Cover Page - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Mar. 09, 2026 |
Jun. 30, 2025 |
|
| Cover [Abstract] | |||
| Document Type | 10-K | ||
| Document Annual Report | true | ||
| Document Period End Date | Dec. 31, 2025 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Document Transition Report | false | ||
| Entity File Number | 000-56274 | ||
| Entity Registrant Name | VINEBROOK HOMES TRUST, INC. | ||
| Entity Incorporation, State or Country Code | MD | ||
| Entity Tax Identification Number | 83-1268857 | ||
| Entity Address, Address Line One | 300 Crescent Court, Suite 700 | ||
| Entity Address, City or Town | Dallas | ||
| Entity Address, State or Province | TX | ||
| Entity Address, Postal Zip Code | 75201 | ||
| City Area Code | 214 | ||
| Local Phone Number | 276-6300 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Interactive Data Current | Yes | ||
| Entity Filer Category | Non-accelerated Filer | ||
| Entity Small Business | false | ||
| Entity Emerging Growth Company | true | ||
| Entity Ex Transition Period | false | ||
| ICFR Auditor Attestation Flag | false | ||
| Document Financial Statement Error Correction | false | ||
| Entity Shell Company | false | ||
| Entity Public Float | $ 0 | ||
| Entity Common Stock, Shares Outstanding | 26,081,929 | ||
| Documents Incorporated by Reference | Portions of the proxy statement for the registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. |
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| Entity Central Index Key | 0001755755 | ||
| Document Fiscal Year Focus | 2025 | ||
| Document Fiscal Period Focus | FY | ||
| Amendment Flag | false | ||
| Auditor Opinion [Text Block] | We have audited the accompanying consolidated balance sheets of VineBrook Homes Trust, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), stockholders’ equity (deficit), and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. |
Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 185 |
| Auditor Name | KPMG LLP |
| Auditor Location | Dallas, Texas, United States |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| 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) | 25,912,630 | 25,377,421 |
| Common stock, outstanding (in shares) | 25,912,630 | 25,377,421 |
| 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 |
| Redeemable Series A Preferred Stock [Member] | ||
| Temporary Equity, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
| Temporary Equity, Shares Authorized | 16,000,000 | 16,000,000 |
| Preferred shares issued (in shares) | 4,996,000 | 4,996,000 |
| Temporary Equity, Shares Outstanding | 4,996,000 | 4,996,000 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Statement of Stockholders' Equity [Abstract] | |||
| Common stock dividends declared (in dollars per share) | $ 2.1204 | $ 2.1204 | $ 1.5903 |
| Preferred stock dividends declared (in dollars per share) | $ 2.375 | $ 1.78125 | $ 0.40243 |
Cybersecurity Risk Management, Strategy, and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Item 1C. Cybersecurity The Company’s Board recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The Board is actively involved in oversight of the Company’s risk management program, and cybersecurity represents an important component of the Company’s overall approach to risk management. Our Adviser maintains cybersecurity policies, standards, processes and practices that are based on recognized security frameworks such as the National Institute of Standards and Technology cybersecurity framework and the Azure Security Benchmark. In general, our Adviser seeks to address cybersecurity risks of the Company through a comprehensive, cross-functional approach that is focused on continually assessing the Company’s information systems to detect, prevent and mitigate cybersecurity threats and effectively respond to cybersecurity incidents when they occur. As one of the critical elements of the Company’s overall risk management, our cybersecurity program is focused on the following key areas: Governance: The Board’s oversight of cybersecurity risk management is supported by the Audit Committee of the Board (the “Audit Committee”), which interacts with our Adviser’s Director of Information Technology, and other members of management of our Adviser that implement and oversee our cybersecurity program. Risk Assessment: No less frequently than annually, our Adviser completes an assessment to identify potential cybersecurity threats and vulnerabilities to better prioritize and mitigate the Company’s cybersecurity risk. The assessment includes, among other things, evaluating the nature, sensitivity and location of information the Company collects, processes and stores and the resiliency of the underlying technologies, the validity and effectiveness of the Company’s security policies, controls and processes and the cybersecurity preparedness of the third-party vendors used by the Company and our Adviser. To supplement our Adviser’s internal assessment, our Adviser also periodically engages third-party consultants to assess system configurations through configuration review and penetration testing. Technical Safeguards: Our Adviser deploys technical safeguards that are designed to protect the Company’s and our Adviser’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. Incident Response and Recovery Planning: Our Adviser has established and maintains comprehensive business continuity plans that address potential impacts should the information or technology systems become compromised, and the technological components of such plans are tested and evaluated on a regular basis. Third-Party Risk Management: Our Adviser maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including key vendors, service providers and other external users of the Company’s and the Adviser’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Education and Awareness: Our Adviser provides regular mandatory training for its employees regarding cybersecurity threats as a means to equip its employees with effective tools to address cybersecurity threats, and to communicate our Adviser’s evolving information security policies, standards, processes and practices. Our Adviser engages in the periodic assessment and testing of our Adviser’s policies, standards, processes and practices that are designed to address the Company’s cybersecurity threats and incidents. These efforts include a wide range of activities, including annual penetration and third-party compliance testing and ongoing internal testing and creation and modification of policies and procedures. The results of the annual assessments are reported to the Audit Committee and the Board, and our Adviser adjusts its cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments and ongoing testing. The Audit Committee oversees the Company’s risk management policies, including the management of risks arising from cybersecurity threats. The Audit Committee receives presentations and reports on cybersecurity risks, which address a wide range of topics including annual assessments of internal and third-party policies, vulnerability assessments, technological trends and information security considerations arising with respect to the Company and the Adviser. The Audit Committee also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. On an annual basis, the Board and the Audit Committee discuss the Company’s approach to cybersecurity risk management with our Adviser, including the Adviser’s Director of Information Technology. The Adviser’s Director of Information Technology, in coordination with relevant senior management, and personnel of the Adviser, which includes our Adviser’s Chief Financial Officer and Chief Compliance Officer, work to conceive, implement, and monitor the effectiveness of a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any security incidents in accordance with the Company’s business continuity plan. To ensure the effectiveness of these controls, the Adviser’s technology team continually monitors, hardens, and evolves systems’ security postures to model and mirror various security frameworks such as NIST CSF and Azure Security Benchmark. The Adviser’s Director of Information Technology will promptly notify the Adviser’s General Counsel and our President and Chief Executive Officer of any cybersecurity events, with material cybersecurity events promptly communicated to the Audit Committee and publicly disclosed as deemed necessary. The Adviser’s Director of Information Technology has served in various roles in information technology and information security for 25 years, including serving as Global Technology Manager at a multi-national publicly traded broker-dealer, and 15 years as the Director of Information Technology at a privately held financial services firm. The Adviser’s Director of Information Technology holds an undergraduate degree in biochemistry and has attained numerous information technology certifications over the years including Microsoft Certified Systems Engineer (“MCSE”) and Cisco Certified network Professional (CCNP). Risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected, and we do not believe are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, the risk of cybersecurity threats could be significant if a cyber-attack disrupts the Company’s critical operations, service or financial systems. See Item 1A. “Risk Factors, Risks Related to Our Business and the Single-Family Rental Housing Market, We are highly dependent on information technology and security breaches or systems failures could significantly disrupt our business” and “Breaches of our data security could materially harm our business and reputation.” |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Governance: The Board’s oversight of cybersecurity risk management is supported by the Audit Committee of the Board (the “Audit Committee”), which interacts with our Adviser’s Director of Information Technology, and other members of management of our Adviser that implement and oversee our cybersecurity program. Risk Assessment: No less frequently than annually, our Adviser completes an assessment to identify potential cybersecurity threats and vulnerabilities to better prioritize and mitigate the Company’s cybersecurity risk. The assessment includes, among other things, evaluating the nature, sensitivity and location of information the Company collects, processes and stores and the resiliency of the underlying technologies, the validity and effectiveness of the Company’s security policies, controls and processes and the cybersecurity preparedness of the third-party vendors used by the Company and our Adviser. To supplement our Adviser’s internal assessment, our Adviser also periodically engages third-party consultants to assess system configurations through configuration review and penetration testing. Technical Safeguards: Our Adviser deploys technical safeguards that are designed to protect the Company’s and our Adviser’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. Incident Response and Recovery Planning: Our Adviser has established and maintains comprehensive business continuity plans that address potential impacts should the information or technology systems become compromised, and the technological components of such plans are tested and evaluated on a regular basis. Third-Party Risk Management: Our Adviser maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including key vendors, service providers and other external users of the Company’s and the Adviser’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Education and Awareness: Our Adviser provides regular mandatory training for its employees regarding cybersecurity threats as a means to equip its employees with effective tools to address cybersecurity threats, and to communicate our Adviser’s evolving information security policies, standards, processes and practices. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. On an annual basis, the Board and the Audit Committee discuss the Company’s approach to cybersecurity risk management with our Adviser, including the Adviser’s Director of Information Technology. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee oversees the Company’s risk management policies, including the management of risks arising from cybersecurity threats. |
| Cybersecurity Risk Role of Management [Text Block] | The Adviser’s Director of Information Technology has served in various roles in information technology and information security for 25 years, including serving as Global Technology Manager at a multi-national publicly traded broker-dealer, and 15 years as the Director of Information Technology at a privately held financial services firm. The Adviser’s Director of Information Technology holds an undergraduate degree in biochemistry and has attained numerous information technology certifications over the years including Microsoft Certified Systems Engineer (“MCSE”) and Cisco Certified network Professional (CCNP). Risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected, and we do not believe are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, the risk of cybersecurity threats could be significant if a cyber-attack disrupts the Company’s critical operations, service or financial systems. See Item 1A. “Risk Factors, Risks Related to Our Business and the Single-Family Rental Housing Market, We are highly dependent on information technology and security breaches or systems failures could significantly disrupt our business” and “Breaches of our data security could materially harm our business and reputation.” |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Audit Committee receives presentations and reports on cybersecurity risks, which address a wide range of topics including annual assessments of internal and third-party policies, vulnerability assessments, technological trends and information security considerations arising with respect to the Company |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The Adviser’s Director of Information Technology has served in various roles in information technology and information security for 25 years, including serving as Global Technology Manager at a multi-national publicly traded broker-dealer, and 15 years as the Director of Information Technology at a privately held financial services firm. The Adviser’s Director of Information Technology holds an undergraduate degree in biochemistry and has attained numerous information technology certifications over the years including Microsoft Certified Systems Engineer (“MCSE”) and Cisco Certified network Professional (CCNP). |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The Audit Committee oversees the Company’s risk management policies, including the management of risks arising from cybersecurity threats. The Audit Committee receives presentations and reports on cybersecurity risks, which address a wide range of topics including annual assessments of internal and third-party policies, vulnerability assessments, technological trends and information security considerations arising with respect to the Company and the Adviser. The Audit Committee also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. On an annual basis, the Board and the Audit Committee discuss the Company’s approach to cybersecurity risk management with our Adviser, including the Adviser’s Director of Information Technology. The Adviser’s Director of Information Technology, in coordination with relevant senior management, and personnel of the Adviser, which includes our Adviser’s Chief Financial Officer and Chief Compliance Officer, work to conceive, implement, and monitor the effectiveness of a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any security incidents in accordance with the Company’s business continuity plan. To ensure the effectiveness of these controls, the Adviser’s technology team continually monitors, hardens, and evolves systems’ security postures to model and mirror various security frameworks such as NIST CSF and Azure Security Benchmark. The Adviser’s Director of Information Technology will promptly notify the Adviser’s General Counsel and our President and Chief Executive Officer of any cybersecurity events, with material cybersecurity events promptly communicated to the Audit Committee and publicly disclosed as deemed necessary. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ (193,279) | $ (194,409) | $ (280,147) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Description of Business |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Description of Business | 1. Organization and Description of Business VineBrook Homes Trust, Inc. (the “Company”, “VineBrook”, “we”, “us”, “our”) was incorporated in Maryland on July 16, 2018 and has elected to be taxed as a real estate investment trust (“REIT”). The Company 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. The Company has begun to acquire newer homes in “built-to-rent” (“BTR”) communities in higher growth submarkets within or complementary to our existing geographic footprint. 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 December 31, 2025, there were a combined 22,923,950 Class A, Class B and Class C units of the OP (collectively, “OP Units”), of which 17,861,199 Class A OP Units, or 77.9%, were owned by the Company, 2,814,062 Class B OP Units, or 12.3%, were owned by NexPoint Real Estate Opportunities, LLC (“NREO”), 99,577 Class C OP Units, or 0.4%, were owned by NRESF REIT Sub, LLC (“NRESF”), 157,144 Class C OP Units, or 0.7%, were owned by GAF REIT, LLC (“GAF REIT”) and 1,991,968 Class C OP Units, or 8.7%, were owned by limited partners that were sellers in the Formation Transaction (as defined below) (the “VineBrook Contributors”), former employees of the Legacy VineBrook Manager (as defined below), the Evergreen Manager (as defined below), or other Company insiders. NREO, NRESF and GAF REIT are noncontrolling limited partners unaffiliated with the Company but are affiliates of the Adviser (as defined below). The Third Amended and Restated Limited Partnership Agreement of the OP (as amended, 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 is 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 power 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’s mission is to provide our residents with affordable, safe, clean and functional homes with a high level of service through institutional, quality management. Our investment objective is to acquire properties with cash flow growth potential, renovate (when appropriate) and maintain our homes to deliver a high-quality resident experience, while providing quarterly cash distributions and seeking long-term capital appreciation for our stockholders. 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 mortgage provided by KeyBank N.A. (“KeyBank”). 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”) 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 recommended by the Adviser and approved by the pricing committee (the “Pricing Committee”) of the Company’s board of directors (the “Board”) pursuant to the valuation methodology approved by 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 the generally accepted accounting principles in the United States (“GAAP”). Between November 1, 2018 and December 31, 2025, the Company, through special purpose limited liability companies (“SPEs”) owned by the OP, purchased 21,185 additional homes and sold 4,959 homes within the VineBrook Portfolio (as defined below) (see Note 3), and through the OP’s consolidated investment in NexPoint Homes (as defined in Note 2) purchased 2,573 additional homes and sold 538 homes. The Company, through the OP’s SPEs, indirectly owned an interest in 20,355 homes (the “VineBrook Portfolio”) in 19 states, and through its consolidated investment in NexPoint Homes, indirectly owned an interest in an additional 2,035 homes (the “NexPoint Homes Portfolio”), for a total of 22,390 homes in 21 states as of December 31, 2025. We refer to the VineBrook Portfolio and the NexPoint Homes Portfolio collectively as our Portfolio. The acquisitions of the additional homes in the VineBrook Portfolio were funded by loans (see Note 5), proceeds from the sale of Common Stock and Preferred Stock (as defined below) and excess cash generated from operations. The Company is externally advised by the NexPoint Real Estate Advisors V, L.P. (the “Adviser”) through an agreement dated November 1, 2018, which was 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 and other corporate-level services to the Company. Prior to the OP acquiring all of the outstanding equity interests of VineBrook Homes, LLC (the “Legacy VineBrook Manager”), which was completed on August 3, 2023 (the “Internalization”), the OP caused the SPEs to retain the Legacy VineBrook Manager, an affiliate of certain VineBrook Contributors, to renovate, lease, maintain, and operate the VineBrook properties under management agreements (as amended, the “Legacy VineBrook Management Agreements”). After the Internalization, but prior to the transition to the Evergreen Manager (as defined below), all of the Company’s investment decisions were 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 (“Board”). Subsequent to the Externalization (as defined below), all of the Company's investment decisions are made by officers of the Company and the Adviser, subject to general oversight by the Board and with the recommendations of the Evergreen Manager (as defined below), the Asset Manager (as defined below) and the Service Provider (as defined below). On June 10, 2025, the OP caused certain of its subsidiaries to enter into property management agreements (the “Management Agreements”) with Evergreen Residential Management, LLC (the “Evergreen Manager”) to renovate, lease, maintain, and generally operate the Company’s properties within the VineBrook Portfolio. Pursuant to the Management Agreements, responsibility for the day-to-day management of the properties, leasing the properties, managing resident situations, collecting rents, paying operating expenses, managing maintenance issues, accounting for each property using GAAP and other responsibilities customary for the management of single-family rental properties transitioned to the Evergreen Manager (the “Externalization”). We refer to October 23, 2025, the date that the last property in the VineBrook Portfolio transitioned to the Management Agreements, as the “Transition Effective Date”. On the Transition Effective Date, all of the Legacy VineBrook Management Agreements were terminated. As a result of the Management Agreements, as of the Transition Effective Date, the VineBrook Portfolio is now externally managed by the Evergreen Manager. Under the Management Agreements, monthly in arrears, the Evergreen Manager is entitled to (1) a property management fee equal to 2.5% of collected rents, (2) a shared services agreement fee that shall not exceed the greater of 6.0% of collected rents and $75 per property, less any property management fee paid, (3) a major repair and maintenance fee of 10% of expenses for projects with an individual expense equal to or greater than $5,000 or an aggregate expense equal or greater than $10,000, subject to a maximum of $3,500, (4) new lease commissions equal to the greater of 40% of first-month’s rent or $600, and (5) renewal lease commission equal to the greater of 40% of first-month’s rent and $600. The Evergreen Manager is also entitled to other repair, maintenance, vacancy and turnover fees on a per property basis. The Management Agreements have an initial seven-year term with one-year automatic renewals, unless otherwise terminated. Either party may choose not to renew the Management Agreement at the end of any term by providing at least 90 days’ prior notice and, if terminated by the subsidiary of the OP, with a payment to the Evergreen Manager equal to fees under the Management Agreement for 90 days after termination. 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. On June 10, 2025, the SPEs entered into asset management agreements (the “Asset Management Agreements”) with Evergreen Asset Management, LLC (the “Asset Manager”) to provide asset management, operation, accounting support, leasing, repair and turnover scope of work and property accounting services as well as disposition services. Under each Asset Management Agreement, the Asset Manager is entitled to an annual fee equal to 0.24% of the NAV of the properties subject to the Asset Management Agreement, to be paid monthly in arrears. The NAV of the properties subject to the Asset Management Agreement will be calculated by prorating the Company’s NAV based on the value of those properties relative to the Company’s overall NAV. In addition, the Asset Manager shall be reimbursed for all reasonable, documented out-of-pocket expenses incurred in performance of its services. The Asset Manager will also receive a disposition fee of 1.0%, payable at the closing of such sale, of the gross sales price for each property for which the Asset Manager provides disposition services. On June 10, 2025, the OP and Evergreen Development Services, LLC (the “Service Provider”) entered into a real estate development services agreement (the “Development Services Agreement”) to provide for the identification, sourcing, inspection and acquisition of properties on behalf of the OP. Under the Development Services Agreement, the Service Provider is entitled to an acquisition fee of (1) 2.0% of the price paid to acquire the property if the acquired property is not part of a broadly marketed process, (2) 1.375% of the price paid to acquire the property if it is part of a broadly marketed process from a third party with structured bid timelines or (3) 0.75% of the price paid to acquire the property if the acquired property is acquired solely as a result of a non-broadly marketed process and neither Service Provider nor its affiliates received or accessed information regarding such property prior to the OP. In addition, the Service Provider is entitled to (1) a due diligence inspection fee of $450 for the completion of diligence on a target property, (2) a clean and secure fee for cleaning and secure services after a property is acquired of $450 per property and (3) a project administration services fee for project administration services prior to occupation of (A) $1,000 if related to new-build homes already completed upon closing that require make-ready repairs or (B) $3,500 if related to contracted forward home deliveries requiring project oversight for construction and punch list completion. Also on June 10, 2025, the OP, the Evergreen Manager and the Service Provider entered into a letter agreement (the “Letter Agreement” to set forth certain agreements among the parties related to the Externalization, including certain termination rights and fees in the Management Agreements and the Development Services Agreement described above. Pursuant to the Letter Agreement, the OP paid $1.75 million to the Evergreen Manager on July 21, 2025, the date the first property was transitioned to a Management Agreement and paid an additional $1.75 million on September 5, 2025. The amounts paid to the Evergreen Manager are included within general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). In addition, during the year ended December 31, 2025, the OP issued Class C OP Units with a value of $5.0 million to the Evergreen Manager, which is amortized on a straight-line basis over the seven-year term. For the year December 31, 2025, less than $0.1 million of amortization expense related to the issuance of the Class C OP Units are included within property management fees and general and administrative expense, respectively, on the consolidated statements of operations and comprehensive income (loss). Additionally, the Service Provider is entitled to a measurement period service fee for any measurement period in which the Service Provider presents the OP with qualified target properties with an aggregate fair market value of $600.0 million and the OP, directly or indirectly, fails to acquire properties with an aggregate purchase price of at least the lesser of $250.0 million and 41.7% of the aggregate fair value of the target properties presented during the measurement period (the lesser, the “Minimum Spend Amount”). The measurement period service fee (“Measurement Period Service Fee”) for any measurement period is equal to 2% of the positive difference between the Minimum Spend Amount in the applicable measurement period and the aggregate purchase price for acquired properties during the applicable measurement period. If, during any measurement period, the OP, directly or indirectly, acquires properties with an aggregate purchase price over the minimum spend amount, such additional amount may be used to satisfy the Minimum Spend Amount in any subsequent measurement period. A measurement period is each consecutive 12-month period within the first 36 months after the date of the Development Services Agreement. In connection with the Externalization, on June 10, 2025, the Company committed to a reduction in force involving approximately 500 employees, representing 100% of its full-time employees. These actions were part of a Company restructuring to externalize management of the VineBrook Portfolio and under which the Evergreen Manager assumed broad responsibility for the renovation, leasing, maintenance, and operation of the VineBrook Portfolio. The Company completed the reduction in force as of December 31, 2025. As part of this restructuring, the Evergreen Manager and its affiliates have hired a significant number of legacy VineBrook employees as of December 31, 2025. As of December 31, 2025, the Company had zero separation benefits accrued. For the year ended December 31, 2025, the Company incurred restructuring charges of $19.8 million included within general and administrative expenses on the consolidated statements of operations and comprehensive income (loss), of which $10.4 million was related to non-cash stock-based compensation expense due to accelerated vesting of awards from terminated employees (see Notes 7 and 8). The Company also incurred $2.0 million included within depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss) relating to the write off of certain internally developed software and also revised the estimated amortization for other internally developed software (see Note 2). There were no similar restructuring charges incurred during fiscal year 2024 or 2023. |
Summary of Significant Accounting Policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Accounting and Use of Estimates The accompanying consolidated financial statements are presented in accordance with GAAP and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of December 31, 2025 and December 31, 2024 and results of operations for the years ended December 31, 2025, 2024 and 2023 have been included. Principles of Consolidation The Company accounts for subsidiary partnerships, limited liability companies, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If the Company determines the entity is not a VIE, it evaluates whether the entity should be consolidated under the voting model. The Company consolidates an entity when it controls the entity through ownership of a majority voting interest. As of December 31, 2025, the Company determined it must consolidate the OP, its subsidiaries and the OP’s investment in NexPoint Homes Trust, Inc. (“NexPoint Homes”) (see Note 4) under the VIE model as it was determined the Company both controls the direct activities of the OP and its investments, including NexPoint Homes, and has the right to receive benefits that could potentially be significant to the OP, its subsidiaries and its investment in NexPoint Homes. The Company has power to direct the activities of the OP and its subsidiaries 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 has power to direct the activities of NexPoint Homes because the OP owns approximately 83% of the outstanding equity of NexPoint Homes and the parties that beneficially own over 99% of the operating partnership of NexPoint Homes are related parties to the Company as of December 31, 2025. The Company will continue to evaluate whether the NexPoint Homes entity is a VIE and whether the Company is the primary beneficiary of the VIE and should consolidate the NexPoint Homes entity. The consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP, its subsidiaries, and NexPoint Homes. All significant intercompany accounts and transactions have been eliminated in consolidation. OP Units and equity interests in consolidated VIEs that are not owned by the Company are presented as noncontrolling interests in the consolidated financial statements, and income or loss generated is allocated between the Company and the noncontrolling interests based upon their relative ownership percentages. In these consolidated financial statements, redeemable noncontrolling interests in the OP are exclusive of any interests in NexPoint Homes and its SFR OP (as defined in Note 4). Noncontrolling interests in consolidated VIEs are representative of interests in NexPoint Homes and redeemable noncontrolling interests in consolidated VIEs are representative of interests in the SFR OP (as defined in Note 4). Real Estate Investments Upon acquisition, we evaluate our acquired SFR properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Since substantially all of the fair value of our acquired properties is concentrated in a single identifiable asset or group of similar identifiable assets and the acquisitions do not include a substantive process, our purchases of homes or portfolios of homes qualify as asset acquisitions. Accordingly, upon acquisition of a property, the purchase price and related acquisition costs (“Total Consideration”) are allocated to land, buildings, improvements, fixtures, and intangible lease assets based upon their relative fair values. The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement (“ASC 820”) (see Note 6), is based on an independent third-party valuation firm’s estimate of the fair value of the tangible and intangible assets and liabilities acquired or management’s internal analysis based on market knowledge obtained from historical transactions. The valuation methodology utilizes market comparable information, depreciated replacement cost and other estimates in allocating value to the tangible assets. The allocation of the Total Consideration to intangible lease assets represents the value associated with the in-place leases, as one month’s worth of effective gross income (rental revenue, less credit loss allowance, plus other income) as the average downtime of the assets in the portfolio is approximately one month and the assets in the portfolio are leased on a gross rental structure. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized or accreted as interest expense over the life of the debt assumed. Real estate assets, including land, buildings, improvements, fixtures, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. The Company also incurs indirect costs to prepare acquired properties for rental. These costs are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest, real estate taxes, insurance, utilities and other indirect costs as costs of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and the costs have been incurred. After completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred, unless the renovation meets the Company’s capitalization criteria. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table:
As of December 31, 2025, the gross balance and accumulated amortization related to the intangible lease assets was $0.8 million and $0.1 million, respectively. As of December 31, 2024, the gross balance and accumulated amortization related to the intangible lease assets were both zero. For the years ended December 31, 2025, 2024 and 2023, the Company recognized approximately $0.1 million, $1.6 million and $1.9 million amortization expense related to the intangible lease assets, respectively, which was included in depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss). 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 and rental rates, changes in hold periods and 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 single-family rental homes for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. For the years ended December 31, 2025, 2024 and 2023, the Company recorded approximately $19.6 million, $29.4 million and $72.3 million, respectively, of impairment charges on real estate assets, mostly related to assets that were held for sale, which are included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2025, 2024 and 2023, $5.2 million, $1.8 million and zero of impairments on operating properties not held for sale were recorded, respectively, which are included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). Intangible assets primarily include internally developed software and are amortized on a straight-line basis over five years. In connection with the Externalization, the Company re-assessed the useful life and service potential of the intangible IT platform assets acquired as part of the Internalization of the Legacy VineBrook Manager, as well as those that had been internally developed. During the year ended December 31, 2025, the Company determined that $2.0 million of previously capitalized internal-use software remained in development and would not provide any future economic benefit. Accordingly, the Company immediately wrote off the full $2.0 million balance, which is included within depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss) for year ended December 31, 2025. The remaining intangible IT platform assets continued to be utilized through the completion of Externalization but were no longer in use as of the Transition Effective Date. The Company determined to shorten the useful life of these intangible IT platform assets, and accelerated the remaining amortization through December 31, 2025. This accelerated amortization which is included in depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, the remaining net carrying amount of the intangible IT platform assets acquired related to the Internalization of the Legacy VineBrook Manager and those that had been internally developed was zero. Intangible assets subject to amortization are reviewed for impairment, 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 years ended December 31, 2025, 2024 and 2023. Goodwill Goodwill has an indefinite life and therefore is not amortized under the provisions of ASC 350, Intangibles – Goodwill and Other. Goodwill is tested at least annually for impairment to ensure that the carrying amount of goodwill exceeds its implied fair value. We assess goodwill for impairment annually on October 1st, or more frequently if there are indicators of impairment. We completed the annual impairment testing on October 1, 2025 and determined there was no impairment of goodwill. No impairment losses on goodwill have been recognized for the years ended December 31, 2025, 2024 and 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. Interest income, including amortization of any premium or discount, is classified as investment income in the consolidated statements of operations and comprehensive income (loss). In connection with the Company’s asset backed securitization transactions (as discussed in Note 5), we have retained and purchased certificates totaling approximately $79.0 million. These investments in debt securities are classified as held to maturity investments, and our retained certificates are scheduled to mature within the next four years. For the years ended December 31, 2025, 2024 and 2023, we have not recognized any credit losses with respect to these investments in debt securities. Cash and Restricted Cash The Company maintains cash at multiple financial institutions and, at times, these balances exceed federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We believe any risks are mitigated through the size of the financial institutions at which our cash balances are held. Restricted cash represents cash deposited in accounts related to security deposits, property taxes, insurance premiums, deductibles and other lender-required escrows. Amounts deposited in the reserve accounts associated with the loans can only be used as provided for in the respective loan agreements, and security deposits held pursuant to lease agreements are required to be segregated. The following table provides a reconciliation of cash and restricted cash reported on the consolidated balance sheets that sum to the total of such amount shown in the consolidated statements of cash flows (in thousands):
Reclassification of Prior Year Activity on the Consolidated Statements of Cash Flows Certain reclassifications have been made within the consolidated statements of cash flows for the years ended December 31, 2024 and 2023 to be comparative to the consolidated statement of cash flows for the year ended December 31, 2025. 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 years ended December 31, 2025, 2024 and 2023, rental income includes $12.4 million, $15.9 million and $13.5 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 gain (loss) on sales and impairment of real estate on the consolidated statements of operations and comprehensive income (loss). Redeemable Securities Included in the Company’s consolidated balance sheets are redeemable noncontrolling interests in the OP, redeemable noncontrolling interests in consolidated VIEs, and 6.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”). These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or permanent equity under current accounting literature. The Company accounts for these under the provisions of ASC Topic 480-10-S99-3A, paragraph 15(b). In accordance with ASC Topic 480-10-S99, since the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs have a redemption feature, they are measured at their redemption value if such value exceeds the carrying value of interests. The redemption value is based on the NAV per unit at the measurement date. The offset to the adjustment to the carrying amount of the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs is reflected in the Company’s additional paid-in capital on the consolidated balance sheets. In accordance with ASC Topic 480-10-S99, the Series A Preferred Stock is measured at its carrying value plus the accretion to its future redemption value on the balance sheet. The accretion is reflected in the Company’s dividends on and accretion to redemption value of Series A Redeemable Preferred stock on the consolidated statements of operations and comprehensive income (loss). Segment Reporting The Company identifies and discloses its reporting segment(s) in accordance with ASC 280, Segment Reporting. In applying this guidance, the Company first identifies its operating segment(s) from the component(s) where: (1) it engages in business activities from which it may recognize revenue and incur expenses, (2) its operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (3) its discrete financial information is available. Reportable segments are generally those operating segments that meet certain quantitative thresholds. The Company has determined it has two reportable segments: the VineBrook Portfolio and the NexPoint Homes Portfolio. Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU-2023-09”), which introduced enhancements to income tax disclosures. The Company adopted this new standard beginning with this Annual Report on Form 10-K for the year ended December 31, 2025, which did not have a material impact on its consolidated financial statements. 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. The adoption of ASU 2024-01, beginning on January 1, 2025, did not have an impact on the consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosures of disaggregated information about certain income statement expense line items on an annual and interim basis. The amendments are effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and should be applied prospectively, with the option to apply retrospectively. The Company is currently evaluating the impact of adopting the amendments on its disclosures. |
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Real Estate Investments |
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| Real Estate Investments | 3. Real Estate Investments As of December 31, 2025, the Company, through the OP and its SPE subsidiaries, owned 22,390 homes, including 20,355 homes in the VineBrook Portfolio and 2,035 homes in the NexPoint Homes Portfolio. As of December 31, 2024, the Company through the OP and its SPE subsidiaries, owned 23,051 homes, including 20,804 homes in the VineBrook Portfolio and 2,247 homes in the NexPoint Homes Portfolio. The components of the Company’s real estate investments in homes were as follows (in thousands):
(1) Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties. (2) Includes capitalized interest of approximately $0.6 million and other capitalizable costs outlined in (1) above of approximately $0.5 million. (3) Accumulated depreciation and amortization activity excludes approximately $8.1 million of depreciation and amortization related to assets not classified as real estate investments. During the years ended December 31, 2025, 2024 and 2023, the Company recognized depreciation expense of approximately $117.0 million, $122.3 million and $126.1 million, respectively. Real estate acquisitions and dispositions During the year ended December 31, 2025, the Company acquired 435 homes located in BTR communities within the VineBrook Portfolio and zero homes within the NexPoint Homes Portfolio. During the year ended December 31, 2024, the Company acquired no additional homes within the VineBrook Portfolio and NexPoint Homes Portfolio. During the years ended December 31, 2025 and 2024, the Company, through the OP, disposed of 884 and 1,039 homes within the VineBrook Portfolio, respectively. During the years ended December 31, 2025 and 2024, the Company, through its consolidated investment in NexPoint Homes, disposed of 212 and 322 homes, respectively. 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. Held for sale properties The Company periodically classifies real estate assets as held for sale when the held for sale criteria are 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 any property classified as held for sale. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Where the carrying amount of a property exceeds its estimated fair value less estimated costs to sell, the Company records an impairment charge with respect to such property. For the years ended December 31, 2025 and 2024, the Company recorded approximately $14.4 million and $24.9 million of impairment charges on real estate assets held for sale, respectively. The total impairment charges recorded include approximately $1.8 million and $1.9 million of casualty related impairment for the years ended December 31, 2025 and 2024, respectively, and are included in gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025 and December 31, 2024, there were 646 and 376 homes that were classified as held for sale, respectively. These held for sale properties had a carrying amount of approximately $91.5 million and $55.6 million, respectively. As of December 31, 2025 and 2024, the total impairment charges on these held for sale properties was approximately $5.4 million and $12.4 million, respectively. 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. In total, over 800 properties in the VineBrook Portfolio were impacted by Hurricane Helene across the following ten markets: Augusta, Cincinnati, Columbia, Atlanta, Triad, Huntsville, Indianapolis, Greenville, Dayton and Montgomery. The NexPoint Homes Portfolio saw minimal damage related to Hurricane Helene as it only affected 12 homes in the NexPoint Homes Portfolio. As of December 31, 2025, all markets impacted by Hurricane Helene have had repairs completed. For the years ended December 31, 2025 and 2024, there were zero and $3.3 million charges recorded due to property damage related to Hurricane Helene, respectively. For the years ended December 31, 2025 and 2024, there were $2.3 million and zero gain on insurance repairs recorded, respectively. Total insurance recoveries were $6.2 million, of which $6.2 million has been received as of December 31, 2025. These amounts are included in the Gain (loss) on sales and impairment of real estate, net, on the consolidated statements of operations and comprehensive income (loss). |
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NexPoint Homes Investment |
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Dec. 31, 2025 | |
| Receivables [Abstract] | |
| NexPoint Homes Investment | 4. NexPoint Homes Investment Substantially all of NexPoint Homes’ business is conducted through NexPoint SFR Operating Partnership, L.P. (the “SFR OP”), the operating partnership of NexPoint Homes. 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. Mynd is not a related party of the Company. During the years ended December 31, 2025 and 2024, $4.0 million and $1.5 million in fees were earned by Mynd, respectively, in connection with the Mynd Management Agreements. For the year ended December 31, 2025, $2.5 million and $1.5 million were expensed and included within property management fees and general and administrative expenses, respectively, on the consolidated statements of operations and comprehensive income (loss), and no fees were capitalized to the property basis based on the nature of the fee. For the year ended December 31, 2024, $0.6 million and $0.8 million were expensed and included within property management fees and general and administrative expenses, respectively, on the consolidated statements of operations and comprehensive income (loss), and no fees were capitalized to the property basis based on the nature of the fee. |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 5. Debt As of December 31, 2025, the VineBrook Portfolio had approximately $2.2 billion of debt outstanding, and the NexPoint Homes Portfolio had $515.7 million of debt outstanding. The following table contains summary information of the Company’s debt for the years ended December 31, 2025 and 2024 (dollars in thousands):
(1) Represents the interest rate as of December 31, 2025. Except for fixed rate debt, the interest rate is 30-day average Secured Overnight Financing Rate (“SOFR”), daily SOFR or one-month term SOFR, plus an applicable margin. The 30-day average SOFR as of December 31, 2025 was 3.78659%, daily SOFR as of December 31, 2025 was 3.87000% and one-month term SOFR as of December 31, 2025 was 3.68751%. (2) The Company reflected valuation adjustments on its assumed fixed rate debt to adjust it to fair market value on the dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the debt. (3) The Company reflected a discount on ABS I Loan, ABS II Loan, Barings Term Loan, MetLife Term Loan I Facilities and MetLife Term Loan II Facility (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 year ended December 31, 2025 below. 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. As of December 31, 2025 and 2024, the outstanding principal balance of the Warehouse Facility was zero and $457.2 million, respectively. As of December 31, 2025 and 2024, there was zero and $17.8 million, respectively, of remaining commitment to be drawn on the Warehouse Facility. On September 11, 2025, the Company fully paid off the outstanding principal balance and interest on the Warehouse Facility. The Warehouse Facility, net of unamortized deferred financing costs, was included in credit facilities on the consolidated balance sheets in 2024. 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 (the “JPM Facility”) with JPMorgan Chase Bank, National Association (“JPM”). The total facility amount was updated to $350.0 million under Amendment No. 2. The JPM Facility was secured by equity pledges in VB Three, LLC (“VB Three”) and its wholly owned subsidiaries. On April 24, 2025, the Company entered into Amendment No. 5 to the JPM Facility, wherein the maturity date was extended to July 31, 2025. On July 28, 2025, the Company entered into Amendment No. 6 to the JPM Facility, wherein the maturity date was extended to October 31, 2025, and the commitment was reduced to the amount equal to the advances outstanding as of the Amendment No. 6 effective date and all repayments permanently reduced the commitment. As of December 31, 2025 and 2024, the outstanding principal balance of the JPM Facility was zero and $97.4 million, respectively. As of December 31, 2025 and 2024, there was zero and $252.6 million, respectively, of remaining commitment to be drawn on the JPM Facility. On October 17, 2025, the Company fully paid off the outstanding principal balance and interest on the JPM Facility. The JPM Facility, net of unamortized deferred financing costs, was included in credit facilities on the consolidated balance sheets in 2024. JPM Acquisition Facility On June 25, 2025, VB Twelve, LLC, an indirect subsidiary of the Company, entered into a loan and security agreement with JPM, as lender, providing for an uncommitted facility for up to $500.0 million (the “JPM Acquisition Facility”). The JPM Acquisition Facility bears interest at the greater of (i) one-month term SOFR or (ii) 3.00% plus 2.35% per annum. The JPM Acquisition Facility is interest-only and matures on July 9, 2027 with a one-year extension option subject to meeting certain criteria, payment of an extension fee and increases in the interest rate spread. As of December 31, 2025, the outstanding principal balance of the JPM Acquisition Facility was $82.6 million. As of December 31, 2025, there was $417.4 million of remaining availability to be drawn on the JPM Acquisition Facility. The JPM Acquisition Facility, net of unamortized deferred financing costs, is included in credit facilities on the consolidated balance sheets. JPM Term Loan On September 11, 2025, the OP, as borrower, entered into a credit agreement (the “JPM Term Loan”) with JPM, and the lenders party thereto from time to time, including The Ohio State Life Insurance Company (“OSL”). The JPM Term Loan provides for term loans of $485.0 million, all of which were drawn on September 11, 2025. Borrowings under the JPM Term Loan will generally bear interest at term secured overnight financing rate (“term SOFR”) for the interest period plus 1.90%, provided that the Company may elect for the JPM Term Loan to bear interest at (i) the greater of the prime rate, the federal funds effective rate plus 0.5%, and one-month term SOFR plus 1.0%, in each case, plus 0.90% or (ii) adjusted daily effective SOFR plus 1.90%. The JPM Term Loan is interest-only and matures on September 10, 2027. The Company used the proceeds from the JPM Term Loan to fully repay the outstanding balances of the Warehouse Facility and the OSL Loan II. As of December 31, 2025, the outstanding principal balance of the JPM Term Loan was $474.9 million. As of December 31, 2025, there was zero remaining availability to be drawn on the JPM Term Loan. The JPM Term Loan, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. Barings Term Loan On October 17, 2025, the OP, via its indirect subsidiaries, as borrowers, and the Company, as parent guarantor, entered into a loan agreement that provided for a $325.0 million loan (the “Barings Term Loan”) with Massachusetts Mutual Life Insurance Company, MassMutual Ascend Life Insurance Company and Martello Re Limited, as lenders, which has been fully funded at an original issue discount of 3.0% of the Barings Term Loan. The Barings Term Loan is interest-only and matures on October 17, 2030. The loan bears interest at 5.44% per annum, payable monthly. The Company used the proceeds from the Barings Term Loan to fully repay the outstanding balances of the MetLife Note and the JPM Facility. As of December 31, 2025, the outstanding principal balance of the Barings Term Loan was $323.0 million. As of December 31, 2025, there was zero remaining availability to be drawn on the Barings Term Loan. The Barings Term Loan, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. Asset Backed Securitization I On December 6, 2023, the OP completed an asset backed securitization (“ABS”) 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) $39.1 million 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 (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 ABS I Loan is collateralized by 2,641 single-family rental homes, and as of December 31, 2025, approximately 12.97% 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. As of December 31, 2025 and 2024, the outstanding principal balance of the ABS I Loan was $366.9 million and $389.3 million, respectively. As of December 31, 2025 and 2024, there was zero remaining availability to be drawn on the ABS I Loan. The ABS I Loan, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. Asset Backed Securitization II On February 29, 2024, the OP, via its indirect special purpose subsidiary, VineBrook Homes Borrower 2, LLC (the “ABS II Borrower”), completed an asset backed securitization (“ABS II”) and entered into a loan agreement (the “ABS II Loan Agreement”) with BofA Securities, Inc., as sole structuring agent, joint bookrunner and co-lead manager, Mizuho Securities USA LLC, as joint bookrunner and co-lead manager and Citizens JMP Securities, LLC, J.P. Morgan Securities LLC, Raymond James & Associates, Inc., and Truist Securities, Inc., as co-managers (the “ABS II Loan”). Concurrent with the execution of the ABS II Loan Agreement, the lender sold the ABS II Loan to 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) $39.9 million 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 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 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 the remaining $39.9 million of the ABS II Certificates are reflected as asset-backed securitization certificates on the Company’s consolidated balance sheets. For the retained ABS II Class F certificate, the Company determined to classify the debt security as a held to maturity investment (see Note 2). 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 ABS II Loan is collateralized by 2,423 single-family rental homes, and as of December 31, 2025, approximately 11.90% 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. 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. As of December 31, 2025 and 2024, the outstanding principal balance of the ABS II Loan was $397.12 million and $402.3 million, respectively. As of December 31, 2025 and 2024, there was zero remaining availability to be drawn on the ABS II Loan. The ABS II Loan, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. MetLife Note On January 26, 2021, the Company (as guarantor) and VB Two, LLC (as borrower) entered into a $125.0 million note with Metropolitan Life Insurance (the “MetLife Note”). The MetLife Note was secured by equity pledges in VB Two, LLC and its wholly owned subsidiaries and bore interest at a fixed rate of 3.25%. The MetLife Note was interest-only and had a maturity date of January 31, 2026. As of December 31, 2025 and 2024, the outstanding principal balance of the MetLife Note was zero and $104.3 million, respectively. As of December 31, 2025 and 2024, there was zero remaining availability to be drawn on the MetLife Note. On October 17, 2025, the Company fully paid off the outstanding principal balance and interest on the MetLife Note. The MetLife Note, net of unamortized deferred financing costs, was included in notes payable on the consolidated balance sheets in 2024. MetLife Term Loan I On August 22, 2024, VB Nine, LLC (“VB Nine”) and VB Ten, LLC (“VB Ten”), indirect subsidiaries of the Company, as borrowers, entered into two 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, LLC and VB Ten Equity, LLC 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 December 31, 2025 and 2024, the outstanding principal balance of the MetLife Term Loan I Facilities was $308.9 million and $340.1 million, respectively. As of December 31, 2025 and 2024, there was zero remaining availability to be drawn on the MetLife Term Loan I Facilities. The MetLife Term Loan I Facilities, net of unamortized deferred financing costs, are included in notes payable on the consolidated balance sheets. MetLife Term Loan II On November 4, 2024, VB Eleven, LLC, an indirect subsidiary of the Company (“VB Eleven”), as borrower, entered into a $250.0 million credit agreement for a term loan credit facility (the “MetLife Term Loan II Facility”) with Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, and the lenders party thereto from time to time. Borrowings under the MetLife Term Loan II Facility are secured by an equity pledge by VB Eleven Equity, LLC of its equity interests in VB Eleven and the property and assets held by VB Eleven, and bear interest at a fixed rate equal to 4.75%. The MetLife Term Loan II Facility is a full-term, interest-only facility that matures on November 4, 2029. As of December 31, 2025 and 2024, the outstanding principal balance of the MetLife Term Loan II Facility was $245.0 million and $249.9 million, respectively. As of December 31, 2025 and 2024, there was zero remaining availability to be drawn on the MetLife Term Loan II Facility. The MetLife Term Loan II Facility, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. OSL Loan On February 25, 2025, the OP, as borrower, entered into a $10.0 million credit agreement (the “OSL Loan”) with OSL. OSL is an entity that may be deemed an affiliate of the Company’s Adviser through common beneficial ownership. The OSL Loan provides for a 2-year, interest-only loan at a 9.0% fixed interest rate and is guaranteed by the Company, maturing on February 25, 2027. On May 5, 2025, the OP used its option to draw an additional $5.0 million on the OSL Loan. As of December 31, 2025 and 2024, the outstanding principal balance of the OSL Loan was zero for both years ended. As of December 31, 2025 and December 31, 2024, there was zero remaining availability to be drawn on the OSL Loan. On October 30, 2025, the Company fully paid off the outstanding principal balance and interest on the OSL Loan. OSL Loan II On August 7, 2025, the OP, as borrower, entered into a secured $10.0 million revolving credit agreement (the “OSL Loan II”) with OSL. The OSL Loan II provides for a 2-year, interest-only loan at a 9.0% fixed interest rate and is guaranteed by the Company, maturing on August 7, 2027. On September 11, 2025, the Company fully paid off the outstanding principal balance and interest on OSL Loan II. As of December 31, 2025 and 2024, the outstanding principal balance of the OSL Loan II was zero for both years ended. As of December 31, 2025 and 2024, there was zero remaining availability to be drawn on the OSL Loan II. On October 30, 2025, the Company fully paid off the outstanding principal balance and interest on the OSL Loan II. NexPoint Homes In addition to the debt agreements discussed above for the VineBrook Portfolio, as of December 31, 2025, the NexPoint Homes Portfolio had $515.7 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”), the NexPoint Homes OSL Note (as defined below), the SFR OP Note Payable III (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 Portfolio. NexPoint Homes MetLife Note 1 On March 4, 2022, NexPoint SFR SPE 1, LLC, a wholly owned subsidiary of SFR OP, as borrower, entered into a loan agreement with Metropolitan Life Insurance Company, as lender, providing for a maximum principal amount of $240.0 million (the “NexPoint Homes MetLife Note 1”). The NexPoint Homes MetLife Note 1 is guaranteed by the OP and bears interest at a fixed rate of 3.72% on the tranche collateralized by stabilized properties and 4.47% on the tranche collateralized by non-stabilized properties. The NexPoint Homes MetLife Note 1 is interest-only and matures and is due in full on March 3, 2027. As of December 31, 2025 and 2024, the outstanding principal balance of the NexPoint Homes MetLife Note 1 was $236.6 million and $237.2 million, respectively. As of December 31, 2025 and 2024, there was zero remaining availability to be drawn on the NexPoint Homes MetLife Note 1. The NexPoint Homes MetLife Note 1, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. NexPoint Homes MetLife Note 2 On August 12, 2022, NexPoint SFR SPE 3, LLC, a wholly owned subsidiary of SFR OP, as borrower, entered into a loan agreement with Metropolitan Life Insurance Company, as lender, providing for a maximum principal amount of $200.0 million (the “NexPoint Homes MetLife Note 2”). The NexPoint Homes MetLife Note 2 bears interest at a fixed rate of 5.44% and matures and is due in full on August 12, 2027. As of December 31, 2025 and 2024, the outstanding principal balance of the NexPoint Homes MetLife Note 2 was $171.1 million and $174.6 million, respectively. As of December 31, 2025 and 2024, there was zero remaining availability to be drawn on the NexPoint Homes MetLife Note 2. The NexPoint Homes MetLife Note 2, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. NexPoint Homes OSL Note On May 15, 2025, NexPoint SFR SPE 2, LLC, a wholly owned subsidiary of SFR OP, as borrower, entered into a promissory note with OSL, as lender, providing for a maximum principal amount of $17.3 million (the “NexPoint Homes OSL Note”). The NexPoint Homes OSL Note matures on May 15, 2026 and bears interest at a fixed rate of 9.75%. As of December 31, 2025, the outstanding principal balance of the NexPoint Homes OSL Note was $2.2 million. As of December 31, 2025, there was zero remaining availability to be drawn on the NexPoint Homes OSL Note. The NexPoint Homes OSL Note, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. 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., the parent of which is advised by an affiliate of our Adviser, as lender (the “SFR OP Note Payable I”) for $0.5 million. The SFR OP Note Payable I bore 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 December 31, 2025 and 2024, the outstanding principal balance of the SFR OP Note Payable I was zero and $0.5 million, respectively. As of December 31, 2025 and 2024, there was zero remaining availability to be drawn on the SFR OP Note Payable I. On February 27, 2025, the SFR OP fully paid off the outstanding principal balance and interest on SFR OP Note Payable I. The SFR OP Note Payable I, net of unamortized deferred financing costs, was included in notes payable on the consolidated balance sheets in 2024. 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. (“NREF”) as lender (the “SFR OP Note Payable II”). The SFR OP Note Payable II had an original maturity date of March 31, 2025 and bore interest at a fixed rate of 12.50%. As of December 31, 2025 and 2024, the outstanding principal balance of the SFR OP Note Payable II was zero and $0.5 million, respectively. As of December 31, 2025 and 2024, there was zero remaining availability to be drawn on the SFR OP Note Payable II. On March 12, 2025, the SFR OP fully paid off the outstanding principal balance and interest on SFR OP Note Payable II. The SFR OP Note Payable II, net of unamortized deferred financing costs, was included in notes payable on the consolidated balance sheets in 2024.
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”). The SFR OP Note Payable III bears interest at a fixed rate of 15.00% and had an original maturity date of July 10, 2025. On July 9, 2025, the SFR OP entered into Amendment No. 1 to the SFR OP Note Payable III, wherein the maturity date was extended to July 10, 2026. On August 25, 2025, the SFR OP entered into a Second Amendment and Restatement to the SFR OP Note Payable III, wherein the maximum commitment was increased to $15.0 million. As of December 31, 2025 and 2024, the outstanding principal balance of the SFR OP Note Payable III is $12.5 million and $3.5 million, respectively. As of December 31, 2025 and 2024, there was $2.5 million and $1.5 million remaining commitment to be drawn on the SFR OP Note Payable III, respectively. The SFR OP Note Payable III, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. As of December 31, 2025 and December 31, 2024, the Company believes it is in compliance with all debt covenants in all of its debt agreements. Weighted Average Interest The weighted average interest rate of the Company’s debt was 5.0983% as of December 31, 2025 and 5.2779% as of December 31, 2024. As of December 31, 2025 and December 31, 2024, the adjusted weighted average interest rate of the Company’s debt, including the effect of derivative financial instruments, was 5.0983% and 4.0576%, respectively. All interest rate swaps and caps in existence as of December 31, 2024 expired during the year ended December 31, 2025, see Note 6. For purposes of calculating the adjusted weighted average interest rate of the Company’s debt as of December 31, 2025, including the effect of derivative financial instruments, the Company has included the weighted average fixed rate of 4.2500% on its combined $82.9 million notional amount of interest rate cap agreements, representing a weighted average fixed rate for one-month term SOFR, which effectively fixes the interest rate on $82.9 million of the $557.5 million 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 December 31, 2025 are as follows (in thousands):
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 $276.5 million coming due within 12 months of the financial statement issuance date, primarily due to the NexPoint Homes MetLife Note 1, which matures on March 3, 2027. 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) refinance the NexPoint Homes MetLife Note 1 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, its ability to refinance debt and its ability to sell homes from its Portfolio to pay down the balances. The Company intends to refinance the NexPoint Homes MetLife Note 1 obligation primarily using debt or equity financing before it comes due. In considering whether it is probable the Company will refinance the maturing debt obligation prior to its maturity dates, the Company performed a comprehensive assessment including the Company’s historical ability to obtain financing, its creditworthiness based upon current and expected financial performance and leverage levels and current debt market conditions. As a result, the Company has concluded it is probable that the refinancing will be completed prior to the maturity date of the NexPoint Homes MetLife Note 1. There can be no assurances that financing can be obtained. 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. Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the term of the related debt using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of, or in conjunction with, a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt. For the years ended December 31, 2025, 2024 and 2023, amortization of deferred financing costs of approximately $11.4 million, $13.3 million and $9.8 million, respectively, and amortization of loan discounts of approximately $19.1 million, $13.4 million and zero, respectively, are included in interest expense on the consolidated statements of operations and comprehensive income (loss). |
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Fair Value of Derivatives and Financial Instruments |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Derivatives and Financial Instruments | 6. Fair Value of Derivatives and Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes independent third parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments are fair and consistent as of the measurement date. Derivative Financial Instruments and Hedging Activities The Company manages interest rate risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company has entered into an interest rate cap and interest rate swaps to manage exposures that arise from changes in interest rates. The Company’s derivative financial instruments are used to manage the Company’s risk of increased cash outflows from the floating rate loans that may result from rising interest rates, in particular the reference rate for the loans, which include daily SOFR and one-month term SOFR. In order to minimize counterparty credit risk, the Company has entered into and expects to enter in the future into hedging arrangements and intends to only transact with major financial institutions that have high credit ratings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value of the interest rate cap is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the cap. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of December 31, 2025 and December 31, 2024 were classified as Level 2 of the fair value hierarchy. The changes in the fair value of derivative financial instruments that are designated as cash flow hedges are recorded in other comprehensive income (loss) and are subsequently reclassified into net income (loss) in the period that the hedged forecasted transaction affects earnings. Amounts reported in other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s floating rate debt. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging, or the Company has elected not to designate such derivatives as hedges. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in net income (loss) as interest expense. In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness, the Company, through the OP, entered into 12 interest rate swap transactions with KeyBank and Mizuho with a combined notional amount of $1.1 billion, none of which remain outstanding as of December 31, 2025. On February 1, 2025, an interest rate swap with KeyBank with a total notional amount of $50.0 million expired, and on March 3, 2025, another KeyBank swap with a total notional amount of $20.0 million expired. On September 15, 2025, five interest rate swaps with a total notional of $650.0 million were terminated early at the discretion of the Mizuho counterparty. In connection with the early terminations, the Company received approximately $1.3 million and recognized a gain of approximately $0.1 million, which is included within interest expense on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025. On November 1, 2025, three interest rate swaps with KeyBank with a total notional amount of $250.0 million expired, and on December 21, 2025, two KeyBank swaps with a total notional amount of $150.0 million expired. Following these expirations, all interest rate swaps were either terminated or matured, and the Company had no interest rate swaps outstanding as of December 31, 2025. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. On April 13, 2022, the Company, through the OP, paid a premium of approximately $12.7 million and entered into an interest rate cap transaction with Goldman Sachs Bank USA with a notional amount of $300.0 million. The interest rate cap effectively capped one‑month term SOFR at 1.50% on $300.0 million of floating rate debt and expired on November 1, 2025. On June 27, 2025, the Company, through the OP, paid a premium of approximately $0.1 million and entered into an interest rate cap transaction with Royal Bank of Canada with a notional amount of $31.9 million (the “RBC Cap”). On September 29, 2025, the Company, through the OP, paid a premium of less than $0.1 million and modified the RBC Cap, wherein the notional amount was increased to $35.9 million. On October 28, 2025, the Company, through the OP, paid a premium of less than $0.1 million and modified the RBC Cap, wherein the notional amount was increased to $81.9 million. On December 29, 2025, the Company, through the OP, paid a premium of less than $0.1 million and modified the RBC Cap, wherein the notional amount was increased to $82.9 million. The interest rate cap effectively caps one-month term SOFR at 4.25% on $82.9 million on floating rate debt. The interest rate cap expires on July 9, 2027. As of December 31, 2025, the Company had the following outstanding interest rate cap that was not designated as a hedge in qualifying hedging relationships (dollars in thousands):
The table below presents the fair value of the Company’s derivative financial instruments, which are presented on the consolidated balance sheets as of December 31, 2025 and December 31, 2024 (in thousands):
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 recognized as either increases or decreases to interest expense. The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023 (in thousands):
ABS Class F Retention Certificates The Class F Certificates that the Company purchased and retained as part of the ABS I and ABS II transactions, are classified as held to maturity and are valued at amortized cost. As of December 31, 2025 and December 31, 2024, the carrying value of the ABS I and ABS II Class F Certificates was $79.0 million and $79.0 million, respectively. The table below presents the outstanding principal balance and estimated fair value of our debt as of December 31, 2025 and December 31, 2024 (in thousands):
The following table sets forth a summary of the Company’s held for sale assets, held and used real estate assets that underwent impairment 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):
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Stockholders' Equity |
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| Stockholders' Equity | 7. Stockholders’ Equity The Company issued shares under the Company’s distribution reinvestment program (the “DRIP”) during the year ended December 31, 2025. Common Stock shares issued under the DRIP are issued at a 3% discount to the then-current NAV per share and the Company does not receive any cash for DRIP issuances as those dividends are instead reinvested into the Company. During the years ended December 31, 2025, 2024 and 2023, the Company issued 635,832 shares, 499,434 shares and 404,688 shares of Common Stock from DRIP issuances and equity grant vestings, respectively, for total contributions of $22.1 million, $24.2 million and $20.0 million, respectively, net of $5.9 million, $1.2 million and $1.2 million, respectively, of taxes certain grantees owed upon restricted stock units vesting against the shares of Common Stock issued. 2018 Long-Term Incentive Plan The Company adopted the 2018 Long Term Incentive Plan (the “2018 LTIP”) whereby the Board, or a committee thereof, granted awards of restricted stock units (“RSUs”) or profits interest units in the OP (“PI Units”) to certain employees of the Company and the Adviser, or others at the discretion of the Board (including the directors and officers of the Company or other service providers of the Company or the OP). Under the terms of the 2018 LTIP, 426,307 shares of Common Stock were initially reserved, subject to automatic increase on January 1st of each year beginning with January 1, 2019 by a number equal to 10% of the total number of OP Units and vested PI Units outstanding on December 31st of the preceding year (the “2018 LTIP Share Reserve”), provided that the Board 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 Long Term Incentive Plan (the “2023 LTIP”) to replace the 2018 LTIP and on July 20, 2023, the Company filed a registration statement on Form S-8 registering 1,000,000 shares of Common Stock which the Company may issue pursuant to the 2023 LTIP. Under the 2023 LTIP, the compensation committee of the Board (“Compensation Committee”) may grant awards of option rights, stock appreciation rights, restricted stock, RSUs, performance shares, performance share units or cash incentive awards, or PI Units to directors and officers of the Company or other service providers of the Company and the OP, 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. All RSUs granted and shares of Common Stock issued under the 2023 LTIP have been made pursuant to an exemption from the registration requirements of the Securities Act. 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 As of December 31, 2025, the Company had granted 816,946 and 421,308 RSUs under the 2018 LTIP and 2023 LTIP, respectively. The following table includes the number of RSUs granted, vested, forfeited and outstanding to certain employees of the Adviser, officers of the Company and non-employee Board members under the 2018 LTIP and 2023 LTIP:
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 (“IPO”). 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 certain employees of the Adviser and officers of the Company on April 4, 2025 vest 100% ratably over four years. On April 4, 2025, the Compensation Committee (i) accelerated the vesting of the May 11, 2020 and February 15, 2021 RSU awards that were dependent upon the successful completion of an IPO, and as such the remaining outstanding RSUs under those respective awards vested on April 4, 2025 and (ii) revised the vesting schedule for the February 17, 2022, April 11, 2023 and April 3, 2024 RSU awards such that the awards vest 50% ratably over four years and 50% upon the earlier to occur: (a) the date of a successful completion of an IPO, the listing of the Company's Common Stock on a national securities exchange (together, a “Company Listing Event”) or (b) the final time vesting date. With respect to the IPO contingent RSU awards that were originally granted on February 17, 2022, April 11, 2023, and April 3, 2024, the final time vesting of each award is February 17, 2026, April 11, 2027, and April 3, 2028, respectively, in which these awards would be considered fully vested. During the year ended December 31, 2025, the Company recognized approximately $16.2 million of non-cash compensation expense related to the accelerated RSU award vesting, which is based on the fair value of the modified awards at the date of modification. As of December 31, 2025, total unrecognized compensation expense on RSUs with respect to the IPO contingent shares was approximately $7.1 million which is expected to be recognized through the final time vesting date. The non-cash compensation expense is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). The RSUs granted to non-employee 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, when 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. The estimated fair values of the RSUs that fully vested during the years ended December 31, 2025, 2024 and 2023 were an aggregate of $14.5 million, $5.5 million and $5.7 million, respectively. As of December 31, 2025, the number of RSUs granted, vested, forfeited and outstanding was as follows (dollars in thousands):
(1) Value is based on the number of RSUs granted multiplied by the most recent NAV per share on the date of grant, which was $54.54 for the April 4, 2025 grant, $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 and $30.82 for the May 11, 2020 grant. Related to the accelerated RSU award vestings, the NAV per share on the date of modification was $54.56. (2) Certain grantees elected to net the taxes owed upon vesting against the shares of Common Stock issued resulting in 191,340 shares of Common Stock being issued for the year ended December 31, 2025, and 73,520 shares of Common Stock being issued for the year ended December 31, 2024, as shown on the consolidated statements of stockholders' equity. The vesting schedule for the outstanding RSUs is as follows:
(1) As of December 31, 2025, upon the successful completion of a Company Listing Event or change of control of the Company, 260,200 RSUs would vest immediately, instead of vesting on the final time vesting date according to the schedule above. For the years ended December 31, 2025, 2024 and 2023, the Company recognized approximately $25.8 million, $5.9 million and $4.7 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 December 31, 2025 and December 31, 2024, total unrecognized compensation expense on RSUs was approximately $21.7 million and $10.1 million, respectively, and the expense is expected to be recognized over a weighted average vesting period of 1.33 and 0.90 years, respectively. Performance Share Grants under the 2023 LTIP In connection with the Internalization of the Legacy VineBrook Manager and under the 2023 LTIP, on August 3, 2023, performance shares were granted to certain executives with an aggregate target of 63,452 performance shares. Vesting of 23,794 of the performance shares was based on the achievement of annual Portfolio growth and annual growth of rehabilitations of properties in the Portfolio (the “One Year Performance Shares”), and the vesting of 31,726 of the performance shares was based on the net operating income growth from 2023 through 2025 and core funds from operations per share growth from 2023 through 2025 (the “Three Year Performance Shares”). The achievement of the respective metrics would increase or decrease the number of shares which the grantee earns and therefore receives upon vesting. As of December 31, 2024, it was determined that 23,794 One Year Performance Shares were earned by executives based on annual Portfolio growth and annual growth of rehabilitations of properties in the Portfolio. The One Year Performance Shares vest 25% ratably over four years. If the Three Year Performance Shares metrics are met when the performance period ends on January 1, 2026, the Three Year Performance Shares vest 50% ratably over two years. 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. On June 10, 2025, certain executives granted performance shares were terminated whereby 31,726 Three Year Performance Shares, representing target performance, were deemed to be earned. In connection with the separation and release agreements, a total of 49,572 outstanding and earned performance shares, representing the remaining earned One Year Performance Shares and the Three Year Performance Shares deemed earned, vested on August 4, 2025. During the year ended December 31, 2025, the Company recognized approximately $2.7 million of non-cash compensation expense related to the accelerated performance share vestings which is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss).
As of December 31, 2025, the number of performance shares earned was as follows (dollars in thousands):
(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 granted, which was $60.23 for the shares earned during the year ended December 31, 2023 and shares deemed to be earned on June 10, 2025. (2) Certain grantees elected to net the taxes owed upon vesting against the shares of Common Stock issued resulting in 26,721 shares of Common Stock being issued for the year ended December 31, 2025, as shown on the consolidated statements of stockholders’ equity.
Series B Preferred Stock On July 31, 2023, the Company issued 2,548,240 shares of 9.50% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”), of the Company in a private offering for gross proceeds of approximately $63.7 million (the “Series B Preferred Offering”). 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. OSL purchased shares of Series B Preferred Stock in the Series B Preferred Offering. |
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| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interests | 8. 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):
As of December 31, 2025, the Company held 17,861,199 Class A OP Units, NREO held 2,814,062 Class B OP Units, NRESF held 99,577 Class C OP Units, GAF REIT held 157,144 Class C OP Units and the VineBrook Contributors, former employees of the Legacy VineBrook Manager, the Evergreen Manager and Company insiders held 1,991,968 Class C OP Units. As of December 31, 2025, 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 As of December 31, 2025, the Company had granted 705,311 PI Units under the 2018 LTIP. The following table includes the number of PI Units granted, vested, forfeited and outstanding to certain key personnel and senior management under the 2018 LTIP:
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. During the year ended December 31, 2025, 576,749 PI Units with a value of $31.4 million were converted to Class C OP Units. 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 May 11, 2020 and May 31, 2021 vest 50% ratably over four years and 50% at the successful completion of an IPO and the PI Units granted on November 30, 2020 vested 100% ratably over four years. The PI Units granted on August 10, 2022 and February 22, 2023 generally vest ratably over five years. On April 4, 2025, the Compensation Committee (i) accelerated the vesting of the May 11, 2020 PI Unit grants that were dependent upon the successful completion of an IPO, and as such the remaining outstanding PI Units under those respective awards vested on April 4, 2025 and (ii) revised the vesting schedule for the May 31, 2021 PI Unit grants such that the awards vested 50% ratably over four years and 50% upon the earlier to occur: (a) the date of the successful completion of an IPO or (b) the final time vesting date. During the year ended December 31, 2025, the Company recognized approximately $12.0 million of non-cash compensation expense that represents the final time vesting of all accelerated PI Units, which is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). 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, without the OP’s consent, may not be redeemed for cash or Common Stock (at the OP’s election) within three years of issuance of the PI Units. Any unvested PI Unit granted to an employee is forfeited, except in limited circumstances, as determined by the Compensation Committee, when the recipient is no longer employed by the Company or otherwise providing services to the Company. On October 27, 2025, the Compensation Committee determined that certain employees of the Company being terminated in the Externalization were going to be employed by the Adviser or Evergreen Manager (or their respective affiliates) or otherwise provide consulting services to the Company and approved the continued vesting pursuant to the original vesting schedule of a total of 22,390 unvested PI Units granted under the 2018 LTIP subject to such individuals continuing to provide services to the Company through employment at the Advisor or Evergreen Manager (or their respective affiliates) or otherwise as an independent contractor for 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 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). PI Unit Grants Under the 2023 LTIP In connection with the Internalization of the Legacy VineBrook Manager and under the 2023 LTIP, PI Units have been issued to executives of the Legacy VineBrook Manager. On August 3, 2023, a total of 475,888 PI Units were granted. The PI Units granted on August 3, 2023 were originally scheduled to vest 100% on February 28, 2026. On June 10, 2025, certain executives were terminated by the Company, whereby 100% of the PI Units granted on August 3, 2023 vested on August 4, 2025. During the year ended December 31, 2025, the Company recognized approximately $8.2 million of non-cash compensation expense related to the accelerated vesting of August 3, 2023 PI Unit award, which is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). 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, without the OP’s consent, may not be redeemed for cash or Common Stock (at the OP’s election) within three years of issuance. Forfeitures are recognized as they occur. PI Units are valued at fair value on the date of grant, with compensation expense recorded in accordance with the applicable vesting schedule over the periods in which the restrictions lapse, that approximates a straight-line basis. We valued the PI Units at a per-unit value equivalent to the per-share offering price of our OP Units less a discount for lack of marketability and other discounts estimated by a third-party consultant. Beginning on the date of grant, PI Units accrue dividends that are payable in cash quarterly (if we declare and pay distributions to holders of our OP Units). As of December 31, 2025, the number of PI Units granted that are outstanding and unvested was as follows (dollars in thousands):
(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 $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:
For the years ended December 31, 2025, 2024 and 2023, the OP recognized approximately $26.8 million, $14.2 million and $8.7 million, respectively, of non-cash compensation expense related to the PI Units, which is included in general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income (loss). As of December 31, 2025 and December 31, 2024, total unrecognized compensation expense on PI Units was approximately $0.8 million and $17.4 million, respectively, and the expense is expected to be recognized over a weighted average vesting period of 1.0 and 1.2 years, respectively. 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.
Redeemable Noncontrolling Interests in Consolidated VIEs As of December 31, 2025, approximately 5,222,065 limited partnership units of the 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):
Noncontrolling Interests in Consolidated VIEs The following table presents the capital contributions, distributions, and profits and losses allocated to NexPoint Homes Class A common stock, par value $0.01 per share and NexPoint Homes Class I common stock, par value $0.01 not held by the Company (the “noncontrolling interests in consolidated VIEs”) (in thousands):
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Redeemable Series A Preferred Stock |
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| Dividends, Preferred Stock [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Series A Preferred Stock | 9. Redeemable Series A Preferred Stock The Company has issued 5,000,000 shares of Series A Preferred Stock as of December 31, 2025. The Series A Preferred Stock has a redemption value of $25.00 per share and is mandatorily redeemable on October 7, 2027 unless a Listing Event is effectuated as defined in the Articles of Amendment and Restatement, subject to certain extensions. 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):
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Income Taxes |
12 Months Ended |
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Dec. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company has made the election and has been taxed as a REIT under Sections 856 through 860 of the Code since its 2018 tax year. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders in order for its distributed earnings to not be subject to corporate income tax. Additionally, the Company will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to continue to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through TRSs and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRSs for the years ended December 31, 2025, 2024 and 2023. If the Company fails to meet the above requirements, it would be subject to U.S. federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 31, 2025, the Company believes it is in compliance with all applicable REIT requirements. The Company is still subject to state and local income taxes and to federal income and excise tax on its undistributed income, however those taxes are not material to the financial statements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company determines the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized federal or state tax benefit or expense, accrued interest or penalties as of December 31, 2025 and 2024. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of various state and local jurisdictions. The 2024, 2023 and 2022 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions within general and administrative expenses on its consolidated statements of operations and comprehensive income (loss). |
Related Party Transactions |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | 11. 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 years ended December 31, 2025, 2024 and 2023, the Company expensed advisory fees of approximately $16.9 million, $17.3 million and $19.0 million, respectively, in the VineBrook Portfolio which are included in advisory fees on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025 and December 31, 2024, the Company has $1.7 million and $11.9 million of accrued advisory fees payable, respectively, which are included in accounts payable and other accrued liabilities on the consolidated balance sheets. 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. 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 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 current term. NexBank The Company and the OP maintain bank accounts with NexBank, a Texas state chartered bank (“NexBank”). NexBank charges no recurring maintenance fees on the accounts. The following table provides a reconciliation of cash reported on the consolidated balance sheets that is held at NexBank (in thousands):
A director of the Company (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 December 31, 2025, these affiliates had contributed approximately $127.2 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 December 31, 2025, the total principal outstanding on the SFR OP Convertible Notes was approximately $93.3 million which is included in notes payable on the consolidated balance sheets. For the years ended December 31, 2025, 2024 and 2023, the SFR OP recorded approximately $7.3 million, $7.8 million and $7.6 million of interest expense related to the SFR OP Convertible Notes, respectively. As of December 31, 2025 and December 31, 2024, approximately $21.4 million and $19.8 million of interest expense, respectively, related to the SFR OP Convertible Notes remained accrued within accrued interest payable on the consolidated balance sheets. As of December 31, 2024, the Company consolidated an approximately $4.8 million loan from the SFR OP to the NexPoint Homes Manager (as defined below) (the “HomeSource Note”). The HomeSource Note bore interest at daily SOFR plus 2.00% and would have matured 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”). During the year ended December 31, 2024, the NexPoint Homes Manager (as defined below) notified the SFR OP that the NexPoint Homes Manager intended to cease business operations. As such, NexPoint Homes wrote off the entirety of its HomeSource Investment, and the $0.7 million loss was included in gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024. Additionally, NexPoint Homes Manager determined to add an allowance for loan losses, effectively reducing the HomeSource Note and its associated interest receivable to approximately $1.1 million, net. The HomeSource Note, net of the provision for loan losses, is included within accounts and other receivables, net on the consolidated balance sheets for the year ended December 31, 2024. During the year ended December 31, 2025, the Company received $1.6 million on the HomeSource Note and the $0.5 million reversal of the provision for loan losses is included on the consolidated statements of operations and comprehensive income (loss). 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 years ended December 31, 2025, 2024 and 2023, NexPoint Homes incurred advisory fees of approximately $3.2 million, $3.5 million and $2.8 million in connection with the NexPoint Homes Advisory Agreement, respectively, which is included in advisory fees on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025 and December 31, 2024, NexPoint Homes has $9.4 million and $6.3 million of accrued advisory fees payable, respectively, 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” or “HomeSource”), 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 November 22, 2024, the SFR OP sent the NexPoint Homes Manager a termination notice to formally terminate the NexPoint Homes Management Agreement and related side letter. Management fees under the NexPoint Homes Management Agreement ceased accruing as of September 14, 2024 when the NexPoint Homes Manager ceased providing property management and related services to the SFR OP. During the year ended December 31, 2024, approximately $3.4 million in fees were earned by the NexPoint Homes Manager in connection with the NexPoint Homes Management Agreement. Related to the fees earned by the NexPoint Homes Manager, approximately $1.8 million and $1.4 million were expensed and included within property management fees and general and administrative expenses, respectively, on the consolidated statements of operations and comprehensive income (loss), and $0.2 million were capitalized to the property basis and included within buildings and improvements on the consolidated balance sheets based on the nature of the fee for the year ended December 31, 2024. Preferred Equity Investment During the year ended December 31, 2024, the OP purchased preferred equity units in real estate development projects, RFG Preferred, LLC (“RFG”) and RTB Preferred, LLC (“RTB”), from wholly owned subsidiaries of 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 RFG 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. As of December 31, 2025 and December 31, 2024, the total cost basis and accrued interest of $18.2 million and $16.3 million, respectively, of these preferred equity investments are included in prepaid and other assets on the Company’s consolidated balance sheets. JPM Term Loan On September 11, 2025, the OP, as borrower, entered into the JPM Term Loan with JPM, and the lenders party thereto from time to time, including OSL. OSL participated as a member of the lender group with a commitment of $10.0 million of the total $485.0 million facility. See Note 5. The OSL Loan On February 25, 2025, the OP, as borrower, entered into the OSL Loan with OSL, as lender. On October 30, 2025, the Company fully paid off the outstanding principal balance and interest on the OSL Loan. See Note 5. The OSL Loan II On August 7, 2025, the OP, as borrower, entered into the OSL Loan II with OSL, as lender. On September 11, 2025, the Company fully paid off the outstanding principal balance and interest on OSL Loan II. See Note 5. SFR OP Note Payable On July 10, 2024, the SFR OP, as borrower, entered into the SFR OP Note Payable III with NREF, as lender, an entity that is advised by an affiliate of our Adviser. See Note 5. NexPoint Homes OSL Note On May 15, 2025, NexPoint SFR SPE 2, LLC, a wholly owned subsidiary of SFR OP, as borrower, entered into the NexPoint Homes OSL Note with OSL, as lender. See Note 5. |
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 12. Commitments and Contingencies Commitments In the normal course of business, the Company enters into various construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. As of December 31, 2025, 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. 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. |
Earnings (Loss) Per Share |
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| Earnings (Loss) Per Share | 13. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of shares of the Company’s Common Stock outstanding, which excludes any unvested RSUs, earned performance shares and PI Units issued pursuant to the 2018 LTIP or 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, earned performance shares 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):
(1) For the year ended December 31, 2025, 2024 and 2023, excludes approximately 6,258,000 shares, 5,521,286 shares and 5,004,000 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. |
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Segment Reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | 14. Segment Reporting The Company has two reportable segments: the VineBrook Portfolio and the NexPoint Homes Portfolio. These two portfolios serve different strategic purposes and employ different decision-making metrics in managing the respective pools of assets and allocating capital and other resources to the respective pools. The VineBrook Portfolio generally purchases homes to implement a value-add strategy or invests in newly constructed BTR communities, and the NexPoint Homes Portfolio generally purchases newer homes that require less rehabilitation. Based on the foregoing differences, the Company has identified the VineBrook Portfolio and the NexPoint Homes Portfolio as separate and distinct operating segments and has classified the two portfolios as two reportable segments. The Company’s chief operating decision maker is our President and Chief Executive Officer. For a description of the services from which these reportable segments derive their revenues, see Notes 1 and 2. The accounting policies of both segments are the same as those described in the Summary of Significant Accounting Policies. The chief operating decision maker primarily assesses performance for the segments separate and distinct from each other and decides how to allocate resources based primarily on segment net income (loss). The corporate related costs that support the VineBrook Portfolio and NexPoint Homes Portfolio are included in their respective segment to align with how the financial information is viewed by the chief operating decision maker. The measures of segment assets are based on each segment’s total assets. The chief operating decision maker separately analyzes the operations of each distinct portfolio in the annual budget and forecasting process. Additionally, the chief operating decision maker also regularly monitors budget-to-actual variances, focusing on the major components of each segment’s net income (loss), in deciding whether to reinvest profits into new or existing investments, into other parts of the entity or in deciding whether to dispose of particular investments. The following table presents the reportable segments measures of profitability, along with significant segment expenses (in thousands):
(1) Other segment expense/(income) includes loss on extinguishment of debt, gain (loss) on sales and impairment of real estate, net, investment income, reversal of (provision for) loan losses, loss on forfeited deposits and internalization costs. The following table presents measures of each segment’s assets for the reportable segments (in thousands):
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 15. 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: Dispositions Subsequent to December 31, 2025, the Company disposed of 145 homes in the VineBrook Portfolio for net proceeds of approximately $21.4 million. Acquisitions Subsequent to December 31, 2025, the Company acquired 82 homes in the VineBrook Portfolio for a total purchase price of $25.3 million. OSL Loan III On February 26, 2026, the OP, as borrower, entered into a secured revolving credit agreement for an aggregate amount of up to $15.0 million (the “OSL Loan III”) with OSL. The OP drew $5.0 million and $10.0 million under the OSL Loan III on February 26, 2026 and March 6, 2026, respectively. The OSL Loan III provides for a 2-year, interest-only loan at a 9.25% fixed interest rate and is guaranteed by the Company. The proceeds of the OSL Loan III are intended to be used for general corporate purposes. Common and Preferred Dividends On January 26, 2026, the Company approved a Common Stock dividend of $0.5301 per share for stockholders of record as of January 26, 2026 that was paid on January 29, 2026. On February 23, 2026, the Company approved a Series A Preferred Stock dividend of $0.40625 per share for stockholders of record as of March 25, 2026 that will be paid on April 10, 2026. On February 23, 2026, the Company approved a Series B Preferred Stock dividend of $0.59375 per share for stockholders of record as of March 25, 2026, that will be paid on April 10, 2026. Interest Rate Caps Subsequent to December 31, 2025, the Company, through the OP, paid a premium of less than $0.1 million and modified the RBC Cap, wherein the notional amount was increased to $94.9 million. Subsequent to December 31, 2025, the Company, through the OP, paid a premium of approximately $6.9 million and entered into an interest rate cap transaction with JPMorgan Chase Bank, N.A. with a notional amount of $450 million (the “JPM Cap”). The JPM Cap effectively caps one-month term SOFR at 2.00% on $450 million of floating rate debts. NAV Determination On February 11, 2026, the Pricing Committee determined that the Company’s NAV per share calculated on a fully diluted basis was $54.88 as of December 31, 2025. Common Stock and OP Units issued under the respective DRIPs will be issued a 3.0% discount to the NAV per share in effect. |
Schedule III - Real Estate and Accumulated Depreciation |
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| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule III - Real Estate and Accumulated Depreciation | VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (dollars in thousands) Included below is a summary of real estate and accumulated depreciation for the VineBrook Portfolio as of December 31, 2025:
(1) The unaudited aggregate cost of real estate for the VineBrook Portfolio in the table above for federal income tax purposes was approximately $2.7 billion as of December 31, 2025. (2) Balances include intangible lease assets.
VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (dollars in thousands) Included below is a summary of real estate and accumulated depreciation for the NexPoint Homes Portfolio as of December 31, 2025 and a reconciliation to consolidated real estate and accumulated depreciation as of December 31, 2025:
(1) The unaudited aggregate cost of consolidated real estate in the table above for federal income tax purposes was approximately $3.3 billion as of December 31, 2025. The unaudited aggregate cost of real estate for the NexPoint Homes Portfolio in the table above for federal income tax purposes was approximately $607.6 million as of December 31, 2025. (2) Balances include intangible lease assets. (3) Contains markets that have less than 50 homes which include Mobile, Jacksonville, Orlando, Tampa, Wichita, Austin and Houston. VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (dollars in thousands)
A summary of consolidated activity for real estate and accumulated depreciation for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
(1)
Depreciation of buildings and improvements is computed on a straight-line basis over estimated useful lives ranging from 3 to 27.5 years. |
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Summary of Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Accounting and Use of Estimates | Basis of Accounting and Use of Estimates The accompanying consolidated financial statements are presented in accordance with GAAP and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of December 31, 2025 and December 31, 2024 and results of operations for the years ended December 31, 2025, 2024 and 2023 have been included. |
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| Principles of Consolidation | Principles of Consolidation The Company accounts for subsidiary partnerships, limited liability companies, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If the Company determines the entity is not a VIE, it evaluates whether the entity should be consolidated under the voting model. The Company consolidates an entity when it controls the entity through ownership of a majority voting interest. As of December 31, 2025, the Company determined it must consolidate the OP, its subsidiaries and the OP’s investment in NexPoint Homes Trust, Inc. (“NexPoint Homes”) (see Note 4) under the VIE model as it was determined the Company both controls the direct activities of the OP and its investments, including NexPoint Homes, and has the right to receive benefits that could potentially be significant to the OP, its subsidiaries and its investment in NexPoint Homes. The Company has power to direct the activities of the OP and its subsidiaries 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 has power to direct the activities of NexPoint Homes because the OP owns approximately 83% of the outstanding equity of NexPoint Homes and the parties that beneficially own over 99% of the operating partnership of NexPoint Homes are related parties to the Company as of December 31, 2025. The Company will continue to evaluate whether the NexPoint Homes entity is a VIE and whether the Company is the primary beneficiary of the VIE and should consolidate the NexPoint Homes entity. The consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP, its subsidiaries, and NexPoint Homes. All significant intercompany accounts and transactions have been eliminated in consolidation. OP Units and equity interests in consolidated VIEs that are not owned by the Company are presented as noncontrolling interests in the consolidated financial statements, and income or loss generated is allocated between the Company and the noncontrolling interests based upon their relative ownership percentages. In these consolidated financial statements, redeemable noncontrolling interests in the OP are exclusive of any interests in NexPoint Homes and its SFR OP (as defined in Note 4). Noncontrolling interests in consolidated VIEs are representative of interests in NexPoint Homes and redeemable noncontrolling interests in consolidated VIEs are representative of interests in the SFR OP (as defined in Note 4). |
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| Real Estate Investments | Real Estate Investments Upon acquisition, we evaluate our acquired SFR properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Since substantially all of the fair value of our acquired properties is concentrated in a single identifiable asset or group of similar identifiable assets and the acquisitions do not include a substantive process, our purchases of homes or portfolios of homes qualify as asset acquisitions. Accordingly, upon acquisition of a property, the purchase price and related acquisition costs (“Total Consideration”) are allocated to land, buildings, improvements, fixtures, and intangible lease assets based upon their relative fair values. The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement (“ASC 820”) (see Note 6), is based on an independent third-party valuation firm’s estimate of the fair value of the tangible and intangible assets and liabilities acquired or management’s internal analysis based on market knowledge obtained from historical transactions. The valuation methodology utilizes market comparable information, depreciated replacement cost and other estimates in allocating value to the tangible assets. The allocation of the Total Consideration to intangible lease assets represents the value associated with the in-place leases, as one month’s worth of effective gross income (rental revenue, less credit loss allowance, plus other income) as the average downtime of the assets in the portfolio is approximately one month and the assets in the portfolio are leased on a gross rental structure. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized or accreted as interest expense over the life of the debt assumed. Real estate assets, including land, buildings, improvements, fixtures, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. The Company also incurs indirect costs to prepare acquired properties for rental. These costs are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest, real estate taxes, insurance, utilities and other indirect costs as costs of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and the costs have been incurred. After completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred, unless the renovation meets the Company’s capitalization criteria. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table:
As of December 31, 2025, the gross balance and accumulated amortization related to the intangible lease assets was $0.8 million and $0.1 million, respectively. As of December 31, 2024, the gross balance and accumulated amortization related to the intangible lease assets were both zero. For the years ended December 31, 2025, 2024 and 2023, the Company recognized approximately $0.1 million, $1.6 million and $1.9 million amortization expense related to the intangible lease assets, respectively, which was included in depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss). 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 and rental rates, changes in hold periods and 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 single-family rental homes for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. For the years ended December 31, 2025, 2024 and 2023, the Company recorded approximately $19.6 million, $29.4 million and $72.3 million, respectively, of impairment charges on real estate assets, mostly related to assets that were held for sale, which are included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2025, 2024 and 2023, $5.2 million, $1.8 million and zero of impairments on operating properties not held for sale were recorded, respectively, which are included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). Intangible assets primarily include internally developed software and are amortized on a straight-line basis over five years. In connection with the Externalization, the Company re-assessed the useful life and service potential of the intangible IT platform assets acquired as part of the Internalization of the Legacy VineBrook Manager, as well as those that had been internally developed. During the year ended December 31, 2025, the Company determined that $2.0 million of previously capitalized internal-use software remained in development and would not provide any future economic benefit. Accordingly, the Company immediately wrote off the full $2.0 million balance, which is included within depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss) for year ended December 31, 2025. The remaining intangible IT platform assets continued to be utilized through the completion of Externalization but were no longer in use as of the Transition Effective Date. The Company determined to shorten the useful life of these intangible IT platform assets, and accelerated the remaining amortization through December 31, 2025. This accelerated amortization which is included in depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, the remaining net carrying amount of the intangible IT platform assets acquired related to the Internalization of the Legacy VineBrook Manager and those that had been internally developed was zero. Intangible assets subject to amortization are reviewed for impairment, 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 years ended December 31, 2025, 2024 and 2023. |
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| 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 1st, or more frequently if there are indicators of impairment. We completed the annual impairment testing on October 1, 2025 and determined there was no impairment of goodwill. No impairment losses on goodwill have been recognized for the years ended December 31, 2025, 2024 and 2023. |
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| Held to Maturity Investments | 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. Interest income, including amortization of any premium or discount, is classified as investment income in the consolidated statements of operations and comprehensive income (loss). In connection with the Company’s asset backed securitization transactions (as discussed in Note 5), we have retained and purchased certificates totaling approximately $79.0 million. These investments in debt securities are classified as held to maturity investments, and our retained certificates are scheduled to mature within the next four years. For the years ended December 31, 2025, 2024 and 2023, we have not recognized any credit losses with respect to these investments in debt securities. |
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| Cash and Restricted Cash | Cash and Restricted Cash The Company maintains cash at multiple financial institutions and, at times, these balances exceed federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We believe any risks are mitigated through the size of the financial institutions at which our cash balances are held. Restricted cash represents cash deposited in accounts related to security deposits, property taxes, insurance premiums, deductibles and other lender-required escrows. Amounts deposited in the reserve accounts associated with the loans can only be used as provided for in the respective loan agreements, and security deposits held pursuant to lease agreements are required to be segregated. The following table provides a reconciliation of cash and restricted cash reported on the consolidated balance sheets that sum to the total of such amount shown in the consolidated statements of cash flows (in thousands):
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| Reclassification of Prior Year Activity on the Consolidated Statements of Cash Flows | Reclassification of Prior Year Activity on the Consolidated Statements of Cash Flows Certain reclassifications have been made within the consolidated statements of cash flows for the years ended December 31, 2024 and 2023 to be comparative to the consolidated statement of cash flows for the year ended December 31, 2025. |
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| 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 years ended December 31, 2025, 2024 and 2023, rental income includes $12.4 million, $15.9 million and $13.5 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 gain (loss) on sales and impairment of real estate on the consolidated statements of operations and comprehensive income (loss). |
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| Redeemable Securities | Redeemable Securities Included in the Company’s consolidated balance sheets are redeemable noncontrolling interests in the OP, redeemable noncontrolling interests in consolidated VIEs, and 6.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”). These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or permanent equity under current accounting literature. The Company accounts for these under the provisions of ASC Topic 480-10-S99-3A, paragraph 15(b). In accordance with ASC Topic 480-10-S99, since the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs have a redemption feature, they are measured at their redemption value if such value exceeds the carrying value of interests. The redemption value is based on the NAV per unit at the measurement date. The offset to the adjustment to the carrying amount of the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs is reflected in the Company’s additional paid-in capital on the consolidated balance sheets. In accordance with ASC Topic 480-10-S99, the Series A Preferred Stock is measured at its carrying value plus the accretion to its future redemption value on the balance sheet. The accretion is reflected in the Company’s dividends on and accretion to redemption value of Series A Redeemable Preferred stock on the consolidated statements of operations and comprehensive income (loss). |
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| Segment Reporting | Segment Reporting The Company identifies and discloses its reporting segment(s) in accordance with ASC 280, Segment Reporting. In applying this guidance, the Company first identifies its operating segment(s) from the component(s) where: (1) it engages in business activities from which it may recognize revenue and incur expenses, (2) its operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (3) its discrete financial information is available. Reportable segments are generally those operating segments that meet certain quantitative thresholds. The Company has determined it has two reportable segments: the VineBrook Portfolio and the NexPoint Homes Portfolio. |
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU-2023-09”), which introduced enhancements to income tax disclosures. The Company adopted this new standard beginning with this Annual Report on Form 10-K for the year ended December 31, 2025, which did not have a material impact on its consolidated financial statements. 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. The adoption of ASU 2024-01, beginning on January 1, 2025, did not have an impact on the consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosures of disaggregated information about certain income statement expense line items on an annual and interim basis. The amendments are effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and should be applied prospectively, with the option to apply retrospectively. The Company is currently evaluating the impact of adopting the amendments on its disclosures. |
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Summary of Significant Accounting Policies (Tables) |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Estimated Useful Lives of Real Estate | Company’s capitalization criteria. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table:
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| 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):
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Real Estate Investments (Tables) |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Real Estate Investments | The components of the Company’s real estate investments in homes were as follows (in thousands):
(1) Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties. (2) Includes capitalized interest of approximately $0.6 million and other capitalizable costs outlined in (1) above of approximately $0.5 million. (3)
Accumulated depreciation and amortization activity excludes approximately $8.1 million of depreciation and amortization related to assets not classified as real estate investments. |
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Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The following table contains summary information of the Company’s debt for the years ended December 31, 2025 and 2024 (dollars in thousands):
(1) Represents the interest rate as of December 31, 2025. Except for fixed rate debt, the interest rate is 30-day average Secured Overnight Financing Rate (“SOFR”), daily SOFR or one-month term SOFR, plus an applicable margin. The 30-day average SOFR as of December 31, 2025 was 3.78659%, daily SOFR as of December 31, 2025 was 3.87000% and one-month term SOFR as of December 31, 2025 was 3.68751%. (2) The Company reflected valuation adjustments on its assumed fixed rate debt to adjust it to fair market value on the dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the debt. (3)
The Company reflected a discount on ABS I Loan, ABS II Loan, Barings Term Loan, MetLife Term Loan I Facilities and MetLife Term Loan II Facility (as defined below), which is amortized into interest expense over the remaining term of the debt. |
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| Schedule of Aggregate Scheduled Maturities | The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2025 are as follows (in thousands):
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Fair Value of Derivatives and Financial Instruments (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivatives Not Designated as Hedging Instruments | As of December 31, 2025, the Company had the following outstanding interest rate cap that was not designated as a hedge in qualifying hedging relationships (dollars in thousands):
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| Schedule of Derivative Financial Instruments Classification | The table below presents the fair value of the Company’s derivative financial instruments, which are presented on the consolidated balance sheets as of December 31, 2025 and December 31, 2024 (in thousands):
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 recognized as either increases or decreases to interest expense. The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023 (in thousands):
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| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The table below presents the outstanding principal balance and estimated fair value of our debt as of December 31, 2025 and December 31, 2024 (in thousands):
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| 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, held and used real estate assets that underwent impairment 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):
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Stockholders' Equity (Tables) |
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| Schedule Of Share Based Compensation Restricted Stock Units | The following table includes the number of RSUs granted, vested, forfeited and outstanding to certain employees of the Adviser, officers of the Company and non-employee Board members under the 2018 LTIP and 2023 LTIP:
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| Schedule of Number of RSUs Outstanding | As of December 31, 2025, the number of RSUs granted, vested, forfeited and outstanding was as follows (dollars in thousands):
(1) Value is based on the number of RSUs granted multiplied by the most recent NAV per share on the date of grant, which was $54.54 for the April 4, 2025 grant, $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 and $30.82 for the May 11, 2020 grant. Related to the accelerated RSU award vestings, the NAV per share on the date of modification was $54.56. (2)
Certain grantees elected to net the taxes owed upon vesting against the shares of Common Stock issued resulting in 191,340 shares of Common Stock being issued for the year ended December 31, 2025, and 73,520 shares of Common Stock being issued for the year ended December 31, 2024, as shown on the consolidated statements of stockholders' equity. |
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| Schedule of Outstanding RSUs | The vesting schedule for the outstanding RSUs is as follows:
(1)
As of December 31, 2025, upon the successful completion of a Company Listing Event or change of control of the Company, 260,200 RSUs would vest immediately, instead of vesting on the final time vesting date according to the schedule above. |
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| Schedule of Nonvested Performance-Based Units Activity | As of December 31, 2025, the number of performance shares earned was as follows (dollars in thousands):
(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 granted, which was $60.23 for the shares earned during the year ended December 31, 2023 and shares deemed to be earned on June 10, 2025. (2)
Certain grantees elected to net the taxes owed upon vesting against the shares of Common Stock issued resulting in 26,721 shares of Common Stock being issued for the year ended December 31, 2025, as shown on the consolidated statements of stockholders’ equity. |
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Noncontrolling Interests (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
|
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| Schedule of Pi units Granted Vested Forfeited and Outstanding | As of December 31, 2025, the Company had granted 705,311 PI Units under the 2018 LTIP. The following table includes the number of PI Units granted, vested, forfeited and outstanding to certain key personnel and senior management under the 2018 LTIP:
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| Schedule of Share-based Payment Arrangement, Activity | As of December 31, 2025, the number of PI Units granted that are outstanding and unvested was as follows (dollars in thousands):
(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 $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. |
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| Schedule of Vesting Schedule for the PI Units | The vesting schedule for the PI Units is as follows:
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| 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.
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| Schedule of Noncontrolling Interest | The following table presents the capital contributions, distributions, and profits and losses allocated to NexPoint Homes Class A common stock, par value $0.01 per share and NexPoint Homes Class I common stock, par value $0.01 not held by the Company (the “noncontrolling interests in consolidated VIEs”) (in thousands):
|
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Redeemable Series A Preferred Stock (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends, Preferred Stock [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Redeemable Series A Preferred Stock | The following table presents the redeemable Series A Preferred Stock (dollars in thousands):
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Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash reported on the consolidated balance sheets that is held at NexBank (in thousands):
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Earnings (Loss) Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share | ):
(1)
For the year ended December 31, 2025, 2024 and 2023, excludes approximately 6,258,000 shares, 5,521,286 shares and 5,004,000 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. |
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | The following table presents the reportable segments measures of profitability, along with significant segment expenses (in thousands):
(1) Other segment expense/(income) includes loss on extinguishment of debt, gain (loss) on sales and impairment of real estate, net, investment income, reversal of (provision for) loan losses, loss on forfeited deposits and internalization costs. The following table presents measures of each segment’s assets for the reportable segments (in thousands):
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Summary of Significant Accounting Policies - Estimated Useful Life of Real Estate (Details) |
Dec. 31, 2025 |
|---|---|
| Buildings | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 27 years 6 months |
| Improvements and other assets | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 2 years 6 months |
| Improvements and other assets | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 15 years |
| Acquired improvements and fixtures | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 1 year |
| Acquired improvements and fixtures | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 8 years |
| Intangible lease assets | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 6 months |
Summary of Significant Accounting Policies - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Cash | $ 95,022 | $ 40,738 |
| Restricted cash | 50,163 | 43,894 |
| Total cash at NexBank | $ 145,185 | $ 84,632 |
Real Estate Investments - Schedule of Real Estate Investments (Parenthetical) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Real Estate [Abstract] | |
| Interest costs capitalized | $ 0.6 |
| Other capitalized costs | 0.5 |
| Other depreciation and amortization | $ 8.1 |
NexPoint Homes Investment - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Debt | $ 2,726,197 | $ 2,572,401 |
| Property management fees | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Related party transaction, amounts of transaction | 200 | |
| Mynd Management | Mynd | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Related party transaction, amounts of transaction | 4,000 | 1,500 |
| Mynd Management | Mynd | Property management fees | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Related party transaction, amounts of transaction | 600 | 800 |
| Mynd Management | Mynd | General and administrative expenses | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Related party transaction, amounts of transaction | $ 2,500 | $ 1,500 |
Debt - Additional Information 1 (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Debt | $ 2,726,197 | $ 2,572,401 |
| Vinebrook Portfolio | ||
| Debt Instrument [Line Items] | ||
| Debt | 2,200,000 | |
| NexPoint Homes Portfolio | ||
| Debt Instrument [Line Items] | ||
| Debt | $ 515,685 | $ 518,820 |
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 25, 2025 |
Dec. 31, 2025 |
Oct. 17, 2025 |
May 15, 2025 |
Dec. 31, 2024 |
Oct. 31, 2024 |
Jul. 10, 2024 |
Sep. 20, 2019 |
|||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 2,726,197 | $ 2,572,401 | ||||||||||||
| Debt premium, net | [1] | 162 | 234 | |||||||||||
| Debt discount, net | [2] | (79,822) | (89,128) | |||||||||||
| Accumulated amortization, debt issuance costs | 14,308 | 32,110 | ||||||||||||
| Debt financing costs, net | (35,181) | (35,620) | ||||||||||||
| Debt payable, net | 2,611,356 | 2,447,887 | ||||||||||||
| VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | 2,210,512 | 2,053,581 | ||||||||||||
| NexPoint Homes Portfolio | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | 515,685 | 518,820 | ||||||||||||
| Warehouse Facility | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | 0 | 457,200 | $ 475,000 | $ 475,000 | ||||||||||
| Warehouse Facility | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 0 | 457,183 | ||||||||||||
| Debt instrument, interest rate | [3] | 6.69% | ||||||||||||
| Maturity | Sep. 11, 2025 | |||||||||||||
| JPMorgan Chase Bank, N.A | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 0 | 97,350 | ||||||||||||
| Debt instrument, interest rate | [3] | 6.72% | ||||||||||||
| Maturity | Oct. 17, 2025 | |||||||||||||
| JPM Acquisition Facility | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 82,569 | 0 | ||||||||||||
| Debt instrument, interest rate | [3] | 6.04% | ||||||||||||
| Maturity | Jul. 09, 2027 | |||||||||||||
| Extension period | 1 year | |||||||||||||
| JPM Term Loan | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 474,918 | 0 | ||||||||||||
| Debt instrument, interest rate | [3] | 5.59% | ||||||||||||
| Maturity | Sep. 10, 2027 | |||||||||||||
| Barings Term Loan | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt instrument, interest rate | 5.44% | |||||||||||||
| Barings Term Loan | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 323,039 | 0 | ||||||||||||
| Debt instrument, interest rate | [3] | 5.44% | ||||||||||||
| Maturity | Oct. 17, 2030 | |||||||||||||
| ABS I Loan | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 366,906 | 389,274 | ||||||||||||
| Debt instrument, interest rate | [3] | 4.92% | ||||||||||||
| Maturity | Dec. 08, 2028 | |||||||||||||
| ABS II Loan | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 397,117 | 402,334 | ||||||||||||
| Debt instrument, interest rate | [3] | 4.65% | ||||||||||||
| Maturity | Mar. 09, 2029 | |||||||||||||
| MetLife Note | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 0 | 104,300 | ||||||||||||
| MetLife Note | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 0 | 104,312 | ||||||||||||
| Debt instrument, interest rate | [3] | 3.25% | ||||||||||||
| Maturity | Oct. 17, 2025 | |||||||||||||
| MetLife Term Loan I | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 308,900 | 340,100 | ||||||||||||
| MetLife Term Loan I | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 308,910 | 340,099 | ||||||||||||
| Debt instrument, interest rate | [3] | 4.50% | ||||||||||||
| Maturity | Aug. 22, 2029 | |||||||||||||
| MetLife Term Loan II | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 245,000 | 249,900 | ||||||||||||
| MetLife Term Loan II | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 245,008 | 249,899 | ||||||||||||
| Debt instrument, interest rate | [3] | 4.75% | ||||||||||||
| Maturity | Nov. 04, 2029 | |||||||||||||
| TrueLane Mortgage | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 7,422 | 8,165 | ||||||||||||
| Debt instrument, interest rate | [3] | 5.35% | ||||||||||||
| Maturity | Feb. 01, 2028 | |||||||||||||
| Crestcore II Note | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 2,395 | 2,574 | ||||||||||||
| Debt instrument, interest rate | [3] | 5.12% | ||||||||||||
| Maturity | Jul. 09, 2029 | |||||||||||||
| Crestcore IV Note | VineBrook Homes, LLC | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 2,228 | 2,391 | ||||||||||||
| Debt instrument, interest rate | [3] | 5.12% | ||||||||||||
| Maturity | Jul. 09, 2029 | |||||||||||||
| NexPoint Homes MetLife Note 1 | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 236,600 | 237,200 | ||||||||||||
| NexPoint Homes MetLife Note 1 | NexPoint Homes Portfolio | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 236,604 | 237,173 | ||||||||||||
| Debt instrument, interest rate | [3] | 3.72% | ||||||||||||
| Maturity | Mar. 03, 2027 | |||||||||||||
| NexPoint Homes MetLife Note 2 | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 171,100 | 174,600 | ||||||||||||
| NexPoint Homes MetLife Note 2 | NexPoint Homes Portfolio | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 171,122 | 174,590 | ||||||||||||
| Debt instrument, interest rate | [3] | 5.44% | ||||||||||||
| Maturity | Aug. 12, 2027 | |||||||||||||
| NexPoint Homes OSL Note | NexPoint Homes Portfolio | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 2,195 | $ 2,200 | 0 | |||||||||||
| Debt instrument, interest rate | [3] | 9.75% | ||||||||||||
| Maturity | May 15, 2026 | |||||||||||||
| SFR OP Note Payable I | NexPoint Homes Portfolio | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 0 | 500 | ||||||||||||
| Debt instrument, interest rate | [3] | 8.80% | ||||||||||||
| Maturity | Apr. 25, 2025 | |||||||||||||
| SFR OP Note Payable II | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 0 | 500 | ||||||||||||
| SFR OP Note Payable II | NexPoint Homes Portfolio | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 0 | 500 | ||||||||||||
| Debt instrument, interest rate | [3] | 12.50% | ||||||||||||
| Maturity | Mar. 31, 2025 | |||||||||||||
| SFR OP Note Payable III | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 12,500 | 3,500 | ||||||||||||
| SFR OP Note Payable III | Promisary Note | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 15,000 | |||||||||||||
| Debt instrument, interest rate | 15.00% | |||||||||||||
| SFR OP Note Payable III | NexPoint Homes Portfolio | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 12,500 | 3,500 | ||||||||||||
| Debt instrument, interest rate | [3] | 15.00% | ||||||||||||
| Maturity | Jul. 10, 2026 | |||||||||||||
| SFR OP Convertible Notes | NexPoint Homes Portfolio | ||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||
| Debt | $ 93,264 | $ 102,557 | ||||||||||||
| Debt instrument, interest rate | [3] | 7.50% | ||||||||||||
| Maturity | Jun. 30, 2027 | |||||||||||||
| ||||||||||||||
Debt - Schedule of Debt (Parenthetical) (Details) |
Dec. 31, 2025 |
Sep. 20, 2019 |
|---|---|---|
| Daily SOFR | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 3.87% | |
| Average SOFR | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 3.78659% | |
| One-month term SOFR | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 3.68751% | |
| Warehouse Facility | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 75.00% |
Debt - Additional Information 2 (Details) $ in Thousands |
12 Months Ended | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 17, 2025
USD ($)
|
Sep. 11, 2025
USD ($)
|
Jun. 25, 2025
USD ($)
|
May 05, 2025
USD ($)
|
Feb. 25, 2025
USD ($)
|
Dec. 06, 2023
USD ($)
|
Sep. 20, 2019
USD ($)
|
Dec. 31, 2025
USD ($)
Tranches
Home
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
May 15, 2025
USD ($)
|
Oct. 31, 2024
USD ($)
|
Sep. 25, 2024
USD ($)
|
Jul. 24, 2024
USD ($)
|
Jul. 11, 2024
USD ($)
|
Feb. 29, 2024
USD ($)
|
Jan. 01, 2024 |
Jan. 31, 2023
USD ($)
|
Aug. 12, 2022
USD ($)
|
Apr. 13, 2022
USD ($)
|
Mar. 04, 2022
USD ($)
|
Mar. 01, 2021
USD ($)
|
Jan. 26, 2021
USD ($)
|
|||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Credit facilities proceeds received | $ 82,569 | $ 2,758 | $ 35,158 | ||||||||||||||||||||||
| Debt | 2,726,197 | 2,572,401 | |||||||||||||||||||||||
| Derivative, notional amount | 82,900 | ||||||||||||||||||||||||
| Interest rate caps | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Derivative, notional amount | 300,000 | $ 300,000 | |||||||||||||||||||||||
| VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | 2,210,512 | 2,053,581 | |||||||||||||||||||||||
| NexPoint Homes [Member] | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | 515,685 | 518,820 | |||||||||||||||||||||||
| The Ohio State Life Insurance Company (OSL) [Member] | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Commitment amount | $ 10,000 | ||||||||||||||||||||||||
| Credit facilities proceeds received | $ 5,000 | ||||||||||||||||||||||||
| Debt instrument, term | 2 years | ||||||||||||||||||||||||
| ABS I Lender | VineBrook Homes Depositor A, LLC | Class A Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | $ 178,400 | ||||||||||||||||||||||||
| ABS I Lender | VineBrook Homes Depositor A, LLC | Class B Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 38,600 | ||||||||||||||||||||||||
| ABS I Lender | VineBrook Homes Depositor A, LLC | Class C Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 30,800 | ||||||||||||||||||||||||
| ABS I Lender | VineBrook Homes Depositor A, LLC | Class D Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 43,000 | ||||||||||||||||||||||||
| ABS I Lender | VineBrook Homes Depositor A, LLC | Class E1 Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 50,100 | ||||||||||||||||||||||||
| ABS I Lender | VineBrook Homes Depositor A, LLC | Class E2 Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 12,200 | ||||||||||||||||||||||||
| ABS I Lender | VineBrook Homes Depositor A, LLC | Class R Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 39,100 | ||||||||||||||||||||||||
| JPMorgan Chase Bank, N.A | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | $ 0 | 97,350 | |||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 6.72% | |||||||||||||||||||||||
| JPMorgan Chase Bank, N.A | JP Morgan | VB Three, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Commitment amount | $ 350,000 | $ 500,000 | |||||||||||||||||||||||
| Loan remaining amount | $ 0 | 252,600 | |||||||||||||||||||||||
| JPM Term Loan | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, basis spread on variable rate | 0.50% | ||||||||||||||||||||||||
| Debt | $ 474,918 | 0 | |||||||||||||||||||||||
| Debt instrument, face amount | $ 485,000 | ||||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 5.59% | |||||||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 1.90% | ||||||||||||||||||||||||
| Debt instrument, interest rate, stated percentage | 1.90% | ||||||||||||||||||||||||
| JPM Term Loan | Adjusted Secured Overnight Financing Rate | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, basis spread on variable rate | 1.00% | ||||||||||||||||||||||||
| JPM Term Loan | Adjusted Daily Effective Secured Overnight Financing Rate | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, basis spread on variable rate | 1.90% | ||||||||||||||||||||||||
| JPM Term Loan | Secured Overnight Financing Rate | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, basis spread on variable rate | 0.90% | ||||||||||||||||||||||||
| ABS I Loan Agreement | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Loan remaining amount | $ 0 | 0 | |||||||||||||||||||||||
| Debt | $ 366,900 | 389,300 | |||||||||||||||||||||||
| Debt instrument, interest rate | 4.9235% | ||||||||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 12.97% | ||||||||||||||||||||||||
| Debt instrument, number of collateral property | Home | 2,641 | ||||||||||||||||||||||||
| Debt instrument, interest rate, stated percentage | 12.97% | ||||||||||||||||||||||||
| Number of tranches | Tranches | 6 | ||||||||||||||||||||||||
| ABS I Loan Agreement | VineBrook Homes Depositor A, LLC | Class F Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | $ 39,100 | ||||||||||||||||||||||||
| Debt instrument, term | 5 years | ||||||||||||||||||||||||
| Proceeds from issuance of debt | $ 300,600 | ||||||||||||||||||||||||
| ABS I Loan Agreement | ABS I Borrower | Class F Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Proceeds from issuance of debt | 314,000 | ||||||||||||||||||||||||
| ABS I Loan Agreement | ABS I Lender | VineBrook Homes Depositor A, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | $ 392,200 | ||||||||||||||||||||||||
| Debt instrument, term | 5 years | ||||||||||||||||||||||||
| ABS II Loan Agreement | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | $ 397,120 | 402,300 | |||||||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 11.90% | ||||||||||||||||||||||||
| Debt instrument, number of collateral property | Home | 2,423 | ||||||||||||||||||||||||
| Debt instrument, interest rate, stated percentage | 11.90% | ||||||||||||||||||||||||
| Number of tranches | Tranches | 7 | ||||||||||||||||||||||||
| ABS II Loan Agreement | Tranche A | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | $ 176,900 | ||||||||||||||||||||||||
| ABS II Loan Agreement | Tranche B | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 38,600 | ||||||||||||||||||||||||
| ABS II Loan Agreement | Tranche C | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 30,600 | ||||||||||||||||||||||||
| ABS II Loan Agreement | Tranche D | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 42,900 | ||||||||||||||||||||||||
| ABS II Loan Agreement | Tranche E1 | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 63,500 | ||||||||||||||||||||||||
| ABS II Loan Agreement | Tranche E2 | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 11,200 | ||||||||||||||||||||||||
| ABS II Loan Agreement | Tranche R | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 39,900 | ||||||||||||||||||||||||
| ABS II Loan Agreement | Class A Certificates | Interest rate caps | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Derivative, notional amount | $ 19,500 | 19,500 | |||||||||||||||||||||||
| ABS II Loan Agreement | Class B Certificates | Interest rate caps | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Derivative, notional amount | $ 10,500 | 10,500 | |||||||||||||||||||||||
| ABS II Loan Agreement | Class C Certificates | Interest rate caps | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Derivative, notional amount | $ 2,000 | 2,000 | |||||||||||||||||||||||
| ABS II Loan Agreement | VineBrook Homes Depositor A, LLC | Class F Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Proceeds from issuance of debt | $ 242,400 | ||||||||||||||||||||||||
| ABS II Loan Agreement | ABS II Loan | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.6495% | ||||||||||||||||||||||||
| Debt instrument, interest rate, stated percentage | 4.6495% | ||||||||||||||||||||||||
| ABS II Loan Agreement | ABS II Loan | Class F Certificates | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Proceeds from issuance of debt | $ 331,800 | ||||||||||||||||||||||||
| ABS II Loan Agreement | ABS II Loan | VineBrook Homes Depositor A, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, term | 5 years | ||||||||||||||||||||||||
| JPM Acquisition Facility | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Extension period | 1 year | ||||||||||||||||||||||||
| Loan remaining amount | $ 417,400 | ||||||||||||||||||||||||
| Debt | $ 82,569 | 0 | |||||||||||||||||||||||
| Debt instrument, face amount | $ 500,000 | ||||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 6.04% | |||||||||||||||||||||||
| JPM Acquisition Facility | Adjusted Secured Overnight Financing Rate | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||||||||||
| JPM Acquisition Facility | Secured Overnight Financing Rate | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, basis spread on variable rate | 2.35% | ||||||||||||||||||||||||
| Warehouse Facility | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Fixed charge coverage ratio | 1.40% | ||||||||||||||||||||||||
| Commitment fee percentage | 100.00% | ||||||||||||||||||||||||
| Loan remaining amount | $ 0 | 17,800 | |||||||||||||||||||||||
| Debt | $ 475,000 | 0 | 457,200 | $ 475,000 | |||||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 75.00% | ||||||||||||||||||||||||
| Debt instrument, interest rate, stated percentage | 75.00% | ||||||||||||||||||||||||
| Warehouse Facility | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | $ 0 | 457,183 | |||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 6.69% | |||||||||||||||||||||||
| Barings Term Loan | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||||||||||
| Debt instrument, face amount | $ 325,000 | $ 323,000 | |||||||||||||||||||||||
| Debt instrument, interest rate | 5.44% | ||||||||||||||||||||||||
| Barings Term Loan | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | $ 323,039 | 0 | |||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 5.44% | |||||||||||||||||||||||
| Asset Backed Securitization II | Class F | Secured Debt | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 39,900 | ||||||||||||||||||||||||
| Asset Backed Securitization II | Class A | Secured Debt | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 19,500 | ||||||||||||||||||||||||
| Asset Backed Securitization II | Class B | Secured Debt | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | 10,500 | ||||||||||||||||||||||||
| Asset Backed Securitization II | Class C | Secured Debt | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt instrument, face amount | $ 2,000 | ||||||||||||||||||||||||
| MetLife Note | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Loan remaining amount | $ 0 | 0 | |||||||||||||||||||||||
| Debt | 0 | 104,300 | |||||||||||||||||||||||
| MetLife Note | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | $ 0 | 104,312 | |||||||||||||||||||||||
| Debt instrument, face amount | $ 125,000 | ||||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 3.25% | |||||||||||||||||||||||
| MetLife Term Loan I | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Loan remaining amount | $ 0 | 0 | |||||||||||||||||||||||
| Debt | 308,900 | 340,100 | |||||||||||||||||||||||
| MetLife Term Loan I | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | $ 308,910 | 340,099 | |||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 4.50% | |||||||||||||||||||||||
| MetLife Term Loan II | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Loan remaining amount | $ 0 | 0 | |||||||||||||||||||||||
| Debt | 245,000 | 249,900 | |||||||||||||||||||||||
| MetLife Term Loan II | VineBrook Homes, LLC | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | $ 245,008 | 249,899 | |||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 4.75% | |||||||||||||||||||||||
| Ohio State Life Loan | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Loan remaining amount | $ 0 | 0 | |||||||||||||||||||||||
| Debt | 0 | 0 | |||||||||||||||||||||||
| Ohio State Life Loan | The Ohio State Life Insurance Company (OSL) [Member] | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||||||||||||||||||||||||
| Debt instrument, interest rate, stated percentage | 9.00% | ||||||||||||||||||||||||
| NexPoint Homes MetLife Note 1 | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Loan remaining amount | 0 | 0 | |||||||||||||||||||||||
| Debt | 236,600 | 237,200 | |||||||||||||||||||||||
| Debt instrument, face amount | $ 240,000 | ||||||||||||||||||||||||
| NexPoint Homes MetLife Note 1 | Collateralized by Non-stabilized Properties | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.47% | ||||||||||||||||||||||||
| Debt instrument, interest rate, stated percentage | 4.47% | ||||||||||||||||||||||||
| NexPoint Homes MetLife Note 1 | Collateralized by Stabilized Properties | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 3.72% | ||||||||||||||||||||||||
| Debt instrument, interest rate, stated percentage | 3.72% | ||||||||||||||||||||||||
| NexPoint Homes MetLife Note 1 | NexPoint Homes [Member] | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | $ 236,604 | 237,173 | |||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 3.72% | |||||||||||||||||||||||
| NexPoint Homes MetLife Note 2 | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Loan remaining amount | $ 0 | 0 | |||||||||||||||||||||||
| Debt | 171,100 | 174,600 | |||||||||||||||||||||||
| Debt instrument, face amount | $ 200,000 | ||||||||||||||||||||||||
| NexPoint Homes MetLife Note 2 | Collateralized by Stabilized Properties | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 5.44% | ||||||||||||||||||||||||
| Debt instrument, interest rate, stated percentage | 5.44% | ||||||||||||||||||||||||
| NexPoint Homes MetLife Note 2 | NexPoint Homes [Member] | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Debt | $ 171,122 | 174,590 | |||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 5.44% | |||||||||||||||||||||||
| NexPoint Homes OSL Note [Member] | NexPoint Homes [Member] | |||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Loan remaining amount | $ 0 | ||||||||||||||||||||||||
| Debt | $ 2,195 | $ 0 | 2,200 | ||||||||||||||||||||||
| Debt instrument, face amount | $ 17,300 | ||||||||||||||||||||||||
| Debt instrument, interest rate | [1] | 9.75% | |||||||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 9.75% | ||||||||||||||||||||||||
| Debt instrument, interest rate, stated percentage | 9.75% | ||||||||||||||||||||||||
| |||||||||||||||||||||||||
Debt - Additional Information 3 (Details) |
12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Aug. 07, 2025
USD ($)
|
Feb. 25, 2025
USD ($)
|
Nov. 04, 2024
USD ($)
|
Aug. 22, 2024
USD ($)
Agreement
|
Sep. 20, 2019
USD ($)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jan. 17, 2025 |
Oct. 31, 2024
USD ($)
|
Jul. 10, 2024
USD ($)
|
Jan. 01, 2024 |
Oct. 25, 2023
USD ($)
|
|||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 2,726,197,000 | $ 2,572,401,000 | |||||||||||||
| Loss on extinguishment of debt | 2,083,000 | 3,881,000 | $ 993,000 | ||||||||||||
| Credit facilities, net | 80,555,000 | $ 554,135,000 | |||||||||||||
| Derivative, notional amount | $ 82,900,000 | ||||||||||||||
| Interest Rate Swap and Cap | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt, weighted average interest rate | 4.25% | ||||||||||||||
| Derivative, notional amount | $ 557,500,000 | ||||||||||||||
| Debt, Without Effect of Derivative Financial Instruments | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt, weighted average interest rate | 5.0983% | 5.2779% | |||||||||||||
| Debt, Including Effect of Derivative Financial Instruments | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt, weighted average interest rate | 5.0983% | 4.0576% | |||||||||||||
| VB Nine And Ten, LLC | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt instrument, number of credit agreement | Agreement | 2 | ||||||||||||||
| Commitment amount | $ 343,200 | ||||||||||||||
| Fixed interest | 4.50% | ||||||||||||||
| Proceeds from warehouse facility | $ 282,000,000 | ||||||||||||||
| VB Nine And Eleven, LLC | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Commitment amount | $ 250,000,000 | ||||||||||||||
| Fixed interest | 4.75% | ||||||||||||||
| The Ohio State Life Insurance Company (OSL) [Member] | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt instrument, term | 2 years | ||||||||||||||
| Commitment amount | $ 10,000,000 | ||||||||||||||
| The Ohio State Life Insurance Company (OSL) [Member] | Revolving Credit Facility | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Commitment amount | $ 10,000,000 | ||||||||||||||
| VineBrook Homes, LLC | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 2,210,512,000 | $ 2,053,581,000 | |||||||||||||
| NexPoint Homes Portfolio | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | 515,685,000 | 518,820,000 | |||||||||||||
| Warehouse Facility | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Fixed charge coverage ratio | 1.40% | ||||||||||||||
| Commitment fee percentage | 100.00% | ||||||||||||||
| Debt | $ 475,000,000 | 0 | 457,200,000 | $ 475,000,000 | |||||||||||
| Loan remaining amount | 0 | 17,800,000 | |||||||||||||
| Debt instrument, interest rate, stated percentage | 75.00% | ||||||||||||||
| Warehouse Facility | VineBrook Homes, LLC | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 0 | 457,183,000 | |||||||||||||
| Debt instrument, interest rate | [1] | 6.69% | |||||||||||||
| JPMorgan Chase Bank, N.A | VineBrook Homes, LLC | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 0 | 97,350,000 | |||||||||||||
| Debt instrument, interest rate | [1] | 6.72% | |||||||||||||
| MetLife Term Loan I | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 308,900,000 | 340,100,000 | |||||||||||||
| Loan remaining amount | 0 | 0 | |||||||||||||
| MetLife Term Loan I | VineBrook Homes, LLC | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 308,910,000 | 340,099,000 | |||||||||||||
| Debt instrument, interest rate | [1] | 4.50% | |||||||||||||
| MetLife Term Loan II | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 245,000,000 | 249,900,000 | |||||||||||||
| Loan remaining amount | 0 | 0 | |||||||||||||
| MetLife Term Loan II | VineBrook Homes, LLC | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 245,008,000 | 249,899,000 | |||||||||||||
| Debt instrument, interest rate | [1] | 4.75% | |||||||||||||
| SFR OP Note Payable I | NexPoint Homes Portfolio | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 0 | 500,000 | |||||||||||||
| Debt instrument, interest rate | [1] | 8.80% | |||||||||||||
| SFR OP Note Payable 1 | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 0 | 500,000 | |||||||||||||
| Loan remaining amount | 0 | 0 | |||||||||||||
| SFR OP Note Payable 1 | Promisary Note | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 500,000 | ||||||||||||||
| Debt instrument, interest rate | 8.80% | ||||||||||||||
| SFR OP Note Payable II | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | 0 | 500,000 | |||||||||||||
| Loan remaining amount | 0 | 0 | |||||||||||||
| SFR OP Note Payable II | Promisary Note | NexPoint Diversified Real Estate Trust Operating Partnership, L.P | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt instrument, interest rate, stated percentage | 12.50% | ||||||||||||||
| SFR OP Note Payable II | NexPoint Homes Portfolio | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 0 | 500,000 | |||||||||||||
| Debt instrument, interest rate | [1] | 12.50% | |||||||||||||
| SFR OP Note Payable III | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 12,500,000 | 3,500,000 | |||||||||||||
| Loan remaining amount | 2,500,000 | 1,500,000 | |||||||||||||
| SFR OP Note Payable III | Promisary Note | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 15,000,000 | ||||||||||||||
| Debt instrument, interest rate | 15.00% | ||||||||||||||
| SFR OP Note Payable III | NexPoint Homes Portfolio | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 12,500,000 | 3,500,000 | |||||||||||||
| Debt instrument, interest rate | [1] | 15.00% | |||||||||||||
| Ohio State Life Loan II [Member] | Revolving Credit Facility | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt | $ 0 | 0 | |||||||||||||
| Loan remaining amount | $ 0 | $ 0 | |||||||||||||
| Ohio State Life Loan II [Member] | The Ohio State Life Insurance Company (OSL) [Member] | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt instrument, interest rate, stated percentage | 9.00% | ||||||||||||||
| Ohio State Life Loan II [Member] | The Ohio State Life Insurance Company (OSL) [Member] | Revolving Credit Facility | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt instrument, term | 2 years | ||||||||||||||
| |||||||||||||||
Debt - Schedule of Aggregate Scheduled Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| 2026 | $ 39,928 | |
| 2027 | 1,033,849 | |
| 2028 | 374,081 | |
| 2029 | 955,300 | |
| 2030 | 323,039 | |
| Total | $ 2,726,197 | $ 2,572,401 |
Debt - Additional Information 4 (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Interest Expense | |||
| Debt Instrument [Line Items] | |||
| Amortization of debt issuance costs | $ 11.4 | $ 13.3 | $ 9.8 |
| Amortization of loan discounts | 19.1 | $ 13.4 | $ 0.0 |
| JPMorgan Chase Bank, N.A | |||
| Debt Instrument [Line Items] | |||
| Bridge facility, net | $ 276.5 | ||
Fair Value of Derivatives and Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 29, 2025 |
Dec. 21, 2025 |
Nov. 01, 2025 |
Oct. 28, 2025 |
Sep. 29, 2025 |
Sep. 15, 2025 |
Jun. 27, 2025 |
Mar. 03, 2025 |
Feb. 01, 2025 |
Dec. 31, 2024 |
Apr. 13, 2022 |
|||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||||||||||||
| Derivative, notional amount | $ 82,900 | |||||||||||||
| Debt premium, net | [1] | 162 | $ 234 | |||||||||||
| Investments, held to maturity | 79,000 | |||||||||||||
| Level 2 | Asset Backed Securities I Class F Certificate | ||||||||||||||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||||||||||||
| Investments, held to maturity | 79,000 | $ 79,000 | ||||||||||||
| Interest Rate Swap and Cap | ||||||||||||||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||||||||||||
| Derivative, notional amount | $ 557,500 | |||||||||||||
| Debt, weighted average interest rate | 4.25% | |||||||||||||
| Interest Rate Swap and Cap | KeyBank and Mizuho | ||||||||||||||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||||||||||||
| Derivative, notional amount | $ 1,100,000 | $ 150,000 | $ 250,000 | $ 650,000 | $ 20,000 | $ 50,000 | ||||||||
| Recognized a gain | 1,300 | |||||||||||||
| Interest expense | 100 | |||||||||||||
| Interest rate caps | ||||||||||||||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||||||||||||
| Derivative, notional amount | $ 300,000 | $ 300,000 | ||||||||||||
| Debt premium, net | $ 12,700 | |||||||||||||
| Derivative, variable interest rate (as a percent) | 1.50% | |||||||||||||
| Interest rate caps | Royal Bank of Canada | ||||||||||||||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||||||||||||
| Derivative, notional amount | $ 82,900 | $ 31,900 | ||||||||||||
| Debt premium, net | $ 100 | $ 100 | $ 100 | $ 100 | ||||||||||
| Derivative, variable interest rate (as a percent) | 4.25% | |||||||||||||
| Derivative notional amount increased | $ 82,900 | $ 81,900 | $ 35,900 | |||||||||||
| Interest rate caps | Not Designated as Hedging Instrument | ||||||||||||||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||||||||||||
| Derivative, notional amount | $ 82,860 | |||||||||||||
| Derivative, variable interest rate (as a percent) | 3.6875% | |||||||||||||
| ||||||||||||||
Fair Value of Derivatives and Financial Instruments - Schedule of Outstanding Interest Rate Swaps Designated as Cash Flow Hedges (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Derivatives, Fair Value [Line Items] | |
| Notional | $ 82.9 |
Fair Value of Derivatives and Financial Instruments - Schedule of Derivatives Not Designated as Hedges (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Apr. 13, 2022 |
|---|---|---|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
| Derivative, notional amount | $ 82,900 | |
| Interest Rate Cap | ||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
| Derivative, notional amount | $ 300,000 | $ 300,000 |
| Derivative, variable interest rate (as a percent) | 1.50% | |
| Interest Rate Cap | Not Designated as Hedging Instrument | ||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
| Derivative, notional amount | $ 82,860 | |
| Derivative, variable interest rate (as a percent) | 3.6875% | |
| Strike Rate | 4.25% |
Fair Value of Derivatives and Financial Instruments - Schedule of Derivative Financial Instruments Classification (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
| Asset Derivatives | $ 21 | $ 21,289 | |
| Interest rate swaps | Designated as Hedging Instrument | |||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
| Asset Derivatives | 0 | 11,276 | |
| Derivative, gain (loss) on derivative, net | (4,666) | 9,787 | $ (15,050) |
| Amount of gain (loss) reclassified from OCI into income | 9,871 | 29,444 | 0 |
| Interest rate swaps | Not Designated as Hedging Instrument | |||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
| Asset Derivatives | 0 | 3,450 | |
| Amount of gain (loss) reclassified from OCI into income | 6,636 | 3,685 | 0 |
| Interest rate caps | Not Designated as Hedging Instrument | |||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
| Asset Derivatives | 21 | 6,563 | |
| Amount of gain (loss) reclassified from OCI into income | 504 | 3,509 | $ (7,319) |
| Total | |||
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
| Asset Derivatives | $ 21 | $ 21,289 | |
Fair Value of Derivatives and Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Outstanding Principal Balance | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt | $ 2,726,197 | $ 2,572,401 |
| Estimated Fair Value | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Estimated Fair Value | 2,718,893 | 2,500,760 |
| Debt | $ 2,726,197 | $ 2,572,401 |
Fair Value of Derivatives and Financial Instruments - Schedule of Disclosure of Long-Lived Assets Held-for-sale (Details) - Real Estate Assets, Impaired December 31, 2025 [Member] $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
| Real estate held for sale - impaired | $ 19,257 |
| Level 1 | |
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
| Real estate held for sale - impaired | 0 |
| Level 2 | |
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
| Real estate held for sale - impaired | 0 |
| Level 3 | |
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
| Real estate held for sale - impaired | $ 19,257 |
Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Aug. 04, 2025
USD ($)
|
Apr. 04, 2025
shares
|
Apr. 03, 2024
shares
|
Aug. 03, 2023
USD ($)
shares
|
Jul. 31, 2023
USD ($)
$ / shares
shares
|
Apr. 11, 2023
shares
|
Feb. 17, 2022
shares
|
May 31, 2021 |
Feb. 15, 2021
shares
|
May 11, 2020
shares
|
Dec. 10, 2019
shares
|
Dec. 31, 2025
USD ($)
$ / shares
shares
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
shares
|
Jul. 11, 2023
shares
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Share-based payment arrangement expense | $ | $ 53,103 | $ 20,087 | $ 14,048 | ||||||||||||
| 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 | $ | $ 63,700 | ||||||||||||||
| Preferred stock equated to an annualized rate | 17.00% | ||||||||||||||
| Preferred stock, liquidation preference per share | $ / shares | $ 25 | ||||||||||||||
| Payments of stock issuance costs | $ | $ 2,900 | ||||||||||||||
| 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 | 10.00% | ||||||||||||||
| 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 | 11.00% | ||||||||||||||
| 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 | 2.00% | ||||||||||||||
| Restricted Stock Units (RSUs) | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Unrecognized compensation expense | $ | $ 7,100 | ||||||||||||||
| Fair value of shares vested | $ | $ 14,500 | $ 5,500 | $ 5,700 | ||||||||||||
| Performance Shares | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 23,794 | ||||||||||||||
| Class A Common Stock | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Issuance of Class A common stock (in shares) | 417,771 | 425,914 | 332,163 | ||||||||||||
| Distribution Reinvestment Plan | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Stock issued during period, discount rate, dividend reinvestment plan | 0.03 | ||||||||||||||
| Dividend reinvestment plan | $ | $ 22,100 | $ 24,200 | $ 20,000 | ||||||||||||
| Distribution Reinvestment Plan | Class A Common Stock | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Issuance of Class A common stock (in shares) | 635,832 | 499,434 | 404,688 | ||||||||||||
| Dividend reinvestment plan | $ | $ 5,900 | $ 1,200 | $ 1,200 | ||||||||||||
| The 2018 Long-Term Incentive Plan | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Common stock, capital shares reserved for future issuance (in shares) | 426,307 | ||||||||||||||
| Yearly increase in number of shares authorized, percentage of outstanding common stock | 10.00% | ||||||||||||||
| Percentage of outstanding stock maximum | 10.00% | ||||||||||||||
| Granted (in shares) | 816,946 | ||||||||||||||
| The 2018 Long-Term Incentive Plan | Vesting upon successful completion of initial public offering | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Share-based payment arrangement expense | $ | $ 26,800 | $ 14,200 | 8,700 | ||||||||||||
| The 2018 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Granted (in shares) | 229,371 | 191,937 | 186,770 | 185,111 | 191,506 | 179,858 | 73,701 | 1,238,254 | |||||||
| Award vesting period | 1 year 3 months 29 days | 10 months 24 days | |||||||||||||
| Conversion basis (in shares) | 1 | ||||||||||||||
| Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $ | $ 21,700 | $ 10,100 | |||||||||||||
| 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 | $ | 25,800 | $ 5,900 | $ 4,700 | ||||||||||||
| The 2018 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Employee | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Award vesting rights, percentage | 100.00% | 50.00% | |||||||||||||
| Award vesting period | 4 years | 4 years | |||||||||||||
| The 2018 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Employee | General and Administrative Expense | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Share-based payment arrangement expense | $ | $ 16,200 | ||||||||||||||
| 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 rights, percentage | 50.00% | 50.00% | 50.00% | ||||||||||||
| Award vesting period | 4 years | 4 years | 4 years | ||||||||||||
| 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 | 50.00% | 50.00% | |||||||||||||
| 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 | 10.00% | ||||||||||||||
| Granted (in shares) | 421,308 | ||||||||||||||
| The 2023 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Granted (in shares) | 229,371 | 191,937 | |||||||||||||
| Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 621,084 | 663,530 | 569,732 | ||||||||||||
| The 2023 Long-Term Incentive Plan | Performance Shares | |||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
| Granted (in shares) | 63,452 | 31,726 | |||||||||||||
| Conversion basis (in shares) | 1 | ||||||||||||||
| Fair value of shares vested | $ | $ 49,572 | $ 31,726 | |||||||||||||
| Share-based payment arrangement expense | $ | $ 2,700 | ||||||||||||||
| Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 0 | 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 rights, percentage | 25.00% | ||||||||||||||
| Award vesting period | 4 years | ||||||||||||||
| 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 rights, percentage | 50.00% | ||||||||||||||
| Award vesting period | 2 years | ||||||||||||||
Stockholders Equity - Schedule Of Share Based Compensation Restricted Stock Units (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 04, 2025 |
Apr. 03, 2024 |
Apr. 11, 2023 |
Feb. 17, 2022 |
Feb. 15, 2021 |
May 11, 2020 |
Dec. 10, 2019 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|||
| The 2018 Long-Term Incentive Plan | |||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
| Granted (in shares) | 816,946 | ||||||||||
| The 2023 Long-Term Incentive Plan | |||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
| Granted (in shares) | 421,308 | ||||||||||
| Restricted Stock Units (RSUs) | The 2018 Long-Term Incentive Plan | |||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
| Granted (in shares) | 229,371 | 191,937 | 186,770 | 185,111 | 191,506 | 179,858 | 73,701 | 1,238,254 | |||
| Vested (in shares) | 0 | 31,780 | 52,761 | 74,621 | 185,099 | 173,750 | 73,701 | 591,712 | |||
| Forfeited (in shares) | 0 | 2,998 | 4,644 | 5,301 | 6,407 | 6,108 | 0 | 25,458 | |||
| Shares Outstanding | $ 229,371 | $ 157,159 | $ 129,365 | $ 105,189 | $ 0 | $ 0 | $ 0 | $ 621,084 | |||
| Restricted Stock Units (RSUs) | The 2023 Long-Term Incentive Plan | |||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
| Granted (in shares) | 229,371 | 191,937 | |||||||||
| Vested (in shares) | [1] | 268,446 | 93,353 | ||||||||
| Forfeited (in shares) | 3,371 | 4,786 | |||||||||
| |||||||||||
Stockholders' Equity - Schedule of Number of RSUs Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 04, 2025 |
Apr. 03, 2024 |
Apr. 11, 2023 |
Feb. 17, 2022 |
Feb. 15, 2021 |
May 11, 2020 |
Dec. 10, 2019 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|||||
| Value | |||||||||||||
| Equity-based compensation (in shares) | 26,721 | ||||||||||||
| The 2018 Long-Term Incentive Plan | |||||||||||||
| Number of RSUs | |||||||||||||
| Granted (in shares) | 816,946 | ||||||||||||
| The 2023 Long-Term Incentive Plan | |||||||||||||
| Number of RSUs | |||||||||||||
| Granted (in shares) | 421,308 | ||||||||||||
| Restricted Stock Units (RSUs) | The 2018 Long-Term Incentive Plan | |||||||||||||
| Number of RSUs | |||||||||||||
| Granted (in shares) | 229,371 | 191,937 | 186,770 | 185,111 | 191,506 | 179,858 | 73,701 | 1,238,254 | |||||
| Vested (in shares) | 0 | (31,780) | (52,761) | (74,621) | (185,099) | (173,750) | (73,701) | (591,712) | |||||
| Forfeited (in shares) | 0 | (2,998) | (4,644) | (5,301) | (6,407) | (6,108) | 0 | (25,458) | |||||
| Value | |||||||||||||
| Net asset value per share (in dollars per share) | $ 54.54 | $ 58.95 | $ 63.04 | $ 54.14 | $ 36.56 | $ 30.82 | |||||||
| Restricted Stock Units Vesting Shares | 54.56 | ||||||||||||
| Equity-based compensation (in shares) | 191,340 | 73,520 | |||||||||||
| Restricted Stock Units (RSUs) | The 2023 Long-Term Incentive Plan | |||||||||||||
| Number of RSUs | |||||||||||||
| Number of units outstanding at the beginning of the period (in shares) | 663,530 | 569,732 | |||||||||||
| Granted (in shares) | 229,371 | 191,937 | |||||||||||
| Vested (in shares) | [1] | (268,446) | (93,353) | ||||||||||
| Forfeited (in shares) | (3,371) | (4,786) | |||||||||||
| Number of units outstanding at the end of the period (in shares) | 621,084 | 663,530 | |||||||||||
| Value | |||||||||||||
| Units outstanding at the beginning of the period | $ 34,071 | $ 27,467 | |||||||||||
| Granted | 12,510 | 11,315 | |||||||||||
| Vested | (10,972) | (4,464) | |||||||||||
| Forfeited | (197) | (247) | |||||||||||
| Units outstanding at the end of the period | $ 35,412 | $ 34,071 | |||||||||||
| Restricted Stock Units Vesting Shares | [2] | 621,084 | |||||||||||
| |||||||||||||
Stockholders' Equity - Schedule of Outstanding RSUs (Details) - Restricted Stock Units (RSUs) |
Dec. 31, 2025
shares
|
|||
|---|---|---|---|---|
| The 2018 Long-Term Incentive Plan | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 54.56 | |||
| The 2018 Long-Term Incentive Plan | Vesting Upon Listing Event or Change of Control [Member] | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 260,200 | |||
| The 2023 Long-Term Incentive Plan | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 621,084 | [1] | ||
| The 2023 Long-Term Incentive Plan | Vesting February 17, 2026 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 105,189 | [1] | ||
| The 2023 Long-Term Incentive Plan | Vesting April 3, 2026 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 22,451 | [1] | ||
| The 2023 Long-Term Incentive Plan | Vesting April 4, 2026 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 67,252 | [1] | ||
| The 2023 Long-Term Incentive Plan | Vesting April 11, 2026 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 21,561 | [1] | ||
| The 2023 Long-Term Incentive Plan | Vesting April 3, 2027 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 22,451 | [1] | ||
| The 2023 Long-Term Incentive Plan | Vesting April 4, 2027 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 54,040 | [1] | ||
| The 2023 Long-Term Incentive Plan | Vesting April 11, 2027 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 107,804 | [1] | ||
| The 2023 Long-Term Incentive Plan | Vesting April 3, 2028 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 112,256 | [1] | ||
| The 2023 Long-Term Incentive Plan | Vesting April 4, 2028 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 54,040 | [1] | ||
| The 2023 Long-Term Incentive Plan | Vesting April 4, 2029 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| PI units vesting (in shares) | 54,040 | [1] | ||
| ||||
Stockholders' Equity - Schedule of Nonvested Performance - Based Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Aug. 03, 2023 |
Dec. 31, 2025 |
Dec. 31, 2023 |
|||||
| Value | |||||||
| Equity-based compensation (in shares) | 26,721 | ||||||
| The 2023 Long-Term Incentive Plan | |||||||
| Number of performance shares | |||||||
| Granted (in shares) | 421,308 | ||||||
| Performance Shares | |||||||
| Number of performance shares | |||||||
| Number of units outstanding at the end of the period (in shares) | 23,794 | ||||||
| Performance Shares | The 2023 Long-Term Incentive Plan | |||||||
| Number of performance shares | |||||||
| Number of units outstanding at the beginning of the period (in shares) | 23,794 | ||||||
| Granted (in shares) | 63,452 | 31,726 | |||||
| Vested (in shares) | [1] | (55,520) | |||||
| Forfeited (in shares) | 0 | ||||||
| Number of units outstanding at the end of the period (in shares) | 0 | ||||||
| Value | |||||||
| Units outstanding at the beginning of the period | [2] | $ 1,433 | |||||
| Granted | [2] | 1,911 | |||||
| Vested | [2] | (3,344) | |||||
| Forfeited | [2] | 0 | |||||
| Units outstanding at the end of the period | [2] | $ 0 | |||||
| Net asset value per share (in dollars per share) | $ 60.23 | ||||||
| |||||||
Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Variable Interest Entity, Not Primary Beneficiary | |
| Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |
| Noncontrolling interests, beginning balance | $ 80,711 |
| Net loss attributable to redeemable noncontrolling interests | (17,993) |
| Contributions by redeemable noncontrolling interests | 5,647 |
| Distributions to redeemable noncontrolling interests | (5,647) |
| Redemptions by redeemable noncontrolling interests | (256) |
| Adjustments to reflect redemption value of redeemable noncontrolling interests | 5,373 |
| Noncontrolling interests, ending balance | 67,835 |
| VineBrook Homes OP GP, LLC | |
| Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |
| Noncontrolling interests, beginning balance | 257,454 |
| Net loss attributable to redeemable noncontrolling interests | (32,131) |
| Contributions by redeemable noncontrolling interests | 7,471 |
| Distributions to redeemable noncontrolling interests | (11,692) |
| Equity-based compensation | 26,814 |
| Other comprehensive loss attributable to redeemable noncontrolling interests | (2,332) |
| Adjustments to reflect redemption value of redeemable noncontrolling interests | 32,260 |
| Noncontrolling interests, ending balance | $ 277,844 |
Noncontrolling Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 04, 2025 |
Apr. 03, 2024 |
Aug. 03, 2023 |
Apr. 11, 2023 |
Feb. 17, 2022 |
May 31, 2021 |
Feb. 15, 2021 |
Nov. 30, 2020 |
May 11, 2020 |
Dec. 10, 2019 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Oct. 27, 2025 |
Nov. 01, 2018 |
|
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||||
| Equity-based compensation | $ 53,103 | $ 20,087 | $ 14,048 | ||||||||||||
| VineBrook Homes OP GP, LLC | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| 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) | 5,222,065 | ||||||||||||||
| The 2018 Long-Term Incentive Plan | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Granted (in shares) | 816,946 | ||||||||||||||
| The 2018 Long-Term Incentive Plan | Vesting upon successful completion of initial public offering | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Equity-based compensation | $ 26,800 | $ 14,200 | $ 8,700 | ||||||||||||
| The 2023 Long-Term Incentive Plan | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Granted (in shares) | 421,308 | ||||||||||||||
| PI Units | The 2018 Long-Term Incentive Plan | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Granted (in shares) | 0 | 0 | |||||||||||||
| Partners' Capital Account, Units, Converted | 576,749 | ||||||||||||||
| Vesting Schedule | 22,390 | ||||||||||||||
| Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $ 800 | $ 17,400 | |||||||||||||
| Weighted average vesting period | 1 year | 1 year 2 months 12 days | |||||||||||||
| Equity-based compensation | $ 12,000 | ||||||||||||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 800 | $ 17,400 | |||||||||||||
| PI Units | The 2018 Long-Term Incentive Plan | Vesting Ratably Over Four Years | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Award vesting period | 4 years | 4 years | |||||||||||||
| Award vesting rights, percentage | 100.00% | 50.00% | |||||||||||||
| PI Units | The 2018 Long-Term Incentive Plan | Vesting Ratably Over Five Years | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Award vesting period | 5 years | ||||||||||||||
| PI Units | The 2018 Long-Term Incentive Plan | Vesting upon successful completion of initial public offering | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Granted (in shares) | 705,311 | ||||||||||||||
| Award vesting rights, percentage | 50.00% | ||||||||||||||
| PI Units | The 2023 Long-Term Incentive Plan | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Granted (in shares) | 475,888 | ||||||||||||||
| Award vesting rights, percentage | 100.00% | ||||||||||||||
| Equity-based compensation | $ 8,200 | ||||||||||||||
| Restricted Stock Units (RSUs) | The 2018 Long-Term Incentive Plan | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Granted (in shares) | 229,371 | 191,937 | 186,770 | 185,111 | 191,506 | 179,858 | 73,701 | 1,238,254 | |||||||
| Award vesting period | 1 year 3 months 29 days | 10 months 24 days | |||||||||||||
| Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $ 21,700 | $ 10,100 | |||||||||||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 21,700 | $ 10,100 | |||||||||||||
| Restricted Stock Units (RSUs) | The 2018 Long-Term Incentive Plan | Share-based Payment Arrangement, Employee | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Award vesting period | 4 years | 4 years | |||||||||||||
| Award vesting rights, percentage | 100.00% | 50.00% | |||||||||||||
| Restricted Stock Units (RSUs) | The 2018 Long-Term Incentive Plan | Vesting Ratably Over Four Years | Share-based Payment Arrangement, Employee | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Award vesting period | 4 years | 4 years | 4 years | ||||||||||||
| Award vesting rights, percentage | 50.00% | 50.00% | 50.00% | ||||||||||||
| Restricted Stock Units (RSUs) | The 2018 Long-Term Incentive Plan | Vesting upon successful completion of initial public offering | Share-based Payment Arrangement, Employee | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Award vesting rights, percentage | 50.00% | 50.00% | |||||||||||||
| Restricted Stock Units (RSUs) | The 2023 Long-Term Incentive Plan | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Granted (in shares) | 229,371 | 191,937 | |||||||||||||
| Common Class A | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| General partners' capital account, units outstanding (in shares) | 17,861,199 | ||||||||||||||
| Common stock, par value per share (in dollars per share) | $ 0.01 | ||||||||||||||
| Common Class A | VineBrook Homes OP GP, LLC | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| 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) | 2,814,062 | ||||||||||||||
| 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) | 99,577 | ||||||||||||||
| 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) | 157,144 | ||||||||||||||
| Common Class C | VineBrook Homes OP GP, LLC | VineBrook Contributors | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Limited partners' capital account, units outstanding (in shares) | 1,991,968 | ||||||||||||||
| Common Class C | PI Units | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Equity-based compensation | $ 31,400 | ||||||||||||||
| Series A Preferred Stock | |||||||||||||||
| Noncontrolling Interest [Line Items] | |||||||||||||||
| Preferred stock, dividend rate, percentage | 6.50% | ||||||||||||||
| 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 - Schedule of PI Units granted, vested, forfeited and outstanding (Details) - shares |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Feb. 22, 2023 |
Aug. 10, 2022 |
May 31, 2021 |
Nov. 30, 2020 |
May 11, 2020 |
Nov. 21, 2019 |
Apr. 19, 2019 |
Dec. 31, 2025 |
|
| Noncontrolling Interest [Line Items] | ||||||||
| PIUs Granted | 79,304 | 27,849 | 246,169 | 11,764 | 219,826 | 80,399 | 40,000 | |
| PIUs Vested | 34,815 | 20,957 | 234,545 | 7,353 | 215,326 | 80,399 | 40,000 | |
| PIUs Forfeited | 26,408 | 4,646 | 11,624 | 4,412 | 4,500 | 0 | 0 | |
| PIUs Outstanding | 18,081 | 2,245 | 0 | 0 | 0 | 0 | 0 | |
| The 2018 Long-Term Incentive Plan [Member] | ||||||||
| Noncontrolling Interest [Line Items] | ||||||||
| PIUs Granted | 705,311 | |||||||
| PIUs Vested | 633,395 | |||||||
| PIUs Forfeited | 51,590 | |||||||
| PIUs Outstanding | 20,326 |
Noncontrolling Interests - Schedule of Number of PI Units Outstanding (Details) - The 2018 Long-Term Incentive Plan - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|||
| Number of Units | ||||
| Granted (in shares) | 816,946 | |||
| PI Units | ||||
| Number of Units | ||||
| Number of units outstanding at the beginning of the period (in shares) | 813,840 | 893,733 | ||
| Granted (in shares) | 0 | 0 | ||
| Vested (in shares) | (755,442) | (79,893) | ||
| Forfeited (in shares) | (38,072) | 0 | ||
| Number of units outstanding at the end of the period (in shares) | 20,326 | 813,840 | ||
| Value | ||||
| Units outstanding at the beginning of the period | [1] | $ 44,113 | $ 47,438 | |
| Granted | [1] | 0 | 0 | |
| Vested | [1] | (39,884) | (3,325) | |
| Forfeited | [1] | (2,145) | 0 | |
| Units outstanding at the end of the period | [1] | $ 2,084 | $ 44,113 | |
| ||||
Noncontrolling Interests - Schedule of Number of PI Units Outstanding (Parenthetical) (Details) - $ / shares |
Aug. 03, 2023 |
Feb. 22, 2023 |
Aug. 10, 2022 |
May 31, 2021 |
Nov. 30, 2020 |
May 11, 2020 |
|---|---|---|---|---|---|---|
| PI Units | The 2018 Long-Term Incentive Plan | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Weighted average grant date fair value (in dollars per share) | $ 61.63 | $ 63.04 | $ 61.74 | $ 38.29 | $ 33.45 | $ 30.16 |
Noncontrolling Interests - Schedule of Vesting Schedule for the PI Units (Details) - PI Units - The 2018 Long-Term Incentive Plan |
Dec. 31, 2025
shares
|
|---|---|
| Noncontrolling Interest [Line Items] | |
| PI units vesting (in shares) | 20,326 |
| Vesting February 22, 2026 | |
| Noncontrolling Interest [Line Items] | |
| PI units vesting (in shares) | 7,772 |
| Vesting February 24, 2026 | |
| Noncontrolling Interest [Line Items] | |
| PI units vesting (in shares) | 398 |
| Vesting April 25, 2026 | |
| Noncontrolling Interest [Line Items] | |
| PI units vesting (in shares) | 923 |
| Vesting February 22, 2027 | |
| Noncontrolling Interest [Line Items] | |
| PI units vesting (in shares) | 5,155 |
| Vesting April 25, 2027 | |
| Noncontrolling Interest [Line Items] | |
| PI units vesting (in shares) | 923 |
| Vesting February 22, 2028 | |
| Noncontrolling Interest [Line Items] | |
| PI units vesting (in shares) | 5,155 |
Noncontrolling Interests - Schedule of Vesting Schedule for the PI Units (Parenthetical) (Details) |
Dec. 31, 2025
shares
|
|---|---|
| PI Units [Member] | The 2018 Long-Term Incentive Plan | |
| Noncontrolling Interest [Line Items] | |
| PI units vesting (in shares) | 20,326 |
Noncontrolling Interests - Schedule of Consolidated Common Stock and OP Units Outstanding (Details) - shares |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Noncontrolling Interest [Line Items] | |||
| Common stock shares outstanding (in shares) | 25,912,630 | 25,377,421 | |
| VineBrook Homes OP GP, LLC | |||
| Noncontrolling Interest [Line Items] | |||
| Consolidated common stock shares and NCI OP units outstanding (in shares) | 30,975,381 | 30,097,879 | 29,272,619 |
| VineBrook Homes Trust, Inc | VineBrook Homes OP GP, LLC | |||
| Noncontrolling Interest [Line Items] | |||
| Common stock shares outstanding (in shares) | 25,912,630 | 25,377,421 | 25,006,237 |
| Holders of OP Units | VineBrook Homes OP GP, LLC | |||
| Noncontrolling Interest [Line Items] | |||
| OP units held by NCI (in shares) | 5,062,751 | 4,720,458 | 4,266,382 |
Noncontrolling Interests - Schedule of Noncontrolling Interests (Details) - Variable Interest Entity, Not Primary Beneficiary $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |
| Noncontrolling interests, beginning balance | $ 80,711 |
| Noncontrolling interests, ending balance | 67,835 |
| NexPoint Homes Portfolio | |
| Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |
| Noncontrolling interests, beginning balance | 6,083 |
| Net loss attributable to noncontrolling interests in consolidated VIEs | (2,468) |
| Contributions from noncontrolling interests in consolidated VIEs | 699 |
| Distributions to noncontrolling interests in consolidated VIEs | (813) |
| Redemptions by noncontrolling interests in consolidated VIEs | (1,278) |
| Noncontrolling interests, ending balance | $ 2,223 |
Redeemable Series A Preferred Stock - Additional Information (Details) - Series A Preferred Stock |
Dec. 31, 2025
$ / 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 Stock - Schedule of Redeemable Series A Preferred Stock (Details) - Series A Preferred Stock - Preferred Stock $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
shares
| |
| Number of Units | |
| Redeemable Series A Preferred stock, beginning balance (in shares) | shares | 4,996,000 |
| Redeemable Series A Preferred stock, ending balance (in shares) | shares | 4,996,000 |
| Balances | |
| Redeemable Series A Preferred stock, beginning balance | $ 122,820 |
| Net income attributable to Redeemable Series A Preferred stockholders | 8,119 |
| Dividends declared to Redeemable Series A Preferred stockholders | (8,119) |
| Accretion to redemption value | 674 |
| Redeemable Series A Preferred stock, ending balance | $ 123,494 |
Related Party Transactions - Additional Information (Details) $ in Thousands |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Sep. 04, 2024
USD ($)
|
Jul. 19, 2024
USD ($)
|
Jul. 18, 2024
USD ($)
|
Jun. 08, 2022 |
Dec. 31, 2025
USD ($)
Loan
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Sep. 11, 2025
USD ($)
|
|
| Related Party Transaction [Line Items] | ||||||||
| Advisory fees | $ 20,068 | $ 20,764 | $ 21,758 | |||||
| Advisory agreement, notice of termination period | 180 days | |||||||
| Accrued interest payable | $ 32,915 | 30,176 | ||||||
| Property operating expenses | 86,214 | 80,170 | 81,241 | |||||
| Interest receivable | 18,200 | 16,300 | ||||||
| Provision for loan losses | 500 | $ (4,605) | 0 | |||||
| Preferred equity investments percentage | 11.00% | |||||||
| Interest Receivable | $ 18,200 | $ 16,300 | ||||||
| RFGH | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Preferred equity investments | $ 2,000 | $ 3,000 | $ 2,800 | |||||
| RTB | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Preferred equity investments | $ 2,800 | |||||||
| Property management fees | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Related Party Transaction, Amounts of Transaction | 200 | |||||||
| Related party transaction, amounts of transaction | 200 | |||||||
| NexPoint Real Estate Advisors V, L.P. [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Advisory agreement, advisory fee, annualized rate of gross asset value | 0.75% | |||||||
| Advisory agreement, expense cap, percentage of average total assets | 1.50% | |||||||
| Advisory fees | $ 16,900 | 17,300 | 19,000 | |||||
| Accrued advisory fees payable | $ 1,700 | 11,900 | ||||||
| Internalization fee, factor to multiply by 12 months prior fee | 3 | |||||||
| NexPoint Homes Portfolio | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Related Party Transaction, Amounts of Transaction | 3,400 | |||||||
| Accrued advisory fees payable | $ 9,400 | 6,300 | ||||||
| Interest receivable | 1,600 | 1,100 | ||||||
| Provision for loan losses | (500) | |||||||
| Related party transaction, amounts of transaction | 3,400 | |||||||
| Interest Receivable | 1,600 | 1,100 | ||||||
| NexPoint Homes Portfolio | SFR OP Convertible Notes | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Unsecured debt | 93,300 | |||||||
| Accrued interest payable | 21,400 | 19,800 | ||||||
| Interest expense, nonoperating | 7,300 | 7,800 | 7,600 | |||||
| Financing receivable, before allowance for credit loss | 4,800 | |||||||
| NexPoint Homes Portfolio | Advisory Agreement | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Related Party Transaction, Amounts of Transaction | 3,200 | 3,500 | 2,800 | |||||
| Related party transaction percentage of fee | 0.75% | |||||||
| Related party transaction, adviser fee percentage | 2,500 | |||||||
| Related party transaction, amounts of transaction | 3,200 | 3,500 | $ 2,800 | |||||
| NexPoint Homes Portfolio | Affiliates of the Advisor | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Contributions from noncontrolling interests in consolidated VIEs | $ 127,200 | |||||||
| NexPoint Homes Portfolio | Affiliates of the Advisor | SFR OP Convertible Notes | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Number of debt instruments | Loan | 5 | |||||||
| Debt instrument, interest rate, stated percentage | 7.50% | |||||||
| NexPoint Homes Portfolio | Property management fees | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Related Party Transaction, Amounts of Transaction | 1,800 | |||||||
| Related party transaction, amounts of transaction | 1,800 | |||||||
| NexPoint Homes Portfolio | General and administrative expenses | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Related Party Transaction, Amounts of Transaction | 1,400 | |||||||
| Related party transaction, amounts of transaction | $ 1,400 | |||||||
| Parent of Adviser [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Limited partnership interests percentage | 100 | |||||||
| General partnership interests percentage | 100 | |||||||
| VineBrook Homes OP, LP | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Internalization fee, factor to multiply by 12 months prior fee | 3 | |||||||
| JPM Term Loan | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Maximum commitment capacity | $ 10,000 | |||||||
| Debt instrument, face amount | $ 485,000 | |||||||
Related Party Transactions - Schedule of Related Party Transactions (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Property management fees | |
| Related Party Transaction [Line Items] | |
| Related party transaction, amounts of transaction | $ 0.2 |
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Numerator for loss per share: | |||||
| Net loss | $ (193,279) | $ (194,409) | $ (280,147) | ||
| Adjustments: | |||||
| Net loss attributable to stockholders | $ (155,532) | $ (144,663) | $ (220,960) | ||
| Denominator for earnings (loss) per share: | |||||
| Weighted average common shares outstanding - basic (in shares) | 25,734 | 25,263 | 24,712 | ||
| Weighted average unvested RSUs, PI Units, and OP Units (in shares) | [1] | 0 | 0 | 0 | |
| Weighted average common shares outstanding - diluted (in shares) | 25,734 | 25,263 | 24,712 | ||
| Earnings (loss) per weighted average common share: | |||||
| Basic (in dollars per share) | $ (6.04) | $ (5.73) | $ (8.94) | ||
| Diluted (in dollars per share) | $ (6.04) | $ (5.73) | $ (8.94) | ||
| Series A Preferred Stock | |||||
| Adjustments: | |||||
| Dividends on and accretion to redemption value of Redeemable Series A Preferred stock | $ 8,793 | $ 8,801 | $ 8,828 | ||
| Series B Preferred Stock | |||||
| Adjustments: | |||||
| Net income attributable to Series B preferred stockholders | 6,052 | 6,052 | 0 | ||
| VineBrook Homes OP, LP | |||||
| Adjustments: | |||||
| Net loss attributable to redeemable noncontrolling interests in the OP | (32,131) | (29,162) | (42,025) | ||
| Variable Interest Entity, Primary Beneficiary | |||||
| Adjustments: | |||||
| Net loss attributable to redeemable noncontrolling interests in the OP | (17,993) | (30,703) | (22,694) | ||
| Net loss attributable to noncontrolling interests in consolidated VIEs | $ (2,468) | $ (4,734) | $ (3,296) | ||
| |||||
Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Parenthetical) (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 6,258,000 | 5,521,286 | 5,004,000 |
Related Party Transactions - Cash and Restricted Cash Held at NexBank (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Total cash at NexBank | $ 145,185 | $ 84,632 |
| NexBank | ||
| Related Party Transaction [Line Items] | ||
| Total cash at NexBank | 7,014 | 3,817 |
| NexBank | Vinebrook Portfolio | ||
| Related Party Transaction [Line Items] | ||
| Total cash at NexBank | 4,283 | 90 |
| NexBank | NexPoint Homes Portfolio | ||
| Related Party Transaction [Line Items] | ||
| Total cash at NexBank | $ 2,731 | $ 3,727 |
Segment - Additional Information (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
Segment
Portfolio
| |
| Segment Reporting Information [Line Items] | |
| Number of reportable segments | Segment | 2 |
| Number Of Portfolios | Portfolio | 2 |
Segment - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Segment Reporting Information [Line Items] | |||||
| Revenues | $ 371,277 | $ 362,825 | $ 351,108 | ||
| Property operating expenses | 86,214 | 80,170 | 81,241 | ||
| Real estate taxes and insurance | 66,843 | 67,800 | 65,673 | ||
| Property management fees | 4,001 | 2,457 | 13,810 | ||
| Advisory fees | 20,068 | 20,764 | 21,758 | ||
| General and administrative expenses | 116,863 | 81,553 | 53,208 | ||
| Depreciation and amortization | 124,653 | 123,940 | 128,009 | ||
| Interest expense | 150,198 | 143,851 | 139,151 | ||
| Other segment expense/(income) | [1] | (4,284) | 36,699 | 128,405 | |
| Segment net loss | (193,279) | (194,409) | (280,147) | ||
| Assets | |||||
| Total assets | 3,150,742 | 3,209,448 | |||
| VineBrook Homes OP, LP | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 328,194 | 318,463 | 303,774 | ||
| Property operating expenses | 77,688 | 74,174 | 73,566 | ||
| Real estate taxes and insurance | 57,562 | 57,044 | 56,824 | ||
| Property management fees | 1,514 | 0 | 10,325 | ||
| Advisory fees | 16,914 | 17,271 | 18,992 | ||
| General and administrative expenses | 108,390 | 76,253 | 50,478 | ||
| Depreciation and amortization | 102,730 | 97,413 | 97,794 | ||
| Interest expense | 122,380 | 111,822 | 107,088 | ||
| Other segment expense/(income) | [1] | (9,488) | 7,124 | 116,270 | |
| Segment net loss | (149,496) | (122,638) | (227,563) | ||
| Assets | |||||
| Total assets | 2,589,656 | 2,578,820 | |||
| NexPoint Homes Portfolio | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 43,083 | 44,362 | 47,334 | ||
| Property operating expenses | 8,526 | 5,996 | 7,675 | ||
| Real estate taxes and insurance | 9,281 | 10,756 | 8,849 | ||
| Property management fees | 2,487 | 2,457 | 3,485 | ||
| Advisory fees | 3,154 | 3,493 | 2,766 | ||
| General and administrative expenses | 8,473 | 5,300 | 2,730 | ||
| Depreciation and amortization | 21,923 | 26,527 | 30,215 | ||
| Interest expense | 27,818 | 32,029 | 32,063 | ||
| Other segment expense/(income) | [1] | 5,204 | 29,575 | 12,135 | |
| Segment net loss | (43,783) | (71,771) | $ (52,584) | ||
| Assets | |||||
| Total assets | $ 561,086 | $ 630,628 | |||
| |||||
Internalization of the Manager - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Business Acquisition [Line Items] | ||
| Goodwill | $ 20,522 | $ 20,522 |
Subsequent Events (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 23, 2026
$ / shares
|
Feb. 11, 2026
USD ($)
Home
$ / shares
|
Jan. 26, 2026
$ / shares
|
Dec. 31, 2025
USD ($)
$ / shares
|
Dec. 31, 2024
USD ($)
$ / shares
|
Dec. 31, 2023
USD ($)
$ / shares
|
Mar. 06, 2026
USD ($)
|
Feb. 26, 2026
USD ($)
|
Sep. 30, 2024
Property
|
Sep. 20, 2019 |
|
| Subsequent Event [Line Items] | ||||||||||
| Debt payable, net | $ 2,611,356 | $ 2,447,887 | ||||||||
| Common stock dividends declared (in dollars per share) | $ / shares | $ 2.1204 | $ 2.1204 | $ 1.5903 | |||||||
| Preferred stock dividends declared (in dollars per share) | $ / shares | $ 2.375 | $ 1.78125 | $ 0.40243 | |||||||
| Derivative, notional amount | $ 82,900 | |||||||||
| Loan Borrowed Under Revolving credit Agreement | 80,555 | $ 554,135 | ||||||||
| Net proceeds from sales of real estate | $ 162,204 | $ 178,191 | $ 268,321 | |||||||
| VineBrook Homes OP, LP [Member] | ||||||||||
| Subsequent Event [Line Items] | ||||||||||
| Number of real estate properties | Property | 800 | |||||||||
| Subsequent Event | ||||||||||
| Subsequent Event [Line Items] | ||||||||||
| Common stock dividends declared (in dollars per share) | $ / shares | $ 0.5301 | |||||||||
| Derivative, notional amount | $ 94,900 | |||||||||
| Loan Borrowed Under Revolving credit Agreement | $ 15,000 | |||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 9.25% | |||||||||
| NAV per share, fully diluted basis (in dollars per share) | $ / shares | $ 54.88 | |||||||||
| DRIP issuance, discount to NAV | 3.00% | |||||||||
| Debt instrument, interest rate, stated percentage | 9.25% | |||||||||
| Number Of Properties Disposed Of | Home | 145 | |||||||||
| Proceeds from sale, property, held-for-sale | $ 21,400 | |||||||||
| Subsequent Event | Discontinued Operations, Held-for-Sale | ||||||||||
| Subsequent Event [Line Items] | ||||||||||
| Number Of Properties Disposed Of | Home | 82 | |||||||||
| Proceeds from sale, property, held-for-sale | $ 25,300 | |||||||||
| Subsequent Event | Maximum | ||||||||||
| Subsequent Event [Line Items] | ||||||||||
| Derivative, premium paid | 100 | |||||||||
| 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 | |||||||||
| Warehouse Facility | ||||||||||
| Subsequent Event [Line Items] | ||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 75.00% | |||||||||
| Debt instrument, interest rate, stated percentage | 75.00% | |||||||||
| JPMorgan Chase Bank, N.A | Subsequent Event | ||||||||||
| Subsequent Event [Line Items] | ||||||||||
| Derivative, notional amount | 450,000 | |||||||||
| floating rate debts amount | 450,000 | |||||||||
| Derivative, premium paid | $ 6,900 | |||||||||
| JPMorgan Chase Bank, N.A | Subsequent Event | One Month Secured Overnight Financing Rate [Member] | ||||||||||
| Subsequent Event [Line Items] | ||||||||||
| Debt instrument, basis spread on variable rate | 2.00% | |||||||||
| OSL Loan III [Member] | Subsequent Event | ||||||||||
| Subsequent Event [Line Items] | ||||||||||
| Loan Borrowed Under Revolving credit Agreement | $ 10,000 | $ 5,000 | ||||||||
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) $ in Thousands |
12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2025
USD ($)
Home
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Gross Cost Basis | $ 3,216,282 | $ 3,267,399 | $ 3,432,816 | $ 3,736,855 | ||||||||||
| Accumulated Depreciation and Amortization | (463,531) | (373,964) | $ (275,534) | $ (171,648) | ||||||||||
| Real estate gross at carrying value, subject to federal income tax | $ 3,300,000 | |||||||||||||
| VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Real estate gross at carrying value, subject to federal income tax | 2,700,000 | |||||||||||||
| NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Real estate gross at carrying value, subject to federal income tax | $ 607,600 | |||||||||||||
| Operating homes | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 19,818 | |||||||||||||
| Gross Cost Basis Encumbered | $ 2,634,844 | |||||||||||||
| Initial Cost to Company, Land | 437,313 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 1,716,780 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 480,751 | |||||||||||||
| Gross Cost Basis, Land | [2] | 437,313 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 2,197,531 | ||||||||||||
| Gross Cost Basis | [2] | 2,634,844 | ||||||||||||
| Accumulated Depreciation and Amortization | (393,502) | |||||||||||||
| Net Cost Basis | $ 2,241,342 | |||||||||||||
| Operating homes | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 1,926 | |||||||||||||
| Gross Cost Basis Encumbered | $ 581,438 | |||||||||||||
| Initial Cost to Company, Land | 81,411 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 476,593 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 23,434 | |||||||||||||
| Gross Cost Basis, Land | [4] | 81,411 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 500,027 | ||||||||||||
| Gross Cost Basis | [4] | 581,438 | ||||||||||||
| Accumulated Depreciation and Amortization | (70,029) | |||||||||||||
| Net Cost Basis | $ 511,409 | |||||||||||||
| Operating homes | Cincinnati | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 2,704 | |||||||||||||
| Gross Cost Basis Encumbered | $ 325,373 | |||||||||||||
| Initial Cost to Company, Land | 70,504 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 199,464 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 55,405 | |||||||||||||
| Gross Cost Basis, Land | [2] | 70,504 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 254,869 | ||||||||||||
| Gross Cost Basis | [2] | 325,373 | ||||||||||||
| Accumulated Depreciation and Amortization | (57,474) | |||||||||||||
| Net Cost Basis | $ 267,899 | |||||||||||||
| Operating homes | Cincinnati | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Cincinnati | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Dayton | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 2,685 | |||||||||||||
| Gross Cost Basis Encumbered | $ 234,433 | |||||||||||||
| Initial Cost to Company, Land | 48,925 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 145,603 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 39,905 | |||||||||||||
| Gross Cost Basis, Land | [2] | 48,925 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 185,508 | ||||||||||||
| Gross Cost Basis | [2] | 234,433 | ||||||||||||
| Accumulated Depreciation and Amortization | (46,299) | |||||||||||||
| Net Cost Basis | $ 188,134 | |||||||||||||
| Operating homes | Dayton | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Dayton | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2021 | |||||||||||||
| Operating homes | Columbus | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 1,584 | |||||||||||||
| Gross Cost Basis Encumbered | $ 180,351 | |||||||||||||
| Initial Cost to Company, Land | 38,964 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 107,030 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 34,357 | |||||||||||||
| Gross Cost Basis, Land | [2] | 38,964 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 141,387 | ||||||||||||
| Gross Cost Basis | [2] | 180,351 | ||||||||||||
| Accumulated Depreciation and Amortization | (33,318) | |||||||||||||
| Net Cost Basis | $ 147,033 | |||||||||||||
| Operating homes | Columbus | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Columbus | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2021 | |||||||||||||
| Operating homes | St. Louis | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 1,669 | |||||||||||||
| Gross Cost Basis Encumbered | $ 206,421 | |||||||||||||
| Initial Cost to Company, Land | 27,787 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 125,514 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 53,120 | |||||||||||||
| Gross Cost Basis, Land | [2] | 27,787 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 178,634 | ||||||||||||
| Gross Cost Basis | [2] | 206,421 | ||||||||||||
| Accumulated Depreciation and Amortization | (31,301) | |||||||||||||
| Net Cost Basis | $ 175,120 | |||||||||||||
| Operating homes | St. Louis | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | St. Louis | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2021 | |||||||||||||
| Operating homes | Indianapolis | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 1,416 | |||||||||||||
| Gross Cost Basis Encumbered | $ 195,808 | |||||||||||||
| Initial Cost to Company, Land | 25,482 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 135,166 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 35,160 | |||||||||||||
| Gross Cost Basis, Land | [2] | 25,482 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 170,326 | ||||||||||||
| Gross Cost Basis | [2] | 195,808 | ||||||||||||
| Accumulated Depreciation and Amortization | (30,329) | |||||||||||||
| Net Cost Basis | $ 165,479 | |||||||||||||
| Operating homes | Indianapolis | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Indianapolis | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Birmingham | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 1,006 | |||||||||||||
| Gross Cost Basis Encumbered | $ 162,691 | |||||||||||||
| Initial Cost to Company, Land | 27,328 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 116,518 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 18,845 | |||||||||||||
| Gross Cost Basis, Land | [2] | 27,328 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 135,363 | ||||||||||||
| Gross Cost Basis | [2] | 162,691 | ||||||||||||
| Accumulated Depreciation and Amortization | (25,361) | |||||||||||||
| Net Cost Basis | $ 137,330 | |||||||||||||
| Operating homes | Birmingham | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Birmingham | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2018 | |||||||||||||
| Operating homes | Birmingham | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 115 | |||||||||||||
| Gross Cost Basis Encumbered | $ 34,982 | |||||||||||||
| Initial Cost to Company, Land | 4,846 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 28,737 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 1,399 | |||||||||||||
| Gross Cost Basis, Land | [4] | 4,846 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 30,136 | ||||||||||||
| Gross Cost Basis | [4] | 34,982 | ||||||||||||
| Accumulated Depreciation and Amortization | (4,181) | |||||||||||||
| Net Cost Basis | $ 30,801 | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Birmingham | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Birmingham | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Columbia | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 921 | |||||||||||||
| Gross Cost Basis Encumbered | $ 143,400 | |||||||||||||
| Initial Cost to Company, Land | 21,494 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 104,082 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 17,824 | |||||||||||||
| Gross Cost Basis, Land | [2] | 21,494 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 121,906 | ||||||||||||
| Gross Cost Basis | [2] | 143,400 | ||||||||||||
| Accumulated Depreciation and Amortization | (21,705) | |||||||||||||
| Net Cost Basis | $ 121,695 | |||||||||||||
| Operating homes | Columbia | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Columbia | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2018 | |||||||||||||
| Operating homes | Kansas City | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 1,065 | |||||||||||||
| Gross Cost Basis Encumbered | $ 157,032 | |||||||||||||
| Initial Cost to Company, Land | 22,173 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 103,968 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 30,891 | |||||||||||||
| Gross Cost Basis, Land | [2] | 22,173 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 134,859 | ||||||||||||
| Gross Cost Basis | [2] | 157,032 | ||||||||||||
| Accumulated Depreciation and Amortization | (23,554) | |||||||||||||
| Net Cost Basis | $ 133,478 | |||||||||||||
| Operating homes | Kansas City | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Kansas City | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Kansas City | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 102 | |||||||||||||
| Gross Cost Basis Encumbered | $ 28,168 | |||||||||||||
| Initial Cost to Company, Land | 4,230 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 22,697 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 1,241 | |||||||||||||
| Gross Cost Basis, Land | [4] | 4,230 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 23,938 | ||||||||||||
| Gross Cost Basis | [4] | 28,168 | ||||||||||||
| Accumulated Depreciation and Amortization | (3,709) | |||||||||||||
| Net Cost Basis | $ 24,460 | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Kansas City | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Kansas City | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Jackson | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 753 | |||||||||||||
| Gross Cost Basis Encumbered | $ 111,448 | |||||||||||||
| Initial Cost to Company, Land | 21,239 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 62,077 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 28,132 | |||||||||||||
| Gross Cost Basis, Land | [2] | 21,239 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 90,209 | ||||||||||||
| Gross Cost Basis | [2] | 111,448 | ||||||||||||
| Accumulated Depreciation and Amortization | (13,859) | |||||||||||||
| Net Cost Basis | $ 97,589 | |||||||||||||
| Operating homes | Jackson | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Jackson | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2021 | |||||||||||||
| Operating homes | Memphis | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 1,231 | |||||||||||||
| Gross Cost Basis Encumbered | $ 153,660 | |||||||||||||
| Initial Cost to Company, Land | 22,721 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 92,051 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 38,888 | |||||||||||||
| Gross Cost Basis, Land | [2] | 22,721 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 130,939 | ||||||||||||
| Gross Cost Basis | [2] | 153,660 | ||||||||||||
| Accumulated Depreciation and Amortization | (21,691) | |||||||||||||
| Net Cost Basis | $ 131,969 | |||||||||||||
| Operating homes | Memphis | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Memphis | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Augusta | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 616 | |||||||||||||
| Gross Cost Basis Encumbered | $ 87,608 | |||||||||||||
| Initial Cost to Company, Land | 14,444 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 54,399 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 18,765 | |||||||||||||
| Gross Cost Basis, Land | [2] | 14,444 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 73,164 | ||||||||||||
| Gross Cost Basis | [2] | 87,608 | ||||||||||||
| Accumulated Depreciation and Amortization | (12,268) | |||||||||||||
| Net Cost Basis | $ 75,340 | |||||||||||||
| Operating homes | Augusta | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Augusta | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2018 | |||||||||||||
| Operating homes | Milwaukee | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 740 | |||||||||||||
| Gross Cost Basis Encumbered | $ 103,082 | |||||||||||||
| Initial Cost to Company, Land | 11,556 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 60,398 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 31,128 | |||||||||||||
| Gross Cost Basis, Land | [2] | 11,556 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 91,526 | ||||||||||||
| Gross Cost Basis | [2] | 103,082 | ||||||||||||
| Accumulated Depreciation and Amortization | (13,670) | |||||||||||||
| Net Cost Basis | $ 89,412 | |||||||||||||
| Operating homes | Milwaukee | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Milwaukee | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Atlanta | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 217 | |||||||||||||
| Gross Cost Basis Encumbered | $ 39,204 | |||||||||||||
| Initial Cost to Company, Land | 6,976 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 28,212 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 4,016 | |||||||||||||
| Gross Cost Basis, Land | [2] | 6,976 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 32,228 | ||||||||||||
| Gross Cost Basis | [2] | 39,204 | ||||||||||||
| Accumulated Depreciation and Amortization | (5,601) | |||||||||||||
| Net Cost Basis | $ 33,603 | |||||||||||||
| Operating homes | Atlanta | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Atlanta | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2018 | |||||||||||||
| Operating homes | Atlanta | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 199 | |||||||||||||
| Gross Cost Basis Encumbered | $ 70,409 | |||||||||||||
| Initial Cost to Company, Land | 9,733 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 58,255 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 2,421 | |||||||||||||
| Gross Cost Basis, Land | [4] | 9,733 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 60,676 | ||||||||||||
| Gross Cost Basis | [4] | 70,409 | ||||||||||||
| Accumulated Depreciation and Amortization | (7,236) | |||||||||||||
| Net Cost Basis | $ 63,173 | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Atlanta | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Atlanta | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Pittsburgh | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 317 | |||||||||||||
| Gross Cost Basis Encumbered | $ 39,794 | |||||||||||||
| Initial Cost to Company, Land | 6,621 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 18,763 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 14,410 | |||||||||||||
| Gross Cost Basis, Land | [2] | 6,621 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 33,173 | ||||||||||||
| Gross Cost Basis | [2] | 39,794 | ||||||||||||
| Accumulated Depreciation and Amortization | (5,124) | |||||||||||||
| Net Cost Basis | $ 34,670 | |||||||||||||
| Operating homes | Pittsburgh | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Pittsburgh | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Pensacola | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 377 | |||||||||||||
| Gross Cost Basis Encumbered | $ 68,065 | |||||||||||||
| Initial Cost to Company, Land | 6,949 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 59,728 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 1,388 | |||||||||||||
| Gross Cost Basis, Land | [2] | 6,949 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 61,116 | ||||||||||||
| Gross Cost Basis | [2] | 68,065 | ||||||||||||
| Accumulated Depreciation and Amortization | (7,459) | |||||||||||||
| Net Cost Basis | $ 60,606 | |||||||||||||
| Operating homes | Pensacola | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2025 | |||||||||||||
| Operating homes | Pensacola | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2021 | |||||||||||||
| Operating homes | Greenville | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 350 | |||||||||||||
| Gross Cost Basis Encumbered | $ 59,890 | |||||||||||||
| Initial Cost to Company, Land | 7,204 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 43,663 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 9,023 | |||||||||||||
| Gross Cost Basis, Land | [2] | 7,204 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 52,686 | ||||||||||||
| Gross Cost Basis | [2] | 59,890 | ||||||||||||
| Accumulated Depreciation and Amortization | (8,637) | |||||||||||||
| Net Cost Basis | $ 51,253 | |||||||||||||
| Operating homes | Greenville | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Greenville | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Little Rock | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 248 | |||||||||||||
| Gross Cost Basis Encumbered | $ 28,942 | |||||||||||||
| Initial Cost to Company, Land | 4,241 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 14,471 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 10,230 | |||||||||||||
| Gross Cost Basis, Land | [2] | 4,241 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 24,701 | ||||||||||||
| Gross Cost Basis | [2] | 28,942 | ||||||||||||
| Accumulated Depreciation and Amortization | (3,652) | |||||||||||||
| Net Cost Basis | $ 25,290 | |||||||||||||
| Operating homes | Little Rock | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Little Rock | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Little Rock | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 210 | |||||||||||||
| Gross Cost Basis Encumbered | $ 59,037 | |||||||||||||
| Initial Cost to Company, Land | 8,274 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 48,208 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 2,555 | |||||||||||||
| Gross Cost Basis, Land | [4] | 8,274 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 50,763 | ||||||||||||
| Gross Cost Basis | [4] | 59,037 | ||||||||||||
| Accumulated Depreciation and Amortization | (7,636) | |||||||||||||
| Net Cost Basis | $ 51,402 | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Little Rock | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Little Rock | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Huntsville | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 270 | |||||||||||||
| Gross Cost Basis Encumbered | $ 46,808 | |||||||||||||
| Initial Cost to Company, Land | 6,355 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 33,563 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 6,890 | |||||||||||||
| Gross Cost Basis, Land | [2] | 6,355 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 40,453 | ||||||||||||
| Gross Cost Basis | [2] | 46,808 | ||||||||||||
| Accumulated Depreciation and Amortization | (6,293) | |||||||||||||
| Net Cost Basis | $ 40,515 | |||||||||||||
| Operating homes | Huntsville | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Huntsville | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Huntsville | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 67 | |||||||||||||
| Gross Cost Basis Encumbered | $ 23,269 | |||||||||||||
| Initial Cost to Company, Land | 3,624 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 18,830 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 815 | |||||||||||||
| Gross Cost Basis, Land | [4] | 3,624 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 19,645 | ||||||||||||
| Gross Cost Basis | [4] | 23,269 | ||||||||||||
| Accumulated Depreciation and Amortization | (2,436) | |||||||||||||
| Net Cost Basis | $ 20,833 | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Huntsville | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Huntsville | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Raeford | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 250 | |||||||||||||
| Gross Cost Basis Encumbered | $ 33,208 | |||||||||||||
| Initial Cost to Company, Land | 3,335 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 28,665 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 1,208 | |||||||||||||
| Gross Cost Basis, Land | [2] | 3,335 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 29,873 | ||||||||||||
| Gross Cost Basis | [2] | 33,208 | ||||||||||||
| Accumulated Depreciation and Amortization | (4,826) | |||||||||||||
| Net Cost Basis | $ 28,382 | |||||||||||||
| Operating homes | Raeford | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Raeford | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Portales | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 350 | |||||||||||||
| Gross Cost Basis Encumbered | $ 48,007 | |||||||||||||
| Initial Cost to Company, Land | 4,821 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 34,886 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 8,300 | |||||||||||||
| Gross Cost Basis, Land | [2] | 4,821 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 43,186 | ||||||||||||
| Gross Cost Basis | [2] | 48,007 | ||||||||||||
| Accumulated Depreciation and Amortization | (5,752) | |||||||||||||
| Net Cost Basis | $ 42,255 | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Portales | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Portales | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Omaha | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 249 | |||||||||||||
| Gross Cost Basis Encumbered | $ 36,513 | |||||||||||||
| Initial Cost to Company, Land | 3,209 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 25,711 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 7,593 | |||||||||||||
| Gross Cost Basis, Land | [2] | 3,209 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 33,304 | ||||||||||||
| Gross Cost Basis | [2] | 36,513 | ||||||||||||
| Accumulated Depreciation and Amortization | (4,868) | |||||||||||||
| Net Cost Basis | $ 31,645 | |||||||||||||
| Operating homes | Omaha | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Omaha | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Triad | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 214 | |||||||||||||
| Gross Cost Basis Encumbered | $ 36,886 | |||||||||||||
| Initial Cost to Company, Land | 6,066 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 24,853 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 5,967 | |||||||||||||
| Gross Cost Basis, Land | [2] | 6,066 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 30,820 | ||||||||||||
| Gross Cost Basis | [2] | 36,886 | ||||||||||||
| Accumulated Depreciation and Amortization | (4,920) | |||||||||||||
| Net Cost Basis | $ 31,966 | |||||||||||||
| Operating homes | Triad | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Triad | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2021 | |||||||||||||
| Operating homes | Montgomery | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 282 | |||||||||||||
| Gross Cost Basis Encumbered | $ 44,233 | |||||||||||||
| Initial Cost to Company, Land | 6,713 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 28,843 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 8,677 | |||||||||||||
| Gross Cost Basis, Land | [2] | 6,713 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 37,520 | ||||||||||||
| Gross Cost Basis | [2] | 44,233 | ||||||||||||
| Accumulated Depreciation and Amortization | (5,489) | |||||||||||||
| Net Cost Basis | $ 38,744 | |||||||||||||
| Operating homes | Montgomery | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Montgomery | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2019 | |||||||||||||
| Operating homes | Charlotte | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 52 | |||||||||||||
| Gross Cost Basis Encumbered | $ 18,315 | |||||||||||||
| Initial Cost to Company, Land | 2,757 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 14,925 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 633 | |||||||||||||
| Gross Cost Basis, Land | [4] | 2,757 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 15,558 | ||||||||||||
| Gross Cost Basis | [4] | 18,315 | ||||||||||||
| Accumulated Depreciation and Amortization | (1,891) | |||||||||||||
| Net Cost Basis | $ 16,424 | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Charlotte | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Charlotte | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Fayetteville | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 301 | |||||||||||||
| Gross Cost Basis Encumbered | $ 89,818 | |||||||||||||
| Initial Cost to Company, Land | 12,050 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 74,106 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 3,662 | |||||||||||||
| Gross Cost Basis, Land | [4] | 12,050 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 77,768 | ||||||||||||
| Gross Cost Basis | [4] | 89,818 | ||||||||||||
| Accumulated Depreciation and Amortization | (10,944) | |||||||||||||
| Net Cost Basis | $ 78,874 | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Fayetteville | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Fayetteville | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Oklahoma City | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 318 | |||||||||||||
| Gross Cost Basis Encumbered | $ 91,171 | |||||||||||||
| Initial Cost to Company, Land | 11,443 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 75,859 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 3,869 | |||||||||||||
| Gross Cost Basis, Land | [4] | 11,443 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 79,729 | ||||||||||||
| Gross Cost Basis | [4] | 91,171 | ||||||||||||
| Accumulated Depreciation and Amortization | (11,562) | |||||||||||||
| Net Cost Basis | $ 79,609 | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Oklahoma City | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Oklahoma City | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | San Antonio | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 184 | |||||||||||||
| Gross Cost Basis Encumbered | $ 47,398 | |||||||||||||
| Initial Cost to Company, Land | 7,174 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 37,985 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 2,239 | |||||||||||||
| Gross Cost Basis, Land | [4] | 7,174 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 40,224 | ||||||||||||
| Gross Cost Basis | [4] | 47,398 | ||||||||||||
| Accumulated Depreciation and Amortization | (6,690) | |||||||||||||
| Net Cost Basis | $ 40,708 | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | San Antonio | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | San Antonio | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Tulsa | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 147 | |||||||||||||
| Gross Cost Basis Encumbered | $ 40,620 | |||||||||||||
| Initial Cost to Company, Land | 5,534 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 33,297 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 1,789 | |||||||||||||
| Gross Cost Basis, Land | [4] | 5,534 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 35,086 | ||||||||||||
| Gross Cost Basis | [4] | 40,620 | ||||||||||||
| Accumulated Depreciation and Amortization | (5,345) | |||||||||||||
| Net Cost Basis | $ 35,275 | |||||||||||||
| Operating homes | Tulsa | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2023 | |||||||||||||
| Operating homes | Tulsa | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| Operating homes | Nashville | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 105 | |||||||||||||
| Gross Cost Basis Encumbered | $ 25,343 | |||||||||||||
| Initial Cost to Company, Land | 6,966 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 18,189 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 188 | |||||||||||||
| Gross Cost Basis, Land | [2] | 6,966 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 18,377 | ||||||||||||
| Gross Cost Basis | [2] | 25,343 | ||||||||||||
| Accumulated Depreciation and Amortization | 0 | |||||||||||||
| Net Cost Basis | $ 25,343 | |||||||||||||
| Dates of Acquisition | 2025 | |||||||||||||
| Operating homes | Nashville | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Nashville | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Phoenix | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 102 | |||||||||||||
| Gross Cost Basis Encumbered | $ 39,589 | |||||||||||||
| Initial Cost to Company, Land | 8,442 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 30,933 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 214 | |||||||||||||
| Gross Cost Basis, Land | [2] | 8,442 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 31,147 | ||||||||||||
| Gross Cost Basis | [2] | 39,589 | ||||||||||||
| Accumulated Depreciation and Amortization | 0 | |||||||||||||
| Net Cost Basis | $ 39,589 | |||||||||||||
| Dates of Acquisition | 2025 | |||||||||||||
| Operating homes | Phoenix | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Phoenix | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Myrtle Beach | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 97 | |||||||||||||
| Gross Cost Basis Encumbered | $ 27,055 | |||||||||||||
| Initial Cost to Company, Land | 6,798 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 20,030 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 227 | |||||||||||||
| Gross Cost Basis, Land | [2] | 6,798 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 20,257 | ||||||||||||
| Gross Cost Basis | [2] | 27,055 | ||||||||||||
| Accumulated Depreciation and Amortization | (52) | |||||||||||||
| Net Cost Basis | $ 27,003 | |||||||||||||
| Dates of Acquisition | 2025 | |||||||||||||
| Operating homes | Myrtle Beach | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Operating homes | Myrtle Beach | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Operating homes | Other | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | [5] | 231 | ||||||||||||
| Gross Cost Basis Encumbered | [5] | $ 78,251 | ||||||||||||
| Initial Cost to Company, Land | [5] | 11,747 | ||||||||||||
| Initial Cost to Company, Building and Improvements | [3],[5] | 63,694 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | [5] | 2,811 | ||||||||||||
| Gross Cost Basis, Land | [4],[5] | 11,747 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4],[5] | 66,504 | ||||||||||||
| Gross Cost Basis | [4],[5] | 78,251 | ||||||||||||
| Accumulated Depreciation and Amortization | [5] | (8,399) | ||||||||||||
| Net Cost Basis | [5] | $ 69,852 | ||||||||||||
| Operating homes | Other | NexPoint Homes Portfolio | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | [5] | 3 years | ||||||||||||
| Dates of Acquisition | [5] | 2023 | ||||||||||||
| Operating homes | Other | NexPoint Homes Portfolio | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | [5] | 27 years 6 months | ||||||||||||
| Dates of Acquisition | [5] | 2022 | ||||||||||||
| VineBrook homes held for sale | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 537 | |||||||||||||
| Gross Cost Basis Encumbered | $ 0 | |||||||||||||
| Initial Cost to Company, Land | 13,219 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 52,113 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 0 | |||||||||||||
| Gross Cost Basis, Land | [2] | 13,219 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2] | 52,113 | ||||||||||||
| Gross Cost Basis | [2] | 65,332 | ||||||||||||
| Accumulated Depreciation and Amortization | 0 | |||||||||||||
| Net Cost Basis | $ 65,332 | |||||||||||||
| VineBrook homes held for sale | VineBrook Homes, LLC | Maximum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 3 years | |||||||||||||
| Dates of Acquisition | 2022 | |||||||||||||
| VineBrook homes held for sale | VineBrook Homes, LLC | Minimum | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Life on which Depreciation in Latest Statements of Comprehensive Income is Computed Acquisition | 27 years 6 months | |||||||||||||
| Dates of Acquisition | 2018 | |||||||||||||
| VineBrook homes held for sale | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 109 | |||||||||||||
| Gross Cost Basis Encumbered | $ 0 | |||||||||||||
| Initial Cost to Company, Land | 3,875 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 22,333 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 0 | |||||||||||||
| Gross Cost Basis, Land | [4] | 3,875 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 22,333 | ||||||||||||
| Gross Cost Basis | [4] | 26,208 | ||||||||||||
| Accumulated Depreciation and Amortization | 0 | |||||||||||||
| Net Cost Basis | $ 26,208 | |||||||||||||
| Operating Homes and Homes Held for Sale | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 22,390 | |||||||||||||
| Gross Cost Basis Encumbered | $ 3,216,282 | |||||||||||||
| Initial Cost to Company, Land | 535,818 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 2,267,818 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 504,185 | |||||||||||||
| Gross Cost Basis, Land | [4] | 535,818 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 2,772,004 | ||||||||||||
| Gross Cost Basis | [4] | 3,307,822 | ||||||||||||
| Accumulated Depreciation and Amortization | (463,531) | |||||||||||||
| Net Cost Basis | $ 2,844,291 | |||||||||||||
| Operating Homes and Homes Held for Sale | VineBrook Homes, LLC | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 20,355 | |||||||||||||
| Gross Cost Basis Encumbered | $ 2,634,844 | |||||||||||||
| Initial Cost to Company, Land | 450,532 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [1] | 1,768,893 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 480,751 | |||||||||||||
| Gross Cost Basis, Land | [2],[4] | 450,532 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [1],[2],[4] | 2,249,644 | ||||||||||||
| Gross Cost Basis | [2],[4] | 2,700,176 | ||||||||||||
| Accumulated Depreciation and Amortization | (393,502) | |||||||||||||
| Net Cost Basis | $ 2,306,674 | |||||||||||||
| Operating Homes and Homes Held for Sale | NexPoint Homes Portfolio | ||||||||||||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
| Number of Homes | Home | 2,035 | |||||||||||||
| Gross Cost Basis Encumbered | $ 581,438 | |||||||||||||
| Initial Cost to Company, Land | 85,286 | |||||||||||||
| Initial Cost to Company, Building and Improvements | [3] | 498,925 | ||||||||||||
| Costs Capitalized Subsequent to Acquisition | 23,434 | |||||||||||||
| Gross Cost Basis, Land | [4] | 85,286 | ||||||||||||
| Gross Cost Basis, Buildings and Improvements | [3],[4] | 522,360 | ||||||||||||
| Gross Cost Basis | [4] | 607,646 | ||||||||||||
| Accumulated Depreciation and Amortization | (70,029) | |||||||||||||
| Net Cost Basis | $ 537,617 | |||||||||||||
| ||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Parenthetical) (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Real estate gross at carrying value, subject to federal income tax | $ 3,300.0 | |
| Real Estate Gross At Carrying Value Subject To Federal Income Tax | $ 3,300.0 | |
| VineBrook Homes, LLC | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Real estate gross at carrying value, subject to federal income tax | $ 2,700.0 | |
| Real Estate Gross At Carrying Value Subject To Federal Income Tax | 2,700.0 | |
| NexPoint Homes [Member] | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
| Real estate gross at carrying value, subject to federal income tax | 607.6 | |
| Real Estate Gross At Carrying Value Subject To Federal Income Tax | $ 607.6 |
Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||
| Gross operating real estate Balance, beginning of year | $ 3,267,399 | $ 3,432,816 | $ 3,736,855 | ||
| Acquisitions | 125,725 | 0 | 0 | ||
| Building improvements | 44,945 | 62,942 | 122,743 | ||
| Dispositions and transfers to held for sale | (216,955) | (222,749) | (412,905) | ||
| Write-offs and impairment | (4,832) | (5,610) | (13,877) | ||
| Gross operating real estate Balance, end of year | 3,216,282 | 3,267,399 | 3,432,816 | ||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||
| Accumulated depreciation and amortization, beginning balance | 373,964 | 275,534 | 171,648 | ||
| Depreciation expense | [1] | 116,453 | 121,608 | 126,066 | |
| Amortization expense | 143 | 0 | 1,415 | ||
| Write-offs | 0 | (64) | (6,221) | ||
| Reclassifications to held for sale | (27,029) | (23,114) | (17,374) | ||
| Accumulated depreciation and amortization, ending balance | $ 463,531 | $ 373,964 | $ 275,534 | ||
| |||||
Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Assets (Parenthetical) (Details) - Building and improvements |
Dec. 31, 2025 |
|---|---|
| Minimum | |
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |
| Property, plant and equipment, useful life | 3 years |
| Maximum | |
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |
| Property, plant and equipment, useful life | 27 years 6 months |