Vinebrook Homes Trust 10-Q 11 Aug 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Document Information [Line Items]
Entity Central Index Key	0001755755
Entity Registrant Name	VINEBROOK HOMES TRUST, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	000-56274
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	83-1268857
Entity Address, Address Line One	2515 McKinney Avenue, Suite 1100
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	833
Local Phone Number	463-6697
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Class I Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,120,526

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Land	$ 296,001	$ 171,062
Buildings and improvements	1,148,741	582,610
Intangible lease assets	5,669	795
Total gross operating real estate investments	1,450,411	754,467
Accumulated depreciation and amortization	(54,418)	(34,396)
Total net operating real estate investments	1,395,993	720,071
Real estate held for sale, net	557	675
Total net real estate investments	1,396,550	720,746
Cash	43,901	31,225
Restricted cash	20,515	5,871
Accounts receivable	7,572	3,983
Due from Manager (see Note 11)	663	663
Prepaid and other assets	4,643	17,480
TOTAL ASSETS	1,473,844	779,968
Liabilities:
Notes payable, net	386,485	262,522
Credit facilities, net	448,677	83,937
NREO Note Payable, net (see Note 11)	0	1,250
Accounts payable and other accrued liabilities	19,254	8,573
Accrued real estate taxes payable	15,365	12,591
Accrued interest payable	1,289	616
Security deposit liability	13,186	7,292
Prepaid rents	2,380	1,255
Fair market value of interest rate swaps	9,147	15,453
Total Liabilities	895,783	393,489
Redeemable Series A preferred stock, $0.01 par value: 16,000,000 shares authorized; 5,000,000 and 3,540,000 shares issued and outstanding, respectively	120,584	85,067
Redeemable noncontrolling interests in the OP	145,383	127,090
Stockholders' Equity:
Common stock, $0.01 par value: 300,000,000 shares authorized; 13,891,715 and 9,260,795 shares issued and outstanding, respectively	139	93
Additional paid-in capital	362,165	210,381
Distributions in excess of retained earnings	(44,801)	(26,002)
Accumulated other comprehensive income (loss)	(5,409)	(10,150)
Total Stockholders' Equity	312,094	174,322
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,473,844	$ 779,968

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Redeemable preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redeemable preferred stock, shares authorized (in shares)	16,000,000	16,000,000
Redeemable preferred stock, shares issued (in shares)	5,000,000	3,540,000
Redeemable preferred stock, shares outstanding (in shares)	5,000,000	3,540,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	13,891,715	9,260,795
Common stock, shares outstanding (in shares)	13,891,715	9,260,795

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Rental income	$ 39,112	$ 17,549	$ 69,248	$ 34,251
Other income	709	355	1,201	756
Total revenues	39,821	17,904	70,449	35,007
Expenses
Property operating expenses	6,007	3,962	11,160	7,409
Real estate taxes and insurance	7,644	3,653	13,938	6,784
Property management fees	2,587	1,434	4,560	2,796
Advisory fees	2,010	782	3,301	1,495
Depreciation and amortization	12,507	4,768	20,551	9,690
Interest expense	7,688	2,858	12,814	5,572
Total expenses	41,612	19,023	72,297	36,655
Loss on sales of real estate	(123)	(129)	(198)	(155)
Operating loss	(1,914)	(1,248)	(2,046)	(1,803)
Casualty gain/(loss), net of insurance proceeds	(93)	113	(102)	113
Net loss	(2,007)	(1,135)	(2,148)	(1,690)
Dividends on and accretion to redemption value of Redeemable Series A preferred stock	2,207	0	4,413	0
Net loss attributable to redeemable noncontrolling interests in the OP	(466)	(366)	(501)	(556)
Net loss attributable to common stockholders	(3,748)	(769)	(6,060)	(1,134)
Other comprehensive income/(loss)
Unrealized gain/(loss) on interest rate swaps	(65)	(2,297)	6,306	(19,951)
Total comprehensive income/(loss)	(2,072)	(3,432)	4,158	(21,641)
Dividends on and accretion to redemption value of Redeemable Series A preferred stock	2,207	0	4,413	0
Comprehensive income/(loss) attributable to redeemable noncontrolling interests in the OP	(482)	(1,099)	1,064	(7,272)
Comprehensive loss attributable to common stockholders	$ (3,797)	$ (2,333)	$ (1,319)	$ (14,369)
Weighted average common shares outstanding - basic (in shares)	12,812	6,669	11,621	6,288
Weighted average common shares outstanding - diluted (in shares)	12,812	6,669	11,621	6,288
Loss per share - basic (in dollars per share)	$ (0.29)	$ (0.12)	$ (0.52)	$ (0.18)
Loss per share - diluted (in dollars per share)	$ (0.29)	$ (0.12)	$ (0.52)	$ (0.18)
Corporate, Non-Segment [Member]
Expenses
General and administrative expenses	$ 1,837	$ 1,239	$ 3,318	$ 1,737
Operating Segments [Member]
Expenses
General and administrative expenses	$ 1,332	$ 327	$ 2,655	$ 1,172

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Distributions in Excess of Net Income [Member]	AOCI Attributable to Parent [Member]	Total
Balances	$ 52	$ 114,589	$ (8,235)	$ 1,065	$ 107,471
Balances (in shares) at Dec. 31, 2019	5,162,532
Balances at Dec. 31, 2019	$ 52	114,589	(8,235)	1,065	107,471
Net loss attributable to common stockholders		0	(365)	0	(365)
Issuance of Class A common stock (in shares)	1,457,940
Issuance of Class A common stock	$ 14	44,560	0	0	44,574
Offering costs		(188)	0	0	(188)
Equity-based compensation		135	0	0	135
Common stock dividends declared		0	(3,185)	0	(3,185)
Other comprehensive income attributable to common stockholders		0	0	(11,671)	(11,671)
Adjustments to reflect redemption value of redeemable noncontrolling interests in the OP		(7,656)	0	0	(7,656)
Balances (in shares) at Mar. 31, 2020	6,620,472
Balances at Mar. 31, 2020	$ 66	151,440	(11,785)	(10,606)	129,115
Balances (in shares) at Dec. 31, 2019	5,162,532
Balances at Dec. 31, 2019	$ 52	114,589	(8,235)	1,065	107,471
Net loss attributable to common stockholders					(1,134)
Common stock dividends declared					(3,200)
Balances (in shares) at Jun. 30, 2020	6,775,171
Balances at Jun. 30, 2020	$ 68	157,680	(16,161)	(12,170)	129,417
Balances	$ 66	151,440	(11,785)	(10,606)	129,115
Balances (in shares) at Mar. 31, 2020	6,620,472
Balances at Mar. 31, 2020	$ 66	151,440	(11,785)	(10,606)	129,115
Net loss attributable to common stockholders		0	(769)	0	(769)
Issuance of Class A common stock (in shares)	154,699
Issuance of Class A common stock	$ 2	4,735	0	0	4,737
Offering costs		(240)	0	0	(240)
Equity-based compensation		267	0	0	267
Common stock dividends declared		0	(3,607)	0	(3,607)
Other comprehensive income attributable to common stockholders		0	0	(1,564)	(1,564)
Adjustments to reflect redemption value of redeemable noncontrolling interests in the OP		1,478	0	0	1,478
Balances (in shares) at Jun. 30, 2020	6,775,171
Balances at Jun. 30, 2020	$ 68	157,680	(16,161)	(12,170)	129,417
Balances	68	157,680	(16,161)	(12,170)	129,417
Balances	$ 93	210,381	(26,002)	(10,150)	174,322
Balances (in shares) at Dec. 31, 2020	9,260,795
Balances at Dec. 31, 2020	$ 93	210,381	(26,002)	(10,150)	174,322
Net loss attributable to common stockholders		0	(2,312)	0	$ (2,312)
Issuance of Class A common stock (in shares)	2,241,677				2,241,677
Issuance of Class A common stock	$ 22	80,829	0	0	$ 80,851
Redemptions of Class A common stock (in shares)	(3,427)
Redemptions of Class A common stock	$ 0	(126)	0	0	(126)
Offering costs		(296)	0	0	(296)
Equity-based compensation	$ 0	514	0	0	514
Common stock dividends declared		0	(5,746)	0	(5,746)
Other comprehensive income attributable to common stockholders		0	0	4,790	4,790
Adjustments to reflect redemption value of redeemable noncontrolling interests in the OP		3	0	0	3
Balances (in shares) at Mar. 31, 2021	11,499,045
Balances at Mar. 31, 2021	$ 115	291,305	(34,060)	(5,360)	252,000
Balances (in shares) at Dec. 31, 2020	9,260,795
Balances at Dec. 31, 2020	$ 93	210,381	(26,002)	(10,150)	174,322
Net loss attributable to common stockholders					$ (6,060)
Issuance of Class A common stock (in shares)					4,741,008
Balances (in shares) at Jun. 30, 2021	13,891,715
Balances at Jun. 30, 2021	$ 139	362,165	(44,801)	(5,409)	$ 312,094
Balances	$ 115	291,305	(34,060)	(5,360)	252,000
Balances (in shares) at Mar. 31, 2021	11,499,045
Balances at Mar. 31, 2021	$ 115	291,305	(34,060)	(5,360)	252,000
Net loss attributable to common stockholders			(3,748)	0	(3,748)
Issuance of Class A common stock (in shares)	2,499,331
Issuance of Class A common stock	$ 25	93,290	0	0	93,315
Redemptions of Class A common stock (in shares)	(133,303)
Redemptions of Class A common stock	$ (1)	(5,155)	0	0	(5,156)
Offering costs		(944)	0	0	(944)
Equity-based compensation	$ 0	626	0	0	626
Common stock dividends declared		0	(6,993)	0	(6,993)
Other comprehensive income attributable to common stockholders		0	0	(49)	$ (49)
Equity-based compensation (in shares)	26,642				26,642
Adjustments to reflect redemption value of redeemable noncontrolling interests in the OP		(16,957)	0	0	$ (16,957)
Balances (in shares) at Jun. 30, 2021	13,891,715
Balances at Jun. 30, 2021	$ 139	362,165	(44,801)	(5,409)	312,094
Balances	$ 139	$ 362,165	$ (44,801)	$ (5,409)	$ 312,094

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Common stock dividends declared, per share (in dollars per share)	$ 0.5301	$ 0.5301

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (2,148)	$ (1,690)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on sales of real estate	198	155
Depreciation and amortization	20,551	9,690
Amortization of deferred financing costs	1,690	370
Change in fair value on derivative instruments included in interest expense	1,749	(87)
Net cash paid on derivative settlements	(2,109)	(246)
Amortization of assumed debt premium	(78)	(31)
Equity-based compensation	2,073	1,008
Casualty gain/(loss)	102	(113)
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(6,206)	81
Operating liabilities	8,785	4,595
Net cash provided by operating activities	24,607	13,732
Cash flows from investing activities
Net proceeds from sales of real estate	1,033	1,391
Prepaid acquisition deposits	(1,020)	(207)
Insurance proceeds received	319	594
Acquisitions of real estate investments	(640,265)	(57,543)
Additions to real estate investments	(36,370)	(25,866)
Net cash used in investing activities	(676,303)	(81,631)
Cash flows from financing activities
Notes payable proceeds received	125,049	0
Notes payable payments	(148)	(77)
Credit facilities proceeds received	405,001	25,000
Credit facilities principal payments	(35,000)	0
NREO Note repayment	(1,250)	0
Financing costs paid	(7,811)	(118)
Proceeds from issuance of Class A common stock	169,059
Offering costs paid	(1,276)	(245)
Dividends paid to common stockholders	(6,049)	(3,660)
Payments for taxes related to net share settlement of stock-based compensation	(46)	0
Preferred stock dividends paid	(2,031)	0
Contributions from redeemable noncontrolling interests in the OP	2,640	4,499
Distributions to redeemable noncontrolling interests in the OP	(2,983)	(1,440)
Net cash provided by financing activities	679,016	70,257
Change in cash and restricted cash	27,320	2,358
Cash and restricted cash, beginning of period	37,096	17,830
Cash and restricted cash, end of period	64,416	20,188
Supplemental Disclosure of Cash Flow Information
Interest paid, net of amount capitalized	6,669	5,635
Cash paid for income and franchise taxes	101	68
Supplemental Disclosure of Noncash Activities
Assumed liabilities in asset acquisitions	4,898	213
Accrued distributions payable to redeemable noncontrolling interests in the OP	315	167
Accretion to redemption value of Redeemable Series A preferred stock	350	0
Offering costs accrued	69	183
Issuance of Shares to common stockholders related to DRIP dividends	6,333	3,013
DRIP dividends to common stockholders	(6,333)	(3,013)
Contributions from redeemable noncontrolling interests in the OP related to DRIP distributions	765	1,821
DRIP distributions to redeemable noncontrolling interests in the OP	(765)	(1,821)
Common Class A [Member]
Cash flows from financing activities
Proceeds from issuance of Class A common stock	167,833	46,298
Redemptions of Class A common stock paid	(126)	0
Supplemental Disclosure of Noncash Activities
Accrued dividends payable	357	120
Accrued redemptions payable to common stockholders	5,156	0
Series A Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of redeemable Series A preferred stock, net of offering costs	35,213	0
Supplemental Disclosure of Noncash Activities
Accrued dividends payable	$ 4,063	$ 0

Note 1 - Organization and Descr

Note 1 - Organization and Description of Business	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. VineBrook Homes Trust, Inc. (the “ Company we us our July 18, 2018 OP OP GP June 30, 2021 OP Units NREO NRESF NREC GAF REIT VineBrook Contributors The Company began operations on November 1, 2018 third Initial Portfolio Formation Transaction November 1, 2018, Shares Freddie Mac Initial Mortgage KeyBank May 1, 2019 ( Release Date no Between November 1, 2018 June 30, 2021 3 Portfolio June 30, 2021 5 The Company is externally managed by the Adviser, through an agreement dated November 1, 2018 May 4, 2020, November 1, 2021 ( Advisory Agreement one Management Agreements three one Side Letter may third not Board The Company’s investment objectives are to maximize the cash flow and value of properties owned, acquire properties with cash flow growth potential, provide quarterly cash distributions and achieve long-term capital appreciation for its stockholders through targeted management and a renovation program for the homes acquired. On August 28, 2018, Continuous Offering 1933, Securities Act November 1, 2023 may two one Pricing Committee Valuation Methodology third third may GAAP NexPoint Securities, Inc. (the “ Dealer Manager Placement Agents  Selling Agreements The Company has adopted a Long-Term Incentive Plan (the “ 2018 may RSUs PI Units 2018 January 1st January 1, 2019 December 31st may January 1st no Share Reserve 2018 may not Share Maximum may 2018 may

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Basis of Accounting and Use of Estimates The 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. There have been no six June 30, 2021 The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of June 30, 2021 December 31, 2020 three six June 30, 2021 2020 December 31, 2020 2019 10. not may December 31, 2021, Principles of Consolidation The 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 ASC 810, Consolidation first VIE not June 30, 2021 not Real Estate Investments Upon 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 Total Consideration The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement ASC 820 6 third one one 2 Real estate assets, including land, buildings, improvements, fixtures, and intangible lease assets 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 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 costs as a cost 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 interest costs have been incurred. Upon 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: Land Not depreciated Buildings 27.5 years Improvements (1) 15 years Fixtures (1) (2) 5 - 7 years Intangible lease assets 6 months Capitalized building maintenance 3 - 15 years ( 1 Disclosed in the table is the typical depreciable life used by the Company. ( 2 Fixtures are included in buildings and improvements on the consolidated balance sheet. As of June 30, 2021 December 31, 2020 three June 30, 2021 2020, six June 30, 2021 2020, Real estate assets are reviewed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of an asset may not may not three six June 30, 2021 2020 Cash and restricted cash The 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. Restricted cash represents cash deposited in accounts related to security deposits, property taxes, insurance premiums and 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. The 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): June 30, 2021 2020 December 31, 2020 Cash $ 43,901 $ 15,547 $ 31,225 Restricted cash 20,515 4,641 5,871 Total cash and restricted cash $ 64,416 $ 20,188 $ 37,096 Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one 842, Leases January 1, 2019, not Gains or losses on sales of properties are recognized pursuant to the provisions included in ASC 610 20, Other Income 610 20 In April 2020, 19 842. may not 19, not not not 19 Redeemable Securities Included in the Company’s consolidated balance sheets are redeemable noncontrolling interests in the OP and 6.50% Series A Cumulative Redeemable Preferred Stock (the “ Preferred Shares not 480 10 S99 3A, 15 In accordance with ASC Topic 480 10 S99, 480 10 S99, Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of the Company’s common stock outstanding, which excludes any unvested RSUs issued pursuant to the 2018 not For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Numerator for loss per share: Net loss $ (2,007 ) $ (1,135 ) $ (2,148 ) $ (1,690 ) Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 2,207 — 4,413 — Net loss attributable to redeemable noncontrolling interests in the OP (466 ) (366 ) (501 ) (556 ) Net loss attributable to common stockholders $ (3,748 ) $ (769 ) $ (6,060 ) $ (1,134 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 12,812 6,669 11,621 6,288 Weighted average unvested RSUs, PI Units, and OP Units — — — — Weighted average common shares outstanding - diluted 12,812 6,669 11,621 6,288 Earnings (loss) per weighted average common share: Basic $ (0.29 ) $ (0.12 ) $ (0.52 ) $ (0.18 ) Diluted $ (0.29 ) $ (0.12 ) $ (0.52 ) $ (0.18 ) Segment Reporting Under the provision of ASC 280, Segment Reporting one Recent Accounting Pronouncements In March 2020, 2020 04, Reference Rate Reform 848 ASU 2020 04 2020 04 2020 04 may COVID- 19 The COVID- 19 not June 30, 2021 19

Note 3 - Investments in Subsidi

Note 3 - Investments in Subsidiaries	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	3. In connection with its indirect investments in real estate assets acquired, the Company, through its ownership of the OP, indirectly holds a proportional ownership interest in the Portfolio, through the OP’s beneficial ownership of all of the issued and outstanding membership interests in the special purpose limited liability companies (“ SPEs no As of June 30, 2021 thirteen June 30, 2021 may 5 VIE Name Homes Cost Basis OP Beneficial Ownership % Encumbered by Mortgage (1) Debt Allocated NREA VB I, LLC 66 $ 6,005 100 % Yes $ 5,048 NREA VB II, LLC 171 16,501 100 % Yes 10,799 NREA VB III, LLC 1,322 119,861 100 % Yes 71,189 NREA VB IV, LLC 386 37,032 100 % Yes 24,330 NREA VB V, LLC 1,829 125,390 100 % Yes 108,384 NREA VB VI, LLC 302 27,322 100 % Yes 18,661 NREA VB VII, LLC 36 3,033 100 % Yes 2,989 True FM2017-1, LLC 211 17,581 100 % Yes 10,486 SMP Homes 3B, LLC 160 16,561 100 % Yes 9,282 SMP Homes 5B, LLC 46 4,559 100 % Yes 2,356 VB One, LLC 4,414 401,969 100 % No 135,000 VB Two, LLC 1,859 156,365 100 % No 125,000 VB Three, LLC 3,895 518,789 100 % No 320,000 14,697 $ 1,450,968 $ 843,524 ( 1 Assets held, directly or indirectly, by VB One, LLC, VB Two, LLC and VB Three, LLC are not

Note 4 - Real Estate Assets

Note 4 - Real Estate Assets	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Real Estate Disclosure [Text Block]	4. As of June 30, 2021 December 31, 2020 Land Buildings and improvements (1) Intangible lease assets Real estate held for sale, net Total Gross Real Estate, December 31, 2020 $ 171,062 $ 582,610 $ 795 $ 675 $ 755,142 Additions 124,939 566,131 5,403 1,113 697,586 Write-offs — — (529 ) — (529 ) Dispositions — — — (1,231 ) (1,231 ) Gross Real Estate, June 30, 2021 296,001 1,148,741 5,669 557 1,450,968 Accumulated depreciation and amortization — (50,946 ) (3,472 ) — (54,418 ) Net Real Estate, June 30, 2021 $ 296,001 $ 1,097,795 $ 2,197 $ 557 $ 1,396,550 ( 1 Includes capitalized interest, real estate taxes, insurance and other costs incurred during renovation of the properties. During the three June 30, 2021 2020, six June 30, 2021 2020, Acquisitions and dispositions During the six June 30, 2021 On January 22, 2021, Conrex I Portfolio On March 1, 2021, Conrex II Portfolio The Company performed a preliminary allocation of the Conrex I Portfolio and Conrex II Portfolio purchase prices to the individual components as of March 31, 2021 third second 2021, third June 30, 2021, not three six June 30, 2021. On April 22, 2021, Don Wright Portfolio During the three June 30, 2021, Ovation Portfolio May 12, 2021, June 30, 2021, July 2021. 12 Held for sale properties The Company periodically classifies real estate assets as held for sale when certain criteria are met, in accordance with GAAP. Once the Company begins marketing an asset or determines that it will pursue marketing an asset, the asset becomes classified as held for sale. At that time, the Company presents the net real estate assets separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of June 30, 2021

Note 5 - Debt

Note 5 - Debt	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	5. On November 1, 2018, 30 one first 30 December 1, 2025. On September 20, 2019, Warehouse Facility one one June 30, 2021 On September 30, 2019, TrueLane Portfolio TrueLane Mortgage 2017 1, 2017 1, February 1, 2028 On December 28, 2020, Colony Note 3B, 3B, 3B, December 9, 2021 On December 28, 2020, CoreVest Note 5B, 5B, 5B, January 9, 2023 On January 6, 2021, MetLife Note January 31, 2026. On March 1, 2021, JPM Facility one March 1, 2023. June 30, 2021, As of June 30, 2021 The weighted average interest rate of the Company’s debt was 2.5618% as of June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 one 6 The following table contains summary information concerning the Company’s debt as of June 30, 2021 December 31, 2020 Outstanding Principal as of Type June 30, 2021 December 31, 2020 Interest Rate (1) Initial Mortgage Floating $ 241,400 $ 241,400 1.65 % Warehouse Facility Floating 135,000 85,000 2.35 % JPM Facility Floating 320,000 — 2.85 % MetLife Note Fixed 125,000 — 3.25 % TrueLane Mortgage Fixed 10,486 10,570 5.35 % Colony Note Fixed 9,282 9,296 6.06 % CoreVest Note Fixed 2,356 2,358 6.12 % NREO Note (2) Floating — 1,250 2.35 % $ 843,524 $ 349,874 Debt premium, net (3) 513 591 Deferred financing costs, net of accumulated amortization of $ 2,926 591 (8,875 ) (2,756 ) $ 835,162 $ 347,709 ( 1 Represents the interest rate as of June 30, 2021. one June 30, 2021 December 31, 2020 ( 2 This was a related party note which was extinguished during the six June 30, 2021 ( 11 ( 3 The 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. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five June 30, 2021 Total 2021 $ 9,383 2022 951 2023 466,075 (1) 2024 8,376 2025 224,111 Thereafter 134,628 Total $ 843,524 ( 1 Assumes the Company exercises the 12 Deferred Financing Costs The 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 and modification costs and any prepayment penalty resulting from the early repayment of the debt is recorded as interest expense in the period incurred. For the three June 30, 2021 2020, six June 30, 2021 2020,

Note 6 - Fair Value of Derivati

Note 6 - Fair Value of Derivatives and Financial Instruments	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	6. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 1 2 3 ● Level 1 ● Level 2 1 2 may ● Level 3 The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes independent third Derivative Financial Instruments and Hedging Activities The Company manages interest rate risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company has entered into an interest rate cap and interest rate swaps to manage exposures that arise from changes in interest rates. The Company’s derivative financial instruments are used to manage the Company’s risk of increased cash outflows from the floating rate loans that may one The Company utilizes an independent third 820, 2 3 not June 30, 2021 December 31, 2020 2 The changes in the fair value of derivative financial instruments that are designated as cash flow hedges are recorded in other comprehensive income (loss) and are subsequently reclassified into net income (loss) in the period that the hedged forecasted transaction affects earnings. Amounts reported in other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s floating rate debt. Derivatives not not not 815, Derivatives and Hedging not not In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness, the Company, through the OP, has entered into five interest rate swap transactions with KeyBank with a combined notional amount of $320.0 million. The interest rate swaps the Company has entered into effectively replace the floating interest rate ( one As of June 30, 2021 Effective Date Expiration Date Index (1) Notional Fixed Rate 7/1/2019 7/1/2024 One-Month LIBOR $ 100,000 1.6290 % 9/1/2019 12/21/2025 One-Month LIBOR 100,000 1.4180 % 9/1/2019 12/21/2025 One-Month LIBOR 50,000 1.4190 % 2/3/2020 2/1/2025 One-Month LIBOR 50,000 1.2790 % 3/2/2020 3/3/2025 One-Month LIBOR 20,000 0.9140 % $ 320,000 1.4309 % (2) ( 1 As of June 30, 2021 one ( 2 Represents the weighted average fixed rate of the interest rate swaps. For the three June 30, 2021 2020, six June 30, 2021 2020, Interest 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. The Company, through the OP, has entered into an interest rate cap transaction with SMBC Capital Markets, Inc. with a notional amount of $241.4 million. The interest rate cap effectively caps the total rate paid by the Company on $241.4 million of mortgage debt at 6.60%. The interest rate cap expires on November 1, 2021. As of June 30, 2021 2020 not Derivative Notional Hedged Floating Rate Debt Index Index as of June 30, 2021 Strike Rate Interest Rate Cap $ 241,400 Mortgage payable One-Month LIBOR 0.1005 % 6.60 % For the three six June 30, 2021 2020, The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2021 December 31, 2020 Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ — $ — $ 9,147 $ 15,453 Total $ — $ — $ 9,147 $ 15,453 Financial assets and liabilities for which the carrying values approximate their fair values include cash, restricted cash, accounts receivable, accounts payable, and security deposits. Generally, these assets and liabilities are short‑term in duration and are recorded at fair value on the consolidated balance sheets. The Company believes the carrying value of each outstanding loan approximates fair value based on the nature, term and interest rate of each loan.

Note 7 - Stockholders' Equity

Note 7 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	7. Equity The Company issues Shares under the Continuous Offering as well as under the Company’s distribution reinvestment program (the “ DRIP 3% six June 30, 2021 Quarter Ended Shares issued Cash proceeds DRIP reinvestment March 31, 2021 2,241,677 $ 77,966 $ 2,878 June 30, 2021 2,499,331 91,093 3,455 Total 4,741,008 $ 169,059 $ 6,333 The following table provides detail on cash dividends declared on Shares as well as reinvested dividends as part of the Company’s DRIP for the six June 30, 2021 Quarter Ended DRIP Shares Issued DRIP Dividend Cash Dividend Cash Dividend Accrued on RSUs (1) Total Dividend March 31, 2021 80,493 $ 2,878 $ 2,676 $ 192 $ 5,746 June 30, 2021 92,077 3,455 3,328 210 6,993 Total 172,570 $ 6,333 $ 6,004 $ 402 $ 12,739 ( 1 Included in accounts payable and other accrued liabilities on the consolidated balance sheets. During the six June 30, 2020 Long-Term Incentive Plan The Company adopted the 2018 may 2018 may 2018 may RSU Grants Under the 2018 On December 10, 2019, May 11, 2020, February 15, 2021, four February 15, 2021 May 11, 2020 four first no one one As of June 30, 2021 Dates Number of RSUs Value (1) Outstanding December 31, 2020 235,133 $ 7,193 Granted 191,506 6,720 Vested (30,510 ) (2) (940 ) Forfeited — — Outstanding June 30, 2021 396,129 $ 12,973 ( 1 Value is based on the number of RSUs granted multiplied by the most recent NAV per share on the date of grant, which was $36.56 for the February 15, 2021 May 11, 2020 December 10, 2019 ( 2 Certain grantees elected to net the taxes owed upon vesting against the Shares issued resulting in 26,642 Shares being issued as shown on the Consolidated Statements of Equity. The vesting schedule for the RSUs is as follows: Vest Date RSUs Vesting December 10, 2021 18,425 February 15, 2022 32,485 May 11, 2022 21,336 December 10, 2022 18,425 February 15, 2023 22,717 May 11, 2023 21,335 December 10, 2023 18,426 February 15, 2024 22,717 May 11, 2024 21,335 February 14, 2025 22,717 Upon successful completion of IPO 176,211 396,129 For the three June 30, 2021 2020, six June 30, 2021 2020, June 30, 2021, Determination of Net Asset Value Periodically, the Pricing Committee, with the assistance of the Adviser, determines the NAV using the Valuation Methodology. On and before March 31, 2020, April 30, 2020, 19 Date NAV per share November 1, 2018 $ 25.00 December 31, 2018 28.27 March 31, 2019 28.75 June 30, 2019 28.88 September 30, 2019 29.85 December 31, 2019 30.58 March 31, 2020 30.59 April 30, 2020 30.82 May 31, 2020 31.08 June 30, 2020 31.24 July 31, 2020 31.47 August 31, 2020 32.91 September 30, 2020 34.00 October 31, 2020 34.18 November 30, 2020 34.38 December 31, 2020 36.56 January 31, 2021 36.56 February 28, 2021 36.68 March 31, 2021 36.82 April 30, 2021 37.85 May 31, 2021 38.68 June 30, 2021 40.82 Fees and Commissions paid to Placement Agents and Dealer Manager Subject to certain exceptions, investors that purchase Shares through the Continuous Offering will generally pay the Placement Agents in the Continuous Offering placement fees or commissions, in addition to the NAV sales price. For sales through Placement Agents other than Raymond James, the placement fees or commissions will generally be equal to between 1% to 5.5% of gross investor equity, subject to certain breakpoints and various terms of each specific Selling Agreement. A placement fee equal to 3% and an advisory fee equal to 2% of gross proceeds invested, which is also in addition to the NAV sales price, is paid to Raymond James for all Shares sold by Raymond James on behalf of the Company in the Continuous Offering. With the consent of the applicable Placement Agent, some or all of the applicable fees and commissions may may may first may

Note 8 - Redeemable Noncontroll

Note 8 - Redeemable Noncontrolling Interests in the OP	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	8. Other than PI Units and OP Preferred Units (defined below), partnership interests in the OP are represented by OP Units. Net income (loss) is allocated pro rata to holders of OP Units and PI Units based upon net income (loss) attributable to the OP and the respective members’ OP Units and PI Units held during the period. Capital contributions, distributions, and profits and losses are allocated to PI Units and OP Units not The following table presents the redeemable noncontrolling interests in the OP (in thousands): Balances Redeemable noncontrolling interests in the OP, December 31, 2020 $ 127,090 Net loss attributable to redeemable noncontrolling interests in the OP (35 ) Contributions by redeemable noncontrolling interests in the OP 955 Distributions to redeemable noncontrolling interests in the OP (2,022 ) Redemptions by redeemable noncontrolling interests in the OP — Equity-based compensation 416 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 1,581 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP (3 ) Redeemable noncontrolling interests in the OP, March 31, 2021 $ 127,982 Net loss attributable to redeemable noncontrolling interests in the OP (466 ) Contributions by redeemable noncontrolling interests in the OP 2,450 Distributions to redeemable noncontrolling interests in the OP (2,041 ) Redemptions by redeemable noncontrolling interests in the OP — Equity-based compensation 517 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (16 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 16,957 Redeemable noncontrolling interests in the OP, June 30, 2021 $ 145,383 The following table provides detail on distributions to noncontrolling interests in the OP for the six June 30, 2021 Quarter Ended DRIP OP Units Issued OP DRIP Distribution OP Cash Distribution OP Cash Distribution Accrued on PI Units (1) Total OP Distribution March 31, 2021 10,108 $ 360 $ 1,497 $ 165 $ 2,022 June 30, 2021 10,784 405 1,486 150 2,041 Total 20,892 $ 765 $ 2,983 $ 315 $ 4,063 ( 1 Included in accounts payable and other accrued liabilities on the consolidated balance sheets. During the six June 30, 2020 As of June 30, 2021 PI Unit Grants Under the 2018 In connection with the 2018 April 19, 2019, November 21, 2019, May 11, 2020, November 30, 2020, May 31, 2021, 2019 two four May 11, 2020 May 31, 2021 four November 30, 2020 four OP LPA one no third As of June 30, 2021 Number of PI Units Value (1) Outstanding December 31, 2020 310,465 $ 9,290 Granted 246,169 9,426 Vested (27,478 ) (829 ) Forfeited — — Outstanding June 30, 2021 529,156 $ 17,887 ( 1 Value is based on the number of PI Units granted multiplied by the estimated per unit fair value on the date of grant, which was $27.88 for the April 19, 2019 November 21, 2019 May 11, 2020 November 30, 2020 May 31, 2021 The vesting schedule for the PI Units is as follows: Vest Date PI Units Vesting November 1, 2021 9,200 November 21, 2021 18,425 November 30, 2021 2,941 May 11, 2022 27,479 May 31, 2022 30,771 November 1, 2022 7,200 November 21, 2022 18,425 November 30, 2022 2,941 March 30, 2023 30,771 May 11, 2023 27,478 November 1, 2023 7,200 November 21, 2023 18,425 November 30, 2023 2,941 March 30, 2024 30,771 May 11, 2024 27,478 November 30, 2024 2,941 March 30, 2025 30,771 Upon successful completion of IPO* 232,998 529,156 *Upon successful completion of an IPO, an additional 11,764 PI Units will vest immediately instead of vesting ratably according to the schedule above on each of November 30, 2021, November 30, 2022, November 30, 2023 November 30, 2024. For the three June 30, 2021 2020, six June 30, 2021 2020, The table below presents the consolidated Shares and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units held by the Company are eliminated in consolidation: Period End Shares Outstanding OP Units Held by NCI Consolidated Shares and NCI OP Units Outstanding March 31, 2021 11,499,045 3,475,874 14,974,919 June 30, 2021 13,891,715 3,561,574 17,453,289

Note 9 - Redeemable Series A Pr

Note 9 - Redeemable Series A Preferred Stock	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Preferred Stock [Text Block]	9. On January 8, 2021, OP Preferred Units October 7, 2027, March 15, 2021 March 25, 2021, April 12, 2021 June 10, 2021, $0.40625 June 25, 2021, July 12, 2021. Preferred Shares Balances Redeemable Series A preferred stock, December 31, 2020 3,540,000 $ 85,067 Issuance of Redeemable Series A preferred stock 1,460,000 36,547 Issuance costs related to Redeemable Series A preferred stock — (1,335 ) Net income attributable to Redeemable Series A preferred stockholders — 2,031 Dividends declared to Redeemable Series A preferred stockholders — (2,031 ) Accretion to redemption value — 175 Redeemable Series A preferred stock, March 31, 2021 5,000,000 $ 120,454 Issuance of Redeemable Series A preferred stock — — Issuance costs related to Redeemable Series A preferred stock — (45 ) Net income attributable to Redeemable Series A preferred stockholders — 2,032 Dividends declared to Redeemable Series A preferred stockholders — (2,032 ) Accretion to redemption value — 175 Redeemable Series A preferred stock, June 30, 2021 5,000,000 $ 120,584

Note 10 - Income Taxes

Note 10 - Income Taxes	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10. The Company has made the election and intends to be taxed as a REIT under Sections 856 860 90% 4% 1 85% 2 95% 3 100% no If the Company fails to meet these requirements, it could be subject to U.S. federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not four June 30, 2021 not The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than- not” 50 not not no none 2020, 2019 2018. The Company had no material unrecognized federal or state tax benefit or expense, accrued interest or penalties as of June 30, 2021

Note 11 - Related Party Transac

Note 11 - Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	11. Advisory Fee Pursuant 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 on a consolidated basis (excluding the value of the OP’s assets but inclusive of the Company’s pro rata share of the debt held at the OP and its SPEs). 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, processing of sales of Shares through the Continuous Offering, reporting to holders of Shares, 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 For the three June 30, 2021 2020, six June 30, 2021 2020, Management Fee The equity holders of the Manager are holders of noncontrolling interests in the OP and comprise a portion of the VineBrook Contributors. Through this noncontrolling ownership, the Manager is deemed to be a related party. Pursuant to the Management Agreements, the OP will pay the Manager (i) an acquisition fee equal to 1.0% of the purchase price paid for any new property acquired during the month, (ii) a construction fee monthly in arrears that shall not ● 8.0% of collected rental revenue up to and including $45 ● 7.0% of the incremental collected rental revenue above $45 $65 ● 6.0% of the incremental collected rental revenue above $65 $85 ● 5.0% of the incremental collected rental revenue above $85 Under the Management Agreements and the Side Letter, the aggregate fees that the Manager can earn in any fiscal year are capped such that the Manager’s EBITDA (as defined in the Management Agreements) derived from these fees may not first Manager Cap 1 Manager Cash Cap 2 June 30, 2021 December 31, 2020 The Manager is responsible for the day-to-day management of the properties, acquisition of new properties, disposition of existing properties (with acquisition and disposition decisions made under the approval of the investment committee and the Board), leasing the properties, managing tenant issues and requests, collecting rents, paying operating expenses, managing maintenance issues, accounting for each property using GAAP, and other responsibilities customary for the management of SFR properties. Property management fees are included in property management fees on the consolidated statements of operations and comprehensive income (loss) and acquisition and construction fees are capitalized into each home and is included in buildings and improvements on the consolidated balance sheet and are depreciated over the useful life of each property. The following table is a summary of fees that the OP incurred to the Manager and its affiliates, as well as reimbursements paid to the Manager and its affiliates for various operating expenses the Manager paid on the OP’s behalf, under the terms of Management Agreements and Side Letter, for the three six June 30, 2021 2020 For the Three Months Ended June 30, For the Six Months Ended June 30, Location on Financial Statements 2021 2020 2021 2020 Fees Incurred Property management fees Statement of Operations $ 2,249 $ 1,408 $ 4,054 $ 2,685 Acquisition fees Balance Sheet 972 275 6,946 589 Construction supervision fees Balance Sheet 1,692 904 3,014 1,767 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations 3,709 1,991 6,788 3,818 Other reimbursements Balance Sheet and Statement of Operations 182 91 337 184 Totals $ 8,804 $ 4,669 $ 21,139 $ 9,043 Internalization of the Adviser or the Manager The Company may Internalization Purchase Provision Internalization Fee first 12 12 may not Termination Fees Payable to the Adviser or Manager If the Advisory Agreement or any one Termination Fee 12 12 may may Advance Acquisition and Construction Fee Advances Paid to the Manager Pursuant to the Side Letter, the Manager may Fee Advances June 30, 2021 December 31, 2020 Backstop Loans to the Manager Pursuant to the Side Letter, in the event the Manager does not may Backstop Loan may may not June 30, 2021 December 31, 2020 Dealer Manager Fees Investors may may Organization and Continuous Offering Expenses Offering and organizational expenses (“ O&O Expenses may See below for detail related to the O&O Expenses as of June 30, 2021 Amount Gross investor equity raised subject to O&O $ 449,431 O&O collected and available for reimbursements $ 2,914 O&O Expenses reimbursed for the period: Inception through December 31, 2019 $ 686 January 1, 2020 through March 31, 2020 188 April 1, 2020 through June 30, 2020 235 July 1, 2020 through September 30, 2020 175 October 1, 2020 through December 31, 2020 385 January 1, 2020 through March 31, 2021 296 April 1, 2021 through June 30, 2021 944 $ 2,909 O&O available for future reimbursements $ 5 NexBank The Company and the OP maintain bank accounts with an affiliate of the Adviser, NexBank N.A. (“ NexBank no NREO Note On August 22, 2019, NREO Note one January 26, 2021.

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. Commitments In 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 June 30, 2021 not Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not not not The Company is not no not An entity purchased by the OP as a part of the Formation Transaction, the Huber Transaction Sub, LLC (“ Huber 1988 not Indemnification Escrow January 27, 2021, In connection with the Ovation Portfolio, as of June 30, 2021, July 2021

Note 13 - Subsequent Events

Note 13 - Subsequent Events	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	13. The 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: Acquisitions On July 13, 2021, second June 30, 2021 In addition to the Ovation Portfolio acquisition, subsequent to June 30, 2021 352 $33.8 JPM Facility Paydown On July 21, 2021, Colony Note Payoff On July 27, 2021, Third Quarter 2021 On July 15, 2021 July 15, 2021. August 9, 2021, August 16, 2021 September 30, 2021. Equity Issuances Pursuant to the Continuous Offering Subsequent to June 30, 2021 NAV Determination Pursuant to the terms of the Continuous Offering and calculated in accordance with the Valuation Methodology, on July 22, 2021, June 30, 2021.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Accounting and Use of Estimates The 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. There have been no six June 30, 2021 The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of June 30, 2021 December 31, 2020 three six June 30, 2021 2020 December 31, 2020 2019 10. not may December 31, 2021,
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The 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 ASC 810, Consolidation first VIE not June 30, 2021 not
Real Estate, Policy [Policy Text Block]	Real Estate Investments Upon 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 Total Consideration The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement ASC 820 6 third one one 2 Real estate assets, including land, buildings, improvements, fixtures, and intangible lease assets 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 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 costs as a cost 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 interest costs have been incurred. Upon 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: Land Not depreciated Buildings 27.5 years Improvements (1) 15 years Fixtures (1) (2) 5 - 7 years Intangible lease assets 6 months Capitalized building maintenance 3 - 15 years ( 1 Disclosed in the table is the typical depreciable life used by the Company. ( 2 Fixtures are included in buildings and improvements on the consolidated balance sheet. As of June 30, 2021 December 31, 2020 three June 30, 2021 2020, six June 30, 2021 2020, Real estate assets are reviewed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of an asset may not may not three six June 30, 2021 2020
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and restricted cash The 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. Restricted cash represents cash deposited in accounts related to security deposits, property taxes, insurance premiums and 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. The 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): June 30, 2021 2020 December 31, 2020 Cash $ 43,901 $ 15,547 $ 31,225 Restricted cash 20,515 4,641 5,871 Total cash and restricted cash $ 64,416 $ 20,188 $ 37,096
Revenue [Policy Text Block]	Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one 842, Leases January 1, 2019, not Gains or losses on sales of properties are recognized pursuant to the provisions included in ASC 610 20, Other Income 610 20 In April 2020, 19 842. may not 19, not not not 19
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block]	Redeemable Securities Included in the Company’s consolidated balance sheets are redeemable noncontrolling interests in the OP and 6.50% Series A Cumulative Redeemable Preferred Stock (the “ Preferred Shares not 480 10 S99 3A, 15 In accordance with ASC Topic 480 10 S99, 480 10 S99,
Earnings Per Share, Policy [Policy Text Block]	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of the Company’s common stock outstanding, which excludes any unvested RSUs issued pursuant to the 2018 not For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Numerator for loss per share: Net loss $ (2,007 ) $ (1,135 ) $ (2,148 ) $ (1,690 ) Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 2,207 — 4,413 — Net loss attributable to redeemable noncontrolling interests in the OP (466 ) (366 ) (501 ) (556 ) Net loss attributable to common stockholders $ (3,748 ) $ (769 ) $ (6,060 ) $ (1,134 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 12,812 6,669 11,621 6,288 Weighted average unvested RSUs, PI Units, and OP Units — — — — Weighted average common shares outstanding - diluted 12,812 6,669 11,621 6,288 Earnings (loss) per weighted average common share: Basic $ (0.29 ) $ (0.12 ) $ (0.52 ) $ (0.18 ) Diluted $ (0.29 ) $ (0.12 ) $ (0.52 ) $ (0.18 )
Segment Reporting, Policy [Policy Text Block]	Segment Reporting Under the provision of ASC 280, Segment Reporting one
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In March 2020, 2020 04, Reference Rate Reform 848 ASU 2020 04 2020 04 2020 04 may
COVID-19 Pandemic [Policy Text Block]	COVID- 19 The COVID- 19 not June 30, 2021 19

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Estimated Useful Lives of Real Estate [Table Text Block]	Land Not depreciated Buildings 27.5 years Improvements (1) 15 years Fixtures (1) (2) 5 - 7 years Intangible lease assets 6 months Capitalized building maintenance 3 - 15 years
Schedule of Cash and Cash Equivalents [Table Text Block]	June 30, 2021 2020 December 31, 2020 Cash $ 43,901 $ 15,547 $ 31,225 Restricted cash 20,515 4,641 5,871 Total cash and restricted cash $ 64,416 $ 20,188 $ 37,096
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Numerator for loss per share: Net loss $ (2,007 ) $ (1,135 ) $ (2,148 ) $ (1,690 ) Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 2,207 — 4,413 — Net loss attributable to redeemable noncontrolling interests in the OP (466 ) (366 ) (501 ) (556 ) Net loss attributable to common stockholders $ (3,748 ) $ (769 ) $ (6,060 ) $ (1,134 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 12,812 6,669 11,621 6,288 Weighted average unvested RSUs, PI Units, and OP Units — — — — Weighted average common shares outstanding - diluted 12,812 6,669 11,621 6,288 Earnings (loss) per weighted average common share: Basic $ (0.29 ) $ (0.12 ) $ (0.52 ) $ (0.18 ) Diluted $ (0.29 ) $ (0.12 ) $ (0.52 ) $ (0.18 )

Note 3 - Investments in Subsi_2

Note 3 - Investments in Subsidiaries (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block]	VIE Name Homes Cost Basis OP Beneficial Ownership % Encumbered by Mortgage (1) Debt Allocated NREA VB I, LLC 66 $ 6,005 100 % Yes $ 5,048 NREA VB II, LLC 171 16,501 100 % Yes 10,799 NREA VB III, LLC 1,322 119,861 100 % Yes 71,189 NREA VB IV, LLC 386 37,032 100 % Yes 24,330 NREA VB V, LLC 1,829 125,390 100 % Yes 108,384 NREA VB VI, LLC 302 27,322 100 % Yes 18,661 NREA VB VII, LLC 36 3,033 100 % Yes 2,989 True FM2017-1, LLC 211 17,581 100 % Yes 10,486 SMP Homes 3B, LLC 160 16,561 100 % Yes 9,282 SMP Homes 5B, LLC 46 4,559 100 % Yes 2,356 VB One, LLC 4,414 401,969 100 % No 135,000 VB Two, LLC 1,859 156,365 100 % No 125,000 VB Three, LLC 3,895 518,789 100 % No 320,000 14,697 $ 1,450,968 $ 843,524

Note 4 - Real Estate Assets (Ta

Note 4 - Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	Land Buildings and improvements (1) Intangible lease assets Real estate held for sale, net Total Gross Real Estate, December 31, 2020 $ 171,062 $ 582,610 $ 795 $ 675 $ 755,142 Additions 124,939 566,131 5,403 1,113 697,586 Write-offs — — (529 ) — (529 ) Dispositions — — — (1,231 ) (1,231 ) Gross Real Estate, June 30, 2021 296,001 1,148,741 5,669 557 1,450,968 Accumulated depreciation and amortization — (50,946 ) (3,472 ) — (54,418 ) Net Real Estate, June 30, 2021 $ 296,001 $ 1,097,795 $ 2,197 $ 557 $ 1,396,550

Note 5 - Debt (Tables)

Note 5 - Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Debt [Table Text Block]	Outstanding Principal as of Type June 30, 2021 December 31, 2020 Interest Rate (1) Initial Mortgage Floating $ 241,400 $ 241,400 1.65 % Warehouse Facility Floating 135,000 85,000 2.35 % JPM Facility Floating 320,000 — 2.85 % MetLife Note Fixed 125,000 — 3.25 % TrueLane Mortgage Fixed 10,486 10,570 5.35 % Colony Note Fixed 9,282 9,296 6.06 % CoreVest Note Fixed 2,356 2,358 6.12 % NREO Note (2) Floating — 1,250 2.35 % $ 843,524 $ 349,874 Debt premium, net (3) 513 591 Deferred financing costs, net of accumulated amortization of $ 2,926 591 (8,875 ) (2,756 ) $ 835,162 $ 347,709
Schedule of Maturities of Long-term Debt [Table Text Block]	Total 2021 $ 9,383 2022 951 2023 466,075 (1) 2024 8,376 2025 224,111 Thereafter 134,628 Total $ 843,524

Note 6 - Fair Value of Deriva_2

Note 6 - Fair Value of Derivatives and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Interest Rate Derivatives [Table Text Block]	Effective Date Expiration Date Index (1) Notional Fixed Rate 7/1/2019 7/1/2024 One-Month LIBOR $ 100,000 1.6290 % 9/1/2019 12/21/2025 One-Month LIBOR 100,000 1.4180 % 9/1/2019 12/21/2025 One-Month LIBOR 50,000 1.4190 % 2/3/2020 2/1/2025 One-Month LIBOR 50,000 1.2790 % 3/2/2020 3/3/2025 One-Month LIBOR 20,000 0.9140 % $ 320,000 1.4309 % (2)
Derivatives Not Designated as Hedging Instruments [Table Text Block]	Derivative Notional Hedged Floating Rate Debt Index Index as of June 30, 2021 Strike Rate Interest Rate Cap $ 241,400 Mortgage payable One-Month LIBOR 0.1005 % 6.60 %
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ — $ — $ 9,147 $ 15,453 Total $ — $ — $ 9,147 $ 15,453

Note 7 - Stockholders' Equity (

Note 7 - Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	Quarter Ended Shares issued Cash proceeds DRIP reinvestment March 31, 2021 2,241,677 $ 77,966 $ 2,878 June 30, 2021 2,499,331 91,093 3,455 Total 4,741,008 $ 169,059 $ 6,333
Dividends Declared [Table Text Block]	Quarter Ended DRIP Shares Issued DRIP Dividend Cash Dividend Cash Dividend Accrued on RSUs (1) Total Dividend March 31, 2021 80,493 $ 2,878 $ 2,676 $ 192 $ 5,746 June 30, 2021 92,077 3,455 3,328 210 6,993 Total 172,570 $ 6,333 $ 6,004 $ 402 $ 12,739
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Dates Number of RSUs Value (1) Outstanding December 31, 2020 235,133 $ 7,193 Granted 191,506 6,720 Vested (30,510 ) (2) (940 ) Forfeited — — Outstanding June 30, 2021 396,129 $ 12,973
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]	Vest Date RSUs Vesting December 10, 2021 18,425 February 15, 2022 32,485 May 11, 2022 21,336 December 10, 2022 18,425 February 15, 2023 22,717 May 11, 2023 21,335 December 10, 2023 18,426 February 15, 2024 22,717 May 11, 2024 21,335 February 14, 2025 22,717 Upon successful completion of IPO 176,211 396,129
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]	Date NAV per share November 1, 2018 $ 25.00 December 31, 2018 28.27 March 31, 2019 28.75 June 30, 2019 28.88 September 30, 2019 29.85 December 31, 2019 30.58 March 31, 2020 30.59 April 30, 2020 30.82 May 31, 2020 31.08 June 30, 2020 31.24 July 31, 2020 31.47 August 31, 2020 32.91 September 30, 2020 34.00 October 31, 2020 34.18 November 30, 2020 34.38 December 31, 2020 36.56 January 31, 2021 36.56 February 28, 2021 36.68 March 31, 2021 36.82 April 30, 2021 37.85 May 31, 2021 38.68 June 30, 2021 40.82

Note 8 - Redeemable Noncontro_2

Note 8 - Redeemable Noncontrolling Interests in the OP (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Redeemable Noncontrolling Interest [Table Text Block]	Balances Redeemable noncontrolling interests in the OP, December 31, 2020 $ 127,090 Net loss attributable to redeemable noncontrolling interests in the OP (35 ) Contributions by redeemable noncontrolling interests in the OP 955 Distributions to redeemable noncontrolling interests in the OP (2,022 ) Redemptions by redeemable noncontrolling interests in the OP — Equity-based compensation 416 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 1,581 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP (3 ) Redeemable noncontrolling interests in the OP, March 31, 2021 $ 127,982 Net loss attributable to redeemable noncontrolling interests in the OP (466 ) Contributions by redeemable noncontrolling interests in the OP 2,450 Distributions to redeemable noncontrolling interests in the OP (2,041 ) Redemptions by redeemable noncontrolling interests in the OP — Equity-based compensation 517 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (16 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 16,957 Redeemable noncontrolling interests in the OP, June 30, 2021 $ 145,383
Distributions Made to Limited Partner, by Distribution [Table Text Block]	Quarter Ended DRIP OP Units Issued OP DRIP Distribution OP Cash Distribution OP Cash Distribution Accrued on PI Units (1) Total OP Distribution March 31, 2021 10,108 $ 360 $ 1,497 $ 165 $ 2,022 June 30, 2021 10,784 405 1,486 150 2,041 Total 20,892 $ 765 $ 2,983 $ 315 $ 4,063
Share-based Payment Arrangement, Activity [Table Text Block]	Number of PI Units Value (1) Outstanding December 31, 2020 310,465 $ 9,290 Granted 246,169 9,426 Vested (27,478 ) (829 ) Forfeited — — Outstanding June 30, 2021 529,156 $ 17,887
Share-based Compensation Arrangements by Share-based Payment Award, PI Units, Vested and Expected to Vest [Table Text Block]	Vest Date PI Units Vesting November 1, 2021 9,200 November 21, 2021 18,425 November 30, 2021 2,941 May 11, 2022 27,479 May 31, 2022 30,771 November 1, 2022 7,200 November 21, 2022 18,425 November 30, 2022 2,941 March 30, 2023 30,771 May 11, 2023 27,478 November 1, 2023 7,200 November 21, 2023 18,425 November 30, 2023 2,941 March 30, 2024 30,771 May 11, 2024 27,478 November 30, 2024 2,941 March 30, 2025 30,771 Upon successful completion of IPO* 232,998 529,156
Schedule of Limited Partners' Capital Account by Class [Table Text Block]	Period End Shares Outstanding OP Units Held by NCI Consolidated Shares and NCI OP Units Outstanding March 31, 2021 11,499,045 3,475,874 14,974,919 June 30, 2021 13,891,715 3,561,574 17,453,289

Note 9 - Redeemable Series A _2

Note 9 - Redeemable Series A Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Temporary Equity [Table Text Block]	Preferred Shares Balances Redeemable Series A preferred stock, December 31, 2020 3,540,000 $ 85,067 Issuance of Redeemable Series A preferred stock 1,460,000 36,547 Issuance costs related to Redeemable Series A preferred stock — (1,335 ) Net income attributable to Redeemable Series A preferred stockholders — 2,031 Dividends declared to Redeemable Series A preferred stockholders — (2,031 ) Accretion to redemption value — 175 Redeemable Series A preferred stock, March 31, 2021 5,000,000 $ 120,454 Issuance of Redeemable Series A preferred stock — — Issuance costs related to Redeemable Series A preferred stock — (45 ) Net income attributable to Redeemable Series A preferred stockholders — 2,032 Dividends declared to Redeemable Series A preferred stockholders — (2,032 ) Accretion to redemption value — 175 Redeemable Series A preferred stock, June 30, 2021 5,000,000 $ 120,584

Note 11 - Related Party Trans_2

Note 11 - Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	For the Three Months Ended June 30, For the Six Months Ended June 30, Location on Financial Statements 2021 2020 2021 2020 Fees Incurred Property management fees Statement of Operations $ 2,249 $ 1,408 $ 4,054 $ 2,685 Acquisition fees Balance Sheet 972 275 6,946 589 Construction supervision fees Balance Sheet 1,692 904 3,014 1,767 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations 3,709 1,991 6,788 3,818 Other reimbursements Balance Sheet and Statement of Operations 182 91 337 184 Totals $ 8,804 $ 4,669 $ 21,139 $ 9,043 Amount Gross investor equity raised subject to O&O $ 449,431 O&O collected and available for reimbursements $ 2,914 O&O Expenses reimbursed for the period: Inception through December 31, 2019 $ 686 January 1, 2020 through March 31, 2020 188 April 1, 2020 through June 30, 2020 235 July 1, 2020 through September 30, 2020 175 October 1, 2020 through December 31, 2020 385 January 1, 2020 through March 31, 2021 296 April 1, 2021 through June 30, 2021 944 $ 2,909 O&O available for future reimbursements $ 5

Note 1 - Organization and Des_2

Note 1 - Organization and Description of Business (Details Textual) $ / shares in Units, $ in Thousands

May 04, 2020

May 01, 2019USD ($)

Nov. 01, 2018USD ($)$ / sharesshares

Mar. 31, 2021USD ($)

Dec. 31, 2018shares

Jun. 30, 2021USD ($)$ / sharesshares

Jun. 30, 2020USD ($)

May 12, 2021

Apr. 22, 2021

Mar. 01, 2021

Jan. 22, 2021

Dec. 31, 2020$ / shares

Aug. 28, 2018USD ($)$ / sharesshares

Number of Real Estate Properties

8

Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares

$ 0.01

$ 0.01

Proceeds from Issuance of Common Stock | $

$ 77,966

$ 169,059

Number of States in which Entity Operates

16

The 2018 Long-Term Incentive Plan [Member]

Common Stock, Capital Shares Reserved for Future Issuance (in shares)

426,307

Share-based Compensation Arrangement by Share-based Payment Award, Yearly Increase in Number of Shares Authorized, Percentage of Outstanding Common Stock

10.00%

Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum

10.00%

Private Placement [Member]

Equity Offering, Maximum Number of Shares (in shares)

40,000,000

Equity Offering, Maximum Value | $

$ 1,000,000

Shares Issued, Price Per Share (in dollars per share) | $ / shares

$ 25

NexPoint Real Estate Advisors V, L.P. [Member]

Advisory Agreement, Renewal Term (Year)

1 year

VineBrook Homes, LLC [Member]

Management Agreement, Term (Year)

3 years

Management Agreement, Renewal Term (Year)

1 year

Consolidated Properties [Member]

Number of Real Estate Properties

14,697

Single Family [Member] | Consolidated Properties [Member]

Number of Real Estate Properties

14,697

9,282

Single Family [Member] | Discontinued Operations, Disposed of by Sale [Member]

Number of Real Estate Properties

93

Single Family [Member] | Discontinued Operations, Disposed of by Sale [Member] | Consolidated Properties [Member]

Number of Real Estate Properties

13

Single Family [Member] | Acquisition of Additional Homes [Member]

Number of Real Estate Properties

10,661

Single Family [Member] | Acquisition of Additional Homes [Member] | Consolidated Properties [Member]

Number of Real Estate Properties

5,428

202

100

2,170

1,725

KeyBank N.A [Member] | Federal Home Loan Mortgage Corporation (Freddie Mac) Mortgage Loan [Member] | Initial Mortgage [Member]

Loans Payable to Bank, Total | $

$ 241,400

Formation Transaction [Member]

Number of Real Estate Properties

4,129

Business Combination, Consideration Transferred, Total | $

$ 330,200

Business Combination, Acquisition Related Costs | $

6,000

NexPoint Real Estate Opportunities, LLC [Member]

Proceeds from Partnership Contribution | $

70,700

VineBrook Contributors [Member]

Proceeds from Issuance or Sale of Equity, Total | $

$ 8,600

Common Class A [Member]

Common Stock, Shares Subscribed but Unissued (in shares)

1,097,367

Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares

$ 0.01

Proceeds from Issuance of Common Stock | $

$ 27,400

$ 167,833

$ 46,298

Common Class A [Member] | VineBrook Homes OP GP, LLC [Member]

Noncontrolling Interest, Ownership Percentage by Parent

76.00%

Common Class A [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Opportunities, LLC [Member]

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

13.20%

Common Class A [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Capital, LLC [Member]

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

5.00%

Common Class A [Member] | VineBrook Homes OP GP, LLC [Member] | GAF REIT, LLC [Member]

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

0.90%

Common Class A [Member] | VineBrook Homes OP GP, LLC [Member] | VineBrook Contributors [Member]

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

4.40%

VineBrook Homes OP GP, LLC [Member] | Common Class A [Member]

Common Unit, Outstanding (in shares)

14,836,112

General Partners' Capital Account, Units Outstanding (in shares)

11,274,538

VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | NexPoint Real Estate Opportunities, LLC [Member]

Limited Partners' Capital Account, Units Outstanding (in shares)

1,953,967

VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | NexPoint Real Estate Strategies Fund [Member]

Limited Partners' Capital Account, Units Outstanding (in shares)

84,682

VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | NexPoint Real Estate Capital, LLC [Member]

Limited Partners' Capital Account, Units Outstanding (in shares)

737,362

VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | GAF REIT, LLC [Member]

Limited Partners' Capital Account, Units Outstanding (in shares)

133,636

VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | VineBrook Contributors [Member]

Limited Partners' Capital Account, Units Outstanding (in shares)

651,927

Increase (Decrease) in Partners' Capital, Total | $

$ 1,400

VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | NexPoint Real Estate Strategies Fund [Member]

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

0.60%

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Real Estate Investment Property, Accumulated Depreciation	$ 54,418		$ 54,418		$ 34,396
Impairment of Real Estate	0	$ 0	$ 0	$ 0
Number of Reportable Segments			1
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage			6.50%
Intangible Lease Assets [Member]
Real Estate Investment Property, at Cost, Total	5,700		$ 5,700		800
Real Estate Investment Property, Accumulated Depreciation	3,500		3,500		$ 300
Amortization, Total	$ 2,600	$ 200	$ 3,600	$ 700

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies - Estimated Useful Life of Real Estate (Details)	6 Months Ended
	Jun. 30, 2021
Building [Member]
Estimated useful life (Year)	27 years 6 months
Building Improvements [Member]
Estimated useful life (Year)	15 years	[1]
Furniture and Fixtures [Member] | Minimum [Member]
Estimated useful life (Year)	5 years	[1],[2]
Intangible Lease Assets [Member]
Estimated useful life (Year)	6 months
Capitalized Building Maintenance [Member] | Minimum [Member]
Estimated useful life (Year)	3 years
[1]	Disclosed in the table is the typical depreciable life used by the Company.
[2]	Fixtures are included in buildings and improvements on the consolidated balance sheet.

Note 2 - Summary of Significa_5

Note 2 - Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Cash	$ 43,901	$ 31,225	$ 15,547
Restricted cash	20,515	5,871	4,641
Total cash and restricted cash	$ 64,416	$ 37,096	$ 20,188

Note 2 - Summary of Significa_6

Note 2 - Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Net loss	$ (2,007)		$ (1,135)		$ (2,148)	$ (1,690)
Dividends on and accretion to redemption value of Redeemable Series A preferred stock	2,207		0		4,413	0
Net loss attributable to redeemable noncontrolling interests in the OP	(466)		(366)		(501)	(556)
Net loss attributable to common stockholders	$ (3,748)	$ (2,312)	$ (769)	$ (365)	$ (6,060)	$ (1,134)
Weighted average common shares outstanding - basic (in shares)	12,812		6,669		11,621	6,288
Weighted average unvested RSUs, PI Units, and OP Units (in shares)	0		0		0	0
Weighted average common shares outstanding - diluted (in shares)	12,812		6,669		11,621	6,288
Loss per share - basic (in dollars per share)	$ (0.29)		$ (0.12)		$ (0.52)	$ (0.18)
Loss per share - diluted (in dollars per share)	$ (0.29)		$ (0.12)		$ (0.52)	$ (0.18)

Note 3 - Investments in Subsi_3

Note 3 - Investments in Subsidiaries (Details Textual)	Jun. 30, 2021	Dec. 31, 2020
Number of Real Estate Properties	8
Consolidated Properties [Member]
Number of Real Estate Properties	14,697
Single Family [Member] | Consolidated Properties [Member]
Number of Real Estate Properties	14,697	9,282

Note 3 - Investments in Subsi_4

Note 3 - Investments in Subsidiaries - Schedule of Subsidiaries (Details) $ in Thousands	Jun. 30, 2021USD ($)
Homes	8
Subsidiaries [Member]
Debt allocated	$ 843,524
Consolidated Properties [Member]
Homes	14,697
Real Estate Investment Property, at Cost, Total	$ 1,450,968
NREA VB I, LLC [Member]
Homes	66
Real Estate Investment Property, at Cost, Total	$ 6,005
Ownership %	100.00%
Debt allocated	$ 5,048
NREA VB II, LLC [Member]
Homes	171
Real Estate Investment Property, at Cost, Total	$ 16,501
Ownership %	100.00%
Debt allocated	$ 10,799
NREA VB III, LLC [Member]
Homes	1,322
Real Estate Investment Property, at Cost, Total	$ 119,861
Ownership %	100.00%
Debt allocated	$ 71,189
NREA VB IV, LLC [Member]
Homes	386
Real Estate Investment Property, at Cost, Total	$ 37,032
Ownership %	100.00%
Debt allocated	$ 24,330
NREA VB V, LLC [Member]
Homes	1,829
Real Estate Investment Property, at Cost, Total	$ 125,390
Ownership %	100.00%
Debt allocated	$ 108,384
NREA VB VI, LLC [Member]
Homes	302
Real Estate Investment Property, at Cost, Total	$ 27,322
Ownership %	100.00%
Debt allocated	$ 18,661
NREA VB VII, LLC [Member]
Homes	36
Real Estate Investment Property, at Cost, Total	$ 3,033
Ownership %	100.00%
Debt allocated	$ 2,989
True FM2017-1, LLC [Member]
Homes	211
Real Estate Investment Property, at Cost, Total	$ 17,581
Ownership %	100.00%
Debt allocated	$ 10,486
SMP Homes 3B, LLC [Member]
Homes	160
Real Estate Investment Property, at Cost, Total	$ 16,561
Ownership %	100.00%
Debt allocated	$ 9,282
SMP Homes 5B, LLC [Member]
Homes	46
Real Estate Investment Property, at Cost, Total	$ 4,559
Ownership %	100.00%
Debt allocated	$ 2,356
VB One, LLC [Member]
Homes	4,414
Real Estate Investment Property, at Cost, Total	$ 401,969
Ownership %	100.00%
Debt allocated	$ 135,000
VB Two, LLC [Member]
Homes	1,859
Real Estate Investment Property, at Cost, Total	$ 156,365
Ownership %	100.00%
Debt allocated	$ 125,000
VB Three, LLC [Member]
Homes	3,895
Real Estate Investment Property, at Cost, Total	$ 518,789
Ownership %	100.00%
Debt allocated	$ 320,000

Note 4 - Real Estate Assets (De

Note 4 - Real Estate Assets (Details Textual) $ in Thousands	May 12, 2021USD ($)	Apr. 22, 2021USD ($)	Mar. 01, 2021USD ($)	Jan. 22, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jul. 31, 2021	Dec. 31, 2020USD ($)
Number of Real Estate Properties					8		8
Depreciation, Total					$ 9,900	$ 4,600	$ 16,900	$ 8,900
Real Estate Held-for-sale					$ 557		$ 557			$ 675
Single Family [Member] | Discontinued Operations, Disposed of by Sale [Member]
Number of Real Estate Properties					93		93
Single Family [Member] | Acquisition of Additional Homes [Member]
Number of Real Estate Properties					10,661		10,661
Consolidated Properties [Member]
Number of Real Estate Properties					14,697		14,697
Consolidated Properties [Member] | Single Family [Member]
Number of Real Estate Properties					14,697		14,697			9,282
Consolidated Properties [Member] | Single Family [Member] | Discontinued Operations, Disposed of by Sale [Member]
Number of Real Estate Properties					13		13
Consolidated Properties [Member] | Single Family [Member] | Acquisition of Additional Homes [Member]
Number of Real Estate Properties	202	100	2,170	1,725	5,428		5,428
Payments to Acquire Real Estate, Total	$ 23,500	$ 10,200	$ 282,900	$ 228,000
Consolidated Properties [Member] | Single Family [Member] | Acquisition of Additional Homes [Member] | Forecast [Member]
Number of Real Estate Properties									77
Consolidated Properties [Member] | Single Family [Member] | Acquisition of Additional Homes [Member] | Land [Member] | Revision of Prior Period, Adjustment [Member]
Reclassification of Payments to Accquire Real Estate					$ (59,300)
Consolidated Properties [Member] | Single Family [Member] | Purchase of Ovation Portfolio [Member]
Number of Real Estate Properties					279		279
Payments to Acquire Real Estate, Total					$ 35,800

Note 4 - Real Estate Assets - S

Note 4 - Real Estate Assets - Schedule of Real Estate Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Gross Real Estate, December 31, 2020	$ 755,142
Additions	697,586
Write-offs	(529)
Dispositions	(1,231)
Gross Real Estate, June 30, 2021	1,450,968
Accumulated depreciation and amortization	(54,418)
Net Real Estate, June 30, 2021	1,396,550
Land [Member]
Gross Real Estate, December 31, 2020	171,062
Additions	124,939
Write-offs	0
Dispositions	0
Gross Real Estate, June 30, 2021	296,001
Accumulated depreciation and amortization	0
Net Real Estate, June 30, 2021	296,001
Building and Building Improvements [Member]
Gross Real Estate, December 31, 2020	582,610	[1]
Additions	566,131	[1]
Write-offs	0	[1]
Dispositions	0	[1]
Gross Real Estate, June 30, 2021	1,148,741	[1]
Accumulated depreciation and amortization	(50,946)	[1]
Net Real Estate, June 30, 2021	1,097,795	[1]
Intangible Lease Assets [Member]
Gross Real Estate, December 31, 2020	795
Additions	5,403
Write-offs	(529)
Dispositions	0
Gross Real Estate, June 30, 2021	5,669
Accumulated depreciation and amortization	(3,472)
Net Real Estate, June 30, 2021	2,197
Real Estate Held for Sale [Member]
Gross Real Estate, December 31, 2020	675
Additions	1,113
Write-offs	0
Dispositions	(1,231)
Gross Real Estate, June 30, 2021	557
Accumulated depreciation and amortization	0
Net Real Estate, June 30, 2021	$ 557
[1]	Includes capitalized interest, real estate taxes, insurance and other costs incurred during renovation of the properties.

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) $ in Thousands	Mar. 01, 2021USD ($)	Sep. 20, 2019USD ($)	Nov. 01, 2018USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jan. 06, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 28, 2020USD ($)	Sep. 30, 2019USD ($)
Long-term Line of Credit, Total				$ 448,677		$ 448,677			$ 83,937
Number of Real Estate Properties				8		8
Notes Payable, Total				$ 386,485		$ 386,485			$ 262,522
LIBOR Rate				0.1005%		0.1005%			0.1439%
Amortization of Debt Issuance Costs						$ 1,690	$ 370
Interest Expense [Member]
Amortization of Debt Issuance Costs				$ 1,100	$ 200	1,600	$ 300
Interest Rate Swap [Member]
Derivative, Notional Amount				320,000		320,000
Long-term Debt, Percentage Bearing Variable Interest, Amount				$ 320,000		$ 320,000
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap [Member]
Derivative, Variable Interest Rate				1.4309%		1.4309%
Debt, Without Effect of Derivative Financial Instruments [Member]
Debt, Weighted Average Interest Rate				2.5618%		2.5618%			2.1227%
Debt, Including Effect of Derivative Financial Instruments [Member]
Debt, Weighted Average Interest Rate				3.0665%		3.0665%			3.2998%
KeyBank N.A [Member] | Warehouse Facility [Member] | VB One, LLC [Member] | Line of Credit [Member]
Debt Instrument, Basis Spread on Variable Rate		2.25%
Debt Instrument, Term, Interest-only (Month)		36 months
Debt Instrument, Extension Term (Month)		12 months
Line of Credit Facility, Maximum Increase in Borrowing Capacity		$ 250,000
Line of Credit Facility, Current Borrowing Capacity				$ 135,000		$ 135,000
Long-term Line of Credit, Total				135,000		135,000
KeyBank N.A [Member] | Federal Home Loan Mortgage Corporation (Freddie Mac) Mortgage Loan [Member] | Initial Mortgage [Member]
Loans Payable to Bank, Total			$ 241,400
Debt Instrument, Basis Spread on Variable Rate			1.55%
Debt Instrument, Term, Interest-only (Month)			48 months
Debt Instrument, Amortization of Principal Term (Month)			36 months
Berkadia Commercial Mortgage LLC [Member] | Federal Home Loan Mortgage Corporation (Freddie Mac) Mortgage Loan [Member] | TruLane Mortgage [Member]
Number of Real Estate Properties											954
Loans Payable, Total											$ 10,800
Debt Instrument, Interest Rate, Stated Percentage											5.35%
Colony American Finance Lender, LLC [Member[ | Colony Note [Member]
Number of Real Estate Properties										161
Loans Payable, Total										$ 9,200
Debt Instrument, Interest Rate, Stated Percentage										6.06%
CoreVest American Finance Lender LLC [Member] | CoreVest Note [Member]
Number of Real Estate Properties										45
Loans Payable, Total										$ 2,400
Debt Instrument, Interest Rate, Stated Percentage										6.12%
Metropolitan Life Insurance [Member] | MetLife Note [Member] | VB Two, LLC [Member]
Debt Instrument, Interest Rate, Stated Percentage								3.25%
Notes Payable, Total								$ 125,000
JP Morgan [Member] | JPM Facility [Member] | VB Three, LLC [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000
Line of Credit Facility, Remaining Borrowing Capacity				$ 180,000		$ 180,000
JP Morgan [Member] | JPM Facility [Member] | VB Three, LLC [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%

Note 5 - Debt - Summary of Debt

Note 5 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Debt, gross		$ 843,524	$ 349,874
Debt premium, net	[1]	513	591
Deferred financing costs, net of accumulated amortization of $2,926 and $591, respectively		(8,875)	(2,756)
Long-term Debt, Total		835,162	347,709
Initial Mortgage [Member]
Debt, gross		$ 241,400	241,400
Interest rate	[2]	1.65%
Warehouse Facility [Member]
Debt, gross		$ 135,000	85,000
Interest rate	[2]	2.35%
JPM Facility [Member]
Debt, gross		$ 320,000	0
Interest rate	[2]	2.85%
MetLife Note [Member]
Debt, gross		$ 125,000	0
Interest rate	[2]	3.25%
TruLane Mortgage [Member]
Debt, gross		$ 10,486	10,570
Interest rate	[2]	5.35%
Colony Note [Member]
Debt, gross		$ 9,282	9,296
Interest rate	[2]	6.06%
CoreVest Note [Member]
Debt, gross		$ 2,356	2,358
Interest rate	[2]	6.12%
NexPoint Real Estate Opportunities, LLC Note [Member]
Debt, gross	[3]	$ 0	$ 1,250
Interest rate	[2],[3]	2.35%
[1]	The 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.
[2]	Represents the interest rate as of June 30, 2021. Except for fixed rate debt, the interest rate is one-month LIBOR plus an applicable margin. One-month LIBOR as of June 30, 2021 was 0.1005%. One-month LIBOR as of December 31, 2020 was 0.1439%.
[3]	This was a related party note which was extinguished during the six months ended June 30, 2021 (see Note 11).

Note 5 - Debt - Summary of De_2

Note 5 - Debt - Summary of Debt (Details) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accumulated amortization of deferred financing costs	$ 2,926	$ 591

Note 5 - Debt - Aggregate Sched

Note 5 - Debt - Aggregate Scheduled Maturities (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
2021		$ 9,383
2022		951
2023	[1]	466,075
2024		8,376
2025		224,111
Thereafter		134,628
Total		$ 843,524	$ 349,874
[1]	Assumes the Company exercises the 12-month extension option on the Warehouse Facility.

Note 6 - Fair Value of Deriva_3

Note 6 - Fair Value of Derivatives and Financial Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
LIBOR Rate	0.1005%		0.1005%		0.1439%
Unrealized Gain (Loss) on Derivatives			$ (1,749)	$ 87
Interest Expense, Total	$ 7,688	$ 2,858	$ 12,814	5,572
Interest Rate Swap [Member]
Derivative, Number of Instruments Held, Total	5		5
Derivative, Notional Amount	$ 320,000		$ 320,000
Unrealized Gain (Loss) on Derivatives	$ (100)	(2,300)	$ 6,300	(20,000)
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative, Variable Interest Rate	1.4309%		1.4309%
Interest Rate Cap [Member]
Derivative, Notional Amount	$ 241,400		$ 241,400
Derivative, Cap Interest Rate	6.60%		6.60%
Interest Rate Cap [Member] | Minimum [Member]
Interest Expense, Total	$ 100	$ 100	$ 100	$ 100

Note 6 - Fair Value of Deriva_4

Note 6 - Fair Value of Derivatives and Financial Instruments - Outstanding Interest Rate Swaps Designated as Cash Flow Hedges (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Interest Rate Swap [Member]
Derivative, notional amount	$ 320
Designated as Hedging Instrument [Member] | Interest Rate Swap Effective July 1, 2019 [Member]
Derivative, expiration date	Jul. 1, 2024
Derivative, notional amount	$ 100
Derivative, fixed rate	1.629%
Designated as Hedging Instrument [Member] | First Interest Rate Swap Effective September 1, 2019 [Member]
Derivative, expiration date	Dec. 21, 2025
Derivative, notional amount	$ 100
Derivative, fixed rate	1.418%
Designated as Hedging Instrument [Member] | Second Interest Rate Swap Effective September 1, 2019 [Member]
Derivative, expiration date	Dec. 21, 2025
Derivative, notional amount	$ 50
Derivative, fixed rate	1.419%
Designated as Hedging Instrument [Member] | Interest Rate Swap Effective February 3, 2020 [Member]
Derivative, expiration date	Feb. 1, 2025
Derivative, notional amount	$ 50
Derivative, fixed rate	1.279%
Designated as Hedging Instrument [Member] | Interest Rate Swap Effective March 2, 2020 [Member]
Derivative, expiration date	Mar. 3, 2025
Derivative, notional amount	$ 20
Derivative, fixed rate	0.914%
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative, notional amount	$ 320
Derivative, fixed rate	1.4309%	[1]
[1]	Represents the weighted average fixed rate of the interest rate swaps.

Note 6 - Fair Value of Deriva_5

Note 6 - Fair Value of Derivatives and Financial Instruments - Outstanding Derivatives Not Designated as Hedges (Details) - Interest Rate Cap [Member] $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)$ / yr
Derivative, notional amount	$ 241.4
Derivative, strike rate	6.60%
Not Designated as Hedging Instrument [Member]
Derivative, notional amount	$ 241.4
Interest Rate Cap (in USD per Year) | $ / yr	0.001005
Derivative, strike rate	6.60%

Note 6 - Fair Value of Deriva_6

Note 6 - Fair Value of Derivatives and Financial Instruments - Derivative Financial Instruments Classification (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liability derivatives	$ 9,147	$ 15,453
Designated as Hedging Instrument [Member]
Asset derivatives	0	0
Liability derivatives	9,147	15,453
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Asset derivatives	0	0
Liability derivatives	$ 9,147	$ 15,453

Note 7 - Stockholders' Equity_2

Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Feb. 15, 2021	May 11, 2020	Dec. 10, 2019	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	May 31, 2021	May 14, 2021	Apr. 30, 2021	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	May 31, 2020	Apr. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Nov. 01, 2018	Aug. 28, 2018
Dividends, Common Stock, Total				$ 6,993	$ 5,746	$ 3,607	$ 3,185		$ 3,200
Dividends, Common Stock, Cash				$ 3,328	$ 2,676			$ 6,004	1,800
Dividends, Common Stock, Stock									$ 1,400
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares)				92,077	80,493			172,570	46,813
Net Asset Value Per Share, Ending Balance (in dollars per share)				$ 40.82	$ 36.82	$ 31.24	$ 30.59	$ 40.82	$ 31.24	$ 38.68		$ 37.85	$ 36.68	$ 36.56	$ 36.56	$ 34.38	$ 34.18	$ 34	$ 32.91	$ 31.47	$ 31.08	$ 30.82	$ 30.58	$ 29.85	$ 28.88	$ 28.75	$ 28.27	$ 25
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares)				26,642
Dividend Reinvestment Plan, Discount to Current NAV				3.00%				3.00%			3.00%
Private Placement [Member] | Raymond James & Associates, Inc. [Member]
Equity Offering, Placement Fees or Commissions, Percentage of Gross Investor Equity																													3.00%
Equity Offering, Advisory Fees or Commissions, Percentage of Gross Investor Equity																													2.00%
Private Placement [Member] | NexPoint Securities, Inc. [Member] | Sales Through Raymond James [Member]
Equity Offering, Placement Fees or Commissions, Percentage of Gross Investor Equity																													0.50%
Private Placement [Member] | NexPoint Securities, Inc. [Member] | Sales Through Other Placement Agents [Member]
Equity Offering, Placement Fees or Commissions, Percentage of Gross Investor Equity																													3.00%
Private Placement [Member] | Dealer Manager [Member] | Sales Through Other Placement Agents [Member]
Equity Offering, Placement Fees or Commissions, Percentage of Gross Investor Equity																													2.00%
Private Placement [Member] | Raymond James [Member] | Sales Through Other Placement Agents [Member]
Equity Offering, Placement Fees or Commissions, Percentage of Gross Investor Equity																													1.00%
Minimum [Member] | Private Placement [Member]
Equity Offering, Placement Fees or Commissions, Percentage of Gross Investor Equity																													1.00%
Maximum [Member] | Private Placement [Member]
Equity Offering, Placement Fees or Commissions, Percentage of Gross Investor Equity																													5.50%
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	191,506	179,858	73,700					191,506
Net Asset Value Per Share, Ending Balance (in dollars per share)	$ 36.56	$ 30.82	$ 29.85
Share-based Payment Arrangement, Expense									$ 400
Dividends Payable				$ 700				$ 700
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense				$ 600		$ 300		$ 1,100
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)								4 years
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | Vesting Ratably Over Four Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	4 years	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%	50.00%
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | Vesting Upon Successful Completion of Initial Public Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%	50.00%
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Nonemployee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)								1 year

Note 7 - Stockholders' Equity -

Note 7 - Stockholders' Equity - Share Issuances (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Shares issued (in shares)	2,241,677	4,741,008
Cash proceeds	$ 77,966,000	$ 169,059,000
DRIP reinvestment	$ 2,878	$ 6,333

Note 7 - Stockholders' Equity_3

Note 7 - Stockholders' Equity - Dividends (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
DRIP shares issued (in shares)		92,077	80,493	172,570	46,813
DRIP dividend		$ 3,455	$ 2,878	$ 6,333	$ 3,013
Cash dividend		3,328	2,676	6,004	$ 1,800
Cash dividend accrued on RSUs	[1]	210	192	402
Total dividends		$ 6,993	$ 5,746	$ 12,739
[1]	Included in accounts payable and other accrued liabilities on the consolidated balance sheets.

Note 7 - Stockholders' Equity_4

Note 7 - Stockholders' Equity - Number of RSUs Outstanding (Details) - Restricted Stock Units (RSUs) [Member] - The 2018 Long-Term Incentive Plan [Member] - USD ($) $ in Thousands		Feb. 15, 2021	May 11, 2020	Dec. 10, 2019	Jun. 30, 2021	Dec. 31, 2020
Outstanding, number of RSUs (in shares)					235,133
Outstanding, value	[1]				$ 12,973	$ 7,193
Granted, number of RSUs (in shares)		191,506	179,858	73,700	191,506
Granted, value	[1]				$ 6,720
Vested, number of RSUs (in shares)	[2]				(30,510)
Vested	[1]				$ (940)
Forfeited, number of RSUs (in shares)					0
Outstanding, number of RSUs (in shares)					396,129
[1]	Value is based on the number of RSUs granted multiplied by the most recent NAV per share on the date of grant, which was $36.56 for the February 15, 2021 grant, $30.82 for the May 11, 2020 grant, and $29.85 for the December 10, 2019 grant.
[2]	Certain grantees elected to net the taxes owed upon vesting against the Shares issued resulting in 26,642 Shares being issued as shown on the Consolidated Statements of Equity.

Note 7 - Stockholders' Equity_5

Note 7 - Stockholders' Equity - Vesting Schedule of RSUs (Details) - The 2018 Long-Term Incentive Plan [Member]	Jun. 30, 2021shares
RSUs vesting (in shares)	529,156
Restricted Stock Units (RSUs) [Member]
RSUs vesting (in shares)	396,129
Restricted Stock Units (RSUs) [Member] | Vesting December 10, 2021 [Member]
RSUs vesting (in shares)	18,425
Restricted Stock Units (RSUs) [Member] | Vesting February 15, 2022 [Member]
RSUs vesting (in shares)	32,485
Restricted Stock Units (RSUs) [Member] | Vesting May 11, 2022 [Member]
RSUs vesting (in shares)	21,336
Restricted Stock Units (RSUs) [Member] | Vesting December 10, 2022 [Member]
RSUs vesting (in shares)	18,425
Restricted Stock Units (RSUs) [Member] | Vesting February 15, 2023 [Member]
RSUs vesting (in shares)	22,717
Restricted Stock Units (RSUs) [Member] | Vesting May 11, 2023 [Member]
RSUs vesting (in shares)	21,335
Restricted Stock Units (RSUs) [Member] | Vesting December 10, 2023 [Member]
RSUs vesting (in shares)	18,426
Restricted Stock Units (RSUs) [Member] | Vesting February 15, 2024 [Member]
RSUs vesting (in shares)	22,717
Restricted Stock Units (RSUs) [Member] | Vesting May 11, 2024 [Member]
RSUs vesting (in shares)	21,335
Restricted Stock Units (RSUs) [Member] | Vesting February 14, 2025 [Member]
RSUs vesting (in shares)	22,717
Restricted Stock Units (RSUs) [Member] | Vesting Upon Successful Completion of Initial Public Offering [Member]
RSUs vesting (in shares)	176,211

Note 7 - Stockholders' Equity_6

Note 7 - Stockholders' Equity - Changes in NAV (Details) - $ / shares	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Nov. 01, 2018
NAV per share (in dollars per share)	$ 40.82	$ 38.68	$ 37.85	$ 36.82	$ 36.68	$ 36.56	$ 36.56	$ 34.38	$ 34.18	$ 34	$ 32.91	$ 31.47	$ 31.24	$ 31.08	$ 30.82	$ 30.59	$ 30.58	$ 29.85	$ 28.88	$ 28.75	$ 28.27	$ 25

Note 8 - Redeemable Noncontro_3

Note 8 - Redeemable Noncontrolling Interests in the OP (Details Textual) - USD ($)	May 31, 2021	Nov. 30, 2020	May 11, 2020	Nov. 21, 2019	Apr. 19, 2019	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019
Payments to Noncontrolling Interests									$ 2,983,000	$ 1,440,000
Stock Issued During Period, Value, Dividend Reinvestment Plan							$ 2,878		$ 6,333
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares)						92,077	80,493		172,570	46,813
The 2018 Long-Term Incentive Plan [Member] | PI Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	246,169	11,764	219,826	80,399	40,000				246,169
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 38.29	$ 33.45	$ 30.16	$ 29.12	$ 27.88
Share-based Payment Arrangement, Expense						$ 500,000		$ 400,000	$ 900,000	$ 600,000
The 2018 Long-Term Incentive Plan [Member] | PI Units [Member] | Vesting Ratably Over Four Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		4 years	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		100.00%	50.00%
The 2018 Long-Term Incentive Plan [Member] | PI Units [Member] | Vesting Upon Successful Completion of Initial Public Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		11,764
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		100.00%	50.00%
The 2018 Long-Term Incentive Plan [Member] | PI Units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)											2 years
The 2018 Long-Term Incentive Plan [Member] | PI Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)											4 years
VineBrook Homes OP GP, LLC [Member] | Common Class A [Member]
General Partners' Capital Account, Units Outstanding (in shares)						11,274,538			11,274,538
VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | NexPoint Real Estate Opportunities, LLC [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)						1,953,967			1,953,967
VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | NexPoint Real Estate Strategies Fund [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)						84,682			84,682
VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | NexPoint Real Estate Capital, LLC [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)						737,362			737,362
VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | GAF REIT, LLC [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)						133,636			133,636
VineBrook Homes OP GP, LLC [Member] | Common Class A [Member] | VineBrook Contributors [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)						651,927			651,927
VineBrook Homes OP GP, LLC [Member]
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders						$ 2,041,000	$ 2,022,000			3,400,000
Payments to Noncontrolling Interests										1,600,000
Stock Issued During Period, Value, Dividend Reinvestment Plan										$ 1,800,000
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares)										60,523

Note 8 - Redeemable Noncontro_4

Note 8 - Redeemable Noncontrolling Interests in the OP - Schedule of Redeemable Noncontrolling Interests in the OP (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Net loss attributable to redeemable noncontrolling interests in the OP	$ (466)		$ (366)		$ (501)	$ (556)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	16,957			$ 7,656
VineBrook Homes OP GP, LLC [Member]
Redeemable noncontrolling interests in the OP, December 31, 2020	127,982	$ 127,090			127,090
Net loss attributable to redeemable noncontrolling interests in the OP	(466)	(35)
Contributions by redeemable noncontrolling interests in the OP	2,450	955
Distributions to redeemable noncontrolling interests in the OP	(2,041)	(2,022)				$ (3,400)
Redemptions by redeemable noncontrolling interests in the OP	0	0
Equity-based compensation	517	416
Other comprehensive income attributable to redeemable noncontrolling interests in the OP	(16)	1,581
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	16,957	(3)
Redeemable noncontrolling interests in the OP, March 31, 2021	$ 145,383	$ 127,982			$ 145,383

Note 8 - Redeemable Noncontro_5

Note 8 - Redeemable Noncontrolling Interests in the OP - Distributions (Details) - VineBrook Homes OP GP, LLC [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
OP Distribution		$ 2,041	$ 2,022	$ 4,063
DRIP Distribution [Member]
OP Units Issued (in shares)		10,784	10,108	20,892
OP Distribution		$ 405	$ 360	$ 765
Cash Distribution [Member]
OP Distribution		1,486	1,497	2,983
Cash Distribution Accrued on PI Units [Member]
OP Distribution	[1]	$ 150	$ 165	$ 315
[1]	Included in accounts payable and other accrued liabilities on the consolidated balance sheets.

Note 8 - Redeemable Noncontro_6

Note 8 - Redeemable Noncontrolling Interests in the OP - Number of PI Units Outstanding (Details) - PI Units [Member] - The 2018 Long-Term Incentive Plan [Member] - USD ($) $ in Thousands		May 31, 2021	Nov. 30, 2020	May 11, 2020	Nov. 21, 2019	Apr. 19, 2019	Jun. 30, 2021	Dec. 31, 2020
Outstanding, number of RSUs (in shares)							310,465
Outstanding, value	[1]						$ 17,887	$ 9,290
Granted (in shares)		246,169	11,764	219,826	80,399	40,000	246,169
Granted, value	[1]						$ 9,426
Vested (in shares)							(27,478)
Vested, value	[1]						$ (829)
Forfeited, number of RSUs (in shares)							0
Outstanding, number of RSUs (in shares)							529,156
[1]	Value is based on the number of PI Units granted multiplied by the estimated per unit fair value on the date of grant, which was $27.88 for the April 19, 2019 grant, $29.12 for the November 21, 2019 grant, $30.16 for the May 11, 2020 grant, and $33.45 for the November 30, 2020 grant.

Note 8 - Redeemable Noncontro_7

Note 8 - Redeemable Noncontrolling Interests in the OP - Vesting Schedule for the PI Units (Details) - The 2018 Long-Term Incentive Plan [Member]	Jun. 30, 2021shares
PI Units Vesting (in shares)	529,156
PI Units [Member] | Vesting November 1, 2021 [Member]
PI Units Vesting (in shares)	9,200
PI Units [Member] | Vesting November 21, 2021 [Member]
PI Units Vesting (in shares)	18,425
PI Units [Member] | Vesting November 30, 2021 [Member]
PI Units Vesting (in shares)	2,941
PI Units [Member] | Vesting May 11, 2022 [Member]
PI Units Vesting (in shares)	27,479
PI Units [Member] | Vesting May 31, 2022 [Member]
PI Units Vesting (in shares)	30,771
PI Units [Member] | Vesting November 1, 2022 [Member]
PI Units Vesting (in shares)	7,200
PI Units [Member] | Vesting November 21, 2022 [Member]
PI Units Vesting (in shares)	18,425
PI Units [Member] | Vesting November 30, 2022 [Member]
PI Units Vesting (in shares)	2,941
PI Units [Member] | Vesting March 30, 2023 [Member]
PI Units Vesting (in shares)	30,771
PI Units [Member] | Vesting May 11, 2023 [Member]
PI Units Vesting (in shares)	27,478
PI Units [Member] | Vesting November 1, 2023 [Member]
PI Units Vesting (in shares)	7,200
PI Units [Member] | Vesting November 21, 2023 [Member]
PI Units Vesting (in shares)	18,425
PI Units [Member] | Vesting November 30, 2023 [Member]
PI Units Vesting (in shares)	2,941
PI Units [Member] | Vesting March 30, 2024 [Member]
PI Units Vesting (in shares)	30,771
PI Units [Member] | Vesting May 11, 2024 [Member]
PI Units Vesting (in shares)	27,478
PI Units [Member] | Vesting November 30, 2024 [Member]
PI Units Vesting (in shares)	2,941
PI Units [Member] | Vesting March 30, 2025 [Member]
PI Units Vesting (in shares)	30,771
PI Units [Member] | Vesting Upon Successful Completion of Initial Public Offering [Member]
PI Units Vesting (in shares)	232,998	[1]
[1]	Upon successful completion of an IPO, an additional 11,764 PI Units will vest immediately instead of vesting ratably according to the schedule above on each of November 30, 2021, November 30, 2022, November 30, 2023 and November 30, 2024.

Note 8 - Redeemable Noncontro_8

Note 8 - Redeemable Noncontrolling Interests in the OP - Consolidated Shares and OP Units Outstanding (Details) - shares	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Shares outstanding (in shares)	13,891,715		9,260,795
Common stock, shares outstanding (in shares)	13,891,715		9,260,795
VineBrook Homes OP GP, LLC [Member]
Consolidated shares and OP units outstanding (in shares)	17,453,289	14,974,919
VineBrook Homes OP GP, LLC [Member] | VineBrook Homes Trust, Inc [Member]
Shares outstanding (in shares)	13,891,715	11,499,045
Common stock, shares outstanding (in shares)	13,891,715	11,499,045
VineBrook Homes OP GP, LLC [Member] | Holders of OP Units [Member]
OP units held by NCI (in shares)	3,561,574	3,475,874

Note 9 - Redeemable Series A _3

Note 9 - Redeemable Series A Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Mar. 15, 2021	Jan. 08, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021
Stock Issued During Period, Shares, New Issues (in shares)				2,241,677			4,741,008
Stock Issued During Period, Value, New Issues			$ 93,315	$ 80,851	$ 4,737	$ 44,574
Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		1,460,000
Shares Issued, Price Per Share (in dollars per share)		$ 25.032
Stock Issued During Period, Value, New Issues		$ 36,500
Preferred Stock, Dividend Rate, Percentage							6.50%
Preferred Stock, Redemption Price Per Share (in dollars per share)		$ 25
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	$ 0.40625
Dividends Payable, Date of Record	Mar. 15, 2021
Dividends Payable, Date to be Paid	Apr. 12, 2021
Series A Preferred Stock [Member] | VineBrook Homes OP GP, LLC [Member]
Investment Owned, Balance, Shares (in shares)		1,460,000
Preferred Stock, Dividend Rate, Percentage		6.50%

Note 9 - Redeemable Series A _4

Note 9 - Redeemable Series A Preferred Stock - Schedule of Redeemable Series A Preferred Stock (Details) - USD ($) $ in Thousands	Jan. 08, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Redeemable Series A preferred stock, December 31, 2020 (in shares)			3,540,000	3,540,000
Shares issued (in shares)			2,241,677	4,741,008
Redeemable Series A preferred stock (in shares)		5,000,000		5,000,000
Series A Preferred Stock [Member]
Shares issued (in shares)	1,460,000
Series A Preferred Stock [Member] | Preferred Stock [Member]
Redeemable Series A preferred stock, December 31, 2020 (in shares)		5,000,000	3,540,000	3,540,000
Redeemable Series A preferred stock		$ 120,454	$ 85,067	$ 85,067
Shares issued (in shares)			1,460,000
Issuance of Redeemable Series A preferred stock		0	$ 36,547
Issuance costs related to Redeemable Series A preferred stock		(45)	(1,335)
Net income attributable to Redeemable Series A preferred stockholders		2,032	2,031
Dividends declared to Redeemable Series A preferred stockholders		(2,032)	(2,031)
Accretion to redemption value		175	175
Redeemable Series A preferred stock, March 31, 2021		$ 120,584	$ 120,454	$ 120,584
Redeemable Series A preferred stock (in shares)		5,000,000	5,000,000	5,000,000
Redeemable Series A preferred stock		$ 120,584	$ 120,454	$ 120,584

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Open Tax Year	2018 2019 2020
Unrecognized Tax Benefits, Ending Balance	$ 0

Note 11 - Related Party Trans_3

Note 11 - Related Party Transactions (Details Textual) - USD ($)	May 04, 2020	Aug. 22, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Aug. 28, 2018
Advisory Fees			$ 2,010,000	$ 782,000	$ 3,301,000	$ 1,495,000
Due from Related Parties, Total			663,000		663,000		$ 663,000
Private Placement [Member] | Minimum [Member]
Equity Offering, Fee to Investors, Percentage of Gross Investor Equity								0.50%
Private Placement [Member] | Maximum [Member]
Equity Offering, Fee to Investors, Percentage of Gross Investor Equity								3.00%
Private Placement [Member] | Maximum [Member] | Sales Through Raymond James [Member]
Equity Offering, Offering and Organization Expenses Charged to Investors, Percentage of Gross Equity Offering								0.50%
Private Placement [Member] | Maximum [Member] | Sales Through Other Placement Agents [Member]
Equity Offering, Offering and Organization Expenses Charged to Investors, Percentage of Gross Equity Offering								1.00%
NexPoint Real Estate Advisors V, L.P. [Member]
Advisory Agreement, Advisory Fee, Annualized Rate of Gross Asset Value	0.75%
Advisory Agreement, Expense Cap, Percentage of Average Total Assets	1.50%
Advisory Fees			2,000,000	$ 800,000	$ 3,300,000	$ 1,500,000
Internalization Fee, Factor to Multiply by 12 Months Prior Fee	3
Termination Fee, Factor to Multiply by 12 Months Prior Fee	3
Advisory Agreement, Notice of Termination Period (Day)	180 days
VineBrook Homes, LLC [Member]
Management Agreements, Acquisition Fee, Percentage of Property Acquired During Month					1.00%
Management Agreements, Construction Fee Monthly in Arears, Maximum Percentage of Construction Costs					10.00%
Management Agreements, Construction Fee Monthly in Arrears, Maximum Amount			1,000		$ 1,000
Management Agreements, Maximum EBITDA Derived from Fees			$ 1,000,000		$ 1,000,000
Management Agreements, Maximum Percentage of Combined Equity Value for Management Fees			0.50%		0.50%
Managements Agreements, Manager Cash Cap			25.00%		25.00%
Internalization Fee, Factor to Multiply by 12 Months Prior Fee			3		3
Management Agreements, Base Internalization Fee			$ 6,500,000		$ 6,500,000
Management Agreements, Internalization Fee Calculation, Percentage Added to Base Fee			50.00%		50.00%
Management Agreements, Internalization Fee Calculation, Amount Subtracted from Factored Amount			$ 6,500,000		$ 6,500,000
Termination Fee, Factor to Multiply by 12 Months Prior Fee			3		3
Management Agreements, Termination Notice Period (Day)					90 days
VineBrook Homes, LLC [Member] | Manager Cash Cap Rebate [Member]
Due from Related Parties, Total			$ 0		$ 0		1,100,000
VineBrook Homes, LLC [Member] | Fee Advances [Member]
Due from Related Parties, Total			0		0		0
VineBrook Homes, LLC [Member] | Backstop Loans [Member]
Due from Related Parties, Total			$ 700,000		$ 700,000		$ 700,000
VineBrook Homes, LLC [Member] | Annual Collected Rental Revenue up to and Including 45 Million [Member]
Management Agreements, Property Management Fee Monthly in Arrears, Maximum Percentage of Collected Rental Revenue			8.00%		8.00%
VineBrook Homes, LLC [Member] | Annual Collected Rental Revenue Between 45 Million and 65 Million [Member]
Management Agreements, Property Management Fee Monthly in Arrears, Maximum Percentage of Collected Rental Revenue			7.00%		7.00%
VineBrook Homes, LLC [Member] | Annual Collected Rental Revenue Between 65 Million and 85 Million [Member]
Management Agreements, Property Management Fee Monthly in Arrears, Maximum Percentage of Collected Rental Revenue			6.00%		6.00%
VineBrook Homes, LLC [Member] | Annual Collected Rental Revenue Above 85 Million [Member]
Management Agreements, Property Management Fee Monthly in Arrears, Maximum Percentage of Collected Rental Revenue			5.00%		5.00%
NexPoint Real Estate Opportunities, LLC [Member] | NexPoint Real Estate Opportunities, LLC Note [Member]
Debt Instrument, Face Amount		$ 1,300,000
NexPoint Real Estate Opportunities, LLC [Member] | NexPoint Real Estate Opportunities, LLC Note [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.25%

Note 11 - Related Party Trans_4

Note 11 - Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		16 Months Ended	34 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2021
Balances	$ 312,094	$ 252,000	$ 174,322		$ 129,417	$ 129,115	$ 312,094	$ 129,417	$ 107,471	$ 312,094
VineBrook Homes, LLC [Member]
Fees incurred and reimbursements	8,804				4,669		21,139	9,043
O&O Expenses reimbursed for the period	8,804				4,669		21,139	9,043
VineBrook Homes, LLC [Member] | Property Management Fees [Member]
Fees incurred and reimbursements	2,249				1,408		4,054	2,685
O&O Expenses reimbursed for the period	2,249				1,408		4,054	2,685
VineBrook Homes, LLC [Member] | Acquisition Fees [Member]
Fees incurred and reimbursements	972				275		6,946	589
O&O Expenses reimbursed for the period	972				275		6,946	589
VineBrook Homes, LLC [Member] | Construction Supervision Fees [Member]
Fees incurred and reimbursements	1,692				904		3,014	1,767
O&O Expenses reimbursed for the period	1,692				904		3,014	1,767
VineBrook Homes, LLC [Member] | Payroll and Benefits Reimbursements [Member]
Fees incurred and reimbursements	3,709				1,991		6,788	3,818
O&O Expenses reimbursed for the period	3,709				1,991		6,788	3,818
VineBrook Homes, LLC [Member] | Other Reimbursements [Member]
Fees incurred and reimbursements	182				91		337	184
O&O Expenses reimbursed for the period	182				91		337	$ 184
Private Placement [Member]
Balances	449,431						449,431			449,431
Private Placement [Member] | NexPoint Securities, Inc. [Member]
O&O collected and available for reimbursements										2,914
O&O available for future reimbursements	5						$ 5			5
Private Placement [Member] | NexPoint Securities, Inc. [Member] | Offering and Organizational Expenses Reimbursements [Member]
Fees incurred and reimbursements	944	296	385	$ 175	235	188			686	2,909
O&O Expenses reimbursed for the period	$ 944	$ 296	$ 385	$ 175	$ 235	$ 188			$ 686	$ 2,909

Note 12 - Commitments and Con_2

Note 12 - Commitments and Contingencies (Details Textual) $ in Millions	Jul. 13, 2021USD ($)	Jun. 30, 2021USD ($)	Nov. 01, 2018USD ($)
Number of Real Estate Properties		8
Purchase of Ovation Portfolio [Member] | Subsequent Event [Member]
Number of Real Estate Properties	77
Asset Acquisition, Consideration Transferred, Total	$ 12.3
Single Family [Member] | Purchase Agreement for 281 Homes [Member]
Accrued Liabilities, Current, Total		$ 2.5
Indemnification Agreement [Member]
Escrow Deposit			$ 2.6

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands	Aug. 09, 2021$ / shares	Jul. 27, 2021USD ($)	Jul. 21, 2021USD ($)	Jul. 15, 2021$ / shares	Jul. 13, 2021USD ($)	Aug. 10, 2021USD ($)shares	Jun. 30, 2021USD ($)$ / shares	Mar. 31, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)$ / sharesshares	May 31, 2021$ / shares	May 14, 2021	Apr. 30, 2021$ / shares	Feb. 28, 2021$ / shares	Jan. 31, 2021$ / shares	Dec. 31, 2020USD ($)$ / shares	Nov. 30, 2020$ / shares	Oct. 31, 2020$ / shares	Sep. 30, 2020$ / shares	Aug. 31, 2020$ / shares	Jul. 31, 2020$ / shares	Jun. 30, 2020$ / shares	May 31, 2020$ / shares	Apr. 30, 2020$ / shares	Mar. 31, 2020$ / shares	Dec. 31, 2019$ / shares	Sep. 30, 2019$ / shares	Jun. 30, 2019$ / shares	Mar. 31, 2019$ / shares	Dec. 31, 2018$ / shares	Nov. 01, 2018$ / shares
Number of Real Estate Properties							8		8
Long-term Debt, Total							$ 835,162		$ 835,162						$ 347,709
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares							$ 0.5301	$ 0.5301
Stock Issued During Period, Shares, New Issues (in shares) | shares								2,241,677	4,741,008
Proceeds from Issuance of Common Stock								$ 77,966	$ 169,059
Net Asset Value Per Share, Ending Balance (in dollars per share) | $ / shares							$ 40.82	$ 36.82	$ 40.82	$ 38.68		$ 37.85	$ 36.68	$ 36.56	$ 36.56	$ 34.38	$ 34.18	$ 34	$ 32.91	$ 31.47	$ 31.24	$ 31.08	$ 30.82	$ 30.59	$ 30.58	$ 29.85	$ 28.88	$ 28.75	$ 28.27	$ 25
Dividend Reinvestment Plan, Discount to Current NAV							3.00%		3.00%		3.00%
JPM Facility [Member] | Forecast [Member]
Long-term Debt, Total			$ 290,000
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares	$ 0.1767			$ 0.1767
Stock Issued During Period, Shares, New Issues (in shares) | shares						2,228,811
Proceeds from Issuance of Common Stock						$ 86,600
Dividends Payable, Date of Record	Aug. 16, 2021			Jul. 15, 2021
Subsequent Event [Member] | Extinguished Colony Note [Member]
Extinguishment of Debt, Amount		$ 9,300
Subsequent Event [Member] | JPM Facility [Member]
Repayments of Long-term Debt, Total			$ 30,000
Subsequent Event [Member] | Purchase of Ovation Portfolio [Member]
Number of Real Estate Properties					77
Asset Acquisition, Consideration Transferred, Total					$ 12,300
Subsequent Event [Member] | Purchase of 828 Homes [Member]
Number of Real Estate Properties						352
Asset Acquisition, Consideration Transferred, Total						$ 33,800