The company's financial leverage has intensified, with the debt-to-equity ratio climbing from 2.95 in 2023Q4 to 5.65 in 2026Q1, signaling a potential vulnerability in the capital structure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Assets | 1.87B | 1.89B | 1.91B | 2.11B | 2.23B | 2.06B | 1.83B | 1.87B | 1.16B | 1.06B | 1.04B | 976.27M | 697.36M | 11.23M |
| Asset Growth % | -13.91% | -1.1% | -9.5% | -5.29% | 7.84% | 12.81% | -1.97% | 60.69% | 10.03% | 1.93% | 6.06% | 40% | 6108.79% | - |
| Real Estate & Other Assets | -1.81B | 1.83B | 47.94M | 0 | -2.12B | 1.97B | 1.76B | 1.74B | -2.33B | -2.07B | -1.95B | 8.06M | 17.07M | 0 |
| PP&E (Net) | 0 | 0 | 1.79B | 1.86B | 1.95B | 1.96B | 0 | 0 | 1.07B | 956.86M | 878.47M | 900.31M | 610.64M | 8.78M |
| Investment Securities | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Total Current Assets | 27.23M | 54.24M | 66.25M | 170.62M | 168.8M | 93.54M | 66.06M | 123.8M | 91M | 79.14M | 139.38M | 67.18M | 64.2M | 2.26M |
| Cash & Equivalents | 52.78M | 13.7M | 23.15M | 12.37M | 16.76M | 49.45M | 24.46M | 25.67M | 19.86M | 16.04M | 22.7M | 16.23M | 12.66M | 189.87K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 7.38K |
| Other Current Assets | -34.32M | 31.48M | 30.77M | 143.66M | 23.84M | 30.76M | 30.15M | 89.5M | 49.65M | 58.61M | 113.66M | 48.83M | 49.93M | 2.06M |
| Intangible Assets | 1.05M | 933K | 0 | 0 | 0 | 2.58M | 1.12M | 6.24M | 1.42M | 1.34M | 4.49M | 729K | 5.44M | 193.33K |
| Total Liabilities | 1.6B | 1.59B | 1.49B | 1.61B | 1.7B | 1.59B | 1.42B | 1.44B | 862.62M | 813.8M | 779.29M | 727.34M | 499.83M | 15.2K |
| Total Debt | 1.57B | 1.56B | 1.46B | 1.48B | 1.6B | 1.55B | 1.35B | 1.36B | 824.7M | 762.48M | 763.5M | 711.34M | 486.98M | 0 |
| Net Debt | 1.51B | 1.54B | 1.44B | 1.46B | 1.58B | 1.51B | 1.32B | 1.34B | 804.84M | 746.44M | 685.11M | 695.12M | 474.31M | -189.87K |
| Long-Term Debt | 1.57B | 1.47B | 1.46B | 1.45B | 1.6B | 1.55B | 1.16B | 1.15B | 838.02M | 740.88M | 367.45M | 676.32M | 487M | 0 |
| Short-Term Borrowings | 0 | 88.1M | 0 | 23.24M | 307K | 1.48M | 182.32M | 216.5M | 0 | 38.42M | 340.37M | 28.8M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 7.2M | 113.13M | 24.67M | 150.83M | 97.37M | 28.26M | 209.12M | 287.2M | 21.22M | 58.38M | 410.48M | 41.43M | 11.34M | 15.2K |
| Accounts Payable | 0 | 11.55M | 11.35M | 17.14M | 12.32M | 12.59M | 10.06M | 11.97M | 5.76M | 6.23M | 5.55M | 5.11M | 5.64M | 15.2K |
| Deferred Revenue | 1.18M | 1.17M | 1.43M | 1.77M | 1.85M | 1.77M | 1.64M | 1.66M | 0 | 1.47M | 0 | 1.82M | 792K | 0 |
| Other Liabilities | 28.49M | 3.46M | 2.95M | 3.16M | 3.51M | 4.72M | 44.58M | 2.22M | 0 | 29.89M | 0 | 1.54M | 2.31M | 0 |
| Total Equity | 277.15M | 300.42M | 416.15M | 499.87M | 525.3M | 475.98M | 411.02M | 429.54M | 298.6M | 241.58M | 256.1M | 248.94M | 197.52M | 11.16M |
| Equity Growth % | -112.45% | -27.81% | -16.75% | -4.84% | 10.36% | 15.8% | -4.31% | 43.85% | 23.6% | -5.67% | 2.88% | 26.03% | 1669.41% | - |
| Shareholders Equity | 272.43M | 295.5M | 410.37M | 494.62M | 519.67M | 469.85M | 407.93M | 426.24M | 296.03M | 239.44M | 231.54M | 221.55M | 176.24M | 11.16M |
| Minority Interest | 4.72M | 4.93M | 5.78M | 5.25M | 5.63M | 6.14M | 3.1M | 3.29M | 2.57M | 2.13M | 24.56M | 27.39M | 21.28M | 0 |
| Common Stock | 255K | 254K | 254K | 256K | 255K | 255K | 250K | 251K | 234K | 210K | 213K | 213K | 176.55M | 11.16M |
| Additional Paid-in Capital | 407.72M | 406.63M | 407.43M | 413.01M | 405.38M | 407.8M | 376.71M | 359.75M | 285.51M | 206.23M | 241.45M | 240.63M | 0 | 0 |
| Retained Earnings | -143.85M | -123.41M | -38.03M | 11.49M | 11.88M | 59.21M | 75.32M | 63.78M | -6.76M | 19.29M | -14.58M | -18.59M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 281K | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -1.71% | -1.69% | 0.06% | 2.04% | -0.43% | 1.18% | 2.38% | 6.55% | -0.15% | 5.11% | 2.18% | -1.29% | -4.4% | -1.51% |
| Return on Equity (ROE) | -10.13% | -8.94% | 0.24% | 8.64% | -1.85% | 5.19% | 10.47% | 27.23% | -0.6% | 21.45% | 8.67% | -4.85% | -14.95% | -1.52% |
| Debt / Assets | 83.61% | 82.56% | 76.73% | 70.08% | 71.88% | 75.33% | 73.54% | 72.98% | 71.02% | 72.25% | 73.74% | 72.86% | 69.83% | - |
| Debt / Equity | 5.65x | 5.18x | 3.52x | 2.95x | 3.04x | 3.27x | 3.27x | 3.17x | 2.76x | 3.16x | 2.98x | 2.86x | 2.47x | - |
| Net Debt / EBITDA | 12.13x | 12.48x | 7.94x | 7.03x | 11.00x | 9.95x | 8.00x | 6.31x | 12.52x | 5.32x | 11.92x | 14.40x | 41.66x | - |
| Book Value per Share | 10.91 | 11.83 | 15.86 | 19.05 | 20.51 | 18.48 | 16.29 | 17.47 | 13.78 | 11.29 | 12.02 | 11.69 | 9.23 | 0.52 |
Elevated leverage and management
According to recent quarterly filings, NXRT's total assets have trended downward from $2.1B in 2023Q4 to $1.9B in 2026Q1, suggesting a strategic pivot toward portfolio rationalization that may be intended to offset the pressures of a high-interest rate environment on its value-add renovation model.
The reduction in total assets appears to reflect a deliberate divestment strategy, likely aimed at recycling capital or reducing exposure to underperforming assets. Investors should monitor whether this contraction is a temporary defensive measure or a structural shift that limits the company's future capacity for value-add growth.
Based on the provided financial data, NXRT's debt-to-equity ratio has climbed significantly from 2.95 in 2023Q4 to 5.65 in 2026Q1, indicating that the company's capital structure is becoming increasingly reliant on debt financing relative to its shrinking equity base.
This trend suggests a deteriorating balance sheet profile that may limit the company's financial flexibility in the event of further market volatility. The reliance on debt to maintain operations, despite a stagnant asset base, warrants further investigation into the sustainability of the current interest coverage and debt maturity profile.
As reported in recent financial statements, NXRT's cash position has fluctuated significantly, reaching a low of $10.8M in 2025Q3 before recovering to $52.8M in 2026Q1, which highlights the inherent volatility in the company's liquidity management and its reliance on external financing for capital expenditures.
The inconsistency in cash balances may indicate that the company is struggling to maintain a stable liquidity buffer while simultaneously funding its renovation pipeline. This volatility suggests that the REIT may be vulnerable to liquidity crunches if property-level cash flows fail to meet the requirements of its debt obligations.
Based on the provided data, the persistent negative return on equity, which reached -2.3% in 2026Q1, suggests that the external management fee structure may be extracting value from the REIT regardless of the underlying portfolio's performance or the company's ability to generate positive net income.
The misalignment between management incentives and shareholder returns appears to be a structural risk that is not fully captured by traditional leverage metrics. Investors should consider whether the fees paid to the external advisor are effectively eroding the capital that could otherwise be used to strengthen the balance sheet.
Quick answers to the most common questions about buying NXRT stock.
As of 2025, NexPoint Residential Trust, Inc. (NXRT) had total assets of $1.89B including $54.2M in current assets.
NexPoint Residential Trust, Inc. (NXRT) carries total debt of $1.56B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NexPoint Residential Trust, Inc. (NXRT) has total shareholders' equity (book value) of $295.5M ($11.83 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NexPoint Residential Trust, Inc. (NXRT) reported a current ratio of 0.48x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.