X0306 4 2020-03-18 0 0001620393 NexPoint Residential Trust, Inc. NXRT 0001228922 DONDERO JAMES D 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 1 1 1 0 President Common Stock 2020-03-18 4 S 0 147000 30.66 D 1938490.46 I By Highland Capital Management, L.P Common Stock 2020-03-19 4 P 0 73100 37.47 A 267771 I By Highland Capital Management Fund Advisors, L.P. Common Stock 2020-03-19 4 S 0 32819 33.60 D 234952 I By Highland Capital Management Fund Advisors, L.P. Common Stock 149452.98 D Common Stock 143957 I By NexPoint Advisors, L.P. Common Stock 26479.63 I By employee benefit plan Common Stock 16986 I By limited liability company Common Stock 2181425 I By trust The Reporting Person's sale of NexPoint Residential Trust, Inc. common stock reported herein did not result in any profit from matchable transactions under Section 16(b) of the Securities Exchange Act of 1934 (the "Exchange Act"); therefore, no disgorgement was owed. These sales were for cash management at a Highland Capital Management, L.P. ("HCMLP") related account. Such sales do not reflect the portfolio manager's long-term view of the investment. These shares are held by HCMLP both directly and indirectly through advised accounts. Mr. Dondero is the sole shareholder of Strand Advisors, Inc., HCMLP's general partner, and may be deemed to be an indirect beneficial owner of shares held by HCMLP. Effective January 2020 as a result of the change of control of HCMLP, Mr. Dondero no longer serves as the President or sole director of Strand Advisors, Inc. Given Mr. Dondero's historic role with HCMLP, his continued ownership interest and his role as portfolio manager, we have included shares held by advised accounts of HCMLP in this filing. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. The Reporting Person's purchase and sale of NexPoint Residential Trust, Inc. common stock reported herein did not result in any profit from matchable transactions under Section 16(b) of the Exchange Act; therefore, no disgorgement was owed. The purchase and sale reported herein relate to separate accounts advised by Highland Capital Management Fund Advisors, L.P. ("HCMFA") and do not reflect the portfolio manager's long-term view of the investment. These shares are held by HCMFA indirectly through advised accounts. Mr. Dondero is the sole stockholder and director of Strand Advisors XVI, Inc., HCMFA's general partner, and may be deemed to be an indirect beneficial owner of shares held by HCMFA. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are held by NexPoint Advisors, L.P. ("NP") indirectly through advised accounts. Mr. Dondero is the sole member of NP's general partner, and may be deemed to be an indirect beneficial owner of shares held by NP. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are held by a limited liability company in which the trust referenced in footnote 7 to this Form 4 owns a majority interest. Mr. Dondero disclaims beneficial ownership of such shares. These shares are held by a trust pursuant to an employee purchase plan. Mr. Dondero disclaims beneficial ownership of such shares. /s/ Brian Mitts, as attorney-in-fact 2020-03-20