Company Information - NexPoint Residential Trust, Inc. is a publicly traded REIT listed on the New York Stock Exchange under the symbol "NXRT" [3] - The company focuses on acquiring, owning, and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets, primarily in the Southeastern and Southwestern United States [3] - NexPoint Residential Trust is externally advised by NexPoint Real Estate Advisors, L.P. [3] Annual Meeting Details - The record date for determining stockholders entitled to vote at the 2026 Annual Meeting is set for Tuesday, March 31, 2026 [1] - The Annual Meeting will take place on Tuesday, June 2, 2026, starting at 10:00 a.m. Central Time and will be held exclusively in a virtual format [1] - Attendance at the Annual Meeting will be limited to stockholders of record and beneficial owners who provide proof of beneficial ownership as of the record date [2]

Core Insights - U.S. residential REITs, particularly NexPoint Residential Trust, Inc. (NXRT), are anticipated to recover in 2026 after a disappointing performance in 2025, despite a significant drop in 10-year U.S. treasury yields [1] Group 1: Company Performance - The performance of U.S. residential REITs has been lackluster in 2025, leading to expectations for a turnaround in 2026 [1] - The decline in 10-year U.S. treasury yields is noted as a potential factor influencing the performance of these REITs [1] Group 2: Investment Approach - The investment strategy focuses on fundamental long-term perspectives, primarily in REITs, preferred stocks, and high-yield bonds [1] - The approach includes combining long stock positions with covered calls and cash secured puts [1]

Financial Performance - The company reported a net income loss of $54.2 million and a decrease in rental income of $8.2 million for the year ended December 31, 2025, compared to the previous year[33]. - The company declared dividends totaling $53.8 million, or $2.06 per share, for the year ended December 31, 2025, with a 3.9% increase in the quarterly dividend to $0.53 per share[33]. - The occupancy rate for the company's portfolio was approximately 92.7% as of December 31, 2025, with a weighted average monthly effective rent of $1,492 per occupied unit[34]. Renovation and Property Management - As of December 31, 2025, the company completed renovations on 1,518 units at an average cost of $3,920 per unit, achieving an average rent growth of 13.5%, equating to a $158 monthly increase per unit[33]. - The company has completed full and partial renovations on 9,866 units, with an average cost of $9,115 per renovated unit, resulting in a return on investment of 20.8%[33]. - The company partners with BH Management Services for property management, leveraging their experience in managing approximately 92,000 multifamily units[49]. Financial Strategy and Leverage - The company aims to acquire Class B multifamily properties at discounts to replacement costs, focusing on markets with strong job growth and household formation[39]. - The company plans to reduce leverage to 40-45% loan-to-value over time while maintaining a strong balance sheet and liquidity[45]. - As of December 31, 2025, the company had total indebtedness of $1.6 billion at a weighted average interest rate of 4.90%, with all of it being floating rate debt[397]. Interest Rate Management - The interest rate swap agreements effectively fix the interest rate on 62% of the $1.5 billion of floating rate mortgage debt outstanding, resulting in an adjusted weighted average interest rate of 3.39%[397]. - The company has entered into interest rate cap agreements that effectively cap SOFR on $1.5 billion of floating rate mortgage debt at a weighted average rate of 7.98% for the term of the agreements[398]. - A quarter-point increase in SOFR would result in an approximate annual increase to interest expense of $1.6 million on the floating rate indebtedness[400]. - The company has entered into seven interest rate swap transactions with a combined notional amount of $0.9 billion, replacing the floating interest rate with a weighted average fixed rate of 1.36%[399]. Fees and Agreements - The Advisory Agreement requires an annual advisory fee of 1.00% of Average Real Estate Assets, capped at $4.5 million for Contributed Assets[58]. - The Administrative Fee is set at 0.20% of Average Real Estate Assets, with a cap of $890,000 for Contributed Assets[63]. - Total fees paid to the Adviser, including Advisory and Administrative Fees, will not exceed 1.5% of Average Real Estate Assets per calendar year[67]. - The Advisory Fee is payable monthly in cash or shares, based on the volume-weighted average closing price of common stock[61]. - BH operates and leases properties, charging a management fee of approximately 3% of monthly gross income from each property managed[77]. - The Management Agreements with BH will automatically renew on a month-to-month basis after the initial term[79]. - The Advisory Agreement has a one-year term and can be terminated with 30 to 60 days' notice[70]. Risk Management and Compliance - The company believes that its properties are in substantial compliance with the Americans with Disabilities Act and the Fair Housing Act, minimizing potential legal and financial liabilities[89][90]. - The company carries comprehensive general liability coverage and is insured against direct physical damage, including loss of rental income during reconstruction[92]. - The company is exposed to credit risk in derivative financial instruments, which is minimized by entering into transactions with major financial institutions that have high credit ratings[401].

Core Insights - NexPoint Residential Trust, Inc. reported a net loss of $10.3 million or $0.41 per diluted share for Q4 2025, compared to a net loss of $26.9 million or $1.06 per diluted share in Q4 2024, with total revenue slightly decreasing from $63.8 million to $62.1 million [4][7] - The company experienced a 4.7% decrease in Net Operating Income (NOI) for Q4 2025, totaling $37.1 million, down from $38.9 million in Q4 2024 [5] - For the full year 2025, the net loss was $32 million or $1.26 per diluted share, compared to a net income of $1.1 million or $0.04 per diluted share in 2024 [7][8] Financial Performance - Same store rental income decreased by 2.8% in Q4 2025, with occupancy closing at 92.7% [5][8] - Core Funds from Operations (FFO) for Q4 2025 was $16.5 million or $0.65 per diluted share, compared to $0.68 per diluted share in Q4 2024 [5] - The company repurchased 223,109 shares at an average price of $34.29, representing a 29% discount to the midpoint of Q4 2025 NAV [6] Portfolio and Market Insights - The company completed 380 renovations in Q4 2025, achieving an average monthly rent premium of $74 and a 22.2% return on investment [6] - The average effective rent for the same store portfolio was $1,489 per unit per month, down 10 basis points year-over-year [15] - Six out of ten same store markets showed positive year-over-year growth in effective rents, with Tampa leading at 3.1% [16] Guidance and Future Outlook - For 2026, the company projects a range for same store NOI growth between -2.5% and 1.5%, with a midpoint of -0.5% [14][22] - Total revenue guidance for 2026 is expected to grow between 0.1% and 2%, with total expenses projected to increase by 3.5% at the midpoint [13][24] - The company anticipates a continued focus on value-add programs, targeting approximately 300 full upgrades and 400 partial upgrades in 2026 [28] Strategic Initiatives - The company plans to enhance its portfolio by installing smart home technology and upgrading amenities to cater to an aging population, which is projected to double by 2030 [33][53] - Advances in AI are expected to streamline operations and reduce costs, contributing to a 3.7% decrease in total payroll costs year-over-year [19] - The company is optimistic about the Sun Belt multifamily market, anticipating a recovery in lease growth by 2027 due to a decline in new market rate deliveries [30][32]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $10.3 million, or $0.41 per diluted share, on total revenue of $62.1 million, compared to a net loss of $26.9 million, or $1.06 per diluted share, on total revenue of $63.8 million in Q4 2024, indicating an improvement in net loss despite a slight decrease in revenue [4] - The Q4 NOI was $37.1 million, a 4.7% decrease from $38.9 million in Q4 2024, with same-store rental income decreasing by 2.8% and same-store occupancy closing at 92.7% [5] - For the full year 2025, the net loss was $32 million, or $1.26 per diluted share, compared to a net income of $1.1 million, or $0.04 per diluted share, in 2024 [8] Business Line Data and Key Metrics Changes - The company completed 388 full and partial renovations in Q4 2025, leasing 275 renovated units with an average monthly rent premium of $74 and a 22.2% ROI [6] - Since inception, the company has completed 9,866 upgrades, resulting in average monthly rental increases of $158, $50, and $43 for different upgrades, with respective ROIs of 20.8%, 63.7%, and 37.2% [7] Market Data and Key Metrics Changes - Same-store average effective rents closed at $1,489 per unit per month, down 10 basis points year-over-year, with six of ten same-store markets showing positive year-over-year growth [16] - The same-store portfolio closed the year at 92.7% occupancy, down 195 basis points year-over-year, with South Florida leading at 94.5% [16] Company Strategy and Development Direction - The company plans to improve economic occupancy by approximately 900 basis points over four years through targeted upgrades and enhancements [21] - The 2026 guidance includes a projected same-store NOI growth range of -2.5% to 1.5%, with a midpoint of -0.5% [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the Sun Belt multifamily market, anticipating an inflection point in lease growth due to reduced new supply and strong job growth [30] - The demographic profile of renters is shifting, with an increasing average age and household income, indicating a potential for higher demand for amenities catering to older populations [66] Other Important Information - The company has a total indebtedness of $1.6 billion with an adjusted weighted average interest rate of 3.28%, and no scheduled debt maturities until 2028 [12] - The company repurchased 223,109 shares at a weighted average price of $34.29 per share during 2025 [6] Q&A Session Summary Question: Refurbishment and remodeling plans for 2026 - The company plans to do 300 full upgrades and 400 partial upgrades, totaling around 1,700 units, similar to 2025 [38] Question: Interest rate swaps and their impact - Management is monitoring the swap market closely and is cautious about layering in additional swaps due to current market conditions [45] Question: January and February leasing trends - January new leases were down 7%, while February showed improvement with new leases down 5.7% [49] Question: Dividend coverage by cash flow - The dividend is covered by cash flow, targeting a ratio of 65%-75% of core AFFO [58] Question: Senior renter population trends - The company is seeing an increase in the average age and income of renters, indicating a shift in demand for amenities catering to older populations [66]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $10.3 million, or $0.41 per diluted share, on total revenue of $62.1 million, compared to a net loss of $26.9 million, or $1.06 per diluted share, on total revenue of $63.8 million in Q4 2024, indicating an improvement in net loss [4] - The company's NOI for Q4 was $37.1 million, a 4.7% decrease from $38.9 million in Q4 2024 [5] - Core FFO for Q4 was $16.5 million, or $0.65 per diluted share, compared to $0.68 per diluted share in Q4 2024 [5] - For the full year 2025, the net loss was $32 million, or a loss of $1.26 per diluted share, compared to net income of $1.1 million, or income of $0.04 per diluted share for 2024 [7][8] - The company reported a decrease in same-store NOI of 1.6% for the full year 2025 compared to 2024 [9] Business Line Data and Key Metrics Changes - The company completed 388 full and partial renovations in Q4 2025, leasing 275 renovated units with an average monthly rent premium of $74 and a 22.2% ROI [6] - Since inception, the company has completed 9,866 upgrades, resulting in significant average monthly rental increases per unit [7] Market Data and Key Metrics Changes - Same-store average effective rents closed at $1,489 per unit per month, down 10 basis points year-over-year, with six of ten markets showing positive growth [16] - Same-store occupancy closed at 92.7%, down 195 basis points year-over-year, with South Florida leading at 94.5% [16] Company Strategy and Development Direction - The company plans to improve economic occupancy by approximately 900 basis points over four years through targeted renovations and technology upgrades [21] - The company is optimistic about the Sun Belt multifamily market, anticipating a positive inflection point in lease growth due to reduced new supply and strong job growth [30][34] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, projecting a range of rental income growth and same-store NOI changes, with expectations of improved market conditions in the second half of the year [13][22] - The company is focusing on leveraging AI technology to enhance operational efficiency and drive value-add programs [29] Other Important Information - The company has a $200 million revolving credit facility with JPMorgan Chase Bank, improving pricing across leverage tiers [11] - The company has $121.7 million of available liquidity as it heads into 2026 [12] Q&A Session Summary Question: Refurbishment and remodeling plans for 2026 - The company plans to do 300 full upgrades and 400 partial upgrades, totaling around 1,700 units, similar to 2025 [38] Question: Interest rate swaps and market outlook - Management is monitoring the swap market closely and is cautious about layering in additional swaps due to current pricing [43][46] Question: January and February leasing trends - January new leases were down 7%, while February showed improvement with new leases down 5.7% [49] Question: Dividend coverage by cash flow - The dividend is covered by cash flow, with a target ratio of 65%-75% of core AFFO [58] Question: Senior renter population trends - The company is seeing an increase in the average age and income of renters, indicating a shift in demographic trends [66][67]

Core Viewpoint - NexPoint Residential Trust Inc. (NXRT) reported quarterly funds from operations (FFO) of $0.75 per share, exceeding the Zacks Consensus Estimate of $0.72 per share, but down from $0.78 per share a year ago, indicating a slight decline in year-over-year performance [1] Group 1: Financial Performance - The company achieved an FFO surprise of +4.17% for the quarter, having previously expected an FFO of $0.79 per share but reporting $0.80, resulting in a surprise of +1.27% [1] - Revenues for the quarter were $62.09 million, missing the Zacks Consensus Estimate by 1.18%, and down from $63.79 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus FFO estimates three times but has not beaten consensus revenue estimates [2] Group 2: Market Performance and Outlook - NexPoint Residential Trust Inc. shares have declined approximately 1.4% since the beginning of the year, while the S&P 500 has seen a minor decline of 0.1% [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the outlook for FFO [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.74 on revenues of $63.26 million, and for the current fiscal year, it is $2.79 on revenues of $257.21 million [7] Group 3: Industry Context - The REIT and Equity Trust - Residential industry, to which NexPoint belongs, is currently ranked in the bottom 25% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which could impact NexPoint's stock performance [5][6]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $10.3 million, or $0.41 per diluted share, on total revenue of $62.1 million, compared to a net loss of $26.9 million, or $1.06 per diluted share, on total revenue of $63.8 million in Q4 2024, indicating an improvement in net loss [5][9] - The company's NOI for Q4 was $37.1 million, a 4.7% decrease from $38.9 million in Q4 2024 [6] - Core FFO for Q4 was $16.5 million, or $0.65 per diluted share, down from $0.68 per diluted share in Q4 2024 [6] - For the full year 2025, the net loss was $32 million, or $1.26 per diluted share, compared to a net income of $1.1 million, or $0.04 per diluted share, in 2024 [8][10] Business Line Data and Key Metrics Changes - Same-store rental income decreased by 2.8% in Q4 2025, with same-store occupancy closing at 92.7% [6][10] - The company completed 388 renovations in Q4, leasing 275 renovated units with an average monthly rent premium of $74 and a 22.2% ROI [7] - Since inception, the company has completed 9,866 upgrades, resulting in significant average monthly rental increases per unit [8] Market Data and Key Metrics Changes - Same-store average effective rents closed at $1,489 per unit per month, down 10 basis points year-over-year [17] - Six of the ten same-store markets showed positive year-over-year growth in effective rents, with Tampa leading at 3.1% [17] - Bad debt improved to 80 basis points of GPR, a 42% year-over-year improvement [20] Company Strategy and Development Direction - The company plans to continue its value-add business strategy, focusing on renovations and upgrades to drive rental income and asset appreciation [7][23] - The acquisition of Sedona at Lone Mountain for $73.25 million is part of a strategy to enhance economic occupancy and expand operating margins [23] - The company aims to improve economic occupancy by approximately 900 basis points over four years through targeted upgrades and technology installations [24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the Sun Belt multifamily market, anticipating a positive inflection point in lease growth in the second half of 2026 [32][34] - The demographic profile of renters is shifting, with an increasing number of older renters, which the company plans to cater to with enhanced amenities [36][68] - The company is focused on leveraging technology to improve operational efficiency and drive value for tenants and shareholders [36] Other Important Information - The company has a strong liquidity position with $121.7 million available as it heads into 2026 [13] - The 2026 guidance includes expectations for rental income growth between 0% and 1.9%, with total revenue growth projected between 0.1% and 2% [15][26] Q&A Session Summary Question: About refurbishment and remodeling plans for 2026 - The company plans to do 300 full upgrades and 400 partial upgrades, totaling around 1,700 units, similar to 2025 [39][42] Question: Updates on interest rate swaps and their impact - The company is monitoring the swap market closely and is cautious about layering in additional swaps due to current pricing not reflecting expected rate cuts [43][46] Question: Trends in January and February regarding leasing and occupancy - January new leases were down 7%, while February showed improvement with new leases down 5.7% [50] Question: Dividend coverage by cash flow - The dividend is covered by cash flow, with a target payout ratio of 65%-75% of core AFFO [58][59] Question: Insights on the aging renter population and property amenities - The company is adapting its properties to cater to an aging population, focusing on health and wellness amenities [68]

Financial Performance - For the year ended December 31, 2025, NexPoint Residential Trust reported a net loss of $32.0 million, compared to a net income of $1.1 million for 2024[8]. - Total revenues for 2025 were $251.3 million, a decrease of 3.0% from $259.7 million in 2024[15]. - For the full year 2025, Same Store NOI decreased by 1.6% to $151.6 million compared to $154.1 million in 2024[15]. - Market capitalization decreased to $763 million in FY 2025 from $1.061 billion in FY 2024[37]. - Total revenues for FY 2025 were $251.3 million, down from $259.7 million in FY 2024, representing a decline of 1.6%[37]. - Net income attributable to common stockholders for FY 2025 was a loss of $32.0 million compared to a profit of $1.1 million in FY 2024[37]. - Same Store NOI growth for FY 2025 was -1.6%, with Q4 2025 Same Store NOI at $37.1 million, down from $38.9 million in Q4 2024[37]. - Total revenues for the year ended December 31, 2025, were $251.3 million, a decrease of 3.3% from $259.7 million in 2024[50]. - Net loss for the year 2025 was $32.2 million, compared to a net income of $1.1 million in 2024[50]. - Operating income before gain on sales of real estate for 2025 was $27.9 million, down from $29.3 million in 2024[50]. - Total outstanding debt as of December 31, 2025, was $1.6 billion, with a net leverage ratio of 56%[48]. - Total stockholders' equity decreased to $295.5 million in 2025 from $410.4 million in 2024[48]. - The company anticipates a volume of capital recycling in its FY 2026 NOI guidance[46]. - The guidance for 2026 indicates a net loss of $(36,114) thousand, with an expected NOI of $155,034 thousand for the same period[105]. Rental and Occupancy Metrics - The weighted average effective monthly rent per unit across all properties was $1,492, with a physical occupancy rate of 92.7% as of December 31, 2025[8]. - Same Store rental income for 2025 was $243,489 thousand, a decrease of 1.3% from $246,688 thousand in 2024[55]. - The occupancy rate for Same Store properties as of December 31, 2025, was 92.7%, a decline of 200 basis points from 94.7% in 2024[55]. - Average monthly effective rent per occupied apartment unit decreased to $1,489, down $2 from $1,491 in 2024[55]. - The average effective rent for the same store properties decreased by 0.1% from $1,491 in 2024 to $1,489 in 2025[58]. - Occupancy rates for the same store properties dropped from 94.7% in 2024 to 92.7% in 2025, a decline of 200 basis points[58]. - In Texas, the average effective rent in Dallas increased slightly by 0.1% to $1,227, while occupancy fell by 550 basis points to 90.8%[58]. - In North Carolina, the average effective rent in Charlotte rose by 1.3% to $1,398, but occupancy decreased by 330 basis points to 93.7%[58]. - The average effective rent in Florida's South Florida region increased by 1.6% to $2,154, with occupancy at 94.5%[58]. - In Arizona, the average effective rent in Phoenix decreased by 3.6% to $1,391, while occupancy improved by 70 basis points to 94.5%[58]. Capital Expenditures and Investments - The company completed 1,767 upgrades and installations in 2025, achieving an average monthly rent premium of $60 and a 21.8% ROI[8]. - Total capital expenditures for FY 2025 reached $109.35 million, a significant increase from $29.73 million in FY 2024[70]. - Acquisition capital expenditures for FY 2025 were $73.25 million, with no prior year comparison available[70]. - The company has allocated a rehab budget of $215.049 million for its properties, indicating a commitment to improving asset quality[93]. - The company plans to evaluate capital recycling opportunities with potential acquisitions and dispositions ranging from $100 million to $200 million for FY 2026[41]. Debt and Financial Instruments - Total debt outstanding increased to $1.593 billion in FY 2025 from $1.503 billion in FY 2024, resulting in a leverage ratio of 68%[37]. - The company has a total outstanding mortgage debt of $1,503,242,000, with a weighted average interest rate of 4.88%[81]. - The credit facility has an outstanding principal of $90,000,000, with an available amount of $108,000,000 and an interest rate of 5.69%[83]. - The company has entered into interest rate swap agreements totaling a notional amount of $917,500,000, with a weighted average fixed rate of 1.361%[84]. - As of December 31, 2025, the company had total indebtedness of $1.6 billion with an adjusted weighted average interest rate of 3.28%[92]. - The company has entered into interest rate swap agreements that effectively fix the interest rate on $0.9 billion, or 62%, of its $1.5 billion floating rate mortgage debt outstanding[92]. - The total contractual obligations and commitments amount to $1,988.651 million, with principal payments of $1,503.242 million and interest expenses of $383.407 million due over the next five years[89]. Acquisitions and Portfolio Growth - The company acquired Sedona at Lone Mountain for $73.25 million, consisting of 321 units, during 2025[8]. - NXRT completed the acquisition of Sedona at Lone Mountain in Las Vegas, NV for a purchase price of $73.25 million, adding 321 units to its portfolio[27]. - Total properties in the portfolio increased to 36 in FY 2025, with total units at 13,305[37]. - The company is focusing on expanding its presence in high-demand markets, with significant new developments planned in areas like Southeast Marietta and North Central Phoenix[33]. - The company plans to continue its market expansion strategy, focusing on acquiring properties with potential for value enhancement through rehabilitation[93]. Shareholder Returns and Dividends - The fourth quarter dividend was increased by $0.02 per share, or 3.9%, to $0.53 per share, marking a 157.3% increase since inception[8]. - Dividends declared per common share increased to $2.06 from $1.90 in the previous year[68]. Future Guidance - The company has provided guidance for 2026, including expectations for earnings per diluted share and Core FFO per diluted share[17]. - Core FFO per diluted share guidance for FY 2026 is projected between $2.42 and $2.71, with a midpoint of $2.57[41]. - Same Store rental income growth for FY 2026 is expected to range from 0.0% to 1.9%[41]. - The company anticipates Same Store NOI of $150,859 thousand, indicating stable operational performance across comparable properties[105]. - The company projects FFO attributable to common stockholders to be $59,326,000, resulting in a diluted FFO per share of $2.31[108]. - Core FFO attributable to common stockholders is anticipated to be $65,970,000, with a diluted Core FFO per share of $2.57[108]. - AFFO attributable to common stockholders is estimated at $76,979,000, leading to a diluted AFFO per share of $2.99[108].

Core Insights - NexPoint Residential Trust, Inc. (NXRT) reported a net loss of $32.0 million for the year ended December 31, 2025, compared to a net income of $1.1 million for 2024, primarily due to decreases in gains on sales of real estate and rental income [1][2] - The company completed the acquisition of Sedona at Lone Mountain for $73.25 million, adding 321 units to its portfolio [1] - NXRT's fourth quarter dividend was increased by 3.9% to $0.53 per share, marking a total increase of 157.3% since inception [1] Financial Performance - For the full year 2025, FFO totaled $63.3 million, or $2.48 per diluted share, compared to $44.5 million, or $1.69 per diluted share, for 2024 [1][2] - Core FFO for 2025 was $71.3 million, or $2.79 per diluted share, consistent with the previous year [1][2] - AFFO for 2025 was $81.1 million, or $3.18 per diluted share, down from $83.6 million, or $3.19 per diluted share, in 2024 [1][2] Operational Highlights - The company completed 1,767 full/partial upgrades and washer/dryer installations in 2025, achieving an average monthly rent premium of $60 and a 21.8% ROI [1] - The weighted average effective monthly rent per unit across all properties was $1,492, with a physical occupancy rate of 92.7% as of December 31, 2025 [1] - Total revenues for 2025 were $251.3 million, a decrease from $259.7 million in 2024 [1][2] Fourth Quarter Results - For Q4 2025, FFO was $13.2 million, or $0.52 per diluted share, compared to a loss of $6.5 million, or $(0.25) per diluted share, in Q4 2024 [2] - Core FFO for Q4 2025 was $16.5 million, or $0.65 per diluted share, down from $17.7 million, or $0.68 per diluted share, in Q4 2024 [2] - Total revenues for Q4 2025 were $62.1 million, compared to $63.8 million for Q4 2024 [2] Debt and Capital Management - The company paid down $33.0 million of its outstanding principal balance on its credit facility with JPMorgan Chase Bank in February 2026 [1] - NXRT entered into a $40.3 million mortgage loan secured by Sedona at Lone Mountain, maturing in January 2033 [1] - As of December 31, 2025, total mortgage debt was $1.503 billion, with a leverage ratio of 67% [4]