6. Stockholders’ Equity

Common Stock

During the three months ended March 31, 2026 and 2025, the Company issued 126,969 and 167,273 shares, respectively, of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below).

As of March 31, 2026 and December 31, 2025, the Company had 25,491,439 and 25,364,470 shares of common stock, par value $0.01 per share, issued and outstanding.

Share Repurchase Program

On October 28, 2024, the Board authorized the Company to repurchase an indeterminate number of shares of our common stock at an aggregate market value of up to $100.0 million during a two-year period that will expire on October 28, 2026. This authorization replaced the Board’s prior share repurchase authorization. The Company may utilize various methods to affect the repurchases, and the timing and extent of the repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, including whether the Company’s common stock is trading at a significant discount to net asset value per share. Repurchases under this program may be discontinued at any time.

During the three months ended March 31, 2026 and 2025, the Company did not make any share repurchases. Since the inception of the share repurchase program through March 31, 2026, the Company has repurchased and retired 3,212,415 shares of its common stock, at a total cost of approximately $94.6 million, or $29.44 per share on average.

Long Term Incentive Plan

On June 15, 2016, the Company’s stockholders approved the NexPoint Residential Trust, Inc. 2016 Long Term Incentive Plan (the “2016 LTIP”) and the Company filed a registration statement on Form S-8 registering 2,100,000 shares of common stock, par value $0.01 per share, which the Company may issue pursuant to the 2016 LTIP. The 2016 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards (the "Awards"), for the purpose of providing the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries), and potentially certain non-employees who perform employee-type functions, incentives and rewards for performance.

On May 20, 2025, the Company’s stockholders approved the NexPoint Residential Trust, Inc. 2025 Long Term Incentive Plan (the "2025 LTIP") and on May 20, 2025, the Company filed a registration statement on Form S-8 registering 976,000 shares of common stock, par value $0.01 per share, which the Company may issue pursuant to the 2025 LTIP. Under the 2025 LTIP, Awards may be granted to the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries) and typically vest over a three to five-year period for officers, employees and certain key employees of the Adviser and annually for directors. Beginning on the date of grant, restricted stock units earn dividends that are payable in cash on the vesting date. Under the 2025 LTIP, the Company is authorized to issue up to 976,000 restricted stock units. As of the date of adoption of the 2025 LTIP, no further awards can be made under the 2016 LTIP.

As of March 31, 2026, the Company has granted 2,085,345 and 307,382 restricted stock units under the 2016 LTIP and 2025 LTIP, respectively, net of forfeitures. As of March 31, 2026 and December 31, 2025, the Company had 310,267 and 483,525 unvested units under the 2016 LTIP. As of March 31, 2026 and December 31, 2025, the Company had 307,382 and 307,868 unvested units under the 2025 LTIP.

As of March 31, 2026 and December 31, 2025, the Company had issued 1,507,142 and 1,334,148 shares of common stock under the 2016 LTIP, respectively, and zero shares of common stock under the 2025 LTIP. For the three months ended March 31, 2026 and 2025, the Company recognized approximately $2.4 million and $2.5 million, respectively, of equity-based compensation expense related to grants of restricted stock units. As of March 31, 2026 and December 31, 2025, the Company had recognized a liability of approximately $2.1 million and $2.8 million, respectively, related to dividends earned on restricted stock units that are payable in cash

upon vesting which is included in accounts payable and other accrued liabilities on the consolidated balance sheets. Forfeitures are recognized as they occur.

As of March 31, 2026 and December 31, 2025, the Company had total unrecognized compensation expense on restricted stock unit awards of approximately $19.5 million and $21.9 million which will be recognized over a weighted average vesting period of 1.7 and 1.5 years, respectively.

At-the-Market Offering

On March 4, 2020, the Company, the OP and the Adviser entered into separate equity distribution agreements with each of Jefferies LLC (“Jefferies”), Raymond James & Associates, Inc. (“Raymond James”), KeyBanc Capital Markets Inc. (“KeyBanc”) and Truist Securities (f/k/a SunTrust Robinson Humphrey, Inc., “SunTrust,” and together with Jefferies, Raymond James and KeyBanc, the “ATM Sales Agents”), pursuant to which the Company could issue and sell from time to time shares of the Company’s common stock having an aggregate sales price of up to $225,000,000 (the “ATM Program”). Sales of shares of common stock, if any, could be made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 under the Securities Act, including, without limitation, sales made by means of ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices based on prevailing market prices. In addition to the issuance and sale of shares of common stock, the Company entered into forward sale agreements with each of Jefferies, KeyBanc and Raymond James, or their respective affiliates, through the ATM Program. On March 20, 2025, the equity distribution agreements with each of KeyBanc and SunTrust were terminated. During the three months ended March 31, 2026 and 2025, no shares were issued under the ATM Program. The following table contains summary information of the ATM Program since its inception: