Vinebrook Homes Trust 10-K 1 Apr 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 28, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-56274
Entity Registrant Name	VINEBROOK HOMES TRUST, INC.
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		25,152,244
Documents Incorporated by Reference	Portions of the proxy statement for the registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K.
Entity Central Index Key	0001755755
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Phoenix, Arizona

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Land	$ 560,047	$ 632,278
Buildings and improvements	2,872,755	3,098,258
Intangible lease assets	14	6,319
Total gross operating real estate investments	3,432,816	3,736,855
Accumulated depreciation and amortization	(275,534)	(171,648)
Total net operating real estate investments	3,157,282	3,565,207
Real estate held for sale, net	54,615	3,360
Total net real estate investments	3,211,897	3,568,567
Investments, at fair value	2,500	2,500
Cash	27,917	76,751
Restricted cash	57,703	37,998
Accounts and other receivables	20,008	13,292
Prepaid and other assets	21,236	65,466
Interest rate derivatives, at fair value	48,416	70,813
Intangible assets, net	4,045	0
Asset-backed securitization certificates	39,096	0
Goodwill	20,522	0
TOTAL ASSETS	3,453,340	3,835,387
Liabilities:
Notes payable, net	1,276,970	947,499
Credit facilities, net	1,156,704	1,580,108
Bridge facility, net	0	73,622
Accounts payable and other accrued liabilities	52,696	49,165
Accrued real estate taxes payable	39,632	34,992
Accrued interest payable	23,122	14,945
Security deposit liability	25,909	25,605
Prepaid rents	3,348	5,936
Total Liabilities	2,578,381	2,731,872
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	122,225	121,662
Stockholders' Equity:
Class A Common stock, $0.01 par value: 300,000,000 shares authorized; 25,006,237 and 24,615,364 shares issued and outstanding, respectively	252	248
Additional paid-in capital	776,755	737,129
Distributions in excess of retained earnings	(423,769)	(160,048)
Accumulated other comprehensive income	31,208	43,999
Total Stockholders' Equity	384,471	621,328
TOTAL LIABILITIES AND EQUITY	3,453,340	3,835,387
Series B Preferred Stock
Stockholders' Equity:
Series B Preferred stock, $0.01 par value: 2,548,240 shares authorized; 2,548,240 and 0 shares issued and outstanding, respectively	25	0
VineBrook
Liabilities:
Redeemable noncontrolling interests	251,503	240,647
Variable Interest Entity, Primary Beneficiary
Liabilities:
Redeemable noncontrolling interests	105,018	112,972
Stockholders' Equity:
Noncontrolling interests in consolidated VIEs	$ 11,742	$ 6,906

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	16,000,000	16,000,000
Preferred stock, issued (in shares)	5,000,000	5,000,000
Preferred stock, outstanding (in shares)	5,000,000	5,000,000
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	25,006,237	25,006,237
Common stock, outstanding (in shares)	24,615,364	24,615,364
Series B Preferred Stock
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	2,548,240	2,548,240
Preferred stock, issued (in shares)	2,548,240	0
Preferred stock, outstanding (in shares)	2,548,240	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Rental income	$ 345,778	$ 262,433	$ 153,424
Other income	5,330	6,898	3,517
Total revenues	351,108	269,331	156,941
Expenses
Property operating expenses	81,241	49,283	26,129
Real estate taxes and insurance	65,673	47,122	27,455
Property management fees	13,810	14,692	7,621
Advisory fees	21,758	16,060	8,281
General and administrative expenses	53,208	29,012	13,634
Depreciation and amortization	128,009	99,988	48,573
Interest expense	139,151	60,209	25,189
Total expenses	502,850	316,366	156,882
Loss on extinguishment of debt	(993)	(3,469)	0
(Loss)/gain on sales and impairment of real estate, net	(72,539)	(671)	2
Investment income	361	1,513	0
Loss on forfeited deposits	(54,135)	0	0
Internalization costs	(1,099)	0	0
Net (loss)/income	(280,147)	(49,662)	61
Dividends on and accretion to redemption value of Redeemable Series A preferred stock	8,828	8,891	8,837
Net loss attributable to stockholders	(220,960)	(38,833)	(8,632)
Other comprehensive (loss)/income
Unrealized (loss)/gain on interest rate hedges	(15,050)	52,833	11,863
Total comprehensive (loss)/income	(295,197)	3,171	11,924
Comprehensive (loss)/income attributable to stockholders	$ (233,751)	$ 5,957	$ 727
Weighted average common shares outstanding - basic (in shares)	24,712	24,599	15,366
Weighted average common shares outstanding - diluted (in shares)	24,712	24,599	15,366
Loss per share - basic (in dollars per share)	$ (8.94)	$ (1.58)	$ (0.56)
Loss per share - diluted (in dollars per share)	$ (8.94)	$ (1.58)	$ (0.56)
VineBrook
Expenses
Net loss attributable to redeemable noncontrolling interests in the OP	$ (42,025)	$ (7,489)	$ (144)
Other comprehensive (loss)/income
Comprehensive (loss)/income attributable to redeemable noncontrolling interests	(44,284)	554	2,360
Variable Interest Entity, Primary Beneficiary
Expenses
Net loss attributable to redeemable noncontrolling interests in the OP	(22,694)	(11,695)	0
Net loss attributable to noncontrolling interests in consolidated VIEs	(3,296)	(536)	0
Other comprehensive (loss)/income
Comprehensive (loss)/income attributable to redeemable noncontrolling interests	(22,694)	(11,695)	0
Comprehensive loss attributable to noncontrolling interests in consolidated VIEs	$ (3,296)	$ (536)	$ 0

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	VineBrook	Variable Interest Entity, Primary Beneficiary	Series B Preferred Stock	Class A Common Stock	Additional Paid-in Capital	Additional Paid-in Capital VineBrook	Additional Paid-in Capital Variable Interest Entity, Primary Beneficiary	Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020					9,260,795
Beginning balance at Dec. 31, 2020	$ 174,322				$ 93	$ 210,381			$ (26,002)	$ (10,150)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(8,632)								(8,632)
Issuance of Class A common stock (in shares)					12,791,228
Issuance of Class A common stock	521,817				$ 128	521,689
Redemptions of Class A common stock (in shares)					(282,842)
Redemptions of Class A common stock	(12,665)				$ (2)	(12,663)
Offering costs	(3,702)					(3,702)
Equity-based compensation (in shares)					45,067
Equity-based compensation	2,335					2,335
Common stock dividends declared	(33,377)								(33,377)
Other comprehensive income attributable to common stockholders	9,359									9,359
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP		$ (66,509)					$ (66,509)
Ending balance (in shares) at Dec. 31, 2021				0	21,814,248
Ending balance at Dec. 31, 2021	582,948			$ 0	$ 219	651,531			(68,011)	(791)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(38,833)								(38,833)
Issuance of Class A common stock (in shares)					4,176,600
Issuance of Class A common stock	226,912				$ 42	226,870
Redemptions of Class A common stock (in shares)					(1,439,129)
Redemptions of Class A common stock	(88,710)				$ (14)	(88,696)
Offering costs	$ (1,881)					(1,881)
Equity-based compensation (in shares)	63,645				63,645
Equity-based compensation	$ 3,516				$ 1	3,515
Common stock dividends declared	(53,204)								(53,204)
Other comprehensive income attributable to common stockholders	44,790									44,790
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP		(39,024)	$ (15,186)				(39,024)	$ (15,186)
Ending balance (in shares) at Dec. 31, 2022				0	24,615,364
Ending balance at Dec. 31, 2022	621,328			$ 0	$ 248	737,129			(160,048)	43,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(220,960)								(220,960)
Issuance of Class A common stock (in shares)				2,548,240	332,163
Issuance of Class A common stock	18,735				$ 3	18,732
Redemptions of Class A common stock (in shares)					(13,815)
Redemptions of Class A common stock	(840)				$ 0	(840)
Issuance of Series B preferred stock, net of offering costs	$ 60,828			$ 25		60,803
Equity-based compensation (in shares)	72,525				72,525
Equity-based compensation	$ 4,667				$ 1	4,666
Common stock dividends declared	(40,222)								(40,222)
Series B preferred stock dividends declared	(2,539)								(2,539)
Other comprehensive income attributable to common stockholders	(12,791)									(12,791)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP		$ (28,393)	$ (15,342)				$ (28,393)	$ (15,342)
Ending balance (in shares) at Dec. 31, 2023				2,548,240	25,006,237
Ending balance at Dec. 31, 2023	$ 384,471			$ 25	$ 252	$ 776,755			$ (423,769)	$ 31,208

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in dollars per share)	$ 1.5903	$ 2.1204	$ 2.1204

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net (loss)/income	$ (280,147)	$ (49,662)	$ 61
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Loss/(Gain) on sales and impairment of real estate, net	72,539	671	(2)
Depreciation and amortization	128,009	99,988	48,573
Non-cash interest amortization	9,729	7,945	3,914
Change in fair value of interest rate derivatives included in interest expense	7,319	(8,881)	3,918
Net cash received/(paid) on derivative settlements	2,419	313	(4,290)
Loss on extinguishment of debt	993	3,469	0
Equity-based compensation	14,048	6,516	4,688
Loss on forfeited deposits	54,135	0	0
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(10,078)	68	(5,503)
Operating liabilities	13,416	47,514	13,036
Net cash provided by operating activities	12,382	107,941	64,395
Cash flows from investing activities
Investment in unconsolidated entity	0	(100,819)	0
Redemption of investment in unconsolidated entity	0	100,819	0
Acquisition of NexPoint Homes through VIE consolidation, net of cash received	0	(47,022)	0
Internalization of the Manager	(1,174)	0	0
Net proceeds from sales of real estate	268,321	9,988	2,071
Prepaid acquisition deposits	(10)	(41,181)	(15,603)
Insurance proceeds received	8,686	965	842
Acquisitions of real estate investments	(3,182)	(1,431,413)	(866,002)
Additions to real estate investments	(115,767)	(212,207)	(91,430)
Acquisition of limited partnership investment	0	0	(2,500)
Net cash provided by (used in) investing activities	156,874	(1,720,870)	(972,622)
Cash flows from financing activities
Notes payable proceeds received	334,295	288,475	125,000
Notes payable payments	(35,622)	(8,615)	(9,939)
Credit facilities proceeds received	35,158	1,190,000	430,000
Credit facilities principal payments	(462,384)	0	(115,000)
Bridge facilities proceeds received	25,000	425,000	0
Bridge facilities principal payments	(100,000)	(350,000)	0
NREO Note repayment	0	0	(1,250)
Financing costs paid	(14,385)	(15,150)	(11,889)
Interest rate cap premium paid	0	(12,673)	0
Proceeds from issuance of Class A common stock received in advance	0	0	26,541
Redemptions of Class A common stock paid	(17,934)	(77,884)	(6,387)
Dividends paid to common stockholders	(19,416)	(25,137)	(15,920)
Payments for taxes related to net share settlement of stock-based compensation	(1,239)	(555)	(345)
Net cash provided by (used in) financing activities	(198,385)	1,652,681	946,128
Change in cash and restricted cash	(29,129)	39,752	37,901
Cash and restricted cash, beginning of year	114,749	74,997	37,096
Cash and restricted cash, end of year	85,620	114,749	74,997
Supplemental Disclosure of Cash Flow Information
Interest paid, net of amount capitalized	146,666	42,991	11,953
Cash paid for income and franchise taxes	652	262	304
Supplemental Disclosure of Noncash Activities
Accrued insurance proceeds	1,270	0	0
Assumed liabilities in asset acquisitions	0	3,829	5,027
Accrued distributions payable to redeemable noncontrolling interests in the OP	1,315	1,259	941
Accrued redemptions payable to common stockholders	488	17,094	6,278
Accrued capital expenditures	106	5,227	2,045
Accretion to redemption value of Redeemable Series A preferred stock	703	766	712
Fair market value adjustment on assumed debt	0	89	0
Asset backed securitization certificates	39,096	0	0
Noncash or part noncash acquisition, debt assumed	565	13,582	0
Offering costs accrued	0	0	341
Issuance of Class A common stock related to DRIP dividends	19,974	29,408	16,638
DRIP dividends to common stockholders	(19,974)	(29,408)	(16,638)
VineBrook
Cash flows from financing activities
Contributions from redeemable noncontrolling interests	2,247	9,221	4,926
Distributions to redeemable noncontrolling interests	(1,020)	(5,905)	(5,935)
Redemptions by redeemable noncontrolling interests in the OP	0	(350)	0
Supplemental Disclosure of Noncash Activities
Contributions from redeemable noncontrolling interests related to DRIP distributions	5,242	2,026	1,633
DRIP distributions to redeemable noncontrolling interests	(5,242)	(2,026)	(1,633)
Variable Interest Entity, Primary Beneficiary
Cash flows from financing activities
Contributions from redeemable noncontrolling interests	0	67,640	0
Distributions to redeemable noncontrolling interests	(602)	(2,088)	0
Redemptions by redeemable noncontrolling interests in the OP	(4)	0	0
Contributions from noncontrolling interests in consolidated VIEs	8,037	7,575	0
Distributions to noncontrolling interests in consolidated VIEs	(540)	(133)	0
Supplemental Disclosure of Noncash Activities
Noncash or part noncash acquisition, debt assumed	0	278,530	0
Contributions from redeemable noncontrolling interests related to DRIP distributions	3,244	2,088	0
DRIP distributions to redeemable noncontrolling interests	(3,244)	(2,088)	0
Contributions from noncontrolling interests in consolidated VIEs related to DRIP distributions	228	62	0
DRIP distributions to noncontrolling interests in consolidated VIEs	(228)	(62)	0
Real estate investments assumed in acquisition of NexPoint Homes through VIE consolidation	0	326,432	0
Earnest money deposits assumed in acquisition of NexPoint Homes through VIE consolidation	0	36,838	0
Other assets assumed in acquisition of NexPoint Homes through VIE consolidation	0	8,729	0
Other liabilities assumed in acquisition of NexPoint Homes through VIE consolidation	0	4,607	0
Noncontrolling interests assumed in acquisition of NexPoint Homes through VIE consolidation	0	41,150	0
Common Class A
Cash flows from financing activities
Proceeds from issuance of Class A common stock	0	173,607	501,694
Offering costs paid	0	(2,222)	(3,466)
Supplemental Disclosure of Noncash Activities
Accrued dividends payable	832	748	819
Series B Preferred Stock
Cash flows from financing activities
Preferred stock dividends paid	(2,539)	0	0
Proceeds from issuance of redeemable Series A preferred stock, net of offering costs	60,828	0	0
Series A Preferred Stock
Cash flows from financing activities
Offering costs paid	(140)	0	0
Preferred stock dividends paid	(8,125)	(8,125)	(7,019)
Proceeds from issuance of redeemable Series A preferred stock, net of offering costs	0	0	35,117
Supplemental Disclosure of Noncash Activities
Accrued dividends payable	$ 2,031	$ 2,031	$ 4,062

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business VineBrook Homes Trust, Inc. (the “Company”, “we”, “us,” “our”) was incorporated in Maryland on July 16, 2018 and has elected to be taxed as a real estate investment trust (“REIT”). The Company is focused on acquiring, renovating, leasing, maintaining and otherwise managing single family rental (“SFR”) home investments primarily located in large to medium size cities and suburbs located in the midwestern, heartland and southeastern United States and providing our residents with affordable, safe and clean dwellings with a high level of service. Substantially all of the Company’s business is conducted through VineBrook Homes Operating Partnership, L.P. (the “OP”), the Company’s operating partnership, as the Company owns its properties indirectly through the OP. VineBrook Homes OP GP, LLC (the “OP GP”), is the general partner of the OP and as of August 3, 2023, a wholly owned subsidiary of the Company. As of December 31, 2023, there were a combined 24,567,309 Class A, Class B and Class C units of the OP (collectively, “OP Units”), of which 20,300,927 Class A OP Units, or 82.6%, were owned by the Company, 2,763,141 Class B OP Units, or 11.2%, were owned by NexPoint Real Estate Opportunities, LLC (“NREO”), 92,206 Class C OP Units, or 0.4%, were owned by NRESF REIT Sub, LLC (“NRESF”), 145,510 Class C OP Units, or 0.6%, were owned by GAF REIT, LLC (“GAF REIT”) and 1,265,525 Class C OP Units, or 5.2%, were owned by limited partners that were sellers in the Formation Transaction (defined below) (the “VineBrook Contributors”) or other Company insiders. NREO, NRESF and GAF REIT are noncontrolling limited partners unaffiliated with the Company but are affiliates of the Adviser (defined below). The Third Amended and Restated Limited Partnership Agreement of the OP (the “OP LPA”) generally provides that Class A OP Units and Class B OP Units each have 50.0% of the voting power of the OP Units, including with respect to the election of directors to the Partnership Board (defined below in Note 10), and the Class C OP Units have no voting power. Each Class A OP Unit, Class B OP Unit and Class C OP Unit otherwise represents substantially the same economic interest in the OP. The Company began operations on November 1, 2018 as a result of the acquisition of various partnerships and limited liability companies owned and operated by the VineBrook Contributors and other third parties, which owned 4,129 SFR assets located in Ohio, Kentucky and Indiana (the “Initial Portfolio”) for a total purchase price of approximately $330.2 million, including closing and financing costs of $6.0 million (the “Formation Transaction”). On November 1, 2018, the Company accepted subscriptions for 1,097,367 shares of its Class A common stock, par value $0.01 (“Common Stock”), for gross proceeds of approximately $27.4 million in connection with the Formation Transaction. The proceeds from the issuance of Common Stock were used to acquire OP Units. The OP used the capital contribution from the Company to fund a portion of the purchase price for the Initial Portfolio. The remaining purchase price and closing costs were funded by a capital contribution totaling $70.7 million from NREO, $8.6 million of equity rolled over from VineBrook Contributors, and $241.4 million from a Federal Home Loan Mortgage Corporation (“Freddie Mac”) mortgage (the “Initial Mortgage”) provided by KeyBank N.A. (“KeyBank”). On May 1, 2019 (the “Release Date”), approximately $1.4 million worth of OP Units were released to various VineBrook Contributors from an indemnity reserve escrow that was established at the time the Initial Portfolio was acquired. From the time the escrow reserve was established until the Release Date, no indemnity claims were made against said escrow. Between November 1, 2018 and December 31, 2023, the Company, through the SPEs (as defined in Note 3) owned by the OP, purchased 20,750 additional homes and sold 3,041 homes within the VineBrook reportable segment (see Note 15), and through the OP’s consolidated investment in NexPoint Homes (as defined in Note 2) purchased 2,573 additional homes and sold four homes. Together with the Initial Portfolio, the Company, through the OP’s SPEs, indirectly owned an interest in 21,843 homes (the "VineBrook Portfolio") in 18 states, and with its consolidation of NexPoint Homes, indirectly owned an interest in an additional 2,569 homes (the “NexPoint Homes Portfolio”), for a total of 24,412 homes in 20 states as of December 31, 2023. We refer to the VineBrook Portfolio and the NexPoint Homes Portfolio collectively as our Portfolio. The acquisitions of the additional homes in the VineBrook reportable segment were funded by loans (see Note 7), proceeds from the sale of Common Stock and Preferred Stock (defined below) and excess cash generated from operations. The Company is externally managed by NexPoint Real Estate Advisors V, L.P. (the “Adviser”), through an agreement dated November 1, 2018, subsequently amended and restated on May 4, 2020, and further amended on October 25, 2022 and February 27, 2024 (the “Advisory Agreement”). The Advisory Agreement will automatically renew on the anniversary of the renewal date for one-year terms hereafter, unless otherwise terminated. The Adviser provides asset management services to the Company. Prior to the OP acquiring all of the outstanding equity interests of VineBrook Homes, LLC (the “Manager”), which was completed on August 3, 2023 (the “Internalization”), the OP caused the SPEs to retain the Manager, an affiliate of certain VineBrook Contributors, to renovate, lease, maintain, and operate the VineBrook properties under management agreements (as amended, the “Management Agreements”) that generally had an initial three-year term with one-year automatic renewals, unless otherwise terminated. The Management Agreements were supplemented by a side letter (as amended and restated, the “Side Letter”) by and among the Company, the OP, the OP GP, the Manager and certain of its affiliates. Certain SPEs from time to time may have property management agreements with independent third parties. These are typically the result of maintaining legacy property managers after an acquisition to help transition the properties to the Company or, in the case of a future sale, to manage the properties until they are sold. All of the Company’s investment decisions are made by employees of the Company and Adviser, subject to general oversight by the OP’s investment committee and the Company’s board of directors (the “Board”). Because the equity holders of the Manager own OP Units, the Manager is considered an affiliate for financial reporting disclosure purposes for periods before August 3, 2023 (see Note 16). The Company’s primary investment objectives are to provide our residents with affordable, safe, clean and functional dwellings with a high level of service through institutional management and a renovation program on the homes purchased, while enhancing the cash flow and value of properties owned. We intend to acquire properties with cash flow growth potential, provide quarterly cash distributions and achieve long-term capital appreciation for our stockholders. On August 28, 2018, the Company commenced the offering of 40,000,000 shares of Common Stock through a continuous private placement (the “Private Offering”), under regulation D of the Securities Act of 1933, as amended (the “Securities Act”) (and various state securities law provisions) for a maximum of $1.0 billion of its Common Stock. The Private Offering closed on September 14, 2022. The initial offering price for shares of Common Stock sold through the Private Offering was $25.00 per share. The Company conducted periodic closings and sold Common Stock shares at the prior net asset value (“NAV”) per share as determined using the valuation methodology recommended by the Adviser and approved by the pricing committee (the “Pricing Committee”) of the Board (the “Valuation Methodology”), plus applicable fees and commissions. The NAV per share is calculated on a fully diluted basis. NAV may differ from the values of our real estate assets as calculated in accordance with accounting principles generally accepted in the United States (“GAAP”). NexPoint Securities, Inc. (the “Dealer Manager”), an entity under common ownership with the Adviser, served as the sole dealer manager for the Private Offering and Raymond James & Associates, Inc. (“Raymond James”) and other unaffiliated broker-dealers served as placement agents (the “Placement Agents”) through selling agreements (“Selling Agreements”) between each Placement Agent and the Company. The Company has adopted a Long-Term Incentive Plan (the “2018 LTIP”) whereby the Board, or a committee thereof, may grant awards of restricted stock units of the Company (“RSUs”) or profits interest units in the OP (“PI Units”) to certain employees of the Company and the Adviser, or others at the discretion of the Board (including the directors and officers of the Company or other service providers of the Company or the OP). Under the terms of the 2018 LTIP, 426,307 shares of Common Stock were initially reserved, subject to automatic increase on January 1st of each year beginning with January 1, 2019 by a number equal to 10% of the total number of OP Units and vested PI Units outstanding on December 31st of the preceding year (the “2018 LTIP Share Reserve”), provided that the Board may act prior to each such January 1st to determine that there will be no increase for such year or that the increase will be less than the number of shares by which the 2018 LTIP Share Reserve would otherwise increase. In addition, the shares of Common Stock available under the 2018 LTIP could not exceed in the aggregate 10% of the number of OP Units and vested PI Units outstanding at the time of measurement (the “2018 LTIP Share Maximum”). Grants may be made annually by the Board, or more or less frequently in the Board’s sole discretion. Vesting of grants made under the 2018 LTIP will occur over a period of time as determined by the Board and may include the achievement of performance metrics, also as determined by the Board in its sole discretion. On July 11, 2023, the Company’s stockholders approved the 2023 Long-Term Incentive Plan (the “2023 LTIP”) to replace the 2018 LTIP and on July 20, 2023, the Company filed a registration statement on Form S-8 registering 1,000,000 shares of Common Stock which the Company may issue pursuant to the 2023 LTIP. Under the 2023 LTIP, the compensation committee of the Board may grant awards of option rights, stock appreciation rights, restricted stock, RSUs, performance shares, performance share units or cash incentive awards, or PI Units to directors and officers of the Company or other service providers of the Company and the OP, including employees of the Adviser. Under the terms of the 2023 LTIP, 1,000,000 shares of Common Stock were initially reserved, subject to automatic increase on January 1st of each year beginning with January 1, 2024 by a number equal to 10% of the total number of OP Units and vested PI Units outstanding on December 31st of the preceding year (the “Share Reserve”), provided that the Board may act prior to each such January 1st to determine that there will be no increase for such year or that the increase will be less than the number of shares by which the Share Reserve would otherwise increase. Vesting of grants made under the 2023 LTIP will occur over a period of time as determined by the compensation committee and may include the achievement of performance metrics, also as determined by the compensation committee in its sole discretion.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting and Use of Estimates The accompanying consolidated financial statements are presented in accordance with GAAP and the rules and regulations of the U.S. Securities and Exchange Commission (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. References to number of properties are unaudited. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of December 31, 2023 and December 31, 2022 and results of operations for the years ended December 31, 2023, 2022 and 2021 have been included. 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 . The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If the Company determines the entity is not a VIE, it evaluates whether the entity should be consolidated under the voting model. The Company consolidates an entity when it controls the entity through ownership of a majority voting interest. As of December 31, 2023, the Company determined it must consolidate the OP, its subsidiaries and the OP’s investment in NexPoint Homes Trust, Inc. (“NexPoint Homes”) (see Note 5) under the VIE model as it was determined the Company both controls the direct activities of the OP and its investments, including NexPoint Homes, and has the right to receive benefits that could potentially be significant to the OP, its subsidiaries and its investment in NexPoint Homes. The Company has control to direct the activities of the OP and its subsidiaries because the OP GP must generally receive approval of the Board to take any actions. The Company has control to direct the activities of NexPoint Homes because the OP owns approximately 81% of the outstanding equity of NexPoint Homes and the parties that beneficially own over 99% of the operating partnership of NexPoint Homes are related parties to the Company as of December 31, 2023. The consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP, its subsidiaries, and NexPoint Homes. All significant intercompany accounts and transactions have been eliminated in consolidation. OP Units and equity interests in consolidated VIEs that are not owned by the Company are presented as noncontrolling interests in the consolidated financial statements, and income or loss generated is allocated between the Company and the noncontrolling interests based upon their relative ownership percentages. In these consolidated financial statements, redeemable noncontrolling interests in the OP are exclusive of any interests in NexPoint Homes and its SFR OP (as defined in Note 5). Noncontrolling interests in consolidated VIEs are representative of interests in NexPoint Homes and redeemable noncontrolling interests in consolidated VIEs are representative of interests in the SFR OP (as defined in Note 5). Reclassifications During the year ended December 31, 2023, the Company reclassified $1.4 million from due from Manager to accounts payable and other accrued liabilities on the December 31, 2022 consolidated balance sheet to conform to our current presentation. Certain amounts classified separately as corporate general and administrative expenses, $11.5 million and $7.3 million, and property general and administrative expenses, $17.6 million and $6.4 million, for the prior periods have been reclassified as general and administrative expenses on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2022 and 2021, respectively, to conform to our current presentation. 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 include a substantive process, our purchases of homes or portfolios of homes qualify as asset acquisitions. Accordingly, upon acquisition of a property, the purchase price and related acquisition costs (“Total Consideration”) are allocated to land, buildings, improvements, fixtures, and intangible lease assets based upon their relative fair values. The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement (“ASC 820”) (see Note 8), is based on an independent third-party valuation firm’s estimate of the fair value of the tangible and intangible assets and liabilities acquired or management’s internal analysis based on market knowledge obtained from historical transactions. The valuation methodology utilizes market comparable information, depreciated replacement cost and other estimates in allocating value to the tangible assets. The allocation of the Total Consideration to intangible lease assets represents the value associated with the in-place leases, as one month’s worth of effective gross income (rental revenue, less credit loss allowance, plus other income) as the average downtime of the assets in the portfolio is approximately one month and the assets in the portfolio are leased on a gross rental structure. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized or accreted as interest expense over the life of the debt assumed. 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 years Improvements and other assets 2.5 - 15 years Acquired improvements and fixtures 1 - 8 years Intangible lease assets 6 months As of December 31, 2023, the gross balance and accumulated amortization related to the intangible lease assets were both less than $0.1 million. As of December 31, 2022, the gross balance and accumulated amortization related to the intangible lease assets was $6.3 million and $5.1 million, respectively. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $1.9 million, $9.4 million and $6.3 million, respectively, of amortization expense related to the intangible lease assets. 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 be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates, changes in hold periods or occupancy percentages, as well as significant changes in the economy. In such cases, the Company will evaluate the recoverability of the assets by comparing the estimated future cash flows expected to result from the use and eventual disposition of each asset to its carrying amount and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount. If impaired, the real estate asset will be written down to its estimated fair value. The process whereby we assess our SFR homes for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. For the years ended December 31, 2023, 2022 and 2021 the Company recorded approximately $72.3 million, $0.7 million and $0, respectively, of impairment charges on real estate assets mostly related to assets that were held for sale, which are included in loss on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). No significant impairments on operating properties were recorded during the years ended December 31, 2023, 2022 and 2021. Purchase Price Allocation – Internalization of the Manager The Internalization of the Manager was considered a business combination in accordance with FASB ASC 805, Business Combinations . The purchase price (“Internalization Consideration”) was allocated to the assets acquired and liabilities assumed based on the estimated fair value of the Internalization Consideration transferred at the date of acquisition. The excess of the Internalization Consideration over the fair value of the net assets acquired was allocated to goodwill. Certain assets acquired in connection with the Internalization of the Manager, including intangible assets and goodwill, were calculated using unobservable inputs classified within Level 3 of the fair value hierarchy. Intangible Assets Intangible assets acquired related to the Internalization of the Manager are amortized on a straight-line basis over the estimated useful lives as described in the following table: Developed technology 5 years Goodwill Not depreciated Intangible assets subject to amortization are reviewed for impairment in accordance with ASC 360-10, wherein an impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. No impairment losses on intangible assets have been recognized for the year ended December 31, 2023. Goodwill Goodwill has an indefinite life and therefore is not amortized under the provisions of ASC 350, Intangibles – Goodwill and Other. Goodwill is tested at least annually for impairment to ensure that the carrying amount of goodwill exceeds its implied fair value. We assess goodwill for impairment annually on October 1 st , or more frequently if there are indicators of impairment. We completed the annual impairment testing on October 1, 2023 and assessed no impairment of goodwill. No impairment losses on goodwill have been recognized for the year ended December 31, 2023. The goodwill did not exist before 2023, as the Internalization that created the goodwill occurred in 2023. 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): December 31, 2023 December 31, 2022 December 31, 2021 Cash $ 27,917 $ 76,751 $ 54,104 Restricted cash 57,703 37,998 20,893 Total cash and restricted cash $ 85,620 $ 114,749 $ 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 year or less. In accordance with ASC 842, Leases , the Company classifies the SFR property leases as operating leases and elects to not separate the lease component, comprised of rents from SFR properties, from the associated non-lease component, comprised of fees from SFR properties and resident charge-backs. The combined component is accounted for under the lease accounting standard while certain resident reimbursements are accounted for as variable payments under the revenue accounting guidance. Rental income is recognized when earned. This policy effectively results in income recognition on a straight-line basis over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, resident-caused damages, pets, and administrative, application and other fees and are recognized when earned. Historically, the Company has used a direct write-off method for uncollectible rents; wherein uncollectible rents are netted against rental income. In response to the COVID-19 pandemic, the Company additionally has established a reserve for any accounts receivable that are not expected to be collectible, which are netted against rental income. For the years ended December 31, 2023, 2022 and 2021, rental income includes $13.5 million, $10.7 million and $6.5 million of variable lease payments, respectively. Gains or losses on sales of properties are recognized pursuant to the provisions included in ASC 610-20, Other Income . We recognize a full gain or loss on sale, which is presented in loss on sales of real estate on the consolidated statements of operations and comprehensive income (loss), when the derecognition criteria under ASC 610-20 have been met. Redeemable Securities Included in the Company’s consolidated balance sheets are redeemable noncontrolling interests in the OP, redeemable noncontrolling interests in consolidated VIEs, and 6.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”). These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or equity under current accounting literature. The Company accounts for these under the provisions of ASC Topic 480-10-S99-3A, paragraph 15(b). In accordance with ASC Topic 480-10-S99, since the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs have a redemption feature, they are measured at their redemption value if such value exceeds the carrying value of interests. The redemption value is based on the NAV per unit at the measurement date. The offset to the adjustment to the carrying amount of the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs is reflected in the Company’s additional paid-in capital on the consolidated balance sheets. In accordance with ASC Topic 480-10-S99, the Series A Preferred Stock is measured at its carrying value plus the accretion to its future redemption value on the balance sheet. The accretion is reflected in the Company’s dividends on and accretion to redemption value of Series A redeemable preferred stock on the consolidated statements of operations and comprehensive income (loss). Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of shares of the Company’s Common Stock outstanding, which excludes any unvested RSUs and PI Units issued pursuant to the 2018 LTIP or the 2023 LTIP. Diluted earnings (loss) per share is computed by adjusting basic earnings (loss) per share for the dilutive effects of the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock. During periods of net loss, the assumed vesting of RSUs and PI Units and the conversion of OP Units and vested PI Units to Common Stock is anti-dilutive and is not included in the calculation of earnings (loss) per share. The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Year Ended December 31, 2023 2022 2021 Numerator for loss per share: Net (loss)/income $ (280,147) $ (49,662) $ 61 Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 8,828 8,891 8,837 Net loss attributable to redeemable noncontrolling interests in the OP (42,025) (7,489) (144) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (22,694) (11,695) — Net loss attributable to noncontrolling interests in consolidated VIEs (3,296) (536) — Net loss attributable to stockholders $ (220,960) $ (38,833) $ (8,632) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 24,712 24,599 15,366 Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) — — — Weighted average common shares outstanding - diluted 24,712 24,599 15,366 Earnings (loss) per weighted average common share: Basic $ (8.94) $ (1.58) $ (0.56) Diluted $ (8.94) $ (1.58) $ (0.56) (1) For the years ended December 31, 2023, 2022 and 2021, excludes approximately 5,004,000 shares, 4,353,000 shares and 4,067,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive. Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has two reportable segments, VineBrook and NexPoint Homes. Both reportable segments involve activities related to acquiring, renovating, developing, leasing and operating SFR homes as rental properties. The Company’s management allocates resources and evaluates operating performance across the two segments. The VineBrook reportable segment is the legacy reportable segment and represents the majority of the Company’s operations and generally purchases homes to implement a value-add strategy. The NexPoint Homes reportable segment was formed June 8, 2022 and represents a supplemental reportable segment that generally purchases newer homes that require less rehabilitation compared to the VineBrook reportable segment. Within the VineBrook reportable segment, the Company had a geographic market concentration in one market (Cincinnati) that represents more than 10% of the total gross book value of SFR homes as of December 31, 2023. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2023, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company has elected practical expedients within FASB ASU 2020-04 related to replacing the source of hedged transactions. After LIBOR cessation on June 30, 2023, the Company elected to utilize the practical expedients to not reassess previous accounting determinations and to not dedesignate hedge relationships due to a change in critical terms and the option to change the contractual terms of a hedging instrument while not dedesignating the hedging relationship. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company’s consolidated financial statements for the year ended December 31, 2023. In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires a public entity to disclose significant segment expenses and other segment items in interim and annual periods and expands the ASC 280 disclosure requirements for interim periods. The ASU also explicitly requires public entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures under ASU 2023-07. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating ASU 2023-07 to determine its impact on the Company's disclosures.

Investments in Subsidiaries

Investments in Subsidiaries	12 Months Ended
	Dec. 31, 2023
Investments in and Advances to Affiliates [Abstract]
Investments in Subsidiaries	Investments in Subsidiaries 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 recourse to the assets of other entities or the Company, except as discussed below. Under the terms of the notes payable, except as discussed below, the lender has a mortgage interest in each real estate asset in the SPE to which the loan is made. As of December 31, 2023, the Company, through the OP and its SPE subsidiaries, owned the Portfolio, which consisted of 21,843 properties in the VineBrook reportable segment and 2,569 properties in the NexPoint Homes reportable segment, through 14 SPEs and their various subsidiaries and through the consolidated investment in NexPoint Homes. The following table presents the ownership structure of each SPE group that directly or indirectly owns the title to each real estate asset as of December 31, 2023, the number of assets held, the cost of those assets, the resulting debt allocated to each SPE and whether the debt is a mortgage loan. The mortgage loan may be settled from the assets of the below entity or entities to which the loan is made. Loans from the Warehouse Facility (as defined in Note 7) can only be settled from the assets owned by VB One, LLC (dollars in thousands): VIE Name Homes Cost Basis OP Beneficial Ownership % Encumbered by Mortgage (1) Debt Allocated NREA VB I, LLC 65 $ 6,110 100 % Yes $ 4,912 NREA VB II, LLC 164 16,759 100 % Yes 10,481 NREA VB III, LLC 1,308 122,783 100 % Yes 69,207 NREA VB IV, LLC 382 38,067 100 % Yes 23,610 NREA VB V, LLC 1,824 129,595 100 % Yes 105,370 NREA VB VI, LLC 271 26,789 100 % Yes 18,157 NREA VB VII, LLC 34 2,922 100 % Yes 2,907 True FM2017-1, LLC 199 19,041 100 % Yes 9,323 VB One, LLC 9,007 1,205,727 100 % No 824,387 VB Two, LLC 1,679 164,248 100 % No 110,157 VB Three, LLC 3,868 561,655 100 % No 338,387 VB Five, LLC 126 14,675 100 % Yes 5,281 VB Eight, LLC 140 19,773 100 % No — VineBrook Homes Borrower 1, LLC 2,776 398,093 100 % Yes 392,180 NexPoint Homes 2,569 761,194 81 % No 473,518 24,412 $ 3,487,431 $ 2,387,877 (2) (1) Assets held, directly or indirectly, by VB One, LLC, VB Two, LLC, VB Three, LLC, VB Eight, LLC and NexPoint Homes and its subsidiaries are not encumbered by a mortgage. Instead, the applicable lender has an equity pledge in certain assets of the respective SPEs and an equity pledge in the equity of the respective SPEs. (2)

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Assets	Real Estate Assets As of December 31, 2023, the Company, through the OP and its SPE subsidiaries, owned 24,412 homes, including 21,843 homes in the VineBrook reportable segment and 2,569 homes in the NexPoint Homes reportable segment. As of December 31, 2022, the Company through the OP and its SPE subsidiaries, owned 27,211 homes, including 24,657 homes in the VineBrook reportable segment and 2,554 homes in the NexPoint Homes reportable segment. The components of the Company’s real estate investments in homes were as follows (in thousands): Land Buildings and improvements (1) Intangible lease assets Real estate held for sale, net Total gross real estate Accumulated depreciation and amortization Real Estate Balances, December 31, 2022 $ 632,278 $ 3,098,258 $ 6,319 $ 3,360 $ 3,740,215 $ (171,648) Additions 467 122,276 (2) — 2,096 124,839 (127,481) (3) Transfers to held for sale (72,615) (337,834) (40) 393,019 (17,470) 17,470 Write-offs — 44 (6,265) — (6,221) 6,221 Dispositions (83) (2,333) — (266,263) (268,679) (96) Impairment — (7,656) (4) — (77,597) (85,253) — Real Estate Balances, December 31, 2023 $ 560,047 $ 2,872,755 $ 14 $ 54,615 $ 3,487,431 $ (275,534) (1) Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties. (2) Includes capitalized interest of approximately $8.5 million and other capitalizable costs outlined in (1) above of approximately $4.2 million. (3) Accumulated depreciation and amortization activity excludes approximately $0.4 million of depreciation and amortization related to assets not classified as real estate investments. (4) During the year ended December 31, 2023, there was a casualty event in the Portales market resulting in casualty impairments of $7.5 million on assets held for use which is included in the impairment activity above, partially offset by $7.4 million of insurance recoveries. During the years ended December 31, 2023, 2022 and 2021, the Company recognized depreciation expense of approximately $126.1 million, $90.6 million and $42.3 million, respectively. Real estate acquisitions and dispositions During the year ended December 31, 2023, the Company, through the OP, acquired two homes within the VineBrook reportable segment. During the year ended December 31, 2023, the Company, through its consolidated investment in NexPoint Homes, acquired 19 homes. See Note 5 for additional information about NexPoint Homes. During the year ended December 31, 2023, the Company, through the OP, disposed of 2,821 homes within the VineBrook reportable segment. During the year ended December 31, 2023, the Company, through its consolidated investment in NexPoint Homes, disposed of four homes. The Company strategically identified those homes for disposal and expects the disposal of these properties to be accretive to the Portfolio's results of operations and overall performance. On August 3, 2022, VB Five, LLC, an indirect subsidiary of the Company, entered into a purchase agreement under which the VB Five, LLC agreed to acquire a portfolio of approximately 1,610 SFR homes located in Arizona, Florida, Georgia, Ohio and Texas (the “Tusk Portfolio”). Also on August 3, 2022, VB Five, LLC entered into a purchase agreement under which VB Five, LLC agreed to acquire a portfolio of approximately 1,289 SFR homes located in Arizona, Florida, Georgia, North Carolina, Ohio and Texas (the “Siete Portfolio”). On January 17, 2023, the Company, through its indirect subsidiary, VB Seven, LLC, entered into an agreement under which the acquisition of the Tusk Portfolio was terminated by the seller and VB Seven, LLC forfeited its initial deposit of approximately $23.3 million. Additionally, on January 17, 2023, the Company, through its indirect subsidiary, VB Seven, LLC, entered into an agreement under which the acquisition of the Siete Portfolio was terminated by the seller and VB Seven, LLC forfeited its initial deposit of approximately $17.7 million. The total initial deposit forfeitures of $41.0 million from the Tusk Portfolio and the Siete Portfolio are included in loss on forfeited deposits on the consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2023. Held for sale properties The Company periodically classifies real estate assets as held for sale when the held for sale criteria is met in accordance with GAAP. 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. For the year ended December 31, 2023, the Company recorded approximately $75.7 million of impairment charges on real estate assets held for sale. The impairment charges recorded include approximately $3.4 million of casualty related impairment for the year ended December 31, 2023, and are included in loss on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2023, there are 595 homes that are classified as held for sale. These held for sale properties have a carrying amount of approximately $54.6 million.

NexPoint Homes Investment

NexPoint Homes Investment	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
NexPoint Homes Investment	NexPoint Homes Investment During the year ended December 31, 2022, the Company, through its taxable REIT subsidiary (“the TRS”), invested approximately $100.8 million in Ensign Peak Realty, LLC (“Ensign”), an owner and operator of SFR homes. This investment was redeemed in full on June 8, 2022 in connection with the formation of NexPoint Homes, described below. Formation of NexPoint Homes - Contribution Agreements On June 8, 2022, the Company, through the OP, entered into a contribution agreement (the “Contribution Agreement”) with NexPoint Homes, which is externally advised by an affiliate of our Adviser. In accordance with the Contribution Agreement, the OP contributed $50.0 million to NexPoint Homes in exchange for 2,000,000 shares of Class A common stock, par value $0.01 per share of NexPoint Homes (the “NexPoint Homes Class A Shares”). The NexPoint Homes Class A Shares were issued and valued at $25.00 per share. The NexPoint Homes Class A Shares owned by the Company are eliminated in consolidation. Following the contribution by the OP to NexPoint Homes, NexPoint Homes entered into a contribution agreement (the “SFR OP Contribution Agreement”) with NexPoint SFR Operating Partnership, L.P. (the “SFR OP”), the operating partnership of NexPoint Homes, certain funds managed by affiliates of our Adviser and certain individuals (the “Principals”) affiliated with HomeSource Operations, LLC, the external manager of the SFR OP. In accordance with the SFR OP Contribution Agreement, NexPoint Homes contributed $50.0 million to the SFR OP in exchange for 2,000,000 limited partnership units of the Operating Partnership (“SFR OP Units”). The SFR OP Units owned by NexPoint Homes are eliminated in consolidation. On June 8, 2022, the OP loaned $50.0 million to NexPoint Homes in exchange for $50.0 million of 7.50% convertible notes of NexPoint Homes (the “NexPoint Homes Convertible Notes”). The NexPoint Homes Convertible Notes bear interest at 7.50%, are interest only during the term of the NexPoint Homes Convertible Notes and mature on June 30, 2027. From August 1, 2022 through March 31, 2027, the NexPoint Homes Convertible Notes are convertible into NexPoint Homes Class A Shares at the election of the OP at the then-current net asset value of NexPoint Homes, subject to certain limitations. Subsequent to June 8, 2022, NexPoint Homes repaid $30.5 million of the NexPoint Homes Convertible Notes and the balance of the NexPoint Homes Convertible Notes was $19.5 million as of December 31, 2023. The NexPoint Homes Convertible Notes held by the Company are eliminated in consolidation. On June 8, 2022, in connection with the formation of NexPoint Homes, the Company consolidated a note with Metropolitan Life Insurance Company (the “NexPoint Homes MetLife Note 1”). The NexPoint Homes MetLife Note 1 is guaranteed by the OP and bears interest at a fixed rate of 3.72% on the tranche collateralized by stabilized properties and 4.47% on the tranche collateralized by non-stabilized properties. The NexPoint Homes MetLife Note 1 is interest-only and matures and is due in full on March 3, 2027. As of December 31, 2023, the NexPoint Homes MetLife Note 1 had an outstanding principal balance of $238.4 million which is included, net of unamortized deferred financing costs, in notes payable on the consolidated balance sheets. See Note 7 for more information on the Company’s consolidated debt related to its investment in NexPoint Homes. Consolidation of NexPoint Homes Under ASC 810, Consolidation , the Company has determined that NexPoint Homes represents a variable interest entity. Under the VIE model, the Company concluded that the Company both controls and directs the activities of NexPoint Homes and has the right to receive benefits that could potentially be significant to its investment in NexPoint Homes. The Company has control to direct the activities of NexPoint Homes as the OP owns approximately 81% of the outstanding equity of NexPoint Homes as of December 31, 2023 and the parties that beneficially own approximately 99% of the SFR OP are related parties to the Company. As such, the Company determined it is appropriate to consolidate NexPoint Homes. All significant intercompany accounts and transactions have been eliminated in consolidation. As NexPoint Homes continues to raise additional capital, the Company will continue to evaluate whether the entity is a VIE and if the Company is the primary beneficiary of the VIE and should consolidate the entity. On June 30, 2023, the general partner of the SFR OP executed the Second Amended and Restated Limited Partnership Agreement of the NexPoint SFR Operating Partnership, L.P. (the “Second OP LPA”) which subdivided and reclassified the outstanding SFR OP Units into Class A, Class B and Class C Common Units. The Second OP LPA generally provides that the newly created Class A Common Units and Class B Common Units will each have 50.0% of the voting power of the SFR OP Units, including with respect to the election of directors to the board of directors of the SFR OP. The Class C Common Units have no voting power. The reclassification of the SFR OP Units did not have a material effect on the economic interests of the holders of the SFR OP Units. In connection with the Second OP LPA, the SFR OP Units held by NexPoint Homes were reclassified into Class A Common Units. As of December 31, 2023, the Company determined it was still appropriate to consolidate NexPoint Homes.

Investments, at Fair Value

Investments, at Fair Value	12 Months Ended
	Dec. 31, 2023
Schedule of Investments [Abstract]
Investments, at Fair Value	Investments, at Fair Value On November 22, 2021, the Company, through the TRS, invested $2.5 million in Vesta Ventures Fund I, LP (the “Vesta Fund”). The Vesta Fund is a closed-end fund with an initial seven-year term beginning on February 24, 2021, subject to certain extension provisions, that invests in early and growth stage technology companies that provide solutions to the SFR real estate sector. Vesta Ventures GP, LLC (the “Vesta GP”) is the general partner and managing member of the Vesta Fund and accordingly has the exclusive right to manage and control the Vesta Fund. The TRS is a limited partner in the Vesta Fund with a minority interest and accordingly has no control or influence over the Vesta Fund. 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 accurately reflect the fair value of the investment at our reporting date. We disclose the timing of liquidation of an investee’s assets and the date when redemption restrictions will lapse (or indicate if this timing is unknown) if the investee has communicated this information to us or has announced it publicly. We recognize both realized and unrealized gains and losses in our consolidated statements of operations. Unrealized gains and losses represent changes in NAV as a practical expedient to estimate fair value for investments in privately held entities that report NAV. Realized gains and losses on our investments represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost. At December 31, 2023, the Company had no material unrealized or realized gains or losses related to the investment.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt As of December 31, 2023, the VineBrook Homes reportable segment had approximately $1.9 billion of debt outstanding, and the NexPoint Homes reportable segment had $576.6 million of debt outstanding. See the summary table below for further information on the Company's outstanding debt. Additionally, we have included a summary of any significant changes in debt agreements during the year ended December 31, 2023 below. JPM Facility On March 1, 2021, the Company entered into a non-recourse carveout guaranty and certain wholly owned subsidiaries of VB Three, LLC (as borrowers) entered into a $500.0 million credit agreement with JP Morgan (the “JPM Facility”). The JPM Facility is secured by equity pledges in VB Three, LLC and its wholly owned subsidiaries and bears interest at a variable rate equal to one-month LIBOR plus 2.75%. The JPM Facility is interest-only and was due in full on March 1, 2023. On March 10, 2022, the Company entered into Amendment No. 1 to the JPM Facility, wherein each advance under the JPM Facility will bear interest at daily SOFR plus 2.85%. On January 31, 2023, the Company entered into Amendment No. 2 to the JPM Facility, wherein the total facility amount was updated to $350 million, and the maturity date was extended to January 31, 2025, which may be extended for 12 months upon submission of an extension request, subject to approval. On March 15, 2023, the Company entered into Amendment No. 3 to the JPM Facility to give the Company credit for pledging an interest rate cap by reducing the interest reserve requirements under the JPM Facility based on the capped rate. On December 21, 2023, the Company drew an additional $21.4 million on the JPM Facility of which the draw proceeds, along with cash on hand, were used to pay off the Bridge Facility III in full. As of December 31, 2023, the JPM Facility had $11.6 million in available capacity. The balance of the JPM Facility, net of unamortized deferred financing costs, is included in credit facilities on the consolidated balance sheets. Asset Backed Securitization I On December 6, 2023, the OP completed a securitization transaction, in connection with which VineBrook Homes Borrower 1, LLC, an indirect special purpose subsidiary of the OP (the “ABS I Borrower”) entered into a loan agreement (the “ABS I Loan Agreement”) with Bank of America, National Association, as lender (the “ABS I Lender”), providing for a 5-year, fixed-rate, interest-only loan with a total principal balance of $392.2 million (the “ABS I Loan”). Concurrent with the execution of the ABS I Loan Agreement, the ABS I Lender sold the ABS I Loan to VineBrook Homes Depositor A, LLC (the “Depositor”), an indirect subsidiary of the OP, which, in turn, transferred the ABS I Loan to a trust in exchange for (i) $178.4 million principal amount of Class A pass-through certificates (the “Class A Certificates”), (ii) $38.6 million principal amount of Class B pass-through certificates (the “Class B Certificates”), (iii) $30.8 million principal amount of Class C pass-through certificates (the “Class C Certificates”), (iv) $43.0 million principal amount of Class D pass-through certificates (the “Class D Certificates”), (v) $50.1 million principal amount of Class E pass-through certificates (the “Class E1 Certificates”), (vi) $12.2 million principal amount of Class E pass-through certificates (the “Class E2 Certificates,” and collectively with the Class A Certificates, Class B Certificates, Class C Certificates, Class D Certificates and Class E1 Certificates, the “Regular Certificates”), and (vii) Class R pass-through certificates (the “Class R Certificates,” and together with the Regular Certificates, the “Certificates”). The Certificates represent beneficial ownership interests in the trust and its assets, including the ABS I Loan. The Depositor sold the Certificates, acquired by the Depositor in the manner described above, to placement agents who resold the Certificates to investors in a private offering. The Regular Certificates are exempt from registration under the Securities Act of 1933, as amended, and are “exempted securities” under the Securities Exchange Act of 1934, as amended. To satisfy applicable risk retention rules, the OP completed a securitization transaction, VINE 2023-SFR1, providing for a 5-year, fixed-rate, interest-only loan of Class F certificates (“Class F Certificates”) with a total principal amount of $39.1 million. The Company evaluated the purchased Class F Certificates as a variable interest in the trust and concluded that the Class F certificates will not absorb a majority of the trust’s expected losses or receive a majority of the trust’s expected residual returns. The Company also concluded that the Class F certificates do not provide the Company with an ability to direct activities that could impact the trust’s economic performance. The Company does not consolidate the trust and the $39.1 million of purchased Class F certificates are reflected as asset-backed securitization certificates in the Company’s consolidated balance sheets. The Depositor used the proceeds from the sale of the Certificates to purchase the ABS I Loan from the ABS I Lender, as described above. The Regular Certificates were sold to investors at a discount and the OP retained the Class F Certificate (as described above), with the result that the proceeds, before closing costs, from the ABS I Loan to the ABS I Borrower were approximately $314.0 million. The net proceeds of $300.6 million were used to partially pay down the Warehouse Facility. The balance of the ABS I Loan, net of unamortized deferred financing costs and debt discount, is included in notes payable on the consolidated balance sheets. The ABS I Loan is collateralized by 2,776 SFR homes, and as of December 31, 2023, approximately 11.37% of the Portfolio served as collateral for outstanding borrowings under the ABS I Loan. The ABS I Loan, is segregated into six tranches, all of which accrue interest at 4.9235% and have a maturity date of December 8, 2028. The following table contains summary information regarding the ABS I Loan (other than Tranche F, which the OP acquired) as of December 31, 2023 (dollars in thousands): Tranche Principal Par Value Price Tranche Discount Net Proceeds Interest Rate Maturity Tranche A $ 178,375 $ 100.00 $ 92.63 $ 13,147 $ 165,228 4.9235 % 12/8/2028 Tranche B 38,607 100.00 90.85 3,534 35,073 4.9235 % 12/8/2028 Tranche C 30,788 100.00 89.68 3,177 27,611 4.9235 % 12/8/2028 Tranche D 43,005 100.00 85.19 6,368 36,637 4.9235 % 12/8/2028 Tranche E1 50,092 100.00 79.96 10,041 40,051 4.9235 % 12/8/2028 Tranche E2 12,217 100.00 76.68 2,849 9,368 4.9235 % 12/8/2028 Total ABS I Loan $ 353,084 $ 39,115 $ 313,969 4.9235 % Bridge Facility III On December 21, 2023, we repaid the Bridge Facility III in full. In connection with the Bridge Facility III payoff, we incurred approximately $0.5 million of extinguishment costs, which are included in loss on extinguishment of debt and comprehensive (loss)/income on the consolidated statements of operations. Warehouse Facility On July 31, 2023, the Company entered into a Consent and Sixth Amendment to the Warehouse Facility with KeyBank, as administrative agent, and the other lenders party thereto which, among other things, provides for (1) the revision of certain financial tests required under the Warehouse Facility and removal of others; (2) a waiver of certain covenant breaches identified by the administrative agent and the Company prior to the execution of the amendment; (3) consent for the sale of shares to directors, officers and other affiliates under the Series B Preferred Offering, (4) consent for the Internalization, subject to certain conditions; (5) a modification of the applicable margins, including an increase upon extensions; (6) modifications and additions of certain covenants; (7) a modification of the twelve-month extension option to be two six-month extensions; (8) prepayments of outstanding amounts under the Warehouse Facility through the sale of assets and other capital raising events and in certain other situations until the amount outstanding, and the commitment under the Warehouse Facility is reduced to $850 million (the “Commitment Reduction”); (9) no obligations for further lending under the Warehouse Facility until certain conditions are satisfied, including achievement of the Commitment Reduction, and no further increase in the Warehouse Facility through the accordion feature of the Warehouse Facility; and (10) restrictions on the redemption by the Company and its subsidiaries of any preferred or common equity. The outstanding balance on the Warehouse Facility as of December 31, 2023 is approximately $824.4 million, which is below the required Commitment Reduction. PNC Loans In connection with the Internalization of the Manager, the Company, through the OP, assumed three PNC equipment loans (“PNC Loan I”, “PNC Loan II” and “PNC Loan III”), which bear interest at fixed rates of 3.59%, 3.70% and 3.69%, respectively. PNC Loan I, PNC Loan II and PNC Loan III matured on February 19, 2024 and will mature on December 29, 2024 and December 15, 2025, respectively, and require monthly principal and interest payments. The PNC Loan I was paid off in full in February 2024. The balances of these loans are included in notes payable on the consolidated balance sheet. NexPoint Homes In addition to the debt agreements discussed above for the VineBrook reportable segment, as of December 31, 2023, the NexPoint Homes reportable segment had $576.6 million of debt outstanding included in notes payable on the consolidated balance sheets, which is comprised of the NexPoint Homes MetLife Note 1 (as defined in Note 5), the NexPoint Homes MetLife Note 2 (as defined below), NexPoint Homes KeyBank Facility (as defined below), the SFR OP Note Payable (as defined below) and the SFR OP Convertible Notes (as defined in Note 13). See the summary table below for further information on the debt of the NexPoint Homes reportable segment. NexPoint Homes MetLife Note 2 On August 12, 2022, a subsidiary of SFR OP as borrower closed a $200 million delayed draw facility with Metropolitan Life Insurance Company, as lender (the “NexPoint Homes MetLife Note 2”). The NexPoint Homes MetLife Note 2 matures on August 12, 2027 and bears interest at a fixed rate of 5.44%. As of December 31, 2023, approximately $174.6 million has been drawn on the NexPoint Homes MetLife Note 2. NexPoint Homes KeyBank Facility On August 12, 2022, a subsidiary of SFR OP as borrower closed a $75 million revolver facility with KeyBank, as lender (the “NexPoint Homes KeyBank Facility”). On December 30, 2022, a subsidiary of SFR OP as borrower closed on an additional $10 million on the NexPoint Homes KeyBank Facility, bringing the total commitment to $85 million as of December 31, 2022. The NexPoint Homes KeyBank Facility matures on August 12, 2025, and bears interest at a floating rate of 185 to 270 basis points depending on the borrower’s leverage ratio over SOFR. As of December 31, 2023, approximately $60.5 million has been drawn on the NexPoint Homes KeyBank Facility. Subsequent to December 31, 2023, the NexPoint Homes KeyBank Facility was amended (see Note 17). In connection with the amendment, the NexPoint Homes KeyBank Facility maturity date was modified to be September 30, 2024. SFR OP Note Payable On October 25, 2023, the SFR OP as borrower entered into a promissory note with NexPoint Diversified Real Estate Trust Operating Partnership, L.P. as lender (the "SFR OP Note Payable") for $0.5 million. The SFR OP Note Payable matures on April 25, 2024 and bears interest at a fixed rate of 8.80%. As of December 31, 2023, the Company is in compliance with or received waivers on all debt covenants in all of its debt agreements. Reference Rate Reform LIBOR ceased publication on June 30, 2023. Beginning on July 1, 2023, the Initial Mortgage, which previously used one-month LIBOR as the reference rate, transitioned to the 30-day average SOFR. The transition included a 0.1145% spread adjustment. The weighted average interest rate of the Company’s debt was 6.6245% as of December 31, 2023 and 6.0684% as of December 31, 2022. As of December 31, 2023 and December 31, 2022, the adjusted weighted average interest rate of the Company’s debt, including the effect of derivative financial instruments, was 4.6860% and 4.9101%, respectively. For purposes of calculating the adjusted weighted average interest rate of the Company’s debt as of December 31, 2023, including the effect of derivative financial instruments, the Company has included the weighted average fixed rate of 2.2219% on its combined $1.5 billion notional amount of interest rate swap and cap agreements, representing a weighted average fixed rate for daily SOFR and one-month term SOFR, which effectively fixes the interest rate on $1.5 billion of the Company’s floating rate indebtedness (see Note 8). The following table contains summary information of the Company’s debt as of December 31, 2023 and December 31, 2022 (dollars in thousands): Outstanding Principal as of Type December 31, 2023 December 31, 2022 Interest Rate (1) Maturity Initial Mortgage Floating $ 234,644 $ 240,408 7.01 % 12/1/2025 Warehouse Facility Floating 824,387 1,270,000 8.01 % 11/3/2025 (2) JPM Facility Floating 338,387 320,000 8.23 % 1/31/2025 (3) Bridge Facility III Floating — 75,000 10.35 % 12/31/2023 ABS I Loan Fixed 392,180 — 4.92 % 12/8/2028 MetLife Note Fixed 110,157 124,279 3.25 % 1/31/2026 TrueLane Mortgage Fixed 9,323 10,143 5.35 % 2/1/2028 Crestcore II Note Fixed 2,670 4,651 5.12 % 7/9/2029 Crestcore IV Note Fixed 2,611 4,135 5.12 % 7/9/2029 PNC Loan I Fixed 18 — 3.59 % 2/19/2024 PNC Loan II Fixed 65 — 3.70 % 12/29/2024 PNC Loan III Fixed 177 — 3.69 % 12/15/2025 Total VineBrook reportable segment debt $ 1,914,619 $ 2,048,616 NexPoint Homes MetLife Note 1 Fixed 238,428 233,545 3.76 % 3/3/2027 NexPoint Homes MetLife Note 2 Fixed 174,590 171,209 5.44 % 8/12/2027 NexPoint Homes KeyBank Facility Floating 60,500 62,500 8.05 % 9/30/2024 SFR OP Note Payable Fixed 500 — 8.80 % 4/25/2024 SFR OP Convertible Notes (4) Fixed 102,557 100,100 7.50 % 6/30/2027 Total debt 2,491,194 2,615,970 Debt premium, net (5) 305 378 Debt discount, net (6) (39,115) — Deferred financing costs, net of accumulated amortization of $22,796 and $12,995, respectively (18,710) (15,119) 2,433,674 2,601,229 (1) Represents the interest rate as of December 31, 2023. Except for fixed rate debt, the interest rate is 30-day average SOFR, daily SOFR or one-month term SOFR, plus an applicable margin. The 30-day average SOFR as of December 31, 2023 was 5.3441%, daily SOFR as of December 31, 2023 was 5.3800% and one-month term SOFR as of December 31, 2023 was 5.3547%. (2) This is the maturity for the Warehouse Facility after extension options have been exercised. To extend the Warehouse Facility, the Company cannot be in default, must meet certain financial covenants and needs to pay a fee of 0.1% of the maximum revolving commitment at that time. The initial maturity date before extensions is November 3, 2024. (3) This is the initial maturity date for the JPM Facility. The JPM Facility has a 12-month extension option subject to approval from the lender. (4) The SFR OP Convertible Notes exclude the amounts owed to NexPoint Homes by the SFR OP, as these are eliminated in consolidation. (5) 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. (6) The Company reflected a discount on ABS I Loan which is amortized into interest expense over the remaining term of the debt. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2023 are as follows (in thousands): Total 2024 $ 63,868 2025 1,395,548 (1) (2) 2026 110,558 2027 515,997 2028 400,851 Thereafter 4,372 Total $ 2,491,194 (1) Assumes the Company exercises the extension options on the Warehouse Facility. The stated maturity date before extensions is November 3, 2024. (2) Includes the maturity of the JPM Facility. The JPM Facility has a 12-month extension option subject to approval from the lender. Each reporting period, management evaluates the Company’s ability to continue as a going concern in accordance with ASC 205-40, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, by evaluating conditions and events, including assessing the liquidity needs to meet obligations as they become due within one year after the date the financial statements are issued. The Company has significant debt obligations coming due on the Warehouse Facility and JPM Facility of approximately $1.2 billion within 12 months of the financial statement issuance date. As of the date of issuance, the Company does not have sufficient liquidity to satisfy these obligations. In order to satisfy obligations as they mature, management intends to evaluate its options and may seek to: (i) make partial loan pay downs, (ii) utilize extension options contractually available under existing debt instruments, (iii) refinance certain debt instruments, (iv) obtain additional capital through equity and/or debt financings, (v) sell homes from its portfolio and pay down debt balances with the net sale proceeds, (vi) modify operations and (vii) employ some combination of (i) - (vi). These plans by the Company will be sufficient to satisfy the obligations as they become due. These financial statements have been prepared by management in accordance with GAAP and this basis assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. These financial statements do not include any adjustments that may result from the outcome of this uncertainty. 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. For the years ended December 31, 2023, 2022 and 2021, amortization of deferred financing costs of approximately $9.8 million, $8.0 million and $3.9 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). Loss on Extinguishment of Debt Loss on extinguishment of debt includes prepayment penalties and defeasance costs incurred on the early repayment of debt and other costs incurred in a debt extinguishment. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt. For the years ended December 31, 2023, 2022 and 2021, the Company incurred $1.0 million, $3.5 million, and $0.0 million of debt extinguishment costs, respectively, which are included in loss on extinguishment of debt on the consolidated statements of operations and comprehensive income (loss).

Fair Value of Derivatives and F

Fair Value of Derivatives and Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	Fair Value of Derivatives and Financial Instruments 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 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. 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 parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments are fair and consistent as of the measurement date. Derivative Financial Instruments and Hedging Activities The Company manages interest rate risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company has entered into an interest rate cap and interest rate swaps to manage exposures that arise from changes in interest rates. The Company’s derivative financial instruments are used to manage the Company’s risk of increased cash outflows from the floating rate loans that may result from rising interest rates, in particular the reference rate for the loans, which include daily SOFR and one-month term SOFR. In order to minimize counterparty credit risk, the Company has entered into and expects to enter in the future into hedging arrangements and intends to only transact with major financial institutions that have high credit ratings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value of the interest rate cap is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the cap. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of December 31, 2023, December 31, 2022 and December 31, 2021 were classified as Level 2 of the fair value hierarchy. 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 designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging , or the Company has elected not to designate such derivatives as hedges. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in net income (loss) as interest expense. 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 13 interest rate swap transactions with KeyBank and Mizuho with a combined notional amount of $1.2 billion. The interest rate swaps the Company has entered into effectively replace the floating interest rate (daily SOFR or daily SOFR plus 0.1145%, previously one-month LIBOR) with respect to those amounts with a weighted average fixed rate of 2.3994%. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of December 31, 2023, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Expiration Date Counterparty Index Notional Fixed Rate 7/1/2019 7/1/2024 KeyBank Daily SOFR (1) $ 100,000 1.6290 % 9/1/2019 12/21/2025 KeyBank Daily SOFR (1) 100,000 1.4180 % 9/1/2019 12/21/2025 KeyBank Daily SOFR (1) 50,000 1.4190 % 2/3/2020 2/1/2025 KeyBank Daily SOFR (1) 50,000 1.2790 % 3/2/2020 3/3/2025 KeyBank Daily SOFR (1) 20,000 0.9140 % 3/31/2022 11/1/2025 KeyBank Daily SOFR (2) 100,000 1.5110 % 3/31/2022 11/1/2025 KeyBank Daily SOFR (2) 100,000 1.9190 % 3/31/2022 11/1/2025 KeyBank Daily SOFR (2) 50,000 2.4410 % 6/1/2022 11/1/2025 Mizuho Daily SOFR (2) 100,000 2.6284 % 6/1/2022 11/1/2025 Mizuho Daily SOFR (2) 100,000 2.9413 % 6/1/2022 11/1/2025 Mizuho Daily SOFR (2) 100,000 2.7900 % 7/1/2022 11/1/2025 Mizuho Daily SOFR (2) 100,000 2.6860 % 4/3/2023 11/1/2025 Mizuho Daily SOFR (2) 250,000 3.5993 % $ 1,220,000 2.3994 % (3) (1) These interest rate swaps previously referenced one-month LIBOR, which ceased publication on June 30, 2023. Beginning July 1, 2023, these interest rate swaps transitioned to daily SOFR plus 0.1145% for the floating rate. As of December 31, 2023, daily SOFR was 5.3800%. (2) As of December 31, 2023, daily SOFR was 5.3800%. (3) Represents the weighted average fixed rate of the interest rate swaps which have a combined weighted average fixed rate of 2.3994%. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. On April 13, 2022, the Company, through the OP, paid a premium of approximately $12.7 million and entered into an interest rate cap transaction with Goldman Sachs Bank USA with a notional amount of $300.0 million. The interest rate cap effectively caps one-month term SOFR at 1.50% on $300.0 million of floating rate debt. The interest rate cap expires on November 1, 2025. As of December 31, 2023, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): Derivative Notional Hedged Floating Rate Debt Index Index as of December 31, 2023 Strike Rate Interest Rate Cap $ 300,000 Warehouse Facility One-Month Term SOFR 5.3547 % 1.50 % The table below presents the fair value of the Company’s derivative financial instruments, which are presented on the consolidated balance sheets as of December 31, 2023 and December 31, 2022 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Derivatives designated as hedging instruments: Interest rate swaps Interest rate derivatives, at fair value $ 34,194 $ 49,244 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Interest rate derivatives, at fair value 14,222 21,569 — — Total $ 48,416 $ 70,813 $ — $ — The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands): For the Year Ended December 31, Location of gain/(loss) recognized on Statement of Operations and Comprehensive Income/(Loss) 2023 2022 2021 Derivatives designated as hedging instruments: Interest rate swaps Unrealized gain/(loss) on interest rate hedges $ (15,050) $ 52,833 $ 11,863 Derivatives not designated as hedging instruments: Interest rate caps Interest expense (7,319) 8,881 — Total $ (22,369) $ 61,714 $ 11,863 Financial assets and liabilities for which the carrying values approximate their fair values include cash, restricted cash, accounts receivable, asset-backed securitization certificates, 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. The table below presents the carrying value (outstanding principal balance) and estimated fair value of our debt at December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt $ 2,491,194 $ 2,365,209 $ 2,615,970 $ 2,515,475 The following table sets forth a summary of the Company’s held for sale assets and real estate assets that underwent a casualty related impairment that were accounted for at fair value on a nonrecurring basis as of their respective measurement date (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Assets held at December 31, 2023 Real estate assets - impaired at March 31, 2023 $ 125 $ — $ — $ 125 Real estate assets - impaired at June 30, 2023 $ 1,093 $ — $ — $ 1,093 (1) Real estate assets - impaired at September 30, 2023 $ 21,715 $ — $ — $ 21,715 Real estate assets - impaired at December 31, 2023 $ 35,997 $ — $ — $ 36,997 (1) Real Estate assets impaired at June 30, 2023 include $38.1 million of assets impaired related to a casualty event in the Portales market which are included in operating real estate. Total casualty impairment for these properties was $7.5 million, partially offset by $7.4 million of insurance recoveries, which are recorded in loss on sales and impairment of real estate for the year ended December 31, 2023.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders ’ Equity The Company issued shares under the Company’s distribution reinvestment program (the “DRIP”) during the year ended December 31, 2023 and issued Common Stock under the Private Offering and Common Stock under the DRIP during the years ended December 31, 2022 and 2021. Common Stock shares issued under the DRIP are issued at a 3% discount to the then-current NAV per share and the Company does not receive any cash for DRIP issuances as those dividends are instead reinvested into the Company. During the years ended December 31, 2023, 2022 and 2021, the Company issued approximately 332,000 shares, 4,177,000 shares and 12,791,000 shares of Common Stock, respectively, for equity contributions of approximately $18.7 million, $226.9 million and $522.2 million, respectively, under the DRIP and the Private Offering. 2018 Long-Term Incentive Plan The Company adopted the 2018 LTIP whereby the Board, or a committee thereof, may grant RSUs or PI Units to certain employees of the Adviser and the Manager, or others at the discretion of the Board (including the directors and officers of the Company or other service providers of the Company or the OP). The 2018 LTIP provides for the 2018 LTIP Share Reserve and the 2018 LTIP Share Maximum for issuance of RSUs or PI Units. Grants may be made annually by the Board or more or less frequently in the Board’s sole discretion. Vesting of grants made under the 2018 LTIP occur ratably over a period of time as determined by the Board and may include the achievement of performance metrics also as determined by the Board in its sole discretion. 2023 Long-Term Incentive Plan On July 11, 2023, the Company’s stockholders approved the 2023 LTIP whereby the compensation committee may grant awards of option rights, stock appreciation rights, restricted stock, RSUs, performance shares, performance share units or cash incentive awards, or PI Units to directors and officers of the Company or other service providers of the Company and the OP. Under the terms of the 2023 LTIP, 1,000,000 shares were initially reserved, subject to automatic increase on January 1st of each year beginning with January 1, 2024 by a number equal to 10% of the total number of OP Units and vested PI Units outstanding on December 31st of the preceding year, provided that the Board may act prior to each such January 1st to determine that there will be no increase for such year or that the increase will be less than the number of shares by which the Share Reserve would otherwise increase. Vesting of grants made under the 2023 LTIP will occur over a period of time as determined by the compensation committee and may include the achievement of performance metrics, also as determined by the compensation committee in its sole discretion. RSU Grants Under the 2018 LTIP On December 10, 2019, a total of 73,700 RSUs were granted to certain employees of the Adviser and officers of the Company. On May 11, 2020, a total of 179,858 RSUs were granted to certain employees of the Adviser, officers of the Company and independent Board members. On February 15, 2021, a total of 191,506 RSUs were granted to certain employees of the Adviser, officers of the Company and independent Board members. On February 17, 2022, a total of 185,111 RSUs were granted to certain employees of the Adviser, officers of the Company and independent Board members. On April 11, 2023, a total of 186,770 RSUs were granted to certain employees of the Adviser, officers of the Company, and independent Board members. The RSUs granted to certain employees of the Adviser and officers of the Company on December 10, 2019 vest over a four-year period. The RSUs granted to certain employees of the Adviser and officers of the Company on April 11, 2023, February 17, 2022, February 15, 2021 and May 11, 2020 vest 50% ratably over four years and 50% at the successful completion of an initial public offering. The RSUs granted to independent Board members fully vest on the first anniversary of the grant date. Any unvested RSU is forfeited, except in limited circumstances, as determined by the compensation committee of the Board, when the recipient is no longer employed by the Adviser. Forfeitures are recognized as they occur. RSUs are valued at fair value (which is the NAV per share in effect) on the date of grant, with compensation expense recorded in accordance with the applicable vesting schedule that approximates a straight-line basis. Beginning on the date of grant, RSUs accrue dividends that are payable in cash on the vesting date. Once vested, the RSUs convert on a one-for-one basis into Common Stock. As of December 31, 2023, the number of RSUs granted that are outstanding was as follows (dollars in thousands): Dates Number of RSUs Value (1) Outstanding December 31, 2021 377,704 $ 12,405 Granted 185,111 10,022 Vested (72,453) (2) (2,404) Forfeited (2,036) (80) Outstanding December 31, 2022 488,326 $ 19,943 Granted 186,770 11,774 Vested (92,564) (2) (3,681) Forfeited (12,800) (569) Outstanding December 31, 2023 569,732 $ 27,467 (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 $63.04 for the April 11, 2023 grant, $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 72,525 shares of Common Stock being issued for the year ended December 31, 2023 and 63,645 shares of Common Stock being issued for the year ended December 31, 2022, as shown on the consolidated statements of stockholders' equity. The vesting schedule for the outstanding RSUs is as follows: Vest Date RSUs Vesting February 15, 2024 21,729 February 17, 2024 21,442 April 11, 2024 29,960 May 11, 2024 20,318 February 14, 2025 21,729 February 17, 2025 21,442 April 11, 2025 22,029 February 17, 2026 21,442 April 11, 2026 22,029 April 11, 2027 22,029 Upon successful completion of IPO 345,583 569,732 For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $4.7 million, $3.5 million and $2.3 million, respectively, of non-cash compensation expense related to the RSUs, which is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2023, total unrecognized compensation expense on RSUs was approximately $9.7 million, and the expense is expected to be recognized over a weighted average vesting period of 1.3 years. Performance Share Grants under the 2023 LTIP In connection with the Internalization of the Manager and under the 2023 LTIP, on August 3, 2023, performance shares were granted to executives of the Manager with a target of 63,452 performance shares. Vesting of the performance shares is based on the achievement of annual Portfolio growth, annual growth of rehabilitations of properties in the Portfolio, net operating income growth from 2023 to 2025 and core funds from operations per share growth from 2023 to 2025, the achievement of which may increase or decrease the number of shares which the grantee earns and therefore receives upon vesting. If the performance metrics are achieved, the performance shares based on the achievement of annual Portfolio growth and annual growth of rehabilitations of properties in the Portfolio vest 25% ratably over four years and the performance shares based on the achievement of net operating income growth over the next three years and core funds from operations per share growth over the next three years vest 50% ratably over two years. As of December 31, 2023, it was determined that 23,794 performance shares were earned by executives of the Manager based on annual Portfolio growth and annual growth of rehabilitations of properties in the Portfolio. Any unvested performance share granted to an employee is forfeited, except in limited circumstances, as determined by the compensation committee of the Board, when the recipient is no longer employed by the Company. Forfeitures are recognized as they occur. Beginning on the date of grant, performance shares accrue dividends that are payable in cash on the vesting date. Once vested, the performance shares convert on a one-for-one basis into Common Stock. As of December 31, 2023, the number of performance shares earned was as follows (dollars in thousands): Dates Number of performance shares Value (1) Outstanding December 31, 2022 — $ — Earned 23,794 1,433 Vested — — Forfeited — — Outstanding December 31, 2023 23,794 $ 1,433 (1) Value is based on the number of performance shares granted multiplied by the most recent NAV per share on the date the share is earned, which was $60.23 for the shares earned on December 31, 2023. The vesting schedule for the outstanding performance shares is as follows: Vest Date Performance shares Vesting January 1, 2025 5,949 January 1, 2026 5,948 January 1, 2027 5,949 January 1, 2028 5,948 23,794 Series B Preferred Stock On July 31, 2023, the Company issued 2,548,240 shares of 9.50% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”), of the Company in a private offering for gross proceeds of approximately $63.7 million (the “Series B Preferred Offering”). An aggregate of approximately $2.9 million in selling commissions and fees were paid in connection therewith. Ohio State Life Insurance Company, an affiliate of the Adviser, purchased shares of Series B Preferred Stock in the Series B Preferred Offering. A majority of net proceeds were used to partially pay down the Warehouse Facility and Bridge Facility III and fund a $20.0 million reserve with KeyBank pursuant to the Consent and Sixth Amendment.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests in the OP Other than PI Units, 6.50% Series A Cumulative Redeemable Preferred Units of the OP (the “Series A OP Units”) and 9.50% Series B Cumulative Redeemable Preferred Units of the OP (the “Series B OP Units” and, together with the Series A OP Units, the “OP Preferred Units”), 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 held by the Company (the “noncontrolling interests”). The following table presents the redeemable noncontrolling interests in the OP (in thousands): Balances Redeemable noncontrolling interests in the OP, December 31, 2022 $ 240,647 Net loss attributable to redeemable noncontrolling interests in the OP (42,025) Contributions by redeemable noncontrolling interests in the OP 25,582 Distributions to redeemable noncontrolling interests in the OP (7,577) Redemptions by redeemable noncontrolling interests in the OP — Equity-based compensation 8,742 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (2,259) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 28,393 Redeemable noncontrolling interests in the OP, December 31, 2023 $ 251,503 As of December 31, 2023, the Company held 20,300,927 Class A OP Units, NREO held 2,763,141 Class B OP Units, NRESF held 92,206 Class C OP Units, GAF REIT held 145,510 Class C OP Units and the VineBrook Contributors and other Company insiders held 1,265,525 Class C OP Units. As of December 31, 2023, the Company held all outstanding OP Preferred Units. The OP LPA generally provides that the Class A OP Units and Class B OP Units each have 50.0% of the voting power of the OP Units, including with respect to the election of directors to and removal of directors from the board of directors of the OP (the "Partnership Board"), and that the Class C OP Units have no voting power. The original reclassification of the OP Units on September 7, 2021, did not have a material effect on the economic interests of the holders of OP Units. In connection with the subdivision and reclassification of outstanding common partnership units on September 7, 2021, the OP Units held by the Company were reclassified into Class A OP Units, the OP Units held by NREO were reclassified into Class B OP Units and the remaining OP Units were reclassified into Class C OP Units. In addition, the OP LPA provides that holders of PI Units will receive Class C OP Units upon conversion of vested PI Units into OP Units. The Partnership Board of the OP has exclusive authority to select, remove and replace the general partner of the OP and no other authority. The Partnership Board may replace the general partner of the OP at any time. Pursuant to the terms of the OP LPA, the Company appointed Brian Mitts as the sole initial director of the Partnership Board. The number of directors on the Partnership Board is initially one but may be increased by following the affirmative vote or consent of the majority of the voting power of the OP Units (the “Requisite Approval”). The election of directors to and removal of directors from the Partnership Board also requires the Requisite Approval. PI Unit Grants Under the 2018 LTIP In connection with the 2018 LTIP, PI Units have been issued to key personnel and senior management. On April 19, 2019, a total of 40,000 PI Units were granted; on November 21, 2019, a total of 80,399 PI Units were granted; on May 11, 2020, a total of 219,826 PI Units were granted; on November 30, 2020, a total of 11,764 PI Units were granted; on May 31, 2021, a total of 246,169 PI Units were granted; on August 10, 2022, a total of 27,849 PI Units were granted; and on February 22, 2023, a total of 79,304 PI Units were granted. The PI Units are a special class of partnership interests in the OP with certain restrictions, which are convertible into Class C OP Units, subject to satisfying vesting and other conditions. PI Unit holders are entitled to receive the same distributions as holders of our OP Units (only if we declare and pay such distributions). The PI Units granted in 2019 generally fully vest over a period of two PI Unit Grants Under the 2023 LTIP In connection with the Internalization of the Manager and under the 2023 LTIP, PI Units have been issued to executives of the Manager. On August 3, 2023, a total of 475,888 PI Units were granted. The PI Units are a special class of partnership interests in the OP with certain restrictions, which are convertible into Class C OP Units, subject to satisfying vesting and other conditions. PI Unit holders are entitled to receive the same distributions as holders of our OP Units (only if we declare and pay such distributions). The PI Units granted on August 3, 2023 vest 100% on February 28, 2026. Once vested and converted into Class C OP Units in accordance with the OP LPA, the PI Units will then be fully recognized as Class C OP Units, which are subject to a one year lock up period before they can be converted to Common Stock. Any unvested PI Unit granted to an employee is forfeited, except in limited circumstances, as determined by the compensation committee of the Board, when the recipient is no longer employed by the Company. Forfeitures are recognized as they occur. PI Units are valued at fair value on the date of grant, with compensation expense recorded in accordance with the applicable vesting schedule over the periods in which the restrictions lapse, that approximates a straight-line basis. We valued the PI Units at a per-unit value equivalent to the per-share offering price of our OP Units less a discount for lack of marketability and other discounts estimated by a third-party consultant. Beginning on the date of grant, PI Units accrue dividends that are payable in cash quarterly (if we declare and pay distributions to holders of our OP Units). As of December 31, 2023, the number of PI Units granted that are outstanding and unvested was as follows (dollars in thousands): Dates Number of PI Units Value (1) Outstanding December 31, 2021 498,590 $ 16,965 Granted 27,849 1,719 Vested (84,404) (1,964) Forfeited (11,933) (434) Outstanding December 31, 2022 430,102 $ 16,286 Granted 555,192 34,328 Vested (90,292) (3,096) Forfeited (1,269) (80) Outstanding December 31, 2023 893,733 $ 47,438 (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, $38.29 for the May 31, 2021 grant, $61.74 for the August 10, 2022 grant, $63.04 for the February 22, 2023 grant and $61.63 for the August 3, 2023 grant. The vesting schedule for the PI Units is as follows: Vest Date PI Units Vesting February 22, 2024 15,544 March 30, 2024 29,831 April 25, 2024 5,171 May 11, 2024 27,478 May 27, 2024 398 November 30, 2024 1,470 February 22, 2025 15,544 March 30, 2025 29,831 April 25, 2025 5,171 May 27, 2025 398 February 22, 2026 15,544 February 28, 2026 475,888 April 25, 2026 5,171 May 27, 2026 398 February 22, 2027 15,544 April 25, 2027 5,171 May 27, 2027 398 February 22, 2028 15,544 Upon successful completion of IPO or change in control* 229,239 893,733 *Upon successful completion of an IPO, or an earlier change in control with respect to awards held by certain key executives, an additional 229,239 PI Units will vest immediately instead of vesting ratably according to the schedule above on each of November 30, 2023 and November 30, 2024. For the years ended December 31, 2023, 2022 and 2021, the OP recognized approximately $8.7 million, $3.0 million and $2.4 million, respectively, of non-cash compensation expense related to the PI Units, which is included in general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income (loss). As of December 31, 2023, total unrecognized compensation expense on PI Units was approximately $31.7 million, and the expense is expected to be recognized over a weighted average vesting period of 1.9 years. The table below presents the consolidated Common Stock and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units held by the Company are eliminated in consolidation. Year End Common Stock Shares Outstanding OP Units Held by NCI Consolidated Common Stock Shares and NCI OP Units Outstanding December 31, 2021 21,814,248 3,626,936 25,441,184 December 31, 2022 24,615,364 3,817,375 28,432,739 December 31, 2023 25,006,237 4,266,382 29,272,619 Redeemable Noncontrolling Interests in Consolidated VIEs Partnership interests in the SFR OP are represented by SFR OP Units. Net income (loss) is allocated pro rata to holders of SFR OP Units and is based upon net income (loss) attributable to the SFR OP and the respective members’ SFR OP Units held during the period. Capital contributions, distributions, and profits and losses are allocated to SFR OP Units not held by the Company (the “redeemable noncontrolling interests in consolidated VIEs”). As of December 31, 2023, approximately 4,665,403 SFR OP Units were held by affiliates of the Company. The following table presents the redeemable noncontrolling interests in consolidated VIEs (in thousands): Balances Redeemable noncontrolling interests in consolidated VIEs, December 31, 2022 $ 112,972 Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (22,694) Contributions by redeemable noncontrolling interests in consolidated VIEs 3,244 Distributions to redeemable noncontrolling interests in consolidated VIEs (3,846) Adjustment to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs 15,342 Redeemable noncontrolling interests in consolidated VIEs, December 31, 2023 $ 105,018 Noncontrolling Interests in Consolidated VIEs NexPoint Homes has issued NexPoint Homes Class A Shares and NexPoint Homes Class I common stock, par value $0.01 (the “NexPoint Homes Class I Shares,” collectively with NexPoint Homes Class A Shares, the “NexPoint Homes Shares”). Interests in NexPoint Homes are represented by NexPoint Homes Shares. Both classes of NexPoint Homes Shares have the same rights and value. Capital contributions, distributions, and profits and losses are allocated to NexPoint Homes Shares not held by the Company (the “noncontrolling interests in consolidated VIEs”). The following table presents the noncontrolling interests in consolidated VIEs (in thousands): Balances Noncontrolling interests in consolidated VIEs, December 31, 2022 $ 6,906 Net loss attributable to noncontrolling interests in consolidated VIEs (3,296) Contributions by noncontrolling interests in consolidated VIEs 8,676 Distributions to noncontrolling interests in consolidated VIEs (540) Redemptions by noncontrolling interests in consolidated VIEs (4) Noncontrolling interests in consolidated VIEs, December 31, 2023 $ 11,742

Redeemable Series A Preferred S

Redeemable Series A Preferred Stock	12 Months Ended
	Dec. 31, 2023
Dividends, Preferred Stock [Abstract]
Redeemable Series A Preferred Stock	Redeemable Series A Preferred Stock The Company has issued 5,000,000 shares of Series A Preferred Stock as of December 31, 2023. The Series A Preferred Stock has a redemption value of $25.00 per share and is mandatorily redeemable on October 7, 2027, subject to certain extensions. The following table presents the redeemable Series A preferred stock (dollars in thousands): Series A Preferred Stock shares Balances Redeemable Series A preferred stock, December 31, 2022 5,000,000 $ 121,662 Issuance of Redeemable Series A preferred stock — — Issuance costs related to Redeemable Series A preferred stock — (140) Net income attributable to Redeemable Series A preferred stockholders — 8,125 Dividends declared to Redeemable Series A preferred stockholders — (8,125) Accretion to redemption value — 703 Redeemable Series A preferred stock, December 31, 2023 5,000,000 $ 122,225

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has made the election and intends to be taxed as a REIT under Sections 856 through 860 of the Code and expects to continue to qualify as a REIT. NexPoint Homes has made the election and intends to be taxed as a REIT under Sections 856 through 860 of the Code and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders in order for its distributed earnings to not be subject to corporate income tax. Additionally, the Company will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the years ended December 31, 2023, 2022 and 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 be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 31, 2023, the Company believes it is in compliance with all applicable REIT requirements. The Company is still subject to state and local income taxes and to federal income and excise tax on its undistributed income, however those taxes are not material to the financial statements. 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” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The tax years subject to examination are 2022, 2021 and 2020. The Company had no material unrecognized federal or state tax benefit or expense, accrued interest or penalties as of December 31, 2023. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss).

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions 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 Common Stock through the Private Offering, reporting to holders of Common Stock, our tax filings, and other responsibilities customary for an external advisor to a business similar to ours. With certain specified exceptions, the advisory fee together with reimbursement of operating and offering expenses may not exceed 1.5% of average total assets of the Company and the OP, as determined in accordance with GAAP on a consolidated basis, at the end of each month (or partial month) (i) for which any advisory fee is calculated or (ii) during the year for which any expense reimbursement is calculated. For the years ended December 31, 2023, 2022 and 2021, the Company incurred advisory fees of approximately $19.0 million, $16.1 million and $8.3 million, respectively, which is included in advisory fees on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2023 the Company has $19.7 million of accrued advisory fees payable, which are included in accounts payable and other accrued liabilities on the consolidated balance sheets. Management Fee Prior to the Internalization, the equity holders of the Manager were holders of noncontrolling interests in the OP and comprise a portion of the VineBrook Contributors. Through this noncontrolling ownership, the Manager was 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 exceed the greater of 10% of construction costs or $1,000, whichever is higher, in connection with the repair, renovation, improvement or development of any newly acquired property, and (iii) a property management fee monthly in arrears equal to a percentage of collected rental revenues for all properties during the month as follows: • 8.0% of collected rental revenue up to and including $45 million on an annualized basis; • 7.0% of the incremental collected rental revenue above $45 million but below and including $65 million on an annualized basis; • 6.0% of the incremental collected rental revenue above $65 million but below and including $85 million on an annualized basis; and • 5.0% of the incremental collected rental revenue above $85 million on an annualized basis. Under the Management Agreements and the Side Letter, the aggregate fees that the Manager could earn in any fiscal year were capped such that the Manager’s EBITDA (as defined in the Management Agreements) derived from these fees could not exceed the greater of $1.0 million or 0.5% of the combined equity value of the Company and the OP on a consolidated basis, calculated on the first day of each fiscal year based on the aggregate NAV of the outstanding Common Stock and OP Units held other than by the Company on the last business day of the prior fiscal year (the “Manager Cap”). The aggregate fees up to the Manager Cap were payable (1) in cash in an amount equal to the tax obligations of the Manager’s equity holders resulting from the aggregate management fees earned in such fiscal year up to a maximum rate of 25% (the “Manager Cash Cap”) and (2) with respect to the remaining portion of the aggregate fees, in Class C OP Units, at a price per OP Unit equal to the Cash Amount (as defined in the OP LPA). The aggregate fees paid in cash that exceed the Manager Cash Cap were rebated back to the OP. No Manager Cash Cap rebate was recorded for the year ended December 31, 2023. For the year ended December 31, 2022, $0.7 million was recorded as a Manager Cap rebate as a reduction to property management fees on the consolidated statements of operations and comprehensive income (loss). Prior to and following the Internalization, 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 resident 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. On August 3, 2023, we completed the Internalization of our Manager following which the VineBrook Portfolio is internally managed, and our employees are responsible for the day-to-day management of the VineBrook Portfolio. See Note 16 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—The Internalization” for additional information on the Internalization. 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. Following the Internalization, property management fees are eliminated in consolidation of the Manager’s operations for the VineBrook reportable segment. Additionally, following the Internalization, acquisition fees and construction fees are no longer applicable for the VineBrook reportable segment. As of the date of the Internalization, approximately $2.1 million was due to the Manager, net of receivables due from the Manager, which was settled as an intercompany transaction following the consolidation of the Manager on August 3, 2023. The following table is a summary of fees that the OP incurred to the Manager and its affiliates, as well as reimbursements paid to the Manager and its affiliates for various operating expenses the Manager paid on the OP’s behalf, under the terms of Management Agreements and Side Letter, for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): For the Year Ended December 31, Location on Financial Statements 2023 (1) 2022 2021 Fees Incurred Property management fees Statement of Operations $ 10,326 $ 13,196 $ 7,115 Acquisition fees Balance Sheet 4 10,391 9,216 Construction supervision fees Balance Sheet 7,590 17,907 6,739 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations 23,339 27,772 15,462 Other reimbursements Balance Sheet and Statement of Operations 1,600 1,817 855 Totals $ 42,859 $ 71,083 $ 39,387 (1) Following the Internalization of the Manager on August 3, 2023, the Manager became a consolidated entity and as such activity following that date is excluded from the table above. Internalization of the Adviser The Company may acquire all of the outstanding equity interests of the Adviser (an “Adviser Internalization”) under certain provisions (a “Purchase Provision”) of the Advisory Agreement to effect an Adviser Internalization upon the payment of a certain fee (an “Adviser Internalization Fee”). If the Company determines to acquire the equity interests of the Adviser, the applicable Purchase Provision of the Advisory Agreement provides that the Adviser must first agree to such acquisition and that the Company will pay the Adviser an Adviser Internalization Fee equal to three times the total of the prior 12 months’ advisory fee, payable only in capital stock of the Company. Internalization of the Manager On June 28, 2022, the OP notified the Manager that it elected to exercise its purchase provision of the Manager under the Side Letter. On August 3, 2023, the OP, VineBrook Management, LLC, VineBrook Development Corporation, VineBrook Homes Property Management Company, Inc., VineBrook Homes Realty Company, Inc., VineBrook Homes Services Company, Inc. and certain individuals set forth therein (each a “Contributor” and collectively, the “Contributors”) and Dana Sprong, solely in his capacity as the representative of the Contributors (the “Contributors Representative”) entered into the Contribution Agreement pursuant to which, among other things, the OP acquired all of the outstanding equity interests in the Manager (the “Internalization”). As a result of the Internalization, the Manager became a wholly owned subsidiary of the OP and the VineBrook Portfolio is now internally managed. See Note 16 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—The Internalization” for additional information on the Internalization. Series B Preferred Offering Ohio State Life Insurance Company, an affiliate of the Company's Adviser, purchased shares of Series B Preferred Stock in the Series B Preferred Offering (See Note 9). Termination Fees Payable to the Adviser If the Advisory Agreement is terminated without cause by the Company or the SPE, as applicable, or is otherwise terminated under certain conditions, the Adviser, will be entitled to an Adviser Termination Fee in the amount of three times the prior 12 months’ advisory fee. In addition to termination by the Company without cause, the Adviser will be entitled to the Termination Fee if the Adviser terminates the Advisory Agreement without cause or terminates the agreement due to the occurrence of certain specified breaches of the Advisory Agreement by the Company. The Advisory Agreement may be terminated without cause by the Company or the Adviser with 180 days’ notice prior to the expiration of the then-current term. Advance Acquisition and Construction Fee Advances Paid to the Manager Pursuant to the Side Letter, the Manager could request from the OP from time-to-time an advance on acquisition and construction fees (the “Fee Advances”) to fund the performance of its obligations under the Management Agreements. Each Fee Advance was repaid from future acquisition and construction fees earned by and owed to the Manager. Fee Advances are included in the line item due from Manager on the consolidated balance sheets. As of the date of the Internalization and December 31, 2022, the Company recorded no receivable for Fee Advances. Backstop Loans to the Manager Pursuant to the Side Letter, in the event the Manager did not have sufficient cash flow from operations to meet its budgeted obligations under the Management Agreements, the Manager could from time to time request from the Company a temporary loan (the “Backstop Loan”) to satisfy the shortfall. Backstop Loans were interest free, could be prepaid at any time and could not exceed a principal amount that is in the aggregate equal to the lesser of the fee paid in connection with the Internalization (the “Internalization Fee”) or a termination fee if the applicable Management Agreement is terminated without cause (the “Termination Fee”). Unless otherwise repaid, each Backstop Loan was payable upon termination of the applicable Management Agreement. Backstop Loans are included in the line item due from Manager on the consolidated balance sheets. As of the date of the Internalization, the balance of the Backstop Loan was $0.7 million, which was settled upon the completion of the Internalization. As of December 31, 2022, the balance of the Backstop Loan due from the Manager was approximately $0.7 million, which is included as a reduction in payables in the line item due to Manager on the consolidated balance sheets. The Side Letter was terminated in connection with the Internalization. Dealer Manager Fees Investors were charged a dealer manager fee of between 0.50% and 3.00% of gross investor equity by the Dealer Manager for sales of Common Stock pursuant to the Private Offering, subject to certain breakpoints and various terms of the Dealer Manager Agreements. At the sole discretion of the Dealer Manager, the dealer manager fee could be partially or fully waived. The dealer manager fee is paid to an affiliate of the Adviser. The Private Offering closed on September 14, 2022. Organization and Private Offering Expenses Offering and organizational expenses (“O&O Expenses”) could be incurred in connection with sales in the Private Offering at the discretion of the Company and were borne by investors through a fee of up to 0.50% of gross investor equity for sales through Raymond James and up to 1.00% of gross investor equity for other sales. O&O Expenses were intended to reimburse the Company, Adviser and Placement Agents for the costs of maintaining the Private Offering and selling costs incurred in raising equity under the Private Offering. Payments for bona fide expenses and reimbursements are O&O Expenses which are recorded as a reduction to equity. NexBank The Company and the OP maintain bank accounts with an affiliate of the Adviser, NexBank N.A. (“NexBank”). NexBank charges no recurring maintenance fees on the accounts. As of December 31, 2023, in the VineBrook reportable segment, the Company and OP had approximately $0.1 million and less than $0.1 million, respectively, in cash at NexBank. As of December 31, 2022, in the VineBrook reportable segment, the Company and OP had approximately $23.1 million and $16.0 million, respectively, in cash at NexBank. As of December 31, 2023, in the NexPoint Homes reportable segment, NexPoint Homes and the SFR OP had approximately $0.1 million and $0.1 million, respectively, in cash at NexBank. As of December 31, 2022, in the NexPoint Homes reportable segment, NexPoint Homes and the SFR OP had approximately $1.6 million and $0.3 million, respectively, in cash at NexBank. NexPoint Homes Transactions In connection with the Company’s consolidated investment in NexPoint Homes, the Company consolidated non-controlling interests in NexPoint Homes that were contributed by affiliates of the Adviser. As of December 31, 2023, these affiliates had contributed approximately $116.2 million of equity to NexPoint Homes. Additionally, the Company consolidated five SFR OP convertible notes that are loans from affiliates of the Adviser to the SFR OP that bear interest at 7.50% and mature on June 30, 2027 (the “SFR OP Convertible Notes”). As of December 31, 2023, the total principal outstanding on the SFR OP Convertible Notes was approximately $102.6 million (excluding amounts owed to NexPoint Homes by the SFR OP, as these are eliminated in consolidation) which is included in notes payable on the consolidated balance sheets. For the year ended December 31, 2023, the SFR OP recorded approximately $7.6 million of interest expense related to the SFR OP Convertible Notes. As of December 31, 2023 and December 31, 2022, all interest expense related to the SFR OP Convertible Notes remained accrued within accrued interest payable on the consolidated balance sheets. The Company consolidates an approximately $4.8 million loan from the SFR OP to the NexPoint Homes Manager (defined below) (the “HomeSource Note”). The HomeSource Note bears interest at daily SOFR plus 2.00% and matures on February 1, 2027. In connection with the HomeSource Note, the SFR OP received a 9.99% non-voting interest in the HomeSource Operations LLC (the “HomeSource Investment”). The HomeSource Note and the HomeSource Investment are included in prepaid and other assets on the consolidated balance sheet, in addition to approximately $1.4 million of amounts due from HomeSource for interest on the HomeSource Note and routine funding. On June 8, 2022, NexPoint Homes entered into an advisory agreement (the “NexPoint Homes Advisory Agreement”) with NexPoint Real Estate Advisors XI, LP (the “NexPoint Homes Adviser”), an affiliate of the Adviser. Under the terms of the NexPoint Homes Advisory Agreement, the NexPoint Homes Adviser manages the day-to-day affairs of NexPoint Homes for a fee equal to 0.75% of the consolidated enterprise value of NexPoint Homes. Additionally, the NexPoint Homes Adviser charges a fee equal to 0.25% of each transaction in connection with the procurement of debt of equity capital for NexPoint Homes. For the year ended December 31, 2023, NexPoint Homes incurred advisory fees of approximately $2.8 million in connection with the NexPoint Homes Advisory Agreement, which is included in advisory fees on the consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2022, no fees were collected by the NexPoint Homes Adviser in connection with the NexPoint Homes Advisory Agreement as the NexPoint Homes Adviser waived approximately $2.3 million of fees through December 31, 2022. As of December 31, 2023, NexPoint Homes has $2.8 million of accrued advisory fees payable, which are included in accounts payable and other accrued liabilities on the consolidated balance sheets. The NexPoint Homes portfolio is generally managed by HomeSource Operations, LLC, a Delaware limited liability company (the “NexPoint Homes Manager”), pursuant to the terms of a management agreement, dated June 8, 2022 (the “NexPoint Homes Management Agreement”), among the NexPoint Homes Manager and the SFR OP. The NexPoint Homes Manager is responsible for the day-to-day management of the NexPoint Homes portfolio, paying operating expenses, managing maintenance issues, accounting for each property using GAAP, overseeing third-party property managers and other responsibilities customary for the management of SFR properties. The NexPoint Homes Manager is entitled to an acquisition fee, a construction fee, an asset management fee, and a property management fee. The acquisition fee is paid at closing of homes, the construction fee and asset management fee are paid monthly in arrears and the property management fee is paid in the month in which the fee is earned. For the years ended December 31, 2023 and 2022, approximately $3.0 million and $15.7 million in fees were earned by the NexPoint Homes Manager in connection with the NexPoint Homes Management Agreement. Related to the fees earned by the NexPoint Homes Manager for the year ended December 31, 2023, approximately $1.8 million were expensed and $1.1 million were capitalized to the property basis based on the nature of the fee. Related to the fees earned by the NexPoint Homes Manager for the year ended December 31, 2022, approximately $0.2 million were expensed and $15.5 million were capitalized to the property basis based on the nature of the fee.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 December 31, 2023, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive income (loss) of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries. Whelan Advisory Capital Markets, LLC and Whelan Advisory, LLC (collectively, “Whelan”) entered into an agreement with HomeSource Operations, LLC (“HomeSource”) in which HomeSource agreed to compensate Whelan a percentage of capital invested, contributed, committed or otherwise made available to HomeSource (the “HomeSource Letter Agreement”). Whelan alleges that it is entitled to compensation as a result of the formation of NexPoint Homes. On October 12, 2022, NREA received notice that Whelan had filed an arbitration proceeding against HomeSource and NREA before a FINRA arbitration panel. FINRA notified NREA that it was not subject to the arbitration provision contained in the HomeSource Letter Agreement, and NREA declined to voluntarily submit to the jurisdiction of the FINRA tribunal. On November 30, 2023, the tribunal issued an award in favor of Whelan and against HomeSource in the amount of approximately $16.0 million, inclusive of costs and interest. On January 10, 2024, Whelan initiated proceedings in the Southern District of New York to confirm the award in the form of a judgment against HomeSource. On September 8, 2023, Whelan commenced a separate lawsuit in Texas state court against NREA asserting a claim for tortious interference with the HomeSource Letter Agreement and seeking to recover the same fees awarded to Whelan against HomeSource in the arbitration. The Company is not a defendant in the Texas lawsuit, and neither it, nor the Adviser, nor NREA is party to the HomeSource Letter Agreement. Given the early stage of the lawsuit, the Company is unable to assess a likely outcome or potential liability at the time. The Company is not aware of any environmental liability with respect to the properties it owns that could have a material adverse effect on the Company’s business, assets, or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Reportable Segments Following the formation of NexPoint Homes, the Company has two reportable segments. For the years ended December 31, 2023 and 2022, the majority of the Company’s operations are included within the Company’s primary reportable segment, VineBrook, as the NexPoint Homes reportable segment was recently formed on June 8, 2022. For the year ended December 31, 2021, the Company had one reportable segment, VineBrook. All corporate related costs are included in the VineBrook segment to align with how financial information is presented to the chief operating decision maker. The following presents select operational results for the reportable segments (in thousands): For the Year Ended December 31, 2023 2022 2021 Revenues Expenses Net loss Revenues Expenses Net loss Revenues Expenses Net income VineBrook $ 303,774 $ 415,067 $ (227,563) $ 246,936 $ 275,333 $ (31,223) $ 156,941 $ 156,882 $ 61 NexPoint Homes 47,334 87,783 (52,584) 22,395 41,033 (18,439) — — — Total Company $ 351,108 $ 502,850 $ (280,147) $ 269,331 $ 316,366 $ (49,662) $ 156,941 $ 156,882 $ 61 The following presents select balance sheet data for the reportable segments (in thousands): As of December 31, 2023 As of December 31, 2022 VineBrook NexPoint Homes Total Company VineBrook NexPoint Homes Total Company Assets Gross operating real estate investments $ 2,671,621 $ 761,195 $ 3,432,816 $ 2,985,314 $ 751,541 $ 3,736,855 Accumulated depreciation and amortization (233,694) (41,840) (275,534) (155,957) (15,691) (171,648) Net operating real estate investments 2,437,927 719,355 3,157,282 2,829,357 735,850 3,565,207 Real estate held for sale, net 54,615 — 54,615 3,360 — 3,360 Net real estate investments 2,492,542 719,355 3,211,897 2,832,717 735,850 3,568,567 Other assets 211,512 29,931 241,443 218,535 48,285 266,820 Total assets $ 2,704,054 $ 749,286 $ 3,453,340 $ 3,051,252 $ 784,135.00 $ 3,835,387 Liabilities Debt payable, net $ 1,858,946 $ 574,728 $ 2,433,674 $ 2,035,991 $ 565,238.00 $ 2,601,229 Other liabilities 115,330 29,377 144,707 113,819 16,824 130,643 Total liabilities $ 1,974,276 $ 604,105 $ 2,578,381 $ 2,149,810 $ 582,062.00 $ 2,731,872

Internalization of the Manager

Internalization of the Manager	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Internalization of the Manager	Internalization of the Manager On August 3, 2023, the OP, the Contributors and the Contributors Representative entered into the Contribution Agreement pursuant to which, among other things, the OP acquired all of the outstanding equity interests in the Manager. As a result of sending the notice (“Call Right Notice”) to the Manager notifying the Manager of its intention to exercise its right to purchase all of the equity interests of the Manager, the Internalization Fee the Company paid to acquire the Manager was $21.9 million, prior to closing adjustments, which was fixed based on May 31, 2022 data. The Internalization Fee was paid in a combination of cash and OP Units. As a result of the Internalization, the Manager became a wholly owned subsidiary of the OP and the VineBrook Portfolio is now internally managed. The Internalization of the Manager was considered to be a business combination in accordance with FASB ASC 805, Business Combinations . The purchase price and related acquisition costs (“Internalization Consideration”) were allocated to the assets acquired and liabilities assumed based on the estimated fair value of the Internalization Consideration transferred at the date of acquisition. The excess of the Internalization Consideration over the fair value of the net assets acquired was allocated to goodwill. Certain assets acquired in connection with the Internalization of the Manager, including intangible assets and goodwill, were calculated using unobservable inputs classified within Level 3 of the fair value hierarchy. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as a part of the Internalization of the Manager as of the date of the acquisition (in thousands). The fair values of the assets acquired and liabilities assumed, which are presented in the table below, and the related acquisition accounting are based on management's estimates and assumptions, as well as information compiled by management. Our estimates and assumptions are subject to change during the measurement period, not to exceed on year from August 3, 2023. Cash $ 2,632 Restricted cash 98 Other assets 8,041 Intangible assets 3,500 Goodwill 20,522 Accounts payable and other liabilities (12,508) Fair value of acquired net assets $ 22,285 (1) (1) In addition to the Internalization Fee of $21.9 million, approximately $0.4 million of closing adjustments were included in the purchase price allocation.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 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: Asset Backed Securitization II On February 29, 2024, the OP, via its special purpose subsidiary, VineBrook Homes Borrower 2, LLC, completed an asset backed securitization (“ABS II”) and entered into a loan agreement with BofA Securities, Inc., as sole structuring agent, joint bookrunner and co-lead manager, Mizuho Securities USA LLC, as joint bookrunner and co-lead manager, Citizens JMP Securities, LLC, J.P. Morgan Securities LLC, Raymond James & Associates, Inc., and Truist Securities, Inc., as co-managers. The ABS II is comprised of seven components (Components A through F), providing for a 5-year, fixed-rate, interest-only loan with a total principal balance of $403.7 million. For risk retention purposes, the OP purchased and retained the Class F Component, totaling $39.9 million. The weighted average interest rate of the regular certificates (Class A through E2) is 4.5000%. The net proceeds from the ABS II were used to pay down $242.4 million on the JPM Facility and fund reserves per the credit agreement. The Company can use the remaining net proceeds of $51.6 million at the discretion of management. Debt Paydowns Subsequent to December 31, 2023, the Company paid down approximately $243.4 million on the JPM Facility. Approximately $97.7 million remained outstanding on the JPM Facility as of March 29, 2024. Subsequent to December 31, 2023, the Company paid down approximately $38.9 million on the Warehouse Facility. Approximately $785.5 million remained outstanding on the Warehouse Facility as of March 29, 2024. Subsequent to December 31, 2023, the Company fully paid down all outstanding principal and interest on the PNC Loan I. Common and Preferred Dividends On January 26, 2024, the Company approved a Common Stock dividend of $0.5301 per share for shareholders of record as of January 26, 2024 that was paid on January 30, 2024. On February 26, 2024, the Company approved a Series A Preferred Stock dividend of $0.40625 per share of Series A Preferred Stock for Series A preferred stockholders of record as of March 25, 2024 that is to be paid on April 10, 2024. On February 26, 2024, the Company approved a Series B Preferred Stock dividend of $0.59375 per share of Series B Preferred Stock for Series B preferred stockholders of record as of March 25, 2024 that is to be paid on April 10, 2024. Dispositions Subsequent to December 31, 2023, the Company disposed of 470 homes in the VineBrook reportable segment that were classified as held for sale as of December 31, 2023 for net proceeds of approximately $42.3 million. Homes Classified as Held For Sale Subsequent to December 31, 2023 Subsequent to December 31, 2023, the Company moved 97 homes in the VineBrook reportable segment to held for sale and as of February 29, 2024, 295 homes in total were classified as held for sale. NAV Determination Effective on February 14, 2024, in accordance with the Valuation Methodology, the Company determined that its NAV per share calculated on a fully diluted basis was $58.95 as of December 31, 2023. Common Stock and OP Units issued under the respective DRIPs will be issued a 3.0% discount to the NAV per share in effect. NexPoint Homes KeyBank Facility Amendment On March 28, 2024, a subsidiary of SFR OP as borrower entered into a Consent and Third Amendment to NexPoint Homes KeyBank Facility, with KeyBank as administrative agent which, among other things, provides for (1) the revision of certain financial tests required under the NexPoint Homes KeyBank Facility and removal of others; (2) a waiver of certain covenant breaches identified by the administrative agent and NexPoint Homes prior to the execution of the amendment; (3) a modification of the maturity date to be September 30, 2024, with one three month extension option, subject to conditions; and (4) the commitment under the NexPoint Homes KeyBank Facility is reduced to $60.5 million.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (dollars in thousands) Included below is a summary of real estate and accumulated depreciation for the VineBrook reportable segment as of December 31, 2023: Initial Cost to Company Gross Cost Basis as of December 31, 2023 (1) Market Number of Gross Cost Land Buildings and Costs Land Buildings and Total Accumulated Net Cost Basis Dates of Operating homes Cincinnati 3,046 $ 350,499 $ 77,749 $ 219,089 $ 53,499 $ 77,749 $ 272,588 $ 350,337 $ (39,847) $ 310,490 2019-2023 Dayton 2,736 231,895 49,655 147,379 34,699 49,655 182,078 231,733 (30,661) 201,072 2019-2023 Columbus 1,652 182,662 40,333 110,570 31,760 40,333 142,330 182,663 (22,021) 160,642 2019-2023 St. Louis 1,867 220,364 30,535 137,448 52,381 30,535 189,829 220,364 (18,008) 202,356 2020-2023 Indianapolis 1,407 179,523 23,562 125,696 30,265 23,562 155,961 179,523 (17,270) 162,253 2019-2023 Birmingham 1,063 164,739 28,591 121,682 14,466 28,591 136,148 164,739 (13,635) 151,104 2022-2023 Columbia 960 144,843 22,370 108,431 14,041 22,370 122,472 144,842 (11,569) 133,273 2022-2023 Kansas City 1,106 157,450 22,901 107,263 27,286 22,901 134,549 157,450 (12,207) 145,243 2020-2023 Jackson 847 119,059 22,850 66,773 29,436 22,850 96,209 119,059 (7,007) 112,052 2020-2023 Memphis 1,360 160,218 24,680 99,952 35,587 24,680 135,539 160,219 (11,643) 148,576 2020-2023 Augusta 671 91,613 15,620 60,269 15,724 15,620 75,993 91,613 (6,457) 85,156 2022-2023 Milwaukee 786 104,569 12,098 63,842 28,629 12,098 92,471 104,569 (6,928) 97,641 2020-2023 Atlanta 705 126,156 23,213 94,604 8,339 23,213 102,943 126,156 (7,976) 118,180 2023 Pittsburgh 377 44,732 7,743 21,922 15,067 7,743 36,989 44,732 (2,933) 41,799 2020-2023 Pensacola 300 49,078 5,668 42,645 765 5,668 43,410 49,078 (3,333) 45,745 2023 Greenville 386 64,071 7,929 47,943 8,199 7,929 56,142 64,071 (4,687) 59,384 2022-2023 Little Rock 269 30,378 4,576 15,609 10,194 4,576 25,803 30,379 (1,789) 28,590 2020-2023 Huntsville 278 47,043 6,543 34,375 6,125 6,543 40,500 47,043 (3,094) 43,949 2022-2023 Raeford 250 32,774 3,335 28,665 773 3,335 29,438 32,773 (2,308) 30,465 2023 Portales 350 43,224 4,820 34,884 3,520 4,820 38,404 43,224 (2,374) 40,850 2023 Omaha 292 41,176 3,655 29,472 8,050 3,655 37,522 41,177 (2,762) 38,415 2020-2023 Triad 221 37,075 6,270 25,531 5,274 6,270 30,805 37,075 (2,445) 34,630 2022-2023 Montgomery 310 46,846 7,285 31,043 8,517 7,285 39,560 46,845 (2,679) 44,166 2022-2023 Charleston 9 1,957 419 1,512 26 419 1,538 1,957 (61) 1,896 2023 Total VineBrook operating homes 21,248 2,671,944 452,400 1,776,599 442,622 452,400 2,219,221 2,671,621 (233,694) 2,437,927 VineBrook homes held for sale 595 — 11,032 43,583 — 11,032 43,583 54,615 — 54,615 2019-2023 Total VineBrook homes 21,843 $ 2,671,944 $ 463,432 $ 1,820,182 $ 442,622 $ 463,432 $ 2,262,804 $ 2,726,236 $ (233,694) $ 2,492,542 (1) The unaudited aggregate cost of real estate for the VineBrook reportable segment in the table above for federal income tax purposes was approximately $3.0 billion as of December 31, 2023. (2) Balances include intangible lease assets. VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (dollars in thousands) Included below is a summary of real estate and accumulated depreciation for the NexPoint Homes reportable segment as of December 31, 2023 and a reconciliation to consolidated real estate and accumulated depreciation as of December 31, 2023: Initial Cost to Company Gross Cost Basis as of December 31, 2023 (1) Market Number of Gross Cost Land Buildings and Costs Land Buildings and Total Accumulated Net Cost Basis Dates of Operating homes Atlanta 211 $ 77,823 $ 10,203 $ 61,768 $ 4,366 $ 10,203 $ 66,134 $ 76,337 $ (3,834) $ 72,503 2023 Birmingham 133 40,655 5,615 33,235 1,596 5,615 34,831 40,446 (2,230) 38,216 2023 Charlotte 68 23,738 3,436 19,517 522 3,436 20,039 23,475 (1,045) 22,430 2023 Dallas/Ft Worth 51 18,686 3,115 15,276 373 3,115 15,649 18,764 (754) 18,010 2023 Fayetteville 440 131,294 17,767 108,327 4,294 17,767 112,621 130,388 (7,263) 123,125 2023 Huntsville 71 25,146 3,813 19,954 1,304 3,813 21,258 25,071 (1,220) 23,851 2023 Kansas City 146 39,538 6,419 32,488 1,153 6,419 33,641 40,060 (2,183) 37,877 2023 Little Rock 210 58,256 8,274 48,208 2,233 8,274 50,441 58,715 (3,531) 55,184 2023 Memphis 158 43,373 7,090 36,219 805 7,090 37,024 44,114 (2,291) 41,823 2023 Oklahoma City 514 149,058 19,508 122,615 5,296 19,508 127,911 147,419 (8,444) 138,975 2023 San Antonio 199 49,210 7,920 41,082 987 7,920 42,069 49,989 (2,838) 47,151 2023 Triad 50 15,451 1,785 12,039 1,316 1,785 13,355 15,140 (989) 14,151 2023 Tulsa 176 49,017 6,801 39,866 2,224 6,801 42,090 48,891 (2,893) 45,998 2022 - 2023 Other (3) 142 42,467 5,901 34,962 1,523 5,901 36,485 42,386 (2,325) 40,061 2022 - 2023 Total NexPoint Homes operating homes 2,569 763,712 107,647 625,556 27,992 107,647 653,548 761,195 (41,840) 719,355 NexPoint Homes homes held for sale — — — — — — — — — — Total NexPoint Homes homes 2,569 763,712 107,647 625,556 27,992 107,647 653,548 761,195 (41,840) 719,355 Total VineBrook homes 21,843 2,671,944 463,432 1,820,182 442,622 463,432 2,262,804 2,726,236 (233,694) 2,492,542 Total consolidated homes 24,412 $ 3,435,656 $ 571,079 $ 2,445,738 $ 470,614 $ 571,079 $ 2,916,352 $ 3,487,431 $ (275,534) $ 3,211,897 (1) The unaudited aggregate cost of consolidated real estate in the table above for federal income tax purposes was approximately $3.5 billion as of December 31, 2023. The unaudited aggregate cost of real estate for the NexPoint Homes reportable segment in the table above for federal income tax purposes was approximately $761.2 million as of December 31, 2023. (2) Balances include intangible lease assets. (3) Contains markets that have less than 50 homes which include Mobile, Jacksonville, Orlando, Tampa, Wichita, Austin and Houston. VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (dollars in thousands) A summary of consolidated activity for real estate and accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Gross operating real estate: Balance, beginning of year $ 3,736,855 $ 1,726,948 $ 754,467 Acquisitions and building improvements 122,743 2,014,721 978,661 Dispositions and transfers to held for sale (412,905) — — Write-offs and impairment (13,877) (4,814) (6,180) Balance, end of year $ 3,432,816 $ 3,736,855 $ 1,726,948 Accumulated depreciation and amortization: Balance, beginning of year $ 171,648 $ 76,789 $ 34,396 Depreciation expense (1) 126,066 90,597 42,312 Amortization expense 1,415 9,391 6,261 Write-offs (6,221) (4,814) (6,180) Reclassifications to held for sale (17,374) (315) — Balance, end of year $ 275,534 $ 171,648 $ 76,789 (1) Depreciation of buildings and improvements is computed on a straight-line basis over estimated useful lives ranging from 3 to 27.5 years.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting and Use of Estimates
Use of Estimates	Basis of Accounting and Use of Estimates
Principles of Consolidation	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 . The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If the Company determines the entity is not a VIE, it evaluates whether the entity should be consolidated under the voting model. The Company consolidates an entity when it controls the entity through ownership of a majority voting interest. As of December 31, 2023, the Company determined it must consolidate the OP, its subsidiaries and the OP’s investment in NexPoint Homes Trust, Inc. (“NexPoint Homes”) (see Note 5) under the VIE model as it was determined the Company both controls the direct activities of the OP and its investments, including NexPoint Homes, and has the right to receive benefits that could potentially be significant to the OP, its subsidiaries and its investment in NexPoint Homes. The Company has control to direct the activities of the OP and its subsidiaries because the OP GP must generally receive approval of the Board to take any actions. The Company has control to direct the activities of NexPoint Homes because the OP owns approximately 81% of the outstanding equity of NexPoint Homes and the parties that beneficially own over 99% of the operating partnership of NexPoint Homes are related parties to the Company as of December 31, 2023. The consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP, its subsidiaries, and NexPoint Homes. All significant intercompany accounts and transactions have been eliminated in consolidation. OP Units and equity interests in consolidated VIEs that are not owned by the Company are presented as noncontrolling interests in the consolidated financial statements, and income or loss generated is allocated between the Company and the noncontrolling interests based upon their relative ownership percentages. In these consolidated financial statements, redeemable noncontrolling interests in the OP are exclusive of any interests in NexPoint Homes and its SFR OP (as defined in Note 5). Noncontrolling interests in consolidated VIEs are representative of interests in NexPoint Homes and redeemable noncontrolling interests in consolidated VIEs are representative of interests in the SFR OP (as defined in Note 5).
Reclassifications	Reclassifications During the year ended December 31, 2023, the Company reclassified $1.4 million from due from Manager to accounts payable and other accrued liabilities on the December 31, 2022 consolidated balance sheet to conform to our current presentation. Certain amounts classified separately as corporate general and administrative expenses, $11.5 million and $7.3 million, and property general and administrative expenses, $17.6 million and $6.4 million, for the prior periods have been reclassified as general and administrative expenses on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2022 and 2021, respectively, to conform to our current presentation.
Real Estate Investments	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 include a substantive process, our purchases of homes or portfolios of homes qualify as asset acquisitions. Accordingly, upon acquisition of a property, the purchase price and related acquisition costs (“Total Consideration”) are allocated to land, buildings, improvements, fixtures, and intangible lease assets based upon their relative fair values. The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement (“ASC 820”) (see Note 8), is based on an independent third-party valuation firm’s estimate of the fair value of the tangible and intangible assets and liabilities acquired or management’s internal analysis based on market knowledge obtained from historical transactions. The valuation methodology utilizes market comparable information, depreciated replacement cost and other estimates in allocating value to the tangible assets. The allocation of the Total Consideration to intangible lease assets represents the value associated with the in-place leases, as one month’s worth of effective gross income (rental revenue, less credit loss allowance, plus other income) as the average downtime of the assets in the portfolio is approximately one month and the assets in the portfolio are leased on a gross rental structure. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized or accreted as interest expense over the life of the debt assumed. 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 years Improvements and other assets 2.5 - 15 years Acquired improvements and fixtures 1 - 8 years Intangible lease assets 6 months As of December 31, 2023, the gross balance and accumulated amortization related to the intangible lease assets were both less than $0.1 million. As of December 31, 2022, the gross balance and accumulated amortization related to the intangible lease assets was $6.3 million and $5.1 million, respectively. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $1.9 million, $9.4 million and $6.3 million, respectively, of amortization expense related to the intangible lease assets. 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 be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates, changes in hold periods or occupancy percentages, as well as significant changes in the economy. In such cases, the Company will evaluate the recoverability of the assets by comparing the estimated future cash flows expected to result from the use and eventual disposition of each asset to its carrying amount and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount. If impaired, the real estate asset will be written down to its estimated fair value. The process whereby we assess our SFR homes for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. For the years ended December 31, 2023, 2022 and 2021 the Company recorded approximately $72.3 million, $0.7 million and $0, respectively, of impairment charges on real estate assets mostly related to assets that were held for sale, which are included in loss on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). No significant impairments on operating properties were recorded during the years ended December 31, 2023, 2022 and 2021.
Purchase Price Allocation – Internalization of the Manager	Purchase Price Allocation – Internalization of the Manager The Internalization of the Manager was considered a business combination in accordance with FASB ASC 805, Business Combinations . The purchase price (“Internalization Consideration”) was allocated to the assets acquired and liabilities assumed based on the estimated fair value of the Internalization Consideration transferred at the date of acquisition. The excess of the Internalization Consideration over the fair value of the net assets acquired was allocated to goodwill. Certain assets acquired in connection with the Internalization of the Manager, including intangible assets and goodwill, were calculated using unobservable inputs classified within Level 3 of the fair value hierarchy.
Intangible Assets	Intangible Assets Intangible assets acquired related to the Internalization of the Manager are amortized on a straight-line basis over the estimated useful lives as described in the following table: Developed technology 5 years Goodwill Not depreciated Intangible assets subject to amortization are reviewed for impairment in accordance with ASC 360-10, wherein an impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. No impairment losses on intangible assets have been recognized for the year ended December 31, 2023.
Goodwill	Goodwill Goodwill has an indefinite life and therefore is not amortized under the provisions of ASC 350, Intangibles – Goodwill and Other. Goodwill is tested at least annually for impairment to ensure that the carrying amount of goodwill exceeds its implied fair value. We assess goodwill for impairment annually on October 1 st , or more frequently if there are indicators of impairment. We completed the annual impairment testing on October 1, 2023 and assessed no impairment of goodwill. No impairment losses on goodwill have been recognized for the year ended December 31, 2023. The goodwill did not exist before 2023, as the Internalization that created the goodwill occurred in 2023.
Cash and restricted cash	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): December 31, 2023 December 31, 2022 December 31, 2021 Cash $ 27,917 $ 76,751 $ 54,104 Restricted cash 57,703 37,998 20,893 Total cash and restricted cash $ 85,620 $ 114,749 $ 74,997
Revenue Recognition	Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. In accordance with ASC 842, Leases , the Company classifies the SFR property leases as operating leases and elects to not separate the lease component, comprised of rents from SFR properties, from the associated non-lease component, comprised of fees from SFR properties and resident charge-backs. The combined component is accounted for under the lease accounting standard while certain resident reimbursements are accounted for as variable payments under the revenue accounting guidance. Rental income is recognized when earned. This policy effectively results in income recognition on a straight-line basis over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, resident-caused damages, pets, and administrative, application and other fees and are recognized when earned. Historically, the Company has used a direct write-off method for uncollectible rents; wherein uncollectible rents are netted against rental income. In response to the COVID-19 pandemic, the Company additionally has established a reserve for any accounts receivable that are not expected to be collectible, which are netted against rental income. For the years ended December 31, 2023, 2022 and 2021, rental income includes $13.5 million, $10.7 million and $6.5 million of variable lease payments, respectively. Gains or losses on sales of properties are recognized pursuant to the provisions included in ASC 610-20, Other Income . We recognize a full gain or loss on sale, which is presented in loss on sales of real estate on the consolidated statements of operations and comprehensive income (loss), when the derecognition criteria under ASC 610-20 have been met.
Redeemable Securities	Redeemable Securities Included in the Company’s consolidated balance sheets are redeemable noncontrolling interests in the OP, redeemable noncontrolling interests in consolidated VIEs, and 6.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”). These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or equity under current accounting literature. The Company accounts for these under the provisions of ASC Topic 480-10-S99-3A, paragraph 15(b). In accordance with ASC Topic 480-10-S99, since the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs have a redemption feature, they are measured at their redemption value if such value exceeds the carrying value of interests. The redemption value is based on the NAV per unit at the measurement date. The offset to the adjustment to the carrying amount of the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs is reflected in the Company’s additional paid-in capital on the consolidated balance sheets. In accordance with ASC Topic 480-10-S99, the Series A Preferred Stock is measured at its carrying value plus the accretion to its future redemption value on the balance sheet. The accretion is reflected in the Company’s dividends on and accretion to redemption value of Series A redeemable preferred stock on the consolidated statements of operations and comprehensive income (loss).
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of shares of the Company’s Common Stock outstanding, which excludes any unvested RSUs and PI Units issued pursuant to the 2018 LTIP or the 2023 LTIP. Diluted earnings (loss) per share is computed by adjusting basic earnings (loss) per share for the dilutive effects of the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock. During periods of net loss, the assumed vesting of RSUs and PI Units and the conversion of OP Units and vested PI Units to Common Stock is anti-dilutive and is not included in the calculation of earnings (loss) per share. The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Year Ended December 31, 2023 2022 2021 Numerator for loss per share: Net (loss)/income $ (280,147) $ (49,662) $ 61 Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 8,828 8,891 8,837 Net loss attributable to redeemable noncontrolling interests in the OP (42,025) (7,489) (144) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (22,694) (11,695) — Net loss attributable to noncontrolling interests in consolidated VIEs (3,296) (536) — Net loss attributable to stockholders $ (220,960) $ (38,833) $ (8,632) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 24,712 24,599 15,366 Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) — — — Weighted average common shares outstanding - diluted 24,712 24,599 15,366 Earnings (loss) per weighted average common share: Basic $ (8.94) $ (1.58) $ (0.56) Diluted $ (8.94) $ (1.58) $ (0.56) (1) For the years ended December 31, 2023, 2022 and 2021, excludes approximately 5,004,000 shares, 4,353,000 shares and 4,067,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive.
Segment Reporting	Segment Reporting Under the provision of ASC 280, Segment Reporting
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2023, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company has elected practical expedients within FASB ASU 2020-04 related to replacing the source of hedged transactions. After LIBOR cessation on June 30, 2023, the Company elected to utilize the practical expedients to not reassess previous accounting determinations and to not dedesignate hedge relationships due to a change in critical terms and the option to change the contractual terms of a hedging instrument while not dedesignating the hedging relationship. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company’s consolidated financial statements for the year ended December 31, 2023. In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires a public entity to disclose significant segment expenses and other segment items in interim and annual periods and expands the ASC 280 disclosure requirements for interim periods. The ASU also explicitly requires public entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures under ASU 2023-07. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating ASU 2023-07 to determine its impact on the Company's disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Real Estate	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 27.5 years Improvements and other assets 2.5 - 15 years Acquired improvements and fixtures 1 - 8 years Intangible lease assets 6 months
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	Intangible assets acquired related to the Internalization of the Manager are amortized on a straight-line basis over the estimated useful lives as described in the following table: Developed technology 5 years Goodwill Not depreciated
Schedule of Cash and Restricted Cash	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): December 31, 2023 December 31, 2022 December 31, 2021 Cash $ 27,917 $ 76,751 $ 54,104 Restricted cash 57,703 37,998 20,893 Total cash and restricted cash $ 85,620 $ 114,749 $ 74,997
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Year Ended December 31, 2023 2022 2021 Numerator for loss per share: Net (loss)/income $ (280,147) $ (49,662) $ 61 Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 8,828 8,891 8,837 Net loss attributable to redeemable noncontrolling interests in the OP (42,025) (7,489) (144) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (22,694) (11,695) — Net loss attributable to noncontrolling interests in consolidated VIEs (3,296) (536) — Net loss attributable to stockholders $ (220,960) $ (38,833) $ (8,632) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 24,712 24,599 15,366 Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) — — — Weighted average common shares outstanding - diluted 24,712 24,599 15,366 Earnings (loss) per weighted average common share: Basic $ (8.94) $ (1.58) $ (0.56) Diluted $ (8.94) $ (1.58) $ (0.56) (1) For the years ended December 31, 2023, 2022 and 2021, excludes approximately 5,004,000 shares, 4,353,000 shares and 4,067,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive.

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2023
Investments in and Advances to Affiliates [Abstract]
Schedule of Subsidiaries	Loans from the Warehouse Facility (as defined in Note 7) can only be settled from the assets owned by VB One, LLC (dollars in thousands): VIE Name Homes Cost Basis OP Beneficial Ownership % Encumbered by Mortgage (1) Debt Allocated NREA VB I, LLC 65 $ 6,110 100 % Yes $ 4,912 NREA VB II, LLC 164 16,759 100 % Yes 10,481 NREA VB III, LLC 1,308 122,783 100 % Yes 69,207 NREA VB IV, LLC 382 38,067 100 % Yes 23,610 NREA VB V, LLC 1,824 129,595 100 % Yes 105,370 NREA VB VI, LLC 271 26,789 100 % Yes 18,157 NREA VB VII, LLC 34 2,922 100 % Yes 2,907 True FM2017-1, LLC 199 19,041 100 % Yes 9,323 VB One, LLC 9,007 1,205,727 100 % No 824,387 VB Two, LLC 1,679 164,248 100 % No 110,157 VB Three, LLC 3,868 561,655 100 % No 338,387 VB Five, LLC 126 14,675 100 % Yes 5,281 VB Eight, LLC 140 19,773 100 % No — VineBrook Homes Borrower 1, LLC 2,776 398,093 100 % Yes 392,180 NexPoint Homes 2,569 761,194 81 % No 473,518 24,412 $ 3,487,431 $ 2,387,877 (2) (1) Assets held, directly or indirectly, by VB One, LLC, VB Two, LLC, VB Three, LLC, VB Eight, LLC and NexPoint Homes and its subsidiaries are not encumbered by a mortgage. Instead, the applicable lender has an equity pledge in certain assets of the respective SPEs and an equity pledge in the equity of the respective SPEs. (2)

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Real Estate Investments	The components of the Company’s real estate investments in homes were as follows (in thousands): Land Buildings and improvements (1) Intangible lease assets Real estate held for sale, net Total gross real estate Accumulated depreciation and amortization Real Estate Balances, December 31, 2022 $ 632,278 $ 3,098,258 $ 6,319 $ 3,360 $ 3,740,215 $ (171,648) Additions 467 122,276 (2) — 2,096 124,839 (127,481) (3) Transfers to held for sale (72,615) (337,834) (40) 393,019 (17,470) 17,470 Write-offs — 44 (6,265) — (6,221) 6,221 Dispositions (83) (2,333) — (266,263) (268,679) (96) Impairment — (7,656) (4) — (77,597) (85,253) — Real Estate Balances, December 31, 2023 $ 560,047 $ 2,872,755 $ 14 $ 54,615 $ 3,487,431 $ (275,534) (1) Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties. (2) Includes capitalized interest of approximately $8.5 million and other capitalizable costs outlined in (1) above of approximately $4.2 million. (3) Accumulated depreciation and amortization activity excludes approximately $0.4 million of depreciation and amortization related to assets not classified as real estate investments. (4) During the year ended December 31, 2023, there was a casualty event in the Portales market resulting in casualty impairments of $7.5 million on assets held for use which is included in the impairment activity above, partially offset by $7.4 million of insurance recoveries.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Information On Loan Agreement	The following table contains summary information regarding the ABS I Loan (other than Tranche F, which the OP acquired) as of December 31, 2023 (dollars in thousands): Tranche Principal Par Value Price Tranche Discount Net Proceeds Interest Rate Maturity Tranche A $ 178,375 $ 100.00 $ 92.63 $ 13,147 $ 165,228 4.9235 % 12/8/2028 Tranche B 38,607 100.00 90.85 3,534 35,073 4.9235 % 12/8/2028 Tranche C 30,788 100.00 89.68 3,177 27,611 4.9235 % 12/8/2028 Tranche D 43,005 100.00 85.19 6,368 36,637 4.9235 % 12/8/2028 Tranche E1 50,092 100.00 79.96 10,041 40,051 4.9235 % 12/8/2028 Tranche E2 12,217 100.00 76.68 2,849 9,368 4.9235 % 12/8/2028 Total ABS I Loan $ 353,084 $ 39,115 $ 313,969 4.9235 %
Summary of Debt	The following table contains summary information of the Company’s debt as of December 31, 2023 and December 31, 2022 (dollars in thousands): Outstanding Principal as of Type December 31, 2023 December 31, 2022 Interest Rate (1) Maturity Initial Mortgage Floating $ 234,644 $ 240,408 7.01 % 12/1/2025 Warehouse Facility Floating 824,387 1,270,000 8.01 % 11/3/2025 (2) JPM Facility Floating 338,387 320,000 8.23 % 1/31/2025 (3) Bridge Facility III Floating — 75,000 10.35 % 12/31/2023 ABS I Loan Fixed 392,180 — 4.92 % 12/8/2028 MetLife Note Fixed 110,157 124,279 3.25 % 1/31/2026 TrueLane Mortgage Fixed 9,323 10,143 5.35 % 2/1/2028 Crestcore II Note Fixed 2,670 4,651 5.12 % 7/9/2029 Crestcore IV Note Fixed 2,611 4,135 5.12 % 7/9/2029 PNC Loan I Fixed 18 — 3.59 % 2/19/2024 PNC Loan II Fixed 65 — 3.70 % 12/29/2024 PNC Loan III Fixed 177 — 3.69 % 12/15/2025 Total VineBrook reportable segment debt $ 1,914,619 $ 2,048,616 NexPoint Homes MetLife Note 1 Fixed 238,428 233,545 3.76 % 3/3/2027 NexPoint Homes MetLife Note 2 Fixed 174,590 171,209 5.44 % 8/12/2027 NexPoint Homes KeyBank Facility Floating 60,500 62,500 8.05 % 9/30/2024 SFR OP Note Payable Fixed 500 — 8.80 % 4/25/2024 SFR OP Convertible Notes (4) Fixed 102,557 100,100 7.50 % 6/30/2027 Total debt 2,491,194 2,615,970 Debt premium, net (5) 305 378 Debt discount, net (6) (39,115) — Deferred financing costs, net of accumulated amortization of $22,796 and $12,995, respectively (18,710) (15,119) 2,433,674 2,601,229 (1) Represents the interest rate as of December 31, 2023. Except for fixed rate debt, the interest rate is 30-day average SOFR, daily SOFR or one-month term SOFR, plus an applicable margin. The 30-day average SOFR as of December 31, 2023 was 5.3441%, daily SOFR as of December 31, 2023 was 5.3800% and one-month term SOFR as of December 31, 2023 was 5.3547%. (2) This is the maturity for the Warehouse Facility after extension options have been exercised. To extend the Warehouse Facility, the Company cannot be in default, must meet certain financial covenants and needs to pay a fee of 0.1% of the maximum revolving commitment at that time. The initial maturity date before extensions is November 3, 2024. (3) This is the initial maturity date for the JPM Facility. The JPM Facility has a 12-month extension option subject to approval from the lender. (4) The SFR OP Convertible Notes exclude the amounts owed to NexPoint Homes by the SFR OP, as these are eliminated in consolidation. (5) 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. (6) The Company reflected a discount on ABS I Loan which is amortized into interest expense over the remaining term of the debt.
Schedule of Aggregate Scheduled Maturities	The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2023 are as follows (in thousands): Total 2024 $ 63,868 2025 1,395,548 (1) (2) 2026 110,558 2027 515,997 2028 400,851 Thereafter 4,372 Total $ 2,491,194 (1) Assumes the Company exercises the extension options on the Warehouse Facility. The stated maturity date before extensions is November 3, 2024. (2) Includes the maturity of the JPM Facility. The JPM Facility has a 12-month extension option subject to approval from the lender.

Fair Value of Derivatives and_2

Fair Value of Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Outstanding Interest Rate Swaps Designated as Cash Flow Hedges	As of December 31, 2023, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Expiration Date Counterparty Index Notional Fixed Rate 7/1/2019 7/1/2024 KeyBank Daily SOFR (1) $ 100,000 1.6290 % 9/1/2019 12/21/2025 KeyBank Daily SOFR (1) 100,000 1.4180 % 9/1/2019 12/21/2025 KeyBank Daily SOFR (1) 50,000 1.4190 % 2/3/2020 2/1/2025 KeyBank Daily SOFR (1) 50,000 1.2790 % 3/2/2020 3/3/2025 KeyBank Daily SOFR (1) 20,000 0.9140 % 3/31/2022 11/1/2025 KeyBank Daily SOFR (2) 100,000 1.5110 % 3/31/2022 11/1/2025 KeyBank Daily SOFR (2) 100,000 1.9190 % 3/31/2022 11/1/2025 KeyBank Daily SOFR (2) 50,000 2.4410 % 6/1/2022 11/1/2025 Mizuho Daily SOFR (2) 100,000 2.6284 % 6/1/2022 11/1/2025 Mizuho Daily SOFR (2) 100,000 2.9413 % 6/1/2022 11/1/2025 Mizuho Daily SOFR (2) 100,000 2.7900 % 7/1/2022 11/1/2025 Mizuho Daily SOFR (2) 100,000 2.6860 % 4/3/2023 11/1/2025 Mizuho Daily SOFR (2) 250,000 3.5993 % $ 1,220,000 2.3994 % (3) (1) These interest rate swaps previously referenced one-month LIBOR, which ceased publication on June 30, 2023. Beginning July 1, 2023, these interest rate swaps transitioned to daily SOFR plus 0.1145% for the floating rate. As of December 31, 2023, daily SOFR was 5.3800%. (2) As of December 31, 2023, daily SOFR was 5.3800%. (3) Represents the weighted average fixed rate of the interest rate swaps which have a combined weighted average fixed rate of 2.3994%.
Schedule of Derivatives Not Designated as Hedging Instruments	As of December 31, 2023, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): Derivative Notional Hedged Floating Rate Debt Index Index as of December 31, 2023 Strike Rate Interest Rate Cap $ 300,000 Warehouse Facility One-Month Term SOFR 5.3547 % 1.50 %
Schedule of Derivative Financial Instruments Classification	The table below presents the fair value of the Company’s derivative financial instruments, which are presented on the consolidated balance sheets as of December 31, 2023 and December 31, 2022 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Derivatives designated as hedging instruments: Interest rate swaps Interest rate derivatives, at fair value $ 34,194 $ 49,244 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Interest rate derivatives, at fair value 14,222 21,569 — — Total $ 48,416 $ 70,813 $ — $ — The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands): For the Year Ended December 31, Location of gain/(loss) recognized on Statement of Operations and Comprehensive Income/(Loss) 2023 2022 2021 Derivatives designated as hedging instruments: Interest rate swaps Unrealized gain/(loss) on interest rate hedges $ (15,050) $ 52,833 $ 11,863 Derivatives not designated as hedging instruments: Interest rate caps Interest expense (7,319) 8,881 — Total $ (22,369) $ 61,714 $ 11,863
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The table below presents the carrying value (outstanding principal balance) and estimated fair value of our debt at December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt $ 2,491,194 $ 2,365,209 $ 2,615,970 $ 2,515,475
Schedule of Disclosure of Long-Lived Assets Held-for-sale	The following table sets forth a summary of the Company’s held for sale assets and real estate assets that underwent a casualty related impairment that were accounted for at fair value on a nonrecurring basis as of their respective measurement date (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Assets held at December 31, 2023 Real estate assets - impaired at March 31, 2023 $ 125 $ — $ — $ 125 Real estate assets - impaired at June 30, 2023 $ 1,093 $ — $ — $ 1,093 (1) Real estate assets - impaired at September 30, 2023 $ 21,715 $ — $ — $ 21,715 Real estate assets - impaired at December 31, 2023 $ 35,997 $ — $ — $ 36,997 (1) Real Estate assets impaired at June 30, 2023 include $38.1 million of assets impaired related to a casualty event in the Portales market which are included in operating real estate. Total casualty impairment for these properties was $7.5 million, partially offset by $7.4 million of insurance recoveries, which are recorded in loss on sales and impairment of real estate for the year ended December 31, 2023.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Number of RSUs Outstanding	As of December 31, 2023, the number of RSUs granted that are outstanding was as follows (dollars in thousands): Dates Number of RSUs Value (1) Outstanding December 31, 2021 377,704 $ 12,405 Granted 185,111 10,022 Vested (72,453) (2) (2,404) Forfeited (2,036) (80) Outstanding December 31, 2022 488,326 $ 19,943 Granted 186,770 11,774 Vested (92,564) (2) (3,681) Forfeited (12,800) (569) Outstanding December 31, 2023 569,732 $ 27,467 (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 $63.04 for the April 11, 2023 grant, $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 72,525 shares of Common Stock being issued for the year ended December 31, 2023 and 63,645 shares of Common Stock being issued for the year ended December 31, 2022, as shown on the consolidated statements of stockholders' equity.
Schedule of Outstanding RSUs	The vesting schedule for the outstanding RSUs is as follows: Vest Date RSUs Vesting February 15, 2024 21,729 February 17, 2024 21,442 April 11, 2024 29,960 May 11, 2024 20,318 February 14, 2025 21,729 February 17, 2025 21,442 April 11, 2025 22,029 February 17, 2026 21,442 April 11, 2026 22,029 April 11, 2027 22,029 Upon successful completion of IPO 345,583 569,732
Schedule of Nonvested Performance-Based Units Activity	As of December 31, 2023, the number of performance shares earned was as follows (dollars in thousands): Dates Number of performance shares Value (1) Outstanding December 31, 2022 — $ — Earned 23,794 1,433 Vested — — Forfeited — — Outstanding December 31, 2023 23,794 $ 1,433 (1) Value is based on the number of performance shares granted multiplied by the most recent NAV per share on the date the share is earned, which was $60.23 for the shares earned on December 31, 2023.
Schedule of Outstanding Performance Shares	The vesting schedule for the outstanding performance shares is as follows: Vest Date Performance shares Vesting January 1, 2025 5,949 January 1, 2026 5,948 January 1, 2027 5,949 January 1, 2028 5,948 23,794

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table presents the redeemable noncontrolling interests in the OP (in thousands): Balances Redeemable noncontrolling interests in the OP, December 31, 2022 $ 240,647 Net loss attributable to redeemable noncontrolling interests in the OP (42,025) Contributions by redeemable noncontrolling interests in the OP 25,582 Distributions to redeemable noncontrolling interests in the OP (7,577) Redemptions by redeemable noncontrolling interests in the OP — Equity-based compensation 8,742 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (2,259) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 28,393 Redeemable noncontrolling interests in the OP, December 31, 2023 $ 251,503 The following table presents the redeemable noncontrolling interests in consolidated VIEs (in thousands): Balances Redeemable noncontrolling interests in consolidated VIEs, December 31, 2022 $ 112,972 Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (22,694) Contributions by redeemable noncontrolling interests in consolidated VIEs 3,244 Distributions to redeemable noncontrolling interests in consolidated VIEs (3,846) Adjustment to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs 15,342 Redeemable noncontrolling interests in consolidated VIEs, December 31, 2023 $ 105,018
Schedule of Share-based Payment Arrangement, Activity	As of December 31, 2023, the number of PI Units granted that are outstanding and unvested was as follows (dollars in thousands): Dates Number of PI Units Value (1) Outstanding December 31, 2021 498,590 $ 16,965 Granted 27,849 1,719 Vested (84,404) (1,964) Forfeited (11,933) (434) Outstanding December 31, 2022 430,102 $ 16,286 Granted 555,192 34,328 Vested (90,292) (3,096) Forfeited (1,269) (80) Outstanding December 31, 2023 893,733 $ 47,438 (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, $38.29 for the May 31, 2021 grant, $61.74 for the August 10, 2022 grant, $63.04 for the February 22, 2023 grant and $61.63 for the August 3, 2023 grant.
Schedule of Vesting Schedule for the PI Units	The vesting schedule for the PI Units is as follows: Vest Date PI Units Vesting February 22, 2024 15,544 March 30, 2024 29,831 April 25, 2024 5,171 May 11, 2024 27,478 May 27, 2024 398 November 30, 2024 1,470 February 22, 2025 15,544 March 30, 2025 29,831 April 25, 2025 5,171 May 27, 2025 398 February 22, 2026 15,544 February 28, 2026 475,888 April 25, 2026 5,171 May 27, 2026 398 February 22, 2027 15,544 April 25, 2027 5,171 May 27, 2027 398 February 22, 2028 15,544 Upon successful completion of IPO or change in control* 229,239 893,733 *Upon successful completion of an IPO, or an earlier change in control with respect to awards held by certain key executives, an additional 229,239 PI Units will vest immediately instead of vesting ratably according to the schedule above on each of November 30, 2023 and November 30, 2024.
Schedule of Consolidated Common Stock and OP Units Outstanding	The table below presents the consolidated Common Stock and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units held by the Company are eliminated in consolidation. Year End Common Stock Shares Outstanding OP Units Held by NCI Consolidated Common Stock Shares and NCI OP Units Outstanding December 31, 2021 21,814,248 3,626,936 25,441,184 December 31, 2022 24,615,364 3,817,375 28,432,739 December 31, 2023 25,006,237 4,266,382 29,272,619
Schedule of Noncontrolling Interest	The following table presents the noncontrolling interests in consolidated VIEs (in thousands): Balances Noncontrolling interests in consolidated VIEs, December 31, 2022 $ 6,906 Net loss attributable to noncontrolling interests in consolidated VIEs (3,296) Contributions by noncontrolling interests in consolidated VIEs 8,676 Distributions to noncontrolling interests in consolidated VIEs (540) Redemptions by noncontrolling interests in consolidated VIEs (4) Noncontrolling interests in consolidated VIEs, December 31, 2023 $ 11,742

Redeemable Series A Preferred_2

Redeemable Series A Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2023
Dividends, Preferred Stock [Abstract]
Schedule of Redeemable Series A Preferred Stock	The following table presents the redeemable Series A preferred stock (dollars in thousands): Series A Preferred Stock shares Balances Redeemable Series A preferred stock, December 31, 2022 5,000,000 $ 121,662 Issuance of Redeemable Series A preferred stock — — Issuance costs related to Redeemable Series A preferred stock — (140) Net income attributable to Redeemable Series A preferred stockholders — 8,125 Dividends declared to Redeemable Series A preferred stockholders — (8,125) Accretion to redemption value — 703 Redeemable Series A preferred stock, December 31, 2023 5,000,000 $ 122,225

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table is a summary of fees that the OP incurred to the Manager and its affiliates, as well as reimbursements paid to the Manager and its affiliates for various operating expenses the Manager paid on the OP’s behalf, under the terms of Management Agreements and Side Letter, for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): For the Year Ended December 31, Location on Financial Statements 2023 (1) 2022 2021 Fees Incurred Property management fees Statement of Operations $ 10,326 $ 13,196 $ 7,115 Acquisition fees Balance Sheet 4 10,391 9,216 Construction supervision fees Balance Sheet 7,590 17,907 6,739 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations 23,339 27,772 15,462 Other reimbursements Balance Sheet and Statement of Operations 1,600 1,817 855 Totals $ 42,859 $ 71,083 $ 39,387 (1) Following the Internalization of the Manager on August 3, 2023, the Manager became a consolidated entity and as such activity following that date is excluded from the table above.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following presents select operational results for the reportable segments (in thousands): For the Year Ended December 31, 2023 2022 2021 Revenues Expenses Net loss Revenues Expenses Net loss Revenues Expenses Net income VineBrook $ 303,774 $ 415,067 $ (227,563) $ 246,936 $ 275,333 $ (31,223) $ 156,941 $ 156,882 $ 61 NexPoint Homes 47,334 87,783 (52,584) 22,395 41,033 (18,439) — — — Total Company $ 351,108 $ 502,850 $ (280,147) $ 269,331 $ 316,366 $ (49,662) $ 156,941 $ 156,882 $ 61 The following presents select balance sheet data for the reportable segments (in thousands): As of December 31, 2023 As of December 31, 2022 VineBrook NexPoint Homes Total Company VineBrook NexPoint Homes Total Company Assets Gross operating real estate investments $ 2,671,621 $ 761,195 $ 3,432,816 $ 2,985,314 $ 751,541 $ 3,736,855 Accumulated depreciation and amortization (233,694) (41,840) (275,534) (155,957) (15,691) (171,648) Net operating real estate investments 2,437,927 719,355 3,157,282 2,829,357 735,850 3,565,207 Real estate held for sale, net 54,615 — 54,615 3,360 — 3,360 Net real estate investments 2,492,542 719,355 3,211,897 2,832,717 735,850 3,568,567 Other assets 211,512 29,931 241,443 218,535 48,285 266,820 Total assets $ 2,704,054 $ 749,286 $ 3,453,340 $ 3,051,252 $ 784,135.00 $ 3,835,387 Liabilities Debt payable, net $ 1,858,946 $ 574,728 $ 2,433,674 $ 2,035,991 $ 565,238.00 $ 2,601,229 Other liabilities 115,330 29,377 144,707 113,819 16,824 130,643 Total liabilities $ 1,974,276 $ 604,105 $ 2,578,381 $ 2,149,810 $ 582,062.00 $ 2,731,872

Internalization of the Manager

Internalization of the Manager (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as a part of the Internalization of the Manager as of the date of the acquisition (in thousands). The fair values of the assets acquired and liabilities assumed, which are presented in the table below, and the related acquisition accounting are based on management's estimates and assumptions, as well as information compiled by management. Our estimates and assumptions are subject to change during the measurement period, not to exceed on year from August 3, 2023. Cash $ 2,632 Restricted cash 98 Other assets 8,041 Intangible assets 3,500 Goodwill 20,522 Accounts payable and other liabilities (12,508) Fair value of acquired net assets $ 22,285 (1) (1) In addition to the Internalization Fee of $21.9 million, approximately $0.4 million of closing adjustments were included in the purchase price allocation.

Organization and Description _2

Organization and Description of Business (Narrative 1) (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	May 01, 2019 USD ($)	Nov. 01, 2018 USD ($) property $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Jun. 30, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Internalization costs | $			$ 1,099	$ 0	$ 0
Common stock, par value per share (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Initial Mortgage | KeyBank N.A | Federal Home Loan Mortgage Corporation (Freddie Mac) Mortgage Loan
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Loans payable to bank | $		$ 241,400
Formation Transaction
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties | property		4,129
Business combination, consideration transferred | $		$ 330,200
Internalization costs | $		6,000
NexPoint Real Estate Opportunities, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Proceeds from partnership contribution | $		70,700
VineBrook Contributors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Proceeds from issuance or sale of equity | $		$ 8,600
Common Class A
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
General partners' capital account, units outstanding (in shares)			20,300,927
Common stock, shares subscribed but unissued (in shares)		1,097,367
Common stock, par value per share (in dollars per share) | $ / shares		$ 0.01
Proceeds from issuance of Class A common stock | $		$ 27,400	$ 0	$ 173,607	$ 501,694
Common Class C | VineBrook Homes OP GP, LLC | NexPoint Real Estate Strategies Fund
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			0.40%
Limited partners' capital account, units outstanding (in shares)			92,206
Common Class C | VineBrook Homes OP GP, LLC | GAF REIT, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			0.60%
Limited partners' capital account, units outstanding (in shares)			145,510
Common Class C | VineBrook Homes OP GP, LLC | VineBrook Contributors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			5.20%
Limited partners' capital account, units outstanding (in shares)			1,265,525
VineBrook Homes OP GP, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
General partners' capital account, units outstanding (in shares)			24,567,309
VineBrook Homes OP GP, LLC | Common Class A
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
General partners' capital account, units outstanding (in shares)			20,300,927
Partners' capital account, unit voting percentage			50%			50%
VineBrook Homes OP GP, LLC | Common Class A | VineBrook Contributors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Increase (decrease) in partners' capital | $	$ 1,400
VineBrook Homes OP GP, LLC | Common Class A | VineBrook Homes Trust, Inc
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			82.60%
VineBrook Homes OP GP, LLC | Common Class B
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Partners' capital account, unit voting percentage			50%			50%
VineBrook Homes OP GP, LLC | Common Class B | NexPoint Real Estate Opportunities, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partners' capital account, units outstanding (in shares)			2,763,141
VineBrook Homes OP GP, LLC | Common Class B | NexPoint Real Estate Opportunities, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			11.20%
VineBrook Homes OP GP, LLC | Common Class C | NexPoint Real Estate Strategies Fund
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partners' capital account, units outstanding (in shares)			92,206
VineBrook Homes OP GP, LLC | Common Class C | VineBrook Contributors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partners' capital account, units outstanding (in shares)			1,265,525

Organization and Description _3

Organization and Description of Business (Narrative 2) (Details) $ / shares in Units, $ in Billions		12 Months Ended
	May 04, 2020	Dec. 31, 2023 home state property shares	Jul. 11, 2023 shares	Dec. 31, 2022 home	Aug. 28, 2018 USD ($) $ / shares shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of states in which entity operates | state		20
Vinebrook Portfolio
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of indirectly owned real estate properties | property		21,843
Number of indirectly owned real estate properties, state | state		18
NexPoint Homes Portfolio
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of indirectly owned real estate properties | property		2,569
Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		24,412
Single Family | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		24,412		27,211
Single Family | VineBrook | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		21,843		24,657
Single Family | VineBrook | Discontinued Operations, Disposed of by Sale
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		3,041
Single Family | VineBrook | Discontinued Operations, Disposed of by Sale | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		2,821
Single Family | NexPoint Homes | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		2,569		2,554
Single Family | NexPoint Homes | Discontinued Operations, Disposed of by Sale | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		4
Single Family | Acquisition of Additional Homes | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		2,573
Single Family | Acquisition of Additional Homes | VineBrook
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		20,750
Single Family | Acquisition of Additional Homes | VineBrook | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		2
Single Family | Acquisition of Additional Homes | NexPoint Homes | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		19
The 2018 Long-Term Incentive Plan
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, capital shares reserved for future issuance (in shares) | shares		426,307
Yearly increase in number of shares authorized, percentage of outstanding common stock		10%
Percentage of outstanding stock maximum		10%
The 2023 Long-Term Incentive Plan
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, capital shares reserved for future issuance (in shares) | shares			1,000,000
Yearly increase in number of shares authorized, percentage of outstanding common stock			10%
Private Placement
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity offering, maximum number of shares (in shares) | shares					40,000,000
Equity offering, maximum value | $					$ 1
Shares issued, price per share (in dollars per share) | $ / shares					$ 25
NexPoint Real Estate Advisors V, L.P.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Advisory agreement, renewal term (in years)	1 year
VineBrook Homes, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Management agreement, term (in years)		3 years
Management agreement, renewal term (in years)		1 year

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment
Real Estate Properties [Line Items]
General and administrative expenses	$ 53,208,000	$ 29,012,000	$ 13,634,000
Impairment of real estate	72,300,000	700,000	0
Other impairment charges	0	0	0
Variable lease payments	$ 13,500,000	$ 10,700,000	$ 6,500,000
Number of reportable segments | segment	2	2	1
Cincinnati | Gross Book Value of Portfolio Benchmark | Geographic Concentration Risk
Real Estate Properties [Line Items]
Concentration risk, percentage	10%
Series A Preferred Stock
Real Estate Properties [Line Items]
Preferred stock, dividend rate, percentage	6.50%
Intangible lease assets
Real Estate Properties [Line Items]
Finite-lived intangible assets, gross	$ 100,000	$ 6,300,000
Finite-lived intangible assets, accumulated amortization		5,100,000
Amortization	1,900,000	9,400,000	$ 6,300,000
Revision of Prior Period, Reclassification, Adjustment
Real Estate Properties [Line Items]
Amounts reclassified to accounts payable and other accrued liabilities	$ 1,400,000
Previously Reported
Real Estate Properties [Line Items]
General and administrative expenses		11,500,000	7,300,000
Property general and administrative expenses		$ 17,600,000	$ 6,400,000
NexPoint Homes
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	99%
VineBrook | NexPoint Homes
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	81%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Life of Real Estate (Details)	Dec. 31, 2023
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	27 years 6 months
Improvements and other assets | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years 6 months
Improvements and other assets | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Acquired improvements and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	1 year
Acquired improvements and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	8 years
Intangible lease assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	6 months

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Acquired Finite-Lived Intangible Assets by Major Class (Details)	12 Months Ended
	Dec. 31, 2023
Developed technology
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	5 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash	$ 27,917	$ 76,751	$ 54,104
Restricted cash	57,703	37,998	20,893
Total cash and restricted cash	$ 85,620	$ 114,749	$ 74,997

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator for loss per share:
Net (loss)/income	$ (280,147)	$ (49,662)	$ 61
Less:
Dividends on and accretion to redemption value of Redeemable Series A preferred stock	8,828	8,891	8,837
Net loss attributable to stockholders	$ (220,960)	$ (38,833)	$ (8,632)
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic (in shares)	24,712	24,599	15,366
Weighted average unvested RSUs, PI Units, and OP Units (in shares)	0	0	0
Weighted average common shares outstanding - diluted (in shares)	24,712	24,599	15,366
Earnings (loss) per weighted average common share:
Basic (in dollars per share)	$ (8.94)	$ (1.58)	$ (0.56)
Diluted (in dollars per share)	$ (8.94)	$ (1.58)	$ (0.56)
Antidilutive securities excluded from computation of earnings per share (in shares)	5,004	4,353	4,067
VineBrook
Less:
Net loss attributable to redeemable noncontrolling interests	$ (42,025)	$ (7,489)	$ (144)
Variable Interest Entity, Primary Beneficiary
Less:
Net loss attributable to redeemable noncontrolling interests	(22,694)	(11,695)	0
Net loss attributable to noncontrolling interests in consolidated VIEs	$ (3,296)	$ (536)	$ 0

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details) - Consolidated Properties - home	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Number of real estate properties	24,412
Single Family
Real Estate Properties [Line Items]
Number of real estate properties	24,412	27,211
Single Family | VineBrook
Real Estate Properties [Line Items]
Number of real estate properties	21,843	24,657
Single Family | NexPoint Homes
Real Estate Properties [Line Items]
Number of real estate properties	2,569	2,554

Investments in Subsidiaries - S

Investments in Subsidiaries - Subsidiaries (Details) $ in Thousands	Dec. 31, 2023 USD ($) home
NexPoint Homes | SFR OP Convertible Notes and SFR OP Note Payable - Uncollateralized
Real Estate Properties [Line Items]
Unsecured debt	$ 103,100
Subsidiaries
Real Estate Properties [Line Items]
Debt allocated	$ 2,387,877
Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties | home	24,412
Real estate investment property, at cost	$ 3,487,431
NREA VB I, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	65
Real estate investment property, at cost	$ 6,110
Debt allocated	$ 4,912
NREA VB I, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
NREA VB II, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	164
Real estate investment property, at cost	$ 16,759
Debt allocated	$ 10,481
NREA VB II, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
NREA VB III, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	1,308
Real estate investment property, at cost	$ 122,783
Debt allocated	$ 69,207
NREA VB III, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
NREA VB IV, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	382
Real estate investment property, at cost	$ 38,067
Debt allocated	$ 23,610
NREA VB IV, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
NREA VB V, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	1,824
Real estate investment property, at cost	$ 129,595
Debt allocated	$ 105,370
NREA VB V, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
NREA VB VI, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	271
Real estate investment property, at cost	$ 26,789
Debt allocated	$ 18,157
NREA VB VI, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
NREA VB VII, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	34
Real estate investment property, at cost	$ 2,922
Debt allocated	$ 2,907
NREA VB VII, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
True FM2017-1, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	199
Real estate investment property, at cost	$ 19,041
Debt allocated	$ 9,323
True FM2017-1, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
VB One, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	9,007
Real estate investment property, at cost	$ 1,205,727
Debt allocated	$ 824,387
VB One, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
VB Two, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	1,679
Real estate investment property, at cost	$ 164,248
Debt allocated	$ 110,157
VB Two, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
VB Three, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	3,868
Real estate investment property, at cost	$ 561,655
Debt allocated	$ 338,387
VB Three, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
VB Five, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	126
Real estate investment property, at cost	$ 14,675
Debt allocated	$ 5,281
VB Five, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
VB Eight, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	140
Real estate investment property, at cost	$ 19,773
Debt allocated	$ 0
VB Eight, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
VineBrook Homes Borrower 1, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	2,776
Real estate investment property, at cost	$ 398,093
Debt allocated	$ 392,180
VineBrook Homes Borrower 1, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
NexPoint Homes
Real Estate Properties [Line Items]
Number of real estate properties | home	2,569
Real estate investment property, at cost	$ 761,194
Noncontrolling interest, ownership percentage by parent	99%
Debt allocated	$ 473,518
NexPoint Homes | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	81%

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) home property	Dec. 31, 2022 USD ($) home	Dec. 31, 2021 USD ($)	Jan. 17, 2023 USD ($)	Aug. 03, 2022 home
Real Estate Properties [Line Items]
Depreciation | $	$ 126,100	$ 90,600	$ 42,300
Asset acquisition prepaid deposit forfeited upon termination of agreement | $	41,000
Impairment of real estate held for sale | $	75,700
Casualty related impairment of real estate | $	3,400
Real estate held for sale, net | $	$ 54,615	3,360
Disposal Group, Held-for-Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of real estate properties | property	595
Tusk Portfolio
Real Estate Properties [Line Items]
Number of real estate properties					1,610
Asset acquisition prepaid deposit forfeited upon termination of agreement | $				$ 23,300
Siete Portfolio
Real Estate Properties [Line Items]
Number of real estate properties					1,289
Asset acquisition prepaid deposit forfeited upon termination of agreement | $				$ 17,700
VineBrook
Real Estate Properties [Line Items]
Real estate held for sale, net | $	$ 54,615	3,360
NexPoint Homes
Real Estate Properties [Line Items]
Real estate held for sale, net | $	$ 0	$ 0
Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	24,412
Single Family | VineBrook | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties	3,041
Single Family | VineBrook | Acquisition of Additional Homes
Real Estate Properties [Line Items]
Number of real estate properties	20,750
Single Family | Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	24,412	27,211
Single Family | Consolidated Properties | Acquisition of Additional Homes
Real Estate Properties [Line Items]
Number of real estate properties	2,573
Single Family | Consolidated Properties | VineBrook
Real Estate Properties [Line Items]
Number of real estate properties	21,843	24,657
Single Family | Consolidated Properties | VineBrook | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties	2,821
Single Family | Consolidated Properties | VineBrook | Acquisition of Additional Homes
Real Estate Properties [Line Items]
Number of real estate properties	2
Single Family | Consolidated Properties | NexPoint Homes
Real Estate Properties [Line Items]
Number of real estate properties	2,569	2,554
Single Family | Consolidated Properties | NexPoint Homes | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties	4
Single Family | Consolidated Properties | NexPoint Homes | Acquisition of Additional Homes
Real Estate Properties [Line Items]
Number of real estate properties	19

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	$ 3,740,215
Additions	124,839
Transfers to held for sale	(17,470)
Write-offs	(6,221)
Dispositions	(268,679)
Impairment	(85,253)
Gross real estate, ending balance	3,487,431
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation and amortization, beginning balance	(171,648)
Additions	(127,481)
Transfers to held for sale	17,470
Write-offs	6,221
Dispositions	(96)
Impairment	0
Accumulated depreciation and amortization, ending balance	(275,534)
Interest costs capitalized	8,500
Other capitalized costs	4,200
Other depreciation and amortization	400
Portales
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Total casualty impairment	7,500
Insurance recoveries	7,400
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	632,278
Additions	467
Transfers to held for sale	(72,615)
Write-offs	0
Dispositions	(83)
Impairment	0
Gross real estate, ending balance	560,047
Building and improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	3,098,258
Additions	122,276
Transfers to held for sale	(337,834)
Write-offs	44
Dispositions	(2,333)
Impairment	(7,656)
Gross real estate, ending balance	2,872,755
Intangible lease assets
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	6,319
Additions	0
Transfers to held for sale	(40)
Write-offs	(6,265)
Dispositions	0
Impairment	0
Gross real estate, ending balance	14
Real estate held for sale, net
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	3,360
Additions	2,096
Transfers to held for sale	393,019
Write-offs	0
Dispositions	(266,263)
Impairment	(77,597)
Gross real estate, ending balance	$ 54,615

NexPoint Homes Investment (Deta

NexPoint Homes Investment (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 08, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023	Nov. 01, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Payments to acquire interest in subsidiaries and affiliates		$ 0	$ 47,022	$ 0
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Debt		$ 2,491,194	$ 2,615,970
NexPoint Homes | NexPoint Homes MetLife Note 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt		$ 238,400
NexPoint Homes | NexPoint Homes MetLife Note 1 | Collateralized by Stabilized Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt instrument, interest rate, stated percentage	3.72%
NexPoint Homes | NexPoint Homes MetLife Note 1 | Collateralized by Non-stabilized Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt instrument, interest rate, stated percentage	4.47%
Common Class A
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Common stock, par value per share (in dollars per share)						$ 0.01
General partners' capital account, units outstanding (in shares)		20,300,927
NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.01
Shares issued, price per share (in dollars per share)	$ 25
NexPoint Homes | VineBrook
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Proceeds from issuance of long-term debt	$ 50,000
Debt instrument, face amount	$ 50,000	$ 19,500
Debt instrument, interest rate, stated percentage	7.50%
Convertible debt		$ 30,500
VineBrook Homes OP GP, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
General partners' capital account, units outstanding (in shares)		24,567,309
VineBrook Homes OP GP, LLC | Common Class A
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
General partners' capital account, units outstanding (in shares)		20,300,927
Partners' capital account, unit voting percentage		50%			50%
VineBrook Homes OP GP, LLC | Common Class B
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Partners' capital account, unit voting percentage		50%			50%
NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Noncontrolling interest, ownership percentage by parent		99%
NexPoint Homes | VineBrook
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Noncontrolling interest, ownership percentage by parent		81%
NexPoint Homes | VineBrook
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Payments to acquire interest in subsidiaries and affiliates	$ 50,000
NexPoint Homes | VineBrook | Common Class A
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Investment owned (in shares)	2,000,000
NexPoint SFR Operating Partnership, L.P. | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Payments to acquire interest in subsidiaries and affiliates	$ 50,000
General partners' capital account, units outstanding (in shares)	2,000,000
The Ensign Notes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Equity method investments			$ 100,800

Investments, at Fair Value (Det

Investments, at Fair Value (Details) - USD ($)		12 Months Ended
	Nov. 22, 2021	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments, at fair value		$ 2,500,000	$ 2,500,000
Vesta Ventures Fund I, LP
Schedule of Investments [Line Items]
Investments, at fair value	$ 2,500,000
Investments, at fair value, term (in years)	7 years
Unrealized gain (loss) on investments		$ 0

Debt - Narrative 1 (Details)

Debt - Narrative 1 (Details)				12 Months Ended
	Dec. 06, 2023 USD ($)	Mar. 10, 2022	Mar. 01, 2021 USD ($)	Dec. 31, 2023 USD ($) home	Dec. 21, 2023 USD ($)	Jan. 31, 2023 USD ($)
JPM Facility | JP Morgan | VB Three, LLC
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 500,000,000		$ 21,400,000	$ 350,000,000
Line of credit facility, remaining borrowing capacity				$ 11,600,000
JPM Facility | JP Morgan | VB Three, LLC | London Interbank Offered Rate (LIBOR)1
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.75%
JPM Facility | JP Morgan | VB Three, LLC | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.85%
ABS I Loan Agreement
Debt Instrument [Line Items]
Debt instrument, face amount				353,084,000
Proceeds from issuance of debt				$ 313,969,000
Debt instrument, number of collateral property | home				2,776
Debt instrument, interest rate, stated percentage				11.37%
Debt instrument, interest rate				4.9235%
ABS I Loan Agreement | VineBrook Homes Depositor A, LLC | Class F Certificates
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 39,100,000
Proceeds from issuance of debt	300,600,000
ABS I Loan Agreement | ABS I Borrower | Class F Certificates
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 314,000,000
ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 392,200,000
ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class A Certificates
Debt Instrument [Line Items]
Debt instrument, face amount	178,400,000
ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class B Certificates
Debt Instrument [Line Items]
Debt instrument, face amount	38,600,000
ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class c Certificates
Debt Instrument [Line Items]
Debt instrument, face amount	30,800,000
ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class D Certificates
Debt Instrument [Line Items]
Debt instrument, face amount	43,000,000
ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class E Certificates
Debt Instrument [Line Items]
Debt instrument, face amount	50,100,000
ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class E2 Certificates
Debt Instrument [Line Items]
Debt instrument, face amount	$ 12,200,000

Debt - Summary of Information O

Debt - Summary of Information On Loan Agreement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Tranche Discount	$ 39,115,000	$ 0
ABS I Loan Agreement
Debt Instrument [Line Items]
Principal	353,084,000
Tranche Discount	39,115,000
Net Proceeds	$ 313,969,000
Interest rate (as a percent)	4.9235%
ABS I Loan Agreement | Tranche A
Debt Instrument [Line Items]
Principal	$ 178,375,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 92.63
Tranche Discount	$ 13,147,000
Net Proceeds	$ 165,228,000
Interest rate (as a percent)	4.9235%
ABS I Loan Agreement | Tranche B
Debt Instrument [Line Items]
Principal	$ 38,607,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 90.85
Tranche Discount	$ 3,534,000
Net Proceeds	$ 35,073,000
Interest rate (as a percent)	4.9235%
ABS I Loan Agreement | Tranche C
Debt Instrument [Line Items]
Principal	$ 30,788,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 89.68
Tranche Discount	$ 3,177,000
Net Proceeds	$ 27,611,000
Interest rate (as a percent)	4.9235%
ABS I Loan Agreement | Tranche D
Debt Instrument [Line Items]
Principal	$ 43,005,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 85.19
Tranche Discount	$ 6,368,000
Net Proceeds	$ 36,637,000
Interest rate (as a percent)	4.9235%
ABS I Loan Agreement | Tranche E1
Debt Instrument [Line Items]
Principal	$ 50,092,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 79.96
Tranche Discount	$ 10,041,000
Net Proceeds	$ 40,051,000
Interest rate (as a percent)	4.9235%
ABS I Loan Agreement | Tranche E2
Debt Instrument [Line Items]
Principal	$ 12,217,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 76.68
Tranche Discount	$ 2,849,000
Net Proceeds	$ 9,368,000
Interest rate (as a percent)	4.9235%

Debt - Narrative 2 (Details)

Debt - Narrative 2 (Details) $ in Thousands						12 Months Ended
	Dec. 21, 2023 USD ($)	Jul. 31, 2023 USD ($) extension	Jul. 30, 2023	Jul. 01, 2023	Aug. 12, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 25, 2023	Dec. 30, 2022 USD ($)
Debt Instrument [Line Items]
Write off of deferred debt issuance cost						$ 1,000	$ 3,500	$ 0
Debt						2,491,194	2,615,970
Debt payable, net						2,433,674	2,601,229
Credit facilities, net						$ 1,156,704	$ 1,580,108
Interest Rate Swap and Cap
Debt Instrument [Line Items]
Debt, weighted average interest rate						2.2219%
Derivative, notional amount						$ 1,500,000
Debt, Without Effect of Derivative Financial Instruments
Debt Instrument [Line Items]
Debt, weighted average interest rate						6.6245%	6.0684%
Debt, Including Effect of Derivative Financial Instruments
Debt Instrument [Line Items]
Debt, weighted average interest rate						4.686%	4.9101%
Promisary Note | NexPoint Diversified Real Estate Trust Operating Partnership, L.P
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage									8.80%
New York Fed 30-Day Average SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.1145%
VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt						$ 1,914,619	$ 2,048,616
NexPoint Homes
Debt Instrument [Line Items]
Debt						576,600
Debt payable, net						574,728	565,238
NexPoint Homes | Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt payable, net						576,600
Metropolitan Life Insurance Company
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 200,000
Debt instrument, interest rate, stated percentage					5.44%
Credit facilities, net						174,600
Warehouse Facility | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt		$ 850,000				$ 824,387	1,270,000
Debt instrument, interest rate						8.01%
PNC Loan I | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt						$ 18	0
Debt instrument, interest rate						3.59%
PNC Loan II | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt						$ 65	0
Debt instrument, interest rate						3.70%
PNC Loan III | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt						$ 177	0
Debt instrument, interest rate						3.69%
SFR OP Note Payable | Promisary Note
Debt Instrument [Line Items]
Debt						$ 500	0
Debt instrument, interest rate						8.80%
Bridge Facility III | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt						$ 0	75,000
Debt instrument, interest rate						10.35%
Bridge Facility III | Raymond James Bank
Debt Instrument [Line Items]
Write off of deferred debt issuance cost	$ 500
Line of Credit | Warehouse Facility | KeyBank N.A | VB One, LLC
Debt Instrument [Line Items]
Debt instrument, extension term		6 months	12 months
Debt instrument, number of extensions | extension		2
Revolving Credit Facility | NexPoint Homes MetLife Note 1
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 75,000		$ 85,000			$ 10,000
Credit facilities, net						$ 60,500
Revolving Credit Facility | NexPoint Homes MetLife Note 1 | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.85%
Revolving Credit Facility | NexPoint Homes MetLife Note 1 | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.70%

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jul. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt	$ 2,491,194		$ 2,615,970
Debt premium, net	305		378
Debt discount, net	(39,115)		0
Accumulated amortization, debt issuance costs	22,796		12,995
Debt financing costs, net	(18,710)		(15,119)
Debt payable, net	$ 2,433,674		2,601,229
LIBOR rate	5.3441%
Daily SOFR rate	5.38%
Term SOFR rate	5.3547%
VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 1,914,619		2,048,616
Initial Mortgage | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 234,644		240,408
Debt instrument, interest rate	7.01%
Warehouse Facility
Debt Instrument [Line Items]
Commitment fee (as a percent)	0.10%
Warehouse Facility | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 824,387	$ 850,000	1,270,000
Debt instrument, interest rate	8.01%
JPM Facility | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 338,387		320,000
Debt instrument, interest rate	8.23%
Bridge Facility III | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 0		75,000
Debt instrument, interest rate	10.35%
ABS I Loan | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 392,180		0
Debt instrument, interest rate	4.92%
MetLife Note | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 110,157		124,279
Debt instrument, interest rate	3.25%
TrueLane Mortgage | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 9,323		10,143
Debt instrument, interest rate	5.35%
Crestcore II Note | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 2,670		4,651
Debt instrument, interest rate	5.12%
Crestcore IV Note | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 2,611		4,135
Debt instrument, interest rate	5.12%
PNC Loan I | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 18		0
Debt instrument, interest rate	3.59%
PNC Loan II | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 65		0
Debt instrument, interest rate	3.70%
PNC Loan III | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 177		0
Debt instrument, interest rate	3.69%
NexPoint Homes MetLife Note 1 | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 238,428		233,545
Debt instrument, interest rate	3.76%
NexPoint Homes MetLife Note 2
Debt Instrument [Line Items]
Debt	$ 174,590		171,209
NexPoint Homes MetLife Note 2 | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt instrument, interest rate	5.44%
NexPoint Homes KeyBank Facility
Debt Instrument [Line Items]
Debt	$ 60,500		62,500
Debt instrument, interest rate	8.05%
SFR OP Note Payable | Promisary Note
Debt Instrument [Line Items]
Debt	$ 500		0
Debt instrument, interest rate	8.80%
SFR OP Convertible Notes
Debt Instrument [Line Items]
Debt	$ 102,557		$ 100,100
Debt instrument, interest rate	7.50%

Debt - Aggregate Scheduled Matu

Debt - Aggregate Scheduled Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 63,868
2025	1,395,548
2026	110,558
2027	515,997
2028	400,851
Thereafter	4,372
Total	$ 2,491,194

Debt - Narrative 3 (Details)

Debt - Narrative 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Bridge facility, net	$ 0	$ 73,622
Write off of deferred debt issuance cost	1,000	3,500	$ 0
JPM Facility
Debt Instrument [Line Items]
Bridge facility, net	1,200,000
Interest Expense
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 9,800	$ 8,000	$ 3,900

Fair Value of Derivatives and_3

Fair Value of Derivatives and Financial Instruments - Additional Information (Details) $ in Thousands		12 Months Ended
	Apr. 13, 2022 USD ($)	Dec. 31, 2023 USD ($) instrument	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Interest rate cap premium paid		$ 0	$ 12,673	$ 0
Interest rate swaps
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, number of instruments held, total | instrument		13
Derivative, notional amount		$ 1,200,000
Derivative, average fixed interest rate		2.3994%
Interest rate cap premium paid	$ 12,700
Interest rate swaps | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, variable interest rate		0.1145%
Interest rate caps
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, notional amount	$ 300,000
Interest rate caps | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, basis spread on variable rate	1.50%

Fair Value of Derivatives and_4

Fair Value of Derivatives and Financial Instruments - Outstanding Interest Rate Swaps Designated as Cash Flow Hedges (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Daily SOFR rate	5.38%
Interest Rate Swap Effective July 1, 2019 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 100,000
Fixed Rate	1.629%
First Interest Rate Swap Effective September 1, 2019 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 100,000
Fixed Rate	1.418%
Second Interest Rate Swap Effective September 1, 2019 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 50,000
Fixed Rate	1.419%
Interest Rate Swap Effective February 3, 2020 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 50,000
Fixed Rate	1.279%
Interest Rate Swap Effective March 2, 2020 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 20,000
Fixed Rate	0.914%
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional	$ 1,200,000
Derivative, average fixed interest rate	2.3994%
Interest rate swaps | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivatives, Fair Value [Line Items]
Derivative, variable interest rate	0.1145%
First Interest Rate Swap Effective March 31, 2022 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 100,000
Fixed Rate	1.511%
Second Interest Rate Swap Effective March 31, 2022 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 100,000
Fixed Rate	1.919%
Third Interest Rate Swap Effective March 31, 2022 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 50,000
Fixed Rate	2.441%
First Interest Rate Swap Effective June 1, 2022 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 100,000
Fixed Rate	2.6284%
Second Interest Rate Swap Effective June 1, 2022 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 100,000
Fixed Rate	2.9413%
Third Interest Rate Swap Effective June 1, 2022 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 100,000
Fixed Rate	2.79%
First Interest Rate Swap Effective July 1, 2022 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 100,000
Fixed Rate	2.686%
First Interest Rate Swap Effective April 3, 2023 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 250,000
Fixed Rate	3.5993%
Derivatives Effective for 2022 | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 1,220,000
Fixed Rate	2.3994%

Fair Value of Derivatives and_5

Fair Value of Derivatives and Financial Instruments - Derivatives Not Designated as Hedges (Details) - Interest rate caps - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 13, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, notional amount		$ 300,000
Not Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, notional amount	$ 300,000
Strike Rate	1.50%
Not Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, variable interest rate	5.3547%

Fair Value of Derivatives and_6

Fair Value of Derivatives and Financial Instruments - Derivative Financial Instruments Classification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	$ 48,416	$ 70,813
Interest rate swaps | Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	34,194	49,244
Liability Derivatives	0	0
Derivative, gain (loss) on derivative, net	(15,050)	52,833	$ 11,863
Interest rate caps | Not Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	14,222	21,569
Liability Derivatives	0	0
Derivative, gain (loss) on derivative, net	(7,319)	8,881	0
Interest Rate Derivative
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	48,416	70,813
Liability Derivatives	0	0
Derivative, gain (loss) on derivative, net	$ (22,369)	$ 61,714	$ 11,863

Fair Value of Derivatives and_7

Fair Value of Derivatives and Financial Instruments - Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt	$ 2,491,194	$ 2,615,970
Carrying Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt	2,491,194	2,615,970
Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated Fair Value	$ 2,365,209	$ 2,515,475

Fair Value of Derivatives and_8

Fair Value of Derivatives and Financial Instruments - Disclosure of Long-Lived Assets Held-for-sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	$ 35,997	$ 21,715	$ 1,093	$ 125
Portales
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired			38,100
Total casualty impairment	7,500
Insurance recoveries	7,400
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	0	0	0	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	0	0	0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	$ 36,997	$ 21,715	$ 1,093	$ 125

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions								12 Months Ended
	Aug. 03, 2023	Jul. 31, 2023	Apr. 11, 2023	Feb. 17, 2022	Feb. 15, 2021	May 11, 2020	Dec. 10, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 11, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued during period, discount rate, dividend reinvestment plan								0.03
DRIP shares issued (in shares)								332,000	4,177,000	12,791,000
Dividend reinvestment plan								$ 18.7	$ 226.9	$ 522.2
Preferred stock, par value per share (in dollars per share)								$ 0.01	$ 0.01
Series B Preferred Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Preferred stock, dividend rate, percentage								9.50%
Preferred stock, par value per share (in dollars per share)								$ 0.01	$ 0.01
Series B Preferred Stock | Private Stock Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of Class A common stock (in shares)		2,548,240
Preferred stock, dividend rate, percentage		9.50%
Sale of stock, consideration received on transaction		$ 63.7
Payments of stock issuance costs		2.9
Debt instrument, reserve amount		$ 20
The 2023 Long-Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)											1,000,000
Yearly increase in number of shares authorized, percentage of outstanding common stock											10%
The 2023 Long-Term Incentive Plan | Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	63,452							23,794
Conversion basis (in shares)								1
The 2023 Long-Term Incentive Plan | Performance Shares | Vesting Ratably Over Four Years
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Award vesting rights, percentage	25%
The 2023 Long-Term Incentive Plan | Performance Shares | Vesting Ratably Over Two Years
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	2 years
Award vesting rights, percentage	50%
The 2018 Long-Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)								426,307
Yearly increase in number of shares authorized, percentage of outstanding common stock								10%
The 2018 Long-Term Incentive Plan | Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			186,770	185,111	191,506	179,858	73,700	186,770	185,111
Award vesting period								1 year 3 months 18 days
Conversion basis (in shares)								1
Share-based payment arrangement, nonvested award, cost not yet recognized, amount								$ 9.7
The 2018 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | General and Administrative Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement expense								$ 4.7	$ 3.5	$ 2.3
The 2018 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period							4 years
The 2018 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Employee | Vesting Ratably Over Four Years
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period			4 years	4 years	4 years	4 years
Award vesting rights, percentage			50%	50%	50%	50%
The 2018 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Employee | Vesting Upon Successful Completion of Initial Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage			50%	50%	50%	50%
The 2018 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Nonemployee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period								1 year

Stockholders' Equity - Number o

Stockholders' Equity - Number of RSUs Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Apr. 11, 2023	Feb. 17, 2022	Feb. 15, 2021	May 11, 2020	Dec. 10, 2019	Dec. 31, 2023	Dec. 31, 2022
Value
Equity-based compensation (in shares)						72,525	63,645
Restricted Stock Units (RSUs) | The 2018 Long-Term Incentive Plan
Number of RSUs
Number of units outstanding at the beginning of the period (in shares)						488,326	377,704
Granted (in shares)	186,770	185,111	191,506	179,858	73,700	186,770	185,111
Vested (in shares)						(92,564)	(72,453)
Forfeited (in shares)						(12,800)	(2,036)
Number of units outstanding at the end of the period (in shares)						569,732	488,326
Value
Units outstanding at the beginning of the period						$ 19,943	$ 12,405
Granted						11,774	10,022
Vested						(3,681)	(2,404)
Forfeited						(569)	(80)
Units outstanding at the end of the period						$ 27,467	$ 19,943
Net asset value per share (in dollars per share)	$ 63.04	$ 54.14	$ 36.56	$ 30.82	$ 29.85

Stockholders' Equity - Outstand

Stockholders' Equity - Outstanding RSUs (Details) - Restricted Stock Units (RSUs) - The 2018 Long-Term Incentive Plan	Dec. 31, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	569,732
Vesting February 15, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	21,729
Vesting February 17, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	21,442
Vesting April 11, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	29,960
Vesting May 11, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	20,318
Vesting February 14, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	21,729
Vesting February 17, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	21,442
Vesting April 11, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	22,029
Vesting February 17, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	21,442
Vesting April 11, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	22,029
Vesting April 11, 2027
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	22,029
Vesting Upon Successful Completion of Initial Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	345,583

Stockholders' Equity - Nonveste

Stockholders' Equity - Nonvested Performance-Based Units Activity (Details) - Performance Shares - The 2023 Long-Term Incentive Plan - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 03, 2023	Dec. 31, 2023
Number of performance shares
Number of units outstanding at the beginning of the period (in shares)		0
Granted (in shares)	63,452	23,794
Vested (in shares)		0
Forfeited (in shares)		0
Number of units outstanding at the end of the period (in shares)		23,794
Value
Units outstanding at the beginning of the period		$ 0
Granted		1,433
Vested		0
Forfeited		0
Units outstanding at the end of the period		$ 1,433
Net asset value per share (in dollars per share)		$ 60.23

Stockholders' Equity - Outsta_2

Stockholders' Equity - Outstanding Performance Shares (Details) - Performance Shares - The 2023 Long-Term Incentive Plan	Dec. 31, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance stock units, vesting shares	23,794
Vesting January 1, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance stock units, vesting shares	5,949
Vesting January 1, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance stock units, vesting shares	5,948
Vesting January 1, 2027
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance stock units, vesting shares	5,949
Vesting January 1, 2028
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance stock units, vesting shares	5,948

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions

1 Months Ended

12 Months Ended

Aug. 03, 2023

Feb. 22, 2023

Aug. 10, 2022

May 31, 2021

Nov. 30, 2020

May 11, 2020

Nov. 21, 2019

Apr. 19, 2019

May 31, 2020

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Jun. 30, 2023

Nov. 01, 2018

Noncontrolling Interest [Line Items]

Common stock, par value per share (in dollars per share)

$ 0.01

$ 0.01

Variable Interest Entity, Primary Beneficiary | NexPoint Homes

Noncontrolling Interest [Line Items]

Common stock, par value per share (in dollars per share)

$ 0.01

PI Units | The 2018 Long-Term Incentive Plan

Noncontrolling Interest [Line Items]

Granted (in shares)

79,304

27,849

246,169

11,764

219,826

80,399

40,000

555,192

27,849

Share-based payment arrangement, nonvested award, cost not yet recognized, amount

$ 31.7

Weighted average vesting period

1 year 10 months 24 days

PI Units | The 2018 Long-Term Incentive Plan | Vesting Ratably Over Four Years

Noncontrolling Interest [Line Items]

Award vesting period

5 years

5 years

4 years

4 years

Award vesting rights, percentage

100%

50%

PI Units | The 2018 Long-Term Incentive Plan | Vesting Upon Successful Completion of Initial Public Offering

Noncontrolling Interest [Line Items]

Award vesting rights, percentage

100%

50%

Share-based payment arrangement expense

$ 8.7

$ 3

$ 2.4

PI Units | The 2018 Long-Term Incentive Plan | Minimum

Noncontrolling Interest [Line Items]

Award vesting period

2 years

PI Units | The 2018 Long-Term Incentive Plan | Maximum

Noncontrolling Interest [Line Items]

Award vesting period

4 years

PI Units | The 2023 Long-Term Incentive Plan

Noncontrolling Interest [Line Items]

Granted (in shares)

475,888

Award vesting rights, percentage

100%

VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

General partners' capital account, units outstanding (in shares)

24,567,309

VineBrook Homes OP GP, LLC | NexPoint SFR Operating Partnership, L.P.

Noncontrolling Interest [Line Items]

Limited partners' capital account, units outstanding (in shares)

4,665,403

Series A Preferred Stock

Noncontrolling Interest [Line Items]

Preferred stock, dividend rate, percentage

6.50%

Series B Preferred Stock

Noncontrolling Interest [Line Items]

Preferred stock, dividend rate, percentage

9.50%

Common Class A

Noncontrolling Interest [Line Items]

General partners' capital account, units outstanding (in shares)

20,300,927

Common stock, par value per share (in dollars per share)

$ 0.01

Common Class A | VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

General partners' capital account, units outstanding (in shares)

20,300,927

Partners' capital account, unit voting percentage

50%

50%

Common Class B | VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

Partners' capital account, unit voting percentage

50%

50%

Common Class B | NexPoint Real Estate Opportunities, LLC | VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

Limited partners' capital account, units outstanding (in shares)

2,763,141

Common Class C | NexPoint Real Estate Strategies Fund | VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

Limited partners' capital account, units outstanding (in shares)

92,206

Common Class C | NexPoint Real Estate Capital, LLC | VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

Limited partners' capital account, units outstanding (in shares)

145,510

Common Class C | VineBrook Contributors | VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

Limited partners' capital account, units outstanding (in shares)

1,265,525

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Variable Interest Entity, Not Primary Beneficiary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests, beginning balance	$ 112,972
Net loss attributable to redeemable noncontrolling interests	(22,694)
Contributions by redeemable noncontrolling interests	3,244
Distributions to redeemable noncontrolling interests	(3,846)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	15,342
Noncontrolling interests, ending balance	105,018
VineBrook Homes OP GP, LLC
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests, beginning balance	240,647
Net loss attributable to redeemable noncontrolling interests	(42,025)
Contributions by redeemable noncontrolling interests	25,582
Distributions to redeemable noncontrolling interests	(7,577)
Redemptions by redeemable noncontrolling interests in the OP	0
Equity-based compensation	8,742
Other comprehensive loss attributable to redeemable noncontrolling interests in the OP	(2,259)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	28,393
Noncontrolling interests, ending balance	$ 251,503

Noncontrolling Interests - Numb

Noncontrolling Interests - Number of PI Units Outstanding (Details) - PI Units - The 2018 Long-Term Incentive Plan - USD ($) $ / shares in Units, $ in Thousands									12 Months Ended
	Aug. 03, 2023	Feb. 22, 2023	Aug. 10, 2022	May 31, 2021	Nov. 30, 2020	May 11, 2020	Nov. 21, 2019	Apr. 19, 2019	Dec. 31, 2023	Dec. 31, 2022
Number of Units
Number of units outstanding at the beginning of the period (in shares)									430,102	498,590
Granted (in shares)		79,304	27,849	246,169	11,764	219,826	80,399	40,000	555,192	27,849
Vested (in shares)									(90,292)	(84,404)
Forfeited (in shares)									(1,269)	(11,933)
Number of units outstanding at the end of the period (in shares)									893,733	430,102
Value
Units outstanding at the beginning of the period									$ 16,286	$ 16,965
Granted									34,328	1,719
Vested									(3,096)	(1,964)
Forfeited									(80)	(434)
Units outstanding at the end of the period									$ 47,438	$ 16,286
Weighted average grant date fair value (in dollars per share)	$ 61.63	$ 63.04	$ 61.74	$ 38.29	$ 33.45	$ 30.16	$ 29.12	$ 27.88

Noncontrolling Interests - Vest

Noncontrolling Interests - Vesting Schedule for the PI Units (Details) - PI Units - The 2018 Long-Term Incentive Plan - shares								12 Months Ended
	Feb. 22, 2023	Aug. 10, 2022	May 31, 2021	Nov. 30, 2020	May 11, 2020	Nov. 21, 2019	Apr. 19, 2019	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								893,733
Granted (in shares)	79,304	27,849	246,169	11,764	219,826	80,399	40,000	555,192	27,849
Vesting February 22, 2024
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								15,544
Vesting March 30, 2024
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								29,831
Vestin April 25, 2024
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								5,171
Vesting May 11, 2024
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								27,478
Vesting May 27, 2024
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								398
Vesting November 30, 2024
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								1,470
Vesting February 22, 2025
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								15,544
Vesting March 30, 2025
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								29,831
Vesting April 25, 2025
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								5,171
Vesting May 27, 2025
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								398
Vesting February 22, 2026
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								15,544
Vesting February 28, 2026
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								475,888
Vesting April 25, 2026
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								5,171
Vesting May 27, 2026
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								398
Vesting February 22, 2027
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								15,544
Vesting April 25, 2027
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								5,171
Vesting May 27, 2027
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								398
Vesting February 22, 2028
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								15,544
Vesting Upon Successful Completion of Initial Public Offering
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								229,239

Noncontrolling Interests - Cons

Noncontrolling Interests - Consolidated Common Stock and OP Units Outstanding (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Common Stock Shares Outstanding (in shares)	24,615,364	24,615,364
VineBrook Homes OP GP, LLC
Noncontrolling Interest [Line Items]
Consolidated Common Stock Shares and NCI OP Units Outstanding (in shares)	29,272,619	28,432,739	25,441,184
VineBrook Homes Trust, Inc | VineBrook Homes OP GP, LLC
Noncontrolling Interest [Line Items]
Common Stock Shares Outstanding (in shares)	25,006,237	24,615,364	21,814,248
Holders of OP Units | VineBrook Homes OP GP, LLC
Noncontrolling Interest [Line Items]
OP Units Held by NCI (in shares)	4,266,382	3,817,375	3,626,936

Noncontrolling Interests - Sc_2

Noncontrolling Interests - Schedule of Noncontrolling Interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Redemptions by noncontrolling interests in consolidated VIEs	$ (4)
Variable Interest Entity, Not Primary Beneficiary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests, beginning balance	112,972
Noncontrolling interests, ending balance	105,018
Variable Interest Entity, Not Primary Beneficiary | NexPoint Homes
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests, beginning balance	6,906
Net loss attributable to noncontrolling interests in consolidated VIEs	(3,296)
Contributions from noncontrolling interests in consolidated VIEs	8,676
Distributions to noncontrolling interests in consolidated VIEs	(540)
Noncontrolling interests, ending balance	$ 11,742

Redeemable Series A Preferred_3

Redeemable Series A Preferred Stock - Additional Information (Details) - Series A Preferred Stock	Dec. 31, 2023 $ / shares shares
Preferred Units [Line Items]
Preferred shares issued (in shares) | shares	5,000,000
Preferred stock, redemption price per share (in dollars per share) | $ / shares	$ 25

Redeemable Series A Preferred_4

Redeemable Series A Preferred Stock - Schedule of Redeemable Series A Preferred Stock (Details) - Series B Preferred Stock $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) shares
Number of Units
Issuance of Class A common stock (in shares) | shares	2,548,240
Series A Preferred Stock
Number of Units
Redeemable Series A preferred stock, beginning balance (in shares) | shares	5,000,000
Issuance of Class A common stock (in shares) | shares	0
Redeemable Series A preferred stock, ending balance (in shares) | shares	5,000,000
Balances
Redeemable Series A preferred stock, beginning balance	$ 121,662
Issuance of Redeemable Series A preferred stock	0
Issuance costs related to Redeemable Series A preferred stock	(140)
Net income attributable to Redeemable Series A preferred stockholders	8,125
Dividends declared to Redeemable Series A preferred stockholders	(8,125)
Accretion to redemption value	703
Redeemable Series A preferred stock, ending balance	$ 122,225

Income Taxes (Details)

Income Taxes (Details)	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)		12 Months Ended
	Jun. 08, 2022	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 03, 2023 USD ($)
Related Party Transaction [Line Items]
Advisory fees		$ 21,758,000	$ 16,060,000	$ 8,281,000
Other liabilities		144,707,000	130,643,000
Accrued interest payable		23,122,000	14,945,000
NexPoint Homes | SFR OP Convertible Notes
Related Party Transaction [Line Items]
Unsecured debt		102,600,000
Accrued interest payable		$ 7,600,000
Minimum | Private Placement
Related Party Transaction [Line Items]
Equity offering, fee to investors, percentage of gross investor equity		0.50%
Maximum | Private Placement
Related Party Transaction [Line Items]
Equity offering, fee to investors, percentage of gross investor equity		3%
Maximum | Private Placement | Sales Through Raymond James
Related Party Transaction [Line Items]
Equity offering, offering and organization expenses charged to investors, percentage of gross equity offering		0.50%
Maximum | Private Placement | Sales Through Other Placement Agents
Related Party Transaction [Line Items]
Equity offering, offering and organization expenses charged to investors, percentage of gross equity offering		1%
NexPoint Real Estate Advisors V, L.P.
Related Party Transaction [Line Items]
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		$ 19,000,000	16,100,000	8,300,000
Accrued advisory fees payable		$ 19,700,000
Internalization fee, factor to multiply by 12 months prior fee		3
Advisory agreement, notice of termination period		180 days
NexPoint Real Estate Advisors V, L.P. | NexPoint Homes
Related Party Transaction [Line Items]
Related party transaction percentage of fee	0.75%
Related party transaction, adviser fee percentage	0.0025
Related party transaction, amounts of transaction		$ 2,800,000	0
Related party transaction, amount of waived fees			2,300,000
VineBrook Homes, LLC
Related Party Transaction [Line Items]
Percentage of property acquired during month		1%
Construction fee monthly in arears, maximum percentage of construction costs		10%
Construction fee monthly in arrears, maximum amount		$ 1,000
Maximum EBITDA derived from fees		$ 1,000,000
Maximum percentage of combined equity value for management fees		0.50%
Managements agreements, manager cash cap		25%
Termination fee, factor to multiply by 12 months prior fee		3
Related party transaction, amounts of transaction		$ 42,859,000	71,083,000	$ 39,387,000
VineBrook Homes, LLC | Manager Cash Cap Rebate
Related Party Transaction [Line Items]
Due from manager			700,000
VineBrook Homes, LLC | Fee Advances
Related Party Transaction [Line Items]
Due from manager			0		$ 0
VineBrook Homes, LLC | Backstop Loans
Related Party Transaction [Line Items]
Due from manager			700,000		700,000
VineBrook Homes, LLC | Annual Collected Rental Revenue up to and Including 45 Million
Related Party Transaction [Line Items]
Property management fee monthly in arrears, maximum percentage of collected rental revenue		8%
VineBrook Homes, LLC | Annual Collected Rental Revenue Between 45 Million and 65 Million
Related Party Transaction [Line Items]
Property management fee monthly in arrears, maximum percentage of collected rental revenue		7%
VineBrook Homes, LLC | Annual Collected Rental Revenue Between 65 Million and 85 Million
Related Party Transaction [Line Items]
Property management fee monthly in arrears, maximum percentage of collected rental revenue		6%
VineBrook Homes, LLC | Annual Collected Rental Revenue Above 85 Million
Related Party Transaction [Line Items]
Property management fee monthly in arrears, maximum percentage of collected rental revenue		5%
Related Party | The REIT
Related Party Transaction [Line Items]
Other liabilities		$ 100,000
Related Party | VineBrook
Related Party Transaction [Line Items]
Other liabilities		100,000
Related Party | VineBrook | VineBrook Homes Trust, Inc
Related Party Transaction [Line Items]
Other liabilities			23,100,000
Related Party | VineBrook | VineBrook
Related Party Transaction [Line Items]
Other liabilities			16,000,000
Related Party | NexPoint Homes
Related Party Transaction [Line Items]
Other liabilities		100,000	1,600,000
Related Party | NexPoint SFR Operating Partnership, L.P.
Related Party Transaction [Line Items]
Other liabilities		100,000	300,000
Related Party | Manager Cash Cap Rebate
Related Party Transaction [Line Items]
Other receivables		0
The Manager | Various Expenses Paid By the Manager on Behalf of OP
Related Party Transaction [Line Items]
Other liabilities					$ 2,100,000
Affiliates of the Advisor | NexPoint Homes
Related Party Transaction [Line Items]
Contributions from noncontrolling interests in consolidated VIEs		$ 116,200,000
Affiliates of the Advisor | NexPoint Homes | SFR OP Convertible Notes
Related Party Transaction [Line Items]
Number of debt instruments | loan		5
Debt instrument, interest rate, stated percentage		7.50%
HomeSource Operations, LLC | NexPoint Homes
Related Party Transaction [Line Items]
Financing receivable, before allowance for credit loss		$ 4,800,000
Nonvoting interest percentage		9.99%
Interest receivable		$ 1,400,000
HomeSource Operations, LLC | NexPoint Homes | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Related Party Transaction [Line Items]
Notes receivable variable interest rate		2%
NexPoint Homes Manager | NexPoint Homes
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 3,000,000	15,700,000
Related party transaction, amounts of transaction expensed during the period		1,800,000	200,000
Related party transaction, amounts of transaction capitalized		$ 1,100,000	$ 15,500,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - VineBrook Homes, LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 42,859	$ 71,083	$ 39,387
Property management fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	10,326	13,196	7,115
Acquisition fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	4	10,391	9,216
Construction supervision fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	7,590	17,907	6,739
Payroll and benefits
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	23,339	27,772	15,462
Other reimbursements
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 1,600	$ 1,817	$ 855

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Nov. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation settlement	$ 16

Segment Information - Additiona

Segment Information - Additional Information (Details) - segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Number of reportable segments	2	2	1

Segment Information - Segment R

Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 351,108	$ 269,331	$ 156,941
Expenses	502,850	316,366	156,882
Net loss	(280,147)	(49,662)	61
Assets
Gross operating real estate investments	3,432,816	3,736,855
Accumulated depreciation and amortization	(275,534)	(171,648)
Total net operating real estate investments	3,157,282	3,565,207
Real estate held for sale, net	54,615	3,360
Total net real estate investments	3,211,897	3,568,567
Other assets	241,443	266,820
TOTAL ASSETS	3,453,340	3,835,387
Liabilities
Debt payable, net	2,433,674	2,601,229
Other liabilities	144,707	130,643
Total Liabilities	2,578,381	2,731,872
VineBrook
Segment Reporting Information [Line Items]
Revenues	303,774	246,936	156,941
Expenses	415,067	275,333	156,882
Net loss	(227,563)	(31,223)	61
Assets
Gross operating real estate investments	2,671,621	2,985,314
Accumulated depreciation and amortization	(233,694)	(155,957)
Total net operating real estate investments	2,437,927	2,829,357
Real estate held for sale, net	54,615	3,360
Total net real estate investments	2,492,542	2,832,717
Other assets	211,512	218,535
TOTAL ASSETS	2,704,054	3,051,252
Liabilities
Debt payable, net	1,858,946	2,035,991
Other liabilities	115,330	113,819
Total Liabilities	1,974,276	2,149,810
NexPoint Homes
Segment Reporting Information [Line Items]
Revenues	47,334	22,395	0
Expenses	87,783	41,033	0
Net loss	(52,584)	(18,439)	$ 0
Assets
Gross operating real estate investments	761,195	751,541
Accumulated depreciation and amortization	(41,840)	(15,691)
Total net operating real estate investments	719,355	735,850
Real estate held for sale, net	0	0
Total net real estate investments	719,355	735,850
Other assets	29,931	48,285
TOTAL ASSETS	749,286	784,135
Liabilities
Debt payable, net	574,728	565,238
Other liabilities	29,377	16,824
Total Liabilities	$ 604,105	$ 582,062

Internalization of the Manage_2

Internalization of the Manager - Additional Information (Details) $ in Millions	Aug. 03, 2023 USD ($)
The Manager
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 21.9

Internalization of the Manage_3

Internalization of the Manager - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Aug. 03, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 20,522	$ 0
The Manager
Business Acquisition [Line Items]
Cash	$ 2,632
Restricted cash	98
Other assets	8,041
Intangible assets	3,500
Goodwill	20,522
Accounts payable and other liabilities	(12,508)
Fair value of acquired net assets	22,285
Closing adjustments included in preliminary purchase price allocation	$ 400

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Apr. 10, 2024 $ / shares

Mar. 28, 2024 USD ($) extension

Feb. 29, 2024 USD ($) home component

Feb. 26, 2024 $ / shares

Jan. 30, 2024 $ / shares

Jan. 26, 2024 $ / shares

Apr. 01, 2024 USD ($)

Dec. 31, 2023 USD ($) $ / shares

Dec. 31, 2022 USD ($) $ / shares

Dec. 31, 2021 USD ($) $ / shares

Mar. 29, 2024 USD ($)

Mar. 11, 2024 home

Subsequent Event [Line Items]

Debt payable, net

$ 2,433,674

$ 2,601,229

Common stock dividends declared (in dollars per share) | $ / shares

$ 1.5903

$ 2.1204

$ 2.1204

Net proceeds from sales of real estate

$ 268,321

$ 9,988

$ 2,071

NAV per share, fully diluted basis (in dollars per share) | $ / shares

$ 58.95

DRIP issuance, discount to NAV

3%

Credit facilities, net

$ 1,156,704

1,580,108

Revolving Credit Facility | NexPoint Homes MetLife Note 1

Subsequent Event [Line Items]

Credit facilities, net

60,500

VineBrook

Subsequent Event [Line Items]

Debt payable, net

$ 1,858,946

$ 2,035,991

Subsequent Event

Subsequent Event [Line Items]

Common stock dividends declared (in dollars per share) | $ / shares

$ 0.5301

Common stock, dividends (in dollars per share) | $ / shares

$ 0.5301

Subsequent Event | Revolving Credit Facility | NexPoint Homes MetLife Note 1

Subsequent Event [Line Items]

Number of extensions | extension

1

Extension period

3 months

Credit facilities, net

$ 60,500

Subsequent Event | Discontinued Operations, Disposed of by Sale

Subsequent Event [Line Items]

Net proceeds from sales of real estate

$ 42,300

Subsequent Event | Discontinued Operations, Disposed of by Sale | VineBrook

Subsequent Event [Line Items]

Number of real estate properties | home

470

Subsequent Event | Discontinued Operations, Held-for-Sale

Subsequent Event [Line Items]

Number of real estate properties | home

295

Subsequent Event | Discontinued Operations, Held-for-Sale | VineBrook

Subsequent Event [Line Items]

Number of real estate properties | home

97

Subsequent Event | Series A Preferred Stock

Subsequent Event [Line Items]

Common stock dividends declared (in dollars per share) | $ / shares

$ 0.40625

Subsequent Event | Series A Preferred Stock | Forecast

Subsequent Event [Line Items]

Common stock, dividends (in dollars per share) | $ / shares

$ 0.40625

Subsequent Event | Series B Preferred Stock

Subsequent Event [Line Items]

Common stock dividends declared (in dollars per share) | $ / shares

$ 0.59375

Subsequent Event | Series B Preferred Stock | Forecast

Subsequent Event [Line Items]

Common stock, dividends (in dollars per share) | $ / shares

$ 0.59375

Asset Backed Securitization II | Secured Debt | Subsequent Event

Subsequent Event [Line Items]

Debt instrument, number of component | component

7

Debt instrument, term

5 years

Debt, weighted average interest rate

4.50%

Proceeds from issuance of debt

$ 51,600

Asset Backed Securitization II | Secured Debt | Subsequent Event | Class A Through F

Subsequent Event [Line Items]

Debt instrument, face amount

403,700

Asset Backed Securitization II | Secured Debt | Subsequent Event | Class F

Subsequent Event [Line Items]

Debt instrument, face amount

39,900

JPM Facility | Subsequent Event

Subsequent Event [Line Items]

Repayments of debt

$ 242,400

243,400

Debt payable, net

$ 97,700

Warehouse Facility | Subsequent Event

Subsequent Event [Line Items]

Repayments of debt

$ 38,900

Debt payable, net

$ 785,500

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) home	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross Cost Basis	$ 3,432,816	$ 3,736,855	$ 1,726,948	$ 754,467
Accumulated Depreciation and Amortization	(275,534)	$ (171,648)	$ (76,789)	$ (34,396)
Real estate gross at carrying value, subject to federal income tax	3,500,000
VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real estate gross at carrying value, subject to federal income tax	3,000,000
NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real estate gross at carrying value, subject to federal income tax	$ 761,200
Operating homes | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	21,248
Gross Cost Basis Encumbered	$ 2,671,944
Initial Cost to Company, Land	452,400
Initial Cost to Company, Building and Improvements	1,776,599
Costs Capitalized Subsequent to Acquisition	442,622
Gross Cost Basis, Land	452,400
Gross Cost Basis, Buildings and Improvements	2,219,221
Gross Cost Basis	2,671,621
Accumulated Depreciation and Amortization	(233,694)
Net Cost Basis	$ 2,437,927
Operating homes | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	2,569
Gross Cost Basis Encumbered	$ 763,712
Initial Cost to Company, Land	107,647
Initial Cost to Company, Building and Improvements	625,556
Costs Capitalized Subsequent to Acquisition	27,992
Gross Cost Basis, Land	107,647
Gross Cost Basis, Buildings and Improvements	653,548
Gross Cost Basis	761,195
Accumulated Depreciation and Amortization	(41,840)
Net Cost Basis	$ 719,355
Operating homes | Cincinnati | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	3,046
Gross Cost Basis Encumbered	$ 350,499
Initial Cost to Company, Land	77,749
Initial Cost to Company, Building and Improvements	219,089
Costs Capitalized Subsequent to Acquisition	53,499
Gross Cost Basis, Land	77,749
Gross Cost Basis, Buildings and Improvements	272,588
Gross Cost Basis	350,337
Accumulated Depreciation and Amortization	(39,847)
Net Cost Basis	$ 310,490
Operating homes | Dayton | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	2,736
Gross Cost Basis Encumbered	$ 231,895
Initial Cost to Company, Land	49,655
Initial Cost to Company, Building and Improvements	147,379
Costs Capitalized Subsequent to Acquisition	34,699
Gross Cost Basis, Land	49,655
Gross Cost Basis, Buildings and Improvements	182,078
Gross Cost Basis	231,733
Accumulated Depreciation and Amortization	(30,661)
Net Cost Basis	$ 201,072
Operating homes | Columbus | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	1,652
Gross Cost Basis Encumbered	$ 182,662
Initial Cost to Company, Land	40,333
Initial Cost to Company, Building and Improvements	110,570
Costs Capitalized Subsequent to Acquisition	31,760
Gross Cost Basis, Land	40,333
Gross Cost Basis, Buildings and Improvements	142,330
Gross Cost Basis	182,663
Accumulated Depreciation and Amortization	(22,021)
Net Cost Basis	$ 160,642
Operating homes | St. Louis | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	1,867
Gross Cost Basis Encumbered	$ 220,364
Initial Cost to Company, Land	30,535
Initial Cost to Company, Building and Improvements	137,448
Costs Capitalized Subsequent to Acquisition	52,381
Gross Cost Basis, Land	30,535
Gross Cost Basis, Buildings and Improvements	189,829
Gross Cost Basis	220,364
Accumulated Depreciation and Amortization	(18,008)
Net Cost Basis	$ 202,356
Operating homes | Indianapolis | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	1,407
Gross Cost Basis Encumbered	$ 179,523
Initial Cost to Company, Land	23,562
Initial Cost to Company, Building and Improvements	125,696
Costs Capitalized Subsequent to Acquisition	30,265
Gross Cost Basis, Land	23,562
Gross Cost Basis, Buildings and Improvements	155,961
Gross Cost Basis	179,523
Accumulated Depreciation and Amortization	(17,270)
Net Cost Basis	$ 162,253
Operating homes | Birmingham | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	1,063
Gross Cost Basis Encumbered	$ 164,739
Initial Cost to Company, Land	28,591
Initial Cost to Company, Building and Improvements	121,682
Costs Capitalized Subsequent to Acquisition	14,466
Gross Cost Basis, Land	28,591
Gross Cost Basis, Buildings and Improvements	136,148
Gross Cost Basis	164,739
Accumulated Depreciation and Amortization	(13,635)
Net Cost Basis	$ 151,104
Operating homes | Birmingham | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	133
Gross Cost Basis Encumbered	$ 40,655
Initial Cost to Company, Land	5,615
Initial Cost to Company, Building and Improvements	33,235
Costs Capitalized Subsequent to Acquisition	1,596
Gross Cost Basis, Land	5,615
Gross Cost Basis, Buildings and Improvements	34,831
Gross Cost Basis	40,446
Accumulated Depreciation and Amortization	(2,230)
Net Cost Basis	$ 38,216
Operating homes | Columbia | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	960
Gross Cost Basis Encumbered	$ 144,843
Initial Cost to Company, Land	22,370
Initial Cost to Company, Building and Improvements	108,431
Costs Capitalized Subsequent to Acquisition	14,041
Gross Cost Basis, Land	22,370
Gross Cost Basis, Buildings and Improvements	122,472
Gross Cost Basis	144,842
Accumulated Depreciation and Amortization	(11,569)
Net Cost Basis	$ 133,273
Operating homes | Kansas City | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	1,106
Gross Cost Basis Encumbered	$ 157,450
Initial Cost to Company, Land	22,901
Initial Cost to Company, Building and Improvements	107,263
Costs Capitalized Subsequent to Acquisition	27,286
Gross Cost Basis, Land	22,901
Gross Cost Basis, Buildings and Improvements	134,549
Gross Cost Basis	157,450
Accumulated Depreciation and Amortization	(12,207)
Net Cost Basis	$ 145,243
Operating homes | Kansas City | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	146
Gross Cost Basis Encumbered	$ 39,538
Initial Cost to Company, Land	6,419
Initial Cost to Company, Building and Improvements	32,488
Costs Capitalized Subsequent to Acquisition	1,153
Gross Cost Basis, Land	6,419
Gross Cost Basis, Buildings and Improvements	33,641
Gross Cost Basis	40,060
Accumulated Depreciation and Amortization	(2,183)
Net Cost Basis	$ 37,877
Operating homes | Jackson | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	847
Gross Cost Basis Encumbered	$ 119,059
Initial Cost to Company, Land	22,850
Initial Cost to Company, Building and Improvements	66,773
Costs Capitalized Subsequent to Acquisition	29,436
Gross Cost Basis, Land	22,850
Gross Cost Basis, Buildings and Improvements	96,209
Gross Cost Basis	119,059
Accumulated Depreciation and Amortization	(7,007)
Net Cost Basis	$ 112,052
Operating homes | Memphis | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	1,360
Gross Cost Basis Encumbered	$ 160,218
Initial Cost to Company, Land	24,680
Initial Cost to Company, Building and Improvements	99,952
Costs Capitalized Subsequent to Acquisition	35,587
Gross Cost Basis, Land	24,680
Gross Cost Basis, Buildings and Improvements	135,539
Gross Cost Basis	160,219
Accumulated Depreciation and Amortization	(11,643)
Net Cost Basis	$ 148,576
Operating homes | Memphis | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	158
Gross Cost Basis Encumbered	$ 43,373
Initial Cost to Company, Land	7,090
Initial Cost to Company, Building and Improvements	36,219
Costs Capitalized Subsequent to Acquisition	805
Gross Cost Basis, Land	7,090
Gross Cost Basis, Buildings and Improvements	37,024
Gross Cost Basis	44,114
Accumulated Depreciation and Amortization	(2,291)
Net Cost Basis	$ 41,823
Operating homes | Augusta | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	671
Gross Cost Basis Encumbered	$ 91,613
Initial Cost to Company, Land	15,620
Initial Cost to Company, Building and Improvements	60,269
Costs Capitalized Subsequent to Acquisition	15,724
Gross Cost Basis, Land	15,620
Gross Cost Basis, Buildings and Improvements	75,993
Gross Cost Basis	91,613
Accumulated Depreciation and Amortization	(6,457)
Net Cost Basis	$ 85,156
Operating homes | Milwaukee | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	786
Gross Cost Basis Encumbered	$ 104,569
Initial Cost to Company, Land	12,098
Initial Cost to Company, Building and Improvements	63,842
Costs Capitalized Subsequent to Acquisition	28,629
Gross Cost Basis, Land	12,098
Gross Cost Basis, Buildings and Improvements	92,471
Gross Cost Basis	104,569
Accumulated Depreciation and Amortization	(6,928)
Net Cost Basis	$ 97,641
Operating homes | Atlanta | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	705
Gross Cost Basis Encumbered	$ 126,156
Initial Cost to Company, Land	23,213
Initial Cost to Company, Building and Improvements	94,604
Costs Capitalized Subsequent to Acquisition	8,339
Gross Cost Basis, Land	23,213
Gross Cost Basis, Buildings and Improvements	102,943
Gross Cost Basis	126,156
Accumulated Depreciation and Amortization	(7,976)
Net Cost Basis	$ 118,180
Operating homes | Atlanta | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	211
Gross Cost Basis Encumbered	$ 77,823
Initial Cost to Company, Land	10,203
Initial Cost to Company, Building and Improvements	61,768
Costs Capitalized Subsequent to Acquisition	4,366
Gross Cost Basis, Land	10,203
Gross Cost Basis, Buildings and Improvements	66,134
Gross Cost Basis	76,337
Accumulated Depreciation and Amortization	(3,834)
Net Cost Basis	$ 72,503
Operating homes | Pittsburgh | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	377
Gross Cost Basis Encumbered	$ 44,732
Initial Cost to Company, Land	7,743
Initial Cost to Company, Building and Improvements	21,922
Costs Capitalized Subsequent to Acquisition	15,067
Gross Cost Basis, Land	7,743
Gross Cost Basis, Buildings and Improvements	36,989
Gross Cost Basis	44,732
Accumulated Depreciation and Amortization	(2,933)
Net Cost Basis	$ 41,799
Operating homes | Pensacola | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	300
Gross Cost Basis Encumbered	$ 49,078
Initial Cost to Company, Land	5,668
Initial Cost to Company, Building and Improvements	42,645
Costs Capitalized Subsequent to Acquisition	765
Gross Cost Basis, Land	5,668
Gross Cost Basis, Buildings and Improvements	43,410
Gross Cost Basis	49,078
Accumulated Depreciation and Amortization	(3,333)
Net Cost Basis	$ 45,745
Operating homes | Greenville | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	386
Gross Cost Basis Encumbered	$ 64,071
Initial Cost to Company, Land	7,929
Initial Cost to Company, Building and Improvements	47,943
Costs Capitalized Subsequent to Acquisition	8,199
Gross Cost Basis, Land	7,929
Gross Cost Basis, Buildings and Improvements	56,142
Gross Cost Basis	64,071
Accumulated Depreciation and Amortization	(4,687)
Net Cost Basis	$ 59,384
Operating homes | Little Rock | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	269
Gross Cost Basis Encumbered	$ 30,378
Initial Cost to Company, Land	4,576
Initial Cost to Company, Building and Improvements	15,609
Costs Capitalized Subsequent to Acquisition	10,194
Gross Cost Basis, Land	4,576
Gross Cost Basis, Buildings and Improvements	25,803
Gross Cost Basis	30,379
Accumulated Depreciation and Amortization	(1,789)
Net Cost Basis	$ 28,590
Operating homes | Little Rock | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	210
Gross Cost Basis Encumbered	$ 58,256
Initial Cost to Company, Land	8,274
Initial Cost to Company, Building and Improvements	48,208
Costs Capitalized Subsequent to Acquisition	2,233
Gross Cost Basis, Land	8,274
Gross Cost Basis, Buildings and Improvements	50,441
Gross Cost Basis	58,715
Accumulated Depreciation and Amortization	(3,531)
Net Cost Basis	$ 55,184
Operating homes | Huntsville | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	278
Gross Cost Basis Encumbered	$ 47,043
Initial Cost to Company, Land	6,543
Initial Cost to Company, Building and Improvements	34,375
Costs Capitalized Subsequent to Acquisition	6,125
Gross Cost Basis, Land	6,543
Gross Cost Basis, Buildings and Improvements	40,500
Gross Cost Basis	47,043
Accumulated Depreciation and Amortization	(3,094)
Net Cost Basis	$ 43,949
Operating homes | Huntsville | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	71
Gross Cost Basis Encumbered	$ 25,146
Initial Cost to Company, Land	3,813
Initial Cost to Company, Building and Improvements	19,954
Costs Capitalized Subsequent to Acquisition	1,304
Gross Cost Basis, Land	3,813
Gross Cost Basis, Buildings and Improvements	21,258
Gross Cost Basis	25,071
Accumulated Depreciation and Amortization	(1,220)
Net Cost Basis	$ 23,851
Operating homes | Raeford | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	250
Gross Cost Basis Encumbered	$ 32,774
Initial Cost to Company, Land	3,335
Initial Cost to Company, Building and Improvements	28,665
Costs Capitalized Subsequent to Acquisition	773
Gross Cost Basis, Land	3,335
Gross Cost Basis, Buildings and Improvements	29,438
Gross Cost Basis	32,773
Accumulated Depreciation and Amortization	(2,308)
Net Cost Basis	$ 30,465
Operating homes | Portales | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	350
Gross Cost Basis Encumbered	$ 43,224
Initial Cost to Company, Land	4,820
Initial Cost to Company, Building and Improvements	34,884
Costs Capitalized Subsequent to Acquisition	3,520
Gross Cost Basis, Land	4,820
Gross Cost Basis, Buildings and Improvements	38,404
Gross Cost Basis	43,224
Accumulated Depreciation and Amortization	(2,374)
Net Cost Basis	$ 40,850
Operating homes | Omaha | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	292
Gross Cost Basis Encumbered	$ 41,176
Initial Cost to Company, Land	3,655
Initial Cost to Company, Building and Improvements	29,472
Costs Capitalized Subsequent to Acquisition	8,050
Gross Cost Basis, Land	3,655
Gross Cost Basis, Buildings and Improvements	37,522
Gross Cost Basis	41,177
Accumulated Depreciation and Amortization	(2,762)
Net Cost Basis	$ 38,415
Operating homes | Triad | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	221
Gross Cost Basis Encumbered	$ 37,075
Initial Cost to Company, Land	6,270
Initial Cost to Company, Building and Improvements	25,531
Costs Capitalized Subsequent to Acquisition	5,274
Gross Cost Basis, Land	6,270
Gross Cost Basis, Buildings and Improvements	30,805
Gross Cost Basis	37,075
Accumulated Depreciation and Amortization	(2,445)
Net Cost Basis	$ 34,630
Operating homes | Triad | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	50
Gross Cost Basis Encumbered	$ 15,451
Initial Cost to Company, Land	1,785
Initial Cost to Company, Building and Improvements	12,039
Costs Capitalized Subsequent to Acquisition	1,316
Gross Cost Basis, Land	1,785
Gross Cost Basis, Buildings and Improvements	13,355
Gross Cost Basis	15,140
Accumulated Depreciation and Amortization	(989)
Net Cost Basis	$ 14,151
Operating homes | Montgomery | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	310
Gross Cost Basis Encumbered	$ 46,846
Initial Cost to Company, Land	7,285
Initial Cost to Company, Building and Improvements	31,043
Costs Capitalized Subsequent to Acquisition	8,517
Gross Cost Basis, Land	7,285
Gross Cost Basis, Buildings and Improvements	39,560
Gross Cost Basis	46,845
Accumulated Depreciation and Amortization	(2,679)
Net Cost Basis	$ 44,166
Operating homes | Charleston | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	9
Gross Cost Basis Encumbered	$ 1,957
Initial Cost to Company, Land	419
Initial Cost to Company, Building and Improvements	1,512
Costs Capitalized Subsequent to Acquisition	26
Gross Cost Basis, Land	419
Gross Cost Basis, Buildings and Improvements	1,538
Gross Cost Basis	1,957
Accumulated Depreciation and Amortization	(61)
Net Cost Basis	$ 1,896
Operating homes | Charlotte | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	68
Gross Cost Basis Encumbered	$ 23,738
Initial Cost to Company, Land	3,436
Initial Cost to Company, Building and Improvements	19,517
Costs Capitalized Subsequent to Acquisition	522
Gross Cost Basis, Land	3,436
Gross Cost Basis, Buildings and Improvements	20,039
Gross Cost Basis	23,475
Accumulated Depreciation and Amortization	(1,045)
Net Cost Basis	$ 22,430
Operating homes | Dallas/Ft Worth | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	51
Gross Cost Basis Encumbered	$ 18,686
Initial Cost to Company, Land	3,115
Initial Cost to Company, Building and Improvements	15,276
Costs Capitalized Subsequent to Acquisition	373
Gross Cost Basis, Land	3,115
Gross Cost Basis, Buildings and Improvements	15,649
Gross Cost Basis	18,764
Accumulated Depreciation and Amortization	(754)
Net Cost Basis	$ 18,010
Operating homes | Fayetteville | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	440
Gross Cost Basis Encumbered	$ 131,294
Initial Cost to Company, Land	17,767
Initial Cost to Company, Building and Improvements	108,327
Costs Capitalized Subsequent to Acquisition	4,294
Gross Cost Basis, Land	17,767
Gross Cost Basis, Buildings and Improvements	112,621
Gross Cost Basis	130,388
Accumulated Depreciation and Amortization	(7,263)
Net Cost Basis	$ 123,125
Operating homes | Oklahoma City | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	514
Gross Cost Basis Encumbered	$ 149,058
Initial Cost to Company, Land	19,508
Initial Cost to Company, Building and Improvements	122,615
Costs Capitalized Subsequent to Acquisition	5,296
Gross Cost Basis, Land	19,508
Gross Cost Basis, Buildings and Improvements	127,911
Gross Cost Basis	147,419
Accumulated Depreciation and Amortization	(8,444)
Net Cost Basis	$ 138,975
Operating homes | San Antonio | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	199
Gross Cost Basis Encumbered	$ 49,210
Initial Cost to Company, Land	7,920
Initial Cost to Company, Building and Improvements	41,082
Costs Capitalized Subsequent to Acquisition	987
Gross Cost Basis, Land	7,920
Gross Cost Basis, Buildings and Improvements	42,069
Gross Cost Basis	49,989
Accumulated Depreciation and Amortization	(2,838)
Net Cost Basis	$ 47,151
Operating homes | Tulsa | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	176
Gross Cost Basis Encumbered	$ 49,017
Initial Cost to Company, Land	6,801
Initial Cost to Company, Building and Improvements	39,866
Costs Capitalized Subsequent to Acquisition	2,224
Gross Cost Basis, Land	6,801
Gross Cost Basis, Buildings and Improvements	42,090
Gross Cost Basis	48,891
Accumulated Depreciation and Amortization	(2,893)
Net Cost Basis	$ 45,998
Operating homes | Other | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	142
Gross Cost Basis Encumbered	$ 42,467
Initial Cost to Company, Land	5,901
Initial Cost to Company, Building and Improvements	34,962
Costs Capitalized Subsequent to Acquisition	1,523
Gross Cost Basis, Land	5,901
Gross Cost Basis, Buildings and Improvements	36,485
Gross Cost Basis	42,386
Accumulated Depreciation and Amortization	(2,325)
Net Cost Basis	$ 40,061
VineBrook homes held for sale | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	595
Gross Cost Basis Encumbered	$ 0
Initial Cost to Company, Land	11,032
Initial Cost to Company, Building and Improvements	43,583
Costs Capitalized Subsequent to Acquisition	0
Gross Cost Basis, Land	11,032
Gross Cost Basis, Buildings and Improvements	43,583
Gross Cost Basis	54,615
Accumulated Depreciation and Amortization	0
Net Cost Basis	$ 54,615
VineBrook homes held for sale | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	0
Gross Cost Basis Encumbered	$ 0
Initial Cost to Company, Land	0
Initial Cost to Company, Building and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Cost Basis, Land	0
Gross Cost Basis, Buildings and Improvements	0
Gross Cost Basis	0
Accumulated Depreciation and Amortization	0
Net Cost Basis	$ 0
Operating Homes and Homes Held for Sale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	24,412
Gross Cost Basis Encumbered	$ 3,435,656
Initial Cost to Company, Land	571,079
Initial Cost to Company, Building and Improvements	2,445,738
Costs Capitalized Subsequent to Acquisition	470,614
Gross Cost Basis, Land	571,079
Gross Cost Basis, Buildings and Improvements	2,916,352
Gross Cost Basis	3,487,431
Accumulated Depreciation and Amortization	(275,534)
Net Cost Basis	$ 3,211,897
Operating Homes and Homes Held for Sale | VineBrook Homes, LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	21,843
Gross Cost Basis Encumbered	$ 2,671,944
Initial Cost to Company, Land	463,432
Initial Cost to Company, Building and Improvements	1,820,182
Costs Capitalized Subsequent to Acquisition	442,622
Gross Cost Basis, Land	463,432
Gross Cost Basis, Buildings and Improvements	2,262,804
Gross Cost Basis	2,726,236
Accumulated Depreciation and Amortization	(233,694)
Net Cost Basis	$ 2,492,542
Operating Homes and Homes Held for Sale | NexPoint Homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | home	2,569
Gross Cost Basis Encumbered	$ 763,712
Initial Cost to Company, Land	107,647
Initial Cost to Company, Building and Improvements	625,556
Costs Capitalized Subsequent to Acquisition	27,992
Gross Cost Basis, Land	107,647
Gross Cost Basis, Buildings and Improvements	653,548
Gross Cost Basis	761,195
Accumulated Depreciation and Amortization	(41,840)
Net Cost Basis	$ 719,355

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross Real Estate, beginning balance	$ 3,736,855	$ 1,726,948	$ 754,467
Acquisitions and building improvements	122,743	2,014,721	978,661
Dispositions And Transfers To Held For Sale	(412,905)	0	0
Write-offs and impairment	(13,877)	(4,814)	(6,180)
Balance, end of year	3,432,816	3,736,855	1,726,948
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation and amortization, beginning balance	171,648	76,789	34,396
Depreciation expense	126,066	90,597	42,312
Amortization expense	1,415	9,391	6,261
Write-offs	(6,221)	(4,814)	(6,180)
Reclassifications to held for sale	(17,374)	(315)	0
Accumulated depreciation and amortization, ending balance	$ 275,534	$ 171,648	$ 76,789
Minimum | Building and improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Property, plant and equipment, useful life	3 years
Maximum | Building and improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Property, plant and equipment, useful life	27 years 6 months