Item 1.01. Entry into a Material Definitive Agreement.

Credit Facility

On June 30, 2021, NexPoint Residential Trust, Inc. (the "Company"), through its operating partnership, NexPoint Residential Trust Operating Partnership, L.P. ( the "OP"), entered into a secured $250.0 million revolving and term credit facility with Truist Bank ("Truist"), as administrative agent, and the lenders from time to time party thereto (the "Credit Facility"). Subject to conditions provided in the Credit Facility, the Credit Facility may be increased up to an additional $100.0 million at the Company's option if the lenders agree to increase their commitments. The Credit Facility will mature on June 30, 2024, unless the Company exercises its option to voluntarily and permanently reduce all of the commitments before the maturity date or elects to exercise its right and option to extend the facility for a one-year term.

The Credit Facility is guaranteed by the Company and the obligations under the Credit Facility are, subject to some exceptions, secured by a continuing security interest in substantially all of the assets of the Company.

Advances under the Credit Facility accrue interest at a per annum rate equal to, at the Company's election, either LIBOR plus a margin of 1.90% to 2.40%, depending on the Company's total leverage ratio, or a base rate determined according to the highest of (a) the prime rate, (b) the federal funds rate plus 0.50%, (c) LIBOR plus 1.0% or (d) 0.0% plus a margin of 0.90% to 1.40%, depending on the Company's total leverage ratio.

An unused commitment fee at a rate of 0.15% or 0.25%, depending on the outstanding aggregate revolving commitments, applies to unutilized borrowing capacity under the Credit Facility. Amounts owing under the Credit Facility may be prepaid at any time without premium or penalty.

The Credit Facility contains representations and warranties, affirmative and negative covenants and events of default that the Company considers customary for an agreement of this type, including covenants setting a maximum total leverage ratio and a minimum fixed charge coverage ratio. If an event of default occurs, the lenders may terminate the commitments under the Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Credit Facility.

Truist, Raymond James and KeyBank, lenders under the Credit Facility, are sales agents under the ATM program and may in the future from time to time perform investment banking, financial advisory, lending or commercial banking services for the Company, the OP and their affiliates, for which Truist may in the future receive, customary compensation and reimbursement of expenses.

The above description of the material terms and conditions of the Credit Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Facility, which is filed as Exhibit 10.1 hereto and incorporated by reference herein.

Item 1.02. Termination of a Material Definitive Agreement.

On June 30, 2021, in connection with entering into the Credit Facility, the Company, through the OP, terminated its $225.0 million revolving credit facility with Truist, as administrative agent, and the lenders from time to time party thereto (the "Replaced Credit Facility"). For additional information regarding the Replaced Credit Facility, see "Note 6. Debt" in the Notes to the Consolidated Financial Statements included in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the Securities and Exchange Commission on April 29, 2021, which description is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

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Item 9.01. Financial Statements and Exhibits.



(d) Exhibits.

Exhibit
Number                              Exhibit Description

10.1        Amended and Restated Revolving Credit Agreement, by and among NexPoint
          Residential Trust Operating Partnership, L.P., as borrower, the lenders
          from time to time party thereto and Truist Bank, as administrative
          agent, dated as of June 30, 2021.
104       Cover Page Interactive Data File (embedded within the Inline XBRL
          document)

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