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):


	Land			Buildings and improvements (1)				Intangible lease assets		Real estate held for sale, net			Total gross real estate			Accumulated depreciation and amortization
Real Estate Balances, December 31, 2024	$	527,422		$	2,739,977			$	—	$	55,592		$	3,322,991		$	(373,964	)
Acquisitions		25,949			99,017				759		—			125,725			—
Additions		242			44,703		(2)		—		5,327			50,272			(116,596	)	(3)
Transfers to held for sale		(33,798	)		(174,693	)			—		182,393			(26,098	)		26,098
Reclasses		157			220				—		(1,914	)		(1,537	)		327
Write-offs		(40	)		—				—		—			(40	)		—
Dispositions		(1,208	)		(7,256	)			—		(135,438	)		(143,902	)		604
Impairment		—			(5,169	)			—		(14,420	)		(19,589	)		—
Real Estate Balances, December 31, 2025	$	518,724		$	2,696,799			$	759	$	91,540		$	3,307,822		$	(463,531	)

(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.

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.

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.

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).