Exhibit 99.1

20 February 2024 | NYSE: NXRT

EARNINGS SUPPLEMENT: FOURTH QUARTER & FULL YEAR 2023

NEXPOINT RESIDENTIAL TRUST, INC.

300 CRESCENT COURT, SUITE 700

DALLAS, TX 75201

INVESTOR RELATIONS:

KRISTEN THOMAS

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 2023 Activity	5
Financial Summary	8
2024 Full Year Guidance Summary	9
Components of Net Asset Value	10
Consolidated Balance Sheets	11
Consolidated Statements of Operations	12
NOI and Same Store NOI	13
2022-2023 Same Store Results	15
2022-2023 Same Store Properties Operating Metrics	17
QoQ Same Store Properties Operating Metrics	18
2021-2023 Same Store Results	19
Q4 Same Store Results	22
FFO, Core FFO and AFFO	24
Historical Capital Expenditures	25
Value-Add Program Details	26
Outstanding Debt Details	29
Debt Maturity Schedule	32
Historical Acquisition Details	33
Historical Disposition Details	34
Definitions and Reconciliations of Non-GAAP Measures	35

 THE ADAIR APARTMENT HOMES: SANDY SPRINGS, GA

 REVAMPED FITNESS CENTER

 COMMUNITY GARDEN AMENITY AREA

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Kristen Thomas

IR@nexpoint.com

(214) 276-6300

Media inquiries: Pro-Nexpoint@prosek.com

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

NXRT Recaps Disposition Activity, Value-Add Results and Issues 2024 Full Year Guidance

Dallas, TX, February 20, 2024 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the fourth quarter and year ended December 31, 2023.

Highlights

● NXRT¹ reported net income, FFO², Core FFO² and AFFO² of $44.3M, $71.4M, $73.5M and $84.4M, respectively, attributable to common stockholders for the year ended December 31, 2023, compared to net loss, FFO, Core FFO, and AFFO of $(9.3)M, $73.4M, $81.8M and $91.4M, respectively, attributable to common stockholders for the year ended December 31, 2022.

● For the year ended December 31, 2023, 2022-2023 Same Store properties³ average effective rent, total revenue and NOI² increased 0.1%, 7.1% and 8.2%, respectively, and occupancy increased 60 bps over the prior year period.

● During the year ended December 31, 2023, the Company completed the sales of Silverbrook and Timber Creek for a combined sales price of $119.0 million.

● The weighted average effective monthly rent per unit across all 38 properties held as of December 31, 2023 (the “Portfolio”), consisting of 14,133 units⁴, was $1,502, while physical occupancy was 94.7%.

● NXRT paid a fourth quarter dividend of $0.46242 per share of common stock on December 29, 2023; this cash dividend represented a $0.04242 per share, or 10.1% increase, over the prior quarter’s dividend. Since inception, NXRT has increased the dividend per share by 124.5%.

● During 2023, for the properties in the Portfolio, NXRT completed 2,073 full/partial upgrades and washer/dryer installation, achieving an average monthly rent premium of $190 and a 21.4% ROI⁵.

● Since inception, NXRT has completed installation of 8,534 full and partial upgrades, 4,761 kitchen and laundry appliances and 12,348 technology packages, resulting in $169, $49 and $43 average monthly rental increase per unit and 20.9%, 64.7% and 37.8% ROI, respectively.

● During the year ended December 31, 2023, the Company paid down $50.5 million of principal on its corporate credit facility.

(1) In this release, “we,” “us,” “our,” the “Company,” “NexPoint Residential Trust,” 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 33 properties encompassing 12,378 units of apartment space in our Same Store pool for the year ended December 31, 2023 (our “2022-2023” Same Store” properties). There are 35 properties encompassing 12,940 units of apartment space in our Q4 Same Store pool for the three months ended December 31, 2023 (our “Q4 Same Store” properties). The same store unit count excludes 44 units that are currently down due to fires (Rockledge: 20 units, Bella Solara: 8 units, Six Forks Station: 8 units, Versailles II: 7 units and Bloom: 1 unit).

(4) Total number of units owned as of December 31, 2023 is 14,133, however 45 units are currently down due to fires and water damage (Rockledge: 20 units, Bella Solara: 8 units, Six Forks Station: 8 units, Versailles II: 7 units, Bloom: 1 unit and Old Farm: 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.

NXRT.NEXPOINT.COM Page 1

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Full Year 2023 Financial Results

● Total revenues were $277.5 million for the full year 2023, compared to $264.0 million for the full year 2022.

● Net income for the full year 2023 totaled $44.3 million, or income of $1.69 per diluted share, which included a gain on sales of real estate of $67.9 million and $95.2 million of depreciation and amortization expense. This compared to net loss of $(9.3) million, or loss of $(0.36) per diluted share, which included a gain on sales of real estate of $14.7 million and $97.6 million of depreciation and amortization expense for the full year 2022.

● The change in our net income of $44.4 million for the year ended December 31, 2023 as compared to our net loss of $(9.3) million for the year ended December 31, 2022 primarily relates to increases in gains on sales of real estate and total revenues, partially offset by an increase in interest expense.

● For the full year 2023, NOI was $167.4 million on 38 properties, compared to $157.4 million for the full year 2022 on 40 properties.

● For the full year 2023, Same Store NOI increased 8.2% to $145.0 million, compared to $134.0 million for the full year 2022.

● For the full year 2023, FFO totaled $71.4 million, or $2.72 per diluted share, compared to $73.4 million, or $2.81 per diluted share, for the full year 2022. For the full year 2023, Core FFO totaled $73.5 million, or $2.80 per diluted share, compared to $81.8 million, or $3.13 per diluted share, for the full year 2022. For the full year 2023, AFFO totaled $84.4 million, or $3.22 per diluted share, compared to $91.4 million, or $3.49 per diluted share, for the full year 2022.

Fourth Quarter 2023 Financial Results

● Total revenues were $68.9 million for the fourth quarter of 2023, compared to $69.3 million for the fourth quarter of 2022.

● Net income for the fourth quarter of 2023 totaled $18.4 million, or income of $0.70 per diluted share, which included $24.3 million of depreciation and amortization expense and $18.3 million of interest expense. This compared to net income of $3.8 million, or income of $0.15 per diluted share, for the fourth quarter of 2022, which included $23.2 million of depreciation and amortization expense and $15.8 million of interest expense.

● The change in our net income of $18.4 million for the fourth quarter of 2023 as compared to our net income of $3.8 primarily relates to increases in gains on sales of real estate, partially offset by an increase in interest expense.

● For the fourth quarter of 2023, NOI was $42.2 million on 38 properties, compared to $41.8 million for the fourth quarter of 2022 on 40 properties.

● For the fourth quarter of 2023, Q4 Same Store NOI increased 4.5% to $39.1 million, compared to $37.4 million for the fourth quarter of 2022.

● For the fourth quarter of 2023, FFO totaled $17.8 million, or $0.68 per diluted share, compared to $12.2 million, or $0.47 per diluted share, for the fourth quarter of 2022. For the fourth quarter of 2023, Core FFO totaled $17.4 million, or $0.66 per diluted share, compared to $19.5 million, or $0.75 per diluted share, for the fourth quarter of 2022. For the fourth quarter of 2023, AFFO totaled $20.1 million, or $0.77 per diluted share, compared to $22.0 million, or $0.84 per diluted share, for the fourth quarter of 2022.

Fourth Quarter Earnings Conference Call

NXRT will host a call on Tuesday, February 20, 2024, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its full year and fourth quarter 2023 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 5, 2024, by dialing 800- 770- 2030 or, for international callers, +1 647-362-9199 and entering passcode 5001576.

About NXRT

NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange 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, pro-forma debt allocation and capital structure and related assumptions, including paydowns of property level debt in connection with dispositions and the paydown of the Company’s Corporate Credit Facility (as defined below) in Q1 2024 with the net proceeds from the sale of Old Farm, forecasted submarket deliveries, 2024 full year guidance and the related components and assumptions, including acquisitions and dispositions, shares outstanding, interest expense and the related components and same store growth projections, NXRT’s net asset value and the related components and assumptions, estimated value-add expenditures, estimated proceeds from dispositions, debt payments, dispositions, outstanding debt and shares outstanding, guidance for the first quarter 2024 and the related assumptions, planned value-add programs, including projected average rehab costs, rent change and return on investment, expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets, and expected acquisitions and dispositions, related timing, expected sales prices, estimated investment returns and net cash proceeds. 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 Securities and Exchange Commission, 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: FOURTH QUARTER & FULL YEAR 2023 OVERVIEW

Company Profile

(share counts in thousands)
Exchange/Ticker	NYSE: NXRT
Share Price (1)	$31.08
Insider Ownership (2)	13.49%
2024 Q1 Dividend Per Share	$0.46242
Dividend Yield (1)	5.95%
Shares outstanding - basic (3)	25,654
Shares outstanding - diluted (3)	26,245

(1) As of the close of market trading on February 16, 2024.

(2) As of the close of market trading on December 29, 2023.

(3) Weighted average for the year ended December 31, 2023.

Portfolio Composition by Market

Market	% of Units
Phoenix	14.2%
South Florida	13.9%
Dallas/Fort Worth	13.8%
Atlanta	12.0%
Nashville	9.5%
Orlando	8.3%
Las Vegas	8.2%
Houston	6.4%
Charlotte	5.2%
Raleigh	4.4%
Tampa	4.1%
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 Fourth Quarter and Full Year 2023 Activity

COMPLETED DISPOSITIONS

Property Name	Location	Date of Sale	Sales Price		IRR		Multiple on  Invested Capital		Net Cash Proceeds (1)
Silverbrook	Grand Prairie, TX	September 22, 2023	$	70,000		34.0%		6.14x	$	21,499
Timber Creek	Charlotte, NC	December 13, 2023		49,000		25.8%		4.45x		24,007
			$	119,000					$	45,506

(1) Net Cash Proceeds includes sale prices less debt paydown and closing costs.

(*)	2023		2022			2021		2020		2019		2018			2017		2016		2015
Net income (loss)	$	44,433	$	(9,291	)	$	23,106	$	44,150	$	99,438	$	(1,614	)	$	56,359	$	25,888	$	(10,992	)

NOI GROWTH*

DIVIDEND GROWTH

SAME STORE GROWTH

2021 to 2023

										2023 vs 2021		2023 vs 2021
	FY 2023			FY 2022			FY 2021			$ Change		% Change
Same Store Ending Occupancy		94.7	%		94.1	%		94.3	%				0.4	%
Same Store Average Rent per Unit	$	1,520		$	1,520		$	1,288		$	232		18.0	%
Same Store Revenues
Same Store Rental Income	$	207,034		$	193,060		$	167,971		$	39,063		23.3	%
Same Store Other Income		5,278			5,017			5,033			245		4.9	%
Total Same Store Revenues	$	212,312		$	198,077		$	173,004		$	39,308		22.7	%
Total Same Store Operating Expenses	$	82,607		$	78,682		$	70,862		$	11,745		16.6	%
Same Store Operating Income
Miscellaneous income	$	886		$	340		$	321			565		176.0	%
Total Same Store Operating Income	$	886		$	340		$	321		$	565		176.0	%
2021-2023 Same Store NOI	$	130,591		$	119,735		$	102,463		$	28,128		27.5	%

NXRT.NEXPOINT.COM Page 5

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

DISPOSITIONS IN PROCESS⁽¹⁾

Property Name	Location	Date of Sale	Sales Price		IRR		Multiple on Invested Capital		Net Cash Proceeds (2)
Old Farm	Houston, TX	Q1 2024 Expected	$	103,000		21.9%		2.92x	$	48,000
Radbourne Lake	Charlotte, NC	Q2 2024 Expected		39,250		19.2%		3.60x		18,100
			$	142,250					$	66,100

(1) The Old Farm and Radbourne Lake assets are both under contract for sale with material earnest money deposits. We expect to execute on these dispositions in the first half of 2024. Investment returns are estimated above and subject to change until the sales are finalized.

(2) Net Cash Proceeds includes sale prices less debt paydown and closing costs.

UPDATES TO CAPITAL STRUCTURE

Current Debt Allocation				Pro Forma Debt Allocation
As of:	12/31/2023			As of:	6/30/2024
Property Level Debt	1,551,235,411			Property Level Debt(2)	1,478,648,432
Corporate Facility	24,000,000			Corporate Facility(3)	—
Total Debt	1,575,235,411			Pro Forma Total Debt	1,478,648,432
Swapped to Fixed	1,167,500,000			Swapped to Fixed	1,067,500,000
Rate Capped Debt	359,610,432			Rate Capped Debt	280,623,432
Fixed Debt	33,817,000			Fixed Debt	33,817,000
Total Fixed	1,560,927,432			Total Fixed	1,381,940,432
% of Portfolio Fixed	99	%		% of Portfolio Fixed	93	%

(1) Pro forma property level debt assumes the Old Farm and Radbourne Lake mortgage notes are retired at the sale of those assets, reducing property level debt by $72.9 million by June 30, 2024.

(2) The Corporate Facility debt is expected to be retired using $24 million of net sales proceeds from the Old Farm sale, which is expected to close in the first quarter of 2024.

NXRT.NEXPOINT.COM Page 6

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FORECASTED SUBMARKET DELIVERIES ⁽¹⁾

Market	Submarket (RealPage)	Property	NXRT Unit  Exposure			2023 Q3 Inventory		Units Under Construction Completing in the Next Four Quarters		2023 Deliveries		2024 Deliveries		2025 Deliveries		2026 Deliveries		3-year Deliveries			3-year %  Growth
ATL	Southeast Marietta	Rockledge		708			14,110		0		0		0		0		0		0			0.0	%
ATL	Southeast Marietta	The Preserve at Terrell Mill		752			14,110		0		0		0		0		0		0			0.0	%
ATL	Sandy Springs	The Adair		232			20,205		286		0		286		0		0		286			1.4	%
CHA	Huntersville/Cornelius	The Verandas at Lake Norman		264			7,779		1,070		216		1,070		1,147		0		3,364			43.2	%
CHA	Matthews/Southeast Charlotte	Creekside at Matthews		240			11,736		343		416		320		402		0		1,124			9.6	%
CHA	North Charlotte	Radbourne Lake		225			18,992		3,885		1,624		4,385		1,249		462		7,345			38.7	%
DFW	East Fort Worth	The Venue at 8651		333			13,057		0		0		0		0		0		0			0.0	%
DFW	Far North Dallas	Versailles		388			29,558		897		0		897		0		0		897			3.0	%
DFW	Far North Dallas	Versailles II		242			29,558		897		0		897		0		0		897			3.0	%
DFW	Hurst/Euless/Bedford	Arbors on Forest Ridge		210			33,890		93		67		93		187		0		467			1.4	%
DFW	Hurst/Euless/Bedford	Summers Landing		196			33,890		93		67		93		187		0		467			1.4	%
DFW	Oak Lawn/Park Cities	Atera		380			20,594		152		117		152		856		503		2,367			11.5	%
DFW	Richardson	Cutters Point		196			19,253		711		0		711		384		0		1,479			7.7	%
HOU	Westchase	Old Farm		734			29,872		165		165		165		56		0		277			0.9	%
HOU	Westchase	Stone Creek at Old Farm		190			29,872		165		165		165		56		0		277			0.9	%
LSV	Northwest Las Vegas	Bella Solara		320			20,590		910		700		910		158		0		1,226			6.0	%
LSV	Northwest Las Vegas	Bloom		528			20,590		910		700		910		158		0		1,226			6.0	%
LSV	Southwest Las Vegas	Torreyana		316			19,531		2,028		937		2,083		426		0		2,935			15.0	%
NASH	East Nashville	Residences at Glenview Reserve		360			14,177		706		419		674		651		0		1,976			13.9	%
NASH	South Nashville	Arbors of Brentwood		346			17,102		623		840		623		116		0		855			5.0	%
NASH	South Nashville	Brandywine		632			17,102		623		840		623		116		0		855			5.0	%
ORL	East Orlando	The Cornerstone		430			21,867		725		307		590		279		0		1,148			5.2	%
ORL	Northwest Orlando	Residences at West Place		342			16,988		659		319		296		820		0		1,936			11.4	%
ORL	South Orange County	Sabal Palm at Lake Buena Vista		400			32,163		2,626		2,467		2,328		2,237		0		6,802			21.1	%
PHX	Chandler	Fairways at San Marcos		352			25,503		1,175		881		979		415		0		1,809			7.1	%
PHX	North Central Phoenix	Heritage		204			25,941		1,334		770		1,334		550		0		2,434			9.4	%
PHX	North Central Phoenix	The Venue on Camelback		415			25,941		1,334		770		1,334		550		0		2,434			9.4	%
PHX	Northeast Phoenix	Bella Vista		248			21,730		1,032		50		912		120		0		1,152			5.3	%
PHX	South Tempe	Enclave		204			17,726		144		259		144		0		0		144			0.8	%
PHX	Southwest Mesa	Madera Point		256			18,032		143		254		143		65		0		273			1.5	%
PHX	West Phoenix	Estates on Maryland		330			15,570		0		0		0		0		0		0			0.0	%
RDU	Far North Raleigh	Six Forks Station		323			12,224		983		1,414		948		0		0		948			7.8	%
RDU	North Cary/Morrisville	High House at Cary		302			20,895		2,095		767		2,237		133		0		2,503			12.0	%
SFL	Pembroke Pines/Miramar	Avant at Pembroke Pines		1,520			25,903		561		398		893		0		0		893			3.4	%
SFL	West Palm Beach	Parc500		217			32,232		2,060		1,282		1,933		0		0		1,933			6.0	%
SFL	West Palm Beach	Seasons 704		222			32,232		2,060		1,282		1,933		0		0		1,933			6.0	%
TPA	Egypt Lake/Lowry Park	Courtney Cove		324			12,846		0		0		0		245		0		490			3.8	%
TPA	Temple Terrace	The Summit at Sabal Park		252			16,002		0		0		0		0		0		0			0.0	%
Totals/Averages		Total		14,133			606,068		25,406		14,669		25,106		10,496		965		47,063			7.8	%

(1) Source: 2023 RealPage, Inc.; Data as of January 2024.

NXRT.NEXPOINT.COM Page 7

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary

	FY 2023			FY 2022			FY 2021			Q4 2023			Q4 2022
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization	$	884,000		$	1,112,000		$	2,138,000
Share Price (as of the last day of the period)	$	34.43		$	43.52		$	83.83
Weighted average common shares outstanding - basic		25,654			25,610			25,170			25,674			25,549
Weighted average common shares outstanding - diluted		26,245			25,610			25,760			26,298			26,077
Earnings Profile
Total revenues	$	277,526		$	263,952		$	219,240		$	68,892		$	69,349
Net income (loss) attributable to common stockholders		44,264			(9,260	)		23,037			18,351			3,787
NOI (1)		167,404			157,424			128,647			42,162			41,777
Same Store NOI (2)		144,999			134,020						39,060			37,392
Same Store NOI Growth (%) (2)		8.2	%								4.5	%
Earnings Metrics Per Common Share (diluted basis)
Earnings (loss)	$	1.69		$	(0.36	)	$	0.89		$	0.70		$	0.15
FFO (1)	$	2.72		$	2.81		$	2.47		$	0.68		$	0.47
Core FFO (1)	$	2.80		$	3.13		$	2.43		$	0.66		$	0.75
AFFO (1)	$	3.22		$	3.49		$	2.76		$	0.77		$	0.84
Dividends declared per common share	$	1.722		$	1.56		$	1.404		$	0.462		$	0.42
Net Income (Loss) Coverage		0.98x			-0.23x			0.63x			1.51x			0.36x
FFO Coverage (3)		1.58x			1.80x			1.76x			1.46x			1.12x
Core FFO Coverage (3)		1.63x			2.01x			1.73x			1.43x			1.78x
AFFO Coverage (3)		1.87x			2.24x			1.96x			1.66x			2.01x
Portfolio
Total Properties		38			40			39
Total Units (4)		14,133			15,127			14,825
Occupancy		94.7	%		94.1	%		94.3	%
Average Effective Monthly Rent per Unit	$	1,502		$	1,480		$	1,261
Same Store Portfolio Metrics (2)
Total Same Store Properties		33			33						35			35
Total Same Store Units		12,378			12,341						12,940			12,903
Occupancy		94.7	%		94.1	%					94.7	%		94.1	%
Average Effective Monthly Rent per Unit	$	1,509		$	1,508					$	1,516		$	1,513
Value-Add Program
Completed Full/Partial Interior Rehab Units		2,073			2,409			1,264			198			579
Cumulative Completed Rehab Units (5)		8,534
Average Increase to Effective Monthly Rent per Unit (Post-Rehab)	$	169
ROI on Post-Rehab Units		20.9	%
Outstanding Debt Summary
Total Mortgage Debt	$	1,551,236		$	1,607,028		$	1,281,146
Credit Facilities		24,000			74,500			280,000
Total Debt Outstanding	$	1,575,236		$	1,681,528		$	1,561,146
Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)		64	%		60	%		42	%
Leverage Ratio (Net Debt to Enterprise Value) (6)		64	%		60	%		41	%

(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 2022-2023 Same Store properties; Q4 results are shown for the Q4 Same Store properties. For additional information regarding our Q4 and 2022-2023 Same Store properties, see the “Q4 Same Store Results” and “2022-2023 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 14,133, however 45 units are currently down due to fires and water damage.

(5) Inclusive of all full and partial interior upgrades completed through December 31, 2023. Cumulative results exclude rehabs completed for properties sold through December 31, 2023.

(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 8

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2024 Full Year Guidance Summary

NXRT is providing initial 2024 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, interest expense and its related components and Acquisitions and Dispositions as follows (dollars in millions, except per share amounts):

	Guidance Range (1)
	Low-End			Mid-Point			High-End
Earnings per diluted share (2)	$	0.59		$	0.72		$	0.85
Core FFO per diluted share (2) (3)	$	2.60		$	2.72		$	2.85
Same Store Growth: (4)
Rental Income		1.4	%		2.3	%		3.2	%
Total Revenue		1.1	%		2.0	%		2.9	%
Total Expenses (5)		6.0	%		5.1	%		4.3	%
Same Store NOI (3)		-2.0	%		0.0	%		2.0	%
Components to Interest Expense:
Interest Expense on Mortgage Debt	$	(98.9	)	$	(99.8	)	$	(100.7	)
Interest Expense on Revolver		(1.1	)		(1.1	)		(1.1	)
Deferred Financing Cost & Discount Amortization		(2.4	)		(2.4	)		(2.4	)
Interest Rate Swap Settlement		45.0			45.7			46.3
Mark to Market – Fair Value of Rate Caps		0.2			0.5			0.9
Total Interest Expense	$	(57.2	)	$	(57.1	)	$	(57.0	)
Other Considerations: (5)
Acquisitions	$	—		$	100.0		$	200.0
Dispositions	$	150.0		$	225.0		$	300.0

(1) Full Year 2024 guidance forecast includes Same Store growth projections presented above, which takes into effect the sale of the held for sale properties of Old Farm, Stone Creek at Old Farm and Radbourne Lake, thereby removing those assets from the Full Year 2024 Same Store pool.

(2) Weighted average diluted share count estimate for full year 2024 is approximately 25.6 million.

(3) Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2024 Same Store NOI and Core FFO guidance to net income 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.

(4) Year-over-year growth for the Full Year 2024 pro forma Same Store pool (35 properties).

(5) 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 2024 financial and earnings guidance is included in the following sections of this release.

NXRT.NEXPOINT.COM Page 9

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 NAV SUMMARY

Property	NOI	Cap Rate Range (1)		Value Range (2)					Component	Min	Max
Market	Contribution	Min	Max	Min		Max			Tangible Assets
Texas									Real Estate (2)	$ 2,556,591	$ 2,903,972
Dallas/Fort Worth	10.8%	5.5%	6.0%	$	277,130	$	314,785		Cash	12,367
Houston	1.0%	5.5%	6.0%	$	25,002	$	28,399		Restricted Cash - Renovation Reserves (4)	2,929
									Renovation Expenditures (4)	(2,929)
North Carolina									Cash Adjustments (5)	(292)
Raleigh	4.2%	5.5%	6.0%		107,558		122,173		Fair Market Value of Interest Rate Swaps	71,028
Charlotte	3.8%	5.5%	6.0%		96,899		110,065		Other Assets	53,221
									Old Farm & Radbourne Lake Gross Sales Proceeds (6)	142,250
									Value of Assets	$ 2,835,165	$ 3,182,546
Georgia
Atlanta	12.1%	5.5%	6.0%		309,952		352,067		Tangible Liabilities
									Credit Facility (7)	$24,000
Tennessee									Mortgage Debt	1,551,236
Nashville	9.5%	5.5%	6.0%		242,166		275,071		Total Outstanding Debt	1,575,236
									Forward 12-month Principal Payments (5)	(292)
Florida									Total Outstanding Debt (FY 2024 Est.)	1,574,944
Orlando	8.8%	5.5%	6.0%		225,056		255,636		Other Tangible Liabilities (at Book)	42,701
Tampa	3.8%	5.5%	6.0%		95,952		108,990		Value of Liabilities	$1,617,645
South Florida	20.2%	5.5%	6.0%		517,553		587,876		Net Leverage (mid-point)	54%
									Net Asset Value	$ 1,217,520	$ 1,564,901
Nevada									Shares outstanding - diluted (FY 2024 Est.)	25,559
Las Vegas	8.5%	5.5%	6.0%		217,453		247,000		Est. NAV / Share	$  47.64	$  61.23
									NAV / Share (mid-point)	$54.43
Arizona
Phoenix	17.3%	5.5%	6.0%		441,870		501,910
Total / Ave	100.0%	5.5%	6.0%	$	2,556,591	$	2,903,972

NOI ESTIMATE IMPLIED VALUATION METRICS

4Q 2023 NOI Actual	42,162				Min		Max
FY 2023 NOI Actual	167,404			Implied Real Estate Value	$2,556,591		$2,903,972
				No. of Units (December 31, 2023) (2)	14,133
	Low	High		Implied Value/Apartment Unit	$ 180.9		$ 205.5
Estimated 1Q 2024 NOI Guidance (3)	39,920	40,802		Implied Value/Apartment Unit (mid-point)	$193.2
2024 NOI Guidance (3)	$ 153,395	$ 159,718

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

(2) Estimated value ranges are presented for the existing portfolio (38 properties at December 31, 2023).

(3) The Company anticipates net income will be in the range between approximately $15.2 million and $21.8 million for the full year 2024 and between $21.8 million and $23.1 million for the first quarter of 2024. FY 2024 NOI Guidance considers the forecasted dispositions of Old Farm and Radbourne Lake, and considers a commensurate volume of capital recycling.

(4) Includes approximately $2.9 million that is held for value-add upgrades; reduced by $2.9 million for estimated 2024 rehab expenditures.

(5) Includes approximately $0.3 million in forward 12-month principal payments.

(6) Old Farm and Radbourne Lake are under binding sales contracts and expected to close in the first half of the year.

(7) Includes outstanding balance as of December 31, 2023.

NXRT.NEXPOINT.COM Page 10

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	December 31, 2023			December 31, 2022
ASSETS
Operating Real Estate Investments
Land	$	359,819		$	378,438
Buildings and improvements		1,719,864			1,760,782
Construction in progress		8,322			10,622
Furniture, fixtures, and equipment		180,435			152,529
Total Gross Operating Real Estate Investments		2,268,440			2,302,371
Accumulated depreciation and amortization		(411,087	)		(349,276	)
Total Net Operating Real Estate Investments		1,857,353			1,953,095
Real estate held for sale, net of accumulated depreciation of $31,871 and $22,017, respectively		110,747			89,457
Total Net Real Estate Investments		1,968,100			2,042,552
Cash and cash equivalents		12,367			16,762
Restricted cash		32,912			35,037
Accounts receivable, net		14,598			17,121
Prepaid and other assets		8,640			10,425
Fair market value of interest rate swaps		71,028			103,440
TOTAL ASSETS	$	2,107,645		$	2,225,337
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgages payable, net	$	1,453,787		$	1,526,828
Mortgages payable held for sale, net		88,044			68,016
Credit facility, net		23,243			72,644
Accounts payable and other accrued liabilities		17,140			12,325
Accrued real estate taxes payable		11,230			7,232
Accrued interest payable		9,399			7,946
Security deposit liability		3,159			3,200
Prepaid rents		1,773			1,849
Total Liabilities	$	1,607,775		$	1,700,040
Redeemable noncontrolling interests in the Operating Partnership		5,246			5,631
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; 25,674,313 and 25,549,319 shares issued and outstanding, respectively		256			255
Additional paid-in capital		413,010			405,376
Accumulated earnings less dividends		11,493			11,880
Accumulated other comprehensive income		69,865			102,155
Total Stockholders’ Equity		494,624			519,666
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,107,645		$	2,225,337

NXRT.NEXPOINT.COM Page 11

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)

(Unaudited)

	For the Year Ended December 31,
	2023			2022			2021
Revenues
Rental income	$	270,078		$	257,855		$	213,505
Other income		7,448			6,097			5,735
Total revenues		277,526			263,952			219,240
Expenses
Property operating expenses		57,838			58,151			47,739
Real estate taxes and insurance		36,847			37,433			33,152
Property management fees (1)		8,069			7,636			6,334
Advisory and administrative fees (2)		7,645			7,547			7,631
Corporate general and administrative expenses		17,146			14,670			11,966
Property general and administrative expenses		9,543			9,298			7,332
Depreciation and amortization		95,186			97,648			86,878
Total expenses		232,274			232,383			201,032
Operating income before gain on sales of real estate		45,252			31,569			18,208
Gain on sales of real estate		67,926			14,684			46,214
Operating income		113,178			46,253			64,422
Interest expense		(67,106	)		(50,587	)		(44,623	)
Loss on extinguishment of debt and modification costs		(2,409	)		(8,734	)		(912	)
Casualty gain (loss)		(856	)		2,506			2,595
Gain on forfeited deposits		250			—			—
Equity in earnings of affiliate		205			—			—
Miscellaneous income		1,171			1,271			1,624
Net income (loss)		44,433			(9,291	)		23,106
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		169			(31	)		69
Net income (loss) attributable to common stockholders	$	44,264		$	(9,260	)	$	23,037
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(32,413	)		99,915			47,073
Total comprehensive income		12,020			90,624			70,179
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership		46			307			210
Comprehensive income attributable to common stockholders	$	11,974		$	90,317		$	69,969
Weighted average common shares outstanding - basic		25,654			25,610			25,170
Weighted average common shares outstanding - diluted		26,245			25,610			25,760
Earnings (loss) per share - basic	$	1.73		$	(0.36	)	$	0.92
Earnings (loss) per share - diluted	$	1.69		$	(0.36	)	$	0.89

(1) Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of the Operating Partnership (the “OP”).

(2) Fees incurred to the Company’s adviser.

NXRT.NEXPOINT.COM Page 12

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 2022-2023 and our Q4 Same Store NOI for the years and three months ended December 31, 2023 and 2022 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,
		2023			2022			2023			2022
Net income (loss)		$	44,433		$	(9,291	)	$	18,421		$	3,802
Adjustments to reconcile net income (loss) to NOI
Advisory and administrative fees			7,645			7,547			1,863			1,932
Corporate general and administrative expenses			16,663			14,670			3,920			3,554
Casualty-related expenses/(recoveries)	(1)		(2,214	)		1,119			(882	)		456
Casualty losses (gains)			856			(2,506	)		(124	)		(2,149	)
Gain on forfeited deposits			(250	)		—			—			—
Property general and administrative expenses	(2)		3,701			3,600			1,005			1,191
Depreciation and amortization			95,186			97,648			24,251			23,158
Interest expense			67,106			50,587			18,256			15,783
Equity in earnings of affiliate			(205	)		—			(28	)		—
Loss on extinguishment of debt and modification costs			2,409			8,734			316			8,734
Gain on sales of real estate			(67,926	)		(14,684	)		(24,836	)		(14,684	)
NOI		$	167,404		$	157,424		$	42,162		$	41,777
Less Non-Same Store
Revenues			(41,581	)		(44,017	)		(6,071	)		(9,298	)
Operating expenses			19,327			21,101			2,974			5,073
Operating income			(151	)		(488	)		(5	)		(160	)
Same Store NOI		$	144,999		$	134,020		$	39,060		$	37,392

(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.

NXRT.NEXPOINT.COM Page 13

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our NOI and our 2021-2023 Same Store NOI for the years ended December 31, 2023, 2022 and 2021 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

		For the Year Ended December 31,
		2023			2022			2021
Net income (loss)		$	44,433		$	(9,291	)	$	23,106
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			7,645			7,547			7,631
Corporate general and administrative expenses			16,663			14,670			11,966
Casualty-related expenses/(recoveries)	(1)		(2,214	)		1,119			(199	)
Casualty losses (gains)			856			(2,506	)		(2,595	)
Gain on forfeited deposits			(250	)		—			—
Property general and administrative expenses	(2)		3,701			3,600			2,539
Depreciation and amortization			95,186			97,648			86,878
Interest expense			67,106			50,587			44,623
Equity in earnings of affiliate			(205	)		—			—
Loss on extinguishment of debt and modification costs			2,409			8,734			912
Gain on sales of real estate			(67,926	)		(14,684	)		(46,214	)
NOI		$	167,404		$	157,424		$	128,647
Less Non-Same Store
Revenues			(64,731	)		(65,875	)		(46,236	)
Operating expenses			28,203			29,116			21,355
Operating income			(285	)		(930	)		(1,303	)
Same Store NOI		$	130,591		$	119,735		$	102,463

(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.

NXRT.NEXPOINT.COM Page 14

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2022-2023 Same Store Results of Operations for the Years Ended December 31, 2023 and 2022

There are 33 properties encompassing 12,378 units of apartment space, or approximately 88% of our Portfolio, in our 2022-2023 Same Store properties. Our 2022-2023 Same Store properties exclude the following 5 properties in our Portfolio as of December 31, 2023: Old Farm, Stone Creek at Old Farm, Radbourne Lake, The Adair, and Estates on Maryland as well as the 44 units mentioned on page 1 that are currently down.

As of December 31, 2023, our 2022-2023 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,509, a year-over-year increase of 60 bps and an increase of $1, respectively.

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2023 and 2022 for our 2022-2023 Same Store and Non-Same Store properties (dollars in thousands):

	For the Year Ended December 31,
	2023		2022		$ Change			% Change
Revenues
Same Store
Rental income	$	229,801	$	214,664	$	15,137			7.1	%
Other income		5,661		5,271		390			7.4	%
Same Store revenues		235,462		219,935		15,527			7.1	%
Non-Same Store
Rental income		40,277		43,191		(2,914	)		-6.7	%
Other income		1,304		826		478			57.9	%
Non-Same Store revenues		41,581		44,017		(2,436	)		-5.5	%
Total revenues		277,043		263,952		13,091			5.0	%
Operating expenses
Same Store
Property operating expenses (1)		49,221		46,389		2,832			6.1	%
Real estate taxes and insurance		30,740		29,443		1,297			4.4	%
Property management fees (2)		6,820		6,333		487			7.7	%
Property general and administrative expenses (3)		4,702		4,533		169			3.7	%
Same Store operating expenses		91,483		86,698		4,785			5.5	%
Non-Same Store
Property operating expenses (4)		10,831		10,643		188			1.8	%
Real estate taxes and insurance		6,107		7,990		(1,883	)		-23.6	%
Property management fees (2)		1,249		1,303		(54	)		-4.1	%
Property general and administrative expenses (5)		1,140		1,165		(25	)		-2.1	%
Non-Same Store operating expenses		19,327		21,101		(1,774	)		-8.4	%
Total operating expenses		110,810		107,799		3,011			2.8	%
Operating income
Same Store
Miscellaneous income		1,020		783		237			30.3	%
Non-Same Store
Miscellaneous income		151		488		(337	)		N/M
Total operating income		1,171		1,271		(100	)		-7.9	%
NOI
Same Store		144,999		134,020		10,979			8.2	%
Non-Same Store		22,405		23,404		(999	)		-4.3	%
Total NOI (6)	$	167,404	$	157,424	$	9,980			6.3	%

(1) For the years ended December 31, 2023 and 2022, excludes approximately $2,268,000 and $614,000, 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 15

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(3) For the years ended December 31, 2023 and 2022, excludes approximately $2,909,000 and $2,914,000, 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 years ended December 31, 2023 and 2022, excludes approximately $54,000 and $(2,136,000), respectively, of casualty-related expenses/(recoveries).

(5) For the years ended December 31, 2023 and 2022, excludes approximately $792,000 and $686,000, 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 2022-2023 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2023 and 2022 (dollars in thousands, except for per unit data):

	FY 2023			FY 2022			% Change
Same Store Total Units		12,378			12,341
Same Store Occupied Units		11,721			11,619
Same Store Ending Occupancy		94.7	%		94.1	%		0.6	%
Same Store Average Rent per Unit	$	1,509		$	1,508			0.1	%
Same Store Revenues
Same Store Rental Income	$	229,801		$	214,664			7.1	%
Same Store Other Income		5,661			5,271			7.4	%
Total Same Store Revenues		235,462			219,935			7.1	%
Same Store Operating Expenses
Payroll		19,061			18,077			5.4	%
Repairs & Maintenance		19,704			18,359			7.3	%
Utilities		10,456			9,953			5.1	%
Real Estate Taxes		25,249			24,225			4.2	%
Insurance		5,491			5,218			5.2	%
Property Management Fees		6,820			6,333			7.7	%
Office Operations		3,363			3,202			5.0	%
Marketing		1,339			1,331			0.6	%
Total Same Store Operating Expenses		91,483			86,698			5.5	%
Same Store Operating Income
Miscellaneous income		1,020			783			30.3	%
Total Same Store Operating Income		1,020			783			30.3	%
2022-2023 Same Store NOI	$	144,999		$	134,020			8.2	%

NXRT.NEXPOINT.COM Page 16

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2022-2023 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		2023		2022		% Change			2023		2022		bps Δ	2023		2022		% Change
Texas
Dallas			1,742		$1,270		$1,261		0.7	%		93.1%		95.0%	-190		$28,193		$26,138		7.9	%
Average/Total			1,742		1,270		1,261		0.7	%		93.1%		95.0%	-190		28,193		26,138		7.9	%
North Carolina
Charlotte			324		1,327		1,395		-4.9	%		95.4%		94.4%	100		5,395		4,919		9.7	%
Average/Total			324		1,327		1,395		-4.9	%		95.4%		94.4%	100		5,395		4,919		9.7	%
Georgia
Atlanta			1,440		1,407		1,449		-2.9	%		96.1%		93.8%	230		23,963		23,438		2.2	%
Average/Total			1,440		1,407		1,449		-2.9	%		96.1%		93.8%	230		23,963		23,438		2.2	%
Tennessee
Nashville			1,338		1,315		1,312		0.2	%		93.7%		94.9%	-120		22,243		21,033		5.8	%
Average/Total			1,338		1,315		1,312		0.2	%		93.7%		94.9%	-120		22,243		21,033		5.8	%
Florida
Orlando			1,172		1,583		1,568		1.0	%		94.4%		92.7%	170		22,167		20,119		10.2	%
Tampa			448		1,452		1,461		-0.6	%		94.6%		93.8%	80		8,052		7,479		7.7	%
South Florida			1,959		2,087		1,997		4.5	%		95.4%		95.0%	40		49,431		44,421		11.3	%
Average/Total			3,579		1,842		1,789		3.0	%		95.0%		94.1%	90		79,650		72,019		10.6	%
Arizona
Phoenix			2,800		1,457		1,458		-0.1	%		95.1%		94.7%	40		51,450		48,581		5.9	%
Average/Total			2,800		1,457		1,458		-0.1	%		95.1%		94.7%	40		51,450		48,581		5.9	%
Nevada
Las Vegas			1,155		1,354		1,455		-6.9	%		94.5%		91.1%	340		18,907		18,536		2.0	%
Average/Total			1,155		1,354		1,455		-6.9	%		94.5%		91.1%	340		18,907		18,536		2.0	%
Average/Total			12,378		$1,509		$1,508		0.1	%		94.7%		94.1%	60		$229,801		$214,664		7.1	%

(1) This table only includes the 33 properties in our 2022-2023 Same Store pool.

NXRT.NEXPOINT.COM Page 17

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 2023		Q3 2023		% Change			Q4 2023		Q3 2023		bps Δ	Q4 2023		Q3 2023		% Change
Texas
Dallas			1,938		$1,287		$1,291		-0.3	%		93.1%		94.6%	-150		$7,912		$7,941		-0.4	%
Average/Total			1,938		1,287		1,291		-0.3	%		93.1%		94.6%	-150		7,912		7,941		-0.4	%
North Carolina
Charlotte			504		1,391		1,406		-1.1	%		95.8%		93.5%	230		2,291		2,179		5.1	%
Raleigh Durham			617		1,436		1,474		-2.6	%		93.7%		92.9%	80		2,708		2,577		5.1	%
Average/Total			1,121		1,416		1,443		-1.9	%		94.6%		93.1%	150		4,999		4,756		5.1	%
Georgia
Atlanta			1,672		1,485		1,517		-2.1	%		96.2%		92.0%	420		7,604		7,297		4.2	%
Average/Total			1,672		1,485		1,517		-2.1	%		96.2%		92.0%	420		7,604		7,297		4.2	%
Tennessee
Nashville			1,338		1,315		1,312		0.2	%		93.7%		94.6%	-90		5,560		5,548		0.2	%
Average/Total			1,338		1,315		1,312		0.2	%		93.7%		94.6%	-90		5,560		5,548		0.2	%
Florida
Orlando			1,172		1,583		1,588		-0.3	%		94.4%		92.7%	170		5,551		5,535		0.3	%
Tampa			576		1,385		1,433		-3.3	%		95.3%		92.5%	280		2,486		2,407		3.3	%
South Florida			1,959		2,087		2,095		-0.4	%		95.4%		95.5%	-10		12,502		12,556		-0.4	%
Average/Total			3,707		1,819		1,832		-0.7	%		95.1%		94.2%	90		20,539		20,498		0.2	%
Arizona
Phoenix			2,009		1,477		1,487		-0.7	%		95.3%		95.0%	30		9,521		9,663		-1.5	%
Average/Total			2,009		1,477		1,487		-0.7	%		95.3%		95.0%	30		9,521		9,663		-1.5	%
Nevada
Las Vegas			1,155		1,354		1,368		-1.0	%		94.5%		93.2%	130		4,948		4,570		8.3	%
Average/Total			1,155		1,354		1,368		-1.0	%		94.5%		93.2%	130		4,948		4,570		8.3	%
Average/Total			12,940		$1,516		$1,529		-0.9	%		94.7%		93.9%	80		$61,083		$60,273		1.3	%

(1) This table only includes the 35 properties in our Q4 Same Store pool.

NXRT.NEXPOINT.COM Page 18

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2021-2023 Same Store Results of Operations for the Years Ended December 31, 2023, 2022 and 2021

There are 28 properties encompassing 11,061 units of apartment space, or approximately 78% of our Portfolio, in our same store pool for the years ended December 31, 2023, 2022 and 2021 (our “2021-2023 Same Store” properties). Our 2021-2023 Same Store properties exclude the following 10 properties in our Portfolio as of December 31, 2023: Old Farm, Stone Creek at Old Farm, Radbourne Lake, Cutter’s Point, The Verandas at Lake Norman, Creekside at Matthews, Six Forks Station, High House at Cary, The Adair, and Estates on Maryland as well as the 36 units mentioned on page 1 that are currently down.

As of December 31, 2023, our 2021-2023 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,520. As of December 31, 2022, our 2021-2023 Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,520. As of December 31, 2021, our 2021-2023 Same Store properties were approximately 94.3% leased with a weighted average monthly effective rent per occupied apartment unit of $1,288.

NXRT.NEXPOINT.COM Page 19

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2023, 2022 and 2021 for our 2021-2023 Same Store and Non-Same Store properties (dollars in thousands):

	For the Year Ended December 31,						2023 compared to 2022						2022 compared to 2021
	2023		2022		2021		$ Change			% Change			$ Change			% Change
Revenues
Same Store
Rental income	$	207,034	$	193,060	$	167,971	$	13,974			7.2	%	$	25,089			14.9	%
Other income		5,278		5,017		5,033		261			5.2	%		(16	)		-0.3	%
Same Store revenues		212,312		198,077		173,004		14,235			7.2	%		25,073			14.5	%
Non-Same Store
Rental income		63,044		64,795		45,534		(1,751	)		-2.7	%		19,261			42.3	%
Other income		1,687		1,080		702		607			56.2	%		378			53.8	%
Non-Same Store revenues		64,731		65,875		46,236		(1,144	)		-1.7	%		19,639			42.5	%
Total revenues		277,043		263,952		219,240		13,091			5.0	%		44,712			20.4	%
Operating expenses
Same Store
Property operating expenses (1)		44,358		42,015		36,848		2,343			5.6	%		5,167			14.0	%
Real estate taxes and insurance		27,941		26,945		25,505		996			3.7	%		1,440			5.6	%
Property management fees (2)		6,151		5,705		4,946		446			7.8	%		759			15.3	%
Property general and administrative expenses (3)		4,157		4,017		3,563		140			3.5	%		454			12.7	%
Same Store operating expenses		82,607		78,682		70,862		3,925			5.0	%		7,820			11.0	%
Non-Same Store
Property operating expenses (4)		15,694		15,017		11,090		677			4.5	%		3,927			35.4	%
Real estate taxes and insurance		8,906		10,488		7,647		(1,582	)		-15.1	%		2,841			37.2	%
Property management fees (2)		1,918		1,931		1,388		(13	)		-0.7	%		543			39.1	%
Property general and administrative expenses (5)		1,685		1,680		1,230		5			0.3	%		450			36.6	%
Non-Same Store operating expenses		28,203		29,116		21,355		(913	)		-3.1	%		7,761			36.3	%
Total operating expenses		110,810		107,798		92,217		3,012			2.8	%		15,581			16.9	%
Operating income
Same Store
Miscellaneous income		886		340		322		546			N/M			18			5.6	%
Non-Same Store
Miscellaneous income		284		931		1,303		(647	)		N/M			(372	)		-28.5	%
Total operating income		1,170		1,271		1,625		(101	)		-7.9	%		(354	)		-21.8	%
NOI
Same Store		130,591		119,735		102,463		10,856			9.1	%		17,272			16.9	%
Non-Same Store		36,813		37,689		26,184		(876	)		-2.3	%		11,505			43.9	%
Total NOI (6)	$	167,404	$	157,424	$	128,647	$	9,980			6.3	%	$	28,777			22.4	%

(1) For the years ended December 31, 2023, 2022 and 2021, excludes approximately $(2,008,000), $(2,096,000) and $142,000, 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 years ended December 31, 2023, 2022 and 2021, excludes approximately $2,619,000, $2,638,000 and $1,696,000, 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 years ended December 31, 2023, 2022 and 2021, excludes approximately $(206,000), $3,215,000 and $(341,000), respectively, of casualty-related expenses/(recoveries).

(5) For the years ended December 31, 2023, 2022 and 2021, excludes approximately $1,082,000, $963,000 and $843,000, 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 20

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(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 2021-2023 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except for per unit data):

	FY 2023			FY 2022			FY 2021			2023 vs 2022 % Change			2022 vs 2021 % Change
Same Store Total Units		11,061			11,023			11,082
Same Store Occupied Units		10,476			10,373			10,445
Same Store Ending Occupancy		94.7	%		94.1	%		94.3	%		0.6	%		-0.2	%
Same Store Average Rent per Unit	$	1,520		$	1,520		$	1,288			0.0	%		18.0	%
Same Store Revenues
Same Store Rental Income	$	207,034		$	193,060		$	167,971			7.2	%		14.9	%
Same Store Other Income		5,278			5,017			5,033			5.2	%		-0.3	%
Total Same Store Revenues		212,312			198,077			173,004			7.2	%		14.5	%
Same Store Operating Expenses
Payroll		17,091			16,120			14,766			6.0	%		9.2	%
Repairs & Maintenance		17,925			16,990			14,128			5.5	%		20.3	%
Utilities		9,342			8,901			7,954			5.0	%		11.9	%
Real Estate Taxes		23,214			22,374			21,411			3.8	%		4.5	%
Insurance		4,727			4,572			4,094			3.4	%		11.7	%
Property Management Fees		6,151			5,705			4,946			7.8	%		15.3	%
Office Operations		3,008			2,860			2,434			5.2	%		17.5	%
Marketing		1,149			1,160			1,129			-0.9	%		2.7	%
Total Same Store Operating Expenses		82,607			78,682			70,862			5.0	%		11.0	%
Same Store Operating Income
Miscellaneous income		886			340			321			160.6	%		5.9	%
Total Same Store Operating Income		886			340			321			160.6	%		5.9	%
2021-2023 Same Store NOI	$	130,591		$	119,735		$	102,463			9.1	%		16.9	%

NXRT.NEXPOINT.COM Page 21

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q4 Same Store Results of Operations for the Three Months Ended December 31, 2023 and 2022

There are 35 properties encompassing 12,940 units of apartment space, or approximately 92% of our Portfolio, in our same store pool for the three months ended December 31, 2023 and 2022 (our “Q4 Same Store” properties). Our Q4 Same Store properties exclude the following 3 properties in our Portfolio as of December 31, 2023: Old Farm, Stone Creek at Old Farm and Radbourne Lake as well as the 44 units mentioned on page 1 that are currently down.

As of December 31, 2023, our Q4 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,516, a year-over-year increase of 60 bps and an increase of $3, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended December 31, 2023 and 2022 for our Q4 Same Store and Non-Same Store properties (dollars in thousands):

	For the Three Months Ended December 31,
	2023		2022		$ Change			% Change
Revenues
Same Store
Rental income	$	61,083	$	58,830	$	2,253			3.8	%
Other income		1,409		1,221		188			15.4	%
Same Store revenues		62,492		60,051		2,441			4.1	%
Non-Same Store
Rental income		5,778		9,076		(3,298	)		-36.3	%
Other income		293		222		71			32.0	%
Non-Same Store revenues		6,071		9,298		(3,227	)		-34.7	%
Total revenues		68,563		69,349		(786	)		-1.1	%
Operating expenses
Same Store
Property operating expenses (1)		12,911		12,610		301			2.4	%
Real estate taxes and insurance		7,761		7,658		103			1.3	%
Property management fees (2)		1,813		1,729		84			4.9	%
Property general and administrative expenses (3)		1,233		1,247		(14	)		-1.1	%
Same Store operating expenses		23,718		23,244		474			2.0	%
Non-Same Store
Property operating expenses (4)		1,729		2,416		(687	)		-28.4	%
Real estate taxes and insurance		900		2,105		(1,205	)		N/M
Property management fees (2)		167		278		(111	)		-39.9	%
Property general and administrative expenses (5)		178		274		(96	)		-35.0	%
Non-Same Store operating expenses		2,974		5,073		(2,099	)		-41.4	%
Total operating expenses		26,692		28,317		(1,625	)		-5.7	%
Operating income
Same Store
Miscellaneous income		286		585		(299	)		-51.1	%
Non-Same Store
Miscellaneous income		5		160		(155	)		N/M
Total operating income		291		745		(454	)		-60.9	%
NOI
Same Store		39,060		37,392		1,668			4.5	%
Non-Same Store		3,102		4,385		(1,283	)		-29.3	%
Total NOI (6)	$	42,162	$	41,777	$	385			0.9	%

(1) For the three months ended December 31, 2023 and 2022, excludes approximately $(865,000) and $52,000, 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 December 31, 2023 and 2022, excludes approximately $826,000 and $1,048,000, 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 22

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(4) For the three months ended December 31, 2023 and 2022, excludes approximately $(17,000) and $404,000, respectively, of casualty-related expenses/(recoveries).

(5) For the three months ended December 31, 2023 and 2022, excludes approximately $179,000 and $143,000, 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, 2023 and 2022 (dollars in thousands, except for per unit data):

	Q4 2023			Q4 2022			% Change
Same Store Total Units		12,940			12,903
Same Store Occupied Units		12,259			12,143
Same Store Ending Occupancy		94.7	%		94.1	%		0.6	%
Same Store Average Rent per Unit	$	1,516		$	1,513			0.2	%
Same Store Revenues
Same Store Rental Income	$	61,083		$	58,830			3.8	%
Same Store Other Income		1,409			1,221			15.4	%
Total Same Store Revenues		62,492			60,051			4.1	%
Same Store Operating Expenses
Payroll		4,852			4,943			-1.8	%
Repairs & Maintenance		5,299			5,028			5.4	%
Utilities		2,760			2,639			4.6	%
Real Estate Taxes		6,326			6,276			0.8	%
Insurance		1,435			1,382			3.8	%
Property Management Fees		1,813			1,729			4.9	%
Office Operations		886			929			-4.6	%
Marketing		347			318			9.1	%
Total Same Store Operating Expenses		23,718			23,244			2.0	%
Same Store Operating Income
Miscellaneous income		286			585			N/M
Total Same Store Operating Income		286			585			N/M
Q4 Same Store NOI	$	39,060		$	37,392			4.5	%

NXRT.NEXPOINT.COM Page 23

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, 2023, 2022 and 2021 and for the three months ended December 31, 2023 and 2022 (in thousands, except per share amounts):

		For the Year Ended December 31,									For the Three Months Ended December 31,
		2023			2022			2021			2023			2022
Net income (loss)		$	44,433		$	(9,291	)	$	23,106		$	18,421		$	3,802
Depreciation and amortization			95,186			97,648			86,878			24,251			23,158
Gain on sales of real estate			(67,926	)		(14,684	)		(46,214	)		(24,836	)		(14,684	)
Adjustment for noncontrolling interests			(273	)		(276	)		(191	)		(68	)		(48	)
FFO attributable to common stockholders			71,420			73,397			63,579			17,768			12,228
FFO per share - basic		$	2.78		$	2.87		$	2.53		$	0.69		$	0.48
FFO per share - diluted		$	2.72		$	2.81		$	2.47		$	0.68		$	0.47
Loss on extinguishment of debt and modification costs			2,409			8,734			912			316			8,734
Casualty-related expenses/(recoveries)			(2,214	)		1,119			(199	)		(882	)		456
Casualty losses (gains)			856			(2,506	)		(2,595	)		(124	)		(2,149	)
Gain on forfeited deposits			(250	)		—			—			—			—
Amortization of deferred financing costs - acquisition term notes			1,321			1,083			737			330			297
Adjustment for noncontrolling interests			(8	)		(31	)		4			1			(28	)
Core FFO attributable to common stockholders			73,534			81,796			62,438			17,409			19,538
Core FFO per share - basic		$	2.87		$	3.19		$	2.48		$	0.68		$	0.76
Core FFO per share - diluted		$	2.80		$	3.13		$	2.42		$	0.66		$	0.75
Amortization of deferred financing costs - long term debt			1,624			1,696			1,460			402			449
Equity-based compensation expense			9,287			7,911			6,997			2,332			2,005
Adjustment for noncontrolling interests			(41	)		(37	)		(25	)		(11	)		(10	)
AFFO attributable to common stockholders			84,404			91,366			70,870			20,132			21,982
AFFO per share - basic		$	3.29		$	3.57		$	2.82		$	0.78		$	0.86
AFFO per share - diluted		$	3.22		$	3.49		$	2.75		$	0.77		$	0.84
Weighted average common shares outstanding - basic			25,654			25,610			25,170			25,674			25,549
Weighted average common shares outstanding - diluted	(1)		26,245			26,151			25,760			26,298			26,077
Dividends declared per common share		$	1.72242		$	1.56		$	1.40375		$	0.46242		$	0.42
Net income (loss) Coverage - diluted	(2)		0.98x			-0.23x			0.63x			1.51x			0.36x
FFO Coverage - diluted	(2)		1.58x			1.80x			1.76x			1.46x			1.12x
Core FFO Coverage - diluted	(2)		1.63x			2.01x			1.73x			1.43x			1.78x
AFFO Coverage - diluted	(2)		1.87x			2.24x			1.96x			1.66x			2.01x

(1) The Company uses actual 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 24

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures

	FY 2023		FY 2022		% Change			Q4 2023		Q4 2022		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	—	$	143,400		-100.0	%	$	—	$	—		N/A
Capitalized Rehab Expenditures
Interior		25,505		26,229		-2.8	%		3,606		8,645		N/M
Exterior and common area		11,730		9,957		17.8	%		1,360		3,083		N/M
Capitalized Maintenance Expenditures
Recurring		10,858		11,699		-7.2	%		1,356		2,720		N/M
Non-Recurring		7,915		7,509		5.4	%		1,274		2,131		-40.2	%
Total Capital Expenditures	$	56,007	$	198,794		-71.8	%	$	7,597	$	16,579		N/M

NXRT.NEXPOINT.COM Page 25

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		158		1,221	$	1,436	$	10,346		17.6	%		24.9	%
Arbors on Forest Ridge		210		180		814		916		4,388		12.6	%		27.9	%
Atera Apartments		380		233		1,207		1,356		3,420		12.4	%		52.5	%
Avant at Pembroke Pines		1,520		624		1,838		2,090		17,453		13.8	%		17.4	%
Bella Solara		320		129		1,284		1,446		11,232		12.6	%		17.3	%
Bella Vista		248		204		1,466		1,608		10,516		9.7	%		16.2	%
Bloom		528		160		1,241		1,405		14,199		13.2	%		13.8	%
Brandywine I & II		632		552		1,034		1,218		10,755		17.9	%		20.6	%
Courtney Cove		324		300		1,000		1,113		4,974		11.3	%		27.1	%
Creekside at Matthews		240		83		1,316		1,517		12,455		15.3	%		19.4	%
Cutter’s Point		196		158		1,004		1,133		6,732		12.9	%		23.0	%
Estates on Maryland		330		109		1,285		1,474		13,332		14.7	%		17.0	%
Fairways at San Marcos		352		145		1,508		1,699		13,665		12.7	%		16.8	%
High House at Cary		302		115		1,331		1,602		13,517		20.4	%		24.1	%
Madera Point		256		261		871		983		4,535		12.8	%		29.5	%
Parc500		217		219		1,307		1,497		14,668		14.5	%		15.5	%
Radbourne Lake		225		381		1,079		1,150		2,841		6.6	%		29.9	%
Residences at Glenview Reserve		360		252		1,116		1,334		13,431		19.6	%		19.5	%
Residences at West Place		342		156		1,504		1,710		11,892		13.7	%		20.8	%
Rockledge Apartments		708		470		1,237		1,444		11,091		16.7	%		22.4	%
Sabal Palm at Lake Buena Vista		400		94		1,634		1,871		12,984		14.5	%		21.9	%
Seasons 704 Apartments		222		232		1,228		1,371		7,836		11.6	%		21.8	%
Six Forks Station		323		134		1,145		1,435		12,784		25.4	%		27.2	%
Summers Landing		196		56		1,092		1,316		11,075		20.6	%		24.3	%
Summit at Sabal Park		252		239		1,004		1,105		5,854		10.1	%		20.8	%
The Adair		232		124		1,742		2,029		11,855		16.5	%		29.0	%
The Cornerstone		430		514		1,060		1,154		4,905		8.9	%		23.0	%
The Enclave		204		172		1,468		1,654		10,392		12.7	%		21.5	%
The Heritage		204		177		1,406		1,540		9,609		9.6	%		16.8	%
The Preserve at Terrell Mill		752		781		898		1,079		11,376		20.1	%		19.0	%
The Verandas at Lake Norman		264		90		1,354		1,571		11,041		16.1	%		23.7	%
The Venue on Camelback		415		280		776		1,028		10,269		32.4	%		29.4	%
Torreyana Apartments		316		56		1,477		1,609		13,435		9.0	%		11.9	%
Venue at 8651		333		298		822		933		6,982		13.5	%		19.1	%
Versailles		388		316		817		921		6,164		12.7	%		20.2	%
Versailles II		242		82		903		1,038		5,632		15.0	%		28.9	%
Total/Weighted Average		13,209		8,534	$	1,164	$	1,333	$	9,715		14.5	%		20.9	%

(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, 2023.

(3) Inclusive of all full and partial interior upgrades completed and leased through December 31, 2023.

NXRT.NEXPOINT.COM Page 26

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		313	$	858	$	50		69.7	%
Arbors on Forest Ridge		210		130		770		42		64.7	%
Atera Apartments		380		368		812		40		59.7	%
Avant at Pembroke Pines		1,520		352		1,382		49		42.3	%
Brandywine I & II		632		189		1,033		71		81.9	%
Creekside at Matthews		240		190		1,084		45		49.8	%
Cutter’s Point		196		141		756		46		72.9	%
Estates on Maryland		330		19		1,083		35		38.8	%
Madera Point		256		157		885		30		40.2	%
Radbourne Lake		225		224		717		40		66.9	%
Rockledge Apartments		708		620		819		40		58.6	%
Sabal Palm at Lake Buena Vista		400		634		599		86		171.8	%
Six Forks Station		323		196		1,087		55		60.7	%
Summers Landing		196		97		833		50		72.0	%
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		150		1,083		55		60.9	%
Venue at 8651		333		260		766		47		72.9	%
Versailles		388		306		868		50		68.4	%
Versailles II		242		138		885		28		38.4	%
Total/Weighted Average		8,103		4,761	$	907	$	49		64.7	%

(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, 2023.

(3) Inclusive of all kitchen and laundry appliance upgrades completed and leased through December 31, 2023.

NXRT.NEXPOINT.COM Page 27

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		913		45		48.0	%
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	%
Old Farm		734		734		928		45		47.2	%
Radbourne Lake		225		225		630		35		51.4	%
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	%
Stone Creek at Old Farm		190		190		909		45		48.2	%
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		12,348		12,348	$	1,093	$	43		37.8	%
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
Total/Weighted Average Planned		1,568		—		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, 2023.

(3) Inclusive of all smart home technology package upgrades completed and leased through December 31, 2023.

NXRT.NEXPOINT.COM Page 28

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, 2023 (dollars in thousands):

Operating Properties		Type		Term (months)		Outstanding Principal			Interest Rate (1)		Maturity Date
Arbors on Forest Ridge			Floating		120	$	19,184			6.89%		12/1/2032
Cutter’s Point			Floating		120		21,524			6.89%		12/1/2032
The Summit at Sabal Park			Floating		120		30,826			6.89%		12/1/2032
Courtney Cove			Floating		120		36,146			6.89%		12/1/2032
The Preserve at Terrell Mill			Floating		120		71,098			6.89%		12/1/2032
Versailles			Floating		120		40,247			6.89%		12/1/2032
Seasons 704 Apartments			Floating		120		33,132			6.89%		12/1/2032
Madera Point			Floating		120		34,457			6.89%		12/1/2032
Venue at 8651			Floating		120		18,690			6.89%		12/1/2032
The Venue on Camelback			Floating		120		42,788			7.52%		2/1/2033
Sabal Palm at Lake Buena Vista			Floating		84		42,100			6.76%		9/1/2025
Cornerstone			Floating		120		46,804			7.43%		12/1/2032
Parc500			Floating		120		29,416			6.89%		12/1/2032
Rockledge Apartments			Floating		120		93,129			6.89%		12/1/2032
Atera Apartments			Floating		120		46,198			6.89%		12/1/2032
Versailles II			Floating		84		12,061			6.64%		10/1/2025
Brandywine I & II			Floating		84		43,835			6.64%		10/1/2025
Bella Vista			Floating		84		29,040			6.78%		2/1/2026
The Enclave			Floating		84		25,322			6.78%		2/1/2026
The Heritage			Floating		84		24,625			6.78%		2/1/2026
Summers Landing	(2)		Floating		84		10,109			6.64%		10/1/2025
Residences at Glenview Reserve	(2)		Floating		84		25,574			6.90%		10/1/2025
Residences at West Place	(2)		Fixed		120		33,817			4.24%		10/1/2028
Avant at Pembroke Pines			Floating		84		177,101			6.89%		9/1/2026
Arbors of Brentwood			Floating		84		34,237			6.89%		10/1/2026
Torreyana Apartments			Floating		120		50,580			6.89%		12/1/2032
Bloom			Floating		120		59,830			6.89%		12/1/2032
Bella Solara			Floating		120		40,328			6.89%		12/1/2032
Fairways at San Marcos			Floating		120		60,228			6.89%		12/1/2032
The Verandas at Lake Norman			Floating		84		34,925			7.19%		7/1/2028
Creekside at Matthews			Floating		120		29,648			6.89%		12/1/2032
Six Forks Station			Floating		120		41,180			7.06%		10/1/2031
High House at Cary			Floating		84		46,625			7.35%		1/1/2029
The Adair			Floating		84		35,115			7.31%		4/1/2029
Estates on Maryland			Floating		84		43,157			7.31%		4/1/2029
						$	1,463,076
Fair market value adjustment							503	(3)
Deferred financing costs, net of accumulated amortization of $3,763							(9,792	)
						$	1,453,787
Held For Sale Properties
Old Farm			Floating		84	$	52,886			7.14%		7/1/2024
Stone Creek at Old Farm			Floating		84		15,274			7.14%		7/1/2024
Radbourne Lake			Floating		84		20,000			6.75%		10/1/2025
						$	88,160
Deferred financing costs, net of accumulated amortization of $827							(116	)
						$	88,044

(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”). Loans that transitioned from LIBOR to SOFR include a 0.11448% adjustment to SOFR for the all-in rate. As of December 31, 2023, SOFR was 5.344%.

(2) Debt was assumed upon acquisition of this property and recorded at approximated fair value.

(3) The Company reflected a valuation adjustment on its fixed rate debt for Residences at West Place to adjust it to fair market value on their respective dates 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 29

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Credit Facility

The following table contains summary information concerning the Company’s credit facility as of December 31, 2023 (dollars in thousands):

	Type		Term (months)		Outstanding Principal		Available Principal		Interest Rate (1)		Maturity Date
Corporate Credit Facility		Floating		36	$	24,000	$	326,000		7.60%		6/30/2025
Deferred financing costs, net of accumulated amortization of $2,250						(757)
					$	23,243

(1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of December 31, 2023 was 5.355%.

Interest Rate Swap Agreements

As of December 31, 2023, 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)
June 1, 2019	June 1, 2024	KeyBank	$	50,000		2.0020	%
June 1, 2019	June 1, 2024	Truist		50,000		2.0020	%
September 1, 2019	September 1, 2026	KeyBank		100,000		1.4620	%
September 1, 2019	September 1, 2026	KeyBank		125,000		1.3020	%
January 3, 2020	September 1, 2026	KeyBank		92,500		1.6090	%
March 4, 2020	June 1, 2026	Truist		100,000		0.8200	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.8450	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.9530	%
March 1, 2022	March 1, 2025	Truist		145,000		0.5730	%
March 1, 2022	March 1, 2025	Truist		105,000		0.6140	%
			$	1,167,500		1.0682	%(2)

(1) The floating rate option for the interest rate swaps is Adjusted SOFR. As of December 31, 2023, Adjusted SOFR was 5.459%.

(2) Represents the weighted average fixed rate of the interest rate swaps.

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

Effective Date	Termination Date	Counterparty	Notional Amount		Fixed Rate (1)
September 1, 2026	January 1, 2027	KeyBank	$	92,500		1.7980	%

(1) The floating rate option for the interest rate swaps is Adjusted SOFR. As of December 31, 2023, Adjusted SOFR was 5.459%.

(2) Represents the weighted average fixed rate of the forward interest rate swaps.

NXRT.NEXPOINT.COM Page 30

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Interest Rate Cap Agreements

As of December 31, 2023, the Company had the following interest rate caps outstanding that are not designated as cash flow hedges of interest rate risk (dollars in thousands):

Properties	Type		Maturity Date		Notional			Strike Rate
Residences at Glenview Reserve	Floating		10/1/2024		$	25,645			4.81%	(1)
Timber Creek	Floating		10/1/2024			24,100			4.99%	(1)
Brandywine I & II	Floating		10/1/2024			43,835			6.82%
Radbourne Lake	Floating		10/1/2024			20,000			6.46%
Summers Landing	Floating		10/1/2024			10,109			6.07%
Versailles II	Floating		10/1/2024			12,061			6.82%
The Verandas at Lake Norman	Floating		7/1/2024			34,925			3.40%	(1)
Creekside at Matthews	Floating		7/1/2024			31,900			4.40%	(1)
Six Forks Station	Floating		10/1/2024			41,180			4.00%	(1)
High House at Cary	Floating		1/1/2025			46,625			2.74%	(1)
Estates on Maryland	Floating		4/1/2025			43,157			3.91%	(1)
The Adair	Floating		4/1/2025			35,115			3.91%	(1)
Rockledge Apartments	Floating		12/1/2025			93,129			6.45%
The Preserve at Terrell Mill	Floating		12/1/2025			71,098			6.45%
Fairways at San Marcos	Floating		12/1/2025			60,228			6.70%
Bloom	Floating		12/1/2025			59,830			6.70%
Atera Apartments	Floating		12/1/2025			46,198			6.45%
Silverbrook	Floating		12/1/2025			46,088			6.45%
Torreyana Apartments	Floating		12/1/2025			50,580			6.70%
Cornerstone	Floating		12/1/2025			46,804			6.66%
Versailles	Floating		12/1/2025			40,247			6.45%
Bella Solara	Floating		12/1/2025			40,328			6.70%
Courtney Cove	Floating		12/1/2025			36,146			6.70%
Madera Point	Floating		12/1/2025			34,457			6.70%
Creekside at Matthews	Floating		12/1/2025			29,648			6.45%
Parc500	Floating		12/1/2025			29,416			6.45%
Seasons 704 Apartments	Floating		12/1/2025			33,132			6.70%
The Summit at Sabal Park	Floating		12/1/2025			30,826			6.70%
Cutter’s Point	Floating		12/1/2025			21,524			6.45%
Venue at 8651	Floating		12/1/2025			18,690			6.45%
The Heritage	Floating		2/1/2024			24,625			5.18%	(1)
The Enclave	Floating		2/1/2024			25,322			5.18%	(1)
Bella Vista	Floating		2/1/2024			29,040			5.18%	(1)
Sabal Palm at Lake Buena Vista	Floating		9/1/2024			42,100			6.20%
Arbors on Forest Ridge	Floating		12/1/2025			19,184			6.70%
Venue on Camelback	Floating		2/1/2026			42,788			6.07%
					$	1,340,080			5.90%

(1) As of December 31, 2023, these properties have rate caps that are below the 30-Day Average SOFR rate of 5.344%.

NXRT.NEXPOINT.COM Page 31

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of December 31, 2023 for the next five calendar years subsequent to December 31, 2023 and thereafter. We used the applicable reference rate as of December 31, 2023 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			2024			2025			2026			2027			2028			Thereafter
Operating Properties Mortgage Debt
Principal payments			$	1,463,076		$	292		$	133,388		$	290,324		$	—		$	80,641		$	958,431
Interest expense	(1	)		538,777			52,170			61,158			59,280			72,975			71,072			222,122
Total			$	2,001,853		$	52,462		$	194,546		$	349,604		$	72,975		$	151,713		$	1,180,553
Held For Sale Properties Mortgage Debt
Principal payments			$	88,160		$	68,160		$	20,000		$	—		$	—		$	—		$	—
Interest expense				4,784			3,778			1,006			—			—			—			—
Total			$	92,944		$	71,938		$	21,006		$	—		$	—		$	—		$	—
Credit Facility
Principal payments			$	24,000		$	—		$	24,000		$	—		$	—		$	—		$	—
Interest expense				2,770			1,857			913			—			—			—			—
Total			$	26,770		$	1,857		$	24,913		$	—		$	—		$	—		$	—
Total contractual obligations and commitments			$	2,121,567		$	126,257		$	240,465		$	349,604		$	72,975		$	151,713		$	1,180,553

(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, 2023, we had entered into 10 interest rate swap transactions with a combined notional amount of $1.2 billion. We have allocated the total impact of expected settlements on the $1.2 billion notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used Adjusted SOFR as of December 31, 2023 to determine our expected settlements through the terms of the interest rate swaps.

(1) As of December 31, 2023, we had total indebtedness of $1.6 billion at an adjusted weighted average interest rate of 6.91%, of which $1.5 billion was debt with a floating interest rate. The interest rate swap agreements we have entered into effectively fix the interest rate on $1.2 billion, or 77%, 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 1.0682% for Adjusted SOFR on the $1.2 billion notional amount of interest rate swap agreements that we have entered into as of December 31, 2023, which effectively fix the interest rate on $1.2 billion of our floating rate mortgage debt outstanding.

NXRT.NEXPOINT.COM Page 32

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		$1,449		$14,254		$67,876
Cutter’s Point	Richardson, TX		196		1/31/2014		15,845		1,379		17,224		87,878
The Summit at Sabal Park	Tampa, FL		252		8/20/2014		19,050		1,655		20,705		82,163
Courtney Cove	Tampa, FL		324		8/20/2014		18,950		1,635		20,585		63,534
Radbourne Lake	Charlotte, NC		225		9/30/2014		24,250		1,437		25,687		114,164
Sabal Palm at Lake Buena Vista	Orlando, FL		400		11/5/2014		49,500		1,346		50,846		127,115
Cornerstone	Orlando, FL		430		1/15/2015		31,550		2,610		34,160		79,442
The Preserve at Terrell Mill	Marietta, GA		752		2/6/2015		58,000		6,688		64,688		86,021
Versailles	Dallas, TX		388		2/26/2015		26,165		3,997		30,162		77,737
Seasons 704 Apartments	West Palm Beach, FL		222		4/15/2015		21,000		1,900		22,900		103,153
Madera Point	Mesa, AZ		256		8/5/2015		22,525		1,808		24,333		95,051
Venue at 8651	Fort Worth, TX		333		10/30/2015		19,250		4,626		23,876		71,700
Parc500	West Palm Beach, FL		217		7/27/2016		22,421		5,082		27,503		126,742
The Venue on Camelback	Phoenix, AZ		415		10/11/2016		44,600		6,018		50,618		121,971
Old Farm	Houston, TX		734		12/29/2016		84,721		1,135		85,856		116,970
Stone Creek at Old Farm	Houston, TX		190		12/29/2016		23,332		462		23,794		125,232
Rockledge Apartments	Marietta, GA		708		6/30/2017		113,500		7,685		121,185		171,165
Atera Apartments	Dallas, TX		380		10/25/2017		59,200		3,721		62,921		165,582
Versailles II	Dallas, TX		242		9/26/2018		24,680		2,843		27,523		113,731
Brandywine I & II	Nashville, TN		632		9/26/2018		79,800		7,787		87,587		138,587
Bella Vista	Phoenix, AZ		248		1/28/2019		48,400		3,414		51,814		208,927
The Enclave	Tempe, AZ		204		1/28/2019		41,800		2,608		44,408		217,686
The Heritage	Phoenix, AZ		204		1/28/2019		41,900		2,660		44,560		218,431
Summers Landing	Fort Worth, TX		196		6/7/2019		19,396		2,980		22,376		114,163
Residences at Glenview Reserve	Nashville, TN		360		7/17/2019		45,000		5,695		50,695		140,819
Residences at West Place	Orlando, FL		342		7/17/2019		55,000		4,129		59,129		172,892
Avant at Pembroke Pines	Pembroke Pines, FL		1,520		8/30/2019		322,000		32,583		354,583		233,278
Arbors of Brentwood	Nashville, TN		346		9/10/2019		62,250		4,248		66,498		192,191
Torreyana Apartments	Las Vegas, NV		316		11/22/2019		68,000		2,771		70,771		223,959
Bloom	Las Vegas, NV		528		11/22/2019		106,500		4,786		111,286		210,769
Bella Solara	Las Vegas, NV		320		11/22/2019		66,500		3,642		70,142		219,194
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		4,628		68,128		258,061
Creekside at Matthews	Charlotte, NC		240		6/30/2021		58,000		3,943		61,943		258,096
Six Forks Station	Raleigh, NC		323		9/10/2021		74,760		6,431		81,191		251,365
Hudson High House	Cary, NC		302		12/7/2021		93,250		1,677		94,927		314,328
The Adair	Sandy Springs, GA		232		4/1/2022		65,500		5,390		70,890		305,560
Estates on Maryland	Phoenix, AZ		330		4/1/2022		77,900		4,636		82,536		250,109
Total/Weighted Average			14,133			$	2,165,280		$165,850	$	2,331,130	$	164,942

(1) Only includes properties owned as of December 31, 2023.

(2) Includes interior and exterior rehab.

NXRT.NEXPOINT.COM Page 33

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
Total/Weighted Average			9,637	$	642,744	$	1,070,925	$	111,126			$	1,057,184	$	443,693

(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 34

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, 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) the impact of : (a) depreciation and amortization expenses and (b) gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (4) corporate general and administrative expenses, (5) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, (6) casualty-related expenses/(recoveries) and casualty gains (losses), (7) gain on forfeited deposits, (8) equity in earnings from affiliate and (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. 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 either not likely to occur on a regular basis or are otherwise not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as losses on extinguishment of debt and modification costs (includes prepayment penalties and defeasance costs incurred on the early payment of debt, the write-off of unamortized deferred financing costs and fair market value adjustments of assumed debt related to the retirement of debt, costs incurred in connection with a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment that are expensed), casualty-related expenses/and recoveries and gains (losses), gain on forfeited deposits, the amortization of deferred financing costs incurred in connection with obtaining short-term debt financing, and the noncontrolling interests (as described above) related to these items.

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 amortization of deferred financing costs incurred in connection with obtaining long-term debt financing, and the noncontrolling interests related to these items.

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 real estate investment trusts (“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 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 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 35

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations

Reconciliation of Debt to Net Debt

(dollar amounts in thousands)	FY 2023			FY 2022			FY 2021
Total mortgage debt	$	1,551,236		$	1,607,028		$	1,281,146
Credit facilities		24,000			74,500			280,000
Total Debt		1,575,236			1,681,528			1,561,146
Adjustments to arrive at net debt:
Cash and cash equivalents		(12,367	)		(16,762	)		(49,450	)
Restricted cash held for value-add upgrades and green improvements		(2,929	)		(11,894	)		(11,875	)
Net Debt	$	1,559,940		$	1,652,872		$	1,499,821
Enterprise Value (1)	$	2,443,940		$	2,764,872		$	3,637,821
Leverage Ratio		64	%		60	%		41	%

(1) Enterprise Value is calculated as Market Capitalization as of December 31, 2023 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 2024 NOI guidance to our net income (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2024 and for the three months ended March 31, 2024 (in thousands):

			For the Year Ended December 31, 2024			For the Three Months Ended March 31, 2024
			Mid-Point (1)			Mid-Point (1)
Net income			$	18,524		$	22,434
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees				7,675			1,908
Corporate general and administrative expenses				18,135			4,128
Property general and administrative expenses	(2	)		4,818			1,206
Depreciation and amortization				99,126			25,767
Interest expense				57,140			14,670
Loss on extinguishment of debt and modification costs				805			550
Equity in earnings of affiliate				(240	)		(60	)
Gain on sales of real estate				(49,427	)		(30,243	)
NOI	(3	)	$	156,556		$	40,360
Less Non-Same Store
Revenues	(4	)		(7,016	)
Operating expenses	(4	)		3,194
Same Store NOI	(4	)	$	152,734

(1) Mid-Point estimates shown for full year and first quarter 2024 guidance. Assumptions made for full year and first quarter 2024 NOI guidance include the Same Store operating growth projections included in the “2024 Full Year Guidance Summary” section of this release and the effect of the acquisition and dispositions throughout the fiscal year.

(2) Adjustment to net income 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) FY 2024 NOI Guidance considers the forecast dispositions of Old Farm, Stone Creek at Old Farm and Radbourne Lake, and considers a commensurate volume of capital recycling.

(4) Year-over-year growth for the Full Year 2024 pro forma Same Store pool (35 properties).

NXRT.NEXPOINT.COM Page 36

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reconciles our FFO, Core FFO and AFFO guidance to our net income (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2024 (in thousands, except per share data):

	For the Year Ended December 31, 2024
	Mid-Point
Net income	$	18,524
Depreciation and amortization		99,126
Gain on sales of real estate		(49,427	)
Adjustment for noncontrolling interests		(297	)
FFO attributable to common stockholders		67,926
FFO per share - diluted (1)	$	2.66
Loss on extinguishment of debt and modification costs		805
Amortization of deferred financing costs - acquisition term notes		872
Adjustment for noncontrolling interests		(3	)
Core FFO attributable to common stockholders		69,600
Core FFO per share - diluted (1)	$	2.72
Amortization of deferred financing costs - long term debt		1,656
Equity-based compensation expense		10,395
Adjustment for noncontrolling interests		(48	)
AFFO attributable to common stockholders		81,603
AFFO per share - diluted (1)	$	3.19
Weighted average common shares outstanding - diluted		25,559

(1) For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.6 million for the full year 2024.

The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2020, 2019, 2018, 2017, 2016 and 2015 (in thousands):

	For the Year Ended December 31,
	2020			2019			2018			2017			2016			2015
Net income (loss)	$	44,150		$	99,438		$	(1,614	)	$	56,359		$	25,888		$	(10,992	)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees		7,670			7,500			7,474			7,419			6,802			5,565
Corporate general and administrative expenses		10,035			9,613			7,808			6,275			4,014			2,455
Casualty-related expenses/(recoveries)		789			(34	)		(663	)		(287	)		151			25
Casualty losses		(5,886	)		3,488			—			—			—			—
Property general and administrative expenses		2,400			1,939			1,294			1,130			879			1,109
Depreciation and amortization		82,411			69,086			47,470			48,752			35,643			40,801
Interest expense		44,753			37,385			28,572			29,576			20,167			17,817
Loss on extinguishment of debt and modification costs		1,470			2,869			3,576			5,719			1,722			652
Gain on sales of real estate		(69,151	)		(127,684	)		(13,742	)		(78,365	)		(25,932	)		—
Acquisition costs		—			—			—			—			386			2,975
NOI	$	118,641		$	103,600		$	80,175		$	76,578		$	69,720		$	60,407

NXRT.NEXPOINT.COM Page 37

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reconciles our FFO, Core FFO and AFFO to our net income (loss) for the years ended December 31, 2020, 2019, 2018, 2017, 2016 and 2015 (in thousands):

	For the Year Ended December 31,
	2020			2019			2018			2017			2016			2015
Net income (loss)	$	44,150		$	99,438		$	(1,614	)	$	56,359		$	25,888		$	(10,992	)
Depreciation and amortization		82,411			69,086			47,470			48,752			35,643			40,801
Gain on sales of real estate		(69,151	)		(127,684	)		(13,742	)		(78,365	)		(25,932	)		—
Adjustment for noncontrolling interests		(172	)		(122	)		(96	)		(1,695	)		(4,583	)		(4,170	)
FFO attributable to common stockholders		57,238			40,718			32,018			25,051			31,016			25,639
FFO per share - basic	$	2.32		$	1.69		$	1.51		$	1.19		$	1.46		$	1.20
FFO per share - diluted	$	2.27		$	1.66		$	1.48		$	1.17		$	1.46		$	1.20
Acquisition costs		1,470			2,869			—			—			386			2,975
Loss on extinguishment of debt and modification costs		790			(34	)		3,576			5,719			1,722			652
Casualty-related expenses/(recoveries)		(5,886	)		3,488			(663	)		—			—			—
Change in fair value on derivative instruments - ineffective portion		510			—			—			(309	)		(1,683	)		—
Amortization of deferred financing costs - acquisition term notes		1,384			553			159			403			—			—
Adjustment for noncontrolling interests		6			(21	)		(9	)		(429	)		(94	)		(322	)
Core FFO attributable to common stockholders		55,512			47,573			35,081			30,435			31,347			28,944
Core FFO per share - basic	$	2.25		$	1.97		$	1.66		$	1.45		$	1.48		$	1.36
Core FFO per share - diluted	$	2.20		$	1.93		$	1.62		$	1.42		$	1.47		$	1.36
Amortization of deferred financing costs - long term debt		1,453			1,530			1,491			1,592			1,423			1,081
Equity-based compensation expense		5,504			5,130			4,198			3,108			825			—
Adjustment for noncontrolling interests		(21	)		(20	)		(17	)		(76	)		(140	)		(92	)
AFFO attributable to common stockholders		62,448			54,213			40,753			35,059			33,455			29,933
AFFO per share - basic	$	2.53		$	2.25		$	1.92		$	1.66		$	1.58		$	1.41
AFFO per share - diluted	$	2.47		$	2.20		$	1.88		$	1.64		$	1.57		$	1.41
Weighted average common shares outstanding - basic		24,715			24,116			21,189			21,057			21,232			21,294
Weighted average common shares outstanding - diluted		25,234			24,593			21,667			21,399			21,314			21,294

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