Vinebrook Homes Trust 10-Q 17 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,240,063
Entity Central Index Key	0001755755
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Land	$ 553,923	$ 560,047
Buildings and improvements	2,858,656	2,872,755
Intangible lease assets	14	14
Total gross operating real estate investments	3,412,593	3,432,816
Accumulated depreciation and amortization	(304,762)	(275,534)
Total net operating real estate investments	3,107,831	3,157,282
Real estate held for sale, net	32,693	54,615
Total net real estate investments	3,140,524	3,211,897
Investments, at fair value	2,500	2,500
Cash	62,253	27,917
Restricted cash	53,552	57,703
Accounts and other receivables	12,655	20,008
Prepaid and other assets	19,664	21,236
Interest rate derivatives, at fair value	52,412	48,416
Intangible assets, net	4,758	4,045
Asset-backed securitization certificates	109,007	39,096
Goodwill	20,522	20,522
TOTAL ASSETS	3,477,847	3,453,340
Liabilities:
Notes payable, net	1,643,104	1,276,970
Credit facilities, net	873,623	1,156,704
Accounts payable and other accrued liabilities	48,112	52,696
Accrued real estate taxes payable	33,101	39,632
Accrued interest payable	26,020	23,122
Security deposit liability	26,153	25,909
Prepaid rents	3,173	3,348
Total Liabilities	2,653,286	2,578,381
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	122,401	122,225
Stockholders' Equity:
Class A Common stock, $0.01 par value: 300,000,000 shares authorized; 25,132,484 and 25,006,237 shares issued and outstanding, respectively	253	252
Additional paid-in capital	763,652	776,755
Distributions in excess of retained earnings	(472,039)	(423,769)
Accumulated other comprehensive income	33,564	31,208
Total Stockholders' Equity	325,455	384,471
TOTAL LIABILITIES AND EQUITY	3,477,847	3,453,340
Series B Preferred Stock
Stockholders' Equity:
Series B Preferred stock, $0.01 par value: 2,548,240 shares authorized; 2,548,240 and 2,548,240 shares issued and outstanding, respectively	25	25
VineBrook
Liabilities:
Redeemable noncontrolling interests	264,423	251,503
Variable Interest Entity, Primary Beneficiary
Liabilities:
Redeemable noncontrolling interests	101,389	105,018
Stockholders' Equity:
Noncontrolling interests in consolidated VIEs	$ 10,893	$ 11,742

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	25,132,484	25,132,484
Common stock, outstanding (in shares)	25,006,237	25,006,237
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	2,548,240
Preferred stock, outstanding (in shares)	2,548,240	2,548,240

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Rental income	$ 88,783	$ 84,497
Other income	1,502	1,608
Total revenues	90,285	86,105
Expenses
Property operating expenses	19,629	17,982
Real estate taxes and insurance	17,187	15,175
Property management fees	789	6,295
Advisory fees	5,259	4,846
General and administrative expenses	21,217	8,526
Depreciation and amortization	32,056	32,840
Interest expense	33,304	35,323
Total expenses	129,441	120,987
Loss on extinguishment of debt	(1,301)	(23)
Loss on sales and impairment of real estate, net	(3,887)	(15,853)
Investment income	273	75
Loss on forfeited deposits	0	(41,714)
Net loss	(44,071)	(92,397)
Dividends on and accretion to redemption value of Redeemable Series A Preferred stock	2,207	2,207
Net loss attributable to stockholders	(33,099)	(77,219)
Other comprehensive (loss)/income
Unrealized (loss)/gain on interest rate hedges	2,773	(9,485)
Total comprehensive (loss)/income	(41,298)	(101,882)
Comprehensive (loss)/income attributable to stockholders	$ (30,743)	$ (85,281)
Weighted average common shares outstanding - basic (in shares)	25,098	24,607
Weighted average common shares outstanding - diluted (in shares)	25,098	24,607
Loss per share - basic (in dollars per share)	$ (1.32)	$ (3.14)
Loss per share - diluted (in dollars per share)	$ (1.32)	$ (3.14)
VineBrook
Expenses
Net loss attributable to redeemable noncontrolling interests in the OP	$ (6,611)	$ (13,860)
Other comprehensive (loss)/income
Comprehensive (loss)/income attributable to redeemable noncontrolling interests	(6,194)	(15,283)
Variable Interest Entity, Primary Beneficiary
Expenses
Net loss attributable to redeemable noncontrolling interests in the OP	(5,675)	(3,213)
Net loss attributable to noncontrolling interests in consolidated VIEs	(893)	(312)
Other comprehensive (loss)/income
Comprehensive (loss)/income attributable to redeemable noncontrolling interests	(5,675)	(3,213)
Comprehensive loss attributable to noncontrolling interests in consolidated VIEs	$ (893)	$ (312)

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, 2022					24,615,364
Beginning balance at Dec. 31, 2022	$ 621,328				$ 248	$ 737,129			$ (160,048)	$ 43,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(77,219)								(77,219)
Issuance of Class A common stock (in shares)					110,107
Issuance of Class A common stock	6,727				$ 1	6,726
Equity-based compensation (in shares)					44,289
Equity-based compensation	857					857
Common stock dividends declared	(13,325)								(13,325)
Other comprehensive income attributable to common stockholders	(8,062)									(8,062)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP		$ (9,964)					$ (9,964)
Ending balance (in shares) at Mar. 31, 2023					24,769,760
Ending balance at Mar. 31, 2023	520,342				$ 249	734,748			(250,592)	35,937
Beginning balance (in shares) at Dec. 31, 2023				2,548,240	25,006,237
Beginning balance at Dec. 31, 2023	384,471			$ 25	$ 252	776,755			(423,769)	31,208
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(33,099)								(33,099)
Issuance of Class A common stock (in shares)					110,120
Issuance of Class A common stock	5,862				$ 1	5,861
Redemptions of Class A common stock (in shares)					(19,687)
Redemptions of Class A common stock	$ (1,161)					(1,161)
Equity-based compensation (in shares)	35,814				35,814
Equity-based compensation	$ 1,375					1,375
Common stock dividends declared	(13,658)								(13,658)
Series B Preferred stock dividends declared	(1,513)								(1,513)
Other comprehensive income attributable to common stockholders	2,356									2,356
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP		$ (17,132)	$ (2,046)				$ (17,132)	$ (2,046)
Ending balance (in shares) at Mar. 31, 2024				2,548,240	25,132,484
Ending balance at Mar. 31, 2024	$ 325,455			$ 25	$ 253	$ 763,652			$ (472,039)	$ 33,564

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in dollars per share)	$ 0.5301	$ 0.5301

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (44,071)	$ (92,397)
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Loss on sales and impairment of real estate, net	3,887	15,853
Depreciation and amortization	32,056	32,840
Non-cash interest amortization	3,799	2,500
Change in fair value of interest rate derivatives included in interest expense	(1,223)	3,845
Net cash received/(paid) on derivative settlements	0	7,441
Loss on extinguishment of debt	1,301	23
Equity-based compensation	5,216	1,769
Loss on forfeited deposits	(17)	41,714
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	8,880	(2,571)
Operating liabilities	(9,873)	8,125
Net cash provided by (used in) operating activities	(45)	19,142
Cash flows from investing activities
Net proceeds from sales of real estate	50,303	14,094
Prepaid acquisition deposits	45	(175)
Insurance proceeds received	240	264
Acquisitions of real estate investments	627	(2,976)
Additions to real estate investments	(15,200)	(55,445)
Net cash provided by (used in) investing activities	36,015	(44,238)
Cash flows from financing activities
Notes payable proceeds received	303,493	8,825
Notes payable payments	(6,613)	(1,565)
Credit facilities proceeds received	2,759	10,500
Credit facilities principal payments	(287,300)	0
Financing costs paid	(4,296)	(1,681)
Redemptions of Class A common stock paid	(1,649)	(17,094)
Dividends paid to common stockholders	(6,864)	(6,345)
Payments for taxes related to net share settlement of stock-based compensation	237	0
Net cash used in financing activities	(5,785)	(7,525)
Change in cash and restricted cash	30,185	(32,621)
Cash and restricted cash, beginning of period	85,620	114,749
Cash and restricted cash, end of period	115,805	82,128
Supplemental Disclosure of Cash Flow Information
Interest paid, net of amount capitalized	34,626	32,167
Cash paid for income and franchise taxes	0	2
Supplemental Disclosure of Noncash Activities
Accrued distributions payable to redeemable noncontrolling interests in the OP	615	322
Accrued redemptions payable to common stockholders	1,161	0
Accrued capital expenditures	(77)	2,116
Accretion to redemption value of Redeemable Series A preferred stock	176	176
Asset backed securitization certificates	71,868	0
Issuance of Class A common stock related to DRIP dividends	6,434	11,774
DRIP dividends to common stockholders	(6,434)	(11,774)
VineBrook
Cash flows from financing activities
Contributions from redeemable noncontrolling interests in the OP	(97)	520
Distributions to redeemable noncontrolling interests	(560)	(54)
Redemptions by redeemable noncontrolling interests in the OP	(457)	0
Supplemental Disclosure of Noncash Activities
Contributions from redeemable noncontrolling interests related to DRIP distributions	1,661	1,973
DRIP distributions to redeemable noncontrolling interests	(1,661)	(1,973)
Variable Interest Entity, Primary Beneficiary
Cash flows from financing activities
Distributions to redeemable noncontrolling interests	0	(601)
Contributions from noncontrolling interests in consolidated VIEs	138	3,592
Distributions to noncontrolling interests in consolidated VIEs	(224)	(1,501)
Supplemental Disclosure of Noncash Activities
Contributions from redeemable noncontrolling interests related to DRIP distributions	1,312	669
DRIP distributions to redeemable noncontrolling interests	(1,312)	(669)
Contributions from noncontrolling interests in consolidated VIEs related to DRIP distributions	91	56
DRIP distributions to noncontrolling interests in consolidated VIEs	(91)	(56)
Common Class A
Cash flows from financing activities
Proceeds from issuance of Class A common stock	(808)	0
Supplemental Disclosure of Noncash Activities
Accrued dividends payable	361	251
Series B Preferred Stock
Cash flows from financing activities
Preferred stock dividends paid	(1,513)	0
Series A Preferred Stock
Cash flows from financing activities
Preferred stock dividends paid	(2,031)	(2,031)
Preferred stock offering costs paid	0	(90)
Supplemental Disclosure of Noncash Activities
Accrued dividends payable	$ 2,031	$ 2,031

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business VineBrook Homes Trust, Inc. (the “Company”, “VineBrook”, “we”, “us”, “our”) was incorporated in Maryland on July 16, 2018 and has elected to be taxed as a 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 March 31, 2024, there were a combined 25,222,152 Class A, Class B and Class C units of the OP (collectively, “OP Units”), of which 20,662,351 Class A OP Units, or 81.9%, were owned by the Company, 2,788,214 Class B OP Units, or 11.0%, were owned by NexPoint Real Estate Opportunities, LLC (“NREO”), 93,042 Class C OP Units, or 0.4%, were owned by NRESF REIT Sub, LLC (“NRESF”), 146,830 Class C OP Units, or 0.6%, were owned by GAF REIT, LLC (“GAF REIT”) and 1,531,715 Class C OP Units, or 6.1%, 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 March 31, 2024, the Company, through the SPEs (as defined in Note 3) owned by the OP, purchased 20,750 additional homes and sold 3,579 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 zero additional homes and sold four homes. Together with the Initial Portfolio, the Company, through the OP’s SPEs, indirectly owned an interest in 21,305 homes (the "VineBrook Portfolio") in 18 states, and with its consolidation of NexPoint Homes, indirectly owned an interest in an additional 2,565 homes (the “NexPoint Homes Portfolio”), for a total of 23,870 homes in 20 states as of March 31, 2024. 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 have 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 adopted the 2018 Long-Term Incentive Plan (the “2018 LTIP”) whereby the Board, or a committee thereof, granted 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 could be made annually by the Board, or more or less frequently in the Board’s sole discretion. Vesting of grants made under the 2018 LTIP will occur over a period of time as determined by the Board and included 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	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting and Use of Estimates The accompanying unaudited consolidated financial statements are presented in accordance with GAAP and the rules and regulations of the SEC. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. 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 March 31, 2024 and December 31, 2023 and results of operations for the three months ended March 31, 2024 and 2023 have been included. The unaudited information included in these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2023 and 2022 included in our Annual Report. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other future period. 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 March 31, 2024, 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 is a wholly owned subsidiary of the Company. 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 March 31, 2024. 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 period ended March 31, 2024, the Company reclassified certain amounts classified separately as corporate general and administrative expenses of $2.9 million, and property general and administrative expenses of $5.6 million, for the prior period as general and administrative expenses on the consolidated statements of operations and comprehensive income (loss) for the period ended March 31, 2023 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 March 31, 2024, the gross balance and accumulated amortization related to the intangible lease assets were both less than $0.1 million. As of December 31, 2023, the gross balance and accumulated amortization related to the intangible lease assets were both less than $0.1 million. For the three months ended March 31, 2024 and 2023, the Company recognized approximately $0.3 million and $1.2 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 three months ended March 31, 2024, the Company recorded approximately $3.2 million 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 three months ended March 31, 2024. 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 three months ended March 31, 2024. 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 three months ended March 31, 2024. The goodwill did not exist before August 3, 2023, as the Internalization that created the goodwill closed on August 3, 2023. Held to Maturity Investments Investments in debt securities that we have a positive intent and ability to hold to maturity are classified as held to maturity and are presented within asset-backed securitization certificates on our consolidated balance sheets. These investments are recorded at amortized cost. Investments are reviewed at each reporting period for declines in fair value below the amortized cost basis that are other than temporary. Interest income, including amortization of any premium or discount, is classified as investment income in the consolidated statements of operations. In connection with the Company’s asset backed securitization transactions (as discussed in Note 7), we have retained and purchased certificates totaling approximately $79.0 million. These investments in debt securities are classified as held to maturity investments. As of March 31, 2024, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature over the next five years. Cash and Restricted Cash The Company maintains cash at multiple financial institutions and, at times, these balances exceed federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We believe any risks are mitigated through the size of the financial institutions at which our cash balances are held. Restricted cash represents cash deposited in accounts related to security deposits, property taxes, insurance premiums and deductibles and other lender-required escrows. Amounts deposited in the reserve accounts associated with the loans can only be used as provided for in the respective loan agreements, and security deposits held pursuant to lease agreements are required to be segregated. The following table provides a reconciliation of cash and restricted cash reported on the consolidated balance sheets that sum to the total of such amount shown in the consolidated statements of cash flows (in thousands): March 31, 2024 2023 December 31, 2023 Cash $ 62,253 $ 48,506 $ 27,917 Restricted cash 53,552 33,622 57,703 Total cash and restricted cash $ 115,805 $ 82,128 $ 85,620 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. For the three months ended March 31, 2024 and 2023, rental income includes $3.8 million and $2.8 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 when the derecognition criteria under ASC 610-20 have been met, which is included in loss on sales and impairment of real estate on the consolidated statements of operations and comprehensive income (loss). 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 Three Months Ended March 31, 2024 2023 Numerator for loss per share: Net loss $ (44,071) $ (92,397) Adjustments: Dividends on and accretion to redemption value of Redeemable Series A Preferred stock 2,207 2,207 Net loss attributable to redeemable noncontrolling interests in the OP (6,611) (13,860) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (5,675) (3,213) Net loss attributable to noncontrolling interests in consolidated VIEs (893) (312) Net loss attributable to stockholders $ (33,099) $ (77,219) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 25,098 24,607 Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) — — Weighted average common shares outstanding - diluted 25,098 24,607 Earnings (loss) per weighted average common share: Basic $ (1.32) $ (3.14) Diluted $ (1.32) $ (3.14) (1) For the three months ended March 31, 2024 and 2023, excludes approximately 5,436,000 shares and 4,471,500 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 March 31, 2024. 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 three months ended March 31, 2024, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“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 three months ended March 31, 2024. 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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company, through the OP and its SPE subsidiaries, owned the Portfolio, which consisted of 21,305 properties in the VineBrook reportable segment and 2,565 properties in the NexPoint Homes reportable segment, through 15 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 March 31, 2024, 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 64 $ 6,005 100 % Yes $ 4,854 NREA VB II, LLC 164 16,783 100 % Yes 10,358 NREA VB III, LLC 1,304 122,372 100 % Yes 68,394 NREA VB IV, LLC 382 38,140 100 % Yes 23,333 NREA VB V, LLC 1,822 129,291 100 % Yes 104,133 NREA VB VI, LLC 265 26,591 100 % Yes 17,944 NREA VB VII, LLC 32 2,824 100 % Yes 2,873 True FM2017-1, LLC 187 18,291 100 % Yes 8,530 VB One, LLC 8,606 1,170,783 100 % No 780,487 VB Two, LLC 1,641 161,877 100 % No 107,897 VB Three, LLC 1,360 200,109 100 % No 97,746 VB Five, LLC 119 14,061 100 % Yes 5,141 VB Eight, LLC 119 17,690 100 % No — VineBrook Homes Borrower 1, LLC 2,776 400,837 100 % Yes 391,568 VineBrook Homes Borrower 2, LLC 2,464 359,787 100 % Yes 403,660 NexPoint Homes 2,565 759,845 81 % No 472,905 23,870 $ 3,445,286 $ 2,499,823 (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	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Real Estate Assets	Real Estate Assets As of March 31, 2024, the Company, through the OP and its SPE subsidiaries, owned 23,870 homes, including 21,305 homes in the VineBrook reportable segment and 2,565 homes in the NexPoint Homes reportable segment. 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. 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, 2023 $ 560,047 $ 2,872,755 $ 14 $ 54,615 $ 3,487,431 $ (275,534) Additions — 13,626 (2) — 971 14,597 (31,529) (3) Transfers to held for sale (5,859) (26,448) — 30,046 (2,261) 2,261 Write-offs — — — — — — Dispositions (265) (1,222) — (48,000) (49,487) 40 Impairment — (55) — (4,939) (4,994) — Real Estate Balances, March 31, 2024 $ 553,923 $ 2,858,656 $ 14 $ 32,693 $ 3,445,286 $ (304,762) (1) Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties. (2) Includes capitalized interest of approximately $0.2 million and other capitalizable costs outlined in (1) above of approximately $0.3 million. (3) Accumulated depreciation and amortization activity excludes approximately $0.5 million of depreciation and amortization related to assets not classified as real estate investments. During the three months ended March 31, 2024 and 2023, the Company recognized depreciation expense of approximately $31.7 million and $31.7 million, respectively. Real estate acquisitions and dispositions During the three months ended March 31, 2024, the Company, through the OP, acquired zero homes within the VineBrook reportable segment. During the three months ended March 31, 2024, the Company, through its consolidated investment in NexPoint Homes, acquired zero homes. See Note 5 for additional information about NexPoint Homes. During the three months ended March 31, 2024, the Company, through the OP, disposed of 538 homes within the VineBrook reportable segment. During the three months ended March 31, 2024, 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 three months ended March 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 three months ended March 31, 2024, the Company recorded approximately $3.5 million of impairment charges on real estate assets held for sale. The impairment charges recorded include approximately $0.3 million of casualty related impairment for the three months ended March 31, 2024, 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 March 31, 2024, there are 260 homes that are classified as held for sale. These held for sale properties have a carrying amount of approximately $32.7 million.

NexPoint Homes Investment

NexPoint Homes Investment	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
NexPoint Homes Investment	NexPoint Homes Investment 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 March 31, 2024. 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 March 31, 2024, the NexPoint Homes MetLife Note 1 had an outstanding principal balance of $237.8 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 March 31, 2024 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 March 31, 2024, the Company determined it was still appropriate to consolidate NexPoint Homes.

Investments, at Fair Value

Investments, at Fair Value	3 Months Ended
	Mar. 31, 2024
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 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 March 31, 2024, the Company had no material unrealized or realized gains or losses related to the investment.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2024, the VineBrook Homes reportable segment had approximately $2.0 billion of debt outstanding, and the NexPoint Homes reportable segment had $576.5 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 three months ended March 31, 2024 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 bore 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 the daily Secured Overnight Financing Rate (“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 (as defined below) in full. During the three months ended March 31, 2024, the Company drew an additional $2.8 million on the JPM Facility. During the three months ended March 31, 2024, the Company paid down approximately $243.4 million on the JPM Facility. As of March 31, 2024, the JPM Facility had $252.3 million in available capacity. The outstanding balance on the JPM Facility as of March 31, 2024, is approximately $97.7 million. 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 March 31, 2024, approximately 11.63% 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. Asset Backed Securitization II On February 29, 2024, the OP, via its indirect special purpose subsidiary, VineBrook Homes Borrower 2, LLC (the “ABS II Borrower”), completed an asset backed securitization (“ABS II”) and entered into a loan agreement (the “ABS II Loan Agreement”) with BofA Securities, Inc., as sole structuring agent, joint bookrunner and co-lead manager, Mizuho Securities USA LLC, as joint bookrunner and co-lead manager and Citizens JMP Securities, LLC, J.P. Morgan Securities LLC, Raymond James & Associates, Inc., and Truist Securities, Inc., as co-managers (the “ABS II Loan ”). Concurrent with the execution of the ABS II Loan Agreement, the lender sold the ABS II Loan to VineBrook Homes Depositor A, LLC (the “Depositor”), an indirect subsidiary of the OP, which, in turn, transferred the loan to a trust in exchange for (i) $176.9 million principal amount of Class A pass-through certificates (the “ABS II Class A Certificates”), (ii) $38.6 million principal amount of Class B pass-through certificates (the “ABS II Class B Certificates”), (iii) $30.6 million principal amount of Class C pass-through certificates (the “ABS II Class C Certificates”), (iv) $42.9 million principal amount of Class D pass-through certificates (the “ABS II Class D Certificates”), (v) $63.5 million principal amount of Class E pass-through certificates (the “ABS II Class E1 Certificates”), (vi) $11.2 million principal amount of Class E pass-through certificates (the “ABS II Class E2 Certificates,” and collectively with the Class A Certificates, Class B Certificates, Class C Certificates, Class D Certificates and Class E1 Certificates, the “ABS II Regular Certificates”), and (vii) Class R pass-through certificates (the “ABS II Class R Certificates,” and together with the Regular Certificates, the “ABS II Certificates”). The Company also retained $19.5 million notional amount of the Class A, $10.5 million notional amount of the Class B, and $2.0 million notional amount of the Class C certificates. The ABS II Certificates represent beneficial ownership interests in the trust and its assets, including the ABS II Loan. The Depositor sold the ABS II Certificates, acquired by the Depositor in the manner described above, to placement agents who resold the Certificates to investors in a private offering. The ABS II Regular Certificates are exempt from registration under the Securities Act 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 purchased and retained the Class F component, totaling $39.9 million. Additionally, the OP purchased and retained a portion of the Class A, Class B and Class C components, totaling $19.5 million, $10.5 million and $2.0 million, respectively. The Company evaluated the purchased Class A, Class B, Class C and Class F certificates as a variable interest in the trust and concluded that the Class A, Class B, Class C, and 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 A, Class B, Class C and Class F certificates do not provide the Company with an ability to direct activities that could impact the trust’s economic performance. The Company does not consolidate the trust and $71.9 million of the ABS II certificates are reflected as asset-backed securitization certificates on the Company’s consolidated balance sheets. For the Class A, Class B and Class C certificates, the Company elected the fair value option in accordance with ASC 825, Financial Instruments , and measures the change in fair value as change in unrealized gain/(loss) on asset-backed securitization certificates in the Company's consolidated statements of operations and comprehensive income (loss). The Depositor used the proceeds from the sale of the ABS II Certificates to purchase the ABS II Loan from the lender, as described above. The ABS II Regular Certificates were sold to investors at a discount and the OP retained the entire Class F certificate (as described above), with the result that the proceeds, before closing costs, from the ABS II Loan to the ABS II Borrower were approximately $331.8 million. A portion of the net proceeds from the ABS II were used to pay down $242.4 million on the JPM Facility and fund reserves per the credit agreement. The balance of the ABS II Loan, net of unamortized deferred financing costs and debt discount, is included in notes payable on the consolidated balance sheets. The ABS II Loan is collateralized by 2,464 SFR homes, and as of March 31, 2024, approximately 10.32% of the Portfolio served as collateral for outstanding borrowings under the ABS II Loan. The ABS II Loan, is segregated into seven tranches, (Components A through F), providing for a 5-year, fixed-rate, interest-only loan with a total principal balance of $403.7 million. The weighted average interest rate of the regular certificates (Class A through E2) is 4.6495% and have a maturity date of March 9, 2029. The following table contains summary information regarding the ABS II Loan (excluding Tranche F, which the OP acquired and including the portions of Tranche A, B and C retained by the OP, as described above) as of March 31, 2024 (dollars in thousands): Tranche Principal Par Value Price Tranche Discount Net Proceeds Interest Rate Maturity Tranche A $ 176,912 $ 100.00 $ 94.73552 $ 8,287 $ 149,125 4.6495 % 3/9/2029 Tranche B 38,622 100.00 92.68290 2,058 26,064 4.6495 % 3/9/2029 Tranche C 30,648 100.00 91.87665 2,327 26,321 4.6495 % 3/9/2029 Tranche D 42,858 100.00 90.28899 4,162 38,696 4.6495 % 3/9/2029 Tranche E1 63,539 100.00 85.71807 9,075 54,464 4.6495 % 3/9/2029 Tranche E2 11,213 100.00 79.70586 2,276 8,938 4.6495 % 3/9/2029 Total ABS II Loan $ 363,792 $ 28,185 $ 303,608 4.6495 % Warehouse Facility On September 20, 2019, the OP (as guarantor) and VB One, LLC (as borrower) entered into a credit facility (the “Warehouse Facility”) with KeyBank. 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, as defined below, (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. During the period ended March 31, 2024, the Company paid down approximately $43.9 million on the Warehouse Facility. The outstanding balance on the Warehouse Facility as of March 31, 2024 is approximately $780.5 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 PNC Loan II and PNC Loan III were paid off in full in April 2024 (see Note 17). 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 March 31, 2024, the NexPoint Homes reportable segment had $576.5 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 I (as defined below), the SFR OP Note Payable II (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 March 31, 2024, 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 initially matured 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. On March 28, 2024, the subsidiary entered into a Consent and Third Amendment to NexPoint Homes KeyBank Facility, 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) a reduction in commitment under the NexPoint Homes KeyBank Facility to $60.5 million. As of March 31, 2024, approximately $60.5 million has been drawn on the NexPoint Homes KeyBank Facility. SFR OP Note Payable I 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 I”) for $0.5 million. The SFR OP Note Payable I bears interest at a fixed rate of 8.80% and had an original maturity date of April 25, 2024. Subsequent to March 31, 2024, the SFR OP Note Payable I was amended (see Note 17). In connection with the amendment, the SFR OP Note Payable I maturity date was modified to be April 25, 2025. SFR OP Note Payable II On March 31, 2024, the SFR OP as borrower entered into a promissory note with NexPoint Real Estate Finance, Inc. as lender (the “SFR OP Note Payable II”) for $0.5 million. The SFR OP Note Payable II matures on March 31, 2025 and bears interest at a fixed rate of 12.50%. Debt Covenant Compliance The debt compliance reporting cycles for the Company’s debt are generally not due until 60 days after calendar quarter ends. The Company will be submitting the March 31, 2024 compliance certificates to the lending parties on time before the 60-day window but has not submitted these certificates for all of its debt as of the filing date of this 10-Q report. The lending parties generally do not provide positive assurance on or approval of the reporting but only notify the Company of any noncompliance. As of March 31, 2024, NexPoint Homes did not meet the fixed charge coverage ratio covenant with respect to the NexPoint Homes KeyBank Facility, which has an outstanding balance of approximately $53.4 million as of May 15, 2024. Should the loan’s administrative agent determine that NexPoint Homes is not in compliance with its financial covenants, the administrative agent could waive the noncompliance or send a notice to NexPoint Homes advising it of the determination and providing a cure period. If NexPoint Homes fails to cure the noncompliance within the cure period (which is initially 30 days from notice but can be up to 60 days from notice if the administrative agent approves), the administrative agent could pursue remedies pursuant to the loan documents. This loan has no cross-default provisions and no cross collateralization with VineBrook’s loans and as such, the Company does not expect any recourse to VineBrook as a result of any noncompliance on the financial covenants on this NexPoint Homes loan. NexPoint Homes is in the process of repaying the NexPoint Homes KeyBank Facility by its maturity date of September 30, 2024 via home sales. This plan was enacted in connection with the third amendment to the NexPoint Homes KeyBank Facility that closed on March 28, 2024. In regard to the Company’s other debt agreements, the Company is in compliance or has received waivers for the March 31, 2024 reporting cycle. The Company has not received any notifications of noncompliance from any lender as of the filing of this 10-Q report. 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 6.1400% as of March 31, 2024 and 6.6245% as of December 31, 2023. As of March 31, 2024 and December 31, 2023, the adjusted weighted average interest rate of the Company’s debt, including the effect of derivative financial instruments, was 4.3068% and 4.6860%, respectively. For purposes of calculating the adjusted weighted average interest rate of the Company’s debt as of March 31, 2024, 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 March 31, 2024 and December 31, 2023 (dollars in thousands): Outstanding Principal as of Type March 31, 2024 December 31, 2023 Interest Rate (1) Maturity Initial Mortgage Floating $ 231,889 $ 234,644 7.01 % 12/1/2025 Warehouse Facility Floating 780,487 824,387 8.01 % 11/3/2024 (2) JPM Facility Floating 97,746 338,387 8.23 % 1/31/2025 (3) Bridge Facility III Floating — — 10.35 % 12/31/2023 ABS I Loan Fixed 391,568 392,180 4.92 % 12/8/2028 ABS II Loan Fixed 403,660 — 4.65 % 3/9/2029 MetLife Note Fixed 107,897 110,157 3.25 % 1/31/2026 TrueLane Mortgage Fixed 8,530 9,323 5.35 % 2/1/2028 Crestcore II Note Fixed 2,657 2,670 5.12 % 7/9/2029 Crestcore IV Note Fixed 2,484 2,611 5.12 % 7/9/2029 PNC Loan I Fixed — 18 3.59 % 2/19/2024 PNC Loan II Fixed 49 65 3.70 % 12/29/2024 PNC Loan III Fixed 155 177 3.69 % 12/15/2025 Total VineBrook reportable segment debt $ 2,027,122 $ 1,914,619 NexPoint Homes MetLife Note 1 Fixed 237,815 238,428 3.76 % 3/3/2027 NexPoint Homes MetLife Note 2 Fixed 174,590 174,590 5.44 % 8/12/2027 NexPoint Homes KeyBank Facility Floating 60,500 60,500 8.03 % 9/30/2024 SFR OP Note Payable I Fixed 500 500 8.80 % 4/25/2025 (4) SFR OP Note Payable II Fixed 500 — 12.50 % 3/31/2025 SFR OP Convertible Notes (5) Fixed 102,557 102,557 7.50 % 6/30/2027 Total debt 2,603,584 2,491,194 Debt premium, net (6) 287 305 Debt discount, net (7) (66,679) (39,115) Deferred financing costs, net of accumulated amortization of $23,369 and $22,796, respectively (20,465) (18,710) 2,516,727 2,433,674 (1) Represents the interest rate as of March 31, 2024. 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 March 31, 2024 was 5.3224%, daily SOFR as of March 31, 2024 was 5.3400% and one-month term SOFR as of March 31, 2024 was 5.3287%. (2) This is the initial maturity for the Warehouse Facility prior to extension options being 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 maturity date after extensions is November 3, 2025. (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) Subsequent to March 31, 2024, the SFR OP Note Payable I was amended (see Note 17). This is the modified maturity date for the SFR OP Note Payable I. (5) The SFR OP Convertible Notes exclude the amounts owed to NexPoint Homes by the SFR OP, as these are eliminated in consolidation. (6) 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. (7) The Company reflected a discount on ABS I Loan and ABS II 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 March 31, 2024 are as follows (in thousands): Total 2024 $ 844,216 (1) 2025 328,208 (2) 2026 108,298 2027 515,384 2028 399,446 Thereafter 408,032 Total $ 2,603,584 (1) Includes the maturity of the Warehouse Facility. The Warehouse Facility has two 6-month extension options. 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 maturity date after extensions would be in 2025. (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 of approximately $938.5 million coming due within 12 months of the financial statement date, primarily related to the Warehouse Facility, JPM Facility and NexPoint Homes KeyBank Facility. 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, (vii) may negotiate a turnover of secured properties back to the related lender and (viii) employ some combination of (i) - (vii). Management believes these plans by the Company will be sufficient to satisfy the obligations as they become due. These financial statements have been prepared by management in accordance with GAAP 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 three months ended March 31, 2024 and 2023, amortization of deferred financing costs of approximately $2.5 million and $2.5 million, respectively, and amortization of loan discounts of approximately $2.6 million and $0, respectively, are 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 three months ended March 31, 2024 and 2023, the Company incurred $1.3 million and less than $0.1 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	3 Months Ended
	Mar. 31, 2024
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 debt obligations that may result from rising interest rates, in particular the reference rate for the debt obligations, 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 March 31, 2024 and December 31, 2023 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 Capital Markets LLC (“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 March 31, 2024, 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 March 31, 2024, daily SOFR was 5.3400%. (2) As of March 31, 2024, daily SOFR was 5.3400%. (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 March 31, 2024, 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 March 31, 2024 Strike Rate Interest Rate Cap $ 300,000 Warehouse Facility One-Month Term SOFR 5.3287 % 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 March 31, 2024 and December 31, 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Derivatives designated as hedging instruments: Interest rate swaps Interest rate derivatives, at fair value $ 37,870 $ 34,194 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Interest rate derivatives, at fair value 14,542 14,222 — — Total $ 52,412 $ 48,416 $ — $ — The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands): For the Three Months Ended, Location of gain/(loss) recognized on Statement of Operations and Comprehensive Income/(Loss) March 31, 2024 March 31, 2023 Derivatives designated as hedging instruments: Interest rate swaps Unrealized gain/(loss) on interest rate hedges $ 2,773 $ (9,485) Derivatives not designated as hedging instruments: Interest rate caps Interest expense 1,223 (3,845) Total $ 3,996 $ (13,330) Financial assets and liabilities for which the carrying values approximate their fair values include cash, restricted cash, accounts receivable, accounts payable, and security deposits. Generally, these assets and liabilities are short‑term in duration and are recorded at fair value on the consolidated balance sheets. For the Class A, Class B and Class C ABS II Certificates that the Company purchased and retained, the carrying values approximate their fair values. The Company has determined that these assets held as of March 31, 2024 are classified as Level 2 of the fair value hierarchy. These assets are recorded at fair value on the consolidated balance sheets. The Class F Certificates that the Company purchased and retained as part of the ABS I transaction, are classified as held to maturity and are valued at amortized cost. As of March 31, 2024 and December 31, 2023, the fair value of the ABS I Class F Certificate was $22.3 million and $21.3 million, respectively. The fair value of our ABS I Class F Certificate is classified as Level 2 in the fair value hierarchy, as it is estimated based on market bid prices of comparable instruments at period end. As of March 31, 2024 and December 31, 2023, the carrying value of the ABS I Class F Certificate was $39.1 million and $39.1 million, respectively. The Class F Certificates that the Company purchased and retained as part of the ABS II transaction, are classified as held to maturity and are valued at amortized cost. As of March 31, 2024, the fair value of the of the ABS II Class F Certificate was $23.0 million. The fair value of our ABS II Class F Certificate is classified as Level 2 in the fair value hierarchy, as it is estimated based on market bid prices of comparable instruments at period end. As of March 31, 2024, the carrying value of the ABS II Class F Certificate was $39.9 million. The Company believes the carrying value of each outstanding debt obligation approximates fair value based on the nature, term and interest rate of each debt obligation. The table below presents the carrying value (outstanding principal balance) and estimated fair value of our debt at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt $ 2,603,584 $ 2,472,459 $ 2,491,194 $ 2,365,209 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 March 31, 2024 Real estate assets - impaired at March 31, 2024 $ 14,702 $ — $ — $ 14,702

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders ’ Equity The Company issued shares under the Company’s distribution reinvestment program (the “DRIP”) during the three months ended March 31, 2024 and March 31, 2023. Common Stock shares issued under the DRIP are issued at a 3% discount to the then-current NAV per share and the Company does not receive any cash for DRIP issuances as those dividends are instead reinvested into the Company. During the three months ended March 31, 2024 and 2023, the Company issued approximately 110,120 shares and 154,396 shares of Common Stock, respectively, for equity contributions of approximately $5.9 million and $6.7 million, respectively, under the DRIP. 2018 Long-Term Incentive Plan The Company adopted the 2018 LTIP whereby the Board, or a committee thereof, granted 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 provided for the 2018 LTIP Share Reserve and the 2018 LTIP Share Maximum for issuance of RSUs or PI Units. Grants could be made annually by the Board or more or less frequently in the Board’s sole discretion. Vesting of grants made under the 2018 LTIP occur ratably over a period of time as determined by the Board and 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 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, 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 March 31, 2024, the number of RSUs granted that are outstanding was as follows (dollars in thousands): Dates Number of RSUs Value (1) Outstanding December 31, 2023 569,732 $ 27,467 Granted — — Vested (43,171) (2) (1,955) Forfeited — — Outstanding March 31, 2024 526,561 $ 25,512 (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 of Common Stock issued resulting in 35,814 shares of Common Stock being issued as shown on the consolidated statements of stockholders' equity. The vesting schedule for the outstanding RSUs is as follows: Vest Date RSUs Vesting April 11, 2024 29,960 May 11, 2024 20,318 February 15, 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* 345,583 526,561 * Upon successful completion of an initial public offering of the Company ("IPO"), an additional 345,583 RSUs will vest immediately. For the three months ended March 31, 2024 and 2023, the Company recognized approximately $1.4 million and $0.9 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 March 31, 2024, total unrecognized compensation expense on RSUs was approximately $8.5 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 certain executives 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 March 31, 2024, 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 March 31, 2024, the number of performance shares earned was as follows (dollars in thousands): Dates Number of performance shares Value (1) Outstanding December 31, 2023 23,794 $ 1,433 Earned — — Vested — — Forfeited — — Outstanding March 31, 2024 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 during the year ended 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” and collectively with the Series A Preferred Stock, the “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	3 Months Ended
	Mar. 31, 2024
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, 2023 $ 251,503 Net loss attributable to redeemable noncontrolling interests in the OP (6,611) Contributions by redeemable noncontrolling interests in the OP 1,564 Distributions to redeemable noncontrolling interests in the OP (2,836) Redemptions by redeemable noncontrolling interests in the OP (457) Equity-based compensation 3,711 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 417 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 17,132 Redeemable noncontrolling interests in the OP, March 31, 2024 $ 264,423 As of March 31, 2024, the Company held 20,662,351 Class A OP Units, NREO held 2,788,214 Class B OP Units, NRESF held 93,042 Class C OP Units, GAF REIT held 146,830 Class C OP Units and the VineBrook Contributors and other Company insiders held 1,531,715 Class C OP Units. As of March 31, 2024, 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 March 31, 2024, 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, 2023 893,733 $ 47,438 Granted — — Vested (15,544) (980) Forfeited — — Outstanding March 31, 2024 878,189 $ 46,458 (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 April 25, 2024 5,171 May 11, 2024 27,478 May 27, 2024 398 May 31, 2024 29,831 November 30, 2024 1,470 February 22, 2025 15,544 April 25, 2025 5,171 May 27, 2025 398 May 31, 2025 29,831 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* 229,239 878,189 *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 November 30, 2024. For the three months ended March 31, 2024 and 2023, the OP recognized approximately $3.7 million and $0.9 million, respectively, of non-cash compensation expense related to the PI Units, which is included in general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income (loss). As of March 31, 2024, total unrecognized compensation expense on PI Units was approximately $27.9 million, and the expense is expected to be recognized over a weighted average vesting period of 2 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 March 31, 2024 25,132,484 4,559,801 29,692,285 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 March 31, 2024, approximately 4,724,535 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, 2023 $ 105,018 Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (5,675) Contributions by redeemable noncontrolling interests in consolidated VIEs 1,312 Distributions to redeemable noncontrolling interests in consolidated VIEs (1,312) Adjustment to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs 2,046 Redeemable noncontrolling interests in consolidated VIEs, March 31, 2024 $ 101,389 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, 2023 $ 11,742 Net loss attributable to noncontrolling interests in consolidated VIEs (893) Contributions by noncontrolling interests in consolidated VIEs 268 Distributions to noncontrolling interests in consolidated VIEs (224) Redemptions by noncontrolling interests in consolidated VIEs — Noncontrolling interests in consolidated VIEs, March 31, 2024 $ 10,893

Redeemable Series A Preferred S

Redeemable Series A Preferred Stock	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024. 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, 2023 5,000,000 $ 122,225 Issuance of Redeemable Series A preferred stock — — Issuance costs related to Redeemable Series A Preferred stock — — Net income attributable to Redeemable Series A Preferred stockholders — 2,031 Dividends declared to Redeemable Series A Preferred stockholders — (2,031) Accretion to redemption value — 176 Redeemable Series A Preferred stock, March 31, 2024 5,000,000 $ 122,401

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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, an entity 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 entity 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 and NexPoint Homes intend to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company and NexPoint Homes 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 and NexPoint Homes had no significant taxes associated with its TRS for the three months ended March 31, 2024 or 2023. If an entity fails to meet these requirements, it could be subject to U.S. federal income tax on all of the entity’s taxable income at regular corporate rates for that year. The entity would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the entity 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 entity is entitled to relief under specific statutory provisions. As of March 31, 2024, the Company and NexPoint Homes believe they are in compliance with all applicable REIT requirements. The Company and NexPoint Homes are 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 and NexPoint Homes evaluate the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing their tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50% 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 and NexPoint Homes' management are 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 and NexPoint Homes have no examinations in progress and none are expected at this time. The tax years subject to examination are 2023, 2022 and 2021. The Company and NexPoint Homes had no material unrecognized federal or state tax benefit or expense, accrued interest or penalties as of March 31, 2024. 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	3 Months Ended
	Mar. 31, 2024
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, 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 three months ended March 31, 2024 and 2023, the Company incurred advisory fees of approximately $4.3 million and $4.8 million, respectively, which is included in advisory fees on the consolidated statements of operations and comprehensive income (loss). Management Fee Prior to the Internalization, the equity holders of the Manager were holders of noncontrolling interests in the OP and comprised a portion of the VineBrook Contributors. Through this noncontrolling ownership, the Manager was deemed to be a related party prior to the Internalization. Prior to the Internalization, pursuant to the Management Agreements, the OP paid 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 exceeded the Manager Cash Cap were rebated back to the OP. No Manager Cash Cap rebate was recorded for the three months ended March 31, 2024 and 2023. 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 three months ended March 31, 2024 and 2023 (dollars in thousands): For the Three Months Ended March 31, Location on Financial Statements 2024 (1) 2023 Fees Incurred Property management fees Statement of Operations $ — $ 5,407 Acquisition fees Balance Sheet — 4 Construction supervision fees Balance Sheet — 5,256 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations — 10,458 Other reimbursements Balance Sheet and Statement of Operations — 513 Totals $ — $ 21,638 (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 a termination fee (an “Adviser Termination Fee”) in the amount of three times the prior 12 months’ advisory fee, in the case of termination of the Advisory Agreement. 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 March 31, 2024, 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. NexBank The Company and the OP maintain bank accounts with NexBank. NexBank charges no recurring maintenance fees on the accounts. As of March 31, 2024, in the VineBrook reportable segment, the Company and OP had approximately $1.6 million and less than $0.1 million, respectively, in cash at NexBank. As of March 31, 2024, in the NexPoint Homes reportable segment, NexPoint Homes and the SFR OP had approximately less than $0.1 million and $0.4 million, respectively, in cash at NexBank. A director of the Company, who controls the Adviser, which externally manages the Company, also (i) is the beneficiary of a trust that indirectly owns 100% of the limited partnership interests in the parent of Adviser and directly owns 100% of the general partnership interests in the parent of the Adviser and (ii) is a director of the holding company of NexBank, directly owns a minority of the common stock of NexBank, and is the beneficiary of a trust that directly owns a substantial portion of the common stock of NexBank. 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 March 31, 2024, these affiliates had contributed approximately $117.5 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 March 31, 2024, 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 three months ended March 31, 2024, the SFR OP recorded approximately $1.9 million of interest expense related to the SFR OP Convertible Notes. As of March 31, 2024, 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 $1.6 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 three months ended March 31, 2024, NexPoint Homes incurred advisory fees of approximately $0.9 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). As of March 31, 2024, NexPoint Homes has $3.7 million of accrued advisory fees payable, which are included in accounts payable and other accrued liabilities on the consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, 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, NexPoint Real Estate Advisors, L.P. (“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	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Reportable Segments Following the formation of NexPoint Homes, the Company has two reportable segments. For the three months ended March 31, 2024 and 2023, 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 Three Months Ended March 31, 2024 2023 Revenues Expenses Net loss Revenues Expenses Net loss VineBrook $ 78,289 $ 105,254 $ (30,789) $ 73,982 $ 101,723 $ (85,331) NexPoint Homes 11,996 24,187 (13,282) 12,123 19,264 (7,066) Total Company $ 90,285 $ 129,441 $ (44,071) $ 86,105 $ 120,987 $ (92,397) The following presents select balance sheet data for the reportable segments (in thousands): As of March 31, 2024 As of December 31, 2023 VineBrook NexPoint Homes Total Company VineBrook NexPoint Homes Total Company Assets Gross operating real estate investments $ 2,667,822 $ 744,771 $ 3,412,593 $ 2,671,621 $ 761,195 $ 3,432,816 Accumulated depreciation and amortization (255,955) (48,807) (304,762) (233,694) (41,840) (275,534) Net operating real estate investments 2,411,867 695,964 3,107,831 2,437,927 719,355 3,157,282 Real estate held for sale, net 17,619 15,074 32,693 54,615 — 54,615 Net real estate investments 2,429,486 711,038 3,140,524 2,492,542 719,355 3,211,897 Other assets 307,926 29,397 337,323 211,512 29,931 241,443 Total assets $ 2,737,412 $ 740,435 $ 3,477,847 $ 2,704,054 $ 749,286 $ 3,453,340 Liabilities Debt payable, net $ 1,942,120 $ 574,607 $ 2,516,727 $ 1,858,946 $ 574,728 $ 2,433,674 Other liabilities 102,605 33,954 136,559 115,330 29,377 144,707 Total liabilities $ 2,044,725 $ 608,561 $ 2,653,286 $ 1,974,276 $ 604,105 $ 2,578,381

Internalization of the Manager

Internalization of the Manager	3 Months Ended
	Mar. 31, 2024
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	3 Months Ended
	Mar. 31, 2024
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: Debt Paydowns Subsequent to March 31, 2024, the Company paid down approximately $10.1 million on the Warehouse Facility. Approximately $770.4 million remained outstanding on the Warehouse Facility as of May 13, 2024. Subsequent to March 31, 2024, NexPoint Homes paid down approximately $7.1 million on the NexPoint Homes KeyBank Facility. Approximately $53.4 million remained outstanding on the NexPoint Homes KeyBank Facility as of May 15, 2024. Subsequent to March 31, 2024, the Company fully paid down all outstanding principal and interest on both the PNC Loan II and PNC Loan III. Common Dividends On April 25, 2024, the Company approved a Common Stock dividend of $0.5301 per share for shareholders of record as of April 26, 2024 that was paid on April 29, 2024. Dispositions Subsequent to March 31, 2024, the Company disposed of 98 homes in the VineBrook reportable segment that were classified as held for sale as of March 31, 2024 for net proceeds of approximately $9.8 million. Homes Classified as Held For Sale Subsequent to March 31, 2024 Subsequent to March 31, 2024, the Company moved 61 homes in the VineBrook reportable segment to held for sale and as of April 30, 2024, 192 homes in total were classified as held for sale. SFR OP Note Payable I Amendment On April 25, 2024, the SFR OP as borrower entered into an amendment to the SFR OP Note Payable I, with NexPoint Diversified Real Estate Trust Operating Partnership, L.P. as lender, which modified the maturity date to be April 25, 2025. NAV Determination Effective on May 10, 2024, in accordance with the Valuation Methodology, the Company determined that its NAV per share calculated on a fully diluted basis was $57.99 as of March 31, 2024. Common Stock and OP Units issued under the respective DRIPs will be issued a 3.0% discount to the NAV per share in effect.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting and Use of Estimates The accompanying unaudited consolidated financial statements are presented in accordance with GAAP and the rules and regulations of the SEC. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. References to number of properties are unaudited.
Use of Estimates	Basis of Accounting and Use of Estimates The accompanying unaudited consolidated financial statements are presented in accordance with GAAP and the rules and regulations of the SEC. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. References to number of properties are unaudited.
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 March 31, 2024, 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 is a wholly owned subsidiary of the Company. 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 March 31, 2024. 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 period ended March 31, 2024, the Company reclassified certain amounts classified separately as corporate general and administrative expenses of $2.9 million, and property general and administrative expenses of $5.6 million, for the prior period as general and administrative expenses on the consolidated statements of operations and comprehensive income (loss) for the period ended March 31, 2023 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 March 31, 2024, the gross balance and accumulated amortization related to the intangible lease assets were both less than $0.1 million. As of December 31, 2023, the gross balance and accumulated amortization related to the intangible lease assets were both less than $0.1 million. For the three months ended March 31, 2024 and 2023, the Company recognized approximately $0.3 million and $1.2 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 three months ended March 31, 2024, the Company recorded approximately $3.2 million 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 three months ended March 31, 2024.
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 three months ended March 31, 2024.
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 three months ended March 31, 2024. The goodwill did not exist before August 3, 2023, as the Internalization that created the goodwill closed on August 3, 2023. Held to Maturity Investments Investments in debt securities that we have a positive intent and ability to hold to maturity are classified as held to maturity and are presented within asset-backed securitization certificates on our consolidated balance sheets. These investments are recorded at amortized cost. Investments are reviewed at each reporting period for declines in fair value below the amortized cost basis that are other than temporary. Interest income, including amortization of any premium or discount, is classified as investment income in the consolidated statements of operations. In connection with the Company’s asset backed securitization transactions (as discussed in Note 7), we have retained and purchased certificates totaling approximately $79.0 million. These investments in debt securities are classified as held to maturity investments. As of March 31, 2024, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature over the next five years.
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): March 31, 2024 2023 December 31, 2023 Cash $ 62,253 $ 48,506 $ 27,917 Restricted cash 53,552 33,622 57,703 Total cash and restricted cash $ 115,805 $ 82,128 $ 85,620
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. For the three months ended March 31, 2024 and 2023, rental income includes $3.8 million and $2.8 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 when the derecognition criteria under ASC 610-20 have been met, which is included in loss on sales and impairment of real estate on the consolidated statements of operations and comprehensive income (loss).
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 Three Months Ended March 31, 2024 2023 Numerator for loss per share: Net loss $ (44,071) $ (92,397) Adjustments: Dividends on and accretion to redemption value of Redeemable Series A Preferred stock 2,207 2,207 Net loss attributable to redeemable noncontrolling interests in the OP (6,611) (13,860) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (5,675) (3,213) Net loss attributable to noncontrolling interests in consolidated VIEs (893) (312) Net loss attributable to stockholders $ (33,099) $ (77,219) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 25,098 24,607 Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) — — Weighted average common shares outstanding - diluted 25,098 24,607 Earnings (loss) per weighted average common share: Basic $ (1.32) $ (3.14) Diluted $ (1.32) $ (3.14) (1) For the three months ended March 31, 2024 and 2023, excludes approximately 5,436,000 shares and 4,471,500 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 three months ended March 31, 2024, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“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 three months ended March 31, 2024. 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)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 2023 December 31, 2023 Cash $ 62,253 $ 48,506 $ 27,917 Restricted cash 53,552 33,622 57,703 Total cash and restricted cash $ 115,805 $ 82,128 $ 85,620
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 Three Months Ended March 31, 2024 2023 Numerator for loss per share: Net loss $ (44,071) $ (92,397) Adjustments: Dividends on and accretion to redemption value of Redeemable Series A Preferred stock 2,207 2,207 Net loss attributable to redeemable noncontrolling interests in the OP (6,611) (13,860) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (5,675) (3,213) Net loss attributable to noncontrolling interests in consolidated VIEs (893) (312) Net loss attributable to stockholders $ (33,099) $ (77,219) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 25,098 24,607 Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) — — Weighted average common shares outstanding - diluted 25,098 24,607 Earnings (loss) per weighted average common share: Basic $ (1.32) $ (3.14) Diluted $ (1.32) $ (3.14) (1) For the three months ended March 31, 2024 and 2023, excludes approximately 5,436,000 shares and 4,471,500 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)	3 Months Ended
	Mar. 31, 2024
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 64 $ 6,005 100 % Yes $ 4,854 NREA VB II, LLC 164 16,783 100 % Yes 10,358 NREA VB III, LLC 1,304 122,372 100 % Yes 68,394 NREA VB IV, LLC 382 38,140 100 % Yes 23,333 NREA VB V, LLC 1,822 129,291 100 % Yes 104,133 NREA VB VI, LLC 265 26,591 100 % Yes 17,944 NREA VB VII, LLC 32 2,824 100 % Yes 2,873 True FM2017-1, LLC 187 18,291 100 % Yes 8,530 VB One, LLC 8,606 1,170,783 100 % No 780,487 VB Two, LLC 1,641 161,877 100 % No 107,897 VB Three, LLC 1,360 200,109 100 % No 97,746 VB Five, LLC 119 14,061 100 % Yes 5,141 VB Eight, LLC 119 17,690 100 % No — VineBrook Homes Borrower 1, LLC 2,776 400,837 100 % Yes 391,568 VineBrook Homes Borrower 2, LLC 2,464 359,787 100 % Yes 403,660 NexPoint Homes 2,565 759,845 81 % No 472,905 23,870 $ 3,445,286 $ 2,499,823 (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)	3 Months Ended
	Mar. 31, 2024
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, 2023 $ 560,047 $ 2,872,755 $ 14 $ 54,615 $ 3,487,431 $ (275,534) Additions — 13,626 (2) — 971 14,597 (31,529) (3) Transfers to held for sale (5,859) (26,448) — 30,046 (2,261) 2,261 Write-offs — — — — — — Dispositions (265) (1,222) — (48,000) (49,487) 40 Impairment — (55) — (4,939) (4,994) — Real Estate Balances, March 31, 2024 $ 553,923 $ 2,858,656 $ 14 $ 32,693 $ 3,445,286 $ (304,762) (1) Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties. (2) Includes capitalized interest of approximately $0.2 million and other capitalizable costs outlined in (1) above of approximately $0.3 million. (3) Accumulated depreciation and amortization activity excludes approximately $0.5 million of depreciation and amortization related to assets not classified as real estate investments.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Information On Loan Agreement	The following table contains summary information regarding the ABS II Loan (excluding Tranche F, which the OP acquired and including the portions of Tranche A, B and C retained by the OP, as described above) as of March 31, 2024 (dollars in thousands): Tranche Principal Par Value Price Tranche Discount Net Proceeds Interest Rate Maturity Tranche A $ 176,912 $ 100.00 $ 94.73552 $ 8,287 $ 149,125 4.6495 % 3/9/2029 Tranche B 38,622 100.00 92.68290 2,058 26,064 4.6495 % 3/9/2029 Tranche C 30,648 100.00 91.87665 2,327 26,321 4.6495 % 3/9/2029 Tranche D 42,858 100.00 90.28899 4,162 38,696 4.6495 % 3/9/2029 Tranche E1 63,539 100.00 85.71807 9,075 54,464 4.6495 % 3/9/2029 Tranche E2 11,213 100.00 79.70586 2,276 8,938 4.6495 % 3/9/2029 Total ABS II Loan $ 363,792 $ 28,185 $ 303,608 4.6495 %
Schedule of Debt	The following table contains summary information of the Company’s debt as of March 31, 2024 and December 31, 2023 (dollars in thousands): Outstanding Principal as of Type March 31, 2024 December 31, 2023 Interest Rate (1) Maturity Initial Mortgage Floating $ 231,889 $ 234,644 7.01 % 12/1/2025 Warehouse Facility Floating 780,487 824,387 8.01 % 11/3/2024 (2) JPM Facility Floating 97,746 338,387 8.23 % 1/31/2025 (3) Bridge Facility III Floating — — 10.35 % 12/31/2023 ABS I Loan Fixed 391,568 392,180 4.92 % 12/8/2028 ABS II Loan Fixed 403,660 — 4.65 % 3/9/2029 MetLife Note Fixed 107,897 110,157 3.25 % 1/31/2026 TrueLane Mortgage Fixed 8,530 9,323 5.35 % 2/1/2028 Crestcore II Note Fixed 2,657 2,670 5.12 % 7/9/2029 Crestcore IV Note Fixed 2,484 2,611 5.12 % 7/9/2029 PNC Loan I Fixed — 18 3.59 % 2/19/2024 PNC Loan II Fixed 49 65 3.70 % 12/29/2024 PNC Loan III Fixed 155 177 3.69 % 12/15/2025 Total VineBrook reportable segment debt $ 2,027,122 $ 1,914,619 NexPoint Homes MetLife Note 1 Fixed 237,815 238,428 3.76 % 3/3/2027 NexPoint Homes MetLife Note 2 Fixed 174,590 174,590 5.44 % 8/12/2027 NexPoint Homes KeyBank Facility Floating 60,500 60,500 8.03 % 9/30/2024 SFR OP Note Payable I Fixed 500 500 8.80 % 4/25/2025 (4) SFR OP Note Payable II Fixed 500 — 12.50 % 3/31/2025 SFR OP Convertible Notes (5) Fixed 102,557 102,557 7.50 % 6/30/2027 Total debt 2,603,584 2,491,194 Debt premium, net (6) 287 305 Debt discount, net (7) (66,679) (39,115) Deferred financing costs, net of accumulated amortization of $23,369 and $22,796, respectively (20,465) (18,710) 2,516,727 2,433,674 (1) Represents the interest rate as of March 31, 2024. 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 March 31, 2024 was 5.3224%, daily SOFR as of March 31, 2024 was 5.3400% and one-month term SOFR as of March 31, 2024 was 5.3287%. (2) This is the initial maturity for the Warehouse Facility prior to extension options being 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 maturity date after extensions is November 3, 2025. (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) Subsequent to March 31, 2024, the SFR OP Note Payable I was amended (see Note 17). This is the modified maturity date for the SFR OP Note Payable I. (5) The SFR OP Convertible Notes exclude the amounts owed to NexPoint Homes by the SFR OP, as these are eliminated in consolidation. (6) 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. (7) The Company reflected a discount on ABS I Loan and ABS II 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 March 31, 2024 are as follows (in thousands): Total 2024 $ 844,216 (1) 2025 328,208 (2) 2026 108,298 2027 515,384 2028 399,446 Thereafter 408,032 Total $ 2,603,584 (1) Includes the maturity of the Warehouse Facility. The Warehouse Facility has two 6-month extension options. 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 maturity date after extensions would be in 2025. (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)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Outstanding Interest Rate Swaps Designated as Cash Flow Hedges	As of March 31, 2024, 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 March 31, 2024, daily SOFR was 5.3400%. (2) As of March 31, 2024, daily SOFR was 5.3400%. (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 March 31, 2024, 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 March 31, 2024 Strike Rate Interest Rate Cap $ 300,000 Warehouse Facility One-Month Term SOFR 5.3287 % 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 March 31, 2024 and December 31, 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Derivatives designated as hedging instruments: Interest rate swaps Interest rate derivatives, at fair value $ 37,870 $ 34,194 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Interest rate derivatives, at fair value 14,542 14,222 — — Total $ 52,412 $ 48,416 $ — $ — The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands): For the Three Months Ended, Location of gain/(loss) recognized on Statement of Operations and Comprehensive Income/(Loss) March 31, 2024 March 31, 2023 Derivatives designated as hedging instruments: Interest rate swaps Unrealized gain/(loss) on interest rate hedges $ 2,773 $ (9,485) Derivatives not designated as hedging instruments: Interest rate caps Interest expense 1,223 (3,845) Total $ 3,996 $ (13,330)
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 March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt $ 2,603,584 $ 2,472,459 $ 2,491,194 $ 2,365,209
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 March 31, 2024 Real estate assets - impaired at March 31, 2024 $ 14,702 $ — $ — $ 14,702

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Number of RSUs Outstanding	As of March 31, 2024, the number of RSUs granted that are outstanding was as follows (dollars in thousands): Dates Number of RSUs Value (1) Outstanding December 31, 2023 569,732 $ 27,467 Granted — — Vested (43,171) (2) (1,955) Forfeited — — Outstanding March 31, 2024 526,561 $ 25,512 (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 of Common Stock issued resulting in 35,814 shares of Common Stock being issued 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 April 11, 2024 29,960 May 11, 2024 20,318 February 15, 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* 345,583 526,561 * Upon successful completion of an initial public offering of the Company ("IPO"), an additional 345,583 RSUs will vest immediately.
Schedule of Nonvested Performance-Based Units Activity	As of March 31, 2024, the number of performance shares earned was as follows (dollars in thousands): Dates Number of performance shares Value (1) Outstanding December 31, 2023 23,794 $ 1,433 Earned — — Vested — — Forfeited — — Outstanding March 31, 2024 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 during the year ended 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)	3 Months Ended
	Mar. 31, 2024
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, 2023 $ 251,503 Net loss attributable to redeemable noncontrolling interests in the OP (6,611) Contributions by redeemable noncontrolling interests in the OP 1,564 Distributions to redeemable noncontrolling interests in the OP (2,836) Redemptions by redeemable noncontrolling interests in the OP (457) Equity-based compensation 3,711 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 417 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 17,132 Redeemable noncontrolling interests in the OP, March 31, 2024 $ 264,423 The following table presents the redeemable noncontrolling interests in consolidated VIEs (in thousands): Balances Redeemable noncontrolling interests in consolidated VIEs, December 31, 2023 $ 105,018 Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (5,675) Contributions by redeemable noncontrolling interests in consolidated VIEs 1,312 Distributions to redeemable noncontrolling interests in consolidated VIEs (1,312) Adjustment to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs 2,046 Redeemable noncontrolling interests in consolidated VIEs, March 31, 2024 $ 101,389
Schedule of Share-based Payment Arrangement, Activity	As of March 31, 2024, 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, 2023 893,733 $ 47,438 Granted — — Vested (15,544) (980) Forfeited — — Outstanding March 31, 2024 878,189 $ 46,458 (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 April 25, 2024 5,171 May 11, 2024 27,478 May 27, 2024 398 May 31, 2024 29,831 November 30, 2024 1,470 February 22, 2025 15,544 April 25, 2025 5,171 May 27, 2025 398 May 31, 2025 29,831 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* 229,239 878,189 *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 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 March 31, 2024 25,132,484 4,559,801 29,692,285
Schedule of Noncontrolling Interest	The following table presents the noncontrolling interests in consolidated VIEs (in thousands): Balances Noncontrolling interests in consolidated VIEs, December 31, 2023 $ 11,742 Net loss attributable to noncontrolling interests in consolidated VIEs (893) Contributions by noncontrolling interests in consolidated VIEs 268 Distributions to noncontrolling interests in consolidated VIEs (224) Redemptions by noncontrolling interests in consolidated VIEs — Noncontrolling interests in consolidated VIEs, March 31, 2024 $ 10,893

Redeemable Series A Preferred_2

Redeemable Series A Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2023 5,000,000 $ 122,225 Issuance of Redeemable Series A preferred stock — — Issuance costs related to Redeemable Series A Preferred stock — — Net income attributable to Redeemable Series A Preferred stockholders — 2,031 Dividends declared to Redeemable Series A Preferred stockholders — (2,031) Accretion to redemption value — 176 Redeemable Series A Preferred stock, March 31, 2024 5,000,000 $ 122,401

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 (dollars in thousands): For the Three Months Ended March 31, Location on Financial Statements 2024 (1) 2023 Fees Incurred Property management fees Statement of Operations $ — $ 5,407 Acquisition fees Balance Sheet — 4 Construction supervision fees Balance Sheet — 5,256 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations — 10,458 Other reimbursements Balance Sheet and Statement of Operations — 513 Totals $ — $ 21,638 (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)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following presents select operational results for the reportable segments (in thousands): For the Three Months Ended March 31, 2024 2023 Revenues Expenses Net loss Revenues Expenses Net loss VineBrook $ 78,289 $ 105,254 $ (30,789) $ 73,982 $ 101,723 $ (85,331) NexPoint Homes 11,996 24,187 (13,282) 12,123 19,264 (7,066) Total Company $ 90,285 $ 129,441 $ (44,071) $ 86,105 $ 120,987 $ (92,397) The following presents select balance sheet data for the reportable segments (in thousands): As of March 31, 2024 As of December 31, 2023 VineBrook NexPoint Homes Total Company VineBrook NexPoint Homes Total Company Assets Gross operating real estate investments $ 2,667,822 $ 744,771 $ 3,412,593 $ 2,671,621 $ 761,195 $ 3,432,816 Accumulated depreciation and amortization (255,955) (48,807) (304,762) (233,694) (41,840) (275,534) Net operating real estate investments 2,411,867 695,964 3,107,831 2,437,927 719,355 3,157,282 Real estate held for sale, net 17,619 15,074 32,693 54,615 — 54,615 Net real estate investments 2,429,486 711,038 3,140,524 2,492,542 719,355 3,211,897 Other assets 307,926 29,397 337,323 211,512 29,931 241,443 Total assets $ 2,737,412 $ 740,435 $ 3,477,847 $ 2,704,054 $ 749,286 $ 3,453,340 Liabilities Debt payable, net $ 1,942,120 $ 574,607 $ 2,516,727 $ 1,858,946 $ 574,728 $ 2,433,674 Other liabilities 102,605 33,954 136,559 115,330 29,377 144,707 Total liabilities $ 2,044,725 $ 608,561 $ 2,653,286 $ 1,974,276 $ 604,105 $ 2,578,381

Internalization of the Manager

Internalization of the Manager (Tables)	3 Months Ended
	Mar. 31, 2024
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			3 Months Ended
	May 01, 2019 USD ($)	Nov. 01, 2018 USD ($) property $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 $ / shares	Jun. 30, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
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)			20,662,351
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	$ (808)	$ 0
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)			93,042
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)			146,830
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			6.10%
Limited partners' capital account, units outstanding (in shares)			1,531,715
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)			25,222,152
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)			20,662,351
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			81.90%
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)			2,788,214
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%
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)			93,042
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)			1,531,715

Organization and Description _3

Organization and Description of Business (Narrative 2) (Details) $ / shares in Units, $ in Billions		3 Months Ended
	May 04, 2020	Mar. 31, 2024 home property state shares	Dec. 31, 2023 home	Jul. 11, 2023 shares	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		21,305
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		2,565
Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		23,870
Single Family | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties		23,870	24,412
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		21,305	21,843
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		3,579
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		538
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		2,565	2,569
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		0
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		0
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		0
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)	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
General and administrative expenses	$ 21,217,000	$ 8,526,000
Impairment of real estate	3,200,000
Other impairment charges	0	0	$ 0
Impairment of intangible assets	0
Goodwill impairment	0
Variable lease payments	$ 3,800,000	$ 2,800,000
Number of reportable segments | segment	2	2
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			$ 100,000
Amortization	$ 300,000	$ 1,200,000
Previously Reported
Real Estate Properties [Line Items]
General and administrative expenses		2,900,000
Property general and administrative expenses		$ 5,600,000
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 -Schedule of Estimated Useful Life of Real Estate (Details)	Mar. 31, 2024
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 -Schedule of Acquired Finite-Lived Intangible Assets by Major Class (Details)	3 Months Ended
	Mar. 31, 2024
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 -Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Accounting Policies [Abstract]
Cash	$ 62,253	$ 27,917	$ 48,506
Restricted cash	53,552	57,703	33,622
Total cash and restricted cash	$ 115,805	$ 85,620	$ 82,128

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator for loss per share:
Net loss	$ (44,071)	$ (92,397)
Adjustments:
Dividends on and accretion to redemption value of Redeemable Series A Preferred stock	2,207	2,207
Net loss attributable to common stockholders	$ (33,099)	$ (77,219)
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic (in shares)	25,098,000	24,607,000
Weighted average unvested RSUs, PI Units, and OP Units (in shares)	0	0
Weighted average common shares outstanding - diluted (in shares)	25,098,000	24,607,000
Earnings (loss) per weighted average common share:
Basic (in dollars per share)	$ (1.32)	$ (3.14)
Diluted (in dollars per share)	$ (1.32)	$ (3.14)
Antidilutive securities excluded from computation of earnings per share (in shares)	5,436,000	4,471,500
VineBrook
Adjustments:
Net loss attributable to redeemable noncontrolling interests	$ (6,611)	$ (13,860)
Variable Interest Entity, Primary Beneficiary
Adjustments:
Net loss attributable to redeemable noncontrolling interests	(5,675)	(3,213)
Net loss attributable to noncontrolling interests in consolidated VIEs	$ (893)	$ (312)

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details) - Consolidated Properties - home	Mar. 31, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Number of real estate properties	23,870
Single Family
Real Estate Properties [Line Items]
Number of real estate properties	23,870	24,412
Single Family | VineBrook
Real Estate Properties [Line Items]
Number of real estate properties	21,305	21,843
Single Family | NexPoint Homes
Real Estate Properties [Line Items]
Number of real estate properties	2,565	2,569

Investments in Subsidiaries -Sc

Investments in Subsidiaries -Schedule of Subsidiaries (Details) $ in Thousands	Mar. 31, 2024 USD ($) home
NexPoint Homes | SFR OP Convertible Notes and SFR OP Note Payable - Uncollateralized
Real Estate Properties [Line Items]
Unsecured debt	$ 103,600
Subsidiaries
Real Estate Properties [Line Items]
Debt allocated	$ 2,499,823
Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties | home	23,870
Real estate investment property, at cost	$ 3,445,286
NREA VB I, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	64
Real estate investment property, at cost	$ 6,005
Debt allocated	$ 4,854
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	$ 16,783
Debt allocated	$ 10,358
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	1,304
Real estate investment property, at cost	$ 122,372
Debt allocated	$ 68,394
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	$ 38,140
Debt allocated	$ 23,333
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	1,822
Real estate investment property, at cost	$ 129,291
Debt allocated	$ 104,133
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	265
Real estate investment property, at cost	$ 26,591
Debt allocated	$ 17,944
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	32
Real estate investment property, at cost	$ 2,824
Debt allocated	$ 2,873
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	187
Real estate investment property, at cost	$ 18,291
Debt allocated	$ 8,530
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	8,606
Real estate investment property, at cost	$ 1,170,783
Debt allocated	$ 780,487
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	1,641
Real estate investment property, at cost	$ 161,877
Debt allocated	$ 107,897
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	1,360
Real estate investment property, at cost	$ 200,109
Debt allocated	$ 97,746
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	119
Real estate investment property, at cost	$ 14,061
Debt allocated	$ 5,141
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	119
Real estate investment property, at cost	$ 17,690
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	$ 400,837
Debt allocated	$ 391,568
VineBrook Homes Borrower 1, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
VineBrook Homes Borrower 2, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	2,464
Real estate investment property, at cost	$ 359,787
Noncontrolling interest, ownership percentage by parent	100%
Debt allocated	$ 403,660
NexPoint Homes
Real Estate Properties [Line Items]
Number of real estate properties | home	2,565
Real estate investment property, at cost	$ 759,845
Noncontrolling interest, ownership percentage by parent	99%
Debt allocated	$ 472,905
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	3 Months Ended
	Mar. 31, 2024 USD ($) home property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) home	Jan. 17, 2023 USD ($)	Aug. 03, 2022 home
Real Estate Properties [Line Items]
Depreciation | $	$ 31,700	$ 31,700
Asset acquisition prepaid deposit forfeited upon termination of agreement | $	41,000
Impairment of real estate held for sale | $	3,500
Casualty related impairment of real estate | $	300
Real estate held for sale, net | $	$ 32,693		$ 54,615
Disposal Group, Held-for-Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of real estate properties | property	260
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 | $	$ 17,619		54,615
NexPoint Homes
Real Estate Properties [Line Items]
Real estate held for sale, net | $	$ 15,074		$ 0
Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	23,870
Single Family | VineBrook | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties	3,579
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	23,870		24,412
Single Family | Consolidated Properties | Acquisition of Additional Homes
Real Estate Properties [Line Items]
Number of real estate properties	0
Single Family | Consolidated Properties | VineBrook
Real Estate Properties [Line Items]
Number of real estate properties	21,305		21,843
Single Family | Consolidated Properties | VineBrook | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties	538
Single Family | Consolidated Properties | VineBrook | Acquisition of Additional Homes
Real Estate Properties [Line Items]
Number of real estate properties	0
Single Family | Consolidated Properties | NexPoint Homes
Real Estate Properties [Line Items]
Number of real estate properties	2,565		2,569
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	0

Real Estate Assets -Schedule of

Real Estate Assets -Schedule of Real Estate Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	$ 3,487,431
Additions	14,597
Transfers to held for sale	(2,261)
Write-offs	0
Dispositions	(49,487)
Impairment	(4,994)
Gross real estate, ending balance	3,445,286
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Interest costs capitalized	200
Other capitalized costs	300
Other depreciation and amortization	500
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	560,047
Additions	0
Transfers to held for sale	(5,859)
Write-offs	0
Dispositions	(265)
Impairment	0
Gross real estate, ending balance	553,923
Building and improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	2,872,755
Additions	13,626
Transfers to held for sale	(26,448)
Write-offs	0
Dispositions	(1,222)
Impairment	(55)
Gross real estate, ending balance	2,858,656
Intangible lease assets
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	14
Additions	0
Transfers to held for sale	0
Write-offs	0
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	54,615
Additions	971
Transfers to held for sale	30,046
Write-offs	0
Dispositions	(48,000)
Impairment	(4,939)
Gross real estate, ending balance	32,693
Accumulated Depreciation and Amortization, Netting Adjustments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation and amortization, beginning balance	(275,534)
Additions	(31,529)
Transfers to held for sale	2,261
Write-offs	0
Dispositions	40
Impairment	0
Accumulated depreciation and amortization, ending balance	$ (304,762)

NexPoint Homes Investment (Deta

NexPoint Homes Investment (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 08, 2022	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Nov. 01, 2018
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	$ 0.01
Debt		$ 2,603,584	$ 2,491,194
NexPoint Homes | NexPoint Homes MetLife Note 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt		$ 237,800
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)		20,662,351
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)		25,222,152
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)		20,662,351
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

Investments, at Fair Value (Det

Investments, at Fair Value (Details) - USD ($)		3 Months Ended
	Nov. 22, 2021	Mar. 31, 2024	Dec. 31, 2023
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)				3 Months Ended
	Dec. 06, 2023 USD ($)	Mar. 10, 2022	Mar. 01, 2021 USD ($)	Mar. 31, 2024 USD ($) tranche home	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 21, 2023 USD ($)	Jan. 31, 2023 USD ($)	Apr. 13, 2022 USD ($)
Debt Instrument [Line Items]
Extension period				12 months
Debt				$ 2,603,584,000		$ 2,491,194,000
Interest rate caps
Debt Instrument [Line Items]
Derivative, notional amount									$ 300,000,000
VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt				2,027,122,000		1,914,619,000
JPM Facility
Debt Instrument [Line Items]
Repayments of debt				$ 243,400,000
JPM Facility | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt instrument, interest rate				8.23%
Debt				$ 97,746,000		$ 338,387,000
JPM Facility | JP Morgan | VB Three, LLC
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 500,000,000	$ 2,800,000			$ 21,400,000	$ 350,000,000
Extension period				12 months
Line of credit facility, remaining borrowing capacity				$ 252,300,000
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, number of collateral property | home				2,776
Debt instrument, interest rate, stated percentage				11.63%
Debt instrument, interest rate				4.9235%
Number of tranches | tranche				6
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
ABS II Loan Agreement
Debt Instrument [Line Items]
Debt instrument, face amount				$ 363,792,000
Proceeds from issuance of debt				$ 303,608,000
Debt instrument, number of collateral property | home				2,464
Debt instrument, interest rate, stated percentage				10.32%
Debt instrument, interest rate				4.6495%
Number of tranches | tranche				7
ABS II Loan Agreement | Tranche A
Debt Instrument [Line Items]
Debt instrument, face amount				$ 176,912,000	$ 176,900,000
Proceeds from issuance of debt				$ 149,125,000
Debt instrument, interest rate				4.6495%
ABS II Loan Agreement | Tranche B
Debt Instrument [Line Items]
Debt instrument, face amount				$ 38,622,000	38,600,000
Proceeds from issuance of debt				$ 26,064,000
Debt instrument, interest rate				4.6495%
ABS II Loan Agreement | Tranche C
Debt Instrument [Line Items]
Debt instrument, face amount				$ 30,648,000	30,600,000
Proceeds from issuance of debt				$ 26,321,000
Debt instrument, interest rate				4.6495%
ABS II Loan Agreement | Tranche D
Debt Instrument [Line Items]
Debt instrument, face amount				$ 42,858,000	42,900,000
Proceeds from issuance of debt				$ 38,696,000
Debt instrument, interest rate				4.6495%
ABS II Loan Agreement | Tranche E1
Debt Instrument [Line Items]
Debt instrument, face amount				$ 63,539,000	63,500,000
Proceeds from issuance of debt				$ 54,464,000
Debt instrument, interest rate				4.6495%
ABS II Loan Agreement | Tranche E2
Debt Instrument [Line Items]
Debt instrument, face amount				$ 11,213,000	11,200,000
Proceeds from issuance of debt				$ 8,938,000
Debt instrument, interest rate				4.6495%
ABS II Loan Agreement | Class A Certificates | Interest rate caps
Debt Instrument [Line Items]
Derivative, notional amount					19,500,000
ABS II Loan Agreement | Class B Certificates | Interest rate caps
Debt Instrument [Line Items]
Derivative, notional amount					10,500,000
ABS II Loan Agreement | Class c Certificates | Interest rate caps
Debt Instrument [Line Items]
Derivative, notional amount					2,000,000
ABS II Loan Agreement | VineBrook Homes Depositor A, LLC
Debt Instrument [Line Items]
Debt instrument, face amount					71,900,000
ABS II Loan Agreement | VineBrook Homes Depositor A, LLC | Class F Certificates
Debt Instrument [Line Items]
Proceeds from issuance of debt	242,400,000
ABS II Loan Agreement | ABS II Loan | Class F Certificates
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 331,800,000
ABS II Loan Agreement | ABS II Loan | VineBrook Homes Depositor A, LLC
Debt Instrument [Line Items]
Debt instrument, face amount					$ 403,700,000
Debt instrument, interest rate, stated percentage					4.6495%
Asset Backed Securitization II | Class F | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 39,900,000
Asset Backed Securitization II | Class B | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount					10,500,000
Asset Backed Securitization II | Class A | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount					19,500,000
Asset Backed Securitization II | Class C | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 2,000,000

Debt -Schedule of Information O

Debt -Schedule of Information On Loan Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Tranche Discount	$ 66,679,000		$ 39,115,000
Extension period	12 months
ABS II Loan Agreement
Debt Instrument [Line Items]
Principal	$ 363,792,000
Tranche Discount	28,185,000
Net Proceeds	$ 303,608,000
Interest rate (as a percent)	4.6495%
ABS II Loan Agreement | Tranche A
Debt Instrument [Line Items]
Principal	$ 176,912,000	$ 176,900,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 94.73552
Tranche Discount	$ 8,287,000
Net Proceeds	$ 149,125,000
Interest rate (as a percent)	4.6495%
ABS II Loan Agreement | Tranche B
Debt Instrument [Line Items]
Principal	$ 38,622,000	38,600,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 92.68290
Tranche Discount	$ 2,058,000
Net Proceeds	$ 26,064,000
Interest rate (as a percent)	4.6495%
ABS II Loan Agreement | Tranche C
Debt Instrument [Line Items]
Principal	$ 30,648,000	30,600,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 91.87665
Tranche Discount	$ 2,327,000
Net Proceeds	$ 26,321,000
Interest rate (as a percent)	4.6495%
ABS II Loan Agreement | Tranche D
Debt Instrument [Line Items]
Principal	$ 42,858,000	42,900,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 90.28899
Tranche Discount	$ 4,162,000
Net Proceeds	$ 38,696,000
Interest rate (as a percent)	4.6495%
ABS II Loan Agreement | Tranche E1
Debt Instrument [Line Items]
Principal	$ 63,539,000	63,500,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 85.71807
Tranche Discount	$ 9,075,000
Net Proceeds	$ 54,464,000
Interest rate (as a percent)	4.6495%
ABS II Loan Agreement | Tranche E2
Debt Instrument [Line Items]
Principal	$ 11,213,000	$ 11,200,000
Par Value (in dollars per share)	$ 100
Price (in dollars per share)	$ 79.70586
Tranche Discount	$ 2,276,000
Net Proceeds	$ 8,938,000
Interest rate (as a percent)	4.6495%

Debt - Narrative 2 (Details)

Debt - Narrative 2 (Details) $ in Thousands					3 Months Ended
	Jul. 31, 2023 USD ($) extension	Jul. 30, 2023	Jul. 01, 2023	Aug. 12, 2022 USD ($) extension	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 30, 2022 USD ($)
Debt Instrument [Line Items]
Debt					$ 2,603,584	$ 2,491,194
Debt payable, net					2,516,727	2,433,674
Credit facilities, net					$ 873,623	$ 1,156,704
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					6.14%	6.6245%
Debt, Including Effect of Derivative Financial Instruments
Debt Instrument [Line Items]
Debt, weighted average interest rate					4.3068%	4.686%
Promisary Note | NexPoint Diversified Real Estate Trust Operating Partnership, L.P
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					12.50%
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					$ 2,027,122	$ 1,914,619
NexPoint Homes
Debt Instrument [Line Items]
Debt					576,500
Debt payable, net					574,607	574,728
NexPoint Homes | Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt payable, net					576,500
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				780,487	824,387
Repayments of debt					$ 43,900
Debt instrument, interest rate					8.01%
PNC Loan I | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt					$ 0	18
Debt instrument, interest rate					3.59%
PNC Loan II | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt					$ 49	65
Debt instrument, interest rate					3.70%
PNC Loan III | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt					$ 155	177
Debt instrument, interest rate					3.69%
SFR OP Note Payable I | Promisary Note
Debt Instrument [Line Items]
Debt					$ 500	500
Debt instrument, interest rate					8.80%
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]
Debt instrument, extension term				3 months
Debt instrument, number of extensions | extension				1
Line of credit facility, maximum borrowing capacity				$ 75,000		$ 85,000	$ 10,000
Credit facilities, net				$ 60,500	$ 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 - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jul. 31, 2023
Debt Instrument [Line Items]
Debt	$ 2,603,584	$ 2,491,194
Debt premium, net	287	305
Debt discount, net	(66,679)	(39,115)
Accumulated amortization, debt issuance costs	23,369	22,796
Debt financing costs, net	(20,465)	(18,710)
Debt payable, net	$ 2,516,727	2,433,674
LIBOR rate	5.3224%
Daily SOFR rate	5.34%
Term SOFR rate	5.3287%
VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 2,027,122	1,914,619
Initial Mortgage | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 231,889	234,644
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	$ 780,487	824,387	$ 850,000
Debt instrument, interest rate	8.01%
JPM Facility | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 97,746	338,387
Debt instrument, interest rate	8.23%
Bridge Facility III | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 0	0
Debt instrument, interest rate	10.35%
ABS I Loan | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 391,568	392,180
Debt instrument, interest rate	4.92%
ABS II Loan | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 403,660	0
Debt instrument, interest rate	4.65%
MetLife Note | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 107,897	110,157
Debt instrument, interest rate	3.25%
TrueLane Mortgage | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 8,530	9,323
Debt instrument, interest rate	5.35%
Crestcore II Note | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 2,657	2,670
Debt instrument, interest rate	5.12%
Crestcore IV Note | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 2,484	2,611
Debt instrument, interest rate	5.12%
PNC Loan I | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 0	18
Debt instrument, interest rate	3.59%
PNC Loan II | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 49	65
Debt instrument, interest rate	3.70%
PNC Loan III | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 155	177
Debt instrument, interest rate	3.69%
NexPoint Homes MetLife Note 1 | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 237,815	238,428
Debt instrument, interest rate	3.76%
NexPoint Homes MetLife Note 2
Debt Instrument [Line Items]
Debt	$ 174,590	174,590
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	60,500
Debt instrument, interest rate	8.03%
SFR OP Note Payable I | Promisary Note
Debt Instrument [Line Items]
Debt	$ 500	500
Debt instrument, interest rate	8.80%
SFR OP Note Payable II | Promisary Note
Debt Instrument [Line Items]
Debt	$ 500	0
Debt instrument, interest rate	12.50%
SFR OP Convertible Notes
Debt Instrument [Line Items]
Debt	$ 102,557	$ 102,557
Debt instrument, interest rate	7.50%

Debt - Schedule of Aggregate Sc

Debt - Schedule of Aggregate Scheduled Maturities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 844,216
2025	328,208
2026	108,298
2027	515,384
2028	399,446
Thereafter	408,032
Total	$ 2,603,584
Extension period	12 months

Debt - Narrative 3 (Details)

Debt - Narrative 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Write off of deferred debt issuance cost	$ 1.3	$ 0.1
JPM Facility
Debt Instrument [Line Items]
Bridge facility, net	938.5
Interest Expense
Debt Instrument [Line Items]
Amortization of debt issuance costs	2.5	2.5
Amortization of loan discounts	$ 2.6	$ 0

Fair Value of Derivatives and_3

Fair Value of Derivatives and Financial Instruments - Additional Information (Details) $ in Millions	Apr. 13, 2022 USD ($)	Mar. 31, 2024 USD ($) instrument
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
Derivative, average fixed interest rate		2.3994%
Interest rate cap premium paid	$ 12.7
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
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 -Schedule of Outstanding Interest Rate Swaps Designated as Cash Flow Hedges (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Derivatives, Fair Value [Line Items]
Daily SOFR rate	5.34%
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%
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%
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%

Fair Value of Derivatives and_5

Fair Value of Derivatives and Financial Instruments - Schedule of Derivatives Not Designated as Hedges (Details) - Interest rate caps - USD ($) $ in Thousands	Mar. 31, 2024	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	5.3287%

Fair Value of Derivatives and_6

Fair Value of Derivatives and Financial Instruments - Schedule of Derivative Financial Instruments Classification (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	$ 52,412		$ 48,416
Interest rate swaps | Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	37,870		34,194
Liability Derivatives	0		0
Derivative, gain (loss) on derivative, net	2,773	$ (9,485)
Interest rate caps | Not Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	14,542		14,222
Liability Derivatives	0		0
Derivative, gain (loss) on derivative, net	1,223	(3,845)
Interest Rate Derivative
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	52,412		48,416
Liability Derivatives	0		$ 0
Derivative, gain (loss) on derivative, net	$ 3,996	$ (13,330)

Fair Value of Derivatives and_7

Fair Value of Derivatives and Financial Instruments -Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt	$ 2,603,584	$ 2,491,194
Carrying Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt	2,603,584	2,491,194
Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated Fair Value	$ 2,472,459	$ 2,365,209

Fair Value of Derivatives and_8

Fair Value of Derivatives and Financial Instruments -Schedule of Disclosure of Long-Lived Assets Held-for-sale (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	$ 14,702
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	$ 14,702

Stockholders' Equity -Additiona

Stockholders' Equity -Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions								3 Months Ended
	Aug. 03, 2023	Jul. 31, 2023	Apr. 11, 2023	Feb. 17, 2022	Feb. 15, 2021	May 11, 2020	Dec. 10, 2019	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	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)								110,120	154,396
Dividend reinvestment plan								$ 5.9	$ 6.7
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							0
Conversion basis (in shares)								1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number								23,794		23,794
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	0
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								$ 8.5
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number								526,561		569,732
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								$ 1.4	$ 0.9
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 - Schedule

Stockholders' Equity - Schedule of Number of RSUs Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended
	Apr. 11, 2023	Feb. 17, 2022	Feb. 15, 2021	May 11, 2020	Dec. 10, 2019	Mar. 31, 2024
Value
Equity-based compensation (in shares)						35,814
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)						569,732
Granted (in shares)	186,770	185,111	191,506	179,858	73,700	0
Vested (in shares)						(43,171)
Forfeited (in shares)						0
Number of units outstanding at the end of the period (in shares)						526,561
Value
Units outstanding at the beginning of the period						$ 27,467
Granted						0
Vested						(1,955)
Forfeited						0
Units outstanding at the end of the period						$ 25,512
Net asset value per share (in dollars per share)	$ 63.04	$ 54.14	$ 36.56	$ 30.82	$ 29.85

Stockholders' Equity -Schedule

Stockholders' Equity -Schedule of Outstanding RSUs (Details) - Restricted Stock Units (RSUs) - The 2018 Long-Term Incentive Plan	Mar. 31, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	526,561
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 15, 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 IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI Units Vesting (in shares)	345,583

Stockholders' Equity -Schedul_2

Stockholders' Equity -Schedule of Nonvested Performance-Based Units Activity (Details) - Performance Shares - The 2023 Long-Term Incentive Plan - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Aug. 03, 2023	Mar. 31, 2024	Dec. 31, 2023
Number of performance shares
Number of units outstanding at the beginning of the period (in shares)		23,794
Granted (in shares)	63,452	0
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		$ 1,433
Granted		0
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 - Schedu_2

Stockholders' Equity - Schedule of Outstanding Performance Shares (Details) - Performance Shares - The 2023 Long-Term Incentive Plan	Mar. 31, 2024 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

3 Months Ended

Aug. 03, 2023

Apr. 11, 2023

Feb. 22, 2023

Aug. 10, 2022

Feb. 17, 2022

May 31, 2021

Feb. 15, 2021

Nov. 30, 2020

May 11, 2020

Dec. 10, 2019

Nov. 21, 2019

Apr. 19, 2019

May 31, 2020

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2021

Dec. 31, 2023

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

0

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

$ 27.9

Weighted average vesting period

2 years

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

$ 3.7

$ 0.9

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%

Restricted Stock Units (RSUs) | The 2018 Long-Term Incentive Plan

Noncontrolling Interest [Line Items]

Granted (in shares)

186,770

185,111

191,506

179,858

73,700

0

Award vesting period

1 year 3 months 18 days

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

$ 8.5

Restricted Stock Units (RSUs) | The 2018 Long-Term Incentive Plan | Share-based Payment Arrangement, Nonemployee

Noncontrolling Interest [Line Items]

Award vesting period

1 year

VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

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

25,222,152

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

Noncontrolling Interest [Line Items]

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

4,724,535

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)

20,662,351

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)

20,662,351

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)

2,788,214

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)

93,042

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)

146,830

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

Noncontrolling Interest [Line Items]

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

1,531,715

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Variable Interest Entity, Not Primary Beneficiary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests, beginning balance	$ 105,018
Net loss attributable to redeemable noncontrolling interests	(5,675)
Contributions by redeemable noncontrolling interests	1,312
Distributions to redeemable noncontrolling interests	(1,312)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	2,046
Noncontrolling interests, ending balance	101,389
VineBrook Homes OP GP, LLC
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests, beginning balance	251,503
Net loss attributable to redeemable noncontrolling interests	(6,611)
Contributions by redeemable noncontrolling interests	1,564
Distributions to redeemable noncontrolling interests	(2,836)
Redemptions by redeemable noncontrolling interests in the OP	(457)
Equity-based compensation	3,711
Other comprehensive income attributable to redeemable noncontrolling interests in the OP	417
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	17,132
Noncontrolling interests, ending balance	$ 264,423

Noncontrolling Interests - Sc_2

Noncontrolling Interests - Schedule of Number of PI Units Outstanding (Details) - PI Units - The 2018 Long-Term Incentive Plan - USD ($) $ / shares in Units, $ in Thousands									3 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	Mar. 31, 2024
Number of Units
Number of units outstanding at the beginning of the period (in shares)									893,733
Granted (in shares)		79,304	27,849	246,169	11,764	219,826	80,399	40,000	0
Vested (in shares)									(15,544)
Forfeited (in shares)									0
Number of units outstanding at the end of the period (in shares)									878,189
Value
Units outstanding at the beginning of the period									$ 47,438
Granted									0
Vested									(980)
Forfeited									0
Units outstanding at the end of the period									$ 46,458
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 -Sched

Noncontrolling Interests -Schedule of Vesting Schedule for the PI Units (Details) - PI Units - The 2018 Long-Term Incentive Plan - shares								3 Months Ended
	Feb. 22, 2023	Aug. 10, 2022	May 31, 2021	Nov. 30, 2020	May 11, 2020	Nov. 21, 2019	Apr. 19, 2019	Mar. 31, 2024
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								878,189
Granted (in shares)	79,304	27,849	246,169	11,764	219,826	80,399	40,000	0
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 May 31,2024
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								29,831
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 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 May 31, 2025
Noncontrolling Interest [Line Items]
PI Units Vesting (in shares)								29,831
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 - Sc_3

Noncontrolling Interests - Schedule of Consolidated Common Stock and OP Units Outstanding (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Common Stock Shares Outstanding (in shares)	25,006,237	25,006,237
VineBrook Homes OP GP, LLC
Noncontrolling Interest [Line Items]
Consolidated Common Stock Shares and NCI OP Units Outstanding (in shares)	29,692,285
VineBrook Homes Trust, Inc | VineBrook Homes OP GP, LLC
Noncontrolling Interest [Line Items]
Common Stock Shares Outstanding (in shares)	25,132,484
Holders of OP Units | VineBrook Homes OP GP, LLC
Noncontrolling Interest [Line Items]
OP Units Held by NCI (in shares)	4,559,801

Noncontrolling Interests - Sc_4

Noncontrolling Interests - Schedule of Noncontrolling Interests (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Redemptions by noncontrolling interests in consolidated VIEs	$ 0
Variable Interest Entity, Not Primary Beneficiary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests, beginning balance	105,018
Noncontrolling interests, ending balance	101,389
NexPoint Homes | Variable Interest Entity, Not Primary Beneficiary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests, beginning balance	11,742
Net loss attributable to noncontrolling interests in consolidated VIEs	(893)
Contributions from noncontrolling interests in consolidated VIEs	268
Distributions to noncontrolling interests in consolidated VIEs	(224)
Noncontrolling interests, ending balance	$ 10,893

Redeemable Series A Preferred_3

Redeemable Series A Preferred Stock - Additional Information (Details) - Series A Preferred Stock	Mar. 31, 2024 $ / 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 A Preferred Stock - Series B Preferred Stock $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) shares
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	$ 122,225
Issuance of Redeemable Series A preferred stock	0
Issuance costs related to Redeemable Series A Preferred stock	0
Net income attributable to Redeemable Series A Preferred stockholders	2,031
Dividends declared to Redeemable Series A Preferred stockholders	(2,031)
Accretion to redemption value	176
Redeemable Series A Preferred stock, ending balance	$ 122,401

Income Taxes (Details)

Income Taxes (Details)	Mar. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)		3 Months Ended
	Jun. 08, 2022	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 03, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Advisory fees		$ 5,259,000	$ 4,846,000
Other liabilities		136,559,000		$ 144,707,000
Accrued interest payable		26,020,000		23,122,000
NexPoint Homes | SFR OP Convertible Notes
Related Party Transaction [Line Items]
Unsecured debt		102,600,000
Accrued interest payable		$ 1,900,000
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		$ 4,300,000	4,800,000
Internalization fee, factor to multiply by 12 months prior fee		3
Advisory agreement, notice of termination period		180 days
Accrued advisory fees payable		$ 3,700,000
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		$ 900,000
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		$ 0	21,638,000
VineBrook Homes, LLC | Fee Advances
Related Party Transaction [Line Items]
Due from Manager (see Note 13)				$ 0	$ 0
VineBrook Homes, LLC | Backstop Loans
Related Party Transaction [Line Items]
Due from Manager (see Note 13)					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		$ 1,600,000
Related Party | VineBrook
Related Party Transaction [Line Items]
Other liabilities		100,000
Related Party | NexPoint Homes
Related Party Transaction [Line Items]
Other liabilities		100,000
Related Party | NexPoint SFR Operating Partnership, L.P.
Related Party Transaction [Line Items]
Other liabilities		400,000
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		$ 117,500,000
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		$ 1,600,000
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		$ 1,300,000	$ 400,000
Related party transaction, amounts of transaction capitalized		200,000
Related party transaction, amounts of transaction expensed during the period		$ 1,100,000
Parent of Adviser
Related Party Transaction [Line Items]
Limited partnership interests percentage		1
General partnership interests percentage		1

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - VineBrook Homes, LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 0	$ 21,638
Property management fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	5,407
Acquisition fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	4
Construction supervision fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	5,256
Payroll and benefits
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	10,458
Other reimbursements
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 0	$ 513

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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Number of reportable segments	2	2

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 90,285	$ 86,105
Expenses	129,441	120,987
Net loss	(44,071)	(92,397)
Assets
Gross operating real estate investments	3,412,593		$ 3,432,816
Accumulated depreciation and amortization	(304,762)		(275,534)
Total net operating real estate investments	3,107,831		3,157,282
Real estate held for sale, net	32,693		54,615
Total net real estate investments	3,140,524		3,211,897
Other assets	337,323		241,443
TOTAL ASSETS	3,477,847		3,453,340
Liabilities
Debt payable, net	2,516,727		2,433,674
Other liabilities	136,559		144,707
Total Liabilities	2,653,286		2,578,381
VineBrook
Segment Reporting Information [Line Items]
Revenues	78,289	73,982
Expenses	105,254	101,723
Net loss	(30,789)	(85,331)
Assets
Gross operating real estate investments	2,667,822		2,671,621
Accumulated depreciation and amortization	(255,955)		(233,694)
Total net operating real estate investments	2,411,867		2,437,927
Real estate held for sale, net	17,619		54,615
Total net real estate investments	2,429,486		2,492,542
Other assets	307,926		211,512
TOTAL ASSETS	2,737,412		2,704,054
Liabilities
Debt payable, net	1,942,120		1,858,946
Other liabilities	102,605		115,330
Total Liabilities	2,044,725		1,974,276
NexPoint Homes
Segment Reporting Information [Line Items]
Revenues	11,996	12,123
Expenses	24,187	19,264
Net loss	(13,282)	$ (7,066)
Assets
Gross operating real estate investments	744,771		761,195
Accumulated depreciation and amortization	(48,807)		(41,840)
Total net operating real estate investments	695,964		719,355
Real estate held for sale, net	15,074		0
Total net real estate investments	711,038		719,355
Other assets	29,397		29,931
TOTAL ASSETS	740,435		749,286
Liabilities
Debt payable, net	574,607		574,728
Other liabilities	33,954		29,377
Total Liabilities	$ 608,561		$ 604,105

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	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 20,522	$ 20,522
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
Business combination, consideration transferred	$ 21,900

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Apr. 25, 2024 $ / shares	May 08, 2024 USD ($) home	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Apr. 30, 2024 home	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Debt payable, net			$ 2,516,727			$ 2,433,674
Common stock dividends declared (in dollars per share) | $ / shares			$ 0.5301	$ 0.5301
Net proceeds from sales of real estate			$ 50,303	$ 14,094
NAV per share, fully diluted basis (in dollars per share) | $ / shares			$ 57.99
DRIP issuance, discount to NAV			3%
VineBrook
Subsequent Event [Line Items]
Debt payable, net			$ 1,942,120			$ 1,858,946
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 | Discontinued Operations, Disposed of by Sale
Subsequent Event [Line Items]
Net proceeds from sales of real estate		$ 9,800
Subsequent Event | Discontinued Operations, Disposed of by Sale | VineBrook
Subsequent Event [Line Items]
Number of real estate properties | home		98
Subsequent Event | Discontinued Operations, Held-for-Sale
Subsequent Event [Line Items]
Number of real estate properties | home					192
Subsequent Event | Discontinued Operations, Held-for-Sale | VineBrook
Subsequent Event [Line Items]
Number of real estate properties | home		61
Warehouse Facility | Subsequent Event
Subsequent Event [Line Items]
Repayments of debt		$ 10,100
Debt payable, net		$ 770,400