Vinebrook Homes Trust 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 12, 2022
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	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	300 Crescent Court, Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	276-6300
Entity Current Reporting Status	Yes
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
Entity Common Stock, Shares Outstanding		25,274,473

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Land	$ 424,788	$ 334,191
Buildings and improvements	1,867,331	1,391,786
Intangible lease assets	4,113	971
Total gross operating real estate investments	2,296,232	1,726,948
Accumulated depreciation and amortization	(92,207)	(76,789)
Total net operating real estate investments	2,204,025	1,650,159
Real estate held for sale, net	6,821	81
Total net real estate investments	2,210,846	1,650,240
Investment in unconsolidated entity	100,819	0
Investment in real estate equities	2,500	2,500
Cash	36,640	54,104
Restricted cash	18,179	20,893
Accounts and other receivables	9,699	8,327
Due from Manager (see Note 13)	663	2,909
Prepaid and other assets	4,834	19,352
Fair market value of interest rate swaps	13,264	0
TOTAL ASSETS	2,397,444	1,758,325
Liabilities:
Notes payable, net	390,375	376,842
Accounts payable and other accrued liabilities	28,533	47,208
Accrued real estate taxes payable	18,623	19,450
Accrued interest payable	4,768	1,690
Security deposit liability	18,033	14,295
Prepaid rents	4,394	3,341
Fair market value of interest rate swaps	0	3,590
Total Liabilities	1,344,380	858,119
Redeemable Series A preferred stock, $0.01 par value: 16,000,000 shares authorized; 5,000,000 and 5,000,000 shares issued and outstanding, respectively	121,074	120,896
Redeemable noncontrolling interests in the OP	222,991	196,362
Stockholders' Equity:
Class A Common stock, $0.01 par value: 300,000,000 shares authorized; 24,696,441 and 21,814,248 shares issued and outstanding, respectively	247	219
Additional paid-in capital	780,388	651,531
Distributions in excess of retained earnings	(85,075)	(68,011)
Accumulated other comprehensive gain/(loss)	13,439	(791)
Total Stockholders' Equity	708,999	582,948
TOTAL LIABILITIES AND EQUITY	2,397,444	1,758,325
Line of Credit [Member]
Liabilities:
Facilities	747,922	391,703
Bridge Facility [Member]
Liabilities:
Facilities	$ 131,732	$ 0

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	5,000,000
Redeemable preferred stock, shares outstanding (in shares)	5,000,000	5,000,000
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)	24,696,441	21,814,248
Common stock, shares outstanding (in shares)	24,696,441	21,814,248

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental income	$ 50,980	$ 30,136
Other income	1,337	492
Total revenues	52,317	30,628
Expenses
Property operating expenses	8,687	5,153
Real estate taxes and insurance	9,542	6,294
Property management fees	3,111	1,973
Advisory fees	3,086	1,291
Depreciation and amortization	15,956	8,044
Interest expense	9,620	5,126
Total expenses	55,037	30,685
Gain/(loss) on sales of real estate	116	(75)
Casualty loss, net of insurance proceeds	(109)	(9)
Net loss	(2,713)	(141)
Dividends on and accretion to redemption value of Redeemable Series A preferred stock	2,209	2,206
Net loss attributable to redeemable noncontrolling interests in the OP	(423)	(35)
Net loss attributable to common stockholders	(4,499)	(2,312)
Other comprehensive income
Unrealized gain on interest rate swaps	16,854	6,371
Total comprehensive income	14,141	6,230
Dividends on and accretion to redemption value of Redeemable Series A preferred stock	2,209	2,206
Comprehensive income attributable to redeemable noncontrolling interests in the OP	2,201	1,546
Comprehensive income attributable to common stockholders	$ 9,731	$ 2,478
Weighted average common shares outstanding - basic (in shares)	23,249	10,417
Weighted average common shares outstanding - diluted (in shares)	23,249	10,417
Loss per share - basic (in dollars per share)	$ (0.19)	$ (0.22)
Loss per share - diluted (in dollars per share)	$ (0.19)	$ (0.22)
Corporate, Non-Segment [Member]
Expenses
General and administrative expenses	$ 2,162	$ 1,481
Operating Segments [Member]
Expenses
General and administrative expenses	$ 2,873	$ 1,323

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 (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
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 (loss) attributable to common stockholders		0	0	4,790	4,790
Adjustment 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, 2021	21,814,248
Balances at Dec. 31, 2021	$ 219	651,531	(68,011)	(791)	582,948
Net loss attributable to common stockholders		0	(4,499)	0	$ (4,499)
Issuance of Class A common stock (in shares)	2,907,334				2,907,334
Issuance of Class A common stock	$ 29	152,091	0	0	$ 152,120
Redemptions of Class A common stock (in shares)	(55,405)
Redemptions of Class A common stock	$ (1)	(3,001)	0	0	(3,002)
Offering costs		(343)	0	0	$ (343)
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares)	30,264				30,264
Equity-based compensation	$ 0	759	0	0	$ 759
Common stock dividends declared		0	(12,565)	0	(12,565)
Other comprehensive income (loss) attributable to common stockholders		0	0	14,230	14,230
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP		(20,649)	0	0	(20,649)
Balances (in shares) at Mar. 31, 2022	24,696,441
Balances at Mar. 31, 2022	$ 247	$ 780,388	$ (85,075)	$ 13,439	$ 708,999

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2022	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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (2,713)	$ (141)
Adjustments to reconcile net loss to net cash provided by operating activities
(Gain)/loss on sales of real estate	(116)	75
Depreciation and amortization	15,956	8,044
Non-cash interest amortization	1,526	531
Change in fair value on derivative instruments included in interest expense	735	670
Net cash paid on derivative settlements	(1,063)	(1,032)
Equity-based compensation	1,455	930
Casualty loss, net of insurance proceeds	109	9
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	1,657	(2)
Operating liabilities	5,378	3,166
Net cash provided by operating activities	22,924	12,250
Cash flows from investing activities
Investment in unconsolidated entity	(100,819)	0
Net proceeds from sales of real estate	642	151
Prepaid acquisition deposits	(434)	(1,890)
Insurance proceeds received	43	59
Acquisitions of real estate investments	(511,369)	(538,725)
Additions to real estate investments	(34,726)	(16,400)
Net cash used in investing activities	(646,663)	(556,805)
Cash flows from financing activities
Notes payable proceeds received	0	125,000
Notes payable payments	(237)	(15)
NREO Note repayment	0	(1,250)
Financing costs paid	(1,124)	(7,746)
Proceeds from issuance of Class A common stock	149,369
Redemptions of Class A common stock paid	3,276	(126)
Offering costs paid	(600)	(310)
Dividends paid to common stockholders	(5,851)	(2,676)
Payments for taxes related to net share settlement of stock-based compensation	(555)	0
Proceeds from issuance of redeemable Series A preferred stock, net of offering costs	0	35,212
Preferred stock dividends paid	(2,031)	(925)
Contributions from redeemable noncontrolling interests in the OP	4,873	595
Distributions to redeemable noncontrolling interests in the OP	(1,477)	(1,497)
Net cash provided by financing activities	603,561	559,235
Change in cash and restricted cash	(20,178)	14,680
Cash and restricted cash, beginning of period	74,997	37,096
Cash and restricted cash, end of period	54,819	51,776
Supplemental Disclosure of Cash Flow Information
Interest paid, net of amount capitalized	2,471	2,738
Cash paid for income and franchise taxes	120	0
Supplemental Disclosure of Noncash Activities
Assumed liabilities in asset acquisitions	2,420	4,554
Accrued distributions payable to redeemable noncontrolling interests in the OP	313	165
Accrued redemptions payable to common stockholders	6,278	0
Accrued capital expenditures	885	0
Accretion to redemption value of Redeemable Series A preferred stock	178	175
Fair market value adjustment on assumed debt	89	0
Assumed debt on acquisitions	13,582	0
Offering costs accrued	84	91
Issuance of Class A common stock related to DRIP dividends	6,495	2,878
DRIP dividends to common stockholders	(6,495)	(2,878)
Contributions from redeemable noncontrolling interests in the OP related to DRIP distributions	467	360
DRIP distributions to redeemable noncontrolling interests in the OP	(467)	(360)
Common Class A [Member]
Cash flows from financing activities
Proceeds from issuance of Class A common stock	119,639	77,973
Supplemental Disclosure of Noncash Activities
Accrued dividends payable	219	192
Series A Preferred Stock [Member]
Supplemental Disclosure of Noncash Activities
Accrued dividends payable	2,031	2,031
Line of Credit [Member]
Cash flows from financing activities
Credit facilities proceeds received	355,000	335,000
Bridge Facility [Member]
Cash flows from financing activities
Bridge facility proceeds received	150,000	0
Bridge facility principal payments	$ (17,352)	$ 0

Note 1 - Organization and Descr

Note 1 - Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. VineBrook Homes Trust, Inc. (the “Company”, “we”, “us,” “our”) was incorporated in Maryland on July 18, 2018 March 31, 2022 10 no The Company began operations on November 1, 2018 third November 1, 2018, May 1, 2019 ( no Between November 1, 2018 March 31, 2022 3 March 31, 2022 7 The Company is externally managed by NexPoint Real Estate Advisors V, L.P. (the “Adviser”), through an agreement dated November 1, 2018, May 4, 2020, November 1, 2021 ( one three one may third not 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, 1933, November 1, 2023 may two one may NexPoint Securities, Inc. (the “Dealer Manager”), an entity under common ownership with the Adviser, serves as the dealer manager for the Private Offering and Raymond James & Associates, Inc. (“Raymond James”) and other unaffiliated broker-dealers serve as placement agents (the “Placement Agents”)  The Company has adopted a Long-Term Incentive Plan (the “2018 may 2018 January 1st January 1, 2019 December 31st may January 1st no 2018 may not may 2018 may

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 three March 31, 2022 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 March 31, 2022 December 31, 2021 three March 31, 2022 2021 December 31, 2021 2020 not may December 31, 2022, 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”) Accounting Standards Codification (“ASC”) 810, Consolidation first not March 31, 2022 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 The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement 820” 8 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 indirect costs to prepare acquired properties for rental. These costs are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest, real estate taxes, insurance, utilities and other indirect costs as costs of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and the costs have been incurred. 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 Improvements and other assets 3 15 Intangible lease assets 6 As of March 31, 2022 December 31, 2021 three March 31, 2022 2021 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 March 31, 2022 2021 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): March 31, 2022 2021 December 31, 2021 Cash $ 36,640 $ 40,093 $ 54,104 Restricted cash 18,179 11,683 20,893 Total cash and restricted cash $ 54,819 $ 51,776 $ 74,997 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 19 not three March 31, 2022 2021 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”). These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do 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 March 31, 2022 2021 Numerator for loss per share: Net loss $ (2,713 ) $ (141 ) Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 2,209 2,206 Net loss attributable to redeemable noncontrolling interests in the OP (423 ) (35 ) Net loss attributable to common stockholders $ (4,499 ) $ (2,312 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 23,249 10,417 Weighted average unvested RSUs, PI Units, and OP Units (1) — — Weighted average common shares outstanding - diluted 23,249 10,417 Earnings (loss) per weighted average common share: Basic $ (0.19 ) $ (0.22 ) Diluted $ (0.19 ) $ (0.22 ) ( 1 For the three March 31, 2022 2021 Segment Reporting Under the provision of ASC 280, Segment Reporting one two 10% March 31, 2022 Recent Accounting Pronouncements In March 2020, 2020 04, Reference Rate Reform 848 2020 04” 2020 04 2020 04 may first 2022, COVID- 19 The COVID- 19 19 may not 19 19 1A, 19

Note 3 - Investments in Subsidi

Note 3 - Investments in Subsidiaries	3 Months Ended
	Mar. 31, 2022
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”) that directly or indirectly own the Portfolio. All of the properties in the Portfolio are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no As of March 31, 2022 14 March 31, 2022 may 7 VIE Name Homes Cost Basis OP Beneficial Ownership % Encumbered by Mortgage (1) Debt Allocated NREA VB I, LLC 66 $ 6,019 100 % Yes $ 5,048 NREA VB II, LLC 167 16,422 100 % Yes 10,742 NREA VB III, LLC 1,322 120,820 100 % Yes 71,115 NREA VB IV, LLC 385 37,232 100 % Yes 24,283 NREA VB V, LLC 1,829 126,321 100 % Yes 108,384 NREA VB VI, LLC 302 27,771 100 % Yes 18,661 NREA VB VII, LLC 36 3,052 100 % Yes 2,989 True FM2017-1, LLC 211 18,537 100 % Yes 10,355 SMP Homes 3B, LLC 160 17,027 100 % No — SMP Homes 5B, LLC 46 4,717 100 % Yes 2,328 VB One, LLC 10,609 1,203,272 100 % No 465,000 VB Two, LLC 1,853 165,028 100 % No 124,554 VB Three, LLC 3,890 531,325 100 % No 290,000 VB Five, LLC 268 25,510 100 % Yes 13,569 21,144 $ 2,303,053 $ 1,147,028 (2) ( 1 Assets held, directly or indirectly, by VB One, LLC, VB Two, LLC and VB Three, LLC are not ( 2 In addition to the debt allocated to the SPEs noted above, as of March 31, 2022, not 7 March 31, 2022. 7

Note 4 - Real Estate Assets

Note 4 - Real Estate Assets	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Real Estate Disclosure [Text Block]	4. As of March 31, 2022 December 31, 2021 Land Buildings and improvements (1) Intangible lease assets Real estate held for sale, net Total Gross Real Estate, December 31, 2021 $ 334,191 $ 1,391,786 $ 971 $ 81 $ 1,727,029 Additions 90,597 475,545 (2) 3,680 7,266 577,088 Write-offs — — (538 ) — (538 ) Dispositions — — — (526 ) (526 ) Gross Real Estate, March 31, 2022 424,788 1,867,331 4,113 6,821 2,303,053 Accumulated depreciation and amortization — (91,227 ) (980 ) — (92,207 ) Net Real Estate, March 31, 2022 $ 424,788 $ 1,776,104 $ 3,133 $ 6,821 $ 2,210,846 ( 1 Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties. ( 2 Includes capitalized interest of approximately $2.0 million and other capitalizable costs of approximately $1.9 million. During the three March 31, 2022 2021 Acquisitions and dispositions During the three March 31, 2022 On February 8, 2022, eight Market State # of Homes Memphis TN, MS 743 Atlanta GA 741 Saint Louis MO 308 Pensacola FL 300 Raeford NC 250 Kansas City MO 230 Portales NM 150 Augusta GA, SC 67 Jacksonville FL 53 Total 2,842 On March 18, 2022, 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 March 31, 2022 April 6, 2022,

Note 5 - Investment in Unconsol

Note 5 - Investment in Unconsolidated Entity	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5. During the three March 31, 2022,

Note 6 - Investment in Limited

Note 6 - Investment in Limited Partnership	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Investment Holdings [Text Block]	6. On November 22, 2021, seven February 24, 2021, no Investments in privately held entities that report NAV, such as our privately held equity investments, are presented at fair value using NAV as a practical expedient, with changes in fair value recognized in net income. We use NAV reported by limited partnerships generally without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not March 31, 2022

Note 7 - Debt

Note 7 - Debt	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	7. On November 1, 2018, 30 first 30 December 1, 2025. On September 20, 2019, November 3, 2021, November 3, 2024, one one December 9, 2021, $350.0 may one March 31, 2022 On September 30, 2019, 2017 1, 2017 1, February 1, 2028 On December 28, 2020, 5B, 5B, 5B, January 9, 2023 On January 6, 2021, January 31, 2026. On March 1, 2021, one March 1, 2023. March 10, 2022, No. 1 March 31, 2022 On January 13, 2022, February 1, 2029 On February 8, 2022, 1 2 3 February 8, 2023 1 May 8, 2022 no 2 August 8, 2022 no 3 November 8, 2022 no March 31, 2022 On March 18, 2022, July 9, 2029 On March 18, 2022, July 9, 2029 As of March 31, 2022 The weighted average interest rate of the Company’s debt was 2.6881% as of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 one 570.0 8 The following table contains summary information concerning the Company’s debt as of March 31, 2022 December 31, 2021 Outstanding Principal as of Type March 31, 2022 December 31, 2021 Interest Rate (1) Maturity Initial Mortgage Floating $ 241,222 $ 241,269 2.00 % 12/1/2025 Warehouse Facility Floating 465,000 160,000 2.15 % 11/3/2024 (3) JPM Facility Floating 290,000 240,000 3.14 % 3/1/2023 Bridge Facility Floating 132,648 — 3.78 % 2/8/2023 MetLife Note Fixed 124,554 124,689 3.25 % 1/31/2026 TrueLane Mortgage Fixed 10,355 10,387 5.35 % 2/1/2028 CoreVest Note Fixed 2,328 2,338 6.12 % 1/9/2023 Crestcore II Note Fixed 4,733 — 5.12 % 7/9/2029 Crestcore IV Note Fixed 4,209 — 5.12 % 7/9/2029 Hatchway Broadmoor Mortgage Fixed 4,627 — 5.35 % 2/1/2029 $ 1,279,676 $ 778,683 Debt premium, net (2) 482 416 Deferred financing costs, net of accumulated amortization of $6,873 and $5,325, respectively (10,129 ) (10,554 ) $ 1,270,029 $ 768,545 ( 1 Represents the interest rate as of March 31, 2022 one March 31, 2022 March 31, 2022 one March 31, 2022 ( 2 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. ( 3 This is the stated maturity for the Warehouse Facility, but it is subject to a 12 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five March 31, 2022 Total 2022 $ 96,226 2023 338,800 2024 8,617 2025 689,208 (1) 2026 125,052 Thereafter 21,773 Total $ 1,279,676 ( 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 March 31, 2022 2021

Note 8 - Fair Value of Derivati

Note 8 - Fair Value of Derivatives and Financial Instruments	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	8. 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 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 March 31, 2022 December 31, 2021 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 eight one As of March 31, 2022 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) Effective Date Expiration Date Index (1) Notional Fixed Rate 3/31/2022 11/1/2025 Daily SOFR $ 100,000 1.5110 % 3/31/2022 11/1/2025 Daily SOFR 100,000 1.9190 % 3/31/2022 11/1/2025 Daily SOFR 50,000 2.4410 % $ 250,000 1.8602 % (2) ( 1 As of March 31, 2022 one ( 2 Represents the weighted average fixed rate of the interest rate swaps for one For the three March 31, 2022 2021 The table below presents the fair value of the Company’s derivative financial instruments, which are presented in a net position on the consolidated balance sheets as of March 31, 2022 December 31, 2021 Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 13,547 $ — $ 283 $ 3,590 Total $ 13,547 $ — $ 283 $ 3,590 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 9 - Stockholders' Equity

Note 9 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	9. Equity The Company issues Shares under the Private Offering as well as under the Company’s distribution reinvestment program (the “DRIP”). Shares issued under the DRIP are issued at a 3% three March 31, 2022 Quarter Ended Shares issued Proceeds DRIP reinvestment March 31, 2022 2,907,334 $ 149,369 $ 6,495 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 three March 31, 2022 Quarter Ended DRIP Shares Issued DRIP Dividend Cash Dividend Cash Dividend Accrued on RSUs (1) Total Dividend March 31, 2022 123,665 $ 6,495 $ 5,816 $ 219 $ 12,530 ( 1 Included in accounts payable and other accrued liabilities on the consolidated balance sheets. 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, February 17, 2022, December 10, 2019 May 11, 2020 four February 17, 2022, February 15, 2021 May 11, 2020 four first no one one As of March 31, 2022 Dates Number of RSUs Value (1) Outstanding December 31, 2021 377,704 $ 12,405 Granted 185,111 10,022 Vested (32,485 ) (2) (1,188 ) Forfeited — — Outstanding March 31, 2022 530,330 $ 21,239 ( 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 $54.14 for the February 17, 2022 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 30,264 Shares being issued as shown on the consolidated statements of stockholders' equity. The vesting schedule for the RSUs is as follows: Vest Date RSUs Vesting May 11, 2022 21,336 December 10, 2022 18,425 February 15, 2023 22,717 February 17, 2023 30,412 May 11, 2023 21,335 December 10, 2023 18,426 February 15, 2024 22,717 February 17, 2024 22,100 May 11, 2024 21,335 February 14, 2025 22,717 February 17, 2025 22,100 February 17, 2026 22,100 Upon successful completion of IPO 264,610 530,330 For the three March 31, 2022 2021

Note 10 - Redeemable Noncontrol

Note 10 - Redeemable Noncontrolling Interests in the OP	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	10. 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, 2021 $ 196,362 Net loss attributable to redeemable noncontrolling interests in the OP (423 ) Contributions by redeemable noncontrolling interests in the OP 5,340 Distributions to redeemable noncontrolling interests in the OP (2,257 ) Redemptions by redeemable noncontrolling interests in the OP — Equity-based compensation 696 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 2,624 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 20,649 Redeemable noncontrolling interests in the OP, March 31, 2022 $ 222,991 The following table provides detail on distributions to noncontrolling interests in the OP for the three March 31, 2022 Quarter Ended DRIP OP Units Issued OP DRIP Distribution OP Cash Distribution OP Distribution on PI Units Total OP Distribution March 31, 2022 8,896 $ 467 $ 1,477 $ 313 $ 2,257 As of March 31, 2022 On September 7, 2021, no not The Partnership Board of the OP has exclusive authority to select, remove and replace the general partner of the OP and no may one may Upon execution of the OP LPA, the Company reconsidered whether it was still the primary beneficiary of the OP. Upon reconsideration, the Company determined that it is the member of the related party group most closely associated with the OP and has the power to direct the activities that are most significant to the OP as any actions taken by the OP GP are subject to the authority and approval of the Company’s Board. Accordingly, the Company determined that it should continue to consolidate the OP. 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 one no third As of March 31, 2022 Dates Number of PI Units Value (1) Outstanding December 31, 2021 498,590 $ 16,965 Granted — — Vested — — Forfeited — — Outstanding March 31, 2022 498,590 $ 16,965 ( 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 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* 232,998 498,590 *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, 2022, November 30, 2023 November 30, 2024. For the three March 31, 2022 2021 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, 2022 24,696,441 3,725,832 28,422,273

Note 11 - Redeemable Series A P

Note 11 - Redeemable Series A Preferred Stock	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Preferred Stock [Text Block]	11. On January 8, 2021, October 7, 2027, March 15, 2021, March 25, 2021 April 12, 2021 June 10, 2021, June 25, 2021 July 12, 2021 September 10, 2021, $0.40625 September 25, 2021 October 12, 2021 November 3, 2021, $0.40625 November 15, 2021 January 12, 2022 March 8, 2022, $0.40625 March 25, 2022, April 11, 2022. Preferred Shares Balances Redeemable Series A preferred stock, December 31, 2021 5,000,000 $ 120,896 Issuance of Redeemable Series A preferred stock — — Issuance costs related to Redeemable Series A preferred stock — — 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 — 178 Redeemable Series A preferred stock, March 31, 2022 5,000,000 $ 121,074

Note 12 - Income Taxes

Note 12 - Income Taxes	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	12. The Company has made the election and intends to be taxed as a REIT under Sections 856 860 90% not 4% 1 85% 2 95% 3 100% no no three March 31, 2022 2021 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 March 31, 2022 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 2021, 2020 2019. The Company had no March 31, 2022

Note 13 - Related Party Transac

Note 13 - Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	13. 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 Private 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 March 31, 2022 2021 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 1 2 three March 31, 2022 2021 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 are 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, of which approximately $5.2 million and $2.5 million is due to the Manager and included in accounts payable and other accrued liabilities on the consolidated balance sheets as of March 31, 2022 2021 three March 31, 2022 2021 For the Three Months Ended March 31, Location on Financial Statements 2022 2021 Fees Incurred Property management fees Statement of Operations $ 3,111 $ 1,805 Acquisition fees Balance Sheet 5,040 5,974 Construction supervision fees Balance Sheet 3,174 1,322 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations 5,895 3,079 Other reimbursements Balance Sheet and Statement of Operations 310 155 Totals $ 17,530 $ 12,335 Internalization of the Adviser or the Manager The Company may first 12 three 12 may not Termination Fees Payable to the Adviser or Manager If the Advisory Agreement or any one three 12 three 12 may may Advance Acquisition and Construction Fee Advances Paid to the Manager Pursuant to the Side Letter, the Manager may March 31, 2022 December 31, 2021 no Backstop Loans to the Manager Pursuant to the Side Letter, in the event the Manager does not may may may not March 31, 2022 December 31, 2021 Dealer Manager Fees Investors may may Organization and Private Offering Expenses Offering and organizational expenses (“O&O Expenses”) may See below for detail related to the O&O Expenses as of March 31, 2022 Amount Gross investor equity raised subject to O&O $ 977,885 O&O collected and available for reimbursements $ 6,739 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 July 1, 2021 through September 30, 2021 1,264 October 1, 2021 through December 31, 2021 1,198 January 1, 2022 through March 31, 2022 343 $ 5,714 O&O available for future reimbursements $ 1,025 NexBank The Company and the OP maintain bank accounts with an affiliate of the Adviser, NexBank N.A. (“NexBank”). NexBank charges no

Note 14 - Commitments and Conti

Note 14 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	14. 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 March 31, 2022 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”), had potential liability exposure to a legacy environmental issue related to a 1988 not January 27, 2021,

Note 15 - Subsequent Events

Note 15 - Subsequent Events	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	15. 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: Warehouse Facility Upsize and Bridge Facility Extinguishment On April 8, 2022, November 3, 2021. may one In connection with the Warehouse Facility Upsize, on April 8, 2022, Interest Rate Cap On April 13, 2022, $300.0 Equity Issuances Pursuant to the Continuous Offering Subsequent to March 31, 2022 574,531 $32.9 Acquisitions Subsequent to March 31, 2022 Second Quarter 2022 On April 13, 2022, April 15, 2022 June 30, 2022 April 25, 2022, May 16, 2022 June 30, 2022. NAV Determination In accordance with the Valuation Methodology, on May 12, 2022, $59.85 March 31, 2022.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 three March 31, 2022 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 March 31, 2022 December 31, 2021 three March 31, 2022 2021 December 31, 2021 2020 not may December 31, 2022,
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”) Accounting Standards Codification (“ASC”) 810, Consolidation first not March 31, 2022 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 The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement 820” 8 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 indirect costs to prepare acquired properties for rental. These costs are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest, real estate taxes, insurance, utilities and other indirect costs as costs of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and the costs have been incurred. 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 Improvements and other assets 3 15 Intangible lease assets 6 As of March 31, 2022 December 31, 2021 three March 31, 2022 2021 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 March 31, 2022 2021
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): March 31, 2022 2021 December 31, 2021 Cash $ 36,640 $ 40,093 $ 54,104 Restricted cash 18,179 11,683 20,893 Total cash and restricted cash $ 54,819 $ 51,776 $ 74,997
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 19 not three March 31, 2022 2021 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”). These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do 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 March 31, 2022 2021 Numerator for loss per share: Net loss $ (2,713 ) $ (141 ) Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 2,209 2,206 Net loss attributable to redeemable noncontrolling interests in the OP (423 ) (35 ) Net loss attributable to common stockholders $ (4,499 ) $ (2,312 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 23,249 10,417 Weighted average unvested RSUs, PI Units, and OP Units (1) — — Weighted average common shares outstanding - diluted 23,249 10,417 Earnings (loss) per weighted average common share: Basic $ (0.19 ) $ (0.22 ) Diluted $ (0.19 ) $ (0.22 ) ( 1 For the three March 31, 2022 2021
Segment Reporting, Policy [Policy Text Block]	Segment Reporting Under the provision of ASC 280, Segment Reporting one two 10% March 31, 2022
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In March 2020, 2020 04, Reference Rate Reform 848 2020 04” 2020 04 2020 04 may first 2022,
COVID-19 Pandemic [Policy Text Block]	COVID- 19 The COVID- 19 19 may not 19 19 1A, 19

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Estimated Useful Lives of Real Estate [Table Text Block]	Land Not depreciated Buildings 27.5 Improvements and other assets 3 15 Intangible lease assets 6
Schedule of Cash and Cash Equivalents [Table Text Block]	March 31, 2022 2021 December 31, 2021 Cash $ 36,640 $ 40,093 $ 54,104 Restricted cash 18,179 11,683 20,893 Total cash and restricted cash $ 54,819 $ 51,776 $ 74,997
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended March 31, 2022 2021 Numerator for loss per share: Net loss $ (2,713 ) $ (141 ) Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 2,209 2,206 Net loss attributable to redeemable noncontrolling interests in the OP (423 ) (35 ) Net loss attributable to common stockholders $ (4,499 ) $ (2,312 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 23,249 10,417 Weighted average unvested RSUs, PI Units, and OP Units (1) — — Weighted average common shares outstanding - diluted 23,249 10,417 Earnings (loss) per weighted average common share: Basic $ (0.19 ) $ (0.22 ) Diluted $ (0.19 ) $ (0.22 )

Note 3 - Investments in Subsi_2

Note 3 - Investments in Subsidiaries (Tables)	3 Months Ended
	Mar. 31, 2022
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 $ 6,019 100 % Yes $ 5,048 NREA VB II, LLC 167 16,422 100 % Yes 10,742 NREA VB III, LLC 1,322 120,820 100 % Yes 71,115 NREA VB IV, LLC 385 37,232 100 % Yes 24,283 NREA VB V, LLC 1,829 126,321 100 % Yes 108,384 NREA VB VI, LLC 302 27,771 100 % Yes 18,661 NREA VB VII, LLC 36 3,052 100 % Yes 2,989 True FM2017-1, LLC 211 18,537 100 % Yes 10,355 SMP Homes 3B, LLC 160 17,027 100 % No — SMP Homes 5B, LLC 46 4,717 100 % Yes 2,328 VB One, LLC 10,609 1,203,272 100 % No 465,000 VB Two, LLC 1,853 165,028 100 % No 124,554 VB Three, LLC 3,890 531,325 100 % No 290,000 VB Five, LLC 268 25,510 100 % Yes 13,569 21,144 $ 2,303,053 $ 1,147,028 (2)

Note 4 - Real Estate Assets (Ta

Note 4 - Real Estate Assets (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2021 $ 334,191 $ 1,391,786 $ 971 $ 81 $ 1,727,029 Additions 90,597 475,545 (2) 3,680 7,266 577,088 Write-offs — — (538 ) — (538 ) Dispositions — — — (526 ) (526 ) Gross Real Estate, March 31, 2022 424,788 1,867,331 4,113 6,821 2,303,053 Accumulated depreciation and amortization — (91,227 ) (980 ) — (92,207 ) Net Real Estate, March 31, 2022 $ 424,788 $ 1,776,104 $ 3,133 $ 6,821 $ 2,210,846
Prager Portfolio [Member]
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	Market State # of Homes Memphis TN, MS 743 Atlanta GA 741 Saint Louis MO 308 Pensacola FL 300 Raeford NC 250 Kansas City MO 230 Portales NM 150 Augusta GA, SC 67 Jacksonville FL 53 Total 2,842

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Debt [Table Text Block]	Outstanding Principal as of Type March 31, 2022 December 31, 2021 Interest Rate (1) Maturity Initial Mortgage Floating $ 241,222 $ 241,269 2.00 % 12/1/2025 Warehouse Facility Floating 465,000 160,000 2.15 % 11/3/2024 (3) JPM Facility Floating 290,000 240,000 3.14 % 3/1/2023 Bridge Facility Floating 132,648 — 3.78 % 2/8/2023 MetLife Note Fixed 124,554 124,689 3.25 % 1/31/2026 TrueLane Mortgage Fixed 10,355 10,387 5.35 % 2/1/2028 CoreVest Note Fixed 2,328 2,338 6.12 % 1/9/2023 Crestcore II Note Fixed 4,733 — 5.12 % 7/9/2029 Crestcore IV Note Fixed 4,209 — 5.12 % 7/9/2029 Hatchway Broadmoor Mortgage Fixed 4,627 — 5.35 % 2/1/2029 $ 1,279,676 $ 778,683 Debt premium, net (2) 482 416 Deferred financing costs, net of accumulated amortization of $6,873 and $5,325, respectively (10,129 ) (10,554 ) $ 1,270,029 $ 768,545
Schedule of Maturities of Long-Term Debt [Table Text Block]	Total 2022 $ 96,226 2023 338,800 2024 8,617 2025 689,208 (1) 2026 125,052 Thereafter 21,773 Total $ 1,279,676

Note 8 - Fair Value of Deriva_2

Note 8 - Fair Value of Derivatives and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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) Effective Date Expiration Date Index (1) Notional Fixed Rate 3/31/2022 11/1/2025 Daily SOFR $ 100,000 1.5110 % 3/31/2022 11/1/2025 Daily SOFR 100,000 1.9190 % 3/31/2022 11/1/2025 Daily SOFR 50,000 2.4410 % $ 250,000 1.8602 % (2)
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 13,547 $ — $ 283 $ 3,590 Total $ 13,547 $ — $ 283 $ 3,590

Note 9 - Stockholders' Equity (

Note 9 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	Quarter Ended Shares issued Proceeds DRIP reinvestment March 31, 2022 2,907,334 $ 149,369 $ 6,495
Dividends Declared [Table Text Block]	Quarter Ended DRIP Shares Issued DRIP Dividend Cash Dividend Cash Dividend Accrued on RSUs (1) Total Dividend March 31, 2022 123,665 $ 6,495 $ 5,816 $ 219 $ 12,530
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Dates Number of RSUs Value (1) Outstanding December 31, 2021 377,704 $ 12,405 Granted 185,111 10,022 Vested (32,485 ) (2) (1,188 ) Forfeited — — Outstanding March 31, 2022 530,330 $ 21,239
Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]	Vest Date RSUs Vesting May 11, 2022 21,336 December 10, 2022 18,425 February 15, 2023 22,717 February 17, 2023 30,412 May 11, 2023 21,335 December 10, 2023 18,426 February 15, 2024 22,717 February 17, 2024 22,100 May 11, 2024 21,335 February 14, 2025 22,717 February 17, 2025 22,100 February 17, 2026 22,100 Upon successful completion of IPO 264,610 530,330

Note 10 - Redeemable Noncontr_2

Note 10 - Redeemable Noncontrolling Interests in the OP (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Redeemable Noncontrolling Interest [Table Text Block]	Balances Redeemable noncontrolling interests in the OP, December 31, 2021 $ 196,362 Net loss attributable to redeemable noncontrolling interests in the OP (423 ) Contributions by redeemable noncontrolling interests in the OP 5,340 Distributions to redeemable noncontrolling interests in the OP (2,257 ) Redemptions by redeemable noncontrolling interests in the OP — Equity-based compensation 696 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 2,624 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 20,649 Redeemable noncontrolling interests in the OP, March 31, 2022 $ 222,991
Distributions Made to Limited Partner, by Distribution [Table Text Block]	Quarter Ended DRIP OP Units Issued OP DRIP Distribution OP Cash Distribution OP Distribution on PI Units Total OP Distribution March 31, 2022 8,896 $ 467 $ 1,477 $ 313 $ 2,257
Share-Based Payment Arrangement, Activity [Table Text Block]	Dates Number of PI Units Value (1) Outstanding December 31, 2021 498,590 $ 16,965 Granted — — Vested — — Forfeited — — Outstanding March 31, 2022 498,590 $ 16,965
Share-based Compensation Arrangements by Share-based Payment Award, PI Units, Vested and Expected to Vest [Table Text Block]	Vest Date PI Units Vesting 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* 232,998 498,590
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, 2022 24,696,441 3,725,832 28,422,273

Note 11 - Redeemable Series A_2

Note 11 - Redeemable Series A Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Temporary Equity [Table Text Block]	Preferred Shares Balances Redeemable Series A preferred stock, December 31, 2021 5,000,000 $ 120,896 Issuance of Redeemable Series A preferred stock — — Issuance costs related to Redeemable Series A preferred stock — — 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 — 178 Redeemable Series A preferred stock, March 31, 2022 5,000,000 $ 121,074

Note 13 - Related Party Trans_2

Note 13 - Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	For the Three Months Ended March 31, Location on Financial Statements 2022 2021 Fees Incurred Property management fees Statement of Operations $ 3,111 $ 1,805 Acquisition fees Balance Sheet 5,040 5,974 Construction supervision fees Balance Sheet 3,174 1,322 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations 5,895 3,079 Other reimbursements Balance Sheet and Statement of Operations 310 155 Totals $ 17,530 $ 12,335 Amount Gross investor equity raised subject to O&O $ 977,885 O&O collected and available for reimbursements $ 6,739 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 July 1, 2021 through September 30, 2021 1,264 October 1, 2021 through December 31, 2021 1,198 January 1, 2022 through March 31, 2022 343 $ 5,714 O&O available for future reimbursements $ 1,025

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, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2018shares	Feb. 08, 2022	Dec. 31, 2021$ / shares	Aug. 28, 2018USD ($)$ / sharesshares
General Partners' Capital Account, Units Outstanding (in shares)				24,401,575
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares				$ 0.01				$ 0.01
Proceeds from Issuance of Common Stock | $				$ 149,369
Number of States in which Entity Operates				18
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				21,144
Single Family [Member] | Consolidated Properties [Member]
Number of Real Estate Properties				21,144				16,891
Single Family [Member] | Discontinued Operations, Disposed of by Sale [Member]
Number of Real Estate Properties				129
Single Family [Member] | Discontinued Operations, Disposed of by Sale [Member] | Consolidated Properties [Member]
Number of Real Estate Properties				19
Single Family [Member] | Acquisition of Additional Homes [Member]
Number of Real Estate Properties				17,144
Single Family [Member] | Acquisition of Additional Homes [Member] | Consolidated Properties [Member]
Number of Real Estate Properties				4,272			2,842
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]
General Partners' Capital Account, Units Outstanding (in shares)				20,675,743
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	$ 119,639	$ 77,973
Common Class A [Member] | VineBrook Homes OP GP, LLC [Member]
Partners' Capital Account, Unit Voting Percentage				50.00%
Common Class A [Member] | VineBrook Homes OP GP, LLC [Member] | VineBrook Contributors [Member]
Increase (Decrease) in Partners' Capital, Total | $		$ 1,400
Common Class A [Member] | VineBrook Homes Trust, Inc [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				84.70%
Common Class B [Member] | VineBrook Homes OP GP, LLC [Member]
Partners' Capital Account, Unit Voting Percentage				50.00%
Common Class B [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Opportunities, LLC [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)				2,691,330
Common Class B [Member] | NexPoint Real Estate Opportunities, LLC [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				11.00%
Common Class C [Member] | NexPoint Real Estate Strategies Fund [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)				87,469
Common Class C [Member] | GAF REIT, LLC [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)				138,035
Common Class C [Member] | VineBrook Contributors [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)				808,998
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Strategies Fund [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)				87,469
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | GAF REIT, LLC [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)				138,035
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | VineBrook Contributors [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)				808,998
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Strategies Fund [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				0.40%
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | GAF REIT, LLC [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				0.60%
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | VineBrook Contributors [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				3.30%

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)
Real Estate Investment Property, Accumulated Depreciation	$ 92,207		$ 76,789
Impairment of Real Estate	0	$ 0
Operating Lease, Variable Lease Income	$ 2,200	$ 1,100
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares	4,243,000	3,888,000
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	$ 4,100		1,000
Real Estate Investment Property, Accumulated Depreciation	1,000		$ 500
Amortization, Total	$ 1,000	$ 1,000

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies - Estimated Useful Life of Real Estate (Details)	3 Months Ended
	Mar. 31, 2022
Improvements and Other Assets [Member] | Minimum [Member]
Estimated useful life (Year)	3 years
Improvements and Other Assets [Member] | Maximum [Member]
Estimated useful life (Year)	15 years
Building [Member]
Estimated useful life (Year)	27 years 6 months
Intangible Lease Assets [Member]
Estimated useful life (Year)	6 months

Note 2 - Summary of Significa_5

Note 2 - Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Cash	$ 36,640	$ 54,104	$ 40,093
Restricted cash	18,179	20,893	11,683
Total cash and restricted cash	$ 54,819	$ 74,997	$ 51,776

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
		Mar. 31, 2022	Mar. 31, 2021
Net loss		$ (2,713)	$ (141)
Dividends on and accretion to redemption value of Redeemable Series A preferred stock		2,209	2,206
Net loss attributable to redeemable noncontrolling interests in the OP		(423)	(35)
Net loss attributable to common stockholders		$ (4,499)	$ (2,312)
Weighted average common shares outstanding - basic (in shares)		23,249	10,417
Weighted average unvested RSUs, PI Units, and OP Units (1) (in shares)	[1]	0	0
Weighted average common shares outstanding - diluted (in shares)		23,249	10,417
Loss per share - basic (in dollars per share)		$ (0.19)	$ (0.22)
Loss per share - diluted (in dollars per share)		$ (0.19)	$ (0.22)
[1]	For the three months ended March 31, 2022 and 2021, excludes approximately [2,175,000 shares and 3,888,000] shares, respectively, related to the assumed vesting of RSUs and PI Units and the conversion of OP Units and vested PI Units to Shares, as the effect would have been anti-dilutive.

Note 3 - Investments in Subsi_3

Note 3 - Investments in Subsidiaries (Details Textual) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021
Debt Not Collateralized Directly By Homes [Member]
Real Estate Investment Property, at Cost, Total	$ 132,700
Consolidated Properties [Member]
Number of Real Estate Properties	21,144
Real Estate Investment Property, at Cost, Total	$ 2,303,053
Single Family [Member] | Consolidated Properties [Member]
Number of Real Estate Properties	21,144	16,891

Note 3 - Investments in Subsi_4

Note 3 - Investments in Subsidiaries - Schedule of Subsidiaries (Details) $ in Thousands	Mar. 31, 2022USD ($)
Subsidiaries [Member]
Debt allocated	$ 1,147,028	[1]
Consolidated Properties [Member]
Homes	21,144
Real Estate Investment Property, at Cost, Total	$ 2,303,053
NREA VB I, LLC [Member]
Homes	66
Real Estate Investment Property, at Cost, Total	$ 6,019
Ownership %	100.00%
Debt allocated	$ 5,048
NREA VB II, LLC [Member]
Homes	167
Real Estate Investment Property, at Cost, Total	$ 16,422
Ownership %	100.00%
Debt allocated	$ 10,742
NREA VB III, LLC [Member]
Homes	1,322
Real Estate Investment Property, at Cost, Total	$ 120,820
Ownership %	100.00%
Debt allocated	$ 71,115
NREA VB IV, LLC [Member]
Homes	385
Real Estate Investment Property, at Cost, Total	$ 37,232
Ownership %	100.00%
Debt allocated	$ 24,283
NREA VB V, LLC [Member]
Homes	1,829
Real Estate Investment Property, at Cost, Total	$ 126,321
Ownership %	100.00%
Debt allocated	$ 108,384
NREA VB VI, LLC [Member]
Homes	302
Real Estate Investment Property, at Cost, Total	$ 27,771
Ownership %	100.00%
Debt allocated	$ 18,661
NREA VB VII, LLC [Member]
Homes	36
Real Estate Investment Property, at Cost, Total	$ 3,052
Ownership %	100.00%
Debt allocated	$ 2,989
True FM2017-1, LLC [Member]
Homes	211
Real Estate Investment Property, at Cost, Total	$ 18,537
Ownership %	100.00%
Debt allocated	$ 10,355
SMP Homes 3B, LLC [Member]
Homes	160
Real Estate Investment Property, at Cost, Total	$ 17,027
Ownership %	100.00%
Debt allocated	$ 0
SMP Homes 5B, LLC [Member]
Homes	46
Real Estate Investment Property, at Cost, Total	$ 4,717
Ownership %	100.00%
Debt allocated	$ 2,328
VB One, LLC [Member]
Homes	10,609
Real Estate Investment Property, at Cost, Total	$ 1,203,272
Ownership %	100.00%
Debt allocated	$ 465,000
VB Two, LLC [Member]
Homes	1,853
Real Estate Investment Property, at Cost, Total	$ 165,028
Ownership %	100.00%
Debt allocated	$ 124,554
VB Three, LLC [Member]
Homes	3,890
Real Estate Investment Property, at Cost, Total	$ 531,325
Ownership %	100.00%
Debt allocated	$ 290,000
VB Five, LLC [Member]
Homes	268
Real Estate Investment Property, at Cost, Total	$ 25,510
Ownership %	100.00%
Debt allocated	$ 13,569
[1]	In addition to the debt allocated to the SPEs noted above, as of March 31, 2022, the OP held approximately $132.7 million of debt not collateralized directly by homes which reflects the amount outstanding on the Bridge Facility (as defined in Note 7) as of March 31, 2022. See Note 7 for further information on the Company’s debt.

Note 4 - Real Estate Assets (De

Note 4 - Real Estate Assets (Details Textual) $ in Thousands	Apr. 06, 2022USD ($)	Mar. 18, 2022USD ($)	Feb. 08, 2022USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Interest Costs Capitalized				$ 2,000
Capitalized Costs, Other				1,900
Depreciation, Total				15,000	$ 7,000
Real Estate Held-for-sale				$ 6,821		$ 81
Subsequent Event [Member]
Number of Real Estate Properties Sold	53
Real Estate Held for Sale, Sold, Value	$ 6,500
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Number of Real Estate Properties				65
Single Family [Member] | Discontinued Operations, Disposed of by Sale [Member]
Number of Real Estate Properties				129
Single Family [Member] | Acquisition of Additional Homes [Member]
Number of Real Estate Properties				17,144
Consolidated Properties [Member]
Number of Real Estate Properties				21,144
Consolidated Properties [Member] | Single Family [Member]
Number of Real Estate Properties				21,144		16,891
Consolidated Properties [Member] | Single Family [Member] | Discontinued Operations, Disposed of by Sale [Member]
Number of Real Estate Properties				19
Consolidated Properties [Member] | Single Family [Member] | Acquisition of Additional Homes [Member]
Number of Real Estate Properties			2,842	4,272
Payments to Acquire Real Estate, Total			$ 352,700
Payment for Debt Extinguishment or Debt Prepayment Cost			(31,400)
Payments for Costs to Acquire Real Estate			$ 3,700
Consolidated Properties [Member] | Single Family [Member] | Acquisition of Crest Portfolio [Member]
Number of Real Estate Properties		170
Payments to Acquire Real Estate, Total		$ 17,100

Note 4 - Real Estate Assets - S

Note 4 - Real Estate Assets - Schedule of Real Estate Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Gross Real Estate, beginning balance	$ 1,727,029
Additions	577,088
Write-offs	(538)
Dispositions	(526)
Gross Real Estate, ending balance	2,303,053
Accumulated depreciation and amortization	(92,207)
Net Real Estate, March 31, 2022	2,210,846
Land [Member]
Gross Real Estate, beginning balance	334,191
Additions	90,597
Write-offs	0
Dispositions	0
Gross Real Estate, ending balance	424,788
Accumulated depreciation and amortization	0
Net Real Estate, March 31, 2022	424,788
Building and Building Improvements [Member]
Gross Real Estate, beginning balance	1,391,786	[1]
Additions	475,545	[1],[2]
Write-offs	0	[1]
Dispositions	0	[1]
Gross Real Estate, ending balance	1,867,331	[1]
Accumulated depreciation and amortization	(91,227)	[1]
Net Real Estate, March 31, 2022	1,776,104	[1]
Intangible Lease Assets [Member]
Gross Real Estate, beginning balance	971
Additions	3,680
Write-offs	(538)
Dispositions	0
Gross Real Estate, ending balance	4,113
Accumulated depreciation and amortization	(980)
Net Real Estate, March 31, 2022	3,133
Real Estate Held for Sale [Member]
Gross Real Estate, beginning balance	81
Additions	7,266
Write-offs	0
Dispositions	(526)
Gross Real Estate, ending balance	6,821
Accumulated depreciation and amortization	0
Net Real Estate, March 31, 2022	$ 6,821
[1]	Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties.
[2]	Includes capitalized interest of approximately $2.0 million and other capitalizable costs of approximately $1.9 million.

Note 4 - Real Estate Assets - R

Note 4 - Real Estate Assets - Real Estate Purchased (Details) - Prager Portfolio [Member]	Feb. 08, 2022
Number of homes	2,842
Memphis, TN, MS [Member]
Number of homes	743
Atlanta, GA [Member]
Number of homes	741
Saint Louis, MO [Member]
Number of homes	308
Pensacola, FL [Member]
Number of homes	300
Raeford, NC [Member]
Number of homes	250
Kansas City, MO [Member]
Number of homes	230
Portales, NM [Member]
Number of homes	150
Augusta, GA and SC [Member]
Number of homes	67
Jacksonville, FL [Member]
Number of homes	53

Note 5 - Investment in Uncons_2

Note 5 - Investment in Unconsolidated Entity (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Equity Method Investments	$ 100,819	$ 0
The Ensign Notes [Member]
Equity Method Investments	$ 100,800

Note 6 - Investment in Limite_2

Note 6 - Investment in Limited Partnership (Details Textual) - Vesta Ventures Fund I, LP [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Nov. 22, 2021
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total		$ 2,500
Unrealized Gain (Loss) on Investments, Total	$ 0

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) $ in Thousands

Feb. 08, 2022USD ($)

Nov. 03, 2021USD ($)

Mar. 01, 2021USD ($)

Sep. 20, 2019

Nov. 01, 2018USD ($)

Mar. 31, 2022USD ($)

Mar. 31, 2021USD ($)

Nov. 08, 2022USD ($)

Aug. 08, 2022USD ($)

May 08, 2022USD ($)

Mar. 18, 2022USD ($)

Jan. 13, 2022USD ($)

Dec. 31, 2021USD ($)

Dec. 09, 2021USD ($)

Nov. 02, 2021USD ($)

Jan. 06, 2021USD ($)

Dec. 28, 2020USD ($)

Sep. 30, 2019USD ($)

Debt Issuance Costs, Net, Total

$ 10,129

$ 10,554

Notes Payable, Total

$ 390,375

376,842

LIBOR Rate

0.452%

Daily SOFR Rate

0.29%

Term SOFR Rate

0.6751%

Interest Expense [Member]

Amortization of Debt Issuance Costs

$ 1,500

$ 500

Interest Rate Swap [Member]

Debt, Weighted Average Interest Rate

1.6192%

Derivative, Notional Amount

$ 570,000

Prager Portfolio [Member]

Number of Real Estate Properties

2,842

Line of Credit [Member]

Long-term Line of Credit, Total

$ 747,922

$ 391,703

Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]

Debt Instrument, Basis Spread on Variable Rate

1.60%

Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]

Debt Instrument, Basis Spread on Variable Rate

2.45%

Debt, Without Effect of Derivative Financial Instruments [Member]

Debt, Weighted Average Interest Rate

2.6881%

2.3707%

Debt, Including Effect of Derivative Financial Instruments [Member]

Debt, Weighted Average Interest Rate

3.2397%

2.9171%

KeyBank N.A [Member] | Prager Portfolio [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 150,000

Short-term Line of Credit

$ 132,700

KeyBank N.A [Member] | Prager Portfolio [Member] | Forecast [Member]

Debt Instrument, Maximum Outstanding, Covenant

$ 37,500

$ 75,000

$ 112,500

KeyBank N.A [Member] | Daily Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Prager Portfolio [Member]

Debt Instrument, Basis Spread on Variable Rate

0.10%

Debt Instrument, Applicable Rate

3.00%

KeyBank N.A [Member] | Forward Looking Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Prager Portfolio [Member]

Debt Instrument, Basis Spread on Variable Rate

0.10%

Debt Instrument, Applicable Rate

3.00%

KeyBank N.A [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Prager Portfolio [Member]

Debt Instrument, Basis Spread on Variable Rate

0.50%

Debt Instrument, Applicable Rate

2.00%

KeyBank N.A [Member] | Warehouse Facility [Member] | Line of Credit [Member]

Long-term Line of Credit, Total

465,000

KeyBank N.A [Member] | Warehouse Facility [Member] | VB One, LLC [Member] | Line of Credit [Member]

Debt Instrument, Term, Interest-only (Month)

36 months

Debt Instrument, Extension Term (Month)

12 months

Line of Credit Facility, Current Borrowing Capacity

$ 350,000

$ 465,000

$ 135,000

Debt Issuance Costs, Net, Total

$ 3,200

$ 900

Line of Credit Facility, Maximum Increase in Borrowing Capacity

800,000

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%

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%

CoreVest American Finance Lender LLC [Member] | Crestcore II Note [Member]

Number of Real Estate Properties

88

Debt Instrument, Interest Rate, Stated Percentage

5.12%

Debt Instrument, Face Amount

$ 4,700

CoreVest American Finance Lender LLC [Member] | Crestcore IV Note [Member]

Number of Real Estate Properties

82

Debt Instrument, Interest Rate, Stated Percentage

5.12%

Debt Instrument, Face Amount

$ 4,200

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]

Line of Credit Facility, Remaining Borrowing Capacity

$ 210,000

JP Morgan [Member] | JPM Facility [Member] | VB Three, LLC [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 500,000

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%

JP Morgan [Member] | JPM Facility [Member] | VB Three, LLC [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

2.85%

Arbor Agency Lending, LLC [Member] | Hatchway Broadmoor Mortgage [Member]

Number of Real Estate Properties

98

Debt Instrument, Interest Rate, Stated Percentage

5.35%

Debt Instrument, Face Amount

$ 4,600

Note 7 - Debt - Summary of Debt

Note 7 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Debt, gross		$ 1,279,676	$ 778,683
Debt premium, net	[1]	482	416
Deferred financing costs, net of accumulated amortization of $6,873 and $5,325, respectively		(10,129)	(10,554)
Long-Term Debt, Total		1,270,029	768,545
Initial Mortgage [Member]
Debt, gross		$ 241,222	241,269
Interest rate	[2]	2.00%
Warehouse Facility [Member]
Debt, gross		$ 465,000	160,000
Interest rate	[2]	2.15%
JPM Facility [Member]
Debt, gross		$ 290,000	240,000
Interest rate	[2]	3.14%
Bridge Facility [Member]
Debt, gross		$ 132,648	0
Interest rate	[2]	3.78%
MetLife Note [Member]
Debt, gross		$ 124,554	124,689
Interest rate	[2]	3.25%
TruLane Mortgage [Member]
Debt, gross		$ 10,355	10,387
Interest rate	[2]	5.35%
CoreVest Note [Member]
Debt, gross		$ 2,328	2,338
Interest rate	[2]	6.12%
Crestcore II Note [Member]
Debt, gross		$ 4,733	0
Interest rate	[2]	5.12%
Crestcore IV Note [Member]
Debt, gross		$ 4,209	0
Interest rate	[2]	5.12%
Hatchway Broadmoor Mortgage [Member]
Debt, gross		$ 4,627	$ 0
Interest rate	[2]	5.35%
[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 March 31, 2022. Except for fixed rate debt, the interest rate is one-month LIBOR, daily SOFR or term SOFR plus an applicable margin. One-month LIBOR as of March 31, 2022 was 0.4520%, daily SOFR as of March 31, 2022 was 0.2900%, and term SOFR as of March 31, 2022 was 0.6751%.

Note 7 - Debt - Aggregate Sched

Note 7 - Debt - Aggregate Scheduled Maturities (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
2022		$ 96,226
2023		338,800
2024		8,617
2025	[1]	689,208
2026		125,052
Thereafter		21,773
Total		$ 1,279,676	$ 778,683
[1]	Assumes the Company exercises the 12-month extension option on the Warehouse Facility.

Note 8 - Fair Value of Deriva_3

Note 8 - Fair Value of Derivatives and Financial Instruments (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
LIBOR Rate	0.452%
Daily SOFR Rate	0.29%
Combined Weighted Average of LIBOR and SOFR Rates	1.6192%
Unrealized Gain (Loss) on Derivatives	$ (735)	$ (670)
Interest Rate Swap [Member]
Derivative, Number of Instruments Held, Total	8
Derivative, Notional Amount	$ 570,000
Unrealized Gain (Loss) on Derivatives	$ 16,900	$ 6,400
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative, Variable Interest Rate	1.6192%

Note 8 - Fair Value of Deriva_4

Note 8 - Fair Value of Derivatives and Financial Instruments - Outstanding Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument [Member] $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Interest Rate Swap Effective July 1, 2019 [Member]
Derivative, expiration date	Jul. 1, 2024
Derivative, notional amount	$ 100
Derivative, fixed rate	1.629%
First Interest Rate Swap Effective March 31, 2022 [Member]
Derivative, expiration date	Nov. 1, 2025
Derivative, notional amount	$ 100
Derivative, fixed rate	1.511%
First Interest Rate Swap Effective September 1, 2019 [Member]
Derivative, expiration date	Dec. 21, 2025
Derivative, notional amount	$ 100
Derivative, fixed rate	1.418%
Second Interest Rate Swap Effective March 31, 2022 [Member]
Derivative, expiration date	Nov. 1, 2025
Derivative, notional amount	$ 100
Derivative, fixed rate	1.919%
Second Interest Rate Swap Effective September 1, 2019 [Member]
Derivative, expiration date	Dec. 21, 2025
Derivative, notional amount	$ 50
Derivative, fixed rate	1.419%
Third Interest Rate Swap Effective March 31, 2022 [Member]
Derivative, expiration date	Nov. 1, 2025
Derivative, notional amount	$ 50
Derivative, fixed rate	2.441%
Interest Rate Swap Effective February 3, 2020 [Member]
Derivative, expiration date	Feb. 1, 2025
Derivative, notional amount	$ 50
Derivative, fixed rate	1.279%
Derivatives Effective for 2022 [Member]
Derivative, notional amount	$ 250
Derivative, fixed rate	1.8602%	[1]
Interest Rate Swap Effective March 2, 2020 [Member]
Derivative, expiration date	Mar. 3, 2025
Derivative, notional amount	$ 20
Derivative, fixed rate	0.914%
Derivatives Effective for 2019 and 2020 [Member]
Derivative, notional amount	$ 320
Derivative, fixed rate	1.4309%	[1]
[1]	Represents the weighted average fixed rate of the interest rate swaps for one-month LIBOR interest rate swaps and daily SOFR interest rate swaps, respectively, which have a combined weighted average fixed rate of 1.6192%.

Note 8 - Fair Value of Deriva_5

Note 8 - Fair Value of Derivatives and Financial Instruments - Derivative Financial Instruments Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Asset derivatives	$ 13,264	$ 0
Liability derivatives	0	3,590
Designated as Hedging Instrument [Member]
Asset derivatives	13,547	0
Liability derivatives	283	3,590
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Asset derivatives	13,547	0
Liability derivatives	$ 283	$ 3,590

Note 9 - Stockholders' Equity_2

Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Feb. 17, 2022	Feb. 15, 2021	May 11, 2020	Dec. 10, 2019	Mar. 31, 2022	Mar. 31, 2021
Net Asset Value Per Share, Ending Balance (in dollars per share)					$ 59.85
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares)					30,264
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)	185,111	191,506	179,858	73,700	185,111
Net Asset Value Per Share, Ending Balance (in dollars per share)	$ 54.14	$ 36.56	$ 30.82	$ 29.85
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense					$ 0.8	$ 0.5
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	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%	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%	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 9 - Stockholders' Equity -

Note 9 - Stockholders' Equity - Share Issuances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)shares
Shares issued (in shares) | shares	2,907,334
Cash proceeds	$ 149,369
DRIP reinvestment	$ 6,495

Note 9 - Stockholders' Equity_3

Note 9 - Stockholders' Equity - Dividends (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
DRIP shares issued (in shares)		123,665
DRIP dividend		$ 6,495	$ 2,878
Cash dividend		5,816
Cash dividend accrued on RSUs	[1]	219
Total dividends		$ 12,530
[1]	Included in accounts payable and other accrued liabilities on the consolidated balance sheets.

Note 9 - Stockholders' Equity_4

Note 9 - Stockholders' Equity - Number of RSUs Outstanding (Details) - Restricted Stock Units (RSUs) [Member] - The 2018 Long-Term Incentive Plan [Member] - USD ($) $ in Thousands		Feb. 17, 2022	Feb. 15, 2021	May 11, 2020	Dec. 10, 2019	Mar. 31, 2022	Dec. 31, 2021
Outstanding, number of RSUs (in shares)						377,704
Outstanding, value	[1]					$ 21,239	$ 12,405
Granted, number of RSUs (in shares)		185,111	191,506	179,858	73,700	185,111
Granted, value	[1]					$ 10,022
Vested, number of RSUs (in shares)	[2]					(32,485)
Vested, value	[1]					$ (1,188)
Forfeited, number of RSUs (in shares)						0
Outstanding, number of RSUs (in shares)						530,330
[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 $54.14 for the February 17, 2022 grant, $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 30,264 Shares being issued as shown on the consolidated statements of stockholders' equity.

Note 9 - Stockholders' Equity_5

Note 9 - Stockholders' Equity - Vesting Schedule of RSUs (Details) - Restricted Stock Units (RSUs) [Member] - The 2018 Long-Term Incentive Plan [Member]	Mar. 31, 2022shares
RSUs vesting (in shares)	530,330
Vesting May 11, 2022 [Member]
RSUs vesting (in shares)	21,336
Vesting December 10, 2022 [Member]
RSUs vesting (in shares)	18,425
Vesting February 15, 2023 [Member]
RSUs vesting (in shares)	22,717
Vesting February 17, 2023 [Member]
RSUs vesting (in shares)	30,412
Vesting May 11, 2023 [Member]
RSUs vesting (in shares)	21,335
Vesting December 10, 2023 [Member]
RSUs vesting (in shares)	18,426
Vesting February 15, 2024 [Member]
RSUs vesting (in shares)	22,717
Vesting February 17, 2024 [Member]
RSUs vesting (in shares)	22,100
Vesting May 11, 2024 [Member]
RSUs vesting (in shares)	21,335
Vesting February 14, 2025 [Member]
RSUs vesting (in shares)	22,717
Vesting February 17, 2025 [Member]
RSUs vesting (in shares)	22,100
Vesting February 17, 2026 [Member]
RSUs vesting (in shares)	22,100
Vesting Upon Successful Completion of Initial Public Offering [Member]
RSUs vesting (in shares)	264,610

Note 10 - Redeemable Noncontr_3

Note 10 - Redeemable Noncontrolling Interests in the OP (Details Textual) - USD ($) $ / shares in Units, $ in Millions	May 31, 2021	Nov. 30, 2020	May 11, 2020	Nov. 21, 2019	Apr. 19, 2019	May 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2019
General Partners' Capital Account, Units Outstanding (in shares)							24,401,575
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		0
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
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%
Share-Based Payment Arrangement, Expense							$ 0.7	$ 0.4
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
Common Class A [Member]
General Partners' Capital Account, Units Outstanding (in shares)							20,675,743
Common Class A [Member] | VineBrook Homes OP GP, LLC [Member]
Partners' Capital Account, Unit Voting Percentage							50.00%
Common Class B [Member] | VineBrook Homes OP GP, LLC [Member]
Partners' Capital Account, Unit Voting Percentage							50.00%
Common Class B [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Opportunities, LLC [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)							2,691,330
Common Class C [Member] | NexPoint Real Estate Strategies Fund [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)							87,469
Common Class C [Member] | GAF REIT, LLC [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)							138,035
Common Class C [Member] | VineBrook Contributors [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)							808,998
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Strategies Fund [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)							87,469
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | GAF REIT, LLC [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)							138,035
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | VineBrook Contributors [Member]
Limited Partners' Capital Account, Units Outstanding (in shares)							808,998

Note 10 - Redeemable Noncontr_4

Note 10 - Redeemable Noncontrolling Interests in the OP - Schedule of Redeemable Noncontrolling Interests in the OP (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net loss attributable to redeemable noncontrolling interests in the OP	$ (423)	$ (35)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	(20,649)	$ 3
VineBrook Homes OP GP, LLC [Member]
Redeemable noncontrolling interests in the OP, balance	196,362
Net loss attributable to redeemable noncontrolling interests in the OP	(423)
Contributions by redeemable noncontrolling interests in the OP	5,340
Distributions to redeemable noncontrolling interests in the OP	(2,257)
Equity-based compensation	696
Other comprehensive income attributable to redeemable noncontrolling interests in the OP	2,624
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	20,649
Redeemable noncontrolling interests in the OP, balance	$ 222,991

Note 10 - Redeemable Noncontr_5

Note 10 - Redeemable Noncontrolling Interests in the OP - Distributions (Details) - VineBrook Homes OP GP, LLC [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)shares
OP Distribution	$ 2,257
DRIP Distribution [Member]
OP Units Issued (in shares) | shares	8,896
OP Distribution	$ 467
Cash Distribution [Member]
OP Distribution	1,477
Cash Distribution Accrued on PI Units [Member]
OP Distribution	$ 313

Note 10 - Redeemable Noncontr_6

Note 10 - 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	Mar. 31, 2022	Dec. 31, 2021
Outstanding, number of RSUs (in shares)							498,590
Outstanding, value	[1]						$ 16,965	$ 16,965
Granted (in shares)		246,169	11,764	219,826	80,399	40,000	0
Granted, value	[1]						$ 0
Vested (in shares)							0
Vested, value	[1]						$ 0
Forfeited, number of RSUs (in shares)							0
Outstanding, number of RSUs (in shares)							498,590
[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, $33.45 for the November 30, 2020 grant and $38.29 for the May 31, 2021 grant.

Note 10 - Redeemable Noncontr_7

Note 10 - Redeemable Noncontrolling Interests in the OP - Vesting Schedule for the PI Units (Details) - PI Units [Member] - The 2018 Long-Term Incentive Plan [Member]	Mar. 31, 2022shares
PI Units Vesting (in shares)	498,590
Vesting May 11, 2022 [Member]
PI Units Vesting (in shares)	27,479
Vesting May 31, 2022 [Member]
PI Units Vesting (in shares)	30,771
Vesting November 1, 2022 [Member]
PI Units Vesting (in shares)	7,200
Vesting November 21, 2022 [Member]
PI Units Vesting (in shares)	18,425
Vesting November 30, 2022 [Member]
PI Units Vesting (in shares)	2,941
Vesting March 30, 2023 [Member]
PI Units Vesting (in shares)	30,771
Vesting May 11, 2023 [Member]
PI Units Vesting (in shares)	27,478
Vesting November 1, 2023 [Member]
PI Units Vesting (in shares)	7,200
Vesting November 21, 2023 [Member]
PI Units Vesting (in shares)	18,425
Vesting November 30, 2023 [Member]
PI Units Vesting (in shares)	2,941
Vesting March 30, 2024 [Member]
PI Units Vesting (in shares)	30,771
Vesting May 11, 2024 [Member]
PI Units Vesting (in shares)	27,478
Vesting November 30, 2024 [Member]
PI Units Vesting (in shares)	2,941
Vesting March 30, 2025 [Member]
PI Units Vesting (in shares)	30,771
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, 2022, November 30, 2023 and November 30, 2024.

Note 10 - Redeemable Noncontr_8

Note 10 - Redeemable Noncontrolling Interests in the OP - Consolidated Shares and OP Units Outstanding (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Shares outstanding (in shares)	24,696,441	21,814,248
VineBrook Homes OP GP, LLC [Member]
Consolidated shares and OP units outstanding (in shares)	28,422,273
VineBrook Homes OP GP, LLC [Member] | VineBrook Homes Trust, Inc [Member]
Shares outstanding (in shares)	24,696,441
VineBrook Homes OP GP, LLC [Member] | Holders of OP Units [Member]
OP units held by NCI (in shares)	3,725,832

Note 11 - Redeemable Series A_3

Note 11 - Redeemable Series A Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Nov. 03, 2021	Sep. 10, 2021	Jun. 10, 2021	Mar. 15, 2021	Jan. 08, 2021	Mar. 31, 2022	Mar. 31, 2021
Stock Issued During Period, Shares, New Issues (in shares)						2,907,334
Stock Issued During Period, Value, New Issues						$ 152,120	$ 80,851
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	$ 0.40625	$ 0.40625	$ 0.40625
Dividends Payable, Date of Record	Nov. 15, 2021	Sep. 25, 2021	Jun. 25, 2021	Mar. 25, 2021
Dividends Payable, Date to be Paid	Jan. 12, 2022	Oct. 12, 2021	Jul. 12, 2021	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 11 - Redeemable Series A_4

Note 11 - Redeemable Series A Preferred Stock - Schedule of Redeemable Series A Preferred Stock (Details) - USD ($) $ in Thousands	Jan. 08, 2021	Mar. 31, 2022
Redeemable Series A preferred stock, December 31, 2021 (in shares)		5,000,000
Shares issued (in shares)		2,907,334
Redeemable Series A preferred stock (in shares)		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, 2021 (in shares)		5,000,000
Redeemable Series A preferred stock		$ 120,896
Shares issued (in shares)		0
Issuance of Redeemable Series A preferred stock		$ 0
Issuance costs related to Redeemable Series A preferred stock		0
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		$ 178
Redeemable Series A preferred stock (in shares)		5,000,000
Redeemable Series A preferred stock		$ 121,074

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) $ in Thousands	Mar. 31, 2022USD ($)
Unrecognized Tax Benefits, Ending Balance	$ 0

Note 13 - Related Party Trans_3

Note 13 - Related Party Transactions (Details Textual)	May 04, 2020	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Aug. 28, 2018
Advisory Fees		$ 3,086,000	$ 1,291,000
Due from Related Parties, Total		663,000		$ 2,909,000
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		$ 3,100,000	1,300,000
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
Management Agreements, Maximum EBITDA Derived from Fees		$ 1,000,000
Management Agreements, Maximum Percentage of Combined Equity Value for Management Fees		0.50%
Managements Agreements, Manager Cash Cap		25.00%
Internalization Fee, Factor to Multiply by 12 Months Prior Fee		3
Management Agreements, Base Internalization Fee		$ 6,500,000
Management Agreements, Internalization Fee Calculation, Percentage Added to Base Fee		50.00%
Management Agreements, Internalization Fee Calculation, Amount Subtracted from Factored Amount		$ 6,500,000
Termination Fee, Factor to Multiply by 12 Months Prior Fee		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
VineBrook Homes, LLC [Member] | Fee Advances [Member]
Due from Related Parties, Total		0		0
VineBrook Homes, LLC [Member] | Backstop Loans [Member]
Due from Related Parties, Total		$ 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%
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%
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%
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%
The Manager [Member] | Various Expenses Paid By the Manager on Behalf of OP [Member]
Due to Related Parties, Total		$ 5,200,000	$ 2,500,000

Note 13 - Related Party Trans_4

Note 13 - Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended									16 Months Ended	40 Months Ended	43 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Mar. 31, 2022
Gross investor equity raised subject to O&O	$ 708,999	$ 582,948			$ 252,000	$ 174,322					$ 582,948	$ 708,999
VineBrook Homes, LLC [Member]
Fees incurred and reimbursements	17,530				12,335
VineBrook Homes, LLC [Member] | Property Management Fees [Member]
Fees incurred and reimbursements	3,111				1,805
VineBrook Homes, LLC [Member] | Acquisition Fees [Member]
Fees incurred and reimbursements	5,040				5,974
VineBrook Homes, LLC [Member] | Construction Supervision Fees [Member]
Fees incurred and reimbursements	3,174				1,322
VineBrook Homes, LLC [Member] | Payroll and Benefits Reimbursements [Member]
Fees incurred and reimbursements	5,895				3,079
VineBrook Homes, LLC [Member] | Other Reimbursements [Member]
Fees incurred and reimbursements	310				155
Private Placement [Member]
Gross investor equity raised subject to O&O		977,885									977,885
Private Placement [Member] | NexPoint Securities, Inc. [Member]
O&O collected and available for reimbursements											$ 6,739
Due to Related Parties, Total	1,025											1,025
Private Placement [Member] | NexPoint Securities, Inc. [Member] | Offering and Organizational Expenses Reimbursements [Member]
Fees incurred and reimbursements	$ 343	$ 1,198	$ 1,264	$ 944	$ 296	$ 385	$ 175	$ 235	$ 188	$ 686		$ 5,714

Note 14 - Commitments and Con_2

Note 14 - Commitments and Contingencies (Details Textual) $ in Millions	Jan. 27, 2021USD ($)
Indemnification Agreement [Member]
Escrow Deposit	$ 2.6

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands		Apr. 25, 2022$ / shares	Apr. 13, 2022USD ($)$ / shares	Apr. 08, 2022USD ($)	May 06, 2022USD ($)shares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021$ / shares	Dec. 31, 2021USD ($)
Debt Instrument, Unamortized Premium, Total	[1]					$ 482		$ 416
Stock Issued During Period, Shares, New Issues (in shares) | shares						2,907,334
Proceeds from Issuance of Common Stock						$ 149,369
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares						$ 0.5301	$ 0.5301
Net Asset Value Per Share, Ending Balance (in dollars per share) | $ / shares						$ 59.85
DRIP Issuance, Discount to NAV						3.00%
Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues (in shares) | shares					574,531
Proceeds from Issuance of Common Stock					$ 32,900
Number of Real Estate Properties Acquired					323
Asset Acquisition, Consideration Transferred, Total					$ 36,800
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares		$ 0.1767	$ 0.1767
Dividends Payable, Date of Record			Apr. 15, 2022
Dividends Payable, Date to be Paid			Jun. 30, 2022
Subsequent Event [Member] | Interest Rate Cap [Member]
Debt Instrument, Unamortized Premium, Total			$ 12,700
Derivative, Notional Amount			$ 300,000
Derivative, Strike Price, Percent			1.50%
Derivative, Cap Interest Rate			1.50%
Subsequent Event [Member] | Warehouse Facility Upsize [Member]
Line of Credit Facility, Increase in Borrowing Capacity				$ 400,000
Line of Credit Facility, Maximum Borrowing Capacity				1,200,000
Subsequent Event [Member] | Warehouse Facility [Member] | KeyBank N.A [Member] | Line of Credit [Member]
Proceeds from Issuance of Debt				175,000
Subsequent Event [Member] | Bridge Facility [Member]
Repayments of Debt				$ 132,700
[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.