Vinebrook Homes Trust 10-Q 1 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		25,443,660
Entity Central Index Key	0001755755
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Land	$ 540,592	$ 560,047
Buildings and improvements	2,789,214	2,872,755
Intangible lease assets	3,662	14
Total gross operating real estate investments	3,333,468	3,432,816
Accumulated depreciation and amortization	(358,056)	(275,534)
Total net operating real estate investments	2,975,412	3,157,282
Real estate held for sale, net	39,715	54,615
Total net real estate investments	3,015,127	3,211,897
Investments, at fair value	2,500	2,500
Cash	54,903	27,917
Restricted cash	41,690	57,703
Accounts and other receivables, net	15,867	20,008
Prepaid and other assets	40,358	21,236
Interest rate derivatives, at fair value	22,203	48,416
Intangible assets, net	5,599	4,045
Asset-backed securitization certificates	78,964	39,096
Goodwill	20,522	20,522
TOTAL ASSETS	3,297,733	3,453,340
Liabilities:
Notes payable, net	1,899,261	1,276,970
Credit facilities, net	558,433	1,156,704
Accounts payable and other accrued liabilities	45,589	52,696
Accrued real estate taxes payable	43,168	39,632
Accrued interest payable	28,734	23,122
Security deposit liability	28,211	25,909
Prepaid rents	2,693	3,348
Total Liabilities	2,606,089	2,578,381
Redeemable Series A preferred stock, $0.01 par value: 16,000,000 shares authorized; 4,996,000 and 5,000,000 shares issued and outstanding, respectively	122,308	122,225
Stockholders' Equity:
Class A Common stock, $0.01 par value: 300,000,000 shares authorized; 25,339,388 and 25,006,237 shares issued and outstanding, respectively	255	252
Additional paid-in capital	754,463	776,755
Distributions in excess of retained earnings	(570,990)	(423,769)
Accumulated other comprehensive income	15,860	31,208
Total Stockholders' Equity	199,613	384,471
TOTAL LIABILITIES AND EQUITY	3,297,733	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	260,859	251,503
Variable Interest Entity, Primary Beneficiary
Liabilities:
Redeemable noncontrolling interests	99,814	105,018
Stockholders' Equity:
Noncontrolling interests in consolidated VIEs	$ 9,050	$ 11,742

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	4,996,000	5,000,000
Preferred stock, outstanding (in shares)	4,996,000	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)	25,339,388	25,006,237
Common stock, outstanding (in shares)	25,339,388	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental income	$ 88,556	$ 87,210	$ 268,115	$ 259,121
Other income	2,100	1,525	4,571	4,362
Total revenues	90,656	88,735	272,686	263,483
Expenses
Property operating expenses	19,919	20,889	59,313	56,602
Real estate taxes and insurance	16,673	16,935	50,929	49,030
Property management fees	212	1,940	1,841	13,065
Advisory fees	5,218	5,637	15,664	16,285
General and administrative expenses	21,374	13,860	60,631	36,385
Depreciation and amortization	31,354	31,610	94,788	96,530
Interest expense	42,368	34,292	110,030	101,071
Total expenses	137,118	125,163	393,196	368,968
Loss on extinguishment of debt	(114)	(164)	(1,488)	(276)
Loss on sales and impairment of real estate, net	(10,652)	(34,654)	(19,773)	(65,108)
Investment income	882	101	2,973	265
Change in unrealized gain (loss) on investments	255	0	0	0
Loss on forfeited deposits	0	(292)	0	(42,202)
Internalization costs	0	(917)		(917)
Net loss	(56,091)	(72,354)	(138,798)	(213,723)
Dividends on and accretion to redemption value of Redeemable Series A Preferred stock	2,023	2,207	6,260	6,621
Net loss attributable to stockholders	(40,279)	(59,459)	(101,487)	(175,028)
Other comprehensive (loss)/income
Unrealized (loss)/gain on interest rate hedges	(14,823)	163	(18,055)	6,297
Total comprehensive loss	(70,914)	(72,191)	(156,853)	(207,426)
Comprehensive loss attributable to stockholders	$ (52,879)	$ (59,319)	$ (116,835)	$ (169,674)
Weighted average common shares outstanding - basic (in shares)	25,329	24,894	25,221	24,673
Weighted average common shares outstanding - diluted (in shares)	25,329	24,894	25,221	24,673
Loss per share - basic (in dollars per share)	$ (1.59)	$ (2.39)	$ (4.02)	$ (7.09)
Loss per share - diluted (in dollars per share)	$ (1.59)	$ (2.39)	$ (4.02)	$ (7.09)
VineBrook
Expenses
Net income/(loss) attributable to redeemable noncontrolling interests	$ (8,413)	$ (10,853)	$ (20,820)	$ (32,059)
Other comprehensive (loss)/income
Comprehensive loss attributable to redeemable noncontrolling interests	(10,636)	(10,830)	(23,527)	(31,116)
Variable Interest Entity, Primary Beneficiary
Expenses
Net income/(loss) attributable to redeemable noncontrolling interests	(8,482)	(3,684)	(19,997)	(11,691)
Net loss attributable to noncontrolling interests in consolidated VIEs	(940)	(565)	(2,754)	(1,566)
Other comprehensive (loss)/income
Comprehensive loss attributable to redeemable noncontrolling interests	(8,482)	(3,684)	(19,997)	(11,691)
Comprehensive loss attributable to noncontrolling interests in consolidated VIEs	$ (940)	$ (565)	$ (2,754)	$ (1,566)

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				0	24,615,364
Beginning balance at Dec. 31, 2022	$ 621,328			$ 0	$ 248	$ 737,129			$ (160,048)	$ 43,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(175,028)								(175,028)
Issuance of Class A common stock (in shares)				2,548,240	221,698
Issuance of Class A common stock	12,501				$ 2	12,499
Redemptions of Class A common stock (in shares)					(5,710)
Redemptions of Class A common stock	(352)					(352)
Issuance of Series B Preferred stock, net of offering costs	60,829			$ 25		60,804
Equity-based compensation (in shares)					60,177
Equity-based compensation	3,369					3,369
Common stock dividends declared	(26,761)								(26,761)
Series B preferred stock dividends	(1,025)								(1,025)
Other comprehensive income attributable to common stockholders	5,354									5,354
Adjustments to reflect redemption value of redeemable noncontrolling interests		$ (21,746)	$ (4,733)				$ (21,746)	$ (4,733)
Ending balance (in shares) at Sep. 30, 2023				2,548,240	24,891,529
Ending balance at Sep. 30, 2023	473,736			$ 25	$ 250	786,970			(362,862)	49,353
Beginning balance (in shares) at Jun. 30, 2023					24,894,319
Beginning balance at Jun. 30, 2023	479,030				$ 250	731,937			(302,370)	49,213
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(59,459)								(59,459)
Issuance of Class A common stock (in shares)				2,548,240	0
Issuance of Class A common stock	10				$ 0	10
Redemptions of Class A common stock (in shares)					(2,790)
Redemptions of Class A common stock	(172)					(172)
Issuance of Series B Preferred stock, net of offering costs	60,829			$ 25		60,804
Equity-based compensation (in shares)					0
Equity-based compensation	1,287					1,287
Common stock dividends declared	(8)								(8)
Series B preferred stock dividends	(1,025)								(1,025)
Other comprehensive income attributable to common stockholders	140									140
Adjustments to reflect redemption value of redeemable noncontrolling interests		(3,534)	(3,362)				(3,534)	(3,362)
Ending balance (in shares) at Sep. 30, 2023				2,548,240	24,891,529
Ending balance at Sep. 30, 2023	473,736			$ 25	$ 250	786,970			(362,862)	49,353
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	(101,487)								(101,487)
Issuance of Class A common stock (in shares)					321,642
Issuance of Class A common stock	17,264				$ 3	17,261
Redemptions of Class A common stock (in shares)					(62,011)
Redemptions of Class A common stock	$ (3,606)				$ (1)	(3,605)
Equity-based compensation (in shares)	73,520				73,520
Equity-based compensation	$ 4,395				$ 1	4,394
Common stock dividends declared	(41,195)								(41,195)
Series B preferred stock dividends	(4,539)								(4,539)
Other comprehensive income attributable to common stockholders	(15,348)									(15,348)
Adjustments to reflect redemption value of redeemable noncontrolling interests		(25,549)	(14,793)				(25,549)	(14,793)
Ending balance (in shares) at Sep. 30, 2024				2,548,240	25,339,388
Ending balance at Sep. 30, 2024	199,613			$ 25	$ 255	754,463			(570,990)	15,860
Beginning balance (in shares) at Jun. 30, 2024				2,548,240	25,252,565
Beginning balance at Jun. 30, 2024	270,982			$ 25	$ 255	757,662			(515,420)	28,460
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(40,279)								(40,279)
Issuance of Class A common stock (in shares)					104,007
Issuance of Class A common stock	5,867				$ 1	5,866
Redemptions of Class A common stock (in shares)					(17,184)
Redemptions of Class A common stock	(990)				$ (1)	(989)
Equity-based compensation (in shares)					0
Equity-based compensation	1,486				$ 0	1,486
Common stock dividends declared	(13,778)								(13,778)
Series B preferred stock dividends	(1,513)								(1,513)
Other comprehensive income attributable to common stockholders	(12,600)									(12,600)
Adjustments to reflect redemption value of redeemable noncontrolling interests		$ 288	$ (9,850)				$ 288	$ (9,850)
Ending balance (in shares) at Sep. 30, 2024				2,548,240	25,339,388
Ending balance at Sep. 30, 2024	$ 199,613			$ 25	$ 255	$ 754,463			$ (570,990)	$ 15,860

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in dollars per share)	$ 0.5301	$ 0.5301	$ 1.5903	$ 1.0602
Preferred stock dividends declared (in dollars per share)	$ 0.59375	$ 0.40243	$ 1.78125	$ 0.40243

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (138,798)	$ (213,723)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Loss on sales and impairment of real estate, net	19,773	65,108
Depreciation and amortization	94,788	96,530
Non-cash interest expense	23,755	9,139
Net cash received/(paid) on derivative settlements	0	2,419
Loss on extinguishment of debt	1,488	276
Equity-based compensation	15,542	8,751
Loss on forfeited deposits	0	42,202
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(720)	(14,713)
Operating liabilities	(345)	21,004
Net cash provided by operating activities	15,483	16,993
Cash flows from investing activities
Internalization of the Manager	0	80
Net proceeds from sales of real estate	125,390	148,300
Prepaid deposits	76	474
Insurance proceeds received	1,095	7,937
Additions to real estate investments	(42,755)	(110,414)
Acquisition of preferred equity interests	(15,858)	0
Net cash provided by investing activities	67,948	46,377
Cash flows from financing activities
Notes payable proceeds received	650,185	19,826
Notes payable payments	(60,522)	(24,505)
Credit facilities proceeds received	2,758	13,750
Credit facilities principal payments	(605,743)	(82,799)
Bridge facilities proceeds received	0	25,000
Bridge facilities principal payments	0	(69,730)
Financing costs paid	(19,611)	(3,841)
Redemptions of Class A common stock paid	(4,094)	(17,446)
Dividends paid to common stockholders	(21,666)	(12,825)
Payments for taxes related to net share settlement of stock-based compensation	(1,187)	(873)
Net cash used in financing activities	(72,458)	(92,393)
Change in cash and restricted cash	10,973	(29,023)
Cash and restricted cash, beginning of period	85,620	114,749
Cash and restricted cash, end of period	96,593	85,726
Supplemental Disclosure of Cash Flow Information
Interest paid, net of amount capitalized	89,660	107,387
Cash paid for income and franchise taxes	0	585
Supplemental Disclosure of Noncash Activities
Accrued insurance proceeds	0	1,270
Accrued distributions payable to redeemable noncontrolling interests in the OP	1,846	700
Accrued redemptions payable to common stockholders	3,606	172
Accrued capital expenditures	0	106
Accretion to redemption value of Redeemable Series A preferred stock	169	527
Asset backed securitization certificates	39,868	0
Write off of fully amortized deferred financing costs	1,965	0
Issuance of Class A common stock related to DRIP dividends	18,412	13,374
DRIP dividends to common stockholders	(18,412)	(13,374)
VineBrook
Cash flows from financing activities
Contributions from redeemable noncontrolling interests in the OP	1,445	1,595
Distributions to redeemable noncontrolling interests in the OP	(2,566)	(474)
Redemptions by redeemable noncontrolling interests in the OP	(457)	0
Supplemental Disclosure of Noncash Activities
Contributions from redeemable noncontrolling interests related to DRIP distributions	3,529	3,596
DRIP distributions to redeemable noncontrolling interests	(3,529)	(3,596)
Variable Interest Entity, Primary Beneficiary
Cash flows from financing activities
Redemptions by redeemable noncontrolling interests in the OP	(210)	(4)
Distributions to redeemable noncontrolling interests in consolidated VIEs	0	(601)
Contributions from noncontrolling interests in consolidated VIEs	563	7,285
Distributions to noncontrolling interests in consolidated VIEs	(680)	(321)
Supplemental Disclosure of Noncash Activities
Contributions from redeemable noncontrolling interests related to DRIP distributions	3,987	1,949
DRIP distributions to redeemable noncontrolling interests	(3,987)	(1,949)
Contributions from noncontrolling interests in consolidated VIEs related to DRIP distributions	277	139
DRIP distributions to noncontrolling interests in consolidated VIEs	(277)	(139)
Common Class A
Cash flows from financing activities
Proceeds from issuance of Class A common stock	43	0
Supplemental Disclosure of Noncash Activities
Accrued dividends payable	1,118	562
Series B Preferred Stock
Cash flows from financing activities
Payments dividends, preferred stock	(4,539)	(1,025)
Proceeds from issuance of redeemable Series B preferred stock, net of offering costs	0	60,829
Series A Preferred Stock
Cash flows from financing activities
Payments dividends, preferred stock	(6,091)	(6,094)
Redemptions of Series A Preferred stock paid	(86)	(140)
Supplemental Disclosure of Noncash Activities
Accrued dividends payable	$ 6,091	$ 2,031

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 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”) and the Company believes the current organization and method of operation will enable it to maintain its status as a REIT. The Company is focused on acquiring, renovating, leasing, maintaining and otherwise managing single family rental (“SFR”) home investments primarily located in large to medium size cities and suburbs located in the midwestern, heartland and southeastern United States and providing our residents with affordable, safe and clean dwellings with a high level of service. Substantially all of the Company’s business is conducted through VineBrook Homes Operating Partnership, L.P. (the “OP”), the Company’s operating partnership, as the Company owns its properties indirectly through the OP. As of September 30, 2024, there were a combined 24,763,117 Class A, Class B and Class C units of the OP (collectively, “OP Units”), of which 20,058,716 Class A OP Units, or 81.0%, were owned by the Company, 2,814,063 Class B OP Units, or 11.3%, were owned by NexPoint Real Estate Opportunities, LLC (“NREO”), 94,790 Class C OP Units, or 0.4%, were owned by NRESF REIT Sub, LLC (“NRESF”), 149,588 Class C OP Units, or 0.6%, were owned by GAF REIT, LLC (“GAF REIT”) and 1,645,961 Class C OP Units, or 6.6%, 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 board of directors of the OP whose sole responsibility is appointment and removal of the general partner of the OP, and the Class C OP Units have no voting power. Each Class A OP Unit, Class B OP Unit and Class C OP Unit otherwise represents substantially the same economic interest in the OP. VineBrook Homes OP GP, LLC (the “OP GP”), is the general partner of the OP with exclusive management powers over the business and affairs of the OP and as of August 3, 2023, a wholly owned subsidiary of the Company. The Company determined it must consolidate the OP under the VIE model as it was determined the Company both controls the direct activities of the OP and has the right to receive benefits that could potentially be significant to the OP. The Company has control to direct the activities of the OP because the OP GP is a wholly-owned subsidiary of the Company and the Company determined it was the party most closely associated with the OP. 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 September 30, 2024, the Company, through the special purpose limited liability companies (“SPEs”) owned by the OP, purchased 20,750 additional homes and sold 3,925 homes within the VineBrook reportable segment (see Note 4), and through the OP’s consolidated investment in NexPoint Homes (as defined in Note 2) purchased 2,573 additional homes and sold 226 homes. Together with the Initial Portfolio, the Company, through the OP’s SPEs, indirectly owned an interest in 20,959 homes (the "VineBrook Portfolio") in 18 states, and with its consolidation of NexPoint Homes, indirectly owned an interest in an additional 2,343 homes (the “NexPoint Homes Portfolio”), for a total of 23,302 homes in 20 states as of September 30, 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 5), 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 13). 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 and is unaudited. 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”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting and Use of Estimates Readers of this Form 10-Q should refer to the audited financial statements and notes to consolidated financial statements of the Company for the year ended December 31, 2023, which are included in our Annual Report, filed with the SEC on April 1, 2024, since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements in our Annual Report for further discussion of our significant accounting policies and estimates. 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. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2024 and December 31, 2023 and results of operations for the three and nine months ended September 30, 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. Real Estate Investments 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 and nine months ended September 30, 2024, the Company recorded approximately $3.8 million and $12.4 million of impairment charges on real estate assets, respectively, 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). For the three and nine months ended September 30, 2023, the Company recorded approximately $39.6 million and $66.9 million of impairment charges on real estate assets, respectively, 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 and nine months ended September 30, 2024 and 2023. 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 and nine months ended September 30, 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 and nine months ended September 30, 2024. The goodwill did not exist before August 3, 2023, as the goodwill resulted from the Internalization of the Manager that 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 6), 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 September 30, 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 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): September 30, 2024 2023 December 31, 2023 Cash $ 54,903 $ 34,115 $ 27,917 Restricted cash 41,690 51,611 57,703 Total cash and restricted cash $ 96,593 $ 85,726 $ 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 September 30, 2024 and 2023, rental income includes $4.0 million and $3.4 million of variable lease payments, respectively. For the nine months ended September 30, 2024 and 2023, rental income includes $11.8 million and $9.5 million of variable lease payments, respectively. Gains on sales of properties are recognized pursuant to the provisions included in ASC 610-20, Other Income. We recognize a full gain on sale when the derecognition criteria under ASC 610-20 have been met, which is included in loss on sales and impairment of real estate 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 restricted stock units (“RSUs”) and profit interest units in the OP (“PI Units”) issued pursuant to the 2018 Long-Term Incentive Plan (the “2018 LTIP”) or the 2023 Long-Term Incentive Plan (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 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for loss per share: Net loss $ (56,091) $ (72,354) $ (138,798) $ (213,723) Adjustments: Dividends on and accretion to redemption value of Redeemable Series A Preferred stock 2,023 2,207 6,260 6,621 Net loss attributable to redeemable noncontrolling interests in the OP (8,413) (10,853) (20,820) (32,059) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (8,482) (3,684) (19,997) (11,691) Net loss attributable to noncontrolling interests in consolidated VIEs (940) (565) (2,754) (1,566) Net loss attributable to stockholders $ (40,279) $ (59,459) $ (101,487) $ (175,028) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 25,329 24,894 25,221 24,673 Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) — — — — Weighted average common shares outstanding - diluted 25,329 24,894 25,221 24,673 Earnings (loss) per weighted average common share: Basic $ (1.59) $ (2.39) $ (4.02) $ (7.09) Diluted $ (1.59) $ (2.39) $ (4.02) $ (7.09) (1) For the three months ended September 30, 2024 and 2023, excludes approximately 5,525,053 shares and 5,108,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive. For the nine months ended September 30, 2024 and 2023, excludes approximately 5,493,581 shares and 4,808,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive. Recent Accounting Pronouncements 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. In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), to clarify the scope application of profits interest and similar awards by adding illustrative guidance in ASC 718, Compensation-Stock Compensation ("ASC 718"). ASU 2024-01 clarifies how to determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement (ASC 718) or as a cash bonus or profit-sharing arrangement (ASC 710, Compensation-General , or other guidance) and applies to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to adding the illustrative guidance, ASU 2024-01 modified the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, including interim periods within those annual periods. Early adoption is permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interests and similar awards granted or modified on or after the adoption date. The Company is currently assessing the impacts of adopting ASU 2024-01 on its consolidated financial statements and disclosures.

Investments in Subsidiaries

Investments in Subsidiaries	9 Months Ended
	Sep. 30, 2024
Investments in and Advances to Affiliates [Abstract]
Investments in Subsidiaries	Investments in Subsidiaries As of September 30, 2024, the Company, through the OP and its SPE subsidiaries, owned the Portfolio, which consisted of 20,959 properties in the VineBrook reportable segment and 2,343 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 September 30, 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 table presents the debt allocations to each SPE that collateralize the related debt per the loan agreements. 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 5) 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 60 $ 5,682 100 % Yes $ 4,746 NREA VB II, LLC 160 16,303 100 % Yes 10,127 NREA VB III, LLC 1,289 120,877 100 % Yes 66,872 NREA VB IV, LLC 378 37,937 100 % Yes 22,814 NREA VB V, LLC 1,822 131,031 100 % Yes 101,815 NREA VB VI, LLC 251 25,188 100 % Yes 17,545 NREA VB VII, LLC 29 2,416 100 % Yes 2,809 True FM2017-1, LLC 184 17,973 100 % Yes 8,248 VB One, LLC 5,777 776,811 100 % No 462,222 VB Two, LLC 1,618 160,363 100 % No 105,925 VB Three, LLC 1,334 198,658 100 % No 97,567 VB Five, LLC 117 14,124 100 % Yes 4,991 VB Eight, LLC 111 16,622 100 % No — VB Nine, LLC 1,305 190,666 100 % Yes 171,637 VB Ten, LLC 1,302 190,219 100 % Yes 171,567 VineBrook Homes Borrower 1, LLC 2,763 404,623 100 % Yes 390,248 VineBrook Homes Borrower 2, LLC 2,459 363,551 100 % Yes 402,593 NexPoint Homes 2,343 700,139 80 % No 428,701 23,302 $ 3,373,183 $ 2,470,427 (2)

Real Estate Assets

Real Estate Assets	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Assets	Real Estate Assets As of September 30, 2024, the Company, through the OP and its SPE subsidiaries, owned 23,302 homes, including 20,959 homes in the VineBrook reportable segment and 2,343 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 45 47,244 (2) 3,648 2,462 53,399 (96,368) (3) Transfers to held for sale (14,945) (98,487) — 101,445 (11,987) 11,987 Reclasses 19 (1,561) — (108) (1,650) (11) Dispositions (4,574) (30,514) — (103,805) (138,893) 1,870 Impairment — (223) — (14,894) (15,117) — Real Estate Balances, September 30, 2024 $ 540,592 $ 2,789,214 $ 3,662 $ 39,715 $ 3,373,183 $ (358,056) (1) Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties. (2) Includes capitalized interest of approximately $0.8 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 September 30, 2024 and 2023, the Company recognized depreciation expense of approximately $30.9 million and $31.5 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recognized depreciation expense of approximately $93.6 million and $95.1 million, respectively. Real estate acquisitions and dispositions During the nine months ended September 30, 2024, the Company acquired no additional homes within the VineBrook and NexPoint Homes reportable segments. During the nine months ended September 30, 2024, the Company, through the OP, disposed of 884 homes within the VineBrook reportable segment. During the nine months ended September 30, 2024, the Company, through its consolidated investment in NexPoint Homes, disposed of 226 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 nine months ended September 30, 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 and nine months ended September 30, 2024, the Company recorded approximately $3.8 million and $12.4 million of impairment charges on real estate assets held for sale, respectively. As of September 30, 2024, there are 271 homes that are classified as held for sale. These held for sale properties have a carrying amount of approximately $39.7 million. Hurricane Helene During September 2024, Hurricane Helene hit the southeastern seaboard of the United States generally affecting Florida, Georgia, South Carolina, North Carolina, Virginia and Tennessee. Approximately 780 homes in the VineBrook Portfolio were affected directly and indirectly by Hurricane Helene within the following markets: Augusta, Cincinnati, Columbia, Atlanta, Triad, Huntsville, Indianapolis, Greenville, Dayton and Montgomery. Due to the recency of this event, the Company is currently assessing the impact of the damage to the VineBrook Portfolio. The Company has not recognized a loss for the damage as the amount of the loss, or a range of possible losses, cannot be reasonably estimated at this time. The Company will recognize a loss when it has sufficient information to make a reasonable estimate of the loss or range of the loss. The Company has windstorm, flood and other casualty insurance coverage that management believes will materially cover the cost of the damage. Additionally, the Company has business interruption insurance that management believes will cover lost rents on the homes affected by this event. The insurance coverage is subject to certain deductibles and the Company is currently working with the insurance carrier to determine the amount of the deductible. The amount of the deductible is not expected to exceed $0.5 million and any damage is expected to be within the limits of the insurance policy. The NexPoint Homes reportable segment saw minimal damage related to Hurricane Helene as it only affected 12 homes in the NexPoint Homes Portfolio. Due to the recency of this event, the Company is still assessing the impact of Hurricane Helene on the NexPoint Homes Portfolio. The Company has casualty insurance coverage that management believes will materially cover the cost of the damage. The Company has not recognized a loss for the damage as the amount of the loss, or a range of possible losses, cannot be reasonably estimated at this time. The Company will recognize a loss when it has sufficient information to make a reasonable estimate of the loss or range of the loss.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt As of September 30, 2024, the VineBrook Homes reportable segment had approximately $2.0 billion of debt outstanding, and the NexPoint Homes reportable segment had $532.3 million of debt outstanding. The following table contains summary information of the Company’s debt as of September 30, 2024 and December 31, 2023 (dollars in thousands): Outstanding Principal as of Type September 30, 2024 December 31, 2023 Interest Rate (1) Maturity Initial Mortgage Floating $ 226,728 $ 234,644 6.83 % 12/1/2025 Warehouse Facility Floating 462,222 824,387 7.50 % 5/3/2025 (2) JPM Facility Floating 97,567 338,387 7.81 % 1/31/2025 (3) ABS I Loan Fixed 390,248 392,180 4.92 % 12/8/2028 ABS II Loan Fixed 402,593 — 4.65 % 3/9/2029 MetLife Note Fixed 105,925 110,157 3.25 % 1/31/2026 MetLife Term Loan I Fixed 343,204 — 4.50 % 8/22/2029 TrueLane Mortgage Fixed 8,248 9,323 5.35 % 2/1/2028 Crestcore II Note Fixed 2,587 2,670 5.12 % 7/9/2029 Crestcore IV Note Fixed 2,404 2,611 5.12 % 7/9/2029 PNC Loan I Fixed — 18 3.59 % 2/19/2024 PNC Loan II Fixed — 65 3.70 % 12/29/2024 PNC Loan III Fixed — 177 3.69 % 12/15/2025 Total VineBrook reportable segment debt $ 2,041,726 $ 1,914,619 NexPoint Homes MetLife Note 1 Fixed 237,173 238,428 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 16,938 60,500 7.55 % 12/31/2024 SFR OP Note Payable I Fixed 500 500 8.80 % 4/25/2025 SFR OP Note Payable II Fixed 500 — 12.50 % 3/31/2025 SFR OP Convertible Notes (4) Fixed 102,557 102,557 7.50 % 6/30/2027 Total debt 2,573,984 2,491,194 Debt premium, net (5) 252 305 Debt discount, net (6) (87,308) (39,115) Deferred financing costs, net of accumulated amortization of $29,918 and $22,796, respectively (29,234) (18,710) 2,457,694 2,433,674 (1) Represents the interest rate as of September 30, 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 September 30, 2024 was 5.1633%, daily SOFR as of September 30, 2024 was 4.9600% and one-month term SOFR as of September 30, 2024 was 4.8457%. (2) The initial maturity for the Warehouse Facility (as defined below) prior to extension options being exercised was November 3, 2024. 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 Company exercised its first extension option to extend the Warehouse Facility maturity date to May 3, 2025 on November 1, 2024. The maturity date after the second extension is November 3, 2025. (3) This is the initial maturity date for the JPM Facility (as defined below). The JPM Facility has a 12-month extension option subject to approval from the lender. (4) The SFR OP Convertible Notes exclude the amounts owed to NexPoint Homes by the SFR OP, as these are eliminated in consolidation. (5) The Company reflected valuation adjustments on its assumed fixed rate debt to adjust it to fair market value on the dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the debt. (6) The Company reflected a discount on ABS I Loan and ABS II Loan (as defined below), which is amortized into interest expense over the remaining term of the debt. Additionally, we have included a summary of debt agreements and significant changes to the agreements during the nine months ended September 30, 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 London Interbank Offered Rate (“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 $350.0 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 nine months ended September 30, 2024, the Company drew an additional $2.8 million on the JPM Facility. During the nine months ended September 30, 2024, the Company paid down approximately $243.6 million on the JPM Facility. As of September 30, 2024, the JPM Facility had $252.4 million in available capacity. The outstanding balance on the JPM Facility as of September 30, 2024, is approximately $97.6 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 and are “exempted securities” under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). To satisfy applicable risk retention rules, the OP completed a securitization transaction, VINE 2023-SFR1, providing for a 5-year, fixed-rate, interest-only loan of Class F certificates (“Class F Certificates”) with a total principal amount of $39.1 million. The Company evaluated the purchased Class F Certificates as a variable interest in the trust and concluded that the Class F Certificates do not provide the Company with an ability to direct activities that could impact the trust’s economic performance. The Company does not consolidate the trust and the $39.1 million of purchased Class F Certificates are reflected as asset-backed securitization certificates in the Company’s consolidated balance sheets. The Depositor used the proceeds from the sale of the Certificates to purchase the ABS I Loan from the ABS I Lender, as described above. The Regular Certificates were sold to investors at a discount and the OP retained the Class F Certificate (as described above), with the result that the proceeds, before closing costs, from the ABS I Loan to the ABS I Borrower were approximately $314.0 million. The net proceeds of $300.6 million were used to partially pay down the Warehouse Facility. 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 2,763 SFR homes, and as of September 30, 2024, approximately 11.86% 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. ("Raymond James"), 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 the Depositor, an indirect subsidiary of the OP, which, in turn, transferred the loan to a trust in exchange for (i) $176.9 million principal amount of Class A pass-through certificates (the “ABS II Class A Certificates”), (ii) $38.6 million principal amount of Class B pass-through certificates (the “ABS II Class B Certificates”), (iii) $30.6 million principal amount of Class C pass-through certificates (the “ABS II Class C Certificates”), (iv) $42.9 million principal amount of Class D pass-through certificates (the “ABS II Class D Certificates”), (v) $63.5 million principal amount of Class E pass-through certificates (the “ABS II Class E1 Certificates”), (vi) $11.2 million principal amount of Class E pass-through certificates (the “ABS II Class E2 Certificates,” and collectively with the ABS II Class A Certificates, ABS II Class B Certificates, ABS II Class C Certificates, ABS II Class D Certificates and ABS II Class E1 Certificates, the “ABS II Regular Certificates”), and (vii) ABS II Class R pass-through certificates (the “ABS II Class R Certificates,” and together with the ABS II Regular Certificates, the “ABS II Certificates”). Initially, the OP also retained $19.5 million of the ABS II Class A Certificates, $10.5 million of the ABS II Class B Certificates, and $2.0 million of the ABS II Class C Certificates. On July 11, 2024, the OP sold $10.5 million of the ABS II Class B Certificates. On July 24, 2024, the OP sold $19.5 million of the ABS II Class A Certificates. On September 25, 2024, the OP sold $2.0 million of the ABS II Class C Certificates. The ABS II Certificates represented beneficial ownership interests in the trust and its assets, including the ABS II Loan, and these ABS II Certificates were all sold during the three months ended September 30, 2024. 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 and are “exempted securities” under the Exchange Act. To satisfy applicable risk retention rules, the OP purchased and retained the ABS II Class F component, totaling $39.9 million. Additionally, the OP purchased and retained a portion of the ABS II Class A, Class B and Class C components, totaling $19.5 million, $10.5 million and $2.0 million, respectively. The Company evaluated the purchased ABS II Class A, Class B, Class C and Class F certificates as a variable interest in the trust and concluded that the ABS II Class A, Class B, Class C and Class F certificates do not provide the Company with an ability to direct activities that could impact the trust’s economic performance. The Company does not consolidate the trust and $71.9 million of the ABS II Certificates are reflected as asset-backed securitization certificates on the Company’s consolidated balance sheets. For the ABS II 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 2,459 SFR homes, and as of September 30, 2024, approximately 10.55% 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 ABS II 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 September 30, 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 August 14, 2024, the OP entered into a Seventh Amendment to the Warehouse Facility (the “Warehouse Seventh Amendment”) with KeyBank, as administrative agent, and the lenders party thereto. The Warehouse Seventh Amendment, among other things, provided for (1) a reduction in the maximum commitment of the Warehouse Facility; (2) reduced unused facility fees; (3) modifications and additions of certain covenants, including adjusting the minimum fixed charge coverage ratio to not less than 1.40 to 1.0, effective as of January 1, 2024; (4) in connection with sales of assets to unaffiliated third parties, the prepayment of the commitment amount with 100% of such proceeds until the commitment under the Warehouse Facility is reduced to $475.0 million and with 75% of such proceeds thereafter; provided that certain additional amounts may be required to be prepaid if the outstanding principal balance would exceed the value of the assets in the borrowing base following such sale; (5) the reduction of the outstanding principal balance to be no more than $475.0 million by October 31, 2024 (the “Commitment Reduction”). During the nine months ended September 30, 2024, the Company paid down approximately $362.2 million on the Warehouse Facility. All repayments under the Warehouse Facility will permanently reduce the commitment amount under the Warehouse Facility and may not be reborrowed. As of September 30, 2024, the outstanding balance of the Warehouse Facility was approximately $462.2 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. The balances of these loans are included in notes payable on the consolidated balance sheet as of December 31, 2023. MetLife Term Loan I Facilities On August 22, 2024, VB Nine, LLC (“VB Nine”) and VB Ten, LLC (“VB Ten”), indirect subsidiaries of the Company, as borrowers, entered into credit agreements for term loan credit facilities (collectively, the “MetLife Term Loan I Facilities”) with Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, and the lenders party thereto from time to time, which provided a total commitment of $343.2 million. Borrowings under the MetLife Term Loan I Facilities are secured by an equity pledge by VB Nine Equity and VB Ten Equity of their equity interests in VB Nine and VB Ten, respectively, and the property and assets held by VB Nine and VB Ten, respectively, and bear interest at a fixed rate equal to 4.5%. The MetLife Term Loan I Facilities are full-term, interest-only facilities that mature on August 22, 2029. The Company used $282.0 million of the proceeds to pay down a portion of the outstanding amounts under the Warehouse Facility. As of September 30, 2024, the outstanding balance of the MetLife Term Loan I Facilities was approximately $343.2 million. NexPoint Homes In addition to the debt agreements discussed above for the VineBrook reportable segment, as of September 30, 2024, the NexPoint Homes reportable segment had $532.3 million of debt outstanding included in notes payable on the consolidated balance sheets, which is comprised of two consolidated notes with Metropolitan Life Insurance Company (the “NexPoint Homes MetLife Note 1” and “NexPoint Homes MetLife Note 2”), 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 10). See the summary table above for further information on the debt of the NexPoint Homes reportable segment. NexPoint Homes KeyBank Facility On August 12, 2022, a subsidiary of the SFR OP as borrower closed a $75.0 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 $10.0 million on the NexPoint Homes KeyBank Facility, bringing the total commitment to $85.0 million as of December 31, 2022. The NexPoint Homes KeyBank Facility initially matured on August 12, 2025 and bore interest at a floating rate of 185 to 270 basis points, depending on the borrower’s leverage ratio, over SOFR. After amendments to the NexPoint Homes Key Bank Facility loan agreement, the NexPoint Homes Key Bank Facility bears interest at a floating rate of 195 to 270 basis points, depending on the borrower’s leverage ratio, over SOFR and matures on December 31, 2024 with a maximum commitment of $60.5 million. The outstanding balance on the NexPoint Homes KeyBank Facility as of September 30, 2024 was approximately $16.9 million. 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. On April 25, 2024, the SFR OP Note Payable I was amended to modify the maturity date to be April 25, 2025. As of September 30, 2024, the outstanding balance of the SFR OP Note Payable I is $0.5 million. 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%. As of September 30, 2024, the outstanding balance of the SFR OP Note Payable II is $0.5 million. Weighted Average Interest The weighted average interest rate of the Company’s debt was 5.5473% as of September 30, 2024 and 6.6245% as of December 31, 2023. As of September 30, 2024 and December 31, 2023, the adjusted weighted average interest rate of the Company’s debt, including the effect of derivative financial instruments, was 4.0633% and 4.6860%, respectively. For purposes of calculating the adjusted weighted average interest rate of the Company’s debt as of September 30, 2024, including the effect of derivative financial instruments, the Company has included the weighted average fixed rate of 2.2637% on its combined $1.4 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 $1.4 billion of the Company’s floating rate indebtedness. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to September 30, 2024 are as follows (in thousands): Total 2024 $ 17,614 2025 787,195 (1) 2026 106,230 2027 514,642 2028 398,013 Thereafter 750,290 Total $ 2,573,984 (1) Includes the maturity of the Warehouse Facility after 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 initial maturity date was November 3, 2024 and was extended to May 3, 2025 on November 1, 2024. This also includes the maturity of the JPM Facility that 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, 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 $568.6 million coming due within 12 months of the financial statement issuance 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, and (iii) sell homes from its portfolio and pay down debt balances with the net sale proceeds. The Company’s ability to meet its debt obligations as they come due is dependent upon its ability to meet debt covenants, which it currently projects to do, in order to extend existing obligations, its ability to refinance debt and its ability to sell homes from its portfolio to pay down the balances. The sale of homes from the Portfolio could cause a decrease in net operating income but is expected to be offset by the interest savings from the pay downs. Management believes these plans by the Company will be sufficient to satisfy the obligations as they become due. These financial statements have been prepared by management in accordance with GAAP 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. In addition, the Company has debt coming due beyond twelve months from the date of these financial statements, including the Warehouse Facility that the Company expects will be due on November 3, 2025 after exercising the remaining six-month extension option. On November 1, 2024, the Company utilized the first six-month extension option on the Warehouse Facility which extended the maturity date of the Warehouse Facility to May 3, 2025. The Company has a remaining contractual six-month extension option available under the Warehouse Facility which would extend the maturity of the Warehouse Facility to November 3, 2025. The Company does not currently have sufficient liquidity to pay down these obligations and intends to refinance these obligations primarily using debt or equity financing before they come due. Given its historical ability to refinance debt, the Company expects to be able to refinance the debt as necessary. 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 September 30, 2024 and 2023, amortization of deferred financing costs of approximately $6.3 million and $2.8 million, respectively, and amortization of loan discounts of approximately $6.4 million and $0, respectively, are included in interest expense on the consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2024 and 2023, amortization of deferred financing costs of approximately $8.9 million and $7.8 million, respectively, and amortization of loan discounts of approximately $9.0 million and $0, respectively, are included in interest expense on the consolidated statements of operations and comprehensive income (loss).

Fair Value of Derivatives and F

Fair Value of Derivatives and Financial Instruments	9 Months Ended
	Sep. 30, 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 In the normal course of business, our operations are exposed to market risks, including the effect of changes in interest rates. We may enter into derivative financial instruments to offset this underlying market risk. There have been no significant changes in our policy and strategy from what was disclosed in our Annual Report. As of September 30, 2024, the Company had the following outstanding interest rate swaps (dollars in thousands): Effective Date Expiration Date Counterparty Index (1) Notional Fixed Rate 9/1/2019 12/21/2025 KeyBank Daily SOFR (2) 100,000 1.4180 % 9/1/2019 12/21/2025 KeyBank Daily SOFR (2) 50,000 1.4190 % 2/3/2020 2/1/2025 KeyBank Daily SOFR (2) 50,000 1.2790 % 3/2/2020 3/3/2025 KeyBank Daily SOFR (2) 20,000 0.9140 % 3/31/2022 11/1/2025 KeyBank Daily SOFR 100,000 1.5110 % 3/31/2022 11/1/2025 KeyBank Daily SOFR 100,000 1.9190 % 3/31/2022 11/1/2025 KeyBank Daily SOFR 50,000 2.4410 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.6284 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.9413 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.7900 % 7/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.6860 % 4/3/2023 11/1/2025 Mizuho Daily SOFR 250,000 3.5993 % $ 1,120,000 2.4682 % (3) (1) As of September 30, 2024, daily SOFR was 4.9600%. (2) 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. (3) Represents the weighted average fixed rate of the interest rate swaps which have a combined weighted average fixed rate of 2.4682%. As of September 30, 2024, the Company had the following outstanding interest rate cap (dollars in thousands): Derivative Notional Expiration Date Index Index as of September 30, 2024 Strike Rate Interest Rate Cap $ 300,000 11/1/2025 One-Month Term SOFR 4.8457 % 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 September 30, 2024 and December 31, 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Derivatives designated as hedging instruments: Interest rate swaps Interest rate derivatives, at fair value $ 13,360 $ 34,194 $ — $ — Derivatives not designated as hedging instruments: Interest rate swaps Interest rate derivatives, at fair value 1,570 — — — Interest rate caps Interest rate derivatives, at fair value 7,273 14,222 — — Total $ 22,203 $ 48,416 $ — $ — 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. For the nine months ended September 30, 2024, $1.2 million of unrealized loss on interest rate hedges have been recorded directly as an increase to interest expense on the consolidated statements of operations and comprehensive income (loss). 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 and nine months ended September 30, 2024 and 2023 (in thousands): For the Three Months Ended, For the Nine Months Ended, Location of gain/(loss) recognized on Statement of Operations and Comprehensive Income/(Loss) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Derivatives designated as hedging instruments: Interest rate swaps Unrealized gain/(loss) on interest rate hedges $ (14,823) $ 163 $ (18,055) $ 6,297 Derivatives not designated as hedging instruments: Interest rate swaps Interest expense 2,112 — 1,209 — Interest rate caps Interest expense 5,503 (639) 6,949 (1,386) Total $ (7,208) $ (476) $ (9,897) $ 4,911 The Class A, Class B and Class C ABS II Certificates that the Company purchased and retained were recorded at fair value on the consolidated balance sheets in previous reporting periods. Given these certificates were sold before September 30, 2024, the value of these assets is zero as of September 30, 2024. ABS Class F Retention Certificates 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 September 30, 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 September 30, 2024, the carrying value of the ABS II Class F Certificate was $39.9 million. The table below presents the carrying value (outstanding principal balance) and estimated fair value of our debt at September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt $ 2,573,984 $ 2,502,753 $ 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 September 30, 2024 Real estate assets - impaired at March 31, 2024 $ 14,702 $ — $ — $ 14,702 Real estate assets - impaired at June 30, 2024 $ 13,287 $ — $ — $ 13,287 Real estate assets - impaired at September 30, 2024 $ 17,327 $ — $ — $ 17,327

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders ’ Equity The Company issued shares under the Company’s distribution reinvestment program (the “DRIP”) during the nine months ended September 30, 2024. 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 nine months ended September 30, 2024 and 2023, the Company issued 321,642 and 221,698 shares of Common Stock, respectively, for equity contributions of $17.3 million and $12.5 million, respectively, under the DRIP. During the three months ended September 30, 2024 and 2023, the Company issued approximately 104,007 shares and zero shares of Common Stock, respectively, for equity contributions of approximately $5.9 million and $0.0 million, respectively, under the DRIP. 2018 Long-Term Incentive Plan The Company adopted the 2018 LTIP whereby the Board, or a committee thereof, granted awards of RSUs or PI Units to certain employees of the Company and the Adviser, or others at the discretion of the Board (including the directors and officers of the Company or other service providers of the Company or the OP). Under the terms of the 2018 LTIP, 426,307 shares of Common Stock were initially reserved, subject to automatic increase on January 1st of each year beginning with January 1, 2019 by a number equal to 10% of the total number of OP Units and vested PI Units outstanding on December 31st of the preceding year (the “2018 LTIP Share Reserve”), provided that the Board could act prior to each such January 1st to determine that there would be no increase for such year or that the increase would be less than the number of shares by which the 2018 LTIP Share Reserve would otherwise increase. In addition, the shares of Common Stock available under the 2018 LTIP could not exceed in the aggregate 10% of the number of OP Units and vested PI Units outstanding at the time of measurement. Grants could be made annually by the Board, or more or less frequently in the Board’s sole discretion. Vesting of grants made under the 2018 LTIP occur ratably over a period of time as determined by the Board and could include the achievement of performance metrics, also as determined by the Board in its sole discretion. 2023 Long-Term Incentive Plan On July 11, 2023, the Company’s stockholders approved 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. RSU Grants Under the 2018 LTIP and 2023 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. On April 3, 2024, a total of 191,937 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 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 certain employees of the Adviser and officers of the Company on April 3, 2024 vest 50% ratably over four years and 50% at the successful completion of an initial public offering or the listing of the Company's Common Stock on a national securities exchange. The RSUs granted to 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 September 30, 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 191,937 11,315 Vested (93,353) (2) (4,464) Forfeited — — Outstanding September 30, 2024 668,316 $ 34,318 (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 $58.95 for the April 3, 2024 grant, $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 73,520 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 February 15, 2025 21,729 February 17, 2025 21,442 April 3, 2025 31,784 April 11, 2025 22,029 February 17, 2026 21,442 April 3, 2026 22,879 April 11, 2026 22,029 April 3, 2027 22,879 April 11, 2027 22,029 April 3, 2028 22,879 Upon successful completion of IPO* 437,195 668,316 * Upon successful completion of an initial public offering of the Company (“IPO”), an additional 437,195 RSUs will vest immediately. For the three months ended September 30, 2024 and 2023, the Company recognized approximately $1.5 million and $1.3 million, respectively, of non-cash compensation expense related to the RSUs, which is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2024 and 2023, the Company recognized approximately $4.4 million and $3.4 million, respectively, of non-cash compensation expense related to the RSUs, which is included in corporate general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). As of September 30, 2024, total unrecognized compensation expense on RSUs was approximately $11.6 million, and the expense is expected to be recognized over a weighted average vesting period of 1.4 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 September 30, 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 September 30, 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 September 30, 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 6.50% Series A Cumulative Redeemable Preferred Stock (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”). Beginning on the day after the fourth anniversary of the original issuance date, the Series B Preferred Stock dividend rate will increase to 10.00% per annum; beginning on the day after the fifth anniversary of the original issuance date, the Series B Preferred Stock dividend rate will increase to 11.00% per annum; and beginning on the day after the sixth anniversary of the original issuance date and each anniversary thereafter, the Series B Preferred Stock dividend rate will increase an additional 2.00% per annum, with a maximum Series B Preferred Stock dividend rate of 17.00% per annum. The dividend rate will also increase upon the occurrence of certain default circumstances, as defined in the Articles Supplementary setting forth the terms of the Series B Preferred Stock. The Company has the option to redeem, in whole or in part, the Series B Preferred Stock at any time, from time to time, subject to certain redemption premiums if redeemed prior to the second anniversary of the original issuance date. The Company currently intends to exercise its option to redeem all of the outstanding Series B Preferred Stock on or prior to the fourth anniversary of the original issuance date. With respect to priority of payment of dividends, the Series B Preferred Stock ranks senior to all classes of Common Stock, and the Series B Preferred Stock and Series A Preferred Stock rank on parity with each other. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the Series B Preferred stockholders are entitled to be paid out, at a price equal to $25.00 per share plus any accrued and unpaid distributions (whether or not declared), after payment of the Company's debts and other liabilities. An aggregate of approximately $2.9 million in selling commissions and fees were paid in connection therewith. The Ohio State Life Insurance Company, an entity that may be deemed an affiliate of the Adviser through common beneficial ownership, 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.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests in the OP The following table presents the capital contributions, distributions, and profits and losses allocated to PI Units and OP Units not held by the Company (the “noncontrolling interests”) in the OP (in thousands): Balances Redeemable noncontrolling interests in the OP, December 31, 2023 $ 251,503 Net loss attributable to redeemable noncontrolling interests in the OP (20,820) Contributions by redeemable noncontrolling interests in the OP 4,975 Distributions to redeemable noncontrolling interests in the OP (7,942) Redemptions by redeemable noncontrolling interests in the OP (457) Equity-based compensation 10,758 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (2,707) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 25,549 Redeemable noncontrolling interests in the OP, September 30, 2024 $ 260,859 As of September 30, 2024, the Company held 20,058,716 Class A OP Units, NREO held 2,814,063 Class B OP Units, NRESF held 94,790 Class C OP Units, GAF REIT held 149,588 Class C OP Units and the VineBrook Contributors and other Company insiders held 1,645,961 Class C OP Units. As of September 30, 2024, the Company held all outstanding 6.50% Series A Cumulative Redeemable Preferred Units and 9.50% Series B Cumulative Redeemable Preferred Units of the OP. 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 September 30, 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 (78,423) (3,295) Forfeited — — Outstanding September 30, 2024 815,310 $ 44,143 (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 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* 229,238 815,310 *Upon successful completion of an IPO, or an earlier change in control with respect to awards held by certain key executives, an additional 229,238 PI Units will vest immediately instead of vesting ratably according to the schedule above. For the nine months ended September 30, 2024 and 2023, the OP recognized approximately $10.8 million and $4.9 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 September 30, 2024, total unrecognized compensation expense on PI Units was approximately $20.9 million, and the expense is expected to be recognized over a weighted average vesting period of 1.7 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 June 30, 2024 25,252,565 4,689,964 29,942,529 September 30, 2024 25,339,388 4,704,401 30,043,789 Redeemable Noncontrolling Interests in Consolidated VIEs As of September 30, 2024, approximately 4,850,048 limited partnership units of SFR OP (“SFR OP Units”) were held by affiliates of the Company. The following table presents the capital contributions, distributions, and profits and losses allocated to SFR OP Units not held by the Company (the “redeemable noncontrolling interests in consolidated VIEs”) (in thousands): Balances Redeemable noncontrolling interests in consolidated VIEs, December 31, 2023 $ 105,018 Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (19,997) Contributions by redeemable noncontrolling interests in consolidated VIEs 3,987 Distributions to redeemable noncontrolling interests in consolidated VIEs (3,987) Adjustment to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs 14,793 Redeemable noncontrolling interests in consolidated VIEs, September 30, 2024 $ 99,814 Noncontrolling Interests in Consolidated VIEs The following table presents the capital contributions, distributions, and profits and losses allocated to Class A common stock, par value $0.01 per share of NexPoint Homes (the “NexPoint Homes Class A Shares”) and NexPoint Homes Class I common stock, par value $0.01 (the “NexPoint Homes Class I shares,” collectively with the NexPoint Homes Class A Shares, the “NexPoint Homes Shares”) not held by the Company (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 (2,754) Contributions by noncontrolling interests in consolidated VIEs 952 Distributions to noncontrolling interests in consolidated VIEs (680) Redemptions by noncontrolling interests in consolidated VIEs (210) Noncontrolling interests in consolidated VIEs, September 30, 2024 $ 9,050

Redeemable Series A Preferred S

Redeemable Series A Preferred Stock	9 Months Ended
	Sep. 30, 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 September 30, 2024. The Series A Preferred Stock has a redemption value of $25.00 per share and will be redeemed on October 7, 2027 unless a Listing Event is effectuated as defined in the Articles of Amendment and Restatement. With respect to priority of payment of dividends, the Series A Preferred Stock ranks senior to all classes of Common Stock, and the Series A Preferred Stock and Series B Preferred Stock rank on parity with each other. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the Series A Preferred stockholders are entitled to be paid out, at a price equal to $25.00 per share, plus an amount equal to any accrued and unpaid dividends (whether or not earned, authorized or declared), after payment of the Company's debts and other liabilities. 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 Repurchase of Redeemable Series A Preferred stock (4,000) (61) Issuance costs related to Redeemable Series A Preferred stock — (25) Net income attributable to Redeemable Series A Preferred stockholders — 6,091 Dividends declared to Redeemable Series A Preferred stockholders — (6,091) Accretion to redemption value — 169 Redeemable Series A Preferred stock, September 30, 2024 4,996,000 $ 122,308

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions VineBrook 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 (as calculated pursuant to the terms of the Advisory Agreement). The Adviser will manage the Company’s business including, among other duties, advising the Board to issue distributions, preparing our quarterly and annual consolidated financial statements prepared under GAAP, development and maintenance of internal accounting controls, management and conduct of maintaining our REIT status, calculation of our NAV and recommending the appropriate NAV to be set by the Board, reporting to holders of Common Stock, our tax filings, and other responsibilities customary for an external advisor to a business similar to ours. With certain specified exceptions, the advisory fee together with reimbursement of operating and offering expenses may not exceed 1.5% of average total assets of the Company and the OP, as determined in accordance with GAAP on a consolidated basis, at the end of each month (or partial month) (i) for which any advisory fee is calculated or (ii) during the year for which any expense reimbursement is calculated. For the three months ended September 30, 2024 and 2023, the Company incurred advisory fees of approximately $4.4 million and $5.6 million, respectively, in the VineBrook reportable segment which is included in advisory fees on the consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2024 and 2023, the Company incurred advisory fees of approximately $13.0 million and $16.3 million, respectively, in the VineBrook reportable segment which are 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 $45.0 million on an annualized basis; • 7.0% of the incremental collected rental revenue above $45.0 million but below and including $65.0 million on an annualized basis; • 6.0% of the incremental collected rental revenue above $65.0 million but below and including $85.0 million on an annualized basis; and • 5.0% of the incremental collected rental revenue above $85.0 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 nine months ended September 30, 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 13 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 nine months ended September 30, 2024 and 2023 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Location on Financial Statements 2024 (1) 2023 2024 (1) 2023 Fees Incurred Property management fees Statement of Operations $ — $ 1,182 $ — $ 10,326 Acquisition fees Balance Sheet — — — 4 Construction supervision fees Balance Sheet — 311 — 7,590 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations — 2,908 — 23,339 Other reimbursements Balance Sheet and Statement of Operations — 210 — 1,600 Totals $ — $ 4,611 $ — $ 42,859 (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 a contribution agreement (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 13 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 The Ohio State Life Insurance Company, an entity that may be deemed an affiliate of the Company's Adviser through common beneficial ownership, purchased shares of Series B Preferred Stock in the Series B Preferred Offering (See Note 7). 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 Adviser Termination Fee if the Adviser terminates the Advisory Agreement without cause or terminates the agreement due to the occurrence of certain specified breaches of the Advisory Agreement by the Company. The Advisory Agreement may be terminated without cause by the Company or the Adviser with 180 days’ notice prior to the expiration of the then-current term. NexBank The Company and the OP maintain bank accounts with NexBank. NexBank charges no recurring maintenance fees on the accounts. As of September 30, 2024, in the VineBrook reportable segment, the Company and OP had approximately less than $0.1 million and less than $0.1 million, respectively, in cash at NexBank. As of September 30, 2024, in the NexPoint Homes reportable segment, NexPoint Homes and the SFR OP had approximately $0.1 million and $0.6 million, respectively, in cash at NexBank. As of December 31, 2023, in the VineBrook reportable segment, the Company and OP had approximately $0.1 million and less than $0.1 million, respectively, in cash at NexBank. As of December 31, 2023, in the NexPoint Homes reportable segment, NexPoint Homes and the SFR OP had approximately $0.1 million and $0.1 million, respectively, in cash at NexBank. 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 September 30, 2024, these affiliates had contributed approximately $120.1 million of equity to NexPoint Homes. Additionally, the Company has consolidated five SFR OP convertible notes that are loans from affiliates of the Adviser to the SFR OP that bear interest at 7.50% and mature on June 30, 2027 (the “SFR OP Convertible Notes”). The holders of the SFR OP Convertible Notes may elect to convert all or part of the outstanding principal and accrued but unpaid interest into SFR OP Units, as calculated based on the current NAV at time of conversion. The SFR OP may prohibit conversion if certain conditions exist, including if the conversion would result in a negative impact to the REIT status of NexPoint Homes. As of September 30, 2024, the total principal outstanding on the SFR OP Convertible Notes was approximately $102.6 million (which exclude 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 nine months ended September 30, 2024, the SFR OP recorded approximately $5.8 million of interest expense related to the SFR OP Convertible Notes. As of September 30, 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 $1.0 million of amounts due from HomeSource for interest on the HomeSource Note and routine funding is included in accounts and other receivables on the consolidated balance sheet. 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 or equity capital for NexPoint Homes. For the three and nine months ended September 30, 2024, NexPoint Homes incurred advisory fees of approximately $0.9 million and $2.7 million, respectively, 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 September 30, 2024, NexPoint Homes has $5.5 million of accrued advisory fees payable, which are included in accounts payable and other accrued liabilities on the consolidated balance sheets. Prior to September 19, 2024, the NexPoint Homes Portfolio was generally managed by HomeSource Operations, LLC, a Delaware limited liability company (the “NexPoint Homes Manager”), pursuant to the terms of a management agreement between the SFR OP and the NexPoint Homes Manager dated June 8, 2022 (the “NexPoint Homes Management Agreement”). In July 2024, the NexPoint Homes Manager notified the SFR OP that the NexPoint Homes Manager intended to cease business operations. On August 8, 2024, the SFR OP provided notice to the NexPoint Homes Manager of breaches by the NexPoint Homes Manager, which the NexPoint Homes Manager failed to cure since it ceased business operations, that entitled the SFR OP to terminate the NexPoint Homes Management Agreement. On September 19, 2024, certain subsidiaries of the SFR OP entered into property management agreements with Mynd Management, Inc. (“Mynd”) to manage the NexPoint Homes Portfolio (the “Mynd Management Agreements”). Mynd is now responsible for the day-to-day management of the NexPoint Homes Portfolio, paying operating expenses, managing maintenance issues, accounting for each property using GAAP, overseeing third-party property managers and other responsibilities customary for the management of SFR properties. Under the Mynd Management Agreements, Mynd is entitled to a property management fee, an asset management services fee, a disposition fee and a construction management fee, in addition to leasing, onboarding and certain inspection fees. The fees are generally paid monthly in arrears. During the three and nine months ended September 30, 2024, approximately $0.7 million and $3.1 million in fees were earned by the NexPoint Homes Manager in connection with the NexPoint Homes Management Agreement during the three and nine months ended September 30, 2024, respectively. Related to the fees earned by the NexPoint Homes Manager, approximately $0.7 million and $2.9 million were expensed for the three and nine months ended September 30, 2024, respectively, and less than $0.1 million and $0.2 million were capitalized to the property basis based on the nature of the fee for the three and nine months ended September 30, 2024, respectively. During the three and nine months ended September 30, 2024, less than $0.1 million and less than $0.1 million in fees were earned, respectively, by Mynd in connection with the Mynd Management Agreements. Related to the fees earned by Mynd, less than $0.1 million and less than $0.1 million were expensed for the three and nine months ended September 30, 2024, respectively, and $0 and $0 were capitalized to the property basis based on the nature of the fee for the three and nine months ended September 30, 2024, respectively. Preferred Equity Investments During the three months ended September 30, 2024, the OP purchased preferred equity units in Resmark Forney Gateway Holdings, LLC (“RFGH”) and Resmark The Brook Holdings, LLC (“RTB”) from NexPoint Real Estate Finance, Inc. (“NREF”). The parent of the NREF external manager is the parent of the Adviser. On July 18, 2024, July 29, 2024, and September 4, 2024, the OP purchased preferred equity units of RFGH from NREF for approximately $2.8 million, $3.0 million and $2.0 million, respectively. On July 18, 2024, July 29, 2024 and September 4, 2024, the OP purchased preferred equity units of RTB from NREF for $2.8 million, $3.0 million and $2.0 million, respectively. These preferred equity investments yield 11% interest paid in-kind. The total cost basis and accrued interest of $15.9 million of these preferred equity investments as of September 30, 2024 are included in prepaid and other assets on the Company’s consolidated balance sheets. SFR OP Note Payable III On July 10, 2024, the SFR OP as borrower entered into a promissory note with NREF as lender (the “SFR OP Note Payable III”) with a total commitment of $5.0 million. The SFR OP Note Payable III matures on July 10, 2025 and bears interest at a fixed rate of 15%. As of September 30, 2024, there was no amount drawn on the SFR OP Note Payable III. The SFR OP drew on the note subsequent to September 30, 2024 (see Note 14).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 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 pre-judgment 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 11, 2024, the Southern District of New York issued its judgment confirming the Award. 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 (“Texas Litigation”). The Company is not a defendant in the Texas Litigation, and neither it, nor the Adviser, nor NREA is party to the HomeSource Letter Agreement. On September 30, 2024, Whelan filed a motion to add NexPoint Homes Trust, Inc., NexPoint SFR Operating Partnership, LP, and NexPoint SFR OP GP, LLC as parties to the Texas Litigation. As of this filing, the Texas state court has not ruled on the request to add those parties. Given the ongoing nature of the Texas Litigation, the Company is unable to assess a likely outcome or potential liability at the time. During the three months ended September 30, 2024, the NexPoint Homes Manager notified the SFR OP that the NexPoint Homes Manager would cease business operations in September 2024. The SFR OP has transitioned property management of the NexPoint Homes Portfolio to Mynd, as discussed in Note 10. 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 September 30, 2024 2023 Revenues Expenses Other income and expenses Net loss Revenues Expenses Other income and expenses Net loss VineBrook $ 80,130 $ 115,650 $ (683) $ (36,203) $ 76,357 $ 104,392 $ (35,711) $ (63,746) NexPoint Homes 10,526 21,468 (8,946) (19,888) 12,378 20,771 (215) (8,608) Total Company $ 90,656 $ 137,118 $ (9,629) $ (56,091) $ 88,735 $ 125,163 $ (35,926) $ (72,354) For the Nine Months Ended September 30, 2024 2023 Revenues Expenses Other income and expenses Net loss Revenues Expenses Other income and expenses Net loss VineBrook $ 238,412 $ 327,032 $ (3,331) $ (91,951) $ 226,742 $ 305,671 $ (107,964) $ (186,893) NexPoint Homes 34,274 66,164 (14,957) (46,847) 36,741 63,297 (274) (26,830) Total Company $ 272,686 $ 393,196 $ (18,288) $ (138,798) $ 263,483 $ 368,968 $ (108,238) $ (213,723) The following presents select balance sheet data for the reportable segments (in thousands): As of September 30, 2024 As of December 31, 2023 VineBrook NexPoint Homes Total Company VineBrook NexPoint Homes Total Company Assets Gross operating real estate investments $ 2,657,783 $ 675,685 $ 3,333,468 $ 2,671,621 $ 761,195 $ 3,432,816 Accumulated depreciation and amortization (299,078) (58,978) (358,056) (233,694) (41,840) (275,534) Net operating real estate investments 2,358,705 616,707 2,975,412 2,437,927 719,355 3,157,282 Real estate held for sale, net 15,261 24,454 39,715 54,615 — 54,615 Net real estate investments 2,373,966 641,161 3,015,127 2,492,542 719,355 3,211,897 Other assets 251,160 31,446 282,606 211,512 29,931 241,443 Total assets $ 2,625,126 $ 672,607 $ 3,297,733 $ 2,704,054 $ 749,286 $ 3,453,340 Liabilities Debt payable, net $ 1,926,997 $ 530,697 $ 2,457,694 $ 1,858,946 $ 574,728 $ 2,433,674 Other liabilities 107,672 40,723 148,395 115,330 29,377 144,707 Total liabilities $ 2,034,669 $ 571,420 $ 2,606,089 $ 1,974,276 $ 604,105 $ 2,578,381

Internalization of the Manager

Internalization of the Manager	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 fee in connection with the Internalization (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. 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	9 Months Ended
	Sep. 30, 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 September 30, 2024, NexPoint Homes paid down approximately $7.0 million on the NexPoint Homes KeyBank Facility. Approximately $10.0 million remained outstanding on the NexPoint Homes KeyBank Facility as of October 31, 2024. Common and Preferred Dividends On October 21, 2024, the Company approved a Common Stock dividend of $0.5301 per share for shareholders of record as of October 21, 2024 that was paid as of October 23, 2024. On October 28, 2024, the Company approved a Series A Preferred Stock dividend of $0.40625 per share for shareholders of record as of December 24, 2024 that is to be paid on January 10, 2025. On October 28, 2024, the Company approved a Series B Preferred Stock dividend of $0.59375 per share for shareholders of record as of December 26, 2024 that is to be paid on January 10, 2025. Dispositions Subsequent to September 30, 2024, the Company disposed of 23 homes in the VineBrook reportable segment that were classified as held for sale as of September 30, 2024 for net proceeds of approximately $2.6 million. Homes Classified as Held For Sale Subsequent to September 30, 2024 Subsequent to September 30, 2024, the Company moved 81 homes in the VineBrook reportable segment to held for sale and as of October 31, 2024, 224 homes in total were classified as held for sale. SFR OP Note Payable III Draw Subsequent to September 30, 2024, the SFR OP drew $2.0 million on the SFR OP Note Payable III. As of September 30, 2024, the outstanding balance of the SFR OP Note Payable III is $2.0 million. Hurricane Milton During October 2024, Hurricane Milton hit Florida. The VineBrook Portfolio saw minimal damage related to Hurricane Milton in its only Florida market, Pensacola. The NexPoint Homes Portfolio only has one home affected with minimal damage to the roof by Hurricane Milton. Given the recency of this event, the Company is still assessing the impact of Hurricane Milton on its Portfolio. The Company has not recognized a loss for the damage as the amount of the loss, or a range of possible losses, cannot be reasonably estimated at this time. The Company will recognize a loss when it has sufficient information to make a reasonable estimate of the loss or range of the loss. NAV Determination On November 1, 2024, in accordance with the Valuation Methodology, the Pricing Committee determined that the Company’s NAV per share calculated on a fully diluted basis was $55.45 as of September 30, 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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting and Use of Estimates Readers of this Form 10-Q should refer to the audited financial statements and notes to consolidated financial statements of the Company for the year ended December 31, 2023, which are included in our Annual Report, filed with the SEC on April 1, 2024, since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements in our Annual Report for further discussion of our significant accounting policies and estimates. 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. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2024 and December 31, 2023 and results of operations for the three and nine months ended September 30, 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.
Use of Estimates	Basis of Accounting and Use of Estimates Readers of this Form 10-Q should refer to the audited financial statements and notes to consolidated financial statements of the Company for the year ended December 31, 2023, which are included in our Annual Report, filed with the SEC on April 1, 2024, since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements in our Annual Report for further discussion of our significant accounting policies and estimates. 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. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2024 and December 31, 2023 and results of operations for the three and nine months ended September 30, 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.
Real Estate Investments	Real Estate Investments 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 and nine months ended September 30, 2024, the Company recorded approximately $3.8 million and $12.4 million of impairment charges on real estate assets, respectively, 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). For the three and nine months ended September 30, 2023, the Company recorded approximately $39.6 million and $66.9 million of impairment charges on real estate assets, respectively, 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 and nine months ended September 30, 2024 and 2023.
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 and nine months ended September 30, 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 and nine months ended September 30, 2024. The goodwill did not exist before August 3, 2023, as the goodwill resulted from the Internalization of the Manager that 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 6), 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 September 30, 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 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): September 30, 2024 2023 December 31, 2023 Cash $ 54,903 $ 34,115 $ 27,917 Restricted cash 41,690 51,611 57,703 Total cash and restricted cash $ 96,593 $ 85,726 $ 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 September 30, 2024 and 2023, rental income includes $4.0 million and $3.4 million of variable lease payments, respectively. For the nine months ended September 30, 2024 and 2023, rental income includes $11.8 million and $9.5 million of variable lease payments, respectively. Gains on sales of properties are recognized pursuant to the provisions included in ASC 610-20, Other Income. We recognize a full gain on sale when the derecognition criteria under ASC 610-20 have been met, which is included in loss on sales and impairment of real estate 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 restricted stock units (“RSUs”) and profit interest units in the OP (“PI Units”) issued pursuant to the 2018 Long-Term Incentive Plan (the “2018 LTIP”) or the 2023 Long-Term Incentive Plan (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 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for loss per share: Net loss $ (56,091) $ (72,354) $ (138,798) $ (213,723) Adjustments: Dividends on and accretion to redemption value of Redeemable Series A Preferred stock 2,023 2,207 6,260 6,621 Net loss attributable to redeemable noncontrolling interests in the OP (8,413) (10,853) (20,820) (32,059) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (8,482) (3,684) (19,997) (11,691) Net loss attributable to noncontrolling interests in consolidated VIEs (940) (565) (2,754) (1,566) Net loss attributable to stockholders $ (40,279) $ (59,459) $ (101,487) $ (175,028) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 25,329 24,894 25,221 24,673 Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) — — — — Weighted average common shares outstanding - diluted 25,329 24,894 25,221 24,673 Earnings (loss) per weighted average common share: Basic $ (1.59) $ (2.39) $ (4.02) $ (7.09) Diluted $ (1.59) $ (2.39) $ (4.02) $ (7.09) (1) For the three months ended September 30, 2024 and 2023, excludes approximately 5,525,053 shares and 5,108,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive. For the nine months ended September 30, 2024 and 2023, excludes approximately 5,493,581 shares and 4,808,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), to clarify the scope application of profits interest and similar awards by adding illustrative guidance in ASC 718, Compensation-Stock Compensation ("ASC 718"). ASU 2024-01 clarifies how to determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement (ASC 718) or as a cash bonus or profit-sharing arrangement (ASC 710, Compensation-General , or other guidance) and applies to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to adding the illustrative guidance, ASU 2024-01 modified the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, including interim periods within those annual periods. Early adoption is permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interests and similar awards granted or modified on or after the adoption date. The Company is currently assessing the impacts of adopting ASU 2024-01 on its consolidated financial statements and disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
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): September 30, 2024 2023 December 31, 2023 Cash $ 54,903 $ 34,115 $ 27,917 Restricted cash 41,690 51,611 57,703 Total cash and restricted cash $ 96,593 $ 85,726 $ 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for loss per share: Net loss $ (56,091) $ (72,354) $ (138,798) $ (213,723) Adjustments: Dividends on and accretion to redemption value of Redeemable Series A Preferred stock 2,023 2,207 6,260 6,621 Net loss attributable to redeemable noncontrolling interests in the OP (8,413) (10,853) (20,820) (32,059) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (8,482) (3,684) (19,997) (11,691) Net loss attributable to noncontrolling interests in consolidated VIEs (940) (565) (2,754) (1,566) Net loss attributable to stockholders $ (40,279) $ (59,459) $ (101,487) $ (175,028) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 25,329 24,894 25,221 24,673 Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) — — — — Weighted average common shares outstanding - diluted 25,329 24,894 25,221 24,673 Earnings (loss) per weighted average common share: Basic $ (1.59) $ (2.39) $ (4.02) $ (7.09) Diluted $ (1.59) $ (2.39) $ (4.02) $ (7.09) (1) For the three months ended September 30, 2024 and 2023, excludes approximately 5,525,053 shares and 5,108,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive. For the nine months ended September 30, 2024 and 2023, excludes approximately 5,493,581 shares and 4,808,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive.

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	9 Months Ended
	Sep. 30, 2024
Investments in and Advances to Affiliates [Abstract]
Schedule of Subsidiaries	Loans from the Warehouse Facility (as defined in Note 5) 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 60 $ 5,682 100 % Yes $ 4,746 NREA VB II, LLC 160 16,303 100 % Yes 10,127 NREA VB III, LLC 1,289 120,877 100 % Yes 66,872 NREA VB IV, LLC 378 37,937 100 % Yes 22,814 NREA VB V, LLC 1,822 131,031 100 % Yes 101,815 NREA VB VI, LLC 251 25,188 100 % Yes 17,545 NREA VB VII, LLC 29 2,416 100 % Yes 2,809 True FM2017-1, LLC 184 17,973 100 % Yes 8,248 VB One, LLC 5,777 776,811 100 % No 462,222 VB Two, LLC 1,618 160,363 100 % No 105,925 VB Three, LLC 1,334 198,658 100 % No 97,567 VB Five, LLC 117 14,124 100 % Yes 4,991 VB Eight, LLC 111 16,622 100 % No — VB Nine, LLC 1,305 190,666 100 % Yes 171,637 VB Ten, LLC 1,302 190,219 100 % Yes 171,567 VineBrook Homes Borrower 1, LLC 2,763 404,623 100 % Yes 390,248 VineBrook Homes Borrower 2, LLC 2,459 363,551 100 % Yes 402,593 NexPoint Homes 2,343 700,139 80 % No 428,701 23,302 $ 3,373,183 $ 2,470,427 (2)

Real Estate Assets (Tables)

Real Estate Assets (Tables)	9 Months Ended
	Sep. 30, 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 45 47,244 (2) 3,648 2,462 53,399 (96,368) (3) Transfers to held for sale (14,945) (98,487) — 101,445 (11,987) 11,987 Reclasses 19 (1,561) — (108) (1,650) (11) Dispositions (4,574) (30,514) — (103,805) (138,893) 1,870 Impairment — (223) — (14,894) (15,117) — Real Estate Balances, September 30, 2024 $ 540,592 $ 2,789,214 $ 3,662 $ 39,715 $ 3,373,183 $ (358,056) (1) Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties. (2) Includes capitalized interest of approximately $0.8 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)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table contains summary information of the Company’s debt as of September 30, 2024 and December 31, 2023 (dollars in thousands): Outstanding Principal as of Type September 30, 2024 December 31, 2023 Interest Rate (1) Maturity Initial Mortgage Floating $ 226,728 $ 234,644 6.83 % 12/1/2025 Warehouse Facility Floating 462,222 824,387 7.50 % 5/3/2025 (2) JPM Facility Floating 97,567 338,387 7.81 % 1/31/2025 (3) ABS I Loan Fixed 390,248 392,180 4.92 % 12/8/2028 ABS II Loan Fixed 402,593 — 4.65 % 3/9/2029 MetLife Note Fixed 105,925 110,157 3.25 % 1/31/2026 MetLife Term Loan I Fixed 343,204 — 4.50 % 8/22/2029 TrueLane Mortgage Fixed 8,248 9,323 5.35 % 2/1/2028 Crestcore II Note Fixed 2,587 2,670 5.12 % 7/9/2029 Crestcore IV Note Fixed 2,404 2,611 5.12 % 7/9/2029 PNC Loan I Fixed — 18 3.59 % 2/19/2024 PNC Loan II Fixed — 65 3.70 % 12/29/2024 PNC Loan III Fixed — 177 3.69 % 12/15/2025 Total VineBrook reportable segment debt $ 2,041,726 $ 1,914,619 NexPoint Homes MetLife Note 1 Fixed 237,173 238,428 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 16,938 60,500 7.55 % 12/31/2024 SFR OP Note Payable I Fixed 500 500 8.80 % 4/25/2025 SFR OP Note Payable II Fixed 500 — 12.50 % 3/31/2025 SFR OP Convertible Notes (4) Fixed 102,557 102,557 7.50 % 6/30/2027 Total debt 2,573,984 2,491,194 Debt premium, net (5) 252 305 Debt discount, net (6) (87,308) (39,115) Deferred financing costs, net of accumulated amortization of $29,918 and $22,796, respectively (29,234) (18,710) 2,457,694 2,433,674 (1) Represents the interest rate as of September 30, 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 September 30, 2024 was 5.1633%, daily SOFR as of September 30, 2024 was 4.9600% and one-month term SOFR as of September 30, 2024 was 4.8457%. (2) The initial maturity for the Warehouse Facility (as defined below) prior to extension options being exercised was November 3, 2024. 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 Company exercised its first extension option to extend the Warehouse Facility maturity date to May 3, 2025 on November 1, 2024. The maturity date after the second extension is November 3, 2025. (3) This is the initial maturity date for the JPM Facility (as defined below). The JPM Facility has a 12-month extension option subject to approval from the lender. (4) The SFR OP Convertible Notes exclude the amounts owed to NexPoint Homes by the SFR OP, as these are eliminated in consolidation. (5) The Company reflected valuation adjustments on its assumed fixed rate debt to adjust it to fair market value on the dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the debt. (6) The Company reflected a discount on ABS I Loan and ABS II Loan (as defined below), which is amortized into interest expense over the remaining term of the debt.
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 September 30, 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 Aggregate Scheduled Maturities	The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to September 30, 2024 are as follows (in thousands): Total 2024 $ 17,614 2025 787,195 (1) 2026 106,230 2027 514,642 2028 398,013 Thereafter 750,290 Total $ 2,573,984 (1) Includes the maturity of the Warehouse Facility after 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 initial maturity date was November 3, 2024 and was extended to May 3, 2025 on November 1, 2024. This also includes the maturity of the JPM Facility that 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)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Outstanding Interest Rate Swaps Designated as Cash Flow Hedges	As of September 30, 2024, the Company had the following outstanding interest rate swaps (dollars in thousands): Effective Date Expiration Date Counterparty Index (1) Notional Fixed Rate 9/1/2019 12/21/2025 KeyBank Daily SOFR (2) 100,000 1.4180 % 9/1/2019 12/21/2025 KeyBank Daily SOFR (2) 50,000 1.4190 % 2/3/2020 2/1/2025 KeyBank Daily SOFR (2) 50,000 1.2790 % 3/2/2020 3/3/2025 KeyBank Daily SOFR (2) 20,000 0.9140 % 3/31/2022 11/1/2025 KeyBank Daily SOFR 100,000 1.5110 % 3/31/2022 11/1/2025 KeyBank Daily SOFR 100,000 1.9190 % 3/31/2022 11/1/2025 KeyBank Daily SOFR 50,000 2.4410 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.6284 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.9413 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.7900 % 7/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.6860 % 4/3/2023 11/1/2025 Mizuho Daily SOFR 250,000 3.5993 % $ 1,120,000 2.4682 % (3) (1) As of September 30, 2024, daily SOFR was 4.9600%. (2) 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. (3) Represents the weighted average fixed rate of the interest rate swaps which have a combined weighted average fixed rate of 2.4682%.
Schedule of Derivatives Not Designated as Hedging Instruments	As of September 30, 2024, the Company had the following outstanding interest rate cap (dollars in thousands): Derivative Notional Expiration Date Index Index as of September 30, 2024 Strike Rate Interest Rate Cap $ 300,000 11/1/2025 One-Month Term SOFR 4.8457 % 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 September 30, 2024 and December 31, 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Derivatives designated as hedging instruments: Interest rate swaps Interest rate derivatives, at fair value $ 13,360 $ 34,194 $ — $ — Derivatives not designated as hedging instruments: Interest rate swaps Interest rate derivatives, at fair value 1,570 — — — Interest rate caps Interest rate derivatives, at fair value 7,273 14,222 — — Total $ 22,203 $ 48,416 $ — $ — 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. For the nine months ended September 30, 2024, $1.2 million of unrealized loss on interest rate hedges have been recorded directly as an increase to interest expense on the consolidated statements of operations and comprehensive income (loss). 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 and nine months ended September 30, 2024 and 2023 (in thousands): For the Three Months Ended, For the Nine Months Ended, Location of gain/(loss) recognized on Statement of Operations and Comprehensive Income/(Loss) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Derivatives designated as hedging instruments: Interest rate swaps Unrealized gain/(loss) on interest rate hedges $ (14,823) $ 163 $ (18,055) $ 6,297 Derivatives not designated as hedging instruments: Interest rate swaps Interest expense 2,112 — 1,209 — Interest rate caps Interest expense 5,503 (639) 6,949 (1,386) Total $ (7,208) $ (476) $ (9,897) $ 4,911
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 September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt $ 2,573,984 $ 2,502,753 $ 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 September 30, 2024 Real estate assets - impaired at March 31, 2024 $ 14,702 $ — $ — $ 14,702 Real estate assets - impaired at June 30, 2024 $ 13,287 $ — $ — $ 13,287 Real estate assets - impaired at September 30, 2024 $ 17,327 $ — $ — $ 17,327

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Number of RSUs Outstanding	As of September 30, 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 191,937 11,315 Vested (93,353) (2) (4,464) Forfeited — — Outstanding September 30, 2024 668,316 $ 34,318 (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 $58.95 for the April 3, 2024 grant, $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 73,520 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 February 15, 2025 21,729 February 17, 2025 21,442 April 3, 2025 31,784 April 11, 2025 22,029 February 17, 2026 21,442 April 3, 2026 22,879 April 11, 2026 22,029 April 3, 2027 22,879 April 11, 2027 22,029 April 3, 2028 22,879 Upon successful completion of IPO* 437,195 668,316 * Upon successful completion of an initial public offering of the Company (“IPO”), an additional 437,195 RSUs will vest immediately.
Schedule of Nonvested Performance-Based Units Activity	As of September 30, 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 September 30, 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)	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table presents the capital contributions, distributions, and profits and losses allocated to PI Units and OP Units not held by the Company (the “noncontrolling interests”) in the OP (in thousands): Balances Redeemable noncontrolling interests in the OP, December 31, 2023 $ 251,503 Net loss attributable to redeemable noncontrolling interests in the OP (20,820) Contributions by redeemable noncontrolling interests in the OP 4,975 Distributions to redeemable noncontrolling interests in the OP (7,942) Redemptions by redeemable noncontrolling interests in the OP (457) Equity-based compensation 10,758 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (2,707) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 25,549 Redeemable noncontrolling interests in the OP, September 30, 2024 $ 260,859 Balances Redeemable noncontrolling interests in consolidated VIEs, December 31, 2023 $ 105,018 Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (19,997) Contributions by redeemable noncontrolling interests in consolidated VIEs 3,987 Distributions to redeemable noncontrolling interests in consolidated VIEs (3,987) Adjustment to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs 14,793 Redeemable noncontrolling interests in consolidated VIEs, September 30, 2024 $ 99,814
Schedule of Share-based Payment Arrangement, Activity	As of September 30, 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 (78,423) (3,295) Forfeited — — Outstanding September 30, 2024 815,310 $ 44,143 (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 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* 229,238 815,310 *Upon successful completion of an IPO, or an earlier change in control with respect to awards held by certain key executives, an additional 229,238 PI Units will vest immediately instead of vesting ratably according to the schedule above.
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 June 30, 2024 25,252,565 4,689,964 29,942,529 September 30, 2024 25,339,388 4,704,401 30,043,789
Schedule of Noncontrolling Interest	The following table presents the capital contributions, distributions, and profits and losses allocated to Class A common stock, par value $0.01 per share of NexPoint Homes (the “NexPoint Homes Class A Shares”) and NexPoint Homes Class I common stock, par value $0.01 (the “NexPoint Homes Class I shares,” collectively with the NexPoint Homes Class A Shares, the “NexPoint Homes Shares”) not held by the Company (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 (2,754) Contributions by noncontrolling interests in consolidated VIEs 952 Distributions to noncontrolling interests in consolidated VIEs (680) Redemptions by noncontrolling interests in consolidated VIEs (210) Noncontrolling interests in consolidated VIEs, September 30, 2024 $ 9,050

Redeemable Series A Preferred_2

Redeemable Series A Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 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 Repurchase of Redeemable Series A Preferred stock (4,000) (61) Issuance costs related to Redeemable Series A Preferred stock — (25) Net income attributable to Redeemable Series A Preferred stockholders — 6,091 Dividends declared to Redeemable Series A Preferred stockholders — (6,091) Accretion to redemption value — 169 Redeemable Series A Preferred stock, September 30, 2024 4,996,000 $ 122,308

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024 and 2023 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Location on Financial Statements 2024 (1) 2023 2024 (1) 2023 Fees Incurred Property management fees Statement of Operations $ — $ 1,182 $ — $ 10,326 Acquisition fees Balance Sheet — — — 4 Construction supervision fees Balance Sheet — 311 — 7,590 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations — 2,908 — 23,339 Other reimbursements Balance Sheet and Statement of Operations — 210 — 1,600 Totals $ — $ 4,611 $ — $ 42,859 (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)	9 Months Ended
	Sep. 30, 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 September 30, 2024 2023 Revenues Expenses Other income and expenses Net loss Revenues Expenses Other income and expenses Net loss VineBrook $ 80,130 $ 115,650 $ (683) $ (36,203) $ 76,357 $ 104,392 $ (35,711) $ (63,746) NexPoint Homes 10,526 21,468 (8,946) (19,888) 12,378 20,771 (215) (8,608) Total Company $ 90,656 $ 137,118 $ (9,629) $ (56,091) $ 88,735 $ 125,163 $ (35,926) $ (72,354) For the Nine Months Ended September 30, 2024 2023 Revenues Expenses Other income and expenses Net loss Revenues Expenses Other income and expenses Net loss VineBrook $ 238,412 $ 327,032 $ (3,331) $ (91,951) $ 226,742 $ 305,671 $ (107,964) $ (186,893) NexPoint Homes 34,274 66,164 (14,957) (46,847) 36,741 63,297 (274) (26,830) Total Company $ 272,686 $ 393,196 $ (18,288) $ (138,798) $ 263,483 $ 368,968 $ (108,238) $ (213,723) The following presents select balance sheet data for the reportable segments (in thousands): As of September 30, 2024 As of December 31, 2023 VineBrook NexPoint Homes Total Company VineBrook NexPoint Homes Total Company Assets Gross operating real estate investments $ 2,657,783 $ 675,685 $ 3,333,468 $ 2,671,621 $ 761,195 $ 3,432,816 Accumulated depreciation and amortization (299,078) (58,978) (358,056) (233,694) (41,840) (275,534) Net operating real estate investments 2,358,705 616,707 2,975,412 2,437,927 719,355 3,157,282 Real estate held for sale, net 15,261 24,454 39,715 54,615 — 54,615 Net real estate investments 2,373,966 641,161 3,015,127 2,492,542 719,355 3,211,897 Other assets 251,160 31,446 282,606 211,512 29,931 241,443 Total assets $ 2,625,126 $ 672,607 $ 3,297,733 $ 2,704,054 $ 749,286 $ 3,453,340 Liabilities Debt payable, net $ 1,926,997 $ 530,697 $ 2,457,694 $ 1,858,946 $ 574,728 $ 2,433,674 Other liabilities 107,672 40,723 148,395 115,330 29,377 144,707 Total liabilities $ 2,034,669 $ 571,420 $ 2,606,089 $ 1,974,276 $ 604,105 $ 2,578,381

Internalization of the Manager

Internalization of the Manager (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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. 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 (Details) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	May 04, 2020	May 01, 2019 USD ($)	Nov. 01, 2018 USD ($) property $ / shares shares	Sep. 30, 2024 USD ($) home state property $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) home state property $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 home $ / shares	Aug. 28, 2018 USD ($) $ / shares shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Internalization costs | $				$ 0	$ 917		$ 917
Common stock, par value per share (in dollars per share) | $ / shares				$ 0.01		$ 0.01		$ 0.01
Number of states in which entity operates | state				20		20
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 | $									$ 1,000,000
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
Vinebrook Portfolio
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties				780		780
Number of indirectly owned real estate properties				20,959		20,959
Number of indirectly owned real estate properties, state | state				18		18
NexPoint Homes Portfolio
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties				12		12
Number of indirectly owned real estate properties | property				2,343		2,343
Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties				23,302		23,302
Single Family | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties				23,302		23,302		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				20,959		20,959		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				3,925		3,925
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				884		884
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				2,343		2,343		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				226		226
Single Family | Acquisition of Additional Homes | Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties				2,573		2,573
Single Family | Acquisition of Additional Homes | VineBrook
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of real estate properties				20,750		20,750
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) | shares				20,058,716		20,058,716
Common stock, shares subscribed but unissued (in shares) | 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			$ 43	$ 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%		0.40%
Limited partners' capital account, units outstanding (in shares) | shares				94,790		94,790
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%		0.60%
Limited partners' capital account, units outstanding (in shares) | shares				149,588		149,588
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				6.60%		6.60%
Limited partners' capital account, units outstanding (in shares) | shares				1,645,961		1,645,961
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) | shares				24,763,117		24,763,117
Common stock, par value per share (in dollars per share) | $ / shares				$ 0.01		$ 0.01
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) | shares				20,058,716		20,058,716
Partners' capital account, unit voting percentage				50%		50%
Common stock, par value per share (in dollars per share) | $ / shares				$ 0.01		$ 0.01
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%		81%
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) | shares				2,814,063		2,814,063
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				11.30%		11.30%
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) | shares				94,790		94,790
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) | shares				1,645,961		1,645,961

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Impairment of real estate	$ (3.8)	$ 39.6	$ 12.4	$ 66.9
Other impairment charges	0	0	0	0
Impairment of intangible assets	0		0
Goodwill impairment	0		0
Investments, held to maturity	79		79
Variable lease payments	$ 4	$ 3.4	$ 11.8	$ 9.5

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Acquired Finite-Lived Intangible Assets by Major Class (Details)	9 Months Ended
	Sep. 30, 2024
Developed technology
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	5 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounting Policies [Abstract]
Cash	$ 54,903	$ 27,917	$ 34,115
Restricted cash	41,690	57,703	51,611
Total cash and restricted cash	$ 96,593	$ 85,620	$ 85,726

Summary of Significant Accoun_7

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator for loss per share:
Net loss	$ (56,091)	$ (72,354)	$ (138,798)	$ (213,723)
Adjustments:
Dividends on and accretion to redemption value of Redeemable Series A Preferred stock	2,023	2,207	6,260	6,621
Net loss attributable to stockholders	$ (40,279)	$ (59,459)	$ (101,487)	$ (175,028)
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic (in shares)	25,329,000	24,894,000	25,221,000	24,673,000
Weighted average unvested RSUs, PI Units, and OP Units (in shares)	0	0	0	0
Weighted average common shares outstanding - diluted (in shares)	25,329,000	24,894,000	25,221,000	24,673,000
Earnings (loss) per weighted average common share:
Basic (in dollars per share)	$ (1.59)	$ (2.39)	$ (4.02)	$ (7.09)
Diluted (in dollars per share)	$ (1.59)	$ (2.39)	$ (4.02)	$ (7.09)
Antidilutive securities excluded from computation of earnings per share (in shares)	5,525,053	5,108,000	5,493,581	4,808,000
VineBrook
Adjustments:
Net income/(loss) attributable to redeemable noncontrolling interests	$ (8,413)	$ (10,853)	$ (20,820)	$ (32,059)
Variable Interest Entity, Primary Beneficiary
Adjustments:
Net income/(loss) attributable to redeemable noncontrolling interests	(8,482)	(3,684)	(19,997)	(11,691)
Net loss attributable to noncontrolling interests in consolidated VIEs	$ (940)	$ (565)	$ (2,754)	$ (1,566)

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details) - Consolidated Properties - home	Sep. 30, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Number of real estate properties	23,302
Single Family
Real Estate Properties [Line Items]
Number of real estate properties	23,302	24,412
Single Family | VineBrook
Real Estate Properties [Line Items]
Number of real estate properties	20,959	21,843
Single Family | NexPoint Homes
Real Estate Properties [Line Items]
Number of real estate properties	2,343	2,569

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Subsidiaries (Details)	Sep. 30, 2024 USD ($) home
NexPoint Homes | SFR OP Convertible Notes and SFR OP Note Payable - Uncollateralized
Real Estate Properties [Line Items]
Unsecured debt	$ 103,600,000
Subsidiaries
Real Estate Properties [Line Items]
Debt allocated	$ 2,470,427,000
Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties | home	23,302
Real estate investment property, at cost	$ 3,373,183,000
NREA VB I, LLC
Real Estate Properties [Line Items]
Number of real estate properties | home	60
Real estate investment property, at cost	$ 5,682,000
Debt allocated	$ 4,746,000
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	160
Real estate investment property, at cost	$ 16,303,000
Debt allocated	$ 10,127,000
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	1,289
Real estate investment property, at cost	$ 120,877,000
Debt allocated	$ 66,872,000
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	378
Real estate investment property, at cost	$ 37,937,000
Debt allocated	$ 22,814,000
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	$ 131,031,000
Debt allocated	$ 101,815,000
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	251
Real estate investment property, at cost	$ 25,188,000
Debt allocated	$ 17,545,000
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	29
Real estate investment property, at cost	$ 2,416,000
Debt allocated	$ 2,809,000
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	184
Real estate investment property, at cost	$ 17,973,000
Debt allocated	$ 8,248,000
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	5,777
Real estate investment property, at cost	$ 776,811,000
Debt allocated	$ 462,222,000
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	1,618
Real estate investment property, at cost	$ 160,363,000
Debt allocated	$ 105,925,000
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	1,334
Real estate investment property, at cost	$ 198,658,000
Debt allocated	$ 97,567,000
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	117
Real estate investment property, at cost	$ 14,124,000
Debt allocated	$ 4,991,000
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	111
Real estate investment property, at cost	$ 16,622,000
Debt allocated	$ 0
VB Eight, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
VB Nine, LLC
Real Estate Properties [Line Items]
Number of real estate properties	1,305
Real estate investment property, at cost	$ 190,666,000
Debt allocated	$ 171,637,000
VB Nine, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
VB Ten, LLC
Real Estate Properties [Line Items]
Number of real estate properties	1,302
Real estate investment property, at cost	$ 190,219,000
Debt allocated	$ 171,567,000
VB Ten, 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	2,763
Real estate investment property, at cost	$ 404,623,000
Debt allocated	$ 390,248,000
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	2,459
Real estate investment property, at cost	$ 363,551,000
Debt allocated	$ 402,593,000
VineBrook Homes Borrower 2, LLC | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	100%
NexPoint Homes
Real Estate Properties [Line Items]
Number of real estate properties | home	2,343
Real estate investment property, at cost	$ 700,139,000
Debt allocated	$ 428,701,000
NexPoint Homes | VineBrook Homes OP, LP
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by parent	80%

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) home property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) home property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) home	Jan. 17, 2023 USD ($)	Aug. 03, 2022 home
Real Estate Properties [Line Items]
Depreciation | $	$ 30,900	$ 31,500	$ 93,600	$ 95,100
Asset acquisition prepaid deposit forfeited upon termination of agreement | $		$ 41,000		$ 41,000
Impairment of real estate held for sale | $	3,800		12,400
Real estate held for sale, net | $	$ 39,715		$ 39,715		$ 54,615
Disposal Group, Held-for-Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of real estate properties	271		271
Real estate held for sale, net | $	$ 39,700		$ 39,700
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 Portfolio
Real Estate Properties [Line Items]
Number of real estate properties	780		780
Number of indirectly owned real estate properties	20,959		20,959
Estimated loss | $	$ 500		$ 500
NexPoint Homes Portfolio
Real Estate Properties [Line Items]
Number of real estate properties	12		12
Number of indirectly owned real estate properties | property	2,343		2,343
NexPoint Homes
Real Estate Properties [Line Items]
Real estate held for sale, net | $	$ 24,454		$ 24,454		0
VineBrook
Real Estate Properties [Line Items]
Real estate held for sale, net | $	$ 15,261		$ 15,261		$ 54,615
Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	23,302		23,302
Single Family | VineBrook | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties	3,925		3,925
Single Family | VineBrook | Acquisition of Additional Homes
Real Estate Properties [Line Items]
Number of real estate properties	20,750		20,750
Single Family | Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	23,302		23,302		24,412
Single Family | Consolidated Properties | Acquisition of Additional Homes
Real Estate Properties [Line Items]
Number of real estate properties	2,573		2,573
Single Family | Consolidated Properties | NexPoint Homes
Real Estate Properties [Line Items]
Number of real estate properties	2,343		2,343		2,569
Single Family | Consolidated Properties | NexPoint Homes | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties	226		226
Single Family | Consolidated Properties | VineBrook
Real Estate Properties [Line Items]
Number of real estate properties	20,959		20,959		21,843
Single Family | Consolidated Properties | VineBrook | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties	884		884

Real Estate Assets - Schedule o

Real Estate Assets - Schedule of Real Estate Investments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	$ 3,487,431
Additions	53,399
Transfers to held for sale	(11,987)
Reclasses	(1,650)
Dispositions	(138,893)
Impairment	(15,117)
Gross real estate, ending balance	3,373,183
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Interest costs capitalized	800
Other capitalized costs	300
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	560,047
Additions	45
Transfers to held for sale	(14,945)
Reclasses	19
Dispositions	(4,574)
Impairment	0
Gross real estate, ending balance	540,592
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	47,244
Transfers to held for sale	(98,487)
Reclasses	(1,561)
Dispositions	(30,514)
Impairment	(223)
Gross real estate, ending balance	2,789,214
Intangible lease assets
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Gross real estate, beginning balance	14
Additions	3,648
Transfers to held for sale	0
Reclasses	0
Dispositions	0
Impairment	0
Gross real estate, ending balance	3,662
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	2,462
Transfers to held for sale	101,445
Reclasses	(108)
Dispositions	(103,805)
Impairment	(14,894)
Gross real estate, ending balance	39,715
Accumulated depreciation and amortization
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation and amortization, beginning balance	(275,534)
Additions	(96,368)
Transfers to held for sale	11,987
Reclasses	(11)
Dispositions	1,870
Impairment	0
Accumulated depreciation and amortization, ending balance	$ (358,056)

Debt - Additional Information 1

Debt - Additional Information 1 (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt	$ 2,573,984	$ 2,491,194
VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	2,041,726	$ 1,914,619
NexPoint Homes
Debt Instrument [Line Items]
Debt	$ 532,300

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 20, 2019
Debt Instrument [Line Items]
Debt	$ 2,573,984	$ 2,491,194
Debt premium, net	252	305
Debt discount, net	(87,308)	(39,115)
Accumulated amortization, debt issuance costs	29,918	22,796
Debt financing costs, net	(29,234)	(18,710)
Debt payable, net	$ 2,457,694	2,433,674
LIBOR rate	5.1633%
Daily SOFR rate	4.96%
Term SOFR rate	4.8457%
Extension period	12 months
VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 2,041,726	1,914,619
Initial Mortgage | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 226,728	234,644
Debt instrument, interest rate	6.83%
Warehouse Facility
Debt Instrument [Line Items]
Debt	$ 462,222		$ 475,000
Commitment fee (as a percent)	0.10%
Warehouse Facility | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt		824,387
Debt instrument, interest rate	7.50%
JPM Facility | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 97,567	338,387
Debt instrument, interest rate	7.81%
ABS I Loan | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 390,248	392,180
Debt instrument, interest rate	4.92%
ABS II Loan | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 402,593	0
Debt instrument, interest rate	4.65%
MetLife Note | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 105,925	110,157
Debt instrument, interest rate	3.25%
MetLife Term Loan I
Debt Instrument [Line Items]
Debt	$ 343,200
MetLife Term Loan I | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 343,204	0
Debt instrument, interest rate	4.50%
TrueLane Mortgage | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 8,248	9,323
Debt instrument, interest rate	5.35%
Crestcore IV Note | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 2,404	2,611
Debt instrument, interest rate	5.12%
Crestcore II Note | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 2,587	2,670
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	$ 0	65
Debt instrument, interest rate	3.70%
PNC Loan III | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 0	177
Debt instrument, interest rate	3.69%
NexPoint Homes MetLife Note 1 | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt	$ 237,173	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	$ 16,938	60,500
Debt instrument, interest rate	7.55%
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 - Additional Information 2

Debt - Additional Information 2 (Details)

9 Months Ended

Dec. 06, 2023 USD ($)

Mar. 10, 2022

Mar. 01, 2021 USD ($)

Sep. 30, 2024 USD ($) home tranche

Sep. 25, 2024 USD ($)

Aug. 22, 2024 USD ($)

Jul. 24, 2024 USD ($)

Jul. 11, 2024 USD ($)

Feb. 29, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 21, 2023 USD ($)

Jan. 31, 2023 USD ($)

Sep. 20, 2019 USD ($)

Debt Instrument [Line Items]

Extension period

12 months

Long-term debt, gross

$ 2,573,984,000

$ 2,491,194,000

Derivative, notional amount

1,400,000,000

VineBrook Homes, LLC

Debt Instrument [Line Items]

Long-term debt, gross

2,041,726,000

1,914,619,000

VB Nine And Ten, LLC

Debt Instrument [Line Items]

Commitment amount

$ 343,200,000

JPM Facility

Debt Instrument [Line Items]

Repayments of debt

243,600,000

JPM Facility | VineBrook Homes, LLC

Debt Instrument [Line Items]

Long-term debt, gross

$ 97,567,000

338,387,000

Debt instrument, interest rate

7.81%

JPM Facility | JP Morgan | VB Three, LLC

Debt Instrument [Line Items]

Commitment amount

$ 500,000,000

$ 2,800,000

$ 21,400,000

$ 350,000,000

Extension period

12 months

Loan remaining amount

$ 252,400,000

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)

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

2,763

Debt instrument, interest rate, stated percentage

11.86%

Number of tranches | tranche

6

Debt instrument, interest rate

4.9235%

ABS I Loan Agreement | VineBrook Homes Depositor A, LLC | Class F Certificates

Debt Instrument [Line Items]

Debt instrument, term

5 years

Debt instrument, face amount

$ 39,100,000

Proceeds from issuance of debt

300,600,000

ABS I Loan Agreement | ABS I Borrower | Class F Certificates

Debt Instrument [Line Items]

Proceeds from issuance of debt

$ 314,000,000

ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC

Debt Instrument [Line Items]

Debt instrument, term

5 years

Debt instrument, face amount

$ 392,200,000

ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class A Certificates

Debt Instrument [Line Items]

Debt instrument, face amount

178,400,000

ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class B Certificates

Debt Instrument [Line Items]

Debt instrument, face amount

38,600,000

ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class c Certificates

Debt Instrument [Line Items]

Debt instrument, face amount

30,800,000

ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class D Certificates

Debt Instrument [Line Items]

Debt instrument, face amount

43,000,000

ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class E Certificates

Debt Instrument [Line Items]

Debt instrument, face amount

50,100,000

ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | Class E2 Certificates

Debt Instrument [Line Items]

Debt instrument, face amount

12,200,000

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

2,459

Debt instrument, interest rate, stated percentage

10.55%

Number of tranches | tranche

7

Debt instrument, interest rate

4.6495%

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

19,500,000

ABS II Loan Agreement | Class B Certificates | Interest rate caps

Debt Instrument [Line Items]

Derivative, notional amount

$ 10,500,000

10,500,000

ABS II Loan Agreement | Class c Certificates | Interest rate caps

Debt Instrument [Line Items]

Derivative, notional amount

$ 2,000,000

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 A | Secured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

19,500,000

Asset Backed Securitization II | Class B | Secured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

10,500,000

Asset Backed Securitization II | Class C | Secured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

$ 2,000,000

Warehouse Facility

Debt Instrument [Line Items]

Repayments of debt

$ 362,200,000

Long-term debt, gross

$ 462,222,000

$ 475,000,000

Debt instrument, interest rate, stated percentage

75%

Warehouse Facility | VineBrook Homes, LLC

Debt Instrument [Line Items]

Long-term debt, gross

$ 824,387,000

Debt instrument, interest rate

7.50%

Debt - Schedule of Information

Debt - Schedule of Information On Loan Agreement (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Feb. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Tranche Discount	$ 87,308,000		$ 39,115,000
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 - Additional Information 3

Debt - Additional Information 3 (Details) - USD ($)				9 Months Ended
	Aug. 22, 2024	Aug. 12, 2022	Sep. 20, 2019	Sep. 30, 2024	Oct. 31, 2024	Jan. 01, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 30, 2022
Debt Instrument [Line Items]
Debt				$ 2,573,984,000			$ 2,491,194,000
Credit facilities, net				558,433,000			$ 1,156,704,000
Derivative, notional amount				$ 1,400,000,000
Interest Rate Swap and Cap
Debt Instrument [Line Items]
Debt, weighted average interest rate				2.2637%
Debt, Without Effect of Derivative Financial Instruments
Debt Instrument [Line Items]
Debt, weighted average interest rate				5.5473%			6.6245%
Debt, Including Effect of Derivative Financial Instruments
Debt Instrument [Line Items]
Debt, weighted average interest rate				4.0633%			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%
Revolving Credit Facility | NexPoint Homes MetLife Note 1
Debt Instrument [Line Items]
Commitment amount		$ 75,000,000						$ 85,000,000	$ 10,000,000
Revolving Credit Facility | NexPoint Homes MetLife Note 1 | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.85%
Revolving Credit Facility | NexPoint Homes MetLife Note 1 | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.70%
Revolving Credit Facility | KeyBank N.A
Debt Instrument [Line Items]
Credit facilities, net				$ 16,900,000
Revolving Credit Facility | KeyBank N.A | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.95%
Revolving Credit Facility | KeyBank N.A | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.70%
VB Nine And Ten, LLC
Debt Instrument [Line Items]
Commitment amount	$ 343,200,000
Fixed interest	4.50%
Proceeds from warehouse facility	$ 282,000,000
VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt				2,041,726,000			$ 1,914,619,000
NexPoint Homes
Debt Instrument [Line Items]
Debt				532,300,000
Warehouse Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio						140%
Commitment fee percentage			100%
Debt			$ 475,000,000	462,222,000
Debt instrument, interest rate, stated percentage			75%
Repayments of debt				$ 362,200,000
Warehouse Facility | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt							824,387,000
Debt instrument, interest rate				7.50%
Warehouse Facility | Subsequent Event
Debt Instrument [Line Items]
Debt					$ 475,000,000
PNC Loan I | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt				$ 0			18,000
Debt instrument, interest rate				3.59%
PNC Loan II | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt				$ 0			65,000
Debt instrument, interest rate				3.70%
PNC Loan III | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt				$ 0			177,000
Debt instrument, interest rate				3.69%
MetLife Term Loan I
Debt Instrument [Line Items]
Debt				$ 343,200,000
MetLife Term Loan I | VineBrook Homes, LLC
Debt Instrument [Line Items]
Debt				$ 343,204,000			0
Debt instrument, interest rate				4.50%
SFR OP Note Payable I | Promisary Note
Debt Instrument [Line Items]
Debt				$ 500,000			500,000
Debt instrument, interest rate				8.80%
SFR OP Note Payable II | Promisary Note
Debt Instrument [Line Items]
Debt				$ 500,000			$ 0
Debt instrument, interest rate				12.50%
Commitment amount				$ 500,000

Debt - Schedule of Aggregate Sc

Debt - Schedule of Aggregate Scheduled Maturities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 17,614
2025	787,195
2026	106,230
2027	514,642
2028	398,013
Thereafter	750,290
Total	$ 2,573,984
Extension period	12 months
Extension fee (as a percent)	0.01%

Debt - Additional Information 4

Debt - Additional Information 4 (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Expense
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 6.3	$ 2.8	$ 8.9	$ 7.8
Amortization of loan discounts		$ 6.4	9	$ 0
JPM Facility
Debt Instrument [Line Items]
Bridge facility, net	$ 568.6		$ 568.6

Fair Value of Derivatives and_3

Fair Value of Derivatives and Financial Instruments - Schedule of Outstanding Interest Rate Swaps Designated as Cash Flow Hedges (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Derivatives, Fair Value [Line Items]
Notional	$ 1,400,000
Daily SOFR rate	4.96%
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	$ 1,120,000
Fixed Rate	2.4682%
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, variable interest rate (as a percent)	0.1145%
Derivative, average fixed interest rate	2.4682%

Fair Value of Derivatives and_4

Fair Value of Derivatives and Financial Instruments - Schedule of Derivatives Not Designated as Hedges (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, notional amount	$ 1,400,000
Interest Rate Cap | Not Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, notional amount	$ 300,000
Derivative, variable interest rate (as a percent)	4.8457%
Strike Rate	1.50%

Fair Value of Derivatives and_5

Fair Value of Derivatives and Financial Instruments - Schedule of Derivative Financial Instruments Classification (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	$ 22,203		$ 22,203		$ 48,416
Interest rate swaps | Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	13,360		13,360		34,194
Liability Derivatives	0		0		0
Derivative, gain (loss) on derivative, net	(14,823)	$ 163	(18,055)	$ 6,297
Interest rate swaps | Not Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	1,570		1,570		0
Liability Derivatives	0		0		0
Derivative, gain (loss) on derivative, net	2,112	0	1,209	0
Interest rate caps | Not Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	7,273		7,273		14,222
Liability Derivatives	0		0		0
Derivative, gain (loss) on derivative, net	5,503	(639)	6,949	(1,386)
Total
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Asset Derivatives	22,203		22,203		48,416
Liability Derivatives	0		0		$ 0
Derivative, gain (loss) on derivative, net	$ (7,208)	$ (476)	$ (9,897)	$ 4,911

Fair Value of Derivatives and_6

Fair Value of Derivatives and Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Investments, held to maturity	$ 79
Asset Backed Securities I Class F Certificate | Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Investments, held to maturity	39.1	$ 39.1
Asset Backed Securities II Class F Certificate | Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Investments, held to maturity	$ 39.9

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	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt	$ 2,573,984	$ 2,491,194
Carrying Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt	2,573,984	2,491,194
Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated Fair Value	$ 2,502,753	$ 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) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	$ 17,327	$ 13,287	$ 14,702
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	0	0	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	0	0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate held for sale - impaired	$ 17,327	$ 13,287	$ 14,702

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions									3 Months Ended		9 Months Ended
	Apr. 03, 2024 shares	Aug. 03, 2023 shares	Jul. 31, 2023 USD ($) $ / shares shares	Apr. 11, 2023 shares	Feb. 17, 2022 shares	Feb. 15, 2021 shares	May 11, 2020 shares	Dec. 10, 2019 shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 $ / shares shares	Jul. 11, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued during period, discount rate, dividend reinvestment plan									0.03		0.03
DRIP shares issued (in shares)												221,698
Dividend reinvestment plan | $									$ 5.9	$ 0	$ 17.3	$ 12.5
Preferred stock, par value per share (in dollars per share) | $ / shares									$ 0.01		$ 0.01		$ 0.01
Series B Preferred Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Preferred stock, par value per share (in dollars per share) | $ / shares									$ 0.01		$ 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
Preferred stock equated to an annualized rate			17%
Preferred stock, liquidation preference per share | $ / shares			$ 25
Payments of stock issuance costs | $			$ 2.9
Debt instrument, reserve amount | $			$ 20
Series B Preferred Stock | Private Stock Offering | Dividend Rate Period, Day After The Fourth Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Preferred stock equated to an annualized rate			10%
Series B Preferred Stock | Private Stock Offering | Dividend Rate Period, Day After The Fifth Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Preferred stock equated to an annualized rate			11%
Series B Preferred Stock | Private Stock Offering | Dividend Rate Period, Day After The Sixth Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Preferred stock equated to an annualized rate			2%
Series A Preferred Stock | Private Stock Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Preferred stock, dividend rate, percentage			6.50%
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		426,307
Yearly increase in number of shares authorized, percentage of outstanding common stock									10%		10%
Percentage of outstanding stock maximum											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)	191,937			186,770	185,111	191,506	179,858	73,700			191,937
Award vesting period											1 year 4 months 24 days
Conversion basis (in shares)									1		1
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $									$ 11.6		$ 11.6
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number									668,316		668,316		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 | $									$ 1.5	$ 1.3	$ 4.4	$ 3.4
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%	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
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		1
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number									23,794		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%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Number of RSUs Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands							9 Months Ended
	Apr. 03, 2024	Apr. 11, 2023	Feb. 17, 2022	Feb. 15, 2021	May 11, 2020	Dec. 10, 2019	Sep. 30, 2024
Value
Equity-based compensation (in shares)							73,520
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)	191,937	186,770	185,111	191,506	179,858	73,700	191,937
Vested (in shares)							(93,353)
Forfeited (in shares)							0
Number of units outstanding at the end of the period (in shares)							668,316
Value
Units outstanding at the beginning of the period							$ 27,467
Granted							11,315
Vested							(4,464)
Forfeited							0
Units outstanding at the end of the period							$ 34,318
Net asset value per share (in dollars per share)	$ 58.95	$ 63.04	$ 54.14	$ 36.56	$ 30.82	$ 29.85

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Outstanding RSUs (Details) - Restricted Stock Units (RSUs) - The 2018 Long-Term Incentive Plan	Sep. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI units vesting (in shares)	668,316
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 3, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI units vesting (in shares)	31,784
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 3, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI units vesting (in shares)	22,879
Vesting April 11, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI units vesting (in shares)	22,029
Vesting April 3, 2027
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI units vesting (in shares)	22,879
Vesting April 11, 2027
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI units vesting (in shares)	22,029
Vesting April 3, 2028
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI units vesting (in shares)	22,879
Vesting upon successful completion of initial public offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PI units vesting (in shares)	437,195

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Nonvested Performance - Based Units Activity (Details) - Performance Shares - The 2023 Long-Term Incentive Plan - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Aug. 03, 2023	Sep. 30, 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_4

Stockholders' Equity - Schedule of Outstanding Performance Shares (Details) - Performance Shares - The 2023 Long-Term Incentive Plan	Sep. 30, 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 - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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	(19,997)
Contributions by redeemable noncontrolling interests	3,987
Distributions to redeemable noncontrolling interests	(3,987)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	14,793
Noncontrolling interests, ending balance	99,814
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	(20,820)
Contributions by redeemable noncontrolling interests	4,975
Distributions to redeemable noncontrolling interests	(7,942)
Redemptions by redeemable noncontrolling interests in the OP	(457)
Equity-based compensation	10,758
Other comprehensive loss attributable to redeemable noncontrolling interests in the OP	(2,707)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	25,549
Noncontrolling interests, ending balance	$ 260,859

Noncontrolling Interests - Addi

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

1 Months Ended

9 Months Ended

Aug. 03, 2023

Feb. 22, 2023

Aug. 10, 2022

May 31, 2021

Nov. 30, 2020

May 11, 2020

Nov. 21, 2019

Apr. 19, 2019

May 31, 2020

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2019

Dec. 31, 2023

Nov. 01, 2018

Noncontrolling Interest [Line Items]

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

$ 0.01

$ 0.01

VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

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

24,763,117

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

$ 0.01

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

Noncontrolling Interest [Line Items]

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

4,850,048

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

$ 20.9

Weighted average vesting period

1 year 8 months 12 days

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 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

$ 10.8

$ 4.9

PI Units | The 2023 Long-Term Incentive Plan

Noncontrolling Interest [Line Items]

Granted (in shares)

475,888

Award vesting rights, percentage

100%

Common Class A

Noncontrolling Interest [Line Items]

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

20,058,716

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)

20,058,716

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

$ 0.01

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

Noncontrolling Interest [Line Items]

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

2,814,063

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

Noncontrolling Interest [Line Items]

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

94,790

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

Noncontrolling Interest [Line Items]

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

149,588

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

Noncontrolling Interest [Line Items]

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

1,645,961

Series A Preferred Stock | VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

Preferred stock, dividend rate, percentage

6.50%

Series B Preferred Stock | VineBrook Homes OP GP, LLC

Noncontrolling Interest [Line Items]

Preferred stock, dividend rate, percentage

9.50%

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									9 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	Sep. 30, 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)									(78,423)
Forfeited (in shares)									0
Number of units outstanding at the end of the period (in shares)									815,310
Value
Units outstanding at the beginning of the period									$ 47,438
Granted									0
Vested									(3,295)
Forfeited									0
Units outstanding at the end of the period									$ 44,143
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 - Sc_3

Noncontrolling Interests - Schedule of Vesting Schedule for the PI Units (Details) - PI Units - The 2018 Long-Term Incentive Plan	Sep. 30, 2024 shares
Noncontrolling Interest [Line Items]
PI units vesting (in shares)	815,310
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)	229,238

Noncontrolling Interests - Sc_4

Noncontrolling Interests - Schedule of Consolidated Common Stock and OP Units Outstanding (Details) - shares	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Common stock shares outstanding (in shares)	25,339,388			25,006,237
VineBrook Homes OP GP, LLC
Noncontrolling Interest [Line Items]
Consolidated common stock shares and NCI OP units outstanding (in shares)	30,043,789	29,942,529	29,692,285
VineBrook Homes Trust, Inc | VineBrook Homes OP GP, LLC
Noncontrolling Interest [Line Items]
Common stock shares outstanding (in shares)	25,339,388	25,252,565	25,132,484
Holders of OP Units | VineBrook Homes OP GP, LLC
Noncontrolling Interest [Line Items]
OP units held by NCI (in shares)	4,704,401	4,689,964	4,559,801
NexPoint SFR Operating Partnership, L.P. | VineBrook Homes OP GP, LLC
Noncontrolling Interest [Line Items]
OP units held by NCI (in shares)	4,850,048

Noncontrolling Interests - Sc_5

Noncontrolling Interests - Schedule of Noncontrolling Interests (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Redemptions by noncontrolling interests in consolidated VIEs	$ (210)
Variable Interest Entity, Not Primary Beneficiary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interests, beginning balance	105,018
Noncontrolling interests, ending balance	99,814
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	(2,754)
Contributions from noncontrolling interests in consolidated VIEs	952
Distributions to noncontrolling interests in consolidated VIEs	(680)
Noncontrolling interests, ending balance	$ 9,050

Redeemable Series A Preferred_3

Redeemable Series A Preferred Stock - Additional Information (Details) - Series A Preferred Stock	Sep. 30, 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 - Preferred Stock $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Number of Units
Redeemable Series A Preferred stock, beginning balance (in shares) | shares	5,000,000
Redemptions of Series A Preferred stock paid | shares	(4,000)
Redeemable Series A Preferred stock, ending balance (in shares) | shares	4,996,000
Balances
Redeemable Series A Preferred stock, beginning balance	$ 122,225
Repurchase of Redeemable Series A Preferred stock	(61)
Issuance costs related to Redeemable Series A Preferred stock	(25)
Net income attributable to Redeemable Series A Preferred stockholders	6,091
Dividends declared to Redeemable Series A Preferred stockholders	(6,091)
Accretion to redemption value	169
Redeemable Series A Preferred stock, ending balance	$ 122,308

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)					3 Months Ended		9 Months Ended
	Sep. 04, 2024 USD ($)	Jul. 29, 2024 USD ($)	Jul. 18, 2024 USD ($)	Jun. 08, 2022	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($)	Jul. 10, 2025	Jul. 10, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 03, 2023 USD ($)
Related Party Transaction [Line Items]
Advisory fees					$ 5,218,000	$ 5,637,000	$ 15,664,000	$ 16,285,000
Other liabilities					148,395,000		148,395,000				$ 144,707,000
Accrued interest payable					28,734,000		28,734,000				23,122,000
Interest receivable					15,900,000		$ 15,900,000
Preferred equity investments percentage							11%
Debt					2,573,984,000		$ 2,573,984,000				2,491,194,000
SFR OP Convertible Notes
Related Party Transaction [Line Items]
Debt					102,557,000		102,557,000				102,557,000
NexPoint Homes | SFR OP Convertible Notes
Related Party Transaction [Line Items]
Unsecured debt					102,600,000		102,600,000
Accrued interest payable					$ 5,800,000		$ 5,800,000
NexPoint Real Estate Advisors V, L.P.
Related Party Transaction [Line Items]
Advisory agreement, advisory fee, annualized rate of gross asset value					0.75%		0.75%
Advisory agreement, expense cap, percentage of average total assets					1.50%		1.50%
Advisory fees					$ 4,400,000	5,600,000	$ 13,000,000	16,300,000
Internalization fee, factor to multiply by 12 months prior fee					3		3
Advisory agreement, notice of termination period							180 days
NexPoint Real Estate Advisors V, L.P. | Advisory Agreement
Related Party Transaction [Line Items]
Accrued advisory fees payable					$ 5,500,000		$ 5,500,000
NexPoint Real Estate Advisors V, L.P. | Advisory Agreement | NexPoint Homes
Related Party Transaction [Line Items]
Related party transaction percentage of fee				0.75%
Related party transaction, adviser fee percentage				0.0025
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		$ 1,000
Maximum EBITDA derived from fees					$ 1,000,000		$ 1,000,000
Maximum percentage of combined equity value for management fees					0.50%		0.50%
Managements agreements, manager cash cap					25%		25%
Termination fee, factor to multiply by 12 months prior fee					3		3
Related party transaction, amounts of transaction					$ 0	4,611,000	$ 0	42,859,000
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%		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%		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%		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%		5%
Related Party | The REIT
Related Party Transaction [Line Items]
Other liabilities					$ 100,000		$ 100,000
Related Party | VineBrook
Related Party Transaction [Line Items]
Other liabilities					100,000		100,000
Related Party | NexPoint Homes
Related Party Transaction [Line Items]
Other liabilities					100,000		100,000				100,000
Related Party | NexPoint SFR Operating Partnership, L.P.
Related Party Transaction [Line Items]
Other liabilities					600,000		600,000
Related Party | VineBrook Homes, LLC
Related Party Transaction [Line Items]
Other liabilities					100,000		100,000
Related Party | SFR OP
Related Party Transaction [Line Items]
Other liabilities											$ 100,000
Related Party | Manager Cash Cap Rebate
Related Party Transaction [Line Items]
Other receivables					$ 0	$ 0	0	$ 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							$ 120,100,000
Affiliates of the Advisor | NexPoint Homes | SFR OP Convertible Notes
Related Party Transaction [Line Items]
Number of debt instruments | loan					5		5
Debt instrument, interest rate, stated percentage					7.50%		7.50%
HomeSource Operations, LLC | NexPoint Homes
Related Party Transaction [Line Items]
Financing receivable, before allowance for credit loss					$ 4,800,000		$ 4,800,000
Notes receivable variable interest rate							2%
Nonvoting interest percentage					9.99%		9.99%
NexPoint Homes Manager | NexPoint Homes
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction					$ 700,000		$ 3,100,000
Related party transaction, amounts of transaction expensed during the period					700,000		2,900,000
Related party transaction, amounts of transaction capitalized					100,000		200,000
NexPoint Homes Manager | Advisory Agreement | NexPoint Homes
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction					$ 900,000		$ 2,700,000
Parent of Adviser
Related Party Transaction [Line Items]
Limited partnership interests percentage					1		1
General partnership interests percentage					1		1
Mynd | Mynd Management
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction expensed during the period					$ 100,000		$ 100,000
Related party transaction, amounts of transaction capitalized							$ 0
NexPoint Real Estate Finance, Inc | RFGH
Related Party Transaction [Line Items]
Preferred equity investments	$ 2,000,000	$ 3,000,000	$ 2,800,000
NexPoint Real Estate Finance, Inc | RTB
Related Party Transaction [Line Items]
Preferred equity investments	$ 2,000,000	$ 3,000,000	$ 2,800,000
SFR OP Note Payable II
Related Party Transaction [Line Items]
Debt										$ 5,000,000
SFR OP Note Payable II | Forecast
Related Party Transaction [Line Items]
Debt instrument, interest rate, stated percentage									15%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - VineBrook Homes, LLC - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 0	$ 4,611	$ 0	$ 42,859
Property management fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	1,182	0	10,326
Acquisition fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	0	0	4
Construction supervision fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	311	0	7,590
Payroll and benefits
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	2,908	0	23,339
Other reimbursements
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 0	$ 210	$ 0	$ 1,600

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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 90,656	$ 88,735	$ 272,686	$ 263,483
Expenses	137,118	125,163	393,196	368,968
Other income and expenses	(9,629)	(35,926)	(18,288)	(108,238)
Net loss	(56,091)	(72,354)	(138,798)	(213,723)
Assets
Gross operating real estate investments	3,333,468		3,333,468		$ 3,432,816
Accumulated depreciation and amortization	(358,056)		(358,056)		(275,534)
Total net operating real estate investments	2,975,412		2,975,412		3,157,282
Real estate held for sale, net	39,715		39,715		54,615
Total net real estate investments	3,015,127		3,015,127		3,211,897
Other assets	282,606		282,606		241,443
TOTAL ASSETS	3,297,733		3,297,733		3,453,340
Liabilities
Debt payable, net	2,457,694		2,457,694		2,433,674
Other liabilities	148,395		148,395		144,707
Total Liabilities	2,606,089		2,606,089		2,578,381
VineBrook
Segment Reporting Information [Line Items]
Revenues	80,130	76,357	238,412	226,742
Expenses	115,650	104,392	327,032	305,671
Other income and expenses	(683)	(35,711)	(3,331)	(107,964)
Net loss	(36,203)	(63,746)	(91,951)	(186,893)
Assets
Gross operating real estate investments	2,657,783		2,657,783		2,671,621
Accumulated depreciation and amortization	(299,078)		(299,078)		(233,694)
Total net operating real estate investments	2,358,705		2,358,705		2,437,927
Real estate held for sale, net	15,261		15,261		54,615
Total net real estate investments	2,373,966		2,373,966		2,492,542
Other assets	251,160		251,160		211,512
TOTAL ASSETS	2,625,126		2,625,126		2,704,054
Liabilities
Debt payable, net	1,926,997		1,926,997		1,858,946
Other liabilities	107,672		107,672		115,330
Total Liabilities	2,034,669		2,034,669		1,974,276
NexPoint Homes
Segment Reporting Information [Line Items]
Revenues	10,526	12,378	34,274	36,741
Expenses	21,468	20,771	66,164	63,297
Other income and expenses	(8,946)	(215)	(14,957)	(274)
Net loss	(19,888)	$ (8,608)	(46,847)	$ (26,830)
Assets
Gross operating real estate investments	675,685		675,685		761,195
Accumulated depreciation and amortization	(58,978)		(58,978)		(41,840)
Total net operating real estate investments	616,707		616,707		719,355
Real estate held for sale, net	24,454		24,454		0
Total net real estate investments	641,161		641,161		719,355
Other assets	31,446		31,446		29,931
TOTAL ASSETS	672,607		672,607		749,286
Liabilities
Debt payable, net	530,697		530,697		574,728
Other liabilities	40,723		40,723		29,377
Total Liabilities	$ 571,420		$ 571,420		$ 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	Sep. 30, 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
Business combination, consideration transferred	21,900
Closing adjustments included in preliminary purchase price allocation	$ 400

Subsequent Events (Details)

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

1 Months Ended

3 Months Ended

4 Months Ended

9 Months Ended

Oct. 28, 2024 $ / shares

Oct. 21, 2024 $ / shares

Nov. 01, 2024 USD ($) home

Sep. 30, 2024 USD ($) $ / shares

Sep. 30, 2023 $ / shares

Nov. 01, 2024 USD ($) home

Sep. 30, 2024 USD ($) $ / shares

Sep. 30, 2023 USD ($) $ / shares

Oct. 31, 2024 USD ($)

Jul. 31, 2024 home

Dec. 31, 2023 USD ($)

Sep. 20, 2019 USD ($)

Subsequent Event [Line Items]

Debt payable, net

$ 2,457,694

$ 2,457,694

$ 2,433,674

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

$ 0.5301

$ 0.5301

$ 1.5903

$ 1.0602

Net proceeds from sales of real estate

$ 125,390

$ 148,300

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

$ 55.45

DRIP issuance, discount to NAV

3%

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

$ 0.59375

$ 0.40243

$ 1.78125

$ 0.40243

Debt

$ 2,573,984

$ 2,573,984

2,491,194

VineBrook

Subsequent Event [Line Items]

Debt payable, net

1,926,997

1,926,997

1,858,946

Discontinued Operations, Held-for-Sale

Subsequent Event [Line Items]

Number of real estate properties | home

224

Subsequent Event

Subsequent Event [Line Items]

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

$ 0.5301

Subsequent Event | Series A Preferred Stock

Subsequent Event [Line Items]

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

$ 0.40625

Subsequent Event | Series B Preferred Stock

Subsequent Event [Line Items]

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

$ 0.59375

Subsequent Event | Discontinued Operations, Disposed of by Sale

Subsequent Event [Line Items]

Net proceeds from sales of real estate

$ 2,600

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

Subsequent Event [Line Items]

Number of real estate properties | home

23

23

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

Subsequent Event [Line Items]

Number of real estate properties | home

81

81

Warehouse Facility

Subsequent Event [Line Items]

Repayments of debt

362,200

Debt instrument, interest rate, stated percentage

75%

Debt

462,222

462,222

$ 475,000

Warehouse Facility | Subsequent Event

Subsequent Event [Line Items]

Debt

$ 475,000

NexPoint Homes KeyBank Facility

Subsequent Event [Line Items]

Debt

16,938

16,938

$ 60,500

NexPoint Homes KeyBank Facility | Subsequent Event

Subsequent Event [Line Items]

Repayments of debt

$ 7,000

Debt payable, net

10,000

$ 10,000

SFR OP Note Payable III

Subsequent Event [Line Items]

Debt

$ 2,000

$ 2,000

SFR OP Note Payable III | Subsequent Event

Subsequent Event [Line Items]

Debt

$ 2,000

$ 2,000