operating expenses

25,392

25,156

236

0.9

%

Operating income

Same Store

Miscellaneous income

74

142

(68

)

-47.9

%

Total operating income

74

142

(68

)

-47.9

%

NOI

Same Store

36,699

37,734

(1,035

)

-2.7

%

Non-Same Store

937

26

911

N/M

Total NOI (6)

$

37,636

$

37,760

$

(124

)

-0.3

%

(1)

For the three months ended March 31, 2026 and 2025, excludes approximately $96,000 and $(656,000), respectively, of casualty-related expenses/(recoveries).

(2)

Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of the OP.

(3)

For the three months ended March 31, 2026 and 2025, excludes approximately $807,000 and $791,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(4)

For the three months ended March 31, 2026 and 2025, excludes approximately $44,000 and $(1,000), respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

NXRT.NEXPOINT.COM

Page 13

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(5)

For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our Q1 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended March 31, 2026 and 2025 (dollars in thousands, except for per unit data):

Q1 2026

Q1 2025

% Change

Same Store Total Units

12,984

12,948

Same Store Occupied Units

12,154

12,228

Same Store Ending Occupancy

93.6

%

94.4

%

-0.8

%

Same Store Average Rent per Unit

$

1,482

$

1,495

-0.9

%

Same Store Revenues

Same Store Rental Income

$

59,540

$

61,436

-3.1

%

Same Store Other Income

1,854

1,334

39.0

%

Total Same Store Revenues

61,394

62,770

-2.2

%

Same Store Operating Expenses

Payroll

4,739

4,949

-4.2

%

Repairs & Maintenance

6,036

5,238

15.2

%

Utilities

3,036

2,935

3.4

%

Real Estate Taxes

6,511

7,329

-11.2

%

Insurance

1,299

1,697

-23.5

%

Property Management Fees

1,773

1,820

-2.6

%

Office Operations

916

905

1.2

%

Marketing

459

305

50.5

%

Total Same Store Operating Expenses

24,769

25,178

-1.6

%

Same Store Operating Income

Miscellaneous income

74

142

-47.9

%

Total Same Store Operating Income

74

142

-47.9

%

Q1 Same Store NOI

$

36,699

$

37,734

-2.7

%

NXRT.NEXPOINT.COM

Page 14

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q1 Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)

Properties by Market (1)

Unit Count

Average Effective Rent

Occupancy

Total Rental Income

Total

Q1 2026

Q1 2025

% Change

Q1 2026

Q1 2025

bps ∆

Q1 2026

Q1 2025

% Change

Texas

Dallas

1,945

$

1,207

$

1,236

-2.3%

92.0

%

93.3

%

-130

$

7,552

$

7,992

-5.5%

Average/Total

1,945

1,207

1,236

-2.3%

92.0

%

93.3

%

-130

7,552

7,992

-5.5%

North Carolina

Charlotte

504

1,396

1,389

0.5%

93.7

%

95.2

%

-150

2,224

2,274

-2.2%

Raleigh/Durham

625

1,431

1,409

1.6%

94.1

%

92.2

%

190

2,710

2,636

2.8%

Average/Total

1,129

1,415

1,400

1.1%

93.9

%

93.5

%

40

4,934

4,910

0.5%

Georgia

Atlanta

1,692

1,450

1,463

-0.9%

92.6

%

93.8

%

-120

7,436

7,552

-1.5%

Average/Total

1,692

1,450

1,463

-0.9%

92.6

%

93.8

%

-120

7,436

7,552

-1.5%

Tennessee

Nashville

1,338

1,244

1,265

-1.7%

92.6

%

95.4

%

-280

5,257

5,483

-4.1%

Average/Total

1,338

1,244

1,265

-1.7%

92.6

%

95.4

%

-280

5,257

5,483

-4.1%

Florida

Orlando

1,172

1,535

1,553

-1.2%

92.8

%

94.6

%

-180

5,309

5,635

-5.8%

Tampa

576

1,337

1,327

0.8%

92.9

%

94.3

%

-140

2,345

2,456

-4.5%

South Florida

1,959

2,127

2,142

-0.7%

95.2

%

95.5

%

-30

12,794

13,110

-2.4%

Average/Total

3,707

1,817

1,829

-0.7%

94.1

%

95.0

%

-90

20,448

21,201

-3.6%

Arizona

Phoenix

2,009

1,395

1,435

-2.8%

95.1

%

94.6

%

50

8,900

9,224

-3.5%

Average/Total

2,009

1,395

1,435

-2.8%

95.1

%

94.6

%

50

8,900

9,224

-3.5%

Nevada

Las Vegas

1,164

1,378

1,357

1.5%

94.5

%

95.0

%

-50

5,013

5,074

-1.2%

Average/Total

1,164

1,378

1,357

1.5%

94.5

%

95.0

%

-50

5,013

5,074

-1.2%

Average/Total

12,984

$

1,482

$

1,495

-0.9%

93.6

%

94.4

%

-80

$

59,540

$

61,436

-3.1%

(1)

This table includes the 35 properties in our Q1 Same Store pool.

NXRT.NEXPOINT.COM

Page 15

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

QoQ Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)

Properties by Market (1)

Unit Count

Average Effective Rent

Occupancy

Total Rental Income

Total

Q1 2026

Q4 2025

% Change

Q1 2026

Q4 2025

bps ∆

Q1 2026

Q4 2025

% Change

Texas

Dallas

1,945

$

1,207

$

1,227

-1.6%

92.0

%

90.8

%

120

$

7,552

$

7,647

-1.2%

Average/Total

1,945

1,207

1,227

-1.6%

92.0

%

90.8

%

120

7,552

7,647

-1.2%

North Carolina

Charlotte

504

1,396

1,398

-0.1%

93.7

%

93.7

%

0

2,224

2,294

-3.1%

Raleigh/Durham

625

1,431

1,404

1.9%

94.1

%

93.0

%

110

2,710

2,741

-1.1%

Average/Total

1,129

1,415

1,401

1.0%

93.9

%

93.3

%

60

4,934

5,035

-2.0%

Georgia

Atlanta

1,692

1,450

1,465

-1.0%

92.6

%

92.6

%

0

7,436

7,424

0.2%

Average/Total

1,692

1,450

1,465

-1.0%

92.6

%

92.6

%

0

7,436

7,424

0.2%

Tennessee

Nashville

1,338

1,244

1,255

-0.9%

92.6

%

92.2

%

40

5,257

5,305

-0.9%

Average/Total

1,338

1,244

1,255

-0.9%

92.6

%

92.2

%

40

5,257

5,305

-0.9%

Florida

Orlando

1,172

1,535

1,536

-0.1%

92.8

%

92.1

%

70

5,309

5,426

-2.2%

Tampa

576

1,337

1,343

-0.4%

92.9

%

91.7

%

120

2,345

2,429

-3.5%

South Florida

1,959

2,127

2,154

-1.3%

95.2

%

94.5

%

70

12,795

12,914

-0.9%

Average/Total

3,707

1,817

1,833

-0.9%

94.1

%

93.3

%

80

20,449

20,769

-1.5%

Arizona

Phoenix

2,009

1,395

1,391

0.3%

95.1

%

94.5

%

60

8,900

8,800

1.1%

Average/Total

2,009

1,395

1,391

0.3%

95.1

%

94.5

%

60

8,900

8,800

1.1%

Nevada

Las Vegas

1,164

1,378

1,364

1.0%

94.5

%

91.0

%

350

5,013

4,947

1.3%

Average/Total

1,164

1,378

1,364

1.0%

94.5

%

91.0

%

350

5,013

4,947

1.3%

Average/Total

12,984

$

1,482

$

1,489

-0.5%

93.6

%

92.7

%

90

$

59,541

$

59,927

-0.6%

(1)

This table includes the 35 properties in our Q1 Same Store pool.

NXRT.NEXPOINT.COM

Page 16

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FFO, Core FFO and AFFO

The following table reconciles our calculations of FFO, Core FFO and AFFO to net loss, the most directly comparable GAAP financial measure, for the three months ended March 31, 2026 and 2025 (in thousands, except per share amounts):

For the Three Months Ended March 31,

2026

2025

% Change

Net loss

$

(6,781

)

$

(6,924

)

2.1

%

Depreciation and amortization

24,291

24,350

-0.2

%

Adjustment for noncontrolling interests

(69

)

(69

)

0.0

%

FFO attributable to common stockholders

17,441

17,357

0.5

%

FFO per share - basic

$

0.69

$

0.68

0.7

%

FFO per share - diluted

$

0.69

$

0.68

1.2

%

Casualty-related recoveries

(1,753

)

(656

)

N/M

Casualty loss

—

163

N/M

Amortization of deferred financing costs

1,683

1,644

2.4

%

Mark-to-market adjustments of interest rate caps

(98

)

591

N/M

Adjustment for noncontrolling interests

1

(7

)

N/M

Core FFO attributable to common stockholders

17,274

19,092

-9.5

%

Core FFO per share - basic

$

0.68

$

0.75

-9.3

%

Core FFO per share - diluted

$

0.68

$

0.75

-8.9

%

Equity-based compensation expense

2,362

2,475

-4.6

%

Adjustment for noncontrolling interests

(9

)

(10

)

-10.0

%

AFFO attributable to common stockholders

19,627

21,557

-9.0

%

AFFO per share - basic

$

0.77

$

0.85

-8.8

%

AFFO per share - diluted

$

0.77

$

0.84

-8.3

%

Weighted average common shares outstanding - basic

25,398

25,448

-0.2

%

Weighted average common shares outstanding - diluted

(1)

25,398

25,576

-0.7

%

Dividends declared per common share

$

0.53

$

0.51

3.9

%

Net loss Coverage - diluted

(2)

-0.51x

-0.53x

-3.8

%

FFO Coverage - diluted

(2)

1.30x

1.33x

-2.6

%

Core FFO Coverage - diluted

(2)

1.28x

1.46x

-12.3

%

AFFO Coverage - diluted

(2)

1.46x

1.65x

-11.8

%

(1)

The Company uses the diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO. For periods in which potential common shares are anti‑dilutive, diluted weighted‑average shares outstanding are equal to basic weighted‑average shares outstanding.

(2)

Indicates coverage ratio of net loss/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.

NXRT.NEXPOINT.COM

Page 17

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures

Q1 2026

Q1 2025

% Change

($ in thousands)

Capitalized Rehab Expenditures

Interior

$

1,229

$

652

88.7

%

Exterior and common area

396

58

586.8

%

Capitalized Maintenance Expenditures

Recurring

3,390

2,797

21.2

%

Non-Recurring

1,899

2,286

-16.9

%

Total Capital Expenditures

$

6,914

$

5,792

19.4

%

NXRT.NEXPOINT.COM

Page 18

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Interiors (Full & Partials)

Property Name (1)

Units

Rehab Units

Completed (2)

Average Rent

Pre-Rehab

Average Rent

Post-Rehab

Avg. Rehab

Cost

Per Unit (3)

Post-Rehab

Rent

Change %

ROI (3)

Value-Add Programs In Progress

Arbors of Brentwood

346

207

$

1,199

$

1,391

$

9,201

16.0

%

25.0

%

Arbors on Forest Ridge

210

208

784

874

4,041

11.6

%

27.0

%

Atera Apartments

380

280

1,182

1,316

3,194

11.4

%

50.6

%

Avant at Pembroke Pines

1,520

870

1,821

2,050

16,031

12.6

%

17.1

%

Bella Solara

320

154

1,251

1,390

9,687

11.1

%

17.2

%

Bella Vista

248

221

1,456

1,592

10,084

9.3

%

16.2

%

Bloom

528

187

1,228

1,369

12,124

11.5

%

14.0

%

Brandywine I & II

632

657

1,013

1,193

10,336

17.7

%

20.9

%

Courtney Cove

324

356

969

1,066

4,409

10.0

%

26.3

%

Creekside at Matthews

240

120

1,332

1,507

8,935

13.1

%

23.5

%

Cutter's Point

196

200

950

1,054

5,580

10.9

%

22.4

%

Estates on Maryland

330

150

1,265

1,420

10,737

12.2

%

17.3

%

Fairways of San Marcos

352

207

1,433

1,574

10,035

9.8

%

16.8

%

High House at Cary

302

168

1,330

1,545

10,912

16.2

%

23.7

%

Madera Point

256

290

898

1,003

4,287

11.6

%

29.3

%

Parc500

217

265

1,349

1,515

12,707

12.2

%

15.6

%

Residences at Glenview Reserve

360

339

1,075

1,295

12,787

20.5

%

20.7

%

Residences at West Place

342

209

1,513

1,700

11,382

12.4

%

19.8

%

Rockledge Apartments

708

621

1,253

1,412

8,671

12.7

%

22.1

%

Sabal Palm at Lake Buena Vista

400

182

1,469

1,609

8,112

9.6

%

20.8

%

Sedona at Lone Mountain

321

1

1,433

1,443

1,757

0.7

%

6.8

%

Seasons 704 Apartments

222

271

1,229

1,352

7,031

10.1

%

21.1

%

Six Forks Station

323

165

1,113

1,376

11,534

23.7

%

27.4

%

Summers Landing

196

89

1,027

1,194

8,446

16.2

%

23.7

%

Summit at Sabal Park

252

261

1,022

1,117

5,459

9.4

%

21.0

%

The Adair

232

173

1,722

1,992

11,370

15.7

%

28.6

%

The Cornerstone

430

580

1,047

1,139

4,650

8.9

%

23.9

%

The Enclave

204

195

1,441

1,606

9,376

11.5

%

21.2

%

The Heritage

204

192

1,379

1,506

9,089

9.2

%

16.8

%

The Preserve at Terrell Mill

752

894

885

1,047

10,119

18.3

%

19.2

%

The Verandas at Lake Norman

264

115

1,238

1,390

9,504

12.3

%

19.2

%

The Venue on Camelback

415

321

772

1,011

9,837

30.9

%

29.1

%

Torreyana Apartments

316

70

1,383

1,491

11,022

7.8

%

11.8

%

Venue at 8651

333

346

854

953

6,257

11.6

%

19.0

%

Versailles

388

419

811

892

4,947

10.0

%

19.7

%

Versailles II

242

135

846

926

3,682

9.5

%

26.1

%

Total/Weighted Average

13,305

10,118

$

1,166

$

1,321

$

8,971

13.3

%

20.7

%

(1)

We do not plan to upgrade 100% of the units at each of our properties.

(2)

Inclusive of all full and partial interior upgrades completed through March 31, 2026.

(3)

Inclusive of all full and partial interior upgrades completed and leased through March 31, 2026.

NXRT.NEXPOINT.COM

Page 19

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Kitchen & Laundry Appliances

Property Name (1)

Units

Rehab Units

Completed (2)

Avg. Rehab

Cost

Per Unit (3)

Post-Rehab

Rent

Change $

ROI (3)

Value-Add Programs In Progress

Arbors of Brentwood

346

319

$

871

$

50

68.8

%

Arbors on Forest Ridge

210

136

787

47

71.4

%

Atera Apartments

380

369

813

40

59.7

%

Avant at Pembroke Pines

1,520

566

1,293

51

46.9

%

Brandywine I & II

632

226

1,097

72

79.0

%

Creekside at Matthews

240

180

1,100

56

60.6

%

Cutter's Point

196

152

794

46

70.2

%

Estates on Maryland

330

21

1,067

38

42.3

%

Madera Point

256

158

893

31

41.3

%

Residences at Glenview Reserve

360

103

1,248

55

52.9

%

Rockledge Apartments

708

628

825

40

58.2

%

Sabal Palm at Lake Buena Vista

400

634

599

86

171.8

%

Six Forks Station

323

199

1,088

55

60.7

%

Summers Landing

196

111

890

58

78.7

%

Summit at Sabal Park

252

249

994

40

48.3

%

The Adair

232

11

1,083

84

92.8

%

The Cornerstone

430

17

809

50

74.2

%

The Verandas at Lake Norman

264

222

1,085

47

51.5

%

Venue at 8651

333

272

779

47

72.4

%

Versailles

388

315

878

49

67.5

%

Versailles II

242

139

887

29

38.7

%

Total/Weighted Average

8,238

5,027

$

955

$

51

63.5

%

(1)

We do not plan to upgrade 100% of the units at each of our properties.

(2)

Inclusive of all kitchen and laundry appliance upgrades completed through March 31, 2026.

(3)

Inclusive of all kitchen and laundry appliance upgrades completed and leased through March 31, 2026.

NXRT.NEXPOINT.COM

Page 20

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Smart Home Technology Packages

Property Name (1)

Units

Rehab Units

Completed (2)

Avg. Rehab

Cost

Per Unit (3)

Post-Rehab

Rent

Change $

ROI (3)

Value-Add Programs In Progress

Arbors of Brentwood

346

346

$

1,419

$

45

30.9

%

Arbors on Forest Ridge

210

210

1,416

45

30.9

%

Atera Apartments

380

380

1,339

50

37.0

%

Avant at Pembroke Pines

1,520

1,520

1,350

45

32.4

%

Bella Solara

320

320

820

35

39.5

%

Bella Vista

248

248

970

40

39.3

%

Bloom

528

528

901

40

42.3

%

Brandywine I & II

632

632

1,234

45

35.5

%

Courtney Cove

324

324

1,238

35

26.2

%

Creekside at Matthews

240

240

913

65

72.9

%

Cutter's Point

196

196

1,400

45

31.3

%

Estates on Maryland

330

330

1,074

20

14.2

%

Fairways at San Marcos

352

352

901

40

42.3

%

High House at Cary

302

302

899

65

74.1

%

Madera Point

256

256

1,283

45

34.1

%

Residences at Glenview Reserve

360

360

1,017

45

43.1

%

Rockledge Apartments

708

708

942

35

34.4

%

Sabal Palm at Lake Buena Vista

400

400

1,237

45

35.4

%

Six Forks Station

323

323

844

35

38.4

%

Summers Landing

196

196

1,449

45

30.2

%

The Adair

232

232

913

45

48.0

%

The Cornerstone

430

430

1,236

45

35.4

%

The Enclave

204

204

966

40

39.4

%

The Heritage

204

204

997

40

38.2

%

The Venue on Camelback Apartments

415

415

808

30

33.0

%

The Verandas at Lake Norman

264

264

954

65

69.8

%

Torreyana Apartments

316

316

900

35

36.0

%

Venue at 8651

333

333

1,229

45

35.6

%

Versailles

388

388

1,080

45

40.6

%

Versailles II

242

242

1,241

45

35.3

%

Total/Weighted Average

11,199

11,199

$

1,113

$

43

37.2

%

Planned Value-Add Programs

Rent Change & ROI

(Projections)

Residences at West Place

342

—

TBD

TBD

TBD

Seasons 704 Apartments

222

—

TBD

TBD

TBD

Sedona at Lone Mountain

321

—

TBD

TBD

TBD

Summit at Sabal Park

252

—

TBD

TBD

TBD

The Preserve at Terrell Mill

752

—

TBD

TBD

TBD

Total/Weighted Average Planned

1,889

—

TBD

TBD

TBD

(1)

We do not plan to upgrade 100% of the units at each of our properties.

(2)

Inclusive of all smart home technology package upgrades completed through March 31, 2026.

(3)

Inclusive of all smart home technology package upgrades completed and leased through March 31, 2026.

NXRT.NEXPOINT.COM

Page 21

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Outstanding Debt Details

Mortgage Debt

The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2026 (dollars in thousands):

Operating Properties

Type

Term (months)

Outstanding

Principal

Interest Rate (1)

Maturity Date

Residences at West Place

Fixed

120

$

33,817

4.24%

10/1/2028

Arbors of Brentwood

Floating

84

39,977

4.74%

10/1/2031

Avant at Pembroke Pines

Floating

84

248,185

4.74%

10/1/2031

Bella Vista

Floating

84

37,400

4.74%

10/1/2031

Brandywine I & II

Floating

84

59,526

4.74%

10/1/2031

Cornerstone

Floating

84

45,815

4.74%

10/1/2031

Estates on Maryland

Floating

84

37,345

4.74%

10/1/2031

High House at Cary

Floating

84

32,478

4.74%

10/1/2031

Residences at Glenview Reserve

Floating

84

33,271

4.74%

10/1/2031

Sabal Palm at Lake Buena Vista

Floating

84

56,220

4.74%

10/1/2031

Six Forks Station

Floating

84

30,430

4.74%

10/1/2031

Summers Landing

Floating

84

14,135

4.74%

10/1/2031

The Adair

Floating

84

33,229

4.74%

10/1/2031

The Enclave

Floating

84

33,440

4.74%

10/1/2031

The Heritage

Floating

84

29,810

4.74%

10/1/2031

The Venue on Camelback

Floating

84

36,465

4.74%

10/1/2031

The Verandas at Lake Norman

Floating

84

30,113

4.74%

10/1/2031

Versailles II

Floating

84

15,706

4.74%

10/1/2031

Arbors on Forest Ridge

Floating

84

17,307

4.74%

12/1/2031

Atera Apartments

Floating

84

38,555

4.74%

12/1/2031

Bella Solara

Floating

84

37,772

4.74%

12/1/2031

Bloom

Floating

84

60,848

4.74%

12/1/2031

Courtney Cove

Floating

84

31,596

4.74%

12/1/2031

Creekside at Matthews

Floating

84

28,703

4.74%

12/1/2031

Cutter's Point

Floating

84

18,994

4.74%

12/1/2031

Fairways at San Marcos

Floating

84

55,056

4.74%

12/1/2031

Madera Point

Floating

84

29,676

4.74%

12/1/2031

Parc500

Floating

84

30,012

4.74%

12/1/2031

Rockledge Apartments

Floating

84

78,444

4.74%

12/1/2031

Seasons 704 Apartments

Floating

84

33,960

4.74%

12/1/2031

The Preserve at Terrell Mill

Floating

84

74,341

4.74%

12/1/2031

The Summit at Sabal Park

Floating

84

26,735

4.74%

12/1/2031

Torreyana Apartments

Floating

84

43,153

4.74%

12/1/2031

Venue at 8651

Floating

84

24,620

4.74%

12/1/2031

Versailles

Floating

84

26,108

4.74%

12/1/2031

Sedona at Lone Mountain

Floating

84

40,287

4.88%

2/1/2033

$

1,543,529

Fair market value adjustment

265

(2)

Deferred financing costs, net of accumulated amortization of $8,472

(33,393

)

$

1,510,401

(1)

Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rates used in our portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of March 31, 2026, SOFR was 3.65%.

(2)

The Company reflected a valuation adjustment on its fixed rate debt for Residences at West Place to adjust it to fair market value on its respective date of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages.

NXRT.NEXPOINT.COM

Page 22

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Interest Rate Swap Agreements

As of March 31, 2026, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands):

Effective Date

Termination Date

Counterparty

Notional Amount

Fixed Rate (1)

September 1, 2019

September 1, 2026

KeyBank

$

100,000

1.462

%

September 1, 2019

September 1, 2026

KeyBank

125,000

1.302

%

January 3, 2020

September 1, 2026

KeyBank

92,500

1.609

%

March 4, 2020

June 1, 2026

Truist

100,000

0.820

%

June 1, 2021

September 1, 2026

KeyBank

200,000

0.845

%

June 1, 2021

September 1, 2026

KeyBank

200,000

0.953

%

April 3, 2025

April 1, 2030

JPM

100,000

3.489

%

$

917,500

1.361

%

(2)

(1)

The floating rate option for the interest rate swaps is SOFR plus 0.11448% ("Adjusted SOFR") other than for the JPM swap, which is based on SOFR. As of March 31, 2026, Adjusted SOFR and SOFR were 3.77% and 3.65%, respectively.

(2)

Represents the weighted average fixed rate of the interest rate swaps.

The following table contains summary information regarding our forward interest rate swap (dollars in thousands):

Effective Date

Termination Date

Counterparty

Notional Amount

Fixed Rate (1)

September 1, 2026

January 1, 2027

KeyBank

$

92,500

1.798

%

(1)

The floating rate option for the interest rate swaps is Adjusted SOFR. As of March 31, 2026, Adjusted SOFR was 3.77%.

NXRT.NEXPOINT.COM

Page 23

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Interest Rate Cap Agreements

As of March 31, 2026, the Company had the following interest rate caps outstanding that were not designated as cash flow hedges of interest rate risk (dollars in thousands):

Properties

Type

Maturity Date

Notional

Strike Rate

Avant at Pembroke Pines

Floating

10/1/2027

$

248,185

8.16%

Brandywine I & II

Floating

10/1/2027

59,526

8.16%

Sabal Palm at Lake Buena Vista

Floating

10/1/2027

56,220

8.41%

Cornerstone

Floating

10/1/2027

45,815

8.66%

Arbors of Brentwood

Floating

10/1/2027

39,977

8.16%

Bella Vista

Floating

10/1/2027

37,400

8.91%

Estates on Maryland

Floating

10/1/2027

37,345

8.91%

The Venue on Camelback

Floating

10/1/2027

36,465

8.16%

The Enclave

Floating

10/1/2027

33,440

8.66%

Residences at Glenview Reserve

Floating

10/1/2027

33,271

8.16%

The Adair

Floating

10/1/2027

33,229

8.16%

High House at Cary

Floating

10/1/2027

32,478

8.16%

Six Forks Station

Floating

10/1/2027

30,430

8.16%

The Verandas at Lake Norman

Floating

10/1/2027

30,113

8.16%

The Heritage

Floating

10/1/2027

29,810

8.91%

Versailles II

Floating

10/1/2027

15,706

8.16%

Summers Landing

Floating

10/1/2027

14,135

8.66%

Rockledge Apartments

Floating

12/1/2027

78,444

7.66%

The Preserve at Terrell Mill

Floating

12/1/2027

74,341

7.66%

Bloom

Floating

12/1/2027

60,848

7.66%

Fairways at San Marcos

Floating

12/1/2027

55,056

7.66%

Torreyana Apartments

Floating

12/1/2027

43,153

7.66%

Atera Apartments

Floating

12/1/2027

38,555

7.66%

Bella Solara

Floating

12/1/2027

37,772

7.66%

Seasons 704 Apartments

Floating

12/1/2027

33,960

7.66%

Courtney Cove

Floating

12/1/2027

31,596

7.66%

Parc500

Floating

12/1/2027

30,012

7.66%

Madera Point

Floating

12/1/2027

29,676

7.66%

Creekside at Matthews

Floating

12/1/2027

28,703

7.66%

The Summit at Sabal Park

Floating

12/1/2027

26,735

7.66%

Versailles

Floating

12/1/2027

26,108

7.66%

Venue at 8651

Floating

12/1/2027

24,620

7.66%

Cutter's Point

Floating

12/1/2027

18,994

7.66%

Arbors on Forest Ridge

Floating

12/1/2027

17,307

7.66%

Sedona at Lone Mountain

Floating

2/1/2029

40,287

7.17%

$

1,509,712

8.01%

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of March 31, 2026 for the next five calendar years subsequent to March 31, 2026 and thereafter. We used the applicable reference rate as of March 31, 2026 to calculate interest expense due by period on our floating rate debt and net interest expense due by period on our interest rate swaps.

Payments Due by Period (in thousands)

Total

2026

2027

2028

2029

2030

Thereafter

Operating Properties Mortgage Debt

Principal payments

$

1,543,529

$

—

$

—

$

33,817

$

—

$

—

$

1,509,712

Interest expense

(1)

396,190

46,534

72,235

70,222

70,124

72,705

64,370

Total

$

1,939,719

$

46,534

$

72,235

$

104,039

$

70,124

$

72,705

$

1,574,082

Credit Facility

Principal payments

$

57,000

$

—

$

—

$

57,000

$

—

$

—

$

—

Interest expense

7,208

2,462

3,192

1,554

—

—

—

Total

$

64,208

$

2,462

$

3,192

$

58,554

$

—

$

—

$

—

Total contractual obligations and commitments

$

2,003,927

$

48,996

$

75,427

$

162,593

$

70,124

$

72,705

$

1,574,082

NXRT.NEXPOINT.COM

Page 24

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(1)

Interest expense obligations includes the impact of expected settlements on interest rate swaps which have been entered into in order to fix the interest rate on the hedged portion of our floating rate debt obligations. As of March 31, 2026, we had entered into 7 interest rate swap transactions with a combined notional amount of $0.9 billion and one forward rate swap agreement with a notional amount of approximately $0.1 billion. We have allocated the total impact of expected settlements on the $1.0 billion notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used the applicable reference rate as of March 31, 2026 to determine our expected settlements through the terms of the interest rate swaps.

(1)

As of March 31, 2026, we had total indebtedness of $1.6 billion at an adjusted weighted average interest rate of 3.30%, of which $1.6 billion was debt with a floating interest rate. The interest rate swap agreements we have entered into effectively fix the interest rate on $0.9 billion, or 60.8%, of our $1.5 billion of floating rate mortgage debt outstanding. For purposes of calculating the adjusted weighted average interest rate of the total indebtedness, we have included the weighted average fixed rate of 1.36% for Adjusted SOFR on the $0.9 billion notional amount of interest rate swap agreements that we have entered into as of March 31, 2026, which effectively fix the interest rate on $0.9 billion of our floating rate mortgage debt outstanding.

NXRT.NEXPOINT.COM

Page 25

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Acquisition Details

(in thousands, except for unit and per unit amounts)

Property Name (1)

Location

Units

Transaction Date

Purchase Price

Rehab Budget (2)

Total Investment

Per Unit

Arbors on Forest Ridge

Bedford, TX

210

1/31/2014

$

12,805

$

1,880

$

14,685

$

69,929

Cutter's Point

Richardson, TX

196

1/31/2014

15,845

1,880

17,725

90,432

The Summit at Sabal Park

Tampa, FL

252

8/20/2014

19,050

1,867

20,917

83,005

Courtney Cove

Tampa, FL

324

8/20/2014

18,950

1,819

20,769

64,101

Sabal Palm at Lake Buena Vista

Orlando, FL

400

11/5/2014

49,500

11,347

60,847

152,117

Cornerstone

Orlando, FL

430

1/15/2015

31,550

2,802

34,352

79,889

The Preserve at Terrell Mill

Marietta, GA

752

2/6/2015

58,000

16,313

74,313

98,821

Versailles

Dallas, TX

388

2/26/2015

26,165

4,674

30,839

79,481

Seasons 704 Apartments

West Palm Beach, FL

222

4/15/2015

21,000

2,026

23,026

103,720

Madera Point

Mesa, AZ

256

8/5/2015

22,525

1,932

24,457

95,534

Venue at 8651

Fort Worth, TX

333

10/30/2015

19,250

4,592

23,842

71,598

Parc500

West Palm Beach, FL

217

7/27/2016

22,421

5,113

27,534

126,886

The Venue on Camelback

Phoenix, AZ

415

10/11/2016

44,600

6,202

50,802

122,415

Rockledge Apartments

Marietta, GA

708

6/30/2017

113,500

20,490

133,990

189,251

Atera Apartments

Dallas, TX

380

10/25/2017

59,200

3,737

62,937

165,624

Versailles II

Dallas, TX

242

9/26/2018

24,680

3,376

28,056

115,934

Brandywine I & II

Nashville, TN

632

9/26/2018

79,800

7,310

87,110

137,832

Bella Vista

Phoenix, AZ

248

1/28/2019

48,400

3,404

51,804

208,889

The Enclave

Tempe, AZ

204

1/28/2019

41,800

2,613

44,413

217,710

The Heritage

Phoenix, AZ

204

1/28/2019

41,900

2,660

44,560

218,430

Summers Landing

Fort Worth, TX

196

6/7/2019

19,396

2,997

22,393

114,251

Residences at Glenview Reserve

Nashville, TN

360

7/17/2019

45,000

6,079

51,079

141,885

Residences at West Place

Orlando, FL

342

7/17/2019

55,000

4,505

59,505

173,992

Avant at Pembroke Pines

Pembroke Pines, FL

1,520

8/30/2019

322,000

37,743

359,743

236,673

Arbors of Brentwood

Nashville, TN

346

9/10/2019

62,250

4,248

66,498

192,192

Torreyana Apartments

Las Vegas, NV

316

11/22/2019

68,000

2,771

70,771

223,960

Bloom

Las Vegas, NV

528

11/22/2019

106,500

4,786

111,286

210,770

Bella Solara

Las Vegas, NV

320

11/22/2019

66,500

3,642

70,142

219,195

Fairways at San Marcos

Chandler, AZ

352

11/2/2020

84,480

4,366

88,846

252,403

The Verandas at Lake Norman

Charlotte, NC

264

6/30/2021

63,500

4,812

68,312

258,759

Creekside at Matthews

Charlotte, NC

240

6/30/2021

58,000

4,128

62,128

258,865

Six Forks Station

Raleigh, NC

323

9/10/2021

74,760

6,431

81,191

251,366

Hudson High House

Cary, NC

302

12/7/2021

93,250

5,247

98,497

326,148

The Adair

Sandy Springs, GA

232

4/1/2022

65,500

5,390

70,890

305,562

Estates on Maryland

Phoenix, AZ

330

4/1/2022

77,900

4,636

82,536

250,109

Sedona at Lone Mountain

Las Vegas, NV

321

12/11/2025

73,250

7,230

80,480

250,716

Total/Weighted Average

13,305

$

2,106,227

$

215,049

$

2,321,276

$

174,466

(1)

Only includes properties owned as of March 31, 2026.

(2)

Includes interior and exterior rehab.

NXRT.NEXPOINT.COM

Page 26

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Disposition Details

(in thousands, except unit and per unit amounts)

Property Name

Location

Units

Purchase

Price

Sale

Price

Sales Price Per Unit

Sale Date

Net Cash

Proceeds (1)

Gain on

Sale

Meridian

Austin, TX

200

$

12,300

$

17,250

$

86,250

5/10/2016

$

16,981

$

4,786

Park at Regency and Mandarin Reserve

Jacksonville, FL

679

34,500

47,000

69,219

6/6/2016

46,239

11,584

Park at Blanding and Colonial Forest

Jacksonville, FL

291

12,000

14,500

49,828

8/31/2016

14,259

2,007

Willowdale Crossings

Frederick, MD

432

41,000

45,200

104,630

9/15/2016

44,439

5,576

Jade Park

Dayton Beach, FL

144

7,800

10,000

69,444

9/30/2016

9,868

1,979

The Miramar Apartments

Dallas, TX

314

8,875

16,550

52,707

4/3/2017

16,326

6,368

Toscana

Dallas, TX

192

8,875

13,250

69,010

4/3/2017

13,040

4,283

The Grove at Alban

Frederick, MD

290

23,050

27,500

94,828

4/3/2017

27,021

4,514

Twelve 6 Ten at the Park

Dallas, TX

402

20,984

26,600

66,169

4/27/2017

26,349

4,731

Regatta Bay

Seabrook, TX

240

18,200

28,200

117,500

7/14/2017

27,670

10,423

NAVA Portfolio (2)

Atlanta, GA

1,100

66,200

116,000

105,455

9/27/2017

114,010

48,046

Timberglen

Dallas, TX

304

16,950

30,000

98,684

1/31/2018

29,553

13,742

Edgewater at Sandy Springs

Atlanta, GA

760

58,000

101,250

133,224

8/28/2019

100,219

47,329

Belmont at Duck Creek

Garland, TX

240

18,525

29,500

122,917

8/28/2019

29,148

11,985

The Ashlar

Dallas, TX

264

16,235

29,400

111,364

8/28/2019

29,050

13,205

Heatherstone

Dallas, TX

152

9,450

16,275

107,072

8/28/2019

16,054

6,368

The Pointe at the Foothills

Mesa, AZ

528

52,275

85,400

161,742

8/28/2019

84,663

37,925

Abbington Heights

Antioch, TN

274

17,900

28,050

102,372

8/30/2019

27,630

10,888

Southpoint Reserve at Stoney Creek

Fredericksburg, VA

156

17,000

23,500

150,641

3/20/2020

23,176

5,469

Willow Grove

Nashville, TN

244

13,750

31,300

128,279

3/26/2020

31,005

17,513

Woodbridge

Nashville, TN

220

16,000

31,700

144,091

3/26/2020

31,237

15,990

Eagle Crest

Irving, TX

447

27,325

55,500

124,161

9/30/2020

54,779

30,160

Beechwood Terrace

Antioch, TN

300

21,400

53,600

178,667

11/1/2021

53,003

33,960

Cedar Pointe

Antioch, TN

210

26,500

37,650

179,286

11/1/2021

37,231

12,252

Hollister Place

Houston, TX

260

24,500

36,750

141,346

12/29/2022

36,455

14,684

Silverbrook

Grand Prairie, TX

642

30,400

70,000

109,034

9/22/2023

69,431

43,107

Timber Creek

Charlotte, NC

352

22,750

49,000

139,205

12/13/2023

48,348

24,819

Old Farm

Houston, TX

734

84,721

103,000

140,327

3/1/2024

102,704

31,548

Radbourne Lake

Charlotte, NC

225

24,250

39,250

174,444

4/30/2024

38,904

18,847

Stone Creek at Old Farm

Houston, TX

190

23,332

24,500

128,947

10/1/2024

24,095

3,851

Total/Weighted Average

10,786

$

775,047

$

1,237,675

$

114,748

$

1,222,887

$

497,939

(1)

Represents sales price, net of closing costs.

(2)

The NAVA Portfolio consists of The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls.

NXRT.NEXPOINT.COM

Page 27

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Definitions and Reconciliations of Non-GAAP Measures

Definitions

This presentation contains non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income (loss), balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are net operating income (“NOI”), funds from operations attributable to common stockholders (“FFO”), FFO per diluted share, Core FFO, Core FFO per diluted share, adjusted FFO (“AFFO”), AFFO per diluted share and net debt.

NOI is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties. NOI is calculated by adjusting net income (loss) to add back (1) interest expense (2) advisory and administrative fees, (3) depreciation and amortization expenses, (4) gains or losses from the sale of operating real estate assets that are included in net income (loss) computed in accordance with GAAP, (5) corporate income and corporate general and administrative expenses that are not reflective of operations of the properties, (6) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, (7) casualty-related expenses/(recoveries) and casualty loss, (8) property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on behalf of the Company at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees and (9) equity in earnings of affiliate. We define “Same Store NOI” as NOI for our properties that are comparable between periods. We view Same Store NOI as an important measure of the operating performance of our properties because it allows us to compare operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods.

FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. We compute FFO in accordance with NAREIT’s definition. Our presentation differs slightly in that we begin with net income (loss) before adjusting for amounts attributable to redeemable noncontrolling interests in the OP and we show the combined amounts attributable to such noncontrolling interests as an adjustment to arrive at FFO attributable to common stockholders.

Core FFO makes certain adjustments to FFO, which are not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as loss on extinguishment of debt and modification costs, casualty-related expenses/(recoveries) and loss (gain), the amortization of deferred financing costs, mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes, and the noncontrolling interests (as described above) related to these items. Starting in the third quarter of 2024, the Company adjusted Core FFO to remove (1) the amortization of all deferred financing costs instead of those solely related to short-term debt financing and (2) mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes. Prior periods have been recast to conform to current presentations.

AFFO makes certain adjustments to Core FFO in order to arrive at a more refined measure of the operating performance of our portfolio. There is no industry standard definition of AFFO and practice is divergent across the industry. AFFO adjusts Core FFO to remove items such as equity-based compensation expense and the related noncontrolling interests (as described above) related to this item.

Net debt is calculated by subtracting cash and cash equivalents and restricted cash held for value-add upgrades and green improvements from total debt outstanding.

We believe that the use of NOI, FFO, Core FFO, AFFO and net debt, combined with the required GAAP presentations, improves the understanding of operating results and debt levels of REITs among investors and makes comparisons of operating results and debt levels among such companies more meaningful. While NOI, FFO, Core FFO, AFFO and net debt are relevant and widely used measures of operating performance and debt levels of REITs, they do not represent cash flows from operations, net income (loss) or total debt as defined by GAAP and should not be considered an alternative or substitute to those measures in evaluating our liquidity, operating performance and debt levels. NOI, FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. We present net debt because we believe it provides our investors a better understanding of our leverage ratio. Net debt should not be considered an alternative or substitute to total debt, as we may not always be able to use our available cash to repay debt. Our computation of NOI, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SEC.

NXRT.NEXPOINT.COM

Page 28

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations

Reconciliation of Debt to Net Debt

(dollar amounts in thousands)

Q1 2026

Q1 2025

Total mortgage debt

$

1,543,529

$

1,503,242

Total credit facility

57,000

—

Total Debt

$

1,600,529

$

1,503,242

Adjustments to arrive at net debt:

Cash and cash equivalents

(18,465

)

(23,719

)

Restricted cash held for value-add upgrades and green improvements

(7,401

)

(3,170

)

Net Debt

$

1,574,663

$

1,476,353

Enterprise Value (1)

$

2,211,663

$

2,487,353

Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)

72

%

60

%

Leverage Ratio (Net Debt to Enterprise Value)

71

%

59

%

(1)

Enterprise Value is calculated as Market Capitalization as of the end of the period plus Net Debt.

Guidance Reconciliations of NOI, Same Store NOI, FFO, Core FFO and AFFO

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our 2026 NOI guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2026 and for the three months ended June 30, 2026 (in thousands):

For the Year Ended

December 31, 2026

For the Three Months Ended June 30, 2026

Mid-Point (1)

Mid-Point (1)

Net loss

$

(36,114

)

$

(10,677

)

Adjustments to reconcile net loss to NOI:

Advisory and administrative fees

7,169

1,786

Corporate general and administrative expenses

19,112

4,886

Corporate income

(1,757

)

(417

)

Property general and administrative expenses

(2)

4,161

1,048

Depreciation and amortization

95,675

25,648

Interest expense

67,099

15,704

Casualty-related expenses/(recoveries)

—

584

Equity in earnings of affiliate

(310

)

(77

)

NOI

(3)

$

155,035

$

38,485

Less Non-Same Store

Revenues

(3)

(6,387

)

Operating expenses

(3)

2,212

Same Store NOI

(3)

$

150,860

(1)

Mid-Point estimates shown for full year and second quarter 2026 guidance. Assumptions made for full year and second quarter 2026 NOI guidance include the Same Store operating growth projections included in the “2026 Full Year Guidance Summary” section of this release and the effect of the acquisition and dispositions throughout the fiscal year.

(2)

Adjustment to net loss to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(3)

Year-over-year growth for the Full Year 2026 pro forma Same Store pool (35 properties).

NXRT.NEXPOINT.COM

Page 29

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reconciles our FFO, Core FFO and AFFO guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2026 (in thousands, except per share data):

For the Year Ended December 31, 2026

Mid-Point

Net loss

$

(36,114

)

Depreciation and amortization

95,675

Adjustment for noncontrolling interests

(235

)

FFO attributable to common stockholders

59,326

FFO per share - diluted (1)

$

2.31

Amortization of deferred financing costs

6,654

Casualty-related expenses

—

Mark-to-market adjustments of interest rate caps

16

Adjustment for noncontrolling interests

(26

)

Core FFO attributable to common stockholders

65,970

Core FFO per share - diluted (1)

$

2.57

Equity-based compensation expense

11,053

Adjustment for noncontrolling interests

(44

)

AFFO attributable to common stockholders

76,979

AFFO per share - diluted (1)

$

2.99

Weighted average common shares outstanding - diluted

25,719

(1)

For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.7 million for the full year 2026.

The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2025 and 2024 and the three months ended December 31, 2025 (in thousands):

For the Year Ended December 31,

For the Three Months Ended December 31,

2025

2024

2025

Net income (loss)

$

(32,154

)

$

1,114

$

(10,348

)

Adjustments to reconcile net income (loss) to NOI:

Advisory and administrative fees

6,941

6,899

1,765

Corporate general and administrative expenses

17,945

19,399

4,150

Corporate income

(1,666

)

(2,215

)

(462

)

Casualty-related expenses/(recoveries)

(1)

264

1,389

1,700

Casualty losses

167

626

4

Property general and administrative expenses

(2)

4,010

3,998

1,096

Depreciation and amortization

95,752

97,762

23,560

Interest expense

60,735

58,477

15,733

Equity in earnings of affiliate

(257

)

(172

)

(74

)

Loss on extinguishment of debt and modification costs

—

24,004

—

Gain on sales of real estate

—

(54,246

)

—

NOI

$

151,737

$

157,035

$

37,124

NXRT.NEXPOINT.COM

Page 30

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reconciles our NOI to our FFO, Core FFO and AFFO to net income (loss), the most directly comparable GAAP financial measure, for the years ended December 31, 2025 and 2024 (in thousands):

For the Year Ended December 31,

2025

2024

% Change 2025 - 2024

Net income (loss)

$

(32,154

)

$

1,114

N/M

Depreciation and amortization

95,752

97,762

-2.1

%

Gain on sales of real estate

—

(54,246

)

N/M

Adjustment for noncontrolling interests

(251

)

(176

)

42.6

%

FFO attributable to common stockholders

63,347

44,454

42.5

%

FFO per share - basic

$

2.49

$

1.74

43.4

%

FFO per share - diluted

$

2.48

$

1.69

46.4

%

Loss on extinguishment of debt and modification costs

—

24,004

N/M

Casualty-related expenses

264

1,389

N/M

Casualty losses

167

626

N/M

Amortization of deferred financing costs

6,585

3,364

N/M

Mark-to-market adjustments of interest rate caps

961

(593

)

N/M

Adjustment for noncontrolling interests

(31

)

(114

)

N/M

Core FFO attributable to common stockholders

71,293

73,130

-2.5

%

Core FFO per share - basic

$

2.81

$

2.87

-2.0

%

Core FFO per share - diluted

$

2.79

$

2.79

0.1

%

Equity-based compensation expense

9,883

10,543

-6.3

%

Adjustment for noncontrolling interests

(39

)

(42

)

-7.1

%

AFFO attributable to common stockholders

81,137

83,631

-3.0

%

AFFO per share - basic

$

3.20

$

3.28

-2.5

%

AFFO per share - diluted

$

3.18

$

3.19

-0.4

%

Weighted average common shares outstanding - basic

25,390

25,516

-0.5

%

Weighted average common shares outstanding - diluted

(1)

25,554

26,246

-2.6

%

Dividends declared per common share

$

2.06

$

1.90

8.6

%

Net income (loss) Coverage - diluted

(2)

-0.61x

0.02x

N/M

FFO Coverage - diluted

(2)

1.20x

0.89x

34.8

%

Core FFO Coverage - diluted

(2)

1.35x

1.47x

-7.8

%

AFFO Coverage - diluted

(2)

1.54x

1.68x

-8.2

%

(1)

The Company uses the diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(2)

Indicates coverage ratio of net income (loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.

NXRT.NEXPOINT.COM

Page 31

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