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of Contents](#toc_page)\n\n \n\ny\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n(Mark One)\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from __________to __________\n\nCommission File Number 000-56274\n\n \n\nVINEBROOK HOMES TRUST, INC.\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n \n\n \n\nMaryland\n\n83-1268857\n\n(State or other Jurisdiction of\n\nIncorporation or Organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n300 Crescent Court, Suite 700, Dallas, Texas\n\n75201\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n(214) 276-6300\n\n(Telephone Number, Including Area Code)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\n \n\nTrading Symbol\n\n \n\nName of each exchange on which registered\n\nN/A\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge Accelerated Filer\n\n☐\n\nAccelerated Filer\n\n☐\n\nNon-Accelerated Filer\n\n☒\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☒\n\n \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 6, 2026, the registrant had 26,163,063 shares of its Class A Common Stock, par value $0.01 per share, and no shares of its Class I Common Stock, par value $0.01 per share, outstanding.\n\n \n\n \n\n \n\n[Table of Contents](#toc_page)\n\n \n\nVineBrook Homes Trust, Inc.\n\nForm 10-Q\n\nQuarter Ended March 31, 2026\n\nINDEX\n\n \n\nPage\n\n \n\n \n\n[Cautionary Note Regarding Forward-Looking Statements](#cautionary_note_regarding_forward)\n\nii\n\nPart I\n\n[Item 1. Financial Statements](#item_1_financial_statements)\n\n1\n\n[Consolidated Balance Sheets](#consolidated_balance_sheets)\n\n1\n\n[Consolidated Unaudited Statements of Operations and Comprehensive Income (Loss)](#consolidated_statements_of_operations)\n\n2\n\n[Consolidated Unaudited Statements of Stockholders' Equity](#consolidated_statements_of_stockholders)\n\n3\n\n[Consolidated Unaudited Statements of Cash Flows](#consolidated_statements_of_cash_flows)\n\n5\n\n[Notes to Consolidated Unaudited Financial Statements](#notes_to_consolidated_financial)\n\n7\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#item_2_mda)\n\n38\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#item_3_quantitative_and_qualitative)\n\n66\n\n[Item 4. Controls and Procedures](#item_4_controls_and_procedures)\n\n67\n\nPart II\n\n[Item 1. Legal Proceedings](#item_1_legal_proceedings)\n\n68\n\n[Item 1A. Risk Factors](#item_1a_risk_factors)\n\n68\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#item_2_unregistered_sales_of_equity)\n\n68\n\n[Item 3. Defaults Upon Senior Securities](#item_3_defaults_upon_senior_securities)\n\n69\n\n[Item 4. Mine Safety Disclosures](#item_4_mine_safety_disclosures)\n\n69\n\n[Item 5. Other Information](#item_5_other_information)\n\n69\n\n[Item 6. Exhibits](#item_6_exhibits)\n\n69\n\n[Signatures](#signatures)\n\n71\n\n \n\n \n\ni\n\n[Table of Contents](#toc_page)\n\n \n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nCertain statements contained in this Quarterly Report on Form 10-Q (this “Form 10-Q”) of VineBrook Homes Trust, Inc. (“VineBrook”, “we”, “us”, “our”, or the “Company”) other than historical facts may be considered forward-looking statements. In particular, statements relating to our business and investment strategies, plans or intentions, our liquidity and capital resources, our performance and results of operations, our intent to invest in newer homes in built-to-rent (“BTR”) communities in higher growth markets, our intent to sell approximately 4,200 homes over the next 12 months and other plans to satisfy upcoming debt obligations within the next 12 months, our intent to refinance the NexPoint Homes MetLife Note 1 and the Company’s intent to redeem all outstanding Series B Preferred Stock (as defined below) on or prior to the fourth anniversary of the original issuance date contain forward-looking information and disclosures. Furthermore, all statements regarding future financial performance (including market conditions) are forward-looking statements. We caution investors that any forward-looking statements presented in this Form 10-Q are based on management’s beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “would,” “result,” the negative version of these words and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements.\n\nForward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you against relying on any of these forward-looking statements.\n\nSome of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:\n\n•\nunfavorable changes in economic conditions and their effects on the real estate industry generally and our operations and financial condition, including our ability to access funding and generate returns for stockholders;\n\n•\nmacroeconomic trends including inflation and high interest rates may continue to, and other trends such as tariffs may, adversely affect our financial condition and results of operations;\n\n•\nthe possibility that we may not replicate the historical results achieved by other entities managed or sponsored by affiliates of NexPoint Real Estate Advisors V, L.P. (our “Adviser”);\n\n•\nour dependence on our Adviser, Evergreen Residential Management, LLC (the “Evergreen Manager”) and their respective affiliates and personnel to conduct our day-to-day operations and potential conflicts of interest with our Adviser, the Evergreen Manager and their respective affiliates and personnel;\n\n•\nrisks associated with the fluctuation in the net asset value (“NAV”) per share amounts;\n\n•\nloss of key personnel of our Adviser;\n\n•\nthe risk we make significant changes to our strategies in a market downturn, or fail to do so;\n\n•\nrisks associated with ownership of real estate, including properties in transition, subjectivity of valuation, environmental matters and lack of liquidity in our assets;\n\n•\nrisks associated with the Evergreen Manager’s ability to terminate the Management Agreements;\n\n•\nrisks associated with the Evergreen Manager’s limited operating history;\n\n•\nrisks associated with acquisitions, including the risk of expanding our scale of operations and acquisitions, which could adversely impact anticipated yields;\n\nii\n\n[Table of Contents](#toc_page)\n\n \n\n•\nrisks related to increasing property taxes, homeowner’s associations (“HOAs”) fees and insurance costs may negatively affect our financial results;\n\n•\nrisks associated with our ability to identify, lease to and retain quality residents, including those relating to housing market conditions;\n\n•\nrisks associated with leasing real estate, including the risks that rents do not increase sufficiently to keep pace with inflation and other rising costs of operations and loss of residents to competitive pressures from other types of properties or market conditions;\n\n•\nrisks related to governmental laws, executive orders, regulations and rules applicable to our properties or business model/operations that currently exist or that may be passed in the future which may impact operations, costs, revenue or growth;\n\n•\nrisks relating to the timing and costs of the renovation of properties which have the potential to adversely affect our operating results and ability to make distributions;\n\n•\nrisks associated with pandemics, including the future outbreak of other highly infectious or contagious diseases;\n\n•\nrisks related to our ability to change our major policies, operations and targeted investments without stockholder consent;\n\n•\nrisks related to climate change and natural disasters;\n\n•\nrisks related to our use of leverage;\n\n•\nrisks associated with our substantial current indebtedness and indebtedness we may incur in the future, rising interest rates and the availability of sufficient financing;\n\n•\nrisks related to failure to maintain our status as a real estate investment trust (“REIT”);\n\n•\nrisks related to failure of our OP (as defined below) to be taxable as a partnership for U.S. federal income tax purposes, possibly causing us to fail to qualify for or to maintain REIT status;\n\n•\nrisks related to compliance with REIT requirements, which may limit our ability to hedge our liabilities effectively and cause us to forgo otherwise attractive opportunities, liquidate certain of our investments or incur tax liabilities;\n\n•\nthe risk that the Internal Revenue Service may consider certain sales of properties to be prohibited transactions, resulting in a 100% penalty tax on any taxable gain;\n\n•\nthe ineligibility of dividends payable by REITs for the reduced tax rates available for some dividends;\n\n•\nrisks associated with the stock ownership restrictions of the Internal Revenue Code of 1986, as amended (the “Code”) for REITs and the stock ownership limits imposed by our charter;\n\n•\nrecent and potential legislative or regulatory tax changes or other actions affecting REITs and other investors in single-family rental housing, including potential limitations on institutional ownership and acquisition of single-family rental homes and on the deductibility of certain items such as interest and depreciation for U.S. Federal income tax purposes;\n\n•\nfailure to generate sufficient cash flows to service our outstanding indebtedness or pay distributions at expected levels;\n\n•\nrisks associated with the Highland Capital Management, L.P. bankruptcy, including related litigation and potential conflicts of interest; and\n\niii\n\n[Table of Contents](#toc_page)\n\n \n\n•\nany of the other risks included under Item 1A, “Risk Factors” in our Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 11, 2026 (our “Annual Report”).\n\nWhile forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date of this Form 10-Q. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.\n\niv\n\n[Table of Contents](#toc_page)\n\n \n\nVINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES\n\nCONSOLIDATED BALANCE SHEETS\n\n(in thousands, except share and per share amounts)\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\n \n\n(Unaudited)\n\n \n\n \n\n \n\n \n\nASSETS\n\n \n\n \n\n \n\n \n\n \n\n \n\nOperating real estate investments\n\n \n\n \n\n \n\n \n\n \n\n \n\nLand\n\n \n\n$\n\n504,088\n\n \n\n \n\n$\n\n518,724\n\n \n\nBuildings and improvements\n\n \n\n \n\n2,614,696\n\n \n\n \n\n \n\n2,696,799\n\n \n\nIntangible lease assets\n\n \n\n \n\n840\n\n \n\n \n\n \n\n759\n\n \n\nTotal gross operating real estate investments\n\n \n\n \n\n3,119,624\n\n \n\n \n\n \n\n3,216,282\n\n \n\nAccumulated depreciation and amortization\n\n \n\n \n\n(470,517\n\n)\n\n \n\n \n\n(463,531\n\n)\n\nTotal net operating real estate investments\n\n \n\n \n\n2,649,107\n\n \n\n \n\n \n\n2,752,751\n\n \n\nReal estate held for sale, net\n\n \n\n \n\n167,954\n\n \n\n \n\n \n\n91,540\n\n \n\nTotal net real estate investments\n\n \n\n \n\n2,817,061\n\n \n\n \n\n \n\n2,844,291\n\n \n\nInvestments, at fair value\n\n \n\n \n\n3,368\n\n \n\n \n\n \n\n3,368\n\n \n\nCash\n\n \n\n \n\n41,463\n\n \n\n \n\n \n\n95,022\n\n \n\nRestricted cash\n\n \n\n \n\n46,998\n\n \n\n \n\n \n\n50,163\n\n \n\nAccounts and other receivables, net\n\n \n\n \n\n12,398\n\n \n\n \n\n \n\n11,728\n\n \n\nPrepaid and other assets\n\n \n\n \n\n40,309\n\n \n\n \n\n \n\n36,264\n\n \n\nInterest rate derivatives, at fair value\n\n \n\n \n\n6,906\n\n \n\n \n\n \n\n21\n\n \n\nIntangible assets, net\n\n \n\n \n\n9,860\n\n \n\n \n\n \n\n10,399\n\n \n\nAsset-backed securitization certificates\n\n \n\n \n\n78,964\n\n \n\n \n\n \n\n78,964\n\n \n\nGoodwill\n\n \n\n \n\n20,522\n\n \n\n \n\n \n\n20,522\n\n \n\nTOTAL ASSETS\n\n \n\n$\n\n3,077,849\n\n \n\n \n\n$\n\n3,150,742\n\n \n\nLIABILITIES AND EQUITY\n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\nNotes payable, net\n\n \n\n$\n\n2,504,154\n\n \n\n \n\n$\n\n2,530,801\n\n \n\nCredit facilities, net\n\n \n\n \n\n93,660\n\n \n\n \n\n \n\n80,555\n\n \n\nAccounts payable and other accrued liabilities\n\n \n\n \n\n39,229\n\n \n\n \n\n \n\n37,241\n\n \n\nAccrued real estate taxes payable\n\n \n\n \n\n31,424\n\n \n\n \n\n \n\n37,188\n\n \n\nAccrued interest payable\n\n \n\n \n\n35,209\n\n \n\n \n\n \n\n32,915\n\n \n\nSecurity deposit liability\n\n \n\n \n\n25,596\n\n \n\n \n\n \n\n26,646\n\n \n\nPrepaid rents\n\n \n\n \n\n4,643\n\n \n\n \n\n \n\n4,395\n\n \n\nTotal Liabilities\n\n \n\n$\n\n2,733,915\n\n \n\n \n\n$\n\n2,749,741\n\n \n\nRedeemable Series A Preferred stock, $0.01 par value: 16,000,000 shares authorized; 4,996,000 and 4,996,000 shares issued and outstanding, respectively\n\n \n\n \n\n123,663\n\n \n\n \n\n \n\n123,494\n\n \n\nRedeemable noncontrolling interests in the OP\n\n \n\n \n\n274,948\n\n \n\n \n\n \n\n277,844\n\n \n\nRedeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n69,033\n\n \n\n \n\n \n\n67,835\n\n \n\nStockholders' Equity:\n\n \n\n \n\n \n\n \n\n \n\n \n\nClass A Common stock, $0.01 par value: 300,000,000 shares authorized; 26,081,929 and 25,912,630 shares issued and outstanding, respectively\n\n \n\n \n\n263\n\n \n\n \n\n \n\n261\n\n \n\nSeries B Preferred stock, $0.01 par value: 2,548,240 shares authorized; 2,548,240 and 2,548,240 shares issued and outstanding, respectively\n\n \n\n \n\n25\n\n \n\n \n\n \n\n25\n\n \n\nAdditional paid-in capital\n\n \n\n \n\n754,368\n\n \n\n \n\n \n\n761,850\n\n \n\nDistributions in excess of retained earnings\n\n \n\n \n\n(882,358\n\n)\n\n \n\n \n\n(834,825\n\n)\n\nAccumulated other comprehensive income\n\n \n\n \n\n2,294\n\n \n\n \n\n \n\n2,294\n\n \n\nTotal Stockholders' (Deficit) Equity\n\n \n\n \n\n(125,408\n\n)\n\n \n\n \n\n(70,395\n\n)\n\nNoncontrolling interests in consolidated VIEs\n\n \n\n \n\n1,698\n\n \n\n \n\n \n\n2,223\n\n \n\nTOTAL LIABILITIES AND EQUITY\n\n \n\n$\n\n3,077,849\n\n \n\n \n\n$\n\n3,150,742\n\n \n\n \n\nSee Accompanying Notes to Consolidated Financial Statements\n\n1\n\n[Table of Contents](#toc_page)\n\n \n\nVINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)\n\n(in thousands, except per share amounts)\n\n(Unaudited)\n\n \n\n \n\n \n\nFor the Three Months Ended March 31,\n\n \n\n \n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\n \n\nRevenues\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRental income\n\n \n\n$\n\n78,956\n\n \n\n \n\n$\n\n90,384\n\n \n\n \n\nOther income\n\n \n\n \n\n8,453\n\n \n\n \n\n \n\n2,377\n\n \n\n \n\nTotal revenues\n\n \n\n \n\n87,409\n\n \n\n \n\n \n\n92,761\n\n \n\n \n\nExpenses\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProperty operating expenses\n\n \n\n \n\n19,200\n\n \n\n \n\n \n\n21,753\n\n \n\n \n\nReal estate taxes and insurance\n\n \n\n \n\n17,152\n\n \n\n \n\n \n\n17,199\n\n \n\n \n\nProperty management fees\n\n \n\n \n\n2,494\n\n \n\n \n\n \n\n610\n\n \n\n \n\nAdvisory fees\n\n \n\n \n\n4,980\n\n \n\n \n\n \n\n4,984\n\n \n\n \n\nGeneral and administrative expenses\n\n \n\n \n\n13,646\n\n \n\n \n\n \n\n21,050\n\n \n\n \n\nDepreciation and amortization\n\n \n\n \n\n29,382\n\n \n\n \n\n \n\n30,005\n\n \n\n \n\nInterest expense\n\n \n\n \n\n41,555\n\n \n\n \n\n \n\n35,342\n\n \n\n \n\nTotal expenses\n\n \n\n \n\n128,409\n\n \n\n \n\n \n\n130,943\n\n \n\n \n\nLoss on extinguishment of debt\n\n \n\n \n\n(513\n\n)\n\n \n\n \n\n(158\n\n)\n\n \n\nLoss on sales and impairment of real estate, net\n\n \n\n \n\n(2,493\n\n)\n\n \n\n \n\n(464\n\n)\n\n \n\nInvestment income\n\n \n\n \n\n647\n\n \n\n \n\n \n\n555\n\n \n\n \n\nReversal of loan losses\n\n \n\n \n\n—\n\n \n\n \n\n \n\n500\n\n \n\n \n\nLoss on forfeited deposits\n\n \n\n \n\n(2\n\n)\n\n \n\n \n\n(1,403\n\n)\n\n \n\nNet loss\n\n \n\n \n\n(43,361\n\n)\n\n \n\n \n\n(39,152\n\n)\n\n \n\nDividends on and accretion to redemption value of Redeemable Series A Preferred stock\n\n \n\n \n\n2,198\n\n \n\n \n\n \n\n2,199\n\n \n\n \n\nNet income attributable to Series B Preferred stock\n\n \n\n \n\n1,513\n\n \n\n \n\n \n\n1,513\n\n \n\n \n\nNet loss attributable to redeemable noncontrolling interests in the OP\n\n \n\n \n\n(9,286\n\n)\n\n \n\n \n\n(5,875\n\n)\n\n \n\nNet loss attributable to redeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(3,800\n\n)\n\n \n\n \n\n(5,703\n\n)\n\n \n\nNet loss attributable to noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(518\n\n)\n\n \n\n \n\n(815\n\n)\n\n \n\nNet loss attributable to stockholders\n\n \n\n$\n\n(33,468\n\n)\n\n \n\n$\n\n(30,471\n\n)\n\n \n\nOther comprehensive loss\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nUnrealized loss on interest rate hedges\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(4,388\n\n)\n\n \n\nTotal comprehensive loss\n\n \n\n \n\n(43,361\n\n)\n\n \n\n \n\n(43,540\n\n)\n\n \n\nDividends on and accretion to redemption value of Redeemable Series A Preferred stock\n\n \n\n \n\n2,198\n\n \n\n \n\n \n\n2,199\n\n \n\n \n\nComprehensive income attributable to Series B Preferred stock\n\n \n\n \n\n1,513\n\n \n\n \n\n \n\n1,513\n\n \n\n \n\nComprehensive loss attributable to redeemable noncontrolling interests in the OP\n\n \n\n \n\n(9,286\n\n)\n\n \n\n \n\n(6,534\n\n)\n\n \n\nComprehensive loss attributable to redeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(3,800\n\n)\n\n \n\n \n\n(5,703\n\n)\n\n \n\nComprehensive loss attributable to noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(518\n\n)\n\n \n\n \n\n(815\n\n)\n\n \n\nComprehensive loss attributable to stockholders\n\n \n\n$\n\n(33,468\n\n)\n\n \n\n$\n\n(34,200\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWeighted average common shares outstanding - basic\n\n \n\n \n\n26,014\n\n \n\n \n\n \n\n25,463\n\n \n\n \n\nWeighted average common shares outstanding - diluted\n\n \n\n \n\n26,014\n\n \n\n \n\n \n\n25,463\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLoss per share - basic\n\n \n\n$\n\n(1.29\n\n)\n\n \n\n$\n\n(1.20\n\n)\n\n \n\nLoss per share - diluted\n\n \n\n$\n\n(1.29\n\n)\n\n \n\n$\n\n(1.20\n\n)\n\n \n\nSee Accompanying Notes to Consolidated Financial Statements\n\n2\n\n[Table of Contents](#toc_page)\n\n \n\nVINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)\n\n(dollars in thousands, except share and per share amounts)\n\n(Unaudited)\n\n \n\n \n\n \n\nSeries B Preferred Stock\n\n \n\n \n\nClass A Common Stock\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThree Months Ended March 31, 2026\n\n \n\nNumber of Shares\n\n \n\n \n\nPar Value\n\n \n\n \n\nNumber of Shares\n\n \n\n \n\nPar Value\n\n \n\n \n\nAdditional Paid-in Capital\n\n \n\n \n\nDistributions in Excess of\nRetained Earnings\n\n \n\n \n\nAccumulated Other\nComprehensive Income (Loss)\n\n \n\n \n\nTotal\n\n \n\nBalances, December 31, 2025\n\n \n\n \n\n2,548,240\n\n \n\n \n\n$\n\n25\n\n \n\n \n\n \n\n25,912,630\n\n \n\n \n\n$\n\n261\n\n \n\n \n\n$\n\n761,850\n\n \n\n \n\n$\n\n(834,825\n\n)\n\n \n\n$\n\n2,294\n\n \n\n \n\n$\n\n(70,395\n\n)\n\nNet loss attributable to common stockholders\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(33,468\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(33,468\n\n)\n\nNet income attributable to Series B preferred stockholders\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n1,513\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n1,513\n\n \n\nIssuance of Class A common stock\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n94,832\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n3,285\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n3,286\n\n \n\nEquity-based compensation\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n74,467\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n3,145\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n3,146\n\n \n\nCommon stock dividends declared ($0.5301 per share)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(14,065\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(14,065\n\n)\n\nSeries B Preferred stock dividends declared ($0.59375 per share)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(1,513\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(1,513\n\n)\n\nAdjustments to reflect redemption value of redeemable noncontrolling interests in the OP\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(8,914\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(8,914\n\n)\n\nAdjustments to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(4,998\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(4,998\n\n)\n\nBalances, March 31, 2026\n\n \n\n \n\n2,548,240\n\n \n\n \n\n$\n\n25\n\n \n\n \n\n \n\n26,081,929\n\n \n\n \n\n$\n\n263\n\n \n\n \n\n$\n\n754,368\n\n \n\n \n\n$\n\n(882,358\n\n)\n\n \n\n$\n\n2,294\n\n \n\n \n\n$\n\n(125,408\n\n)\n\n \n\n3\n\n[Table of Contents](#toc_page)\n\n \n\nVINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)\n\n(dollars in thousands, except share and per share amounts)\n\n(Unaudited)\n\n \n\n \n\n \n\nSeries B Preferred Stock\n\n \n\n \n\nClass A Common Stock\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThree Months Ended March 31, 2025\n\n \n\nNumber of Shares\n\n \n\n \n\nPar Value\n\n \n\n \n\nNumber of Shares\n\n \n\n \n\nPar Value\n\n \n\n \n\nAdditional Paid-in Capital\n\n \n\n \n\nDistributions in Excess of\nRetained Earnings\n\n \n\n \n\nAccumulated Other\nComprehensive Income (Loss)\n\n \n\n \n\nTotal\n\n \n\nBalances, December 31, 2024\n\n \n\n \n\n2,548,240\n\n \n\n \n\n$\n\n25\n\n \n\n \n\n \n\n25,377,421\n\n \n\n \n\n$\n\n256\n\n \n\n \n\n$\n\n762,903\n\n \n\n \n\n$\n\n(623,403\n\n)\n\n \n\n$\n\n14,500\n\n \n\n \n\n$\n\n154,281\n\n \n\nNet loss attributable to stockholders\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(30,471\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(30,471\n\n)\n\nNet income attributable to Series B preferred stockholders\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n1,513\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n1,513\n\n \n\nIssuance of Class A common stock\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n107\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n4,900\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n4,901\n\n \n\nRedemptions of Class A common stock\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(13\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(720\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(720\n\n)\n\nEquity-based compensation\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n38\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n1,374\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n1,374\n\n \n\nCommon stock dividends declared ($0.5301 per share)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(13,857\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(13,857\n\n)\n\nSeries B Preferred stock dividends declared ($0.59375 per share)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(1,513\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(1,513\n\n)\n\nOther comprehensive loss attributable to stockholders\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(3,729\n\n)\n\n \n\n \n\n(3,729\n\n)\n\nAdjustments to reflect redemption value of redeemable noncontrolling interests in the OP\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(4,463\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(4,463\n\n)\n\nAdjustments to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(4,581\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(4,581\n\n)\n\nBalances, March 31, 2025\n\n \n\n \n\n2,548,240\n\n \n\n \n\n$\n\n25\n\n \n\n \n\n \n\n25,508,642\n\n \n\n \n\n$\n\n257\n\n \n\n \n\n$\n\n759,413\n\n \n\n \n\n$\n\n(667,731\n\n)\n\n \n\n$\n\n10,771\n\n \n\n \n\n$\n\n102,735\n\n \n\n \n\nSee Accompanying Notes to Consolidated Financial Statements\n\n4\n\n[Table of Contents](#toc_page)\n\n \n\nVINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(dollars in thousands)\n\n(Unaudited)\n\n \n\n \n\nFor the Three Months Ended March 31,\n\n \n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nCash flows from operating activities\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss\n\n \n\n$\n\n(43,361\n\n)\n\n \n\n$\n\n(39,152\n\n)\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\nLoss on sales and impairment of real estate, net\n\n \n\n \n\n2,493\n\n \n\n \n\n \n\n464\n\n \n\nDepreciation and amortization\n\n \n\n \n\n29,382\n\n \n\n \n\n \n\n30,005\n\n \n\nNon-cash interest expense\n\n \n\n \n\n8,294\n\n \n\n \n\n \n\n1,821\n\n \n\nChange in fair value of interest rate derivatives\n\n \n\n \n\n(1,054\n\n)\n\n \n\n \n\n—\n\n \n\nReversal of loan losses\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(500\n\n)\n\nNet cash received (paid) on derivative settlements and premiums\n\n \n\n \n\n(6,456\n\n)\n\n \n\n \n\n7,644\n\n \n\nLoss on extinguishment of debt\n\n \n\n \n\n513\n\n \n\n \n\n \n\n158\n\n \n\nEquity-based compensation\n\n \n\n \n\n3,373\n\n \n\n \n\n \n\n4,829\n\n \n\nLoss on forfeited deposits\n\n \n\n \n\n2\n\n \n\n \n\n \n\n1,403\n\n \n\nChanges in operating assets and liabilities, net of effects of sales and acquisitions:\n\n \n\n \n\n \n\n \n\n \n\n \n\nAccounts receivable\n\n \n\n \n\n(45\n\n)\n\n \n\n \n\n(9\n\n)\n\nPrepaids and other assets\n\n \n\n \n\n(3,889\n\n)\n\n \n\n \n\n(1,058\n\n)\n\nAccounts payable and other accrued liabilities\n\n \n\n \n\n4,303\n\n \n\n \n\n \n\n(2,213\n\n)\n\nAccrued real estate taxes payable\n\n \n\n \n\n(5,764\n\n)\n\n \n\n \n\n(6,047\n\n)\n\nAccrued interest payable\n\n \n\n \n\n2,294\n\n \n\n \n\n \n\n265\n\n \n\nNet cash used in operating activities\n\n \n\n \n\n(9,915\n\n)\n\n \n\n \n\n(2,390\n\n)\n\nCash flows from investing activities\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet proceeds from sales of investment\n\n \n\n \n\n—\n\n \n\n \n\n \n\n302\n\n \n\nNet proceeds from sales of real estate\n\n \n\n \n\n58,448\n\n \n\n \n\n \n\n46,142\n\n \n\nInsurance proceeds received\n\n \n\n \n\n—\n\n \n\n \n\n \n\n735\n\n \n\nAcquisitions of real estate investments\n\n \n\n \n\n(43,465\n\n)\n\n \n\n \n\n—\n\n \n\nAdditions to real estate investments\n\n \n\n \n\n(19,247\n\n)\n\n \n\n \n\n(10,675\n\n)\n\nNet cash provided by (used in) investing activities\n\n \n\n \n\n(4,264\n\n)\n\n \n\n \n\n36,504\n\n \n\nCash flows from financing activities\n\n \n\n \n\n \n\n \n\n \n\n \n\nNotes payable proceeds received\n\n \n\n \n\n15,000\n\n \n\n \n\n \n\n7,243\n\n \n\nNotes payable payments\n\n \n\n \n\n(49,408\n\n)\n\n \n\n \n\n(14,378\n\n)\n\nCredit facilities proceeds received\n\n \n\n \n\n12,841\n\n \n\n \n\n \n\n—\n\n \n\nCredit facilities principal payments\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(8,960\n\n)\n\nFinancing costs paid\n\n \n\n \n\n(269\n\n)\n\n \n\n \n\n(244\n\n)\n\nPayment penalties on extinguished debt\n\n \n\n \n\n(513\n\n)\n\n \n\n \n\n—\n\n \n\nRedemptions of Class A common stock paid\n\n \n\n \n\n(2,573\n\n)\n\n \n\n \n\n(1,907\n\n)\n\nDividends paid to common stockholders\n\n \n\n \n\n(9,565\n\n)\n\n \n\n \n\n(8,715\n\n)\n\nSeries B Preferred stock dividends paid\n\n \n\n \n\n(1,513\n\n)\n\n \n\n \n\n(1,513\n\n)\n\nPayments for taxes related to net share settlement of stock-based compensation\n\n \n\n \n\n(1,758\n\n)\n\n \n\n \n\n(836\n\n)\n\nSeries A Preferred stock dividends paid\n\n \n\n \n\n(2,029\n\n)\n\n \n\n \n\n(2,030\n\n)\n\nContributions from redeemable noncontrolling interests in the OP\n\n \n\n \n\n164\n\n \n\n \n\n \n\n628\n\n \n\nDistributions to redeemable noncontrolling interests in the OP\n\n \n\n \n\n(2,806\n\n)\n\n \n\n \n\n(2,072\n\n)\n\nContributions from noncontrolling interests in consolidated VIEs\n\n \n\n \n\n80\n\n \n\n \n\n \n\n209\n\n \n\nDistributions to noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(196\n\n)\n\n \n\n \n\n(213\n\n)\n\nRedemptions by noncontrolling interests in consolidated VIEs\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(283\n\n)\n\nNet cash used in financing activities\n\n \n\n \n\n(42,545\n\n)\n\n \n\n \n\n(33,071\n\n)\n\nChange in cash and restricted cash\n\n \n\n \n\n(56,724\n\n)\n\n \n\n \n\n1,043\n\n \n\nCash and restricted cash, beginning of period\n\n \n\n \n\n145,185\n\n \n\n \n\n \n\n84,632\n\n \n\nCash and restricted cash, end of period\n\n \n\n$\n\n88,461\n\n \n\n \n\n$\n\n85,675\n\n \n\nSupplemental Disclosure of Cash Flow Information\n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest paid, net of amount capitalized\n\n \n\n$\n\n30,967\n\n \n\n \n\n$\n\n33,256\n\n \n\nCash paid for income and franchise taxes\n\n \n\n \n\n89\n\n \n\n \n\n \n\n—\n\n \n\nSupplemental Disclosure of Noncash Activities\n\n \n\n \n\n \n\n \n\n \n\n \n\nAccrued insurance proceeds\n\n \n\n \n\n55\n\n \n\n \n\n \n\n—\n\n \n\nAssumed liabilities in asset acquisitions\n\n \n\n \n\n85\n\n \n\n \n\n \n\n—\n\n \n\nAccrued dividends payable to common stockholders\n\n \n\n \n\n329\n\n \n\n \n\n \n\n363\n\n \n\nAccrued distributions payable to redeemable noncontrolling interests in the OP\n\n \n\n \n\n—\n\n \n\n \n\n \n\n615\n\n \n\nAccrued dividends payable to Series A Preferred stockholders\n\n \n\n \n\n2,030\n\n \n\n \n\n \n\n2,030\n\n \n\nAccrued redemptions payable to common stockholders\n\n \n\n \n\n—\n\n \n\n \n\n \n\n720\n\n \n\nAccrued capital expenditures\n\n \n\n \n\n2,654\n\n \n\n \n\n \n\n(196\n\n)\n\nAccretion to redemption value of Redeemable Series A Preferred stock\n\n \n\n \n\n169\n\n \n\n \n\n \n\n169\n\n \n\nIssuance of Class A common stock related to DRIP dividends\n\n \n\n \n\n5,044\n\n \n\n \n\n \n\n5,736\n\n \n\nDRIP dividends to common stockholders\n\n \n\n \n\n(5,044\n\n)\n\n \n\n \n\n(5,736\n\n)\n\nContributions from redeemable noncontrolling interests in the OP related to DRIP distributions\n\n \n\n \n\n174\n\n \n\n \n\n \n\n202\n\n \n\n5\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\nFor the Three Months Ended March 31,\n\n \n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nDRIP distributions to redeemable noncontrolling interests in the OP\n\n \n\n \n\n(174\n\n)\n\n \n\n \n\n(202\n\n)\n\nContributions from redeemable noncontrolling interests in consolidated VIEs related to DRIP distributions\n\n \n\n \n\n1,469\n\n \n\n \n\n \n\n1,383\n\n \n\nDRIP distributions to redeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(1,469\n\n)\n\n \n\n \n\n(1,383\n\n)\n\nContributions from noncontrolling interests in consolidated VIEs related to DRIP distributions\n\n \n\n \n\n82\n\n \n\n \n\n \n\n85\n\n \n\nDRIP distributions to noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(82\n\n)\n\n \n\n \n\n(85\n\n)\n\n \n\n \n\nSee Accompanying Notes to Consolidated Financial Statements\n\n6\n\n[Table of Contents](#toc_page)\n\n \n\nVINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n\n1. Organization and Description of Business\n\nVineBrook Homes Trust, Inc. (the “Company”, “VineBrook”, “we”, “us”, “our”) was incorporated in Maryland on July 16, 2018 and has elected to be taxed as a REIT. The Company believes the current organization and method of operation will enable it to maintain its status as a REIT. The Company is focused on acquiring, renovating, leasing, maintaining and otherwise managing single family rental (“SFR”) home investments primarily located in large to medium size cities and suburbs located in the midwestern, heartland and southeastern United States and providing our residents with affordable, safe and clean dwellings with a high level of service. The Company has begun to acquire newer homes in built-to-rent (“BTR”) communities in higher growth submarkets within or complementary to our existing geographic footprint. Substantially all of the Company’s business is conducted through VineBrook Homes Operating Partnership, L.P. (the “OP”), the Company’s operating partnership, as the Company owns its properties indirectly through the OP. As of March 31, 2026, there were a combined 23,744,100 Class A, Class B and Class C units of the OP (collectively, “OP Units”), of which 18,675,001 Class A OP Units, or 78.6%, were owned by the Company, 2,814,062 Class B OP Units, or 11.9%, were owned by NexPoint Real Estate Opportunities, LLC (“NREO”), 100,570 Class C OP Units, or 0.4%, were owned by NRESF REIT Sub, LLC (“NRESF”), 158,710 Class C OP Units, or 0.7%, were owned by GAF REIT, LLC (“GAF REIT”) and 1,995,757 Class C OP Units, or 8.4%, were owned by limited partners that were sellers in the formation transaction (the “VineBrook Contributors”), former employees of the Legacy VineBrook Manager (as defined below), the Evergreen Manager, or other Company insiders. NREO, NRESF and GAF REIT are noncontrolling limited partners unaffiliated with the Company but are affiliates of the Adviser (as defined below). The Third Amended and Restated Limited Partnership Agreement of the OP (as amended, the “OP LPA”) generally provides that Class A OP Units and Class B OP Units each have 50.0% of the voting power of the OP Units, including with respect to the election of directors to the board of directors of the OP whose sole responsibility is appointment and removal of the general partner of the OP, and the Class C OP Units have no voting power. Each Class A OP Unit, Class B OP Unit and Class C OP Unit otherwise represents substantially the same economic interest in the OP. VineBrook Homes OP GP, LLC (the “OP GP”), is the general partner of the OP with exclusive management powers over the business and affairs of the OP and is a wholly owned subsidiary of the Company. The Company determined it must consolidate the OP under the VIE model as it was determined the Company both controls the direct activities of the OP and has the right to receive benefits that could potentially be significant to the OP. The Company has power to direct the activities of the OP because the OP GP is a wholly owned subsidiary of the Company and the Company determined it was the party most closely associated with the OP.\n\nThe Company’s mission is to provide our residents with affordable, safe, clean and functional homes with a high level of service through institutional, quality management. Our investment objective is to acquire properties with cash flow growth potential, renovate (when appropriate) and maintain our homes to deliver a high-quality resident experience, while providing quarterly cash distributions and seeking long-term capital appreciation for our stockholders.\n\nOn August 28, 2018, the Company commenced the offering of 40,000,000 shares of its Class A common stock, par value $0.01 (“Common Stock”) through a continuous private placement (the “Private Offering”), under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”) for a maximum of $1.0 billion of its Common Stock. The Private Offering closed on September 14, 2022. The initial offering price for shares of Common Stock sold through the Private Offering was $25.00 per share. The Company conducted periodic closings and sold Common Stock shares at the prior NAV per share as recommended by the Adviser and approved by the pricing committee (the “Pricing Committee”) of the Company’s board of directors (the “Board”) pursuant to the valuation methodology approved by the Board (the “Valuation Methodology”), plus applicable fees and commissions. The NAV per share is calculated on a fully diluted basis and is unaudited. NAV may differ from the values of our real estate assets as calculated in accordance with the generally accepted accounting principles in the United States (“GAAP”) or as calculated based on appraisals of the individual real estate assets comprising our Portfolio (defined below).\n\n7\n\n[Table of Contents](#toc_page)\n\n \n\nThe Company began operations on November 1, 2018 as a result of the acquisition of various partnerships and limited liability companies owned and operated by the VineBrook Contributors and other third parties, which owned 4,129 SFR assets located in Ohio, Kentucky and Indiana (the “Initial Portfolio”). Between November 1, 2018 and March 31, 2026, the Company, through special purpose limited liability companies (“SPEs”) owned by the OP, purchased 21,327 additional homes and sold 5,248 homes within the VineBrook Portfolio (as defined below) (see Note 3), and through the OP’s consolidated investment in NexPoint Homes (as defined in Note 2) purchased 2,573 additional homes and sold 590 homes. The Company, through the OP’s SPEs, indirectly owned an interest in 20,208 homes (the “VineBrook Portfolio”) in 19 states, and through its consolidated investment in NexPoint Homes, indirectly owned an interest in an additional 1,983 homes (the “NexPoint Homes Portfolio”), for a total of 22,191 homes in 21 states as of March 31, 2026. We refer to the VineBrook Portfolio and the NexPoint Homes Portfolio collectively as our Portfolio.\n\nThe Company is externally advised by the Adviser through an agreement dated November 1, 2018, which was subsequently amended and restated on May 4, 2020, and further amended on October 25, 2022 and February 27, 2024 (the “Advisory Agreement”). The Advisory Agreement will automatically renew on the anniversary of the renewal date for one-year terms hereafter, unless otherwise terminated. The Adviser provides investment management, accounting, legal, information technology and investor relations services to the Company. Prior to the OP acquiring all of the outstanding equity interests of VineBrook Homes, LLC (the “Legacy VineBrook Manager”), which was completed on August 3, 2023 (the “Internalization”), the OP caused the SPEs to retain the Legacy VineBrook Manager, an affiliate of certain VineBrook Contributors, to renovate, lease, maintain, and operate the VineBrook properties under management agreements (as amended, the “Legacy VineBrook Management Agreements”). After the Internalization, but prior to the transition to the Evergreen Manager, all of the Company’s investment decisions were made by employees of the Company and Adviser, subject to general oversight by the OP’s investment committee and the Company's Board. Subsequent to the Externalization (as defined below), all of the Company's investment decisions are made by officers of the Company and the Adviser, subject to general oversight by the Board and with the recommendations of the Evergreen Manager (as defined below), the Asset Manager (as defined below) and the Service Provider (as defined below).\n\nOn June 10, 2025, the OP caused certain of its subsidiaries to enter into property management agreements (the “Management Agreements”) with the Evergreen Manager to renovate, lease, maintain, and generally operate the Company’s properties within the VineBrook Portfolio. Pursuant to the Management Agreements, responsibility for the day-to-day management of the properties, leasing the properties, managing resident situations, collecting rents, paying operating expenses, managing maintenance issues, accounting for each property using GAAP and other responsibilities customary for the management of single-family rental properties transitioned to the Evergreen Manager (the “Externalization”). We refer to October 23, 2025, the date that the last property in the VineBrook Portfolio transitioned to the Management Agreements, as the “Transition Effective Date”. On the Transition Effective Date, all of the Legacy VineBrook Management Agreements were terminated. As a result of the Management Agreements, as of the Transition Effective Date, the VineBrook Portfolio is now externally managed by the Evergreen Manager. Refer to Note 1, Organization and Description of Business, in the notes to our consolidated financial statements in our Annual Report for further discussion of the Management Agreements with the Evergreen Manager. Certain SPEs from time to time may have property management agreements with independent third parties. These are typically the result of maintaining legacy property managers after an acquisition to help transition the properties to the Company or, in the case of a future sale, to manage the properties until they are sold.\n\nOn June 10, 2025, the SPEs entered into asset management agreements (the “Asset Management Agreements”) with Evergreen Asset Management, LLC (the “Asset Manager”) to provide asset management, operation, accounting support, leasing, repair and turnover scope of work and property accounting services as well as disposition services. Refer to Note 1, Organization and Description of Business, in the notes to our consolidated financial statements in our Annual Report for further discussion of the Asset Management Agreements with the Asset Manager.\n\nOn June 10, 2025, the OP and Evergreen Development Services, LLC (the “Service Provider”) entered into a real estate development services agreement (the “Development Services Agreement”) to provide for the identification, sourcing, inspection and acquisition of properties on behalf of the OP. Refer to Note 1, Organization and Description of Business, in\n\n8\n\n[Table of Contents](#toc_page)\n\n \n\nthe notes to our consolidated financial statements in our Annual Report for further discussion of the Development Services Agreement with the Service Provider.\n\nAlso on June 10, 2025, the OP, the Evergreen Manager and the Service Provider entered into a letter agreement (the “Letter Agreement” and, together with the Property Management Agreements, the Asset Management Agreements and the Development Services Agreement, the “Externalization Agreements”) to set forth certain agreements among the parties related to the Externalization, including certain termination rights and fees in the Management Agreements and the Development Services Agreement described above. Pursuant to the Letter Agreement, the OP paid $1.75 million to the Evergreen Manager on July 21, 2025, the date the first property was transitioned to a Management Agreement and paid an additional $1.75 million on September 5, 2025, which amounts were charged to general and administrative expenses on the consolidated statements of operations and comprehensive income (loss) in the period ended September 30, 2025. In addition, during the year ended December 31, 2025, the OP issued Class C OP Units with a value of $5.0 million to the Evergreen Manager, which amount is amortized on a straight-line basis over the seven-year term. For the three months ended March 31, 2026, approximately $0.1 million and $0.1 million of amortization expense related to the issuance of the Class C OP Units are included within property management fees and general and administrative expense, respectively, on the consolidated statements of operations and comprehensive income (loss).\n\nAdditionally, the Service Provider is entitled to a measurement period service fee for any measurement period in which the Service Provider presents the OP with qualified target properties with an aggregate fair market value of $600.0 million and the OP, directly or indirectly, fails to acquire properties with an aggregate purchase price of at least the lesser of $250.0 million and 41.7% of the aggregate fair value of the target properties presented during the measurement period (the lesser, the “Minimum Spend Amount”). The measurement period service fee (“Measurement Period Service Fee”) for any measurement period is equal to 2% of the positive difference between the Minimum Spend Amount in the applicable measurement period and the aggregate purchase price for acquired properties during the applicable measurement period. If, during any measurement period, the OP, directly or indirectly, acquires properties with an aggregate purchase price over the minimum spend amount, such additional amount may be used to satisfy the Minimum Spend Amount in any subsequent measurement period. A measurement period is each consecutive 12-month period within the first 36 months after the date of the Development Services Agreement. To date, no Measurement Period Service Fees have been paid.\n\nIn connection with the Externalization, on June 10, 2025, the Company committed to a reduction in force involving approximately 500 employees, representing 100% of its full-time employees. These actions were part of a Company restructuring to externalize management of the VineBrook Portfolio and under which the Evergreen Manager assumed broad responsibility for the renovation, leasing, maintenance, and operation of the VineBrook Portfolio. The Company completed the reduction in force during the year ended December 31, 2025. As part of this restructuring, the Evergreen Manager and its affiliates have hired a significant number of legacy VineBrook employees. For the year ended December 31, 2025, the Company incurred restructuring charges of $19.8 million included within general and administrative expenses on the consolidated statements of operations and comprehensive income (loss), of which $10.4 million was related to non-cash stock-based compensation expense due to accelerated vesting of awards from terminated employees (see Notes 7 and 8). There were no restructuring charges incurred during the three months ended March 31, 2026.\n\n2. Summary of Significant Accounting Policies\n\nBasis of Accounting and Use of Estimates\n\nReaders of this Form 10-Q should refer to the audited financial statements and notes to consolidated financial statements of the Company for the year ended December 31, 2025, which are included in our Annual Report, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 11, 2026, since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements in our Annual Report for further discussion of our significant accounting policies and estimates.\n\n9\n\n[Table of Contents](#toc_page)\n\n \n\nThe accompanying unaudited consolidated financial statements are presented in accordance with GAAP and the rules and regulations of the SEC. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.\n\nIn the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of March 31, 2026 and December 31, 2025 and results of operations for the three months ended March 31, 2026 and 2025 have been included. The unaudited information included in these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2025 and 2024 included in our Annual Report. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or any other future period.\n\nPrinciples of Consolidation\n\nThe Company accounts for subsidiary partnerships, limited liability companies, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If the Company determines the entity is not a VIE, it evaluates whether the entity should be consolidated under the voting model. The Company consolidates an entity when it controls the entity through ownership of a majority voting interest. As of March 31, 2026, the Company determined it must consolidate the OP, its subsidiaries and the OP’s investment in NexPoint Homes Trust, Inc. (“NexPoint Homes”) (see Note 4) under the VIE model as it was determined the Company both controls the direct activities of the OP and its investments, including NexPoint Homes, and has the right to receive benefits that could potentially be significant to the OP, its subsidiaries and its investment in NexPoint Homes. The Company has power to direct the activities of the OP and its subsidiaries because the OP GP is a wholly-owned subsidiary of the Company and the Company determined it was the party most closely associated with the OP. The Company has power to direct the activities of NexPoint Homes because the OP owns approximately 84% of the outstanding equity of NexPoint Homes and the parties that beneficially own over 99% of the operating partnership of NexPoint Homes are related parties to the Company as of March 31, 2026. The Company will continue to evaluate whether the NexPoint Homes entity is a VIE and whether the Company is the primary beneficiary of the VIE and should consolidate the NexPoint Homes entity. The consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP, its subsidiaries, and NexPoint Homes. All significant intercompany accounts and transactions have been eliminated in consolidation. OP Units and equity interests in consolidated VIEs that are not owned by the Company are presented as noncontrolling interests in the consolidated financial statements, and income or loss generated is allocated between the Company and the noncontrolling interests based upon their relative ownership percentages. In these consolidated financial statements, redeemable noncontrolling interests in the OP are exclusive of any interests in NexPoint Homes and its SFR OP (as defined in Note 4). Noncontrolling interests in consolidated VIEs are representative of interests in NexPoint Homes and redeemable noncontrolling interests in consolidated VIEs are representative of interests in the SFR OP (as defined in Note 4).\n\nReal Estate Investments\n\nUpon acquisition, we evaluate our acquired SFR properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Since substantially all of the fair value of our acquired properties is concentrated in a single identifiable asset or group of similar identifiable assets and the acquisitions do not include a substantive process, our purchases of homes or portfolios of homes qualify as asset acquisitions. Accordingly, upon acquisition of a property, the purchase price and related acquisition costs (“Total Consideration”) are allocated to land, buildings, improvements, fixtures, and intangible lease assets based upon their relative fair values.\n\n10\n\n[Table of Contents](#toc_page)\n\n \n\nThe allocation of Total Consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement (“ASC 820”) (see Note 6), is based on an independent third-party valuation firm’s estimate of the fair value of the tangible and intangible assets and liabilities acquired or management’s internal analysis based on market knowledge obtained from historical transactions. The valuation methodology utilizes market comparable information, depreciated replacement cost and other estimates in allocating value to the tangible assets. The allocation of the Total Consideration to intangible lease assets represents the value associated with the in-place leases, as one month’s worth of effective gross income (rental revenue, less credit loss allowance, plus other income) as the average downtime of the assets in the portfolio is approximately one month and the assets in the portfolio are leased on a gross rental structure. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized or accreted as interest expense over the life of the debt assumed.\n\nReal estate assets, including land, buildings, improvements, fixtures, and intangible lease assets, other than real estate assets held for sale, are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. The Company also incurs indirect costs to prepare acquired properties for rental. These costs are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest, real estate taxes, insurance, utilities and other indirect costs as costs of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and the costs have been incurred. After completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred, unless the renovation meets the Company’s capitalization criteria. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table:\n\n \n\nLand\n\nNot depreciated\n\nBuildings\n\n27.5 years\n\nImprovements and other assets\n\n2.5 - 15 years\n\nAcquired improvements and fixtures\n\n1 - 8 years\n\nIntangible lease assets\n\n6 months\n\n \n\nAs of March 31, 2026, the gross balance and accumulated amortization related to the intangible lease assets was $0.8 million and $0.6 million, respectively. As of December 31, 2025, the gross balance and accumulated amortization related to the intangible lease assets was $0.8 million and $0.1 million, respectively. For the three months ended March 31, 2026 and 2025, the Company recognized approximately $0.5 million and zero amortization expense related to the intangible lease assets, respectively, which are included in depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss).\n\nReal estate assets are reviewed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values and rental rates, changes in hold periods and occupancy percentages, as well as significant changes in the economy. In such cases, the Company will evaluate the recoverability of the assets by comparing the estimated future cash flows expected to result from the use and eventual disposition of each asset to its carrying amount and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount. If impaired, the real estate asset will be written down to its estimated fair value. Impairments are included in Gain (loss) on sales and impairment of real estate, net, on the consolidated statements of operations and comprehensive income (loss). The process whereby we assess our single-family rental homes for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty.\n\nThe Company periodically classifies real estate assets as held for sale when the held for sale criteria are met in accordance with GAAP. At that time, the Company presents the net real estate assets separately in its consolidated balance\n\n11\n\n[Table of Contents](#toc_page)\n\n \n\nsheet, and the Company ceases recording depreciation and amortization expense related to any property classified as held for sale. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Where the carrying amount of a property exceeds its estimated fair value less estimated costs to sell, the Company records an impairment charge with respect to such property. As of March 31, 2026 and December 31, 2025 there were 1,312 and 646 homes that were classified as held for sale, respectively. These held for sale properties had a carrying amount of approximately $168.0 million and $91.5 million, respectively. As of March 31, 2026 and December 31, 2025, aggregate total impairment charges for all periods on these held for sale properties was approximately $8.3 million and $5.4 million, respectively.\n\nFor the three months ended March 31, 2026 and 2025, respectively, the Company recorded the following impairment charges (dollars in thousands):\n\n \n\n \n\nFor the Three Months Ended March 31,\n\n \n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nImpairment of real estate assets not held for sale\n\n \n\n$\n\n(8,279\n\n)\n\n \n\n$\n\n(995\n\n)\n\nImpairment of real estate assets held for sale (1)\n\n \n\n \n\n(5,117\n\n)\n\n \n\n \n\n(3,520\n\n)\n\nTotal impairment charges\n\n \n\n$\n\n(13,396\n\n)\n\n \n\n$\n\n(4,515\n\n)\n\nGains on sales of real estate\n\n \n\n \n\n10,903\n\n \n\n \n\n \n\n4,051\n\n \n\nLoss on sales and impairment of real estate, net\n\n \n\n$\n\n(2,493\n\n)\n\n \n\n$\n\n(464\n\n)\n\n \n\n(1)\nImpairment charges include approximately $0.3 million and $0.3 million of casualty related impairment for the three months ended March 31, 2026 and 2025, respectively.\n\nIntangible assets primarily include internally developed software and are amortized on a straight-line basis over five years.\n\nIntangible assets subject to amortization are reviewed for impairment, wherein an impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. No impairment losses on intangible assets have been recognized for the three months ended March 31, 2026 and 2025.\n\nGoodwill\n\nGoodwill has an indefinite life and therefore is not amortized under the provisions of ASC 350, Intangibles – Goodwill and Other. Goodwill is tested at least annually for impairment to ensure that the carrying amount of goodwill exceeds its implied fair value. We assess goodwill for impairment annually on October 1st, or more frequently if there are indicators of impairment. We completed the annual impairment testing on October 1, 2025 and determined there was no impairment of goodwill. No impairment losses on goodwill have been recognized for the three months ended March 31, 2026 and 2025.\n\nHeld to Maturity Investments\n\nInvestments in debt securities that we have a positive intent and ability to hold to maturity are classified as held to maturity and are presented within asset-backed securitization certificates on our consolidated balance sheets. These investments are recorded at amortized cost. Interest income, including amortization of any premium or discount, is classified as investment income in the consolidated statements of operations and comprehensive income (loss).\n\nIn connection with the Company’s asset backed securitization transactions (as discussed in Note 5), we have retained and purchased certificates totaling approximately $79.0 million. These investments in debt securities are classified as held to maturity investments, and our retained certificates are scheduled to mature within the next four years. For the three months ended March 31, 2026 and 2025, we have not recognized any credit losses with respect to these investments in debt securities.\n\n12\n\n[Table of Contents](#toc_page)\n\n \n\nCash and Restricted Cash\n\nThe Company maintains cash at multiple financial institutions and, at times, these balances exceed federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We believe any risks are mitigated through the size of the financial institutions at which our cash balances are held.\n\nRestricted cash represents cash deposited in accounts related to security deposits, property taxes, insurance premiums, deductibles and other lender-required escrows. Amounts deposited in the reserve accounts associated with the loans can only be used as provided for in the respective loan agreements, and security deposits held pursuant to lease agreements are required to be segregated.\n\nThe following table provides a reconciliation of cash and restricted cash reported on the consolidated balance sheets that sum to the total of such amount shown in the consolidated statements of cash flows (in thousands):\n\n \n\n \n\n \n\nMarch 31,\n\n \n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nCash\n\n \n\n$\n\n41,463\n\n \n\n \n\n$\n\n40,718\n\n \n\nRestricted cash\n\n \n\n \n\n46,998\n\n \n\n \n\n \n\n44,957\n\n \n\nTotal cash and restricted cash\n\n \n\n$\n\n88,461\n\n \n\n \n\n$\n\n85,675\n\n \n\n \n\nReclassification of Prior Year Activity on the Consolidated Statements of Cash Flows\n\nCertain reclassifications have been made within the consolidated statements of cash flows for the three months ended March 31, 2025 to be comparative to the consolidated statement of cash flows for the three months ended March 31, 2026.\n\nRevenue Recognition\n\nThe Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. In accordance with ASC 842, Leases, the Company classifies the SFR property leases as operating leases and elects to not separate the lease component, comprised of rents from SFR properties, from the associated non-lease component, comprised of fees from SFR properties and resident charge-backs. The combined component is accounted for under the lease accounting standard while certain resident reimbursements are accounted for as variable payments under the revenue accounting guidance. Rental income is recognized when earned. This policy effectively results in income recognition on a straight-line basis over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, resident-caused damages, pets, and administrative, application and other fees and are recognized when earned. Historically, the Company has used a direct write-off method for uncollectible rents; wherein uncollectible rents are netted against rental income. For the three months ended March 31, 2026 and 2025, rental income includes $0.9 million and $4.5 million of variable lease payments, respectively.\n\nGains on sales of properties are recognized pursuant to the provisions included in ASC 610-20, Other Income. We recognize a full gain on sale when the derecognition criteria under ASC 610-20 have been met, which is included in gain (loss) on sales and impairment of real estate on the consolidated statements of operations and comprehensive income (loss).\n\nRedeemable Securities\n\nIncluded in the Company’s consolidated balance sheets are redeemable noncontrolling interests in the OP, redeemable noncontrolling interests in consolidated VIEs, and 6.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”). These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or permanent equity under current accounting literature. The Company accounts for these under the provisions of ASC Topic 480-10-S99-3A, paragraph 15(b).\n\n13\n\n[Table of Contents](#toc_page)\n\n \n\nIn accordance with ASC Topic 480-10-S99, since the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs have a redemption feature, they are measured at their redemption value if such value exceeds the carrying value of interests. The redemption value is based on the NAV per unit at the measurement date. The offset to the adjustment to the carrying amount of the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs is reflected in the Company’s additional paid-in capital on the consolidated balance sheets. In accordance with ASC Topic 480-10-S99, the Series A Preferred Stock is measured at its carrying value plus the accretion to its future redemption value on the balance sheet. The accretion is reflected in the Company’s dividends on and accretion to redemption value of Series A Redeemable Preferred stock on the consolidated statements of operations and comprehensive income (loss).\n\nSegment Reporting\n\nThe Company identifies and discloses its reporting segment(s) in accordance with ASC 280, Segment Reporting. In applying this guidance, the Company first identifies its operating segment(s) from the component(s) where: (1) it engages in business activities from which it may recognize revenue and incur expenses, (2) its operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (3) its discrete financial information is available. Reportable segments are generally those operating segments that meet certain quantitative thresholds. The Company has determined it has two reportable segments: the VineBrook Portfolio and the NexPoint Homes Portfolio.\n\nRecent Accounting Pronouncements\n\nIn March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), to clarify the scope application of profits interest and similar awards by adding illustrative guidance in ASC 718, Compensation-Stock Compensation (\"ASC 718\"). ASU 2024-01 clarifies how to determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement (ASC 718) or as a cash bonus or profit-sharing arrangement (ASC 710, Compensation-General, or other guidance) and applies to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to adding the illustrative guidance, ASU 2024-01 modified the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, including interim periods within those annual periods. The adoption of ASU 2024-01, beginning on January 1, 2025, did not have an impact on the consolidated financial statements and related disclosures.\n\nIn November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosures of disaggregated information about certain income statement expense line items on an annual and interim basis. The amendments are effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and should be applied prospectively, with the option to apply retrospectively. The Company is currently evaluating the impact of adopting the amendments on its disclosures.\n\n3. Real Estate Investments\n\nAs of March 31, 2026, the Company, through the OP and its SPE subsidiaries, owned 22,191 homes, including 20,208 homes in the VineBrook Portfolio and 1,983 homes in the NexPoint Homes Portfolio. As of December 31, 2025, the Company through the OP and its SPE subsidiaries, owned 22,390 homes, including 20,355 homes in the VineBrook Portfolio\n\n14\n\n[Table of Contents](#toc_page)\n\n \n\nand 2,035 homes in the NexPoint Homes Portfolio. The components of the Company’s real estate investments in homes were as follows (in thousands):\n\n \n\n \n\n \n\nLand\n\n \n\n \n\nBuildings and improvements (1)\n\n \n\nIntangible lease assets\n\n \n\n \n\nReal estate held for sale, net\n\n \n\n \n\nTotal gross real estate\n\n \n\n \n\nAccumulated depreciation and amortization\n\n \n\n \n\nReal Estate Balances, December 31, 2025\n\n \n\n$\n\n518,724\n\n \n\n \n\n$\n\n2,696,799\n\n \n\n \n\n$\n\n759\n\n \n\n \n\n$\n\n91,540\n\n \n\n \n\n$\n\n3,307,822\n\n \n\n \n\n$\n\n(463,531\n\n)\n\n \n\nAcquisitions\n\n \n\n \n\n8,833\n\n \n\n \n\n \n\n34,551\n\n \n\n \n\n \n\n81\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n43,465\n\n \n\n \n\n \n\n—\n\n \n\n \n\nAdditions\n\n \n\n \n\n—\n\n \n\n \n\n \n\n16,343\n\n \n\n(2)\n\n \n\n—\n\n \n\n \n\n \n\n2,794\n\n \n\n \n\n \n\n19,137\n\n \n\n \n\n \n\n(29,001\n\n)\n\n(3)\n\nTransfers to held for sale\n\n \n\n \n\n(23,227\n\n)\n\n \n\n \n\n(123,467\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n124,823\n\n \n\n \n\n \n\n(21,871\n\n)\n\n \n\n \n\n21,871\n\n \n\n \n\nReclasses\n\n \n\n \n\n(30\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(30\n\n)\n\n \n\n \n\n—\n\n \n\n \n\nWrite-offs\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(34\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(34\n\n)\n\n \n\n \n\n—\n\n \n\n \n\nDispositions\n\n \n\n \n\n(212\n\n)\n\n \n\n \n\n(1,217\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(46,086\n\n)\n\n \n\n \n\n(47,515\n\n)\n\n \n\n \n\n144\n\n \n\n \n\nImpairment\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(8,279\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(5,117\n\n)\n\n \n\n \n\n(13,396\n\n)\n\n \n\n \n\n—\n\n \n\n \n\nReal Estate Balances, March 31, 2026\n\n \n\n$\n\n504,088\n\n \n\n \n\n$\n\n2,614,696\n\n \n\n \n\n$\n\n840\n\n \n\n \n\n$\n\n167,954\n\n \n\n \n\n$\n\n3,287,578\n\n \n\n \n\n$\n\n(470,517\n\n)\n\n \n\n \n\n(1)\nIncludes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties.\n\n(2)\nIncludes capitalized interest of approximately $0.1 million and other capitalizable costs outlined in (1) above of approximately $0.1 million.\n\n(3)\nAccumulated depreciation and amortization activity excludes approximately $0.4 million of depreciation and amortization related to assets not classified as real estate investments.\n\nDuring the three months ended March 31, 2026 and 2025, the Company recognized depreciation expense of approximately $28.3 million and $29.5 million, respectively.\n\nReal estate acquisitions and dispositions\n\nDuring the three months ended March 31, 2026, the Company acquired 142 homes located in BTR communities within the VineBrook Portfolio and zero homes within the NexPoint Homes Portfolio. During the three months ended March 31, 2025, the Company acquired no additional homes within the VineBrook Portfolio and NexPoint Homes Portfolio.\n\nDuring the three months ended March 31, 2026 and 2025, the Company, through the OP, disposed of 289 and 203 homes within the VineBrook Portfolio, respectively. During the three months ended March 31, 2026 and 2025, the Company, through its consolidated investment in NexPoint Homes, disposed of 52 and 96 homes, respectively. The Company strategically identified those homes for disposal and expects the disposal of these properties to be accretive to the Portfolio's results of operations and overall performance.\n\n4. NexPoint Homes Investment\n\nSubstantially all of NexPoint Homes’ business is conducted through NexPoint SFR Operating Partnership, L.P. (the “SFR OP”), the operating partnership of NexPoint Homes.\n\nOn September 19, 2024, certain subsidiaries of the SFR OP entered into property management agreements with Mynd Management, Inc. (“Mynd”) to manage the NexPoint Homes Portfolio (the “Mynd Management Agreements”). Mynd is now responsible for the day-to-day management of the NexPoint Homes Portfolio, paying operating expenses, managing maintenance issues, accounting for each property using GAAP, overseeing third-party property managers and other responsibilities customary for the management of SFR properties. Under the Mynd Management Agreements, Mynd is entitled to a property management fee, an asset management services fee, a disposition fee and a construction management fee, in addition to leasing, onboarding and certain inspection fees. The fees are generally paid monthly in arrears. Mynd is not a related party of the Company.\n\n15\n\n[Table of Contents](#toc_page)\n\n \n\nDuring the three months ended March 31, 2026 and 2025, $0.9 million and $1.0 million in fees were earned by Mynd, respectively, in connection with the Mynd Management Agreements. For the three months ended March 31, 2026, $0.6 million and $0.3 million were expensed and included within property management fees and general and administrative expenses, respectively, on the consolidated statements of operations and comprehensive income (loss), and no fees were capitalized to the property basis based on the nature of the fee. For the three months ended March 31, 2025, $0.6 million and $0.4 million were expensed and included within property management fees and general and administrative expenses, respectively, on the consolidated statements of operations and comprehensive income (loss), and no fees were capitalized to the property basis based on the nature of the fee.\n\n5. Debt\n\nAs of March 31, 2026, the VineBrook Portfolio had approximately $2.2 billion of debt outstanding, and the NexPoint Homes Portfolio had $503.9 million of debt outstanding. The following table contains summary information of the Company’s debt as of March 31, 2026 and December 31, 2025 (dollars in thousands):\n\n \n\n \n\n \n\n \n\n \n\nOutstanding Principal as of\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nType\n\n \n\nMarch 31, 2026\n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\nInterest Rate (1)\n\n \n\n \n\nMaturity\n\n \n\nJPM Acquisition Facility\n\n \n\nFloating\n\n \n\n \n\n95,410\n\n \n\n \n\n \n\n82,569\n\n \n\n \n\n \n\n6.01\n\n%\n\n \n\n7/9/2027\n\n \n\nJPM Term Loan\n\n \n\nFloating\n\n \n\n \n\n466,255\n\n \n\n \n\n \n\n474,918\n\n \n\n \n\n \n\n5.56\n\n%\n\n \n\n9/10/2027\n\n \n\nBarings Term Loan\n\n \n\nFixed\n\n \n\n \n\n318,644\n\n \n\n \n\n \n\n323,039\n\n \n\n \n\n \n\n5.44\n\n%\n\n \n\n10/17/2030\n\n \n\nABS I Loan\n\n \n\nFixed\n\n \n\n \n\n354,752\n\n \n\n \n\n \n\n366,906\n\n \n\n \n\n \n\n4.92\n\n%\n\n \n\n12/8/2028\n\n \n\nABS II Loan\n\n \n\nFixed\n\n \n\n \n\n396,180\n\n \n\n \n\n \n\n397,117\n\n \n\n \n\n \n\n4.65\n\n%\n\n \n\n3/9/2029\n\n \n\nMetLife Term Loan I\n\n \n\nFixed\n\n \n\n \n\n299,771\n\n \n\n \n\n \n\n308,910\n\n \n\n \n\n \n\n4.50\n\n%\n\n \n\n8/22/2029\n\n \n\nMetLife Term Loan II\n\n \n\nFixed\n\n \n\n \n\n242,963\n\n \n\n \n\n \n\n245,008\n\n \n\n \n\n \n\n4.75\n\n%\n\n \n\n11/4/2029\n\n \n\nOSL Loan III\n\n \n\nFixed\n\n \n\n \n\n15,000\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n9.25\n\n%\n\n \n\n2/25/2028\n\n \n\nTrueLane Mortgage\n\n \n\nFixed\n\n \n\n \n\n7,350\n\n \n\n \n\n \n\n7,422\n\n \n\n \n\n \n\n5.35\n\n%\n\n \n\n2/1/2028\n\n \n\nCrestcore II Note\n\n \n\nFixed\n\n \n\n \n\n2,342\n\n \n\n \n\n \n\n2,395\n\n \n\n \n\n \n\n5.12\n\n%\n\n \n\n7/9/2029\n\n \n\nCrestcore IV Note\n\n \n\nFixed\n\n \n\n \n\n2,045\n\n \n\n \n\n \n\n2,228\n\n \n\n \n\n \n\n5.12\n\n%\n\n \n\n7/9/2029\n\n \n\nTotal VineBrook Portfolio debt\n\n \n\n \n\n \n\n$\n\n2,200,712\n\n \n\n \n\n$\n\n2,210,512\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNexPoint Homes MetLife Note 1\n\n \n\nFixed\n\n \n\n$\n\n236,604\n\n \n\n \n\n$\n\n236,604\n\n \n\n \n\n \n\n3.72\n\n%\n\n \n\n3/3/2027\n\n \n\nNexPoint Homes MetLife Note 2\n\n \n\nFixed\n\n \n\n \n\n161,188\n\n \n\n \n\n \n\n171,122\n\n \n\n \n\n \n\n5.44\n\n%\n\n \n\n8/12/2027\n\n \n\nNexPoint Homes OSL Note\n\n \n\nFixed\n\n \n\n \n\n362\n\n \n\n \n\n \n\n2,195\n\n \n\n \n\n \n\n9.75\n\n%\n\n \n\n5/15/2026\n\n \n\nSFR OP Note Payable III\n\n \n\nFixed\n\n \n\n \n\n12,500\n\n \n\n \n\n \n\n12,500\n\n \n\n \n\n \n\n15.00\n\n%\n\n \n\n7/10/2026\n\n \n\nSFR OP Convertible Notes\n\n \n\nFixed\n\n \n\n \n\n93,264\n\n \n\n \n\n \n\n93,264\n\n \n\n \n\n \n\n7.50\n\n%\n\n \n\n6/30/2027\n\n \n\nTotal NexPoint Homes Portfolio debt\n\n \n\n \n\n \n\n$\n\n503,918\n\n \n\n \n\n$\n\n515,685\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal debt\n\n \n\n \n\n \n\n$\n\n2,704,630\n\n \n\n \n\n$\n\n2,726,197\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDebt premium, net (2)\n\n \n\n \n\n \n\n \n\n144\n\n \n\n \n\n \n\n162\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDebt discount, net (3)\n\n \n\n \n\n \n\n \n\n(74,592\n\n)\n\n \n\n \n\n(79,822\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\nDeferred financing costs, net of accumulated amortization of $17,389 and $14,308, respectively\n\n \n\n \n\n \n\n \n\n(32,369\n\n)\n\n \n\n \n\n(35,181\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n2,597,814\n\n \n\n \n\n$\n\n2,611,356\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(1)\nRepresents the interest rate as of March 31, 2026. Except for fixed rate debt, the interest rate is 30-day average Secured Overnight Financing Rate (“SOFR”), daily SOFR or one-month term SOFR, plus an applicable margin.\n\n16\n\n[Table of Contents](#toc_page)\n\n \n\nThe 30-day average SOFR as of March 31, 2026 was 3.65221%, daily SOFR as of March 31, 2026 was 3.68000% and one-month term SOFR as of March 31, 2026 was 3.66484%.\n\n(2)\nThe Company reflected valuation adjustments on its assumed fixed rate debt to adjust it to fair market value on the dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the debt.\n\n(3)\nThe Company reflected a discount on ABS I Loan, ABS II Loan, Barings Term Loan, MetLife Term Loan I Facilities and MetLife Term Loan II Facility (all as defined below), which is amortized into interest expense over the remaining term of the debt.\n\nAdditionally, we have included a summary of debt agreements and significant changes to the agreements during the three months ended March 31, 2026 below.\n\nJPM Acquisition Facility\n\nOn June 25, 2025, VB Twelve, LLC (“VB Twelve”), an indirect subsidiary of the Company, entered into a loan and security agreement with JPMorgan Chase Bank, National Association (“JPM”), as lender, providing for an uncommitted facility for up to $500.0 million (the “JPM Acquisition Facility”) for the purpose of investing in BTR communities. The JPM Acquisition Facility bears interest at the greater of (i) one-month term SOFR or (ii) 3.00%, plus 2.35% per annum. The JPM Acquisition Facility is interest-only and matures on July 9, 2027 with a one-year extension option subject to meeting certain criteria, payment of an extension fee and increases in the interest rate spread.\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the JPM Acquisition Facility was $95.4 million and $82.6 million, respectively. As of March 31, 2026 and December 31, 2025, there was $404.6 million and $417.4 million of remaining availability to be drawn on the JPM Acquisition Facility, respectively. The JPM Acquisition Facility, net of unamortized deferred financing costs, is included in credit facilities, net, on the consolidated balance sheets.\n\nJPM Term Loan\n\nOn September 11, 2025, the OP, as borrower, entered into a credit agreement (the “JPM Term Loan”) with JPM, and the lenders party thereto from time to time, including The Ohio State Life Insurance Company (“OSL”). The JPM Term Loan provides for term loans of $485.0 million, all of which were drawn on September 11, 2025. Borrowings under the JPM Term Loan will generally bear interest at term SOFR for the interest period plus 1.90%, provided that the Company may elect for the JPM Term Loan to bear interest at (i) the greater of the prime rate, the federal funds effective rate plus 0.5%, and one-month term SOFR plus 1.0%, in each case, plus 0.90% or (ii) adjusted daily effective SOFR plus 1.90%. The JPM Term Loan is interest-only and matures on September 10, 2027. During the year ended December 31, 2025, the Company used the proceeds from the JPM Term Loan to fully repay the outstanding balances of the September 20, 2019 credit facility (the “Warehouse Facility”) with KeyBank N.A. (“KeyBank”) and the $10.0 million revolving credit agreement with OSL (the “OSL Loan II”).\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the JPM Term Loan was $466.3 million and $474.9 million, respectively. As of March 31, 2026 and December 31, 2025, there was zero remaining availability to be drawn on the JPM Term Loan. The JPM Term Loan, net of unamortized deferred financing costs, is included in notes payable, net, on the consolidated balance sheets.\n\nBarings Term Loan\n\nOn October 17, 2025, the OP, via its indirect subsidiaries, as borrowers, and the Company, as parent guarantor, entered into a loan agreement that provided for a $325.0 million loan (the “Barings Term Loan”) with Massachusetts Mutual Life Insurance Company, MassMutual Ascend Life Insurance Company and Martello Re Limited, as lenders, which has been fully funded at an original issue discount of 3.0% of the Barings Term Loan. The Barings Term Loan is interest-only and matures on October 17, 2030. The loan bears interest at 5.44% per annum, payable monthly. During the year ended December 31, 2025, the Company used the proceeds from the Barings Term Loan to fully repay the outstanding balances of the $125.0\n\n17\n\n[Table of Contents](#toc_page)\n\n \n\nmillion note with Metropolitan Life Insurance (the “MetLife Note”) and the $500.0 million credit agreement with JPM (the “JPM Facility”).\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the Barings Term Loan was $318.6 million and $323.0 million, respectively. As of March 31, 2026 and December 31, 2025, there was zero remaining availability to be drawn on the Barings Term Loan. The Barings Term Loan, net of unamortized deferred financing costs, is included in notes payable, net, on the consolidated balance sheets.\n\nAsset Backed Securitization I\n\nOn December 6, 2023, the OP completed an asset backed securitization (“ABS I”) transaction, in connection with which VineBrook Homes Borrower 1, LLC, an indirect special purpose subsidiary of the OP (the “ABS I Borrower”) entered into a loan agreement (the “ABS I Loan Agreement”) with Bank of America, National Association, as lender (the “ABS I Lender”), providing for a 5-year, fixed-rate, interest-only loan with a total principal balance of $392.2 million (the “ABS I Loan”).\n\nConcurrent with the execution of the ABS I Loan Agreement, the ABS I Lender sold the ABS I Loan to VineBrook Homes Depositor A, LLC (the “Depositor”), an indirect subsidiary of the OP, which, in turn, transferred the ABS I Loan to a trust in exchange for (i) $178.4 million principal amount of Class A pass-through certificates (the “Class A Certificates”), (ii) $38.6 million principal amount of Class B pass-through certificates (the “Class B Certificates”), (iii) $30.8 million principal amount of Class C pass-through certificates (the “Class C Certificates”), (iv) $43.0 million principal amount of Class D pass-through certificates (the “Class D Certificates”), (v) $50.1 million principal amount of Class E pass-through certificates (the “Class E1 Certificates”), (vi) $12.2 million principal amount of Class E pass-through certificates (the “Class E2 Certificates,” and collectively with the Class A Certificates, Class B Certificates, Class C Certificates, Class D Certificates and Class E1 Certificates, the “Regular Certificates”), and (vii) $39.1 million Class R pass-through certificates (the “Class R Certificates,” and together with the Regular Certificates, the “Certificates”). The Certificates represent beneficial ownership interests in the trust and its assets, including the ABS I Loan.\n\nThe Depositor sold the Certificates, acquired by the Depositor in the manner described above, to placement agents who resold the Certificates to investors in a private offering. The Regular Certificates are exempt from registration under the Securities Act and are “exempted securities” under the Securities Exchange Act of 1934 (the “Exchange Act”). To satisfy applicable risk retention rules, the OP completed a securitization transaction, VINE 2023-SFR1, providing for a 5-year, fixed-rate, interest-only loan of Class F certificates (“Class F Certificates”) with a total principal amount of $39.1 million. The Company evaluated the purchased Class F Certificates as a variable interest in the trust and concluded that the Class F Certificates do not provide the Company with an ability to direct activities that could impact the trust’s economic performance. The Company does not consolidate the trust and the $39.1 million of purchased Class F Certificates are reflected as asset-backed securitization certificates in the Company’s consolidated balance sheets. The Depositor used the proceeds from the sale of the Certificates to purchase the ABS I Loan from the ABS I Lender, as described above. The Regular Certificates were sold to investors at a discount and the OP retained the Class F Certificate (as described above), with the result that the proceeds, before closing costs, from the ABS I Loan to the ABS I Borrower were approximately $314.0 million. The net proceeds of $300.6 million were used to partially pay down the Warehouse Facility.\n\nThe ABS I Loan is collateralized by 2,575 single-family rental homes, and as of March 31, 2026, approximately 12.74% of the Portfolio served as collateral for outstanding borrowings under the ABS I Loan. The ABS I Loan is segregated into six tranches, all of which accrue interest at 4.9235% and have a maturity date of December 8, 2028.\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the ABS I Loan was $354.8 million and $366.9 million, respectively. As of March 31, 2026 and December 31, 2025, there was zero remaining availability\n\n18\n\n[Table of Contents](#toc_page)\n\n \n\nto be drawn on the ABS I Loan. The ABS I Loan, net of unamortized deferred financing costs, is included in notes payable, net, on the consolidated balance sheets.\n\nAsset Backed Securitization II\n\nOn February 29, 2024, the OP, via its indirect special purpose subsidiary, VineBrook Homes Borrower 2, LLC (the “ABS II Borrower”), completed an asset backed securitization (“ABS II”) and entered into a loan agreement (the “ABS II Loan Agreement”) with BofA Securities, Inc., as sole structuring agent, joint bookrunner and co-lead manager, Mizuho Securities USA LLC, as joint bookrunner and co-lead manager and Citizens JMP Securities, LLC, J.P. Morgan Securities LLC, Raymond James & Associates, Inc., and Truist Securities, Inc., as co-managers (the “ABS II Loan”).\n\nConcurrent with the execution of the ABS II Loan Agreement, the lender sold the ABS II Loan to the Depositor, an indirect subsidiary of the OP, which, in turn, transferred the loan to a trust in exchange for (i) $176.9 million principal amount of Class A pass-through certificates (the “ABS II Class A Certificates”), (ii) $38.6 million principal amount of Class B pass-through certificates (the “ABS II Class B Certificates”), (iii) $30.6 million principal amount of Class C pass-through certificates (the “ABS II Class C Certificates”), (iv) $42.9 million principal amount of Class D pass-through certificates (the “ABS II Class D Certificates”), (v) $63.5 million principal amount of Class E pass-through certificates (the “ABS II Class E1 Certificates”), (vi) $11.2 million principal amount of Class E pass-through certificates (the “ABS II Class E2 Certificates,” and collectively with the ABS II Class A Certificates, ABS II Class B Certificates, ABS II Class C Certificates, ABS II Class D Certificates and ABS II Class E1 Certificates, the “ABS II Regular Certificates”), and (vii) $39.9 million ABS II Class R pass-through certificates (the “ABS II Class R Certificates,” and together with the ABS II Regular Certificates, the “ABS II Certificates”). Initially, the OP retained $19.5 million of the ABS II Class A Certificates, $10.5 million of the ABS II Class B Certificates, and $2.0 million of the ABS II Class C Certificates. On July 11, 2024, the OP sold $10.5 million of the ABS II Class B Certificates. On July 24, 2024, the OP sold $19.5 million of the ABS II Class A Certificates. On September 25, 2024, the OP sold $2.0 million of the ABS II Class C Certificates.\n\nThe Depositor sold the ABS II Certificates, acquired by the Depositor in the manner described above, to placement agents who resold the Certificates to investors in a private offering. The ABS II Regular Certificates are exempt from registration under the Securities Act and are “exempted securities” under the Exchange Act. To satisfy applicable risk retention rules, the OP purchased and retained the ABS II Class F component, totaling $39.9 million. Additionally, the OP purchased and retained a portion of the ABS II Class A, Class B and Class C components, totaling $19.5 million, $10.5 million and $2.0 million, respectively. The Company evaluated the purchased ABS II Class A, Class B, Class C and Class F certificates as a variable interest in the trust and concluded that the ABS II Class A, Class B, Class C and Class F certificates do not provide the Company with an ability to direct activities that could impact the trust’s economic performance. The Company does not consolidate the trust and the remaining $39.9 million of the ABS II Certificates are reflected as asset-backed securitization certificates on the Company’s consolidated balance sheets. For the retained ABS II Class F certificate, the Company determined to classify the debt security as a held to maturity investment (see Note 2). The Depositor used the proceeds from the sale of the ABS II Certificates to purchase the ABS II Loan from the lender, as described above. The ABS II Regular Certificates were sold to investors at a discount and the OP retained the entire Class F certificate (as described above), with the result that the proceeds, before closing costs, from the ABS II Loan to the ABS II Borrower were approximately $331.8 million. A portion of the net proceeds from the ABS II were used to pay down $242.4 million on the JPM Facility and fund reserves per the credit agreement.\n\nThe ABS II Loan is collateralized by 2,416 single-family rental homes, and as of March 31, 2026, approximately 11.96% of the Portfolio served as collateral for outstanding borrowings under the ABS II Loan. The ABS II Loan is segregated into seven tranches, Components A through F, providing for a 5-year, fixed-rate, interest-only loan. The weighted average interest rate of the ABS II Regular Certificates (Class A through E2) is 4.6495% and have a maturity date of March 9, 2029.\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the ABS II Loan was $396.2 million and $397.1 million, respectively. As of March 31, 2026 and December 31, 2025, there was zero remaining availability\n\n19\n\n[Table of Contents](#toc_page)\n\n \n\nto be drawn on the ABS II Loan. The ABS II Loan, net of unamortized deferred financing costs, is included in notes payable, net, on the consolidated balance sheets.\n\nMetLife Term Loan I\n\nOn August 22, 2024, VB Nine, LLC (“VB Nine”) and VB Ten, LLC (“VB Ten”), indirect subsidiaries of the Company, as borrowers, entered into two credit agreements for term loan credit facilities (collectively, the “MetLife Term Loan I Facilities”) with Metropolitan Life Insurance Company (“MetLife”) and Metropolitan Tower Life Insurance Company (“MetLife Tower”), and the lenders party thereto from time to time, which provided a total commitment of $343.2 million. Borrowings under the MetLife Term Loan I Facilities are secured by an equity pledge by VB Nine Equity, LLC and VB Ten Equity, LLC of their equity interests in VB Nine and VB Ten, respectively, and the property and assets held by VB Nine and VB Ten, respectively, and bear interest at a fixed rate equal to 4.5%. The MetLife Term Loan I Facilities are full-term, interest-only facilities that mature on August 22, 2029. The Company used $282.0 million of the proceeds to pay down a portion of the outstanding amounts under the Warehouse Facility.\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the MetLife Term Loan I Facilities was $299.8 million and $308.9 million, respectively. As of March 31, 2026 and December 31, 2025, there was zero remaining availability to be drawn on the MetLife Term Loan I Facilities. The MetLife Term Loan I Facilities, net of unamortized deferred financing costs, are included in notes payable, net, on the consolidated balance sheets.\n\nMetLife Term Loan II\n\nOn November 4, 2024, VB Eleven, LLC, an indirect subsidiary of the Company (“VB Eleven”), as borrower, entered into a $250.0 million credit agreement for a term loan credit facility (the “MetLife Term Loan II Facility”) with MetLife and MetLife Tower, and the lenders party thereto from time to time. Borrowings under the MetLife Term Loan II Facility are secured by an equity pledge by VB Eleven Equity, LLC of its equity interests in VB Eleven and the property and assets held by VB Eleven, and bear interest at a fixed rate equal to 4.75%. The MetLife Term Loan II Facility is a full-term, interest-only facility that matures on November 4, 2029.\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the MetLife Term Loan II Facility was $243.0 million and $245.0 million, respectively. As of March 31, 2026 and December 31, 2025, there was zero remaining availability to be drawn on the MetLife Term Loan II Facility. The MetLife Term Loan II Facility, net of unamortized deferred financing costs, is included in notes payable, net, on the consolidated balance sheets.\n\nOSL Loan III\n\nOn February 26, 2026, the OP, as borrower, entered into a secured revolving credit agreement for an aggregate amount of up to $15.0 million (the “OSL Loan III”) with OSL. The OP drew $5.0 million and $10.0 million under the OSL Loan III\n\n20\n\n[Table of Contents](#toc_page)\n\n \n\non February 26, 2026 and March 6, 2026, respectively. The OSL Loan III provides for a 2-year, interest-only loan at a 9.25% fixed interest rate and is guaranteed by the Company.\n\nAs of March 31, 2026, the outstanding principal balance of the OSL Loan III was $15.0 million. As of March 31, 2026, there was zero remaining availability to be drawn on the OSL Loan III. The OSL Loan III, net of unamortized deferred financing costs, is included in notes payable, net, on the consolidated balance sheets.\n\nNexPoint Homes\n\nIn addition to the debt agreements discussed above for the VineBrook Portfolio, as of March 31, 2026, the NexPoint Homes Portfolio had $503.9 million of debt outstanding included in notes payable on the consolidated balance sheets, which is comprised of two consolidated notes with MetLife (the “NexPoint Homes MetLife Note 1” and “NexPoint Homes MetLife Note 2”), the NexPoint Homes OSL Note (as defined below), the SFR OP Note Payable III (as defined below) and the SFR OP Convertible Notes (as defined in Note 10). See the summary table above for further information on the debt of the NexPoint Homes Portfolio.\n\nNexPoint Homes MetLife Note 1\n\nOn March 4, 2022, NexPoint SFR SPE 1, LLC, a wholly owned subsidiary of SFR OP, as borrower, entered into a loan agreement with Metropolitan Life Insurance Company, as lender, providing for a maximum principal amount of $240.0 million (the “NexPoint Homes MetLife Note 1”). The NexPoint Homes MetLife Note 1 is guaranteed by the OP and bears interest at a fixed rate of 3.72% on the tranche collateralized by stabilized properties and 4.47% on the tranche collateralized by non-stabilized properties. The NexPoint Homes MetLife Note 1 is interest-only and matures and is due in full on March 3, 2027.\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the NexPoint Homes MetLife Note 1 was $236.6 million and $236.6 million, respectively. As of March 31, 2026 and December 31, 2025, there was zero remaining availability to be drawn on the NexPoint Homes MetLife Note 1. The NexPoint Homes MetLife Note 1, net of unamortized deferred financing costs, is included in notes payable, net, on the consolidated balance sheets.\n\nNexPoint Homes MetLife Note 2\n\nOn August 12, 2022, NexPoint SFR SPE 3, LLC, a wholly owned subsidiary of SFR OP, as borrower, entered into a loan agreement with Metropolitan Life Insurance Company, as lender, providing for a maximum principal amount of $200.0 million (the “NexPoint Homes MetLife Note 2”). The NexPoint Homes MetLife Note 2 bears interest at a fixed rate of 5.44% and matures and is due in full on August 12, 2027.\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the NexPoint Homes MetLife Note 2 was $161.2 million and $171.1 million, respectively. As of March 31, 2026 and December 31, 2025, there was zero remaining availability to be drawn on the NexPoint Homes MetLife Note 2. The NexPoint Homes MetLife Note 2, net of unamortized deferred financing costs, is included in notes payable, net, on the consolidated balance sheets.\n\nNexPoint Homes OSL Note\n\nOn May 15, 2025, NexPoint SFR SPE 2, LLC, a wholly owned subsidiary of SFR OP, as borrower, entered into a promissory note with OSL, as lender, providing for a maximum principal amount of $17.3 million (the “NexPoint Homes OSL Note”). The NexPoint Homes OSL Note matures on May 15, 2026 and bears interest at a fixed rate of 9.75%.\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the NexPoint Homes OSL Note was $0.4 million and $2.2 million, respectively. As of March 31, 2026 and December 31, 2025, there was zero remaining\n\n21\n\n[Table of Contents](#toc_page)\n\n \n\navailability to be drawn on the NexPoint Homes OSL Note. The NexPoint Homes OSL Note, net of unamortized deferred financing costs, is included in notes payable, net, on the consolidated balance sheets.\n\nSFR OP Note Payable III\n\nOn July 10, 2024, the SFR OP as borrower entered into a promissory note with NexPoint Real Estate Finance, Inc. (“NREF”) as lender (the “SFR OP Note Payable III”). The SFR OP Note Payable III bears interest at a fixed rate of 15.00% and had an original maturity date of July 10, 2025. On July 9, 2025, the SFR OP entered into Amendment No. 1 to the SFR OP Note Payable III, wherein the maturity date was extended to July 10, 2026. On August 25, 2025, the SFR OP entered into a Second Amendment and Restatement to the SFR OP Note Payable III, wherein the maximum commitment was increased to $15.0 million.\n\nAs of March 31, 2026 and December 31, 2025, the outstanding principal balance of the SFR OP Note Payable III is $12.5 million and $12.5 million, respectively. As of March 31, 2026 and December 31, 2025, there was $2.5 million and $2.5 million remaining commitment to be drawn on the SFR OP Note Payable III, respectively. The SFR OP Note Payable III, net of unamortized deferred financing costs, is included in notes payable, net, on the consolidated balance sheets.\n\nAs of March 31, 2026 and December 31, 2025, the Company believes it is in compliance with all debt covenants in all of its debt agreements.\n\nWeighted Average Interest\n\nThe weighted average interest rate of the Company’s debt was 5.1178% as of March 31, 2026 and 5.0983% as of December 31, 2025. As of March 31, 2026 and December 31, 2025, the adjusted weighted average interest rate of the Company’s debt, including the effect of derivative financial instruments, was 4.8408% and 5.0983%, respectively. For purposes of calculating the adjusted weighted average interest rate of the Company’s debt as of March 31, 2026, including the effect of derivative financial instruments, the Company has included the weighted average fixed rate of 2.4019% on its combined $547.9 million notional amount of interest rate cap agreements, representing a weighted average fixed rate for one-month term SOFR, which effectively fixes the interest rate on $547.9 million of the $561.7 million of the Company’s floating rate indebtedness.\n\nSchedule of Debt Maturities\n\nThe aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2026 are as follows (in thousands):\n\n \n\n \n\nTotal\n\n \n\n2026\n\n$\n\n29,320\n\n \n\n2027\n\n \n\n1,051,752\n\n \n\n2028\n\n \n\n361,897\n\n \n\n2029\n\n \n\n943,017\n\n \n\n2030\n\n \n\n318,644\n\n \n\nTotal\n\n$\n\n2,704,630\n\n \n\n \n\nEach reporting period, management evaluates the Company’s ability to continue as a going concern in accordance with ASC 205-40, Going Concern, by evaluating conditions and events, including assessing the liquidity needs to meet obligations as they become due within one year after the date the financial statements are issued. The Company has significant debt obligations of approximately $265.9 million coming due within 12 months of the financial statement issuance date, primarily due to the NexPoint Homes MetLife Note 1, which matures on March 3, 2027. As of the date of issuance, the Company does not have sufficient liquidity to satisfy these obligations. In order to satisfy obligations as they mature, management intends to evaluate its options and may seek to: (i) make partial loan pay downs, (ii) refinance the NexPoint Homes MetLife Note 1 and (iii) sell homes from its Portfolio and pay down debt balances with the net sale proceeds. The\n\n22\n\n[Table of Contents](#toc_page)\n\n \n\nCompany’s ability to meet its debt obligations as they come due is dependent upon its ability to meet debt covenants, which it currently projects to do, its ability to refinance debt and its ability to sell homes from its Portfolio to pay down the balances. The Company intends to refinance the NexPoint Homes MetLife Note 1 obligation primarily using debt or equity financing before it comes due. In considering whether it is probable the Company will refinance the maturing debt obligation prior to its maturity dates, the Company performed a comprehensive assessment including the Company’s historical ability to obtain financing, its creditworthiness based upon current and expected financial performance and leverage levels and current debt market conditions. As a result, the Company has concluded it is probable that the refinancing will be completed prior to the maturity date of the NexPoint Homes MetLife Note 1. There can be no assurances that financing can be obtained. The sale of homes from the portfolio could cause a decrease in net operating income but is expected to be offset by the interest savings from the pay downs. Management believes these plans by the Company will be sufficient to satisfy the obligations as they become due. These financial statements have been prepared by management in accordance with GAAP, assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. These financial statements do not include any adjustments that may result from the outcome of this uncertainty.\n\nDeferred Financing Costs\n\nThe Company defers costs incurred in obtaining financing and amortizes the costs over the term of the related debt using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of, or in conjunction with, a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt. For the three months ended March 31, 2026 and 2025, amortization of deferred financing costs of approximately $3.3 million and $2.4 million, respectively, and amortization of loan discounts of approximately $5.2 million and $4.5 million, respectively, are included in interest expense on the consolidated statements of operations and comprehensive income (loss).\n\n6. Fair Value of Derivatives and Financial Instruments\n\nDerivative Financial Instruments and Hedging Activities\n\nIn the normal course of business, our operations are exposed to market risks, including the effect of changes in interest rates. We have entered into, and from time to time in the future may enter into derivative financial instruments to hedge or offset this underlying market risk. There have been no significant changes in our policy and strategy from what was disclosed in our Annual Report.\n\nAs of March 31, 2026, the Company had no interest rate swaps outstanding. For a description of the Company's interest rate swap activity during the year ended December 31, 2025, see Note 6 to the consolidated financial statements included in our Annual Report.\n\nInterest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. On June 27, 2025, the Company, through the OP, paid a premium of approximately $0.1 million and entered into an interest rate cap transaction with Royal Bank of Canada with a notional amount of $31.9 million (the “RBC Cap”). During the year ended December 31, 2025, the Company, through the OP, entered into subsequent modifications of the RBC Cap, wherein the notional amount was increased to $82.9 million as of December 31, 2025. On January 9, 2026, the Company, through the OP, paid a premium of less than $0.1 million and modified the RBC Cap, wherein the notional amount was increased to $94.9 million. On March 30, 2026, the Company, through the OP, paid a premium of less than $0.1 million and modified the RBC Cap, wherein the notional amount was increased to $97.9 million. On February 11, 2026, the Company, through the OP, paid a premium of approximately $6.8 million and entered into an interest rate cap transaction with JPMorgan Chase Bank, N.A. with a notional amount of $450.0 million (the “JPM Cap”). The $6.8 million premium paid on the JPM Cap is included in the net cash received (paid) on derivative settlements and premiums on the consolidated statements of cash flows. The interest rate caps effectively cap\n\n23\n\n[Table of Contents](#toc_page)\n\n \n\none-month term SOFR at 4.25% on $97.9 million and 2.00% on $450.0 million on floating rate debts. The interest rate caps expire on July 9, 2027 and March 1, 2027, respectively.\n\nAs of March 31, 2026, the Company had the following outstanding interest rate caps that were not designated as a hedge in qualifying hedging relationships (dollars in thousands):\n\n \n\nDerivative\n\n \n\nNotional\n\n \n\n \n\nExpiration Date\n\n \n\nIndex\n\n \n\nIndex as of March 31, 2026\n\n \n\n \n\nStrike Rate\n\n \n\n \n\nRBC Interest Rate Cap\n\n \n\n$\n\n97,860\n\n \n\n \n\n7/9/2027\n\n \n\nOne-Month Term SOFR\n\n \n\n \n\n3.6648\n\n%\n\n \n\n \n\n4.2500\n\n %\n\n \n\nJPM Interest Rate Cap\n\n \n\n$\n\n450,000\n\n \n\n \n\n3/1/2027\n\n \n\nOne-Month Term SOFR\n\n \n\n \n\n3.6648\n\n%\n\n \n\n \n\n2.0000\n\n %\n\n \n\n \n\nThe table below presents the fair value of the Company’s derivative financial instruments, which are presented on the consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands):\n\n \n\n \n\n \n\n \n\n \n\nAsset Derivatives\n\n \n\n \n\n \n\nBalance Sheet Location\n\n \n\nMarch 31, 2026\n\n \n\n \n\nDecember 31, 2025\n\n \n\nDerivatives not designated as hedging instruments:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest rate caps\n\n \n\nInterest rate derivatives, at fair value\n\n \n\n$\n\n6,906\n\n \n\n \n\n$\n\n21\n\n \n\nTotal\n\n \n\n \n\n \n\n$\n\n6,906\n\n \n\n \n\n$\n\n21\n\n \n\n \n\nDerivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging, or the Company has elected not to designate such derivatives as hedges. Changes in the fair value of derivatives not designated in hedging relationships are recognized as either increases or decreases to interest expense. The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and 2025 (in thousands):\n\n \n\n \n\n \n\nAmount of gain (loss) recognized in OCI\n\n \n\n \n\n \n\n \n\nAmount of gain (loss) reclassified from OCI into income\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\nMarch 31, 2025\n\n \n\n \n\nLocation of gain (loss) reclassified from OCI into income\n\n \n\nMarch 31, 2026\n\n \n\n \n\nMarch 31, 2025\n\n \n\nDerivatives designated as hedging instruments:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest rate swaps\n\n \n\n$\n\n—\n\n \n\n \n\n$\n\n(1,435\n\n)\n\n \n\nInterest expense\n\n \n\n$\n\n—\n\n \n\n \n\n$\n\n2,953\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAmount of gain (loss) recognized in income\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLocation of gain (loss) recognized in income\n\n \n\nMarch 31, 2026\n\n \n\n \n\nMarch 31, 2025\n\n \n\nDerivatives not designated as hedging instruments:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest rate swaps\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest expense\n\n \n\n$\n\n—\n\n \n\n \n\n$\n\n1,883\n\n \n\nInterest rate cap\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest expense\n\n \n\n$\n\n1,042\n\n \n\n \n\n$\n\n139\n\n \n\n \n\nABS Class F Retention Certificates\n\nThe Class F Certificates that the Company purchased and retained as part of the ABS I and ABS II transactions, are classified as held to maturity and are valued at amortized cost. As of March 31, 2026 and December 31, 2025, the carrying value of the ABS I and ABS II Class F Certificates was $79.0 million and $79.0 million, respectively.\n\n24\n\n[Table of Contents](#toc_page)\n\n \n\nThe table below presents the outstanding principal balance and estimated fair value of our debt as of March 31, 2026 and December 31, 2025 (in thousands):\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\n \n\nOutstanding Principal Balance\n\n \n\n \n\nEstimated Fair Value\n\n \n\n \n\nOutstanding Principal Balance\n\n \n\n \n\nEstimated Fair Value\n\n \n\nDebt\n\n \n\n \n\n2,704,630\n\n \n\n \n\n \n\n2,672,760\n\n \n\n \n\n \n\n2,726,197\n\n \n\n \n\n \n\n2,500,760\n\n \n\n \n\nThe following table sets forth a summary of the Company’s held for sale assets, held and used real estate assets that underwent impairment and real estate assets that underwent a casualty related impairment that were accounted for at fair value on a nonrecurring basis as of their respective measurement date (in thousands):\n\n \n\n \n\n \n\n \n\n \n\n \n\nFair Value Hierarchy Level\n\n \n\n \n\nDescription\n\n \n\nFair Value\n\n \n\n \n\nLevel 1\n\n \n\nLevel 2\n\n \n\nLevel 3\n\n \n\n \n\nAssets held at March 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFair value of real estate assets - impaired at March 31, 2026\n\n \n\n$\n\n34,049\n\n \n\n \n\n$\n\n—\n\n \n\n$\n\n—\n\n \n\n$\n\n34,049\n\n \n\n \n\n \n\n7. Stockholders’ Equity\n\nThe Company issued shares under the Company’s distribution reinvestment program (the “DRIP”) during the three months ended March 31, 2026 and 2025. Common Stock shares issued under the DRIP are issued at a 3% discount to the then-current NAV per share and the Company does not receive any cash for DRIP issuances as those dividends are instead reinvested into the Company. During the three months ended March 31, 2026 and 2025, the Company issued 169,299 shares and 144,420 shares, respectively, of Common Stock from DRIP issuances and equity grant vestings for total contributions of $5.0 million and $5.7 million, respectively, net of $1.8 million and $0.8 million, respectively, of taxes certain grantees owed upon restricted stock units vesting against the shares of Common Stock issued.\n\n2018 Long-Term Incentive Plan\n\nThe Company adopted the 2018 Long Term Incentive Plan (the “2018 LTIP”) whereby the Board, or a committee thereof, granted awards of restricted stock units (“RSUs”) or profits interest units in the OP (“PI Units”) to certain employees of the Company and the Adviser, or others at the discretion of the Board (including the directors and officers of the Company or other service providers of the Company or the OP). Under the terms of the 2018 LTIP, 426,307 shares of Common Stock were initially reserved, subject to automatic increase on January 1st of each year beginning with January 1, 2019 by a number equal to 10% of the total number of OP Units and vested PI Units outstanding on December 31st of the preceding year (the “2018 LTIP Share Reserve”), provided that the Board could act prior to each such January 1st to determine that there would be no increase for such year or that the increase would be less than the number of shares by which the 2018 LTIP Share Reserve would otherwise increase. In addition, the shares of Common Stock available under the 2018 LTIP could not exceed in the aggregate 10% of the number of OP Units and vested PI Units outstanding at the time of measurement. Grants could be made annually by the Board, or more or less frequently in the Board’s sole discretion. Vesting of grants made under the 2018 LTIP occur ratably over a period of time as determined by the Board and could include the achievement of performance metrics, also as determined by the Board in its sole discretion.\n\n25\n\n[Table of Contents](#toc_page)\n\n \n\n2023 Long-Term Incentive Plan\n\nOn July 11, 2023, the Company’s stockholders approved the 2023 Long Term Incentive Plan (the “2023 LTIP”) to replace the 2018 LTIP and on July 20, 2023, the Company filed a registration statement on Form S-8 registering 1,000,000 shares of Common Stock which the Company may issue pursuant to the 2023 LTIP. Under the 2023 LTIP, the compensation committee of the Board (“Compensation Committee”) may grant awards of option rights, stock appreciation rights, restricted stock, RSUs, performance shares, performance share units or cash incentive awards, or PI Units to directors and officers of the Company or other service providers of the Company and the OP, including employees of the Adviser. Under the terms of the 2023 LTIP, 1,000,000 shares of Common Stock were initially reserved, subject to automatic increase on January 1st of each year beginning with January 1, 2024 by a number equal to 10% of the total number of OP Units and vested PI Units outstanding on December 31st of the preceding year (the “Share Reserve”), provided that the Board may act prior to each such January 1st to determine that there will be no increase for such year or that the increase will be less than the number of shares by which the Share Reserve would otherwise increase. All RSUs granted and shares of Common Stock issued under the 2023 LTIP have been made pursuant to an exemption from the registration requirements of the Securities Act. Vesting of grants made under the 2023 LTIP will occur over a period of time as determined by the Compensation Committee and may include the achievement of performance metrics, also as determined by the Compensation Committee in its sole discretion.\n\nRSU Grants Under the 2018 LTIP and 2023 LTIP\n\nAs of March 31, 2026, the Company had granted 816,946 and 421,308 RSUs under the 2018 LTIP and 2023 LTIP, respectively. The following table includes the number of RSUs granted, vested, forfeited and outstanding to certain employees of the Adviser, officers of the Company and non-employee Board members under the 2018 LTIP and 2023 LTIP:\n\nGrant Date\n\n \n\nShares Granted\n\n \n\n \n\nShares Vested\n\n \n\n \n\nShares Forfeited\n\n \n\n \n\nShares Outstanding\n\n \n\nDecember 10, 2019\n\n \n\n \n\n73,701\n\n \n\n \n\n \n\n73,701\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nMay 11, 2020\n\n \n\n \n\n179,858\n\n \n\n \n\n \n\n173,750\n\n \n\n \n\n \n\n6,108\n\n \n\n \n\n \n\n—\n\n \n\nFebruary 15, 2021\n\n \n\n \n\n191,506\n\n \n\n \n\n \n\n185,099\n\n \n\n \n\n \n\n6,407\n\n \n\n \n\n \n\n—\n\n \n\nFebruary 17, 2022\n\n \n\n \n\n185,111\n\n \n\n \n\n \n\n179,810\n\n \n\n \n\n \n\n5,301\n\n \n\n \n\n \n\n—\n\n \n\nApril 11, 2023\n\n \n\n \n\n186,770\n\n \n\n \n\n \n\n52,761\n\n \n\n \n\n \n\n4,644\n\n \n\n \n\n \n\n129,365\n\n \n\nApril 3, 2024\n\n \n\n \n\n191,937\n\n \n\n \n\n \n\n31,780\n\n \n\n \n\n \n\n2,998\n\n \n\n \n\n \n\n157,159\n\n \n\nApril 4, 2025\n\n \n\n \n\n229,371\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n229,371\n\n \n\n Total\n\n \n\n \n\n1,238,254\n\n \n\n \n\n \n\n696,901\n\n \n\n \n\n \n\n25,458\n\n \n\n \n\n \n\n515,895\n\n \n\nThe RSUs granted to certain employees of the Adviser and officers of the Company on April 11, 2023, February 17, 2022, February 15, 2021 and May 11, 2020 vest 50% ratably over four years and 50% at the successful completion of an initial public offering (“IPO”). The RSUs granted to certain employees of the Adviser and officers of the Company on April 3, 2024 vest 50% ratably over four years and 50% at the successful completion of an initial public offering or the listing of the Company's Common Stock on a national securities exchange. The RSUs granted to certain employees of the Adviser and officers of the Company on April 4, 2025 vest 100% ratably over four years.\n\nOn April 4, 2025, the Compensation Committee (i) accelerated the vesting of the May 11, 2020 and February 15, 2021 RSU awards that were dependent upon the successful completion of an IPO, and as such the remaining outstanding RSUs under those respective awards vested on April 4, 2025 and (ii) revised the vesting schedule for the February 17, 2022, April 11, 2023 and April 3, 2024 RSU awards such that the awards vest 50% ratably over four years and 50% upon the earlier to occur: (a) the date of a successful completion of an IPO, the listing of the Company's Common Stock on a national securities exchange (together, a “Company Listing Event”) or (b) the final time vesting date. With respect to the IPO contingent RSU awards that were originally granted on February 17, 2022, April 11, 2023, and April 3, 2024, the final time vesting of each award is February 17, 2026, April 11, 2027, and April 3, 2028, respectively, in which these awards would be considered fully vested if there is not an earlier IPO or, if applicable, Company Listing Event. During the three months ended March 31, 2026, the Company recognized approximately $1.5 million of non-cash compensation expense related to the revised RSU award\n\n26\n\n[Table of Contents](#toc_page)\n\n \n\nvesting, which is based on the fair value of the modified awards at the date of modification. As of March 31, 2026, total unrecognized compensation expense on RSUs with respect to the IPO contingent shares was approximately $5.6 million which is expected to be recognized through the final time vesting date. The non-cash compensation expense is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). The RSUs granted to non-employee Board members fully vest on the first anniversary of the grant date. Any unvested RSU is forfeited, except in limited circumstances, as determined by the Compensation Committee, when the recipient is no longer employed by the Adviser. Forfeitures are recognized as they occur. RSUs are valued at fair value (which is the NAV per share in effect) on the date of grant, with compensation expense recorded in accordance with the applicable vesting schedule that approximates a straight-line basis. Beginning on the date of grant, RSUs accrue dividends that are payable in cash on the vesting date. Once vested, the RSUs convert on a one-for-one basis into Common Stock. The estimated fair values of the RSUs that fully vested during the three months ended March 31, 2026 and 2025 were an aggregate of $5.8 million and $2.4 million, respectively.\n\nAs of March 31, 2026, the number of RSUs granted, vested, forfeited and outstanding was as follows (dollars in thousands):\n\n \n\nDates\n\n \n\nNumber of RSUs\n\n \n\n \n\nValue (1)\n\n \n\nOutstanding December 31, 2025\n\n \n\n \n\n621,084\n\n \n\n \n\n$\n\n35,412\n\n \n\nGranted\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nVested\n\n \n\n \n\n(105,189\n\n)\n\n(2)\n\n \n\n(5,695\n\n)\n\nForfeited\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nOutstanding March 31, 2026\n\n \n\n \n\n515,895\n\n \n\n \n\n$\n\n29,717\n\n \n\n \n\n(1)\nValue is based on the number of RSUs granted multiplied by the most recent NAV per share on the date of grant, which was $54.54 for the April 4, 2025 grant, $58.95 for the April 3, 2024 grant, $63.04 for the April 11, 2023 grant and $54.14 for the February 17, 2022 grant. Related to the accelerated RSU award vestings, the NAV per share on the date of modification was $54.56.\n\n(2)\nCertain grantees elected to net the taxes owed upon vesting and the compensation committee approved cash settlement of 28,367 and 2,355 restricted stock units, respectively, against the shares of Common Stock issued resulting in 74,467 shares of Common Stock being issued for the three months ended March 31, 2026 as shown on the consolidated statements of stockholders' equity.\n\nThe vesting schedule for the outstanding RSUs is as follows:\n\n \n\nVest Date\n\n \n\nRSUs Vesting (1)\n\n \n\nApril 3, 2026\n\n \n\n \n\n22,451\n\n \n\nApril 4, 2026\n\n \n\n \n\n67,252\n\n \n\nApril 11, 2026\n\n \n\n \n\n21,561\n\n \n\nApril 3, 2027\n\n \n\n \n\n22,451\n\n \n\nApril 4, 2027\n\n \n\n \n\n54,040\n\n \n\nApril 11, 2027\n\n \n\n \n\n107,804\n\n \n\nApril 3, 2028\n\n \n\n \n\n112,256\n\n \n\nApril 4, 2028\n\n \n\n \n\n54,040\n\n \n\nApril 4, 2029\n\n \n\n \n\n54,040\n\n \n\n \n\n \n\n \n\n515,895\n\n \n\n \n\n(1)\nAs of March 31, 2026, upon the successful completion of a Company Listing Event or change of control of the Company, 176,048 RSUs would vest immediately, instead of vesting on the final time vesting date according to the schedule above.\n\n27\n\n[Table of Contents](#toc_page)\n\n \n\nFor the three months ended March 31, 2026 and 2025, the Company recognized approximately $3.1 million and $1.4 million, respectively, of non-cash compensation expense related to the RSUs, which is included in corporate general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). As of March 31, 2026 and December 31, 2025, the Company had total unrecognized compensation expense on RSUs of approximately $18.6 million and $21.7 million which is expected to be recognized over a weighted average vesting period of 1.33 and 1.33 years, respectively.\n\nPerformance Share Grants under the 2023 LTIP\n\nIn connection with the Internalization of the Legacy VineBrook Manager and under the 2023 LTIP, on August 3, 2023, performance shares were granted to certain executives with an aggregate target of 63,452 performance shares. Vesting of 31,726 of the performance shares was based on the achievement of annual Portfolio growth and annual growth of rehabilitations of properties in the Portfolio (the “One Year Performance Shares”), and the vesting of 31,726 of the performance shares was based on the net operating income growth from 2023 through 2025 and core funds from operations per share growth from 2023 through 2025 (the “Three Year Performance Shares”). The achievement of the respective metrics would increase or decrease the number of shares which the grantee earns and therefore receives upon vesting. As of December 31, 2024, it was determined that 23,794 One Year Performance Shares were earned by executives based on annual Portfolio growth and annual growth of rehabilitations of properties in the Portfolio. The One Year Performance Shares vest 25% ratably over four years. If the Three Year Performance Shares metrics were met when the performance period ended on January 1, 2026, the Three Year Performance Shares would have vested 50% ratably over two years. Forfeitures are recognized as they occur. Beginning on the date of grant, performance shares accrue dividends that are payable in cash on the vesting date. Once vested, the performance shares convert on a one-for-one basis into Common Stock. On June 10, 2025, certain executives granted performance shares were terminated whereby 31,726 Three Year Performance Shares, representing target performance, were deemed to be earned. In connection with the separation and release agreements, a total of 49,572 outstanding and earned performance shares, representing the remaining earned One Year Performance Shares and the Three Year Performance Shares deemed earned, vested on August 4, 2025. As of March 31, 2026 and December 31, 2025, all performance shares have vested and zero shares remain outstanding.\n\n \n\nSeries B Preferred Stock\n\nOn July 31, 2023, the Company issued 2,548,240 shares of 9.50% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”), of the Company in a private offering for gross proceeds of approximately $63.7 million (the “Series B Preferred Offering”). Beginning on the day after the fourth anniversary of the original issuance date, the Series B Preferred Stock dividend rate will increase to 10.00% per annum; beginning on the day after the fifth anniversary of the original issuance date, the Series B Preferred Stock dividend rate will increase to 11.00% per annum; and beginning on the day after the sixth anniversary of the original issuance date and each anniversary thereafter, the Series B Preferred Stock dividend rate will increase an additional 2.00% per annum, with a maximum Series B Preferred Stock dividend rate of 17.00% per annum. The dividend rate will also increase upon the occurrence of certain default circumstances, as defined in the Articles Supplementary setting forth the terms of the Series B Preferred Stock. The Company has the option to redeem, in whole or in part, the Series B Preferred Stock at any time, from time to time, subject to certain redemption premiums if redeemed prior to the second anniversary of the original issuance date. The Company currently intends to exercise its option to redeem all of the outstanding Series B Preferred Stock on or prior to the fourth anniversary of the original issuance date. With respect to priority of payment of dividends, the Series B Preferred Stock ranks senior to all classes of Common Stock, and the Series B Preferred Stock and Series A Preferred Stock rank on parity with each other. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the Series B Preferred stockholders are entitled to be paid out, at a price equal to $25.00 per share plus any accrued and unpaid distributions (whether or not declared), after payment of the Company's debts and other liabilities. An aggregate of approximately $2.9 million in selling commissions and fees were paid in connection therewith. OSL purchased shares of Series B Preferred Stock in the Series B Preferred Offering.\n\n28\n\n[Table of Contents](#toc_page)\n\n \n\n8. Noncontrolling Interests\n\nRedeemable Noncontrolling Interests in the OP\n\nThe following table presents the capital contributions, distributions, and profits and losses allocated to PI Units and OP Units not held by the Company (the “noncontrolling interests”) in the OP (in thousands):\n\n \n\n \n\n \n\nBalances\n\n \n\nRedeemable noncontrolling interests in the OP, December 31, 2025\n\n \n\n$\n\n277,844\n\n \n\nNet loss attributable to redeemable noncontrolling interests in the OP\n\n \n\n \n\n(9,286\n\n)\n\nContributions by redeemable noncontrolling interests in the OP\n\n \n\n \n\n338\n\n \n\nDistributions to redeemable noncontrolling interests in the OP\n\n \n\n \n\n(2,980\n\n)\n\nEquity-based compensation\n\n \n\n \n\n118\n\n \n\nAdjustment to reflect redemption value of redeemable noncontrolling interests in the OP\n\n \n\n \n\n8,914\n\n \n\nRedeemable noncontrolling interests in the OP, March 31, 2026\n\n \n\n$\n\n274,948\n\n \n\n \n\nAs of March 31, 2026, the Company held 18,675,001 Class A OP Units, NREO held 2,814,062 Class B OP Units, NRESF held 100,570 Class C OP Units, GAF REIT held 158,710 Class C OP Units and the VineBrook Contributors, former employees of the Legacy VineBrook Manager, the Evergreen Manager and Company insiders held 1,995,757 Class C OP Units. As of March 31, 2026, the Company held all outstanding 6.50% Series A Cumulative Redeemable Preferred Units and 9.50% Series B Cumulative Redeemable Preferred Units of the OP.\n\nPI Unit Grants Under the 2018 LTIP\n\nAs of March 31, 2026, the Company had granted 705,311 PI Units under the 2018 LTIP. The following table includes the number of PI Units granted, vested, forfeited and outstanding under the 2018 LTIP:\n\nGrant Date\n\n \n\nPIUs Granted\n\n \n\n \n\nPIUs Vested\n\n \n\n \n\nPIUs Forfeited\n\n \n\n \n\nPIUs Outstanding\n\n \n\nApril 19, 2019\n\n \n\n \n\n40,000\n\n \n\n \n\n \n\n40,000\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nNovember 21, 2019\n\n \n\n \n\n80,399\n\n \n\n \n\n \n\n80,399\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nMay 11, 2020\n\n \n\n \n\n219,826\n\n \n\n \n\n \n\n215,326\n\n \n\n \n\n \n\n4,500\n\n \n\n \n\n \n\n—\n\n \n\nNovember 30, 2020\n\n \n\n \n\n11,764\n\n \n\n \n\n \n\n7,353\n\n \n\n \n\n \n\n4,412\n\n \n\n \n\n \n\n—\n\n \n\nMay 31, 2021\n\n \n\n \n\n246,169\n\n \n\n \n\n \n\n234,545\n\n \n\n \n\n \n\n11,624\n\n \n\n \n\n \n\n—\n\n \n\nAugust 10, 2022\n\n \n\n \n\n27,849\n\n \n\n \n\n \n\n21,356\n\n \n\n \n\n \n\n4,646\n\n \n\n \n\n \n\n1,847\n\n \n\nFebruary 22, 2023\n\n \n\n \n\n79,304\n\n \n\n \n\n \n\n42,586\n\n \n\n \n\n \n\n26,408\n\n \n\n \n\n \n\n10,309\n\n \n\n Total\n\n \n\n \n\n705,311\n\n \n\n \n\n \n\n641,565\n\n \n\n \n\n \n\n51,590\n\n \n\n \n\n \n\n12,156\n\n \n\nThe PI Units are a special class of partnership interests in the OP with certain restrictions, which are convertible into Class C OP Units, subject to satisfying vesting and other conditions. The PI Units granted on May 11, 2020 and May 31, 2021 vest 50% ratably over four years and 50% at the successful completion of an IPO and the PI Units granted on November 30, 2020 vested 100% ratably over four years. The PI Units granted on August 10, 2022 and February 22, 2023 generally vest ratably over five years.\n\n29\n\n[Table of Contents](#toc_page)\n\n \n\nOn April 4, 2025, the Compensation Committee (i) accelerated the vesting of the May 11, 2020 PI Unit grants that were dependent upon the successful completion of an IPO, and as such the remaining outstanding PI Units under those respective awards vested on April 4, 2025 and (ii) revised the vesting schedule for the May 31, 2021 PI Unit grants such that the awards vested 50% ratably over four years and 50% upon the earlier to occur: (a) the date of the successful completion of an IPO or (b) the final time vesting date. During the three months ended March 31, 2026, the Company recognized approximately $0.1 million of non-cash compensation expense related to the time vesting of PI Units, which is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). Once vested and converted into Class C OP Units in accordance with the OP LPA, the PI Units will then be fully recognized as Class C OP Units, which, without the OP’s consent, may not be redeemed for cash or Common Stock (at the OP’s election) within three years of issuance of the PI Units. Any unvested PI Unit granted to an employee is forfeited, except in limited circumstances, as determined by the Compensation Committee, when the recipient is no longer employed by the Company or otherwise providing services to the Company. On October 27, 2025, the Compensation Committee determined that certain employees of the Company being terminated in the Externalization were going to be employed by the Adviser or Evergreen Manager (or their respective affiliates) or otherwise provide consulting services to the Company and approved the continued vesting pursuant to the original vesting schedule of a total of 22,390 unvested PI Units granted under the 2018 LTIP subject to such individuals continuing to provide services to the Company through employment at the Advisor or Evergreen Manager (or their respective affiliates) or otherwise as an independent contractor for the Company. Forfeitures are recognized as they occur. PI Units are valued at fair value on the date of grant, with compensation expense recorded in accordance with the applicable vesting schedule over the periods in which the restrictions lapse, that approximates a straight-line basis. We valued the PI Units at a per-unit value equivalent to the per-share offering price of our OP Units less discounts estimated by a third-party consultant. Beginning on the date of grant, PI Units accrue dividends that are payable in cash quarterly (if we declare and pay distributions to holders of our OP Units).\n\nPI Unit Grants Under the 2023 LTIP\n\nIn connection with the Internalization of the Legacy VineBrook Manager and under the 2023 LTIP, PI Units have been issued to executives of the Legacy VineBrook Manager. On August 3, 2023, a total of 475,888 PI Units were granted. The PI Units granted on August 3, 2023 were originally scheduled to vest 100% on February 28, 2026. On June 10, 2025, certain executives were terminated by the Company, whereby 100% of the PI Units granted on August 3, 2023 vested on August 4, 2025. Once vested and converted into Class C OP Units in accordance with the OP LPA, the PI Units will then be fully recognized as Class C OP Units, which, without the OP’s consent, may not be redeemed for cash or Common Stock (at the OP’s election) within three years of issuance. Forfeitures are recognized as they occur. PI Units are valued at fair value on the date of grant, with compensation expense recorded in accordance with the applicable vesting schedule over the periods in which the restrictions lapse, that approximates a straight-line basis. We valued the PI Units at a per-unit value equivalent to the per-share offering price of our OP Units less a discount for lack of marketability and other discounts estimated by a third-party consultant. Beginning on the date of grant, PI Units accrue dividends that are payable in cash quarterly (if we declare and pay distributions to holders of our OP Units).\n\nAs of March 31, 2026, the number of PI Units granted that are outstanding and unvested was as follows (dollars in thousands):\n\n \n\nDates\n\n \n\nNumber of PI Units\n\n \n\n \n\nValue (1)\n\n \n\nOutstanding December 31, 2025\n\n \n\n \n\n20,326\n\n \n\n \n\n$\n\n2,084\n\n \n\nGranted\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nVested\n\n \n\n \n\n(8,170\n\n)\n\n \n\n \n\n(1,320\n\n)\n\nForfeited\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nOutstanding March 31, 2026\n\n \n\n \n\n12,156\n\n \n\n \n\n$\n\n764\n\n \n\n \n\n30\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n(1)\nValue is based on the number of PI Units granted multiplied by the estimated per unit fair value on the date of grant, which was $61.74 for the August 10, 2022 grant and $63.04 for the February 22, 2023 grant.\n\nThe vesting schedule for the PI Units is as follows:\n\n \n\nVest Date\n\n \n\nPI Units Vesting\n\n \n\nApril 25, 2026\n\n \n\n \n\n923\n\n \n\nFebruary 22, 2027\n\n \n\n \n\n5,155\n\n \n\nApril 25, 2027\n\n \n\n \n\n923\n\n \n\nFebruary 22, 2028\n\n \n\n \n\n5,155\n\n \n\n \n\n \n\n \n\n12,156\n\n \n\nFor the three months ended March 31, 2026 and 2025, the OP recognized approximately $0.1 million and $3.5 million, respectively, of non-cash compensation expense related to the PI Units, which is included in general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income (loss). As of March 31, 2026, total unrecognized compensation expense on PI Units was approximately $0.7 million and the expense is expected to be recognized over a weighted average vesting period of 1.3 years.\n\nThe table below presents the consolidated Common Stock and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units held by the Company are eliminated in consolidation.\n\n \n\nPeriod End\n\n \n\nCommon Stock Shares Outstanding\n\n \n\n \n\nOP Units Held by NCI\n\n \n\n \n\nConsolidated Common Stock Shares and NCI OP Units Outstanding\n\n \n\nMarch 31, 2026\n\n \n\n \n\n26,081,929\n\n \n\n \n\n \n\n5,069,099\n\n \n\n \n\n \n\n31,151,028\n\n \n\n \n\nRedeemable Noncontrolling Interests in Consolidated VIEs\n\nAs of March 31, 2026, approximately 5,314,312 limited partnership units of the SFR OP (“SFR OP Units”) were held by affiliates of the Company. The following table presents the capital contributions, distributions, and profits and losses allocated to SFR OP Units not held by the Company (the “redeemable noncontrolling interests in consolidated VIEs”) (in thousands):\n\n \n\n \n\n \n\nBalances\n\n \n\nRedeemable noncontrolling interests in consolidated VIEs, December 31, 2025\n\n \n\n$\n\n67,835\n\n \n\nNet loss attributable to redeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(3,800\n\n)\n\nContributions by redeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n1,469\n\n \n\nDistributions to redeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(1,469\n\n)\n\nAdjustment to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n4,998\n\n \n\nRedeemable noncontrolling interests in consolidated VIEs, March 31, 2026\n\n \n\n$\n\n69,033\n\n \n\n \n\nNoncontrolling Interests in Consolidated VIEs\n\nThe following table presents the capital contributions, distributions, and profits and losses allocated to NexPoint Homes Class A common stock, par value $0.01 per share and NexPoint Homes Class I common stock, par value $0.01 not held by the Company (the “noncontrolling interests in consolidated VIEs”) (in thousands):\n\n \n\n \n\n \n\nBalances\n\n \n\nNoncontrolling interests in consolidated VIEs, December 31, 2025\n\n \n\n$\n\n2,223\n\n \n\nNet loss attributable to noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(518\n\n)\n\nContributions by noncontrolling interests in consolidated VIEs\n\n \n\n \n\n189\n\n \n\nDistributions to noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(196\n\n)\n\nNoncontrolling interests in consolidated VIEs, March 31, 2026\n\n \n\n$\n\n1,698\n\n \n\n \n\n31\n\n[Table of Contents](#toc_page)\n\n \n\n9. Redeemable Series A Preferred Stock\n\nThe Company has issued 5,000,000 shares of Series A Preferred Stock as of March 31, 2026. The Series A Preferred Stock has a redemption value of $25.00 per share and is mandatorily redeemable on October 7, 2027 unless a Listing Event is effectuated as defined in the Articles of Amendment and Restatement, subject to certain extensions. With respect to priority of payment of dividends, the Series A Preferred Stock ranks senior to all classes of Common Stock, and the Series A Preferred Stock and Series B Preferred Stock rank on parity with each other. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the Series A Preferred stockholders are entitled to be paid out, at a price equal to $25.00 per share, plus an amount equal to any accrued and unpaid dividends (whether or not earned, authorized or declared), after payment of the Company's debts and other liabilities.\n\nThe following table presents the redeemable Series A Preferred Stock (dollars in thousands):\n\n \n\n \n\n \n\nSeries A Preferred Stock shares\n\n \n\n \n\nBalances\n\n \n\nRedeemable Series A Preferred stock, December 31, 2025\n\n \n\n \n\n4,996,000\n\n \n\n \n\n$\n\n123,494\n\n \n\nNet income attributable to Redeemable Series A Preferred stockholders\n\n \n\n \n\n—\n\n \n\n \n\n \n\n2,029\n\n \n\nDividends declared to Redeemable Series A Preferred stockholders\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(2,029\n\n)\n\nAccretion to redemption value\n\n \n\n \n\n—\n\n \n\n \n\n \n\n169\n\n \n\nRedeemable Series A Preferred stock, March 31, 2026\n\n \n\n \n\n4,996,000\n\n \n\n \n\n$\n\n123,663\n\n \n\n \n\n10. Related Party Transactions\n\nVineBrook Advisory Fee\n\nPursuant to the Advisory Agreement, the Company will pay the Adviser, on a monthly basis in arrears, an advisory fee at an annualized rate of 0.75% of the gross asset value of the Company (as calculated pursuant to the terms of the Advisory Agreement). The Adviser will manage the Company’s business including, among other duties, advising the Board to issue distributions, preparing our quarterly and annual consolidated financial statements prepared under GAAP, development and maintenance of internal accounting controls, management and conduct of maintaining our REIT status, calculation of our NAV and recommending the appropriate NAV to be set by the Board, reporting to holders of Common Stock, our tax filings, and other responsibilities customary for an external advisor to a business similar to ours. With certain specified exceptions, the advisory fee together with reimbursement of operating and offering expenses may not exceed 1.5% of average total assets of the Company and the OP, as determined in accordance with GAAP on a consolidated basis, at the end of each month (or partial month) (i) for which any advisory fee is calculated or (ii) during the year for which any expense reimbursement is calculated.\n\nFor the three months ended March 31, 2026 and 2025, the Company expensed advisory fees of approximately $4.2 million and $4.2 million, respectively, in the VineBrook Portfolio which are included in advisory fees on the consolidated statements of operations and comprehensive income (loss). As of March 31, 2026 and December 31, 2025, the Company has $2.9 million and $1.7 million of accrued advisory fees payable, respectively, which are included in accounts payable and other accrued liabilities on the consolidated balance sheets.\n\nInternalization of the Adviser\n\nThe Company may acquire all of the outstanding equity interests of the Adviser (an “Adviser Internalization”) under certain provisions (a “Purchase Provision”) of the Advisory Agreement to effect an Adviser Internalization upon the payment of a certain fee (an “Adviser Internalization Fee”). If the Company determines to acquire the equity interests of the Adviser, the applicable Purchase Provision of the Advisory Agreement provides that the Adviser must first agree to such acquisition and that the Company will pay the Adviser an Adviser Internalization Fee equal to three times the total of the prior 12 months’ advisory fee, payable only in capital stock of the Company.\n\n32\n\n[Table of Contents](#toc_page)\n\n \n\nTermination Fees Payable to the Adviser\n\nIf the Advisory Agreement is terminated without cause by the Company, or is otherwise terminated under certain conditions, the Adviser will be entitled to a termination fee (an “Adviser Termination Fee”) in the amount of three times the prior 12 months’ advisory fee. In addition to termination by the Company without cause, the Adviser will be entitled to the Adviser Termination Fee if the Adviser terminates the Advisory Agreement without cause or terminates the agreement due to the occurrence of certain specified breaches of the Advisory Agreement by the Company. The Advisory Agreement may be terminated without cause by the Company or the Adviser with 180 days’ notice prior to the expiration of the current term.\n\nNexBank\n\nThe Company and the OP maintain bank accounts with NexBank, a Texas state chartered bank (“NexBank”). NexBank charges no recurring maintenance fees on the accounts. The following table provides a reconciliation of cash reported on the consolidated balance sheets that is held at NexBank (in thousands):\n\n \n\n \n\nCash at NexBank\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\nDecember 31, 2025\n\n \n\nVineBrook Portfolio\n\n \n\n$\n\n4,662\n\n \n\n \n\n$\n\n4,283\n\n \n\nNexPoint Homes Portfolio\n\n \n\n \n\n1,878\n\n \n\n \n\n \n\n2,731\n\n \n\nTotal cash at NexBank\n\n \n\n$\n\n6,540\n\n \n\n \n\n$\n\n7,014\n\n \n\nA director of the Company (i) is the beneficiary of a trust that indirectly owns 100% of the limited partnership interests in the parent of Adviser and directly owns 100% of the general partnership interests in the parent of the Adviser and (ii) is a director of the holding company of NexBank, directly owns a minority of the common stock of NexBank, and is the beneficiary of a trust that directly owns a substantial portion of the common stock of NexBank.\n\nNexPoint Homes Transactions\n\nIn connection with the Company’s consolidated investment in NexPoint Homes, the Company consolidated non-controlling interests in NexPoint Homes that were contributed by affiliates of the Adviser. As of March 31, 2026, these affiliates had contributed approximately $128.6 million of equity to NexPoint Homes. Additionally, the Company has consolidated five SFR OP convertible notes that are loans from affiliates of the Adviser to the SFR OP that bear interest at 7.50% and mature on June 30, 2027 (the “SFR OP Convertible Notes”). The holders of the SFR OP Convertible Notes may elect to convert all or part of the outstanding principal and accrued but unpaid interest into SFR OP Units, as calculated based on the current NAV at time of conversion. The SFR OP may prohibit conversion if certain conditions exist, including if the conversion would result in a negative impact to the REIT status of NexPoint Homes. As of March 31, 2026, the total principal outstanding on the SFR OP Convertible Notes was approximately $93.3 million which is included in notes payable, net, on the consolidated balance sheets. For the three months ended March 31, 2026 and 2025, the SFR OP recorded approximately $1.7 million and $1.6 million of interest expense related to the SFR OP Convertible Notes, respectively. As of March 31, 2026 and December 31, 2025, approximately $23.1 million and $21.4 million of interest expense, respectively, related to the SFR OP Convertible Notes remained accrued within accrued interest payable on the consolidated balance sheets.\n\nOn June 8, 2022, NexPoint Homes entered into an advisory agreement (the “NexPoint Homes Advisory Agreement”) with NexPoint Real Estate Advisors XI, LP (the “NexPoint Homes Adviser”), an affiliate of the Adviser. Under the terms of the NexPoint Homes Advisory Agreement, the NexPoint Homes Adviser manages the day-to-day affairs of NexPoint Homes for a fee equal to 0.75% of the consolidated enterprise value of NexPoint Homes. Additionally, the NexPoint Homes Adviser charges a fee equal to 0.25% of each transaction in connection with the procurement of debt or equity capital for NexPoint Homes. For the three months ended March 31, 2026 and 2025, NexPoint Homes incurred advisory fees of approximately $0.8 million and $0.8 million in connection with the NexPoint Homes Advisory Agreement, respectively, which is included in advisory fees on the consolidated statements of operations and comprehensive income (loss). As of March 31, 2026 and\n\n33\n\n[Table of Contents](#toc_page)\n\n \n\nDecember 31, 2025, NexPoint Homes has $9.7 million and $9.4 million of accrued advisory fees payable, respectively, which are included in accounts payable and other accrued liabilities on the consolidated balance sheets.\n\nPreferred Equity Investment\n\nDuring the year ended December 31, 2024, the OP purchased preferred equity units in real estate development projects, RFG Preferred, LLC (“RFG”) and RTB Preferred, LLC (“RTB”), from wholly owned subsidiaries of NREF. The parent of the NREF external manager is the parent of the Adviser. On July 18, 2024, July 29, 2024, and September 4, 2024, the OP purchased preferred equity units of RFG from NREF for approximately $2.8 million, $3.0 million and $2.0 million, respectively. On July 18, 2024, July 29, 2024 and September 4, 2024, the OP purchased preferred equity units of RTB from NREF for $2.8 million, $3.0 million and $2.0 million, respectively. These preferred equity investments yield 11% interest paid in-kind. As of March 31, 2026 and December 31, 2025, the total cost basis and accrued interest of $18.7 million and $18.2 million, respectively, of these preferred equity investments are included in prepaid and other assets on the Company’s consolidated balance sheets.\n\nJPM Term Loan\n\nOn September 11, 2025, the OP, as borrower, entered into the JPM Term Loan with JPM, and the lenders party thereto from time to time, including OSL. OSL participated as a member of the lender group with a commitment of $10.0 million of the total $485.0 million facility. See Note 5.\n\nThe OSL Loan III\n\nOn February 26, 2026, the OP, as borrower, entered into the OSL Loan III with OSL, an entity that may be deemed an affiliate of the Company's Adviser through common beneficial ownership. See Note 5.\n\nSFR OP Note Payable III\n\nOn July 10, 2024, the SFR OP, as borrower, entered into the SFR OP Note Payable III with NREF, as lender, an entity that is advised by an affiliate of our Adviser. See Note 5.\n\nNexPoint Homes OSL Note\n\nOn May 15, 2025, NexPoint SFR SPE 2, LLC, a wholly owned subsidiary of SFR OP, as borrower, entered into the NexPoint Homes OSL Note with OSL, as lender. See Note 5.\n\n11. Commitments and Contingencies\n\nCommitments\n\nIn the normal course of business, the Company enters into various construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. As of March 31, 2026, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process.\n\nContingencies\n\nIn the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive income (loss) of the Company. The\n\n34\n\n[Table of Contents](#toc_page)\n\n \n\nCompany is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries.\n\nThe Company is not aware of any environmental liability with respect to the properties it owns that could have a material adverse effect on the Company’s business, assets, or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows.\n\n12. Earnings (Loss) Per Share\n\nBasic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of shares of the Company’s Common Stock outstanding, which excludes any unvested RSUs, earned performance shares and PI Units issued pursuant to the 2018 LTIP or 2023 LTIP. Diluted earnings (loss) per share is computed by adjusting basic earnings (loss) per share for the dilutive effects of the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock. During periods of net loss, the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock is anti-dilutive and is not included in the calculation of diluted earnings (loss) per share. The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts):\n\n \n\n \n\n \n\nFor the Three Months Ended March 31,\n\n \n\n \n\n \n\n \n\n2026\n\n \n\n \n\n \n\n2025\n\n \n\nNumerator for loss per share:\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss\n\n \n\n$\n\n(43,361\n\n)\n\n \n\n$\n\n(39,152\n\n)\n\nAdjustments:\n\n \n\n \n\n \n\n \n\n \n\n \n\nDividends on and accretion to redemption value of Redeemable Series A Preferred stock\n\n \n\n \n\n2,198\n\n \n\n \n\n \n\n2,199\n\n \n\nNet income attributable to Series B Preferred stock\n\n \n\n \n\n1,513\n\n \n\n \n\n \n\n1,513\n\n \n\nNet loss attributable to redeemable noncontrolling interests in the OP\n\n \n\n \n\n(9,286\n\n)\n\n \n\n \n\n(5,875\n\n)\n\nNet loss attributable to redeemable noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(3,800\n\n)\n\n \n\n \n\n(5,703\n\n)\n\nNet loss attributable to noncontrolling interests in consolidated VIEs\n\n \n\n \n\n(518\n\n)\n\n \n\n \n\n(815\n\n)\n\nNet loss attributable to common stockholders\n\n \n\n$\n\n(33,468\n\n)\n\n \n\n$\n\n(30,471\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDenominator for earnings (loss) per share:\n\n \n\n \n\n \n\n \n\n \n\n \n\nWeighted average common shares outstanding - basic\n\n \n\n \n\n26,014\n\n \n\n \n\n \n\n25,463\n\n \n\nWeighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nWeighted average common shares outstanding - diluted\n\n \n\n \n\n26,014\n\n \n\n \n\n \n\n25,463\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEarnings (loss) per weighted average common share:\n\n \n\n \n\n \n\n \n\n \n\n \n\nBasic\n\n \n\n$\n\n(1.29\n\n)\n\n \n\n$\n\n(1.20\n\n)\n\nDiluted\n\n \n\n$\n\n(1.29\n\n)\n\n \n\n$\n\n(1.20\n\n)\n\n \n\n(1)\nFor the three months ended March 31, 2026 and 2025, excludes approximately 6,499,000 shares and 5,592,765 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive.\n\n13. Segment Reporting\n\nThe Company has two reportable segments: the VineBrook Portfolio and the NexPoint Homes Portfolio. These two portfolios serve different strategic purposes and employ different decision-making metrics in managing the respective pools\n\n35\n\n[Table of Contents](#toc_page)\n\n \n\nof assets and allocating capital and other resources to the respective pools. The VineBrook Portfolio generally purchases homes to implement a value-add strategy or invests in newly constructed BTR communities, and the NexPoint Homes Portfolio generally purchases newer homes that require less rehabilitation. Based on the foregoing differences, the Company has identified the VineBrook Portfolio and the NexPoint Homes Portfolio as separate and distinct operating segments and has classified the two portfolios as two reportable segments. The Company’s chief operating decision maker is our President and Chief Executive Officer. For a description of the services from which these reportable segments derive their revenues, see Notes 1 and 2.\n\nThe accounting policies of both segments are the same as those described in the Summary of Significant Accounting Policies. The chief operating decision maker primarily assesses performance for the segments separate and distinct from each other and decides how to allocate resources based primarily on segment net income (loss). The corporate related costs that support the VineBrook Portfolio and NexPoint Homes Portfolio are included in their respective segment to align with how the financial information is viewed by the chief operating decision maker. The measures of segment assets are based on each segment’s total assets. The chief operating decision maker separately analyzes the operations of each distinct portfolio in the annual budget and forecasting process. Additionally, the chief operating decision maker also regularly monitors budget-to-actual variances, focusing on the major components of each segment’s net income (loss), in deciding whether to reinvest profits into new or existing investments, into other parts of the entity or in deciding whether to dispose of particular investments.\n\nThe following table presents the reportable segments measures of profitability, along with significant segment expenses (in thousands):\n\n \n\n \n\n \n\nFor the Three Months Ended March 31, 2026\n\n \n\n \n\nFor the Three Months Ended March 31, 2025\n\n \n\n \n\n \n\n \n\nVineBrook\nPortfolio\n\n \n\n \n\nNexPoint\nHomes\nPortfolio\n\n \n\n \n\nTotal Company\n\n \n\n \n\nVineBrook\nPortfolio\n\n \n\n \n\nNexPoint\nHomes\nPortfolio\n\n \n\n \n\nTotal Company\n\n \n\n \n\nTotal Revenues\n\n \n\n$\n\n77,216\n\n \n\n \n\n$\n\n10,193\n\n \n\n \n\n$\n\n87,409\n\n \n\n \n\n$\n\n82,528\n\n \n\n \n\n$\n\n10,233\n\n \n\n \n\n$\n\n92,761\n\n \n\n \n\nProperty operating expenses\n\n \n\n \n\n16,918\n\n \n\n \n\n \n\n2,282\n\n \n\n \n\n \n\n19,200\n\n \n\n \n\n \n\n19,636\n\n \n\n \n\n \n\n2,117\n\n \n\n \n\n \n\n21,753\n\n \n\n \n\nReal estate taxes and insurance\n\n \n\n \n\n15,021\n\n \n\n \n\n \n\n2,131\n\n \n\n \n\n \n\n17,152\n\n \n\n \n\n \n\n15,170\n\n \n\n \n\n \n\n2,029\n\n \n\n \n\n \n\n17,199\n\n \n\n \n\nProperty management fees\n\n \n\n \n\n1,916\n\n \n\n \n\n \n\n578\n\n \n\n \n\n \n\n2,494\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n610\n\n \n\n \n\n \n\n610\n\n \n\n \n\nAdvisory fees\n\n \n\n \n\n4,219\n\n \n\n \n\n \n\n761\n\n \n\n \n\n \n\n4,980\n\n \n\n \n\n \n\n4,201\n\n \n\n \n\n \n\n783\n\n \n\n \n\n \n\n4,984\n\n \n\n \n\nGeneral and administrative expenses\n\n \n\n \n\n12,727\n\n \n\n \n\n \n\n919\n\n \n\n \n\n \n\n13,646\n\n \n\n \n\n \n\n15,962\n\n \n\n \n\n \n\n5,088\n\n \n\n \n\n \n\n21,050\n\n \n\n \n\nDepreciation and amortization\n\n \n\n \n\n24,160\n\n \n\n \n\n \n\n5,222\n\n \n\n \n\n \n\n29,382\n\n \n\n \n\n \n\n24,477\n\n \n\n \n\n \n\n5,528\n\n \n\n \n\n \n\n30,005\n\n \n\n \n\nInterest expense\n\n \n\n \n\n34,663\n\n \n\n \n\n \n\n6,892\n\n \n\n \n\n \n\n41,555\n\n \n\n \n\n \n\n28,605\n\n \n\n \n\n \n\n6,737\n\n \n\n \n\n \n\n35,342\n\n \n\n \n\nOther segment expense/(income) (1)\n\n \n\n \n\n1,010\n\n \n\n \n\n \n\n1,351\n\n \n\n \n\n \n\n2,361\n\n \n\n \n\n \n\n362\n\n \n\n \n\n \n\n608\n\n \n\n \n\n \n\n970\n\n \n\n \n\nSegment net loss\n\n \n\n$\n\n(33,418\n\n)\n\n \n\n$\n\n(9,943\n\n)\n\n \n\n$\n\n(43,361\n\n)\n\n \n\n$\n\n(25,885\n\n)\n\n \n\n$\n\n(13,267\n\n)\n\n \n\n$\n\n(39,152\n\n)\n\n \n\n \n\n(1)\nOther segment expense/(income) includes loss on extinguishment of debt, gain (loss) on sales and impairment of real estate, net, investment income, reversal of (provision for) loan losses, loss on forfeited deposits and internalization costs.\n\nThe following table presents measures of each segment’s assets for the reportable segments (in thousands):\n\n \n\n \n\n \n\nAs of March 31, 2026\n\n \n\n \n\nAs of December 31, 2025\n\n \n\n \n\n \n\nVineBrook Portfolio\n\n \n\n \n\nNexPoint Homes Portfolio\n\n \n\n \n\nTotal Company\n\n \n\n \n\nVineBrook Portfolio\n\n \n\n \n\nNexPoint Homes Portfolio\n\n \n\n \n\nTotal Company\n\n \n\nAssets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal assets\n\n \n\n$\n\n2,538,524\n\n \n\n \n\n$\n\n539,325\n\n \n\n \n\n$\n\n3,077,849\n\n \n\n \n\n$\n\n2,589,656\n\n \n\n \n\n$\n\n561,086\n\n \n\n \n\n$\n\n3,150,742\n\n \n\n \n\n14. Subsequent Events\n\nThe Company evaluated subsequent events through the date the consolidated financial statements were issued, to determine if any significant events occurred subsequent to the balance sheet date that would have a material impact on these consolidated financial statements and determined the following events were material:\n\nDispositions\n\nSubsequent to March 31, 2026, the Company disposed of 142 homes in the VineBrook Portfolio for net proceeds of approximately $22.0 million.\n\n36\n\n[Table of Contents](#toc_page)\n\n \n\nAcquisitions\n\nSubsequent to March 31, 2026, the Company acquired 39 homes in the VineBrook Portfolio for a total purchase price of $11.2 million.\n\nCommon Dividend\n\nOn May 7, 2026, the Company approved a Common Stock dividend of $0.5301 per share for stockholders of record as of May 7, 2026 that was paid on May 8, 2026.\n\nNAV Determination\n\nOn May 7, 2026, the Pricing Committee determined that the Company’s NAV per share calculated on a fully diluted basis was $54.24 as of March 31, 2026. Common Stock and OP Units issued under the respective DRIPs will be issued a 3.0% discount to the NAV per share in effect.\n\nInterest Rate Cap\n\nSubsequent to March 31, 2026, the Company, through the OP, paid a premium of less than $0.1 million and modified the RBC Cap, wherein the notional amount was increased to $118.9 million.\n\nNREF Revolver\n\nOn May 7, 2026, the OP, as borrower, entered into a secured revolving credit agreement for an aggregate amount of up to $20.0 million with NexPoint Real Estate Finance Operating Partnership, L.P as lender (the “NREF Revolver”). The OP has made zero draws under the NREF Revolver. The NREF Revolver provides for a 2-year, interest-only loan at a 9.75% fixed interest rate. The proceeds of the NREF Revolver are intended to be used for general corporate purposes and the acquisition of homes in BTR communities.\n\n \n\n37\n\n[Table of Contents](#toc_page)"}