
NexPoint Residential Trust offers high-beta Sunbelt multifamily exposure, trading at a ~43% NAV discount with a 7%+ dividend yield. NXRT's value-add strategy delivers strong ROI, but high leverage (67%) and full floating-rate debt exposure create significant refinancing risk as $820M swaps expire in 2026. Base case valuation suggests limited near-term upside until swap overhang clears; bull case offers meaningful upside if hedging and fundamentals improve.










