8-K

Exhibit 99.1

24 February 2026 | NYSE: NXRT

EARNINGS SUPPLEMENT: FOURTH QUARTER & FULL YEAR 2025

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 Fourth Quarter and FY 2025 Activity		5
Financial Summary		7
2026 Full Year Guidance Summary		8
Components of Net Asset Value		9
Consolidated Balance Sheets		10
Consolidated Statements of Operations		11
NOI and Same Store NOI		12
2024-2025 Same Store Results		13
2024-2025 Same Store Properties Operating Metrics		15
QoQ Same Store Properties Operating Metrics		16
Q4 Same Store Results		17
FFO, Core FFO and AFFO		19
Historical Capital Expenditures		20
Value-Add Program Details		21
Outstanding Debt Details		24
Debt Maturity Schedule		27
Historical Acquisition Details		28
Historical Disposition Details		29
Definitions and Reconciliations of Non-GAAP Measures		30

       Sedona at Lone Mountain: Las Vegas, NV

      

       Expansion in Las Vegas MSA

      

Prime Operational & Value-Add Opportunity

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Kristen Griffith

[email protected]

(214) 276-6300

Media inquiries: [email protected]

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

NXRT Acquires $73.25 Million Property in Las Vegas, Recaps Value-Add Results and Issues 2026 Full Year Guidance

Dallas, TX, February 24, 2026 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the fourth quarter and year ended December 31, 2025.

Highlights

•

NXRT1 reported net loss, FFO2, Core FFO2 and AFFO2 of $32.0M, $63.3M, $71.3M and $81.1M, respectively, attributable to common stockholders for the year ended December 31, 2025, compared to net income, FFO, Core FFO, and AFFO of $1.1M, $44.5M, $73.1M and $83.6M, respectively, attributable to common stockholders for the year ended December 31, 2024.

•

For the year ended December 31, 2025, 2024-2025 Same Store properties3 total revenue, NOI2, average effective rent and occupancy decreased 1.0%, 1.6%, 0.1% and 195 bps, respectively, over the prior year period.

•

During the year ended December 31, 2025, NXRT acquired Sedona at Lone Mountain, consisting of 321 units, for a purchase price of $73.25 million.

•

The weighted average effective monthly rent per unit across all 36 properties held as of December 31, 2025 (the “Portfolio”), consisting of 13,305 units4, was $1,492, while physical occupancy was 92.7%.

•

NXRT paid a fourth quarter dividend of $0.53 per share of common stock on December 31, 2025; this cash dividend represented a $0.02 per share, or 3.9% increase, over the prior quarter’s dividend. Since inception, NXRT has increased the dividend per share by 157.3%.

•

During 2025, for the properties in the Portfolio, NXRT completed 1,767 full/partial upgrades and washer/dryer installations, achieving an average monthly rent premium of $60 and a 21.8% ROI5.

•

Since inception, NXRT has completed installation of 9,866 full and partial upgrades, 4,979 kitchen and laundry appliances and 11,199 technology packages, resulting in $158, $50 and $43 average monthly rental increase per unit and 20.8%, 63.7% and 37.2% ROI, respectively.

•

During the year ended 2025, the Company repurchased and subsequently retired 223,109 shares at an average price of $34.29 per share, which is a 29% discount to the midpoint of our Q4’25 NAV. We believe this is an attractive arbitrage opportunity given the persistent private/public market discount.

•

On January 30, 2026, the Company entered into a $40.3 million mortgage loan secured by Sedona at Lone Mountain with Newmark. The loan matures on January 30, 2033 with all principal due at maturity and bears interest at a rate based on the 30‑day Average SOFR plus a margin of 1.23%.

•

On February 3, 2026, the Company paid down $33.0 million of its outstanding principal balance on its credit facility with JPMorgan Chase Bank, N.A. (“JPM”).

(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 12,963 units of apartment space in our Same Store pool for the year ended December 31, 2025 (our “2024-2025” Same Store” properties). There are 35 properties encompassing 12,963 units of apartment space in our Q4 Same Store pool for the three months ended December 31, 2025 (our “Q4 Same Store” properties). The same store unit count


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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

excludes 21 units that are currently down due to fires and repairs (Rockledge: 20 units and Summers Landing: 1 unit) and Sedona at Lone Mountain.

(4)

Total number of units owned as of December 31, 2025 is 13,305, however 22 units are currently down (Rockledge: 20 units, Summers Landing: 1 unit, Sedona at Lone Mountain: 1 unit).

(5)

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

Full Year 2025 Financial Results

•

Total revenues were $251.3 million for the full year 2025, compared to $259.7 million for the full year 2024.

•

Net loss attributable to common stockholders for the full year 2025 totaled $32.0 million, or loss of $1.26 per diluted share, which included $95.8 million of depreciation and amortization expense. This compared to net income attributable to common stockholders of $1.1 million, or income of $0.04 per diluted share, which included a gain on sales of real estate of $54.2 million and $97.8 million of depreciation and amortization expense for the full year 2024.

•

The change in our net loss of $32.2 million for the year ended December 31, 2025 as compared to our net income of $1.1 million for the year ended December 31, 2024 primarily relates to decreases in gain on sales of real estate and rental income of $54.2 million and $8.2 million, respectively, partially offset by a decrease in loss on extinguishment of debt and modification costs of $24.0 million.

•

For the full year 2025, NOI was $151.7 million on 36 properties, compared to $157.0 million for the full year 2024 on 35 properties.

•

For the full year 2025, 2024-2025 Same Store NOI decreased 1.6% to $151.6 million, compared to $154.1 million for the full year 2024.

•

For the full year 2025, FFO totaled $63.3 million, or $2.48 per diluted share, compared to $44.5 million, or $1.69 per diluted share, for the full year 2024. For the full year 2025, Core FFO totaled $71.3 million, or $2.79 per diluted share, compared to $73.1 million, or $2.79 per diluted share, for the full year 2024. For the full year 2025, AFFO totaled $81.1 million, or $3.18 per diluted share, compared to $83.6 million, or $3.19 per diluted share, for the full year 2024.

Fourth Quarter 2025 Financial Results

•

Total revenues were $62.1 million for the fourth quarter of 2025, compared to $63.8 million for the fourth quarter of 2024.

•

Net loss attributable to common stockholders for the fourth quarter of 2025 totaled $10.3 million, or a loss of $0.41 per diluted share, which included $23.6 million of depreciation and amortization expense and $15.7 million of interest expense. This compared to net loss attributable to common stockholders of $26.9 million, or loss of $1.06 per diluted share, for the fourth quarter of 2024, which included $24.4 million of depreciation and amortization expense and $15.5 million of interest expense.

•

The change in our net loss of $10.3 million for the fourth quarter of 2025 as compared to our net loss of $27.0 primarily relates to a decrease in loss on extinguishment of debt and modification costs of $23.2 million.

•

For the fourth quarter of 2025, NOI was $37.1 million on 36 properties, compared to $38.9 million for the fourth quarter of 2024 on 35 properties.

•

For the fourth quarter of 2025, Q4 Same Store NOI decreased 4.8% to $37.0 million, compared to $38.9 million for the fourth quarter of 2024.

•

For the fourth quarter of 2025, FFO totaled $13.2 million, or $0.52 per diluted share, compared to $(6.5) million, or $(0.25) per diluted share, for the fourth quarter of 2024. For the fourth quarter of 2025, Core FFO totaled $16.5 million, or $0.65 per diluted share, compared to $17.7 million, or $0.68 per diluted share, for the fourth quarter of 2024. For the fourth quarter of 2025, AFFO totaled $19.1 million, or $0.75 per diluted share, compared to $20.3 million, or $0.78 per diluted share, for the fourth quarter of 2024.

Fourth Quarter Earnings Conference Call

NXRT will host a call on Tuesday, February 24, 2026, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its full year and fourth quarter 2025 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, March 10, 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


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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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.

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, the belief that share repurchases are an attractive arbitrage opportunity given the persistent private/public market discount, 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 first 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.


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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC: FOURTH QUARTER & FULL YEAR 2025 OVERVIEW

      Company Profile

     


(share counts in thousands)
Exchange/Ticker	NYSE; NYSE Texas: NXRT
Share Price (1)	$29.69
Insider Ownership (2)	16.09%
2026 Q1 Dividend Per Share	$0.53
Dividend Yield (1)	7.14%
Shares outstanding - basic (3)	25,390
Shares outstanding - diluted (3)	25,390

(1)

As of the close of market trading on February 23, 2026.

(2)

As of the close of market trading on December 31, 2025.

(3)

Weighted average for the year ended December 31, 2025.

      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)


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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Highlights of Fourth Quarter and Full Year 2025 Activity

COMPLETED ACQUISITION

      Property Name

      Location

      Date of
Acquisition

      Purchase Price

      # Units

      Effective
Ownership

Sedona at Lone Mountain

Las Vegas, NV

December 11, 2025

73,250

321

100

      NXRT Q4 2025 NEW LEASES & RENEWALS

     


Market	New Leases	% Change	Lease Trade-out	Renewals	% Change	Lease Trade-out
Dallas/Fort Worth	167	-7.6%	-$92	273	1.9%	$23
Charlotte	44	-1.5%	-$21	71	2.1%	$28
Nashville	143	-6.5%	-$89	164	2.5%	$30
Atlanta	131	-3.7%	-$60	235	1.5%	$22
Orlando	122	-9.0%	-$140	160	2.1%	$32
Tampa	57	-2.8%	-$39	101	2.8%	$37
South Florida	153	-7.2%	-$158	281	1.8%	$38
Phoenix	229	-10.2%	-$157	265	0.1%	-$3
Las Vegas	109	-0.5%	-$7	189	4.0%	$53
Raleigh	37	-3.6%	-$52	89	1.9%	$27
TOTAL	1,192	-6.4%	-$100	1,828	1.9%	$27

DIVIDEND GROWTH


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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FORECASTED SUBMARKET DELIVERIES (1)


Market	Submarket (RealPage)	Property	NXRT Unit Exposure	2025 Q4 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	9,228	964	1,703	631	-	2,334	25.3%
CHA	Matthews/Southeast Charlotte	Creekside at Matthews	240	13,224	475	142	320	-	462	3.5%
DFW	East Fort Worth	The Venue at 8651	333	12,871	-	398	-	-	398	3.1%
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	33,827	526	326	-	-	326	1.0%
DFW	Hurst/Euless/Bedford	Summers Landing	196	33,827	526	326	-	-	326	1.0%
DFW	Oak Lawn/Park Cities	Atera	380	21,370	612	563	212	-	775	3.6%
DFW	Richardson	Cutters Point	196	20,443	223	336	1,048	-	1,384	6.8%
LSV	Northwest Las Vegas	Bella Solara	320	22,641	516	44	19	-	63	0.3%
LSV	Northwest Las Vegas	Bloom	528	22,641	516	44	19	-	63	0.3%
LSV	Southwest Las Vegas	Torreyana	316	22,384	1,173	1,077	645	88	1,810	8.1%
LSV	North Las Vegas	Sedona at Lone Mountain	321	12,261	576	710	257	-	967	7.9%
NASH	East Nashville	Residences at Glenview Reserve	360	15,463	625	191	127	-	318	2.1%
NASH	South Nashville	Arbors of Brentwood	346	18,215	264	104	89	-	193	1.1%
NASH	South Nashville	Brandywine	632	18,215	264	104	89	-	193	1.1%
ORL	East Orlando	The Cornerstone	430	22,629	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	36,551	1,895	1,319	1,210	330	2,859	7.8%
PHX	Chandler	Fairways at San Marcos	352	27,133	899	607	30	-	637	2.3%
PHX	North Central Phoenix	Heritage	204	27,337	350	49	199	-	248	0.9%
PHX	North Central Phoenix	The Venue on Camelback	415	27,337	350	49	199	-	248	0.9%
PHX	Northeast Phoenix	Bella Vista	248	22,762	112	279	619	506	1,404	6.2%
PHX	South Tempe	Enclave	204	16,998	-	171	58	-	229	1.3%
PHX	Southwest Mesa	Madera Point	256	18,361	129	14	233	-	247	1.3%
PHX	West Phoenix	Estates on Maryland	330	15,568	-	57	-	-	57	0.4%
RDU	Far North Raleigh	Six Forks Station	323	13,433	63	555	142	-	697	5.2%
RDU	North Cary/Morrisville	High House at Cary	302	23,526	500	691	302	-	993	4.2%
SFL	Pembroke Pines/Miramar	Avant at Pembroke Pines	1,520	25,713	332	-	-	-	-	0.0%
SFL	West Palm Beach	Parc500	217	33,831	343	1,358	154	-	1,512	4.5%
SFL	West Palm Beach	Seasons 704	222	33,831	343	1,358	154	-	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	598,006	12,112	11,487	8,016	924	20,427	3.4%

(1)

Source: 2025 Realpage, Inc.; Data as of February 2026.


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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary


	FY 2025			FY 2024			FY 2023			Q4 2025			Q4 2024
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization	$	763,000		$	1,061,000		$	884,000
Share Price (as of the last day of the period)	$	30.10		$	41.75		$	34.43
Weighted average common shares outstanding - basic		25,390			25,516			25,654			25,364			25,404
Weighted average common shares outstanding - diluted		25,390			26,246			26,245			25,364			25,404

Earnings Profile
Total revenues	$	251,281		$	259,701		$	277,526		$	62,087		$	63,791
Net income (loss) attributable to common stockholders		(32,027	)		1,110			44,264			(10,307	)		(26,931	)
NOI (1)		151,737			157,035			167,404			37,124			38,948
Same Store NOI (2)		151,591			154,050						37,005			38,884
Same Store NOI Growth (%) (2)		-1.6	%								-4.8	%

Earnings Metrics Per Common Share (diluted basis)
Earnings (loss)	$	(1.26	)	$	0.04		$	1.69		$	(0.41	)	$	(1.06	)
FFO (1)	$	2.48		$	1.69		$	2.72		$	0.52		$	(0.25	)
Core FFO (1)	$	2.79		$	2.79		$	2.92		$	0.65		$	0.68
AFFO (1)	$	3.18		$	3.19		$	3.27		$	0.75		$	0.78
Dividends declared per common share	$	2.06		$	1.90		$	1.72		$	0.53		$	0.51
Net Income (Loss) Coverage (3)	-0.61x			0.02x			0.98x			-0.77x			-2.08x
FFO Coverage (3)	1.20x			0.89x			1.58x			0.98x			-0.50x
Core FFO Coverage (3)	1.35x			1.47x			1.70x			1.23x			1.32x
AFFO Coverage (3)	1.54x			1.68x			1.90x			1.42x			1.52x

Portfolio
Total Properties		36			35			38
Total Units (4)		13,305			12,984			14,133
Occupancy		92.7	%		94.7	%		94.7	%
Average Effective Monthly Rent per Unit	$	1,492		$	1,491		$	1,502

Same Store Portfolio Metrics (2)
Total Same Store Properties		35			35						35			35
Total Same Store Units		12,963			12,948						12,963			12,948
Occupancy		92.7	%		94.7	%					92.7	%		94.7	%
Average Effective Monthly Rent per Unit	$	1,489		$	1,491					$	1,489		$	1,491

Value-Add Program
Completed Rehab Units		1,518			388			2,073			388			58
Cumulative Completed Rehab Units (5)		9,866
Average Increase to Effective Monthly Rent per Unit (Post-Rehab)	$	158
ROI on Post-Rehab Units		20.8	%

Outstanding Debt Summary
Total Mortgage Debt	$	1,503,242		$	1,503,242		$	1,551,236
Credit Facilities		90,000			—			24,000
Total Debt Outstanding	$	1,593,242		$	1,503,242		$	1,575,236
Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)		68	%		59	%		64	%
Leverage Ratio (Net Debt to Enterprise Value) (6)		67	%		58	%		64	%

(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. Full year results are shown for the 2024-2025 Same Store properties; Q4 results are shown for the Q4 Same Store properties. For additional information regarding our Q4 and 2024-2025 Same Store properties, see the “Q4 Same Store Results” and “2024-2025 Same Store Results” section of this release.

(3)

Indicates coverage ratio of Net Income (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.

(4)

Total units owned is 13,305, however 22 units are currently down due to fires and repairs.

(5)

Inclusive of all full and partial interior upgrades completed through December 31, 2025. Cumulative results exclude rehabs completed for properties sold through December 31, 2025.

(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.


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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2026 Full Year Guidance Summary

NXRT is providing initial 2026 guidance ranges for earnings 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
	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 assuming Same Store pool of 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.


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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
FY 2025 NOI Actual			151,737
	Low			High
Estimated 1Q 2026 NOI Guidance (3)		37,595			38,534
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				13,704
Restricted Cash - Renovation Reserves (4)				7,639
Renovation Expenditures (4)				(7,639	)
Cash Adjustments				0
Fair Market Value of Interest Rate Swaps				13,434
Other Assets				37,748
Value of Assets	$	2,705,400				$	3,079,002

Tangible Liabilities
Credit Facility (5)			$	90,000
Mortgage Debt				1,503,242
Total Outstanding Debt				1,593,242
Forward 12-month Principal Payments				0
Total Outstanding Debt (FY 2026 Est.)				1,593,242
Other Tangible Liabilities (at Book)				28,008
Derivative Liability				475
Value of Liabilities			$	1,621,725
Net Leverage (mid-point)			56%
Net Asset Value	$	1,083,675				$	1,457,277
Shares outstanding - diluted (FY 2026 Est.)				26,156
Est. NAV / Share	$	41.43				$	55.72
NAV / Share (mid-point)			$	48.57

       IMPLIED VALUATION METRICS

      


	Min				Max
Implied Real Estate Value	$	2,640,514			$	3,014,116
No. of Units (December 31, 2025) (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 December 31, 2025).

(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 $10.8 million and $9.9 million for the first quarter of 2026. FY 2026 NOI Guidance considers a commensurate volume of capital recycling.

(4)

Includes approximately $7.6 million that is held for value-add upgrades; reduced by $7.6 million for estimated 2026 rehab expenditures.

(5)

Includes outstanding balance as of December 31, 2025.


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)

(Unaudited)


	December 31, 2025			December 31, 2024
ASSETS
Operating Real Estate Investments
Land	$	371,656		$	359,819
Buildings and improvements		1,812,311			1,738,677
Intangible lease assets		1,052			—
Construction in progress		8,535			1,267
Furniture, fixtures, and equipment		224,661			202,029
Total Gross Operating Real Estate Investments		2,418,215			2,301,792
Accumulated depreciation and amortization		(604,321	)		(508,569	)
Total Net Real Estate Investments		1,813,894			1,793,223
Cash and cash equivalents		13,704			23,148
Restricted cash		31,476			30,769
Accounts receivable, net		9,059			12,337
Prepaid and other assets		4,852			6,102
Fair value of interest rate swaps		13,434			41,841
TOTAL ASSETS	$	1,886,419		$	1,907,420

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable, net	$	1,469,410		$	1,463,650
Credit facility, net		88,102			—
Accounts payable and other accrued liabilities		11,554			11,351
Accrued real estate taxes payable		5,251			4,260
Accrued interest payable		7,053			7,630
Security deposit liability		2,980			2,954
Prepaid rents		1,170			1,425
Fair value of interest rate swaps		475			—
Total Liabilities	$	1,585,995		$	1,491,270

Redeemable noncontrolling interests in the OP		4,928			5,782

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; 25,364,470 and 25,403,537 shares issued and outstanding, respectively		254			254
Additional paid-in capital		406,628			407,429
Accumulated loss less dividends		(123,409	)		(38,030	)
Accumulated other comprehensive income		12,023			40,715
Total Stockholders' Equity		295,496			410,368
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,886,419		$	1,907,420


NXRT.NEXPOINT.COM	Page 10

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts)

(Unaudited)


	For the Year Ended December 31,
	2025			2024			2023
Revenues
Rental income	$	243,738		$	251,861		$	270,078
Other income		7,543			7,840			7,448
Total revenues		251,281			259,701			277,526
Expenses
Property operating expenses		53,918			56,583			57,838
Real estate taxes and insurance		32,374			33,062			36,847
Property management fees (1)		7,183			7,484			8,069
Advisory and administrative fees (2)		6,941			6,899			7,645
Corporate general and administrative expenses		17,945			19,399			17,146
Property general and administrative expenses		9,236			9,198			9,543
Depreciation and amortization		95,752			97,762			95,186
Total expenses		223,349			230,387			232,274
Operating income before gain on sales of real estate		27,932			29,314			45,252
Gain on sales of real estate (3)		—			54,246			67,926
Operating income		27,932			83,560			113,178
Interest expense		(60,735	)		(58,477	)		(67,106	)
Loss on extinguishment of debt and modification costs		—			(24,004	)		(2,409	)
Casualty loss		(167	)		(626	)		(856	)
Gain on forfeited deposits		—			—			250
Equity in earnings of affiliate		257			172			205
Miscellaneous income		559			489			1,171
Net income (loss)		(32,154	)		1,114			44,433
Net income (loss) attributable to redeemable noncontrolling interests in the OP		(127	)		4			169
Net income (loss) attributable to common stockholders	$	(32,027	)	$	1,110		$	44,264
Other comprehensive loss
Unrealized losses on interest rate derivatives		(28,805	)		(29,265	)		(32,413	)
Total comprehensive income (loss)		(60,959	)		(28,151	)		12,020
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the OP		(240	)		(111	)		46
Comprehensive income (loss) attributable to common stockholders	$	(60,719	)	$	(28,040	)	$	11,974

Weighted average common shares outstanding - basic		25,390			25,516			25,654
Weighted average common shares outstanding - diluted		25,390			26,246			26,245

Earnings (loss) per share - basic	$	(1.26	)	$	0.04		$	1.73
Earnings (loss) per share - diluted	$	(1.26	)	$	0.04		$	1.69

(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.

(3)

$31.5 million with a related party for the year ended December 31, 2024.


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 for the years ended December 31, 2025, 2024 and 2023, and our 2024-2025 and our Q4 Same Store NOI for the years and three months ended December 31, 2025 and 2024 to net income (loss), the most directly comparable GAAP financial measure (in thousands):


		For the Year Ended December 31,									For the Three Months Ended December 31,
		2025			2024			2023			2025			2024
Net income (loss)		$	(32,154	)	$	1,114			44,433		$	(10,348	)	$	(27,038	)
Adjustments to reconcile net income (loss) to NOI
Advisory and administrative fees			6,941			6,899			7,645			1,765			1,720
Corporate general and administrative expenses			17,945			19,399			17,146			4,150			4,875
Corporate income			(1,666	)		(2,215	)		(483	)		(462	)		(959	)
Casualty-related expenses/(recoveries)	(1)		264			1,389			(2,214	)		1,700			(249	)
Casualty loss			167			626			856			4			88
Gain on forfeited deposits			—			—			(250	)
Property general and administrative expenses	(2)		4,010			3,998			3,701			1,096			1,277
Depreciation and amortization			95,752			97,762			95,186			23,560			24,389
Interest expense			60,735			58,477			67,106			15,733			15,521
Equity in earnings of affiliate			(257	)		(172	)		(205	)		(74	)		(28	)
Loss on extinguishment of debt and modification costs			—			24,004			2,409			—			23,203
Gain on sales of real estate	(3)		—			(54,246	)		(67,926	)		—			(3,851	)
NOI		$	151,737		$	157,035		$	167,404		$	37,124		$	38,948
Less Non-Same Store
Revenues			(250	)		(5,478	)					(243	)		58
Operating expenses			104			2,496						124			(122	)
Operating income			—			(3	)					—			—
Same Store NOI		$	151,591		$	154,050					$	37,005		$	38,884

(1)

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

(2)

Adjustment to net income (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)

$31.5 million with a related party for the year ended December 31, 2024.


NXRT.NEXPOINT.COM	Page 12

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2024-2025 Same Store Results of Operations for the Years Ended December 31, 2025 and 2024

There are 35 properties encompassing 12,963 units of apartment space, or approximately 97% of our Portfolio, in our 2024-2025 Same Store properties. Our 2024-2025 Same Store properties exclude the following property in our Portfolio as of December 31, 2025: Sedona at Lone Mountain as well as the 21 units mentioned on page 1 that are currently down.

As of December 31, 2025, our 2024-2025 Same Store properties were approximately 92.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,489, which was a decrease of 200 bps and $2, respectively.

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2025 and 2024 for our 2024-2025 Same Store and Non-Same Store properties (dollars in thousands):


	For the Year Ended December 31,
	2025			2024		$ Change			% Change
Revenues
Same Store
Rental income	$	243,489		$	246,688	$	(3,199	)		-1.3	%
Other income		5,876			5,320		556			10.5	%
Same Store revenues		249,365			252,008		(2,643	)		-1.0	%
Non-Same Store
Rental income		249			5,173		(4,924	)	N/M
Other income		1			305		(304	)	N/M
Non-Same Store revenues		250			5,478		(5,228	)	N/M
Total revenues		249,615			257,486		(7,871	)		-3.1	%

Operating expenses
Same Store
Property operating expenses (1)		53,609			53,459		150			0.3	%
Real estate taxes and insurance		32,381			32,668		(287	)		-0.9	%
Property management fees (2)		7,175			7,279		(104	)		-1.4	%
Property general and administrative expenses (3)		5,168			5,038		130			2.6	%
Same Store operating expenses		98,333			98,444		(111	)		-0.1	%
Non-Same Store
Property operating expenses (4)		45			1,735		(1,690	)	N/M
Real estate taxes and insurance		(7	)		394		(401	)	N/M
Property management fees (2)		8			205		(197	)	N/M
Property general and administrative expenses (5)		58			162		(104	)	N/M
Non-Same Store operating expenses		104			2,496		(2,392	)	N/M
Total operating expenses		98,437			100,940		(2,503	)		-2.5	%

Operating income
Same Store
Miscellaneous income		559			486		73			15.0	%
Non-Same Store
Miscellaneous income		—			3		(3	)	N/M
Total operating income		559			489		70			14.3	%

NOI
Same Store		151,591			154,050		(2,459	)		-1.6	%
Non-Same Store		146			2,985		(2,839	)	N/M
Total NOI (6)	$	151,737		$	157,035	$	(5,298	)		-3.4	%

(1)

For the years ended December 31, 2025 and 2024, excludes approximately $1,531,000 and $625,000, respectively, of casualty-related recoveries.

(2)

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

(3)

For the years ended December 31, 2025 and 2024, excludes approximately $3,703,000 and $3,944,000, 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]

(4)

For the years ended December 31, 2025 and 2024, excludes approximately $0 and $16,000, respectively, of casualty-related expenses.

(5)

For the years ended December 31, 2025 and 2024, excludes approximately $307,000 and $54,000, 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.

(6)

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 2024-2025 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2025 and 2024 (dollars in thousands, except for per unit data):


	FY 2025			FY 2024			% Change
Same Store Total Units		12,963			12,948
Same Store Occupied Units		12,019			12,258
Same Store Ending Occupancy		92.7	%		94.7	%		-2.0	%
Same Store Average Rent per Unit	$	1,489		$	1,491			-0.1	%

Same Store Revenues
Same Store Rental Income	$	243,489		$	246,688			-1.3	%
Same Store Other Income		5,876			5,320			10.5	%
Total Same Store Revenues		249,365			252,008			-1.0	%

Same Store Operating Expenses
Payroll		19,192			19,926			-3.7	%
Repairs & Maintenance		22,574			22,022			2.5	%
Utilities		11,843			11,511			2.9	%
Real Estate Taxes		26,797			26,321			1.8	%
Insurance		5,584			6,347			-12.0	%
Property Management Fees		7,175			7,279			-1.4	%
Office Operations		3,678			3,706			-0.8	%
Marketing		1,490			1,332			11.9	%
Total Same Store Operating Expenses		98,333			98,444			-0.1	%

Same Store Operating Income
Miscellaneous income		559			486			15.0	%
Total Same Store Operating Income		559			486			15.0	%

2024-2025 Same Store NOI	$	151,591		$	154,050			-1.6	%


NXRT.NEXPOINT.COM	Page 14

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2024-2025 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		2025		2024		% Change	2025			2024			bps ∆		2025		2024		% Change
Texas
Dallas		1,944	$	1,227	$	1,226	0.1%		90.8	%		96.3	%		-550	$	31,266	$	31,836	-1.8%
Average/Total		1,944		1,227		1,226	0.1%		90.8	%		96.3	%		-550		31,266		31,836	-1.8%

North Carolina
Charlotte		504		1,398		1,380	1.3%		93.7	%		97.0	%		-330		9,155		9,200	-0.5%
Raleigh Durham		625		1,404		1,426	-1.5%		93.0	%		92.6	%		40		10,865		10,726	1.3%
Average/Total		1,129		1,401		1,405	-0.3%		93.3	%		94.6	%		-130		20,020		19,926	0.5%

Georgia
Atlanta		1,672		1,465		1,463	0.1%		92.6	%		93.9	%		-130		30,105		30,319	-0.7%
Average/Total		1,672		1,465		1,463	0.1%		92.6	%		93.9	%		-130		30,105		30,319	-0.7%

Tennessee
Nashville		1,338		1,255		1,281	-2.0%		92.2	%		94.4	%		-220		21,738		22,284	-2.5%
Average/Total		1,338		1,255		1,281	-2.0%		92.2	%		94.4	%		-220		21,738		22,284	-2.5%

Florida
Orlando		1,172		1,536		1,560	-1.5%		92.1	%		94.5	%		-240		22,140		22,744	-2.7%
Tampa		576		1,343		1,302	3.1%		91.7	%		93.6	%		-190		9,740		9,690	0.5%
South Florida		1,959		2,154		2,120	1.6%		94.5	%		95.4	%		-90		52,302		51,744	1.1%
Average/Total		3,707		1,833		1,816	0.9%		93.3	%		94.8	%		-150		84,182		84,178	0.0%

Arizona
Phoenix		2,009		1,391		1,443	-3.6%		94.5	%		93.8	%		70		36,148		37,912	-4.7%
Average/Total		2,009		1,391		1,443	-3.6%		94.5	%		93.8	%		70		36,148		37,912	-4.7%

Nevada
Las Vegas		1,164		1,364		1,336	2.1%		91.0	%		94.6	%		-360		20,030		20,233	-1.0%
Average/Total		1,164		1,364		1,336	2.1%		91.0	%		94.6	%		-360		20,030		20,233	-1.0%

Average/Total		12,963	$	1,489	$	1,491	-0.1%		92.7	%		94.7	%		-200	$	243,489	$	246,688	-1.3%

(1)

This table includes the 35 properties in our 2024-2025 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		Q4 2025		Q3 2025		% Change	Q4 2025			Q3 2025			bps ∆		Q4 2025		Q3 2025		% Change
Texas
Dallas		1,944	$	1,227	$	1,236	-0.7%		90.8	%		93.1	%		-230	$	7,647	$	7,780	-1.7%
Average/Total		1,944		1,227		1,236	-0.7%		90.8	%		93.1	%		-230		7,647		7,780	-1.7%

North Carolina
Charlotte		504		1,398		1,413	-1.1%		93.7	%		95.2	%		-150		2,294		2,303	-0.4%
Raleigh Durham		625		1,404		1,413	-0.6%		93.0	%		95.7	%		-270		2,741		2,765	-0.9%
Average/Total		1,129		1,401		1,413	-0.8%		93.3	%		95.5	%		-220		5,035		5,068	-0.7%

Georgia
Atlanta		1,672		1,465		1,457	0.5%		92.6	%		94.5	%		-190		7,424		7,514	-1.2%
Average/Total		1,672		1,465		1,457	0.5%		92.6	%		94.5	%		-190		7,424		7,514	-1.2%

Tennessee
Nashville		1,338		1,255		1,274	-1.5%		92.2	%		93.5	%		-130		5,305		5,453	-2.7%
Average/Total		1,338		1,255		1,274	-1.5%		92.2	%		93.5	%		-130		5,305		5,453	-2.7%

Florida
Orlando		1,172		1,536		1,553	-1.1%		92.1	%		92.7	%		-60		5,426		5,495	-1.3%
Tampa		576		1,343		1,349	-0.4%		91.7	%		94.4	%		-270		2,429		2,422	0.3%
South Florida		1,959		2,154		2,150	0.2%		94.5	%		94.8	%		-30		12,914		13,165	-1.9%
Average/Total		3,707		1,833		1,837	-0.2%		93.3	%		94.1	%		-80		20,769		21,082	-1.5%

Arizona
Phoenix		2,009		1,391		1,426	-2.5%		94.5	%		91.9	%		260		8,800		8,984	-2.0%
Average/Total		2,009		1,391		1,426	-2.5%		94.5	%		91.9	%		260		8,800		8,984	-2.0%

Nevada
Las Vegas		1,164		1,364		1,353	0.8%		91.0	%		92.6	%		-160		4,947		5,017	-1.4%
Average/Total		1,164		1,364		1,353	0.8%		91.0	%		92.6	%		-160		4,947		5,017	-1.4%

Average/Total		12,963	$	1,489	$	1,497	-0.5%		92.7	%		93.6	%		-90	$	59,927	$	60,898	-1.6%

(1)

This table includes the 35 properties in our Q4 Same Store pool.


NXRT.NEXPOINT.COM	Page 16

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q4 Same Store Results of Operations for the Three Months Ended December 31, 2025 and 2024

There are 35 properties encompassing 12,963 units of apartment space, or approximately 97% of our Portfolio, in our same store pool for the three months ended December 31, 2025 and 2024 (our “Q4 Same Store” properties). Our Q4 Same Store properties exclude the following property in our Portfolio as of December 31, 2025: Sedona at Lone Mountain as well as the 21 units mentioned on page 1 of this release that are currently down.

As of December 31, 2025, our Q4 Same Store properties were approximately 92.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,489, which was a decrease of 200 bps and $2, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended December 31, 2025 and 2024 for our Q4 Same Store and Non-Same Store properties (dollars in thousands):


	For the Three Months Ended December 31,
	2025		2024			$ Change			% Change
Revenues
Same Store
Rental income	$	59,927	$	61,652		$	(1,725	)		-2.8	%
Other income		1,455		1,238			217			17.5	%
Same Store revenues		61,382		62,890			(1,508	)		-2.4	%
Non-Same Store
Rental income		242		(83	)		325		N/M
Other income		1		25			(24	)	N/M
Non-Same Store revenues		243		(58	)		301		N/M
Total revenues		61,625		62,832			(1,207	)		-1.9	%

Operating expenses
Same Store
Property operating expenses (1)		13,812		13,539			273			2.0	%
Real estate taxes and insurance		7,546		7,619			(73	)		-1.0	%
Property management fees (2)		1,764		1,808			(44	)		-2.4	%
Property general and administrative expenses (3)		1,383		1,278			105			8.2	%
Same Store operating expenses		24,505		24,244			261			1.1	%
Non-Same Store
Property operating expenses (4)		43		44			(1	)		-2.3	%
Real estate taxes and insurance		16		(174	)		190		N/M
Property management fees (2)		8		3			5		N/M
Property general and administrative expenses (5)		57		5			52		N/M
Non-Same Store operating expenses		124		(122	)		246		N/M
Total operating expenses		24,629		24,122			507			2.1	%

Operating income
Same Store
Miscellaneous income		128		238			(110	)		-46.2	%
Non-Same Store
Miscellaneous income		—		—			—		N/M
Total operating income		128		238			(110	)		-46.2	%

NOI
Same Store		37,005		38,884			(1,879	)		-4.8	%
Non-Same Store		119		64			55		N/M
Total NOI (6)	$	37,124	$	38,948		$	(1,824	)		-4.7	%

(1)

For the three months ended December 31, 2025 and 2024, excludes approximately $95,000 and $622,000, respectively, of casualty-related recoveries.

(2)

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


NXRT.NEXPOINT.COM	Page 17

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(3)

For the three months ended December 31, 2025 and 2024, excludes approximately $1,007,000 and $1,290,000, 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 December 31, 2025 and 2024, excludes approximately $1,795,000 and $373,000, respectively, of casualty-related expenses.

(5)

For the three months ended December 31, 2025 and 2024, excludes approximately $89,000 and $(13,000), 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.

(6)

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 Q4 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended December 31, 2025 and 2024 (dollars in thousands, except for per unit data):


	Q4 2025			Q4 2024			% Change
Same Store Total Units		12,963			12,948
Same Store Occupied Units		12,019			12,258
Same Store Ending Occupancy		92.7	%		94.7	%		-2.0	%
Same Store Average Rent per Unit	$	1,489		$	1,491			-0.1	%

Same Store Revenues
Same Store Rental Income	$	59,927		$	61,652			-2.8	%
Same Store Other Income		1,455			1,238			17.5	%
Total Same Store Revenues		61,382			62,890			-2.4	%

Same Store Operating Expenses
Payroll		4,735			5,025			-5.8	%
Repairs & Maintenance		6,137			5,654			8.5	%
Utilities		2,940			2,860			2.8	%
Real Estate Taxes		6,246			5,916			5.6	%
Insurance		1,300			1,703			-23.7	%
Property Management Fees		1,764			1,808			-2.4	%
Office Operations		955			956			-0.1	%
Marketing		428			322			32.9	%
Total Same Store Operating Expenses		24,505			24,244			1.1	%

Same Store Operating Income
Miscellaneous income		128			238			-46.2	%
Total Same Store Operating Income		128			238			-46.2	%

Q4 Same Store NOI	$	37,005		$	38,884			-4.8	%


NXRT.NEXPOINT.COM	Page 18

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 income (loss), the most directly comparable GAAP financial measure, for the years ended December 31, 2025, 2024 and 2023 and for the three months ended December 31, 2025 and 2024 (in thousands, except per share amounts):


		For the Year Ended December 31,									For the Three Months Ended December 31,
		2025			2024			2023			2025			2024
Net income (loss)		$	(32,154	)	$	1,114		$	44,433		$	(10,348	)	$	(27,038	)
Depreciation and amortization			95,752			97,762			95,186			23,560			24,389
Gain on sales of real estate	(1)		—			(54,246	)		(67,926	)		—			(3,851	)
Adjustment for noncontrolling interests			(251	)		(176	)		(273	)		(52	)		26
FFO attributable to common stockholders			63,347			44,454			71,420			13,160			(6,474	)

FFO per share - basic		$	2.49		$	1.74		$	2.78		$	0.52		$	(0.25	)
FFO per share - diluted		$	2.48		$	1.69		$	2.72		$	0.52		$	(0.25	)

Loss on extinguishment of debt and modification costs			—			24,004			2,409			—			23,203
Casualty-related expenses/(recoveries)			264			1,389			(2,214	)		1,700			(249	)
Casualty loss			167			626			856			4			88
Gain on forfeited deposits			—			—			(250	)		—			—
Amortization of deferred financing costs			6,585			3,364			2,945			1,656			1,314
Mark-to-market adjustments of interest rate caps			961			(593	)		1,484			26			(124	)
Adjustment for noncontrolling interests			(31	)		(114	)		(20	)		(13	)		(96	)
Core FFO attributable to common stockholders			71,293			73,130			76,630			16,533			17,662

Core FFO per share - basic		$	2.81		$	2.87		$	2.99		$	0.65		$	0.70
Core FFO per share - diluted		$	2.79		$	2.79		$	2.92		$	0.65		$	0.68

Equity-based compensation expense			9,883			10,543			9,287			2,546			2,642
Adjustment for noncontrolling interests			(39	)		(42	)		(35	)		(10	)		(10	)
AFFO attributable to common stockholders			81,137			83,631			85,882			19,069			20,294

AFFO per share - basic		$	3.20		$	3.28		$	3.35		$	0.75		$	0.80
AFFO per share - diluted		$	3.18		$	3.19		$	3.27		$	0.75		$	0.78

Weighted average common shares outstanding - basic			25,390			25,516			25,654			25,364			25,404
Weighted average common shares outstanding - diluted	(2)		25,554			26,246			26,245			25,411			26,161

Dividends declared per common share		$	2.06		$	1.90		$	1.72		$	0.53		$	0.51

Net income (loss) Coverage - diluted	(3)	-0.61x			0.02x			0.98x			-0.77x			-2.08x
FFO Coverage - diluted	(3)	1.20x			0.89x			1.58x			0.98x			-0.50x
Core FFO Coverage - diluted	(3)	1.35x			1.47x			1.70x			1.23x			1.32x
AFFO Coverage - diluted	(3)	1.54x			1.68x			1.90x			1.42x			1.52x

(1)

$31.5 million with a related party for the year ended December 31, 2024.

(2)

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

(3)

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 19

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures


	FY 2025		FY 2024		% Change			Q4 2025		Q4 2024		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	73,250	$	—	N/M			$	73,250	$	—	N/A

Capitalized Rehab Expenditures
Interior		5,951		4,760		25.0	%		1,953		826	N/M
Exterior and common area		283		2,202	N/M				74		355	N/M

Capitalized Maintenance Expenditures
Recurring		14,442		11,681		23.6	%		3,845		2,553	N/M
Non-Recurring		15,425		11,088		39.1	%		4,043		2,882		40.3	%

Total Capital Expenditures	$	109,351	$	29,731	N/M			$	83,165	$	6,616	N/M


NXRT.NEXPOINT.COM	Page 20

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		202		1,204	$	1,399	$	9,293		16.1	%		25.1	%
Arbors on Forest Ridge		210		200		789		883		4,143		11.9	%		27.2	%
Atera Apartments		380		273		1,183		1,321		3,249		11.7	%		50.9	%
Avant at Pembroke Pines		1,520		847		1,833		2,066		16,208		12.7	%		17.2	%
Bella Solara		320		153		1,252		1,391		9,685		11.2	%		17.3	%
Bella Vista		248		220		1,457		1,594		10,125		9.4	%		16.2	%
Bloom		528		180		1,240		1,387		12,611		11.9	%		14.0	%
Brandywine I & II		632		638		1,023		1,204		10,444		17.8	%		20.9	%
Courtney Cove		324		353		970		1,068		4,438		10.0	%		26.3	%
Creekside at Matthews		240		120		1,332		1,507		8,935		13.1	%		23.5	%
Cutter's Point		196		190		984		1,094		5,845		11.2	%		22.6	%
Estates on Maryland		330		146		1,270		1,428		11,005		12.5	%		17.3	%
Fairways of San Marcos		352		204		1,434		1,576		10,166		9.9	%		16.8	%
High House at Cary		302		155		1,334		1,557		11,372		16.7	%		23.5	%
Madera Point		256		289		896		1,001		4,295		11.7	%		29.3	%
Parc500		217		256		1,364		1,534		13,101		12.5	%		15.6	%
Residences at Glenview Reserve		360		327		1,080		1,299		12,809		20.4	%		20.6	%
Residences at West Place		342		207		1,512		1,699		11,316		12.4	%		19.8	%
Rockledge Apartments		708		591		1,263		1,431		9,052		13.3	%		22.2	%
Sabal Palm at Lake Buena Vista		400		170		1,487		1,638		8,574		10.1	%		21.1	%
Seasons 704 Apartments		222		266		1,233		1,359		7,160		10.2	%		21.1	%
Six Forks Station		323		160		1,118		1,386		11,760		24.0	%		27.4	%
Summers Landing		196		87		1,028		1,197		8,612		16.5	%		23.6	%
Summit at Sabal Park		252		260		1,021		1,117		5,477		9.4	%		21.0	%
The Adair		232		172		1,722		1,992		11,370		15.7	%		28.6	%
The Cornerstone		430		577		1,049		1,141		4,642		8.8	%		23.9	%
The Enclave		204		187		1,454		1,627		9,725		11.9	%		21.3	%
The Heritage		204		190		1,387		1,515		9,170		9.2	%		16.8	%
The Preserve at Terrell Mill		752		867		894		1,060		10,417		18.6	%		19.1	%
The Verandas at Lake Norman		264		113		1,236		1,390		9,578		12.4	%		19.3	%
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		343		850		950		6,302		11.8	%		19.1	%
Versailles		388		411		815		897		5,019		10.2	%		19.8	%
Versailles II		242		121		843		934		4,021		10.8	%		27.2	%
Total/Weighted Average		12,984		9,866	$	1,172	$	1,329	$	9,115		13.5	%		20.8	%

(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 December 31, 2025.

(3)

Inclusive of all full and partial interior upgrades completed and leased through December 31, 2025.


NXRT.NEXPOINT.COM	Page 21

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		541		1,299		51		46.7	%
Brandywine I & II		632		218		1,085		72		79.5	%
Creekside at Matthews		240		179		1,099		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		95		1,233		55		53.5	%
Rockledge Apartments		708		628		825		40		58.2	%
Sabal Palm at Lake Buena Vista		400		634		599		86		171.8	%
Six Forks Station		323		198		1,087		55		60.7	%
Summers Landing		196		110		886		58		79.2	%
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		218		1,084		46		51.3	%
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		4,979	$	950	$	50		63.7	%

(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 December 31, 2025.

(3)

Inclusive of all kitchen and laundry appliance upgrades completed and leased through December 31, 2025.


NXRT.NEXPOINT.COM	Page 22

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 of San Marcos		352		352		901		40		42.3	%
Hight 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
Summit at Sabal Park		252		—	TBD		TBD		TBD
The Preserve at Terrell Mill		752		—	TBD		TBD		TBD
Sedona at Lone Mountain		321		—	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 December 31, 2025.

(3)

Inclusive of all smart home technology package upgrades completed and leased through December 31, 2025.


NXRT.NEXPOINT.COM	Page 23

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 December 31, 2025 (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		4.88%	10/1/2031
Avant at Pembroke Pines	Floating		84		248,185		4.88%	10/1/2031
Bella Vista	Floating		84		37,400		4.88%	10/1/2031
Brandywine I & II	Floating		84		59,526		4.88%	10/1/2031
Cornerstone	Floating		84		45,815		4.88%	10/1/2031
Estates on Maryland	Floating		84		37,345		4.88%	10/1/2031
High House at Cary	Floating		84		32,478		4.88%	10/1/2031
Residences at Glenview Reserve	Floating		84		33,271		4.88%	10/1/2031
Sabal Palm at Lake Buena Vista	Floating		84		56,220		4.88%	10/1/2031
Six Forks Station	Floating		84		30,430		4.88%	10/1/2031
Summers Landing	Floating		84		14,135		4.88%	10/1/2031
The Adair	Floating		84		33,229		4.88%	10/1/2031
The Enclave	Floating		84		33,440		4.88%	10/1/2031
The Heritage	Floating		84		29,810		4.88%	10/1/2031
The Venue on Camelback	Floating		84		36,465		4.88%	10/1/2031
The Verandas at Lake Norman	Floating		84		30,113		4.88%	10/1/2031
Versailles II	Floating		84		15,706		4.88%	10/1/2031
Arbors on Forest Ridge	Floating		84		17,307		4.88%	12/1/2031
Atera Apartments	Floating		84		38,555		4.88%	12/1/2031
Bella Solara	Floating		84		37,772		4.88%	12/1/2031
Bloom	Floating		84		60,848		4.88%	12/1/2031
Courtney Cove	Floating		84		31,596		4.88%	12/1/2031
Creekside at Matthews	Floating		84		28,703		4.88%	12/1/2031
Cutter's Point	Floating		84		18,994		4.88%	12/1/2031
Fairways at San Marcos	Floating		84		55,056		4.88%	12/1/2031
Madera Point	Floating		84		29,676		4.88%	12/1/2031
Parc500	Floating		84		30,012		4.88%	12/1/2031
Rockledge Apartments	Floating		84		78,444		4.88%	12/1/2031
Seasons 704 Apartments	Floating		84		33,960		4.88%	12/1/2031
The Preserve at Terrell Mill	Floating		84		74,341		4.88%	12/1/2031
The Summit at Sabal Park	Floating		84		26,735		4.88%	12/1/2031
Torreyana Apartments	Floating		84		43,153		4.88%	12/1/2031
Venue at 8651	Floating		84		24,620		4.88%	12/1/2031
Versailles	Floating		84		26,108		4.88%	12/1/2031
				$	1,503,242
Fair market value adjustment					291
Deferred financing costs, net of accumulated amortization of $6,979					(34,123	)
				$	1,469,410

(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 December 31, 2025, SOFR was 3.79%.


NXRT.NEXPOINT.COM	Page 24

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Credit Facility

The following table contains summary information concerning the Company's credit facility as of December 31, 2025 (dollars in thousands):


	Type	Term (months)		Outstanding Principal			Available Principal		Interest Rate (1)	Maturity Date
Credit Facility	Floating		36	$	90,000		$	108,000	5.69%	6/30/2028
Deferred financing costs, net of accumulated amortization of $380					(1,898	)
				$	88,102

(1)

Interest rate is based on term SOFR plus an applicable margin. Term SOFR as of December 31, 2025 was 3.69%.

Interest Rate Swap Agreements

As of December 31, 2025, 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 December 31, 2025, Adjusted SOFR and SOFR were 3.94% and 3.79%, 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 swap is Adjusted SOFR. As of December 31, 2025, Adjusted SOFR was 3.94%.


NXRT.NEXPOINT.COM	Page 25

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Interest Rate Cap Agreements

As of December 31, 2025, 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
The Venue on Camelback	Floating	2/1/2026	$	42,788		6.07	%
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	%
			$	1,512,213		7.98	%


NXRT.NEXPOINT.COM	Page 26

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of December 31, 2025 for the next five calendar years subsequent to December 31, 2025 and thereafter. We used the applicable reference rate as of December 31, 2025 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		$	1,503,242	$	—	$	—	$	33,817	$	—	$	—	$	1,469,425
Interest expense	(1)		383,407		53,068		64,161		66,712		68,223		70,888		60,355
Total		$	1,886,649	$	53,068	$	64,161	$	100,529	$	68,223	$	70,888	$	1,529,780
Credit Facility
Principal payments		$	90,000	$	—	$	—	$	90,000	$	—	$	—	$	—
Interest expense			12,002		4,910		4,698		2,394		—		—		—
Total		$	102,002	$	4,910	$	4,698	$	92,394	$	—	$	—	$	—


Total contractual obligations and commitments		$	1,988,651	$	57,978	$	68,859	$	192,923	$	68,223	$	70,888	$	1,529,780

(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 December 31, 2025, 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 December 31, 2025 to determine our expected settlements through the terms of the interest rate swaps.

(1)

As of December 31, 2025, we had total indebtedness of $1.6 billion at an adjusted weighted average interest rate of 3.28%, of which $1.6 billion was debt with a floating interest rate. The interest rate swap agreements effectively fix the interest rate on $0.9 billion, or 62%, 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 and SOFR on the $0.9 billion notional amount of interest rate swap agreements that we have entered into as of December 31, 2025, which effectively fix the interest rate on $0.9 billion of our floating rate mortgage debt outstanding.


NXRT.NEXPOINT.COM	Page 27

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 December 31, 2025.

(2)

Includes interior and exterior rehab.


NXRT.NEXPOINT.COM	Page 28

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 29

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) gain on forfeited deposits, (9) 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, gain on forfeited deposits, 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 30

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations

Reconciliation of Debt to Net Debt


(dollar amounts in thousands)	FY 2025			FY 2024			FY 2023
Total mortgage debt	$	1,503,242		$	1,503,242		$	1,551,236
Credit facilities		90,000			—			24,000
Total Debt		1,593,242			1,503,242			1,575,236
Adjustments to arrive at net debt:
Cash and cash equivalents		(13,704	)		(23,148	)		(12,367	)
Restricted cash held for value-add upgrades and green improvements		(7,639	)		(3,177	)		(2,929	)
Net Debt	$	1,571,899		$	1,476,917		$	1,559,940
Enterprise Value (1)	$	2,334,899		$	2,537,917		$	2,443,940
Leverage Ratio		67	%		58	%		64	%

(1)

Enterprise Value is calculated as Market Capitalization as of December 31, 2025 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 March 31, 2026 (in thousands):


		For the Year Ended December 31, 2026			For the Three Months Ended March 31, 2026
		Mid-Point (1)			Mid-Point (1)
Net loss		$	(36,114	)	$	(10,335	)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees			7,169			1,768
Corporate general and administrative expenses			19,112			4,675
Corporate income			(1,757	)		(472	)
Property general and administrative expenses	(2)		4,161			1,011
Depreciation and amortization			95,675			25,991
Interest expense			67,098			15,502
Equity in earnings of affiliate			(310	)		(75	)
NOI		$	155,034		$	38,064
Less Non-Same Store
Revenues	(3)		(6,387	)
Operating expenses	(3)		2,212
Same Store NOI	(3)	$	150,859

(1)

Mid-Point estimates shown for full year and first quarter 2026 guidance. Assumptions made for full year and first 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)

Amounts are derived from the results of operations of our 2026 Same Store properties (assuming 35 properties are in our Full Year 2026 Same Store pool) and Non-Same Store properties.


NXRT.NEXPOINT.COM	Page 31

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
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.


NXRT.NEXPOINT.COM	Page 32



Maryland	001-36663	47-1881359
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


☐	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))



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.


Exhibit Number		Exhibit Description

99.1		Press Release dated February 24, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


	NEXPOINT RESIDENTIAL TRUST, INC.

	By:		/s/ Paul Richards
			Name: Paul Richards Title: Chief Financial Officer, Executive VP-Finance, Treasurer and Assistant Secretary