RE · REAL ESTATE

VineBrook Homes Trust, Inc.

Nexpoint · Workforce Single-Family Rental REIT

Program Overview

Workforce Single-Family Rental REIT

Peer Group Filters

Objectives: IncomeCapital AppreciationTax AdvantagedDiversificationTotal Return
Asset Class: Real Estate
Vehicle: REIT
Single / Multi Asset: Multi-Asset

Sponsor/Manager

Nexpoint

Asset Class

Real Estate

Issuer

VineBrook Homes Trust, Inc.

Issuer Legal Structure

Maryland Corporation

Program Life Structure

Perpetual

Securities Offered

Equity - Class A Common Stock

Target Leverage

Target 60–65% LTV LTV measured against NAV asset values (59.1% at 12/31/25). Debt sits in SPEs, secured by equity pledges; $2.66B consolidated at 6/30/26, ~$1.05B maturing in 2027; GAAP stockholders' deficit $178.8M. ~$111M owed to Adviser affiliates.

Strategy Risk/Return Profile

Value Add

Managing Broker-Dealer

NexPoint Securities, Inc.

Scale

21,560 units Single-family homes owned (incl. 2,324 held for sale)

Maximum Offering

$1,000,000,000

Strategy Overview

Externally advised, perpetual-life private REIT owning ~21,560 single-family rental homes (21 states, 6/30/2026) in the affordable/workforce segment. Built as a scattered-site value-add program: buy older homes below replacement cost in Midwest/Southeast markets, renovate, and lease to households at 60-120% of AMI. Since 2025 it has been recycling capital: selling legacy scattered-site homes (~3,725 targeted over 12 months) to repay debt and redeploying into Sun Belt build-to-rent communities.

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