NexPoint Residential Trust (NXRT) is a publicly traded REIT that owns and operates Class B apartment communities — workforce housing — concentrated in Sun Belt markets across the Southeastern and Southwestern U.S. As of year-end 2025, NXRT owned 36 properties totaling 13,305 units across seven states, running at roughly 92.7% occupancy with an average effective rent of approximately $1,492 per unit per month. NXRT's core strategy is a "value-add" model: acquiring older, undermanaged Class B properties at discounts to replacement cost, then renovating units to drive rent increases. Since inception, NXRT has renovated nearly 10,000 units at an average cost of roughly $9,100 per unit, generating an average monthly rent increase of $158 per unit. NXRT is externally managed by NexPoint Real Estate Advisors and has no direct employees; all properties are managed by third-party operator BH Management Services. NXRT finances its portfolio predominantly with floating-rate agency mortgage debt, hedged with interest rate swaps, providing flexibility to refinance properties mid-renovation without large prepayment penalties. Capital allocation is split among value-add renovation CapEx, acquisitions of new properties where NXRT can redeploy its renovation playbook, asset sales to recycle capital from mature properties (via 1031 exchanges where possible), and share buybacks when the stock trades at a discount to management's NAV estimate.